
@ARTICLE{Abdullah2007142,
author={Abdullah, F. and Hassan, T. and Mohamad, S.},
title={Investigation of performance of Malaysian Islamic unit trust funds: Comparison with conventional unit trust funds},
journal={Managerial Finance},
year={2007},
volume={33},
number={2},
pages={142-153},
doi={10.1108/03074350710715854},
note={cited By 161},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85015703197&doi=10.1108%2f03074350710715854&partnerID=40&md5=9559eaab940bc2b1cfb85e949654dff2},
affiliation={School of Finance and Accounting, Universiti Utara Malaysia, Kedah, Malaysia; Department of Accounting and Finance, Faculty of Economics and Management, Universiti Putra Malaysia, Serdang, Selangor, Malaysia; Faculty of Economics and Management, Graduate School of Management, Universiti Putra Malaysia, Serdang, Selangor, Malaysia},
abstract={Purpose – One of the implications of Islamic investment principles is the availability of Islamic financial instruments in the financial market. The main aim of this research is to observe the differences in terms of performance between Islamic and conventional mutual fund in the context of Malaysian capital market. Design/methodology/approach – To achieve the major objectives of this paper standard methods wereused for evaluating the mutual funds performance, for example, Sharpe index and adjusted Sharpe index, Jensen Alpha, Timing and selectivity ability. The scope of the paper is to measure the relative quantitative performance of funds which was managed based on two different approaches. Findings – The basic finding of the paper is that Islamic funds performed better than the conventional funds during bearish economic trends while, conventional funds showed better performance than Islamic funds during bullish economic conditions. In addition to that finding, both conventional and Islamic funds were unable to achieve at least 50 per cent market diversification levels, though conventional funds are found to have a marginally better diversification level than the Islamic funds. The results also suggest that fund managers are unable to correctly identify good bargain stocks and to forecast the price movements of the general market. Research limitations/implications – The main limitation is that the samples of conventional and Islamic mutual funds were from one developing market. The findings could be better validated if the sample included the mutual funds from other developed and developing economies, where both Islamic and conventional funds are available. Practical implications – The findings suggest that having Islamic mutual funds in an investment portfolio helps to hedge the downside risk in an adverse economic situation. Originality/value – So far there is no published evidence on the relative performance of Islamic and conventional mutual funds in Malaysia as well as other developing countries. Therefore, this paper adds new knowledge to the mutual funds literature. © 2007, © Emerald Group Publishing Limited.},
author_keywords={Financial risk;  Fund management;  Islam;  Performance management;  Unit trusts},
references={Annuar, M.N., Shamsher, M., Ngu, M.H., Selectivity and timing: evidence from the performance of Malaysian unit trusts (1997) Pertanika Journal of Social Science and Humanities, 5, pp. 45-57; Chen, C.R., Rahman, S., Chan, A., A cross sectional analysis of mutual fund's market timing and security selection skill (1992) Journal of Business Finance and Accounting, 19, pp. 659-674. , Cheng F.L., and; Coggin, D.T., Fabozzi, F.J., Rahman, S., The investment performance of US equity pension fund managers: an empirical investigation (1993) Journal of Finance, 48, pp. 1039-1055; Henriksson, R., Market timing and mutual fund performance: an empirical investigation (1984) Journal of Business, 57, pp. 73-96; Jobson, J., Korkie, R., Performance hypothesis testing with the sharpe and treynor measures (1981) Journal of Finance, 36 (4), pp. 889-908; Koh, F., Koh, S.K., Cheng, T.C., An empirical analysis of the performance of unit trusts in singapore (1987) Securities Industry Review, pp. 1-14. , October; Kon, S.J., The market timing performance of mutual fund managers (1983) Journal of Business, 56, pp. 321-347; Kon, S.J., Jen, F.C., The investment performance of mutual funds: an empirical investigation of timing, selectivity and market efficiency (1979) Journal of Business, 63, pp. 261-278; McDonald, J.G., Objectives and performance of mutual funds (1974) Journal of Finance and Quantitative Analysis, 13, pp. 311-333; Modigliani, F., Modigliani, L., Risk adjusted performance (1997) Journal of Portfolio Management, 23, pp. 45-54; Newey, W.K., West, K.D., A simple positive semi-definite heteroskedasticity and autocorrelation consistent covariance matrix (1987) Econometrica, 55, pp. 703-708; Shamsher, M., Annuar, M.N., The performance of unit trusts in malaysia: some evidence (1995) Capital Market Review, 3, pp. 51-64; Shamsher, M., Annuar, M.N., Taufiq, H., Investment in unit trusts: performance of active and passive funds (2000) Proceedings of FEP Seminar 2000: Issues in Accounting and Finance2, pp. 129-141. , -Universiti Putra Malaysia Press, Serdang; Treynor, J.L., Mazuy, K.K., Can mutual funds outguess the market? (1966) Harvard Business Review, 44, pp. 131-136; White, H., A heteroscedasticity consistent covariance matrix estimator and a direct test of heteroscedasticity (1980) Econometrica, 48, pp. 817-818; Jobson, J., Korkie, R., Potential performance and test of portfolio efficiency (1982) Journal of Financial Economics, 10, pp. 433-466; Lee, C.F., Rahman, S., Market timing, selectivity and a mutual fund performance: an empirical examination (1990) Journal of Business, 63, pp. 261-278},
correspondence_address1={Abdullah, F.; School of Finance and Accounting, Malaysia; email: fibriyah@uum.edu.my},
publisher={Emerald Group Publishing Ltd.},
issn={03074358},
language={English},
abbrev_source_title={Manag. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hoepner2011829,
author={Hoepner, A.G.F. and Rammal, H.G. and Rezec, M.},
title={Islamic mutual funds' financial performance and international investment style: Evidence from 20 countries},
journal={European Journal of Finance},
year={2011},
volume={17},
number={9-10},
pages={829-850},
doi={10.1080/1351847X.2010.538521},
note={cited By 154},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84859015633&doi=10.1080%2f1351847X.2010.538521&partnerID=40&md5=0f94d7ad80931e5eeb40c1d024a9ded1},
affiliation={School of Management, University of St Andrews, The Gateway, North Haugh, St Andrews, KY16 9SS, United Kingdom; Principles for Responsible Investment, PRI Secretariat, c/o UN Global Compact, DC2-612, United Nations, New York, NY 10017, United States; International Graduate School of Business, University of South Australia, GPO Box 2471, Adelaide, SA 5001, Australia},
abstract={We pursue the first large-scale investigation of a strongly growing mutual fund type: Islamic funds. Based on an unexplored, survivorship bias-adjusted data set, we analyse the financial performance and investment style of 265 Islamic equity funds from 20 countries. As Islamic funds often have diverse investment regions, we develop a (conditional) three-level Carhart model to simultaneously control for exposure to different national, regional and global equity markets and investment styles. Consistent with recent evidence for conventional funds, we find Islamic funds to display superior learning in more developed Islamic financial markets. While Islamic funds from these markets are competitive to international equity benchmarks, funds from especially Western nations with less Islamic assets tend to significantly underperform. Islamic funds' investment style is somewhat tilted towards growth stocks. Funds from predominantly Muslim economies also show a clear small cap preference. These results are consistent over time and robust to time varying market exposures and capital market restrictions. © 2011 Copyright Taylor and Francis Group, LLC.},
author_keywords={fund manager learning;  home bias;  Islamic finance;  Islamic mutual funds;  responsible investment;  three-level Carhart model},
references={Abderrezak, F., The performance of Islamic equity funds: A comparison to conventional, Islamic and ethical benchmarks (2008), Maastricht, NL: University of Maastricht MA Thesis; Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Malaysian Islamic unit trust funds (2007) Managerial Finance, 33 (2), pp. 142-153; Ahearne, A.G., Griever, W.L., Warnock, F.E., Information costs and home bias: An analysis of us holdings of foreign equities (2004) Journal of International Economics, 62 (2), pp. 313-336; Bauer, R., Koedijk, K.G., Otten, R., International evidence on ethical mutual fund performance and investment style (2005) Journal of Banking & Finance, 29 (7), pp. 1751-1767; Bollen, N.P.B., Mutual fund attributes and investor behavior (2007) Journal of Financial and Quantitative Analysis, 42 (3), pp. 683-708; Bollen, N.P.B., Busse, J.A., On the timing ability of mutual fund managers (2001) Journal of Finance, 56 (3), pp. 1075-1094; Campbell, J.Y., Vuolteenaho, T., Bad beta, good beta (2004) American Economic Review, 94 (5), pp. 1249-1275; Carhart, M.M., On persistence in mutual fund performance (1997) Journal of Finance, 52 (1), pp. 57-82; Carhart, M.M., Carpenter, J.N., Lynch, A.W., Musto, D.K., Mutual fund survivorship (2002) Review of Financial Studies, 15 (5), pp. 1439-1463; Christoffersen, S.E.K., Sarkissian, S., City size and fund performance (2009) Journal of Financial Economics, 92 (2), pp. 252-275; Cihák, M., Hesse, H., Islamic banks and financial stability: An empirical analysis (2010) Journal of Financial Services Research, 38 (2-3), pp. 95-113; Cortez, M.C., Silva, F., Areal, N., The performance of European socially responsible funds (2009) Journal of Business Ethics, 87 (4), pp. 573-588; Da, Z., Gao, P., Jagannathan, R., Informed trading, liquidity provision, and stock selection by mutual funds (2009), NBER Working Paper 14609; Derigs, U., Marzban, S., Review and analysis of current Shariah-compliant equity screening practices (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303; Derigs, U., Marzban, S., New strategies and a new paradigm for Shariah-compliant portfolio optimization (2009) Journal of Banking & Finance, 33 (6), pp. 1166-1176; Jones, D., Dow Jones Islamic Market (DJIM) indexes (2009), http://www.djindexes.com/islamic/index.cfm?go=overview, Dow Jones & Company; Ebrahim, M.S., The financial crisis: Comments from Islamic perspectives (2008) IIUM Journal of Economics and Management, 16 (2), pp. 111-118; Ebrahim, M.S., Rahman, S., On the pareto-optimality of futures contracts over forward contracts: Implications for emerging Muslim economies (2005) Journal of Economic Behavior and Organization, 56 (2), pp. 273-295; Elfakhani, S., Hassan, M.K., Sidani, Y., (2005) Comparative performance of Islamic versus secular mutual funds, , http://www.business.uno.edu/econ/workingpapers/2006WP/10-IslamicMutualFunds.pdf, University of New Orleans, accessed August 10, 2007; El-Gamal, M.A., (2006) Islamic finance: Law, economics and practice, , Cambridge: Cambridge University Press; Elton, E.J., Gruber, M.J., Das, S., Hlavka, M., Efficiency with costly information: A reinterpretation of evidence from managed portfolios (1993) Review of Financial Studies, 6 (1), pp. 1-22; Fama, E.F., French, K.R., Common risk factors in the returns on stocks and bonds (1993) Journal of Financial Economics, 33 (1), pp. 3-53; Ferson, W., Schadt, R., Measuring fund strategy and performance in changing economic conditions (1996) Journal of Finance, 51 (2), pp. 425-461; Forte, G., Miglietta, F., Islamic mutual funds as faith-based funds in a socially responsible context (2007), http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1012813#PaperDownload, Working Paper, Department of Finance, Bocconi University; French, K.R., Poterba, J.M., Investor diversification and international equity markets (1991) American Economic Review, 81 (2), pp. 222-226; Geczy, C.C., Stambaugh, R.F., Levin, D., Investing on socially responsible mutual funds (2005), http://papers.ssrn.com/sol3/papers.cfm?abstract_id=416380, Working Paper, The Rodney L. White Center of Financial Research, The Wharton School, University of Pennsylvania; Ghoul, W., Karam, P., MRI and Sri mutual funds: A comparison of Christian, Islamic (morally responsible investing), and socially responsible investing (SRI) mutual funds (2007) Journal of Investing, 16 (2), pp. 96-102; Girard, E., Hassan, M.K., Is there a cost to faith-based investing: Evidence from FTSE Islamic indices (2008) Journal of Investing, 17 (4), pp. 112-121; Gregory, A., Whittaker, J., Performance and performance persistence of 'ethical' unit trusts in the UK (2007) Journal of Business Finance & Accounting, 34 (7-8), pp. 1327-1344; Treasury, H.M., The development of Islamic finance in the UK: The government's perspective (2008) British Crown, , http://www.hm-treasury.gov.uk/d/islamic_finance101208.pdf; Hong, H., Kacperczyk, M., The price of sin: The effects of social norms on markets (2009) Journal of Financial Economics, 93 (1), pp. 15-36; Jaffer, S., (2004) Islamic asset management: Forming the future for Shariah-compliant investment strategies, , London: Euromoney Books; Jarque, C.M., Bera, A.K., A test for normality of observations and regression residuals (1987) International Statistical Review, 55 (2), pp. 163-172; Jensen, M.C., The performance of mutual funds in the period 1945- (1964) Journal of Finance, 23 (2), pp. 389-416; Kosowski, R., Timmermann, A., Wermers, R., White, H., Can mutual fund 'Stars' Really pick stocks: New evidence from a bootstrap analysis (2006) Journal of Finance, 61 (6), pp. 2551-2595; Kraeussl, R., Hayat, R., (2008) The performance of Islamic equity funds, , http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1320712, Paper, Vrije University Amsterdam, accessed February 9, 2009; Kreander, N., Gray, R.H., Power, D.M., Sinclair, C.D., Evaluating the performance of ethical and non-ethical funds: A matched pair analysis (2005) Journal of Business Finance & Accounting, 32 (7-8), pp. 1465-1493; Lee, D.D., Faff, R.W., Corporate sustainability performance and idiosyncratic risk: A global perspective (2009) The Financial Review, 44 (2), pp. 213-237; Lintner, J., The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets (1965) Review of Economics and Statistics, 47 (1), pp. 13-37; Magud, N., Reinhart, C.M., (2006) Capital controls: An evaluation, , http://www.nberorg/papers/w11973.pdf, NBER Working Paper 11973, accessed January 26, 2010; McKenzie, D., (2009) Islamic finance 2009. International Financial Services London, , http://www.ifsl.org.uk/output/ReportItem.aspx?NewsID=32, accessed September 9, 2009; Meesook, K., Lee, I.H., Liu, O., Khatri, Y., Tamirisa, N., Moor, M., Krysl, M.H., (2001) Malaysia: From crisis to recovery, , Washington, DC: International Monetary Fund; Mossin, J., Equilibrium in a capital asset market (1966) Econometrica, 34 (4), pp. 768-783; Newey, W.K., West, K.D., A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix (1987) Econometrica, 55 (3), pp. 703-708; Rahail, A., (2008) Islamic finance: A practical guide, , London: Globe Law and Business; Renneboog, L., Ter-Horst, J., Zhang, C., The price of ethics and stakeholder governance: The performance of socially responsible mutual funds (2008) Journal of Corporate Finance, 14 (3), pp. 302-322; Sharpe, W.F., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) Journal of Finance, 19 (3), pp. 425-442},
correspondence_address1={Hoepner, A. G. F.; School of Management, The Gateway, North Haugh, St Andrews, KY16 9SS, United Kingdom; email: ah445@st-andrews.ac.uk},
issn={1351847X},
language={English},
abbrev_source_title={Eur. J. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Majdoub2014452,
author={Majdoub, J. and Mansour, W.},
title={Islamic equity market integration and volatility spillover between emerging and US stock markets},
journal={North American Journal of Economics and Finance},
year={2014},
volume={29},
pages={452-470},
doi={10.1016/j.najef.2014.06.011},
note={cited By 117},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84955381093&doi=10.1016%2fj.najef.2014.06.011&partnerID=40&md5=bd55eaca9d111fe8649dc1631357eaf1},
affiliation={Higher Institute of Management, University of Tunis, Tunisia; Islamic Economics Institute, King Abdulaziz University, Saudi Arabia},
abstract={The purpose of this paper is to study the conditional correlations across the US market and a sample of five Islamic emerging markets, namely Turkey, Indonesia, Pakistan, Qatar, and Malaysia. The empirical design uses MSCI (Morgan Stanley Capital International) Islamic equity index since it applies stringent restrictions to include companies. Indeed, two main restrictions must be met: (i) the business activity must be compliant with Shari'ah (i.e., Islamic law) guidelines and (ii) interest-bearing investments and leverage ratios should not exceed upper limits. Three models are used: multivariate GARCH BEKK, CCC, and DCC. The estimation results of the three models show that the US and Islamic emerging equity markets are weakly correlated over time. No sheer evidence supports that the US market spills over into the Islamic emerging equity markets. Besides interpreting the results in terms of weak market integration, the peculiar specificities of the Islamic finance industry and the admittance conditions to the MSCI Islamic equity index contribute to explaining them. Indeed, Islamic finance bans interest-bearing investments and imposes some rules, such as asset-backing, which has sizeable impacts on volatility spillover and shocks transmissions, alongside with the close linkage between real and financial sectors. These findings suggest that investors should take caution when investing in the Islamic emerging equity markets and diversifying their portfolios in order to minimize risk. © 2014 Elsevier Inc.},
author_keywords={BEKK;  CCC;  Conditional correlations;  DCC;  Islamic finance;  Multivariate GARCH;  Volatility spillovers},
references={Abu-Zaid, A., Volatility spillover effects in emerging MENA stock markets (2011) Review of Applied Economics, 7 (1-2), pp. 107-127; Alexander, C., Leigh, C., On the covariance matrices used in value-at-risk models (1997) Journal of Derivatives, 4 (3), pp. 50-62; Al-Khazali, O., Lean, H.H., Samet, A., Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach (2014) Pacific-Basin Finance Journal, pp. 29-46; Ariss, R., Competitive conditions in Islamic and conventional banking: A global perspective (2010) Review of Financial Economics, 19 (3), pp. 101-108; Bauwens, L., Laurent, S., Rombouts, J., Multivariate GARCH models: A survey (2006) Journal of Applied Econometrics, 21 (1), pp. 79-109; Beder, T.S., VaR: Seductive but dangerous (1995) Financial Analyst Journal, 51 (5), pp. 12-24; Beirne, J., Guglielmo, M., Caporale, M., Schulze-Ghattas, M., Spagnolo, N., (2009) Volatility spillovers and contagion from mature to emerging stock markets, , European Central Bank WP#1113; Bekaert, G., Harvey, C.R., Ng, A., Market integration and contagion (2003) Journal of Business, 78 (1), pp. 39-70; Ben Nasr, A., Ajmi, A.N., Gupta, R., (2013) Modeling the volatility of the Dow Jones Islamic Market World Index using a fractionally integrated time varying GARCH (FITVGARCH) model; Ben Nasr, A., Boutahar, M., Trabelsi, A., Fractionally integrated time varying GARCH model (2010) Statistical Methods and Applications, 19 (3), pp. 399-430; Bollerslev, T., Engle, R.F., Wooldridge, J.M., A capital asset pricing model with time-varying covariances (1988) Journal of Political Economy, 96 (1), pp. 116-131; Bollerslev, T., Modeling the coherence in short-run nominal exchange rates: A multivariate generalized ARCH approach (1990) Review of Economics and Statistics, 72 (3), pp. 498-505; Byström, H.N., Using simulated currency rainbow options to evaluate covariance matrix forecasts (2002) Journal of International Financial Markets, Institutions and Money, 12 (3), pp. 216-230; Calvo, G.A., (1999) Contagion in Emerging Markets: When Wall Street is a Carrier, , University of Maryland Working Paper; Chan, L.K., Karceski, J., Lakonishok, J., On portfolio optimization: forecasting covariances and choosing the risk model (1999) Review of Financial Studies, 12 (5), pp. 937-974; Chang, C., McAleer, M., Tansuchat, A., Conditional correlations and volatility spillovers between crude oil and stock index returns (2013) North American Journal of Economics and Finance, 25, pp. 116-138; Christodoulakis, G.A., Markovian credit transition probabilities under inequality constraints: The US portfolio 1984-2004 (2007) Journal of Credit Risk, 3 (3), pp. 25-39; Christodoulakis, G.A., Satchell, S.E., Correlated ARCH: Modeling the time-varying correlation between financial asset returns (2002) European Journal of Operations Research, 139 (2), pp. 351-370; Dungey, M., Fry, R., González-Hermosillo, B., Martin, V.L., Contagion in global equity markets in 1998: The effects of the Russian and LTCM crises (2007) North American Journal of Economics and Finance, 18 (2), pp. 155-174; Duncan, A., Kabundi, A., Domestic and foreign sources of volatility spillover to South African asset classes (2013) Economic Modeling, 31, pp. 566-573; Elton, E.J., Gruber, M.J., Estimating the dependence structure of share prices - Implications for portfolio selection (1973) Journal of Finance, 28 (5), pp. 1203-1232; Engle, R.F., Dynamic conditional correlation: a simple class of multivariate generalized autoregressive conditional heteroskedasticity models (2002) Journal of Business and Economic Statistics, 20 (3), pp. 339-350; Engle, R.F., Sheppard, K., (2001) Theoretical and empirical properties of dynamic conditional correlation multivariate GARCH, NBER Working Paper Series No. 8554; Engle, R.F., Ito, T., Lin, W.L., Meteor showers or heat waves? 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correspondence_address1={Mansour, W.; Islamic Economics Institute, PO Box 80214, Saudi Arabia; email: wmmansour@kau.edu.sa},
publisher={Elsevier Inc.},
issn={10629408},
language={English},
abbrev_source_title={North Am. J. Econ. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ahmed2010306,
author={Ahmed, A.},
title={Global financial crisis: an Islamic finance perspective},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2010},
volume={3},
number={4},
pages={306-320},
doi={10.1108/17538391011093252},
note={cited By 97},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84904749217&doi=10.1108%2f17538391011093252&partnerID=40&md5=f55095fff00d80210ee0f55c3bbdac51},
affiliation={Business School, Liverpool Hope University, Liverpool, United Kingdom},
abstract={PurposeThe purpose of this paper is to initially contribute the literature linking the global financial crisis and the Islamic finance model which is competent of playing down the severity and frequency of financial crises, by introducing the financial system based on sharing in the risk. It links credit expansion to the growth of the real economy by allowing credit primarily for the purchase of real goods and services which the seller owns and possesses, and the buyer wishes to take delivery. It also requires the creditor to bear the risk of default by prohibiting the sale of debt, thereby ensuring that he evaluates the risk more carefully. It is important for everyone's future that we study the current crisis in order to develop sustainable financial practices and in quest of a new business model based on sharing the profit and loss. Design/methodology/approachThe divergence approach is used for exploring possibilities and constraints of inherited situations by applying critical thinking and analysis through the published literature in Islamic finance. This is to create new understandings of international finance and using new banking business model towards better design solutions for the current global financial crisis and preventing more collapse in the future. FindingsA new business model for the banking system based on non-interest-based transactions but profit and loss sharing should be in practice at the financial system. The financial institutions should encourage business and trade activities that generate fair and legitimate profit. In Islamic finance, there is always a close link between financial flow and productivity. This intrinsic property of Islamic finance contributes towards insulating it from the potential risks resulting from excess leverage and speculative financial activities which are part of the root causes of the current financial crisis. Research limitations/implicationsThis paper is based on published research papers but does not include empirical investigation. Practical implicationsThe new business model based on Islamic finance principles will help in financing businesses by using alternative methods to the banking systems or as a different way to run our banking system. The Islamic finance system with proper checks and controls introduces greater discipline into the economy and links credit expansion to the growth of the real economy. Originality/valueThe paper sheds new light on the relationship between the Islamic finance model and a new business model for the financial institutions to be used in order to think through how to prevent future financial collapses and make capital markets work more effectively. © 2010, © Emerald Group Publishing Limited.},
author_keywords={Banking;  Economic depression;  Ethics;  International finance;  Islam},
references={Ainley, M., Mashayekhi, A., Hicks, R., Rahman, A., Ravalia, A., (2007) Islamic finance in the UK: regulation and challenges, , ()“”Financial Services AuthorityLondon:; (2002) Islamic Banking and Finance in the Kingdom of Bahrain (now the Central Bank of Bahrain), , ()Bahrain Monetary AgencyManama:; Choudhury, M.A., Hussain, M.M., A paradigm of Islamic money and banking (2005) International Journal of Social Economics, 32 (3), pp. 203-217. , ()“”-; Dusuki, A.W., Abdullah, N.I., Why do Malaysian customers patronise Islamic banks? (2007) International Journal of Bank Marketing, 25 (3), pp. 142-160. , ()“”-; El-Gamal, M., Interest and the paradox of contemporary Islamic law and finance (2004) Fordham International Law Review, (December), pp. 108-149. , ()“”-; El-Gamal, M., (2006) Overview of Islamic finance, , ()“”Occasional Paper 4Office of International Affairs; Ghafour, A., Islamic finance panacea for global crisis (2008) Arab News, The Middle East's Leading English Language Daily, , www.arabnews.com/, ()“”23 October; Ghannadian, F.F., Goswami, G., Developing economy banking: the case of Islamic banks (2004) International Journal of Social Economics, 31 (8), pp. 740-752. , ()“”-; Kahf, M., (2002) Waqf and its socio political aspects, , www.awqafsa.org.za/, ()“”; Pollard, J., Samers, M., Islamic banking and finance: postcolonial political economy and the decentring of economic geography (2007) Transactions of the Institute of British Geographers, 32 (3), pp. 313-330. , ()“”-; Stern, J., Ribit: a halachic anthology (1982) Journal of Halacha and Contemporary Society, p. 46. , ()“”p; Udovitch, A.L., (1970) Partnership and Profit in Medieval Islam, , ()Princeton University PressPrincetonNJ:; Ghannadian, F.F., Gautam, G., Developing economy banking: the case of Islamic banks (2004) International Journal of Social Economics, 31 (8), pp. 740-752. , ()“”-; Khan, M., (1992) A Simple Model of Income Determination: Growth and Economic Development in the Perspective of Interest-free Economy, , ()Islamic Research & Training Institute of IDBJeddah:},
correspondence_address1={Ahmed, A.; Business School, United Kingdom; email: ahmeda@hope.ac.uk},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ashraf2014175,
author={Ashraf, D. and Mohammad, N.},
title={Matching perception with the reality-Performance of Islamic equity investments},
journal={Pacific Basin Finance Journal},
year={2014},
volume={28},
pages={175-189},
doi={10.1016/j.pacfin.2013.12.005},
note={cited By 91},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84901821764&doi=10.1016%2fj.pacfin.2013.12.005&partnerID=40&md5=66294deae273e4e0c5d44d540732f655},
affiliation={College of Business Administration, Prince Mohammad Bin Fahd University, Al Khobar, Saudi Arabia; College of Computer Engineering and Science, Prince Mohammad Bin Fahd University, Al Khobar, Saudi Arabia},
abstract={The systematic failure of the global equity markets during the recent financial crisis made investors re-evaluate their portfolio constituents. It is argued that equities that comply with the Islamic investment principles perform better than conventional equities during the declining phase of capital markets. The better performance of Islamic investments can be attributed to the Shari'ah based screening criteria that specifically forbids investment in shares of those companies that are excessively leveraged and/or engaged in lending activities. This study investigates the extent to which this claim is valid by comparing the performance of global and regional Islamic equity indices (IEIs) with conventional equity indices during the past decade. The equity indices for such analysis are preferred since it does not account for transaction costs or management skills. A logistic smooth transition autoregressive (LSTAR) model is used to investigate whether the 'down market' performance of IEIs differs from conventional indices. The LSTAR is superior to conventional ordinary least squares models since this allows for a smooth transition from the 'down market' to the 'up market' rather than an abrupt change. The empirical results indicate that IEIs, in general, perform better than conventional indices during the period 2000 to 2012. We do not find any abnormal returns associated with Islamic equity indices on a global basis, however, there is evidence of positive abnormal returns in the case of regional indices from Europe and Asia. Overall, IEIs exhibit lower systematic risk as compared with their benchmark suggesting that any excess performance from Islamic investments stems from the systematic risk that each investment assumes with respect to their benchmark during the declining phase of capital markets. The findings of this study are of interest to both academics and the general investing public since it provides evidence that IEIs are comparatively less risky than their conventional counterpart and thus provide hedging opportunities during the downfall of capital markets. © 2013 Elsevier B.V.},
author_keywords={Dual beta;  Equity markets;  Islamic equities;  LSTAR;  Systematic risk},
references={Abdelsalam, O., Fethi, M.D., Matallín, J.C., Tortosa-Ausina, E., On the comparative performance of socially responsible and Islamic mutual funds (2013) J. Econ. Behav. Organ; Abderrezak, F., (2008) The Performance of Islamic Equity Funds: A Comparison to Conventional, Islamic and Ethical Benchmarks, , http://www.failaka.com/downloads/, (Ma thesis), University of Maastricht, Maastricht, NL, (URL:(accessed 20 December 2011)); Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Malaysian Islamic unit trust funds comparison with conventional unit trust funds (2007) Manag. Financ., pp. 142-153; Alam, N., Rajjaque, M.S., Shariah-compliant equities: Empirical evaluation of performance in the European market during credit crunch (2010) J. Financ. Serv. Mark., 15, pp. 228-240; Albaity, M., Ahmad, R., Performance of Syariah and composite indices: evidence from BURSA Malaysia (2008) Asian Acad. Manag. J. Account. Financ., 4, pp. 23-43; Ashraf, D., Performance evaluation of Islamic mutual funds relative to conventional funds: empirical evidence from Saudi Arabia (2013) Int. J. Islam. Middle East. Financ. Manag., 6, pp. 105-121; Ashraf, D., Goddard, J., Derivatives in the wake of disintermediation: a simultaneous equations model of commercial and industrial lending and the use of derivatives by US banks (2012) Int. J. Bank. Account. Financ., 4, pp. 250-271; Binmahfouz, S., Hassan, M.K., Sustainable and socially responsible investing: does Islamic investing make a difference? (2013) Humanomics, 29 (3), pp. 164-186; Bollerslev, T., Engle, R., Wooldridge, J., A capital asset pricing model with time-varying covariances (1988) J. Polit. Econ., pp. 116-131; Bondt, W., Thaler, R., Does the stock market overreact? (1985) J. Financ., 40, pp. 793-805; Brooks, R.D., Faff, R.W., McKenzie, M.D., Time-varying beta risk of Australian industry portfolios: a comparison of modelling techniques (1998) Aust. J. Manag., pp. 1-22; Caprio, G., Financial regulation in a changing world: lessons from the recent crisis (2009) VII Colloquium on Financial Collapse: How are the biggest nations and organizations managing the crisis?, , (October 2009); Cyree, K.B., Huang, P., Lindley, J.T., The economic consequences of banks derivatives use in good times and bad times (2011) J. Financ. Serv. Res., 41, pp. 121-144; Elfakhani, S., Hassan, K., Sidani, Y., Islamic mutual funds (2007) Handbook of Islamic Banking, pp. 253-273. , Edward Elgar, Cheltenham, UK, K. Hassan, M. Lewis (Eds.); Achieving growth in challenging times (2011) Technical Report, , Ernst, Young, Ernst & Young; Faff, R., A multivariate test of a dual-beta CAPM: Australian evidence (2001) Financ. Rev.; Girard, E., Hassan, M.K., Is there a cost to faith-based investing: evidence from FTSE Islamic indices (2008) J. Invest., pp. 112-122. , (Winter); Guyot, A., Efficiency and dynamics of Islamic investment: evidence of geopolitical effects on Dow Jones Islamic Market Indexes (2011) Emerg. Mark. Financ. Trade, pp. 24-45; Hakim, S., Rashidian, M., Risk and return of Islamic stock market indexes (2002) 9th Economic Research Forum Annual Conference in Sharjah, UAE on October 26-28, 2002 2, , http://www.iefpedia.com/, (URL:(accessed on December 12, 2011)); Hakim, S., Rashidian, M., How costly is investors compliance to Sharia?, , http://www.mafhoum.com/press7/220E11.pdf; Hassan, M., Girard, E., Faith-Based Ethical Investing: The Case of Dow Jones Islamic Indexes, , http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1808853; Hayat, R., Kraeussl, R., Risk and return characteristics of Islamic equity funds (2011) Emerg. Mark. Rev., pp. 189-203; Hodoshima, J., Garzaa-Gómez, X., Kunimura, M., Cross-sectional regression analysis of return and beta in Japan (2000) J. Econ. Bus., pp. 515-533; Hoepner, A., Rammal, H., Rezec, M., Islamic mutual funds' financial performance and international investment style: evidence from 20 countries (2011) Eur. J. Financ., pp. 37-41; Howton, S., Peterson, D., An examination of cross-sectional realized stock returns using a varying-risk beta model (1998) Financ. Rev., pp. 199-212; Hussein, K.A., Ethical investments: empirical evidence from FTSE Islamic Index (2004) Islam. Econ. Stud., pp. 21-40; Hussein, K.A., Islamic investment: evidence from Dow Jones and FTSE indices (2007) Advances in Islamic Economics and Finance, 1, pp. 387-401. , Islamic Research and Training Institute, Jeddah, KSA; Hussein, K.A., Omran, M., Ethical investment revisited: evidence from Dow Jones Islamic Indexes (2005) J. Invest., pp. 105-124; Kok, S., Giorgioni, G., Laws, J., Performance of Shariah-Compliant Indices in London and NY Stock Markets and their potential for diversification (2009) Int. J. Monet. Econ. Financ., 2, pp. 398-408; Lunde, A., Timmermann, A., Duration dependence in stock prices: an analysis of bull and bear markets (2004) J. Bus. Econ. Stat., 22, pp. 253-273; Merdad, H., Hassan, M.K., Alhenawi, Y., Islamic versus conventional mutual funds performance in Saudi Arabia: a case study. J.KAU (2010) Islam. Econ., pp. 161-198; Nainggolan, Y.A., (2011) Taking a leap of faith: are investors left short changed?, , (Phd thesis), Queensland University of Technology, Brisbane, Australia; Pettengill, G.N., Sundaram, S., Mathur, I., The conditional relation between beta and returns (1995) J. Financ. Quant. Anal., 30, pp. 101-116; Rubio, J.F., Hassan, M.K., Merdad, H., Non-parametric performance measurement of international and Islamic mutual funds (2012) Account. Res. J., pp. 208-226; Santis, G., Gerard, B., International asset pricing and portfolio diversification with time-varying risk (1997) J. Financ., pp. 1881-1912; Schröder, M., Is there a difference? The performance characteristics of SRI equity indices (2007) J. Bus. Financ. Account., 34, pp. 331-348; Teräsvirta, T., Specification, estimation, and evaluation of smooth transition autoregressive models (1994) J. Am. Stat. Assoc., 89, pp. 208-218; Woodward, G., Brooks, R., Do realized betas exhibit up/down market tendencies? (2009) Int. Rev. Econ. Financ., 18, pp. 511-519},
correspondence_address1={Ashraf, D.; College of Business Administration, , Al Khobar, Saudi Arabia; email: dashraf@pmu.edu.sa},
publisher={Elsevier B.V.},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Alam201322,
author={Alam, N. and Hassan, M.K. and Haque, M.A.},
title={Are Islamic bonds different from conventional bonds? International evidence from capital market tests},
journal={Borsa Istanbul Review},
year={2013},
volume={13},
number={3},
pages={22-29},
doi={10.1016/j.bir.2013.10.006},
note={cited By 78},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84908417524&doi=10.1016%2fj.bir.2013.10.006&partnerID=40&md5=e0f3648c35eec92e0cadfa9265b09de0},
affiliation={Nottingham University Business School, University of Nottingham Malaysia Campus, Jalan Broga, Semenyih, Selangor  43500, Malaysia; Department of Economics and Finance, University of New Orleans, New Orleans, LA  70148, United States; University of Nottingham Malaysia Campus, Jalan Broga, Semenyih, Selangor  43500, Malaysia},
abstract={Islamic bonds (Sukuk) emerged as an innovative capital market instrument over the last decade. This paper investigates the impact of conventional bonds and Sukuk announcement on shareholder wealth and their determinants using 79 Sukuks and 87 conventional bonds over the period of 2004–2012 in six developed Islamic financial market. The overall time frame is divided into three parts, 2004–2006 (before crisis); 2007–2009 (during crisis) and 2010–2012 (after crisis). It is revealed that the market reaction is negative for the announcements of Sukuk before and during 2007 global financial crisis. On the other hand market reaction is positive for announcement of conventional bond before the crisis period and negative during and after crisis periods. The size of bond offering appears to have a negative impact on the cumulative abnormal return in case of Sukuk and positive in case of conventional bond. © 2013 Borsa İstanbul Anonim Sirketi},
author_keywords={Abnormal return;  Bond;  Capital structure;  Sukuk},
references={Ahmad, W., Radzi, R.M., Sustainability of Sukuk and conventional bond during financial crisis: Malaysian capital market (2011) Global Economy and Finance Journal, 4 (2), pp. 1-14; Alam, N., Does banking regulation affect banking efficiency? A survey of dual banking systems (2012) Journal of International Banking Law and Regulation, 27, pp. 231-238; Ammann, M., Fehr, M., Seiz, R., New evidence on the announcement effect of convertible and exchangeable bonds (2006) Journal of Multinational Financial Management, 16, pp. 43-63; Arshanapalli, B., Fabozzi, F., Switzer, L.N., Gosselin, G., New evidence on the market impact of Convertible Bond issues in U.S. (2004), Working paper of Concordia University; Ashhari, Z.M., Chun, L.S., Nassir, A.M., Conventional vs Islamic Bond announcements: the effects on shareholders' wealth (2009) International Journal of Business and Management, 4 (6), pp. 105-111; Ayub, M., Understanding Islamic finance (2007), John Wiley and Sons, Inc. Hoboken, New Jersey; Boehmer, E., Musumeci, J., Poulsen, A., Event study methodology under conditions of event induced variance (1991) Journal of Financial Economics, 30, pp. 253-272; Brown, S., Warner, J., Using daily stock returns: the case of event studies (1985) Journal of Financial Economics, 14, pp. 3-31; Cakir, S., Raei, F., Sukuk vs. Eurobonds: Is there a difference in value-at-risk? (2007), International Monetary Fund Working Paper WP/07/237; De Roon, F., Veld, C., Announcement effects of convertible bond loans and warrant bond loans: an empirical analysis of the Dutch market (1998) Journal of Banking & Finance, 22, pp. 1481-1506; Eckbo, B.E., Valuation effects of corporate debt offerings (1986) Journal of Financial Economics, 15, pp. 119-151; Ernst, Young, Global demand for Sukuk to reach us$900b by 2017 (2012), http://www.ey.com/SG/en/Newsroom/News-releases/News-release_20120910_EY-Global-demand-for-Sukuk-to-reach-US900b-by-2017, Available at (Accessed 20.10.12); Global Sukuk Report, Kuwait Finance House Research (2011), www.kfhresearch.com, Available at (Accessed 01.12.12); Godlewski, C.J., Turk-Ariss, R., Weill, L., Are Islamic investment certificates special? Evidence on the post-announcement performance of Sukuk issues (2010), Working Papers of LaRGE Research Center (Laboratoire de Recherche en Gestion et Economie); Godlewski, C.J., Turk-Ariss, R., Weill, L., Do markets perceive Sukuk and conventional bonds as different financing instruments? (2011), BOFIT Discussion Paper No. 6/2011; Harvey, C.R., Lins, K.V., Roper, A.H., The effect of capital structure when expected agency costs are extreme (2003) Journal of Financial Economics, 74, pp. 3-30; Howton, S.D., Howton, S.W., Perfect, S.B., The market reaction to straight debt issues: the effects of free cash flow (1998) Journal of Financial Research, 21, pp. 219-228; Iqbal, Z., Mirakhor, A., An introduction to Islamic finance – Theory and practice, Wiley Finance Editions (2007), John Wiley and Sons, Inc. Hoboken, New Jersey; Jamaldeen, F., Islamic finance for dummies (2012), John Wiley and Sons, Inc. Hoboken, New Jersey; Jensen, M., Agency costs of free cash flow, corporate finance, and takeovers (1986) American Economic Review, 76, pp. 323-329; Jensen, M., Meckling, W., Theory of the firm: managerial behaviour, agency cost, and capital structure (1976) Journal of Financial Economics, 76, pp. 323-339; Jobst, A., Kunzel, P., Mills, P., Sy, A., Islamic bond issuance – what sovereign debt managers need to know? (2008), International Monetary Fund Working Paper PDP/08/3; Kang, J.K., Stulz, R.M., How different is Japanese corporate finance? An investigation of the information content of new security issues (1996) The Review of Financial Studies, 9, pp. 109-139; Kim, Y.O., Informative conversion ratios: a signaling approach (1990) Journal of Financial and Quantitative Analysis, 25, pp. 229-243; Mikkelson, W.H., Partch, M.M., Valuation effects of security offerings and the issuance process (1986) The Journal of Financial Economics, 15, pp. 31-60; Miller, N.D., Challoner, J., Atta, A., UK welcomes the Sukuk (2007) International Financial Law Review, 26, pp. 24-25; Myers, S.C., Majluf, N.S., Corporate financing and investment decisions when firms have information that investors do not have (1984) Journal of Financial Economics, 13, pp. 187-221; Patell, J., Corporate forecasts of earning per share and stock price behavior: empirical tests (1976) Journal of Accounting Research, 14, pp. 246-276; Ross, S., The determination of financial structure: the incentive signaling approach (1977) Bell Journal of Economics, 8, pp. 23-40; Shao, C.C., Sheng, S.C., Hsing, A., Chia, W.H., Investment opportunities, free cash flow, and stock valuation effects of secured debt offerings (2007) Review of Quantitative Finance and Accounting, 28, pp. 123-145; Usmani, M.T., Sukuk and their Contemporary Applications (2007) AAOIFI Shariah Council meeting, Saudi Arabia, , (Translated from the original Arabic by Sheikh Yusuf Talal DeLorenzo); Wilson, R., Innovation in structuring Sukuk securities (2008) Humanomics, 24, pp. 170-181; World Bank, The World Bank annual report 2012 (2012), www.worldbank.org, Available at (Accessed 01.12.12)},
correspondence_address1={Hassan, M.K.; Department of Economics and Finance, United States; email: mhassan@uno.edu},
publisher={Borsa Istanbul Anonim Sirketi},
issn={22148450},
language={English},
abbrev_source_title={Borsa Istanb. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Wilson19971325,
author={Wilson, R.},
title={Islamic finance and ethical investment},
journal={International Journal of Social Economics},
year={1997},
volume={24},
number={11},
pages={1325-1342},
doi={10.1108/03068299710193624},
note={cited By 77},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0005528432&doi=10.1108%2f03068299710193624&partnerID=40&md5=3e9599524777f242e71d0b27d08d4980},
affiliation={Department of Economics, University of Durham, Durham, United Kingdom},
abstract={Reports that there are lessons which can be learned from the Western ethical "green" finance industry for Islamic investors. States that these are that the criteria for investment selection are different, and the modes of permissible financing may also differ, but there are screening and reporting techniques which are of potential importance to both groups of investors. First addresses ethical fund management issues, which should shed some light on the dilemmas facing Islamic investors. Goes on to consider criteria for haram and halal investment, as well as the implications of company capital gearing or leverage for riba. Covers investment specific issues, including the treatment of capital gains in Islam and the evaluation of the conduct of market participants. Finally, surveys emerging markets in the Islamic world, as these are of obvious interest to Muslim investors wishing to broaden their portfolios. © Copyright - 1997 MCB UP Ltd. All rights reserved.},
author_keywords={Economics;  Finance;  Investment;  Islam},
references={Al-Harran, S., An Islamic stock exchange (1995) Leading Issues in Islamic Banking and Finance, pp. 143-152. , Al-Harran, S. (Ed.) Pelanduk Publications, Kuala Lumpur; Brown, J.M., Istanbul bounces to the top (1994) Financial Times Survey of Emerging Markets, , 7 February; (1994) Economic Review, 35 (1), pp. 24-25. , Central Bank Of Egypt; Cowton, C.J., The development of ethical investment products (1994) Ethical Conflicts in Finance, , Prindl, A.R. and Prodhan, B. (Eds) Blackwell, Oxford; Deeb, M., Bank Misr and the emergence of the local bourgeoisie in Egypt (1976) The Middle Eastern Economy: Studies in Economics and Economic History, pp. 69-86. , Frank Cass, London Kedourie E. (Ed.); Keon, N.S., (1989) Stock Market Investment, pp. 138-139. , Berita Publishing, Kuala Lumpur; Nicholson, M., Whittington, J., Middle East: Magic carpet not ready for take-off (1994) Financial Times Survey of Emerging Markets, p. 13. , 7 February; Qassem, M., Developments in the Stock Market in Egypt (1994) Newsletter of the Economic Research Forum for the Arab Countries, Iran and Turkey, 1 (3), pp. 8-9; Whittington, J., Equity souk opens for foreign business (1995) Financial Times Survey of Emerging Markets, pp. 7-8. , 20 February; Whittington, J., Cairo Stock Exchange: The market wakes up (1995) Financial Times Survey of Egypt, p. 2. , 15 May; Yusoff, N.Z., (1992) An Islamic Perspective of the Stock Market, 1992, pp. 89-93. , Dian Darulnaim, Kuala Lumpur},
correspondence_address1={Wilson, R.; Department of Economics, , Durham, United Kingdom},
issn={03068293},
language={English},
abbrev_source_title={Int. J. Soc. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Lovejoy1978341,
author={Lovejoy, P.E.},
title={Plantations in the economy of the sokoto caliphate},
journal={The Journal of African History},
year={1978},
volume={19},
number={3},
pages={341-368},
doi={10.1017/S0021853700016200},
note={cited By 72},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84976129339&doi=10.1017%2fS0021853700016200&partnerID=40&md5=c765e424f0d22ff448843eba51e1ecd2},
abstract={At a time when coastal West Africa was responding to the growth of ‘legitimate’ trade, the Sokoto Caliphate was experiencing dramatic expansion in the plantation sector. Plantations (gandu, rinji, tungazi), which used slaves captured by the Caliphate armies, were established near all the major towns and were particularly important around Sokoto, Kano, Zaria and other capitals. Plantation development originated with the policies of Muhammad Bello, first Caliph and successor to Uthman dan Fodio, who was concerned with the consolidation and defence of the empire. Besides promoting the economic growth of the capital districts of Sokoto and Gwandu, Bello's policy encouraged the expansion of the textile belt in southern Kano and northern Zaria. Similarly, the desert-side market in grain also benefited from the emphasis on plantations. The result was the greater integration of the Central Sudan region into a single economic zone. The role of plantations in the economy differed from that of plantations elsewhere in the world. Market forces tended to be weaker, and no single export crop dominated production. Rather, the orientation towards the desertside sector indicates that opportunities for expansion were limited, while the importance of textile manufacturing reflects the relatively weak links with European and other textile production. Other differences included a system of Islamic slavery which encouraged emancipation, a close connexion with slave raiding and distribution, and a system of land tenure which often resulted in fragmented holdings. Stronger links with the world economy did develop in parts of the Caliphate towards the end of the nineteenth century. Nupe and Yola were drawn more closely into the world market through the greater use of the Niger and Benue rivers, but these changes only marginally affected the wider Caliphate economy. © 1978, Cambridge University Press. All rights reserved.},
funding_text 1={1 The research for this paper was supported by the Canadian Social Science Research Council, a grant from the Ahmadu Bello University Research Board and the History Dept. A.B.U. The paper benefited from the comments of Allen Isaacman, Marcia Wright, Martin Klein, J. S. Hogendorn, Marc Egnal, A. G. Hopkins, David Tambo, M. B. Duffill and R. C. C. Law. The maps were drawn by the cartography section of the Department of Geography, York University. Earlier versions of this paper were given at the American Historical Association Annual Meeting, Washington, D.C., 1976, and at the Conference on 'The Cultivator and the State in Pre-Colonial Africa', University of Illinois, Urbana, 1977. This preliminary discussion is being expanded into a book-length study of plantation economy and society in the Sokoto Caliphate.},
references={Hopkins, A.G., An Economic History of West Africa (London (1973), 124; Also see Hopkins, 'The Lagos Strike of 1897: An Exploration in Nigerian Labour History', Past and Present, xxxv (1966), 133-55; and Hopkins, 'Economic Imperialism in West Africa: Lagos, 1880-92', Economic History Review, xxi (1968), 584-92; Lovejoy, P.E., Lovejoy and Baier, 'Desert-Side Economy 'The Salt Industry of the Central Sudan', , 551-81; and, in Mahdi Adamu, ed. The Economic History of the Central Savanna of West Africa (Zaria, forthcoming); Saad Abubakar, 'A Survey of the Economy of the Eastern Emirates of the Sokoto Caliphate in the Nineteenth Century (1975), unpublished paper presented at the Sokoto Seminar, Departments of History, Ahmadu Bello University and Bayero University College, Sokoto; Hogendorn, J.S., Dumett, R., Schwartz, K., Lovejoy, 'Interregional Monetary Flows 'Slave Acquisition and Delivery in Precolonial Hausaland', , 563-85 and, in Ben West African Culture Dynamics: Archaeological and Historical Perspectives (The Hague and Chicago, forthcoming); Lovejoy and Baier, 'Desert-Side Economy 551-81; For a discussion of the jihad and its aftermath, see Murray Last (1967), The Sokoto Caliphate (London,); Usman, 'Katsina'; and Nadama, 'Zamfara'; Aliyu, A.Y., Usman (1973) 'Aspects of Relations between Bornu and Bauchi from Early Times to the First Half of the 19th Century', , 'Katsina' and, unpublished paper presented at the Borno Seminar, Zaria; Last, Sokoto Caliphate (1966), 79-80; and Last, 'An Aspect of the Caliph Muhammad Bello's Social Policy', Kano Studies, 1, 56-9; Last, Sokoto Caliphate 74-80; Clapperton, H., Journal of a Second Expedition into the Interior of Africa (London, , 1829), 192; Clapperton, Journal 192, 216-17, 220, 225, 243-5 and Balogun, 'Gwandu Economy'; Smith, Zazzau 89; Smith, Hausa Communities 81. Also see Hogendorn, 'Two Plantations'; Usman, 'Katsina 426; Orr, W.J., Shea, 'Black Cloth (1904) Trade Prospects, , quoting, 26 Oct. CO. 446/43 (1907), no. 30132, Public Record Office, London; Usman, 'Katsina 122-3. “ Usman, 'Katsina', 453-4; Lovejoy-Maccido Collection; Ferguson, 'Imam Imoru 80; Ferguson, 'Imam Imoru 80; Nadama, 'Zamfara'; This analysis conflicts with that of Polly Hill, who considers that Zaria is outside the core-region; 'Slavery to Freedom 406-7; Smith, Zazzau 157-8; Ferguson, 'Imam Imoru 60. Also see numerous interviews in the Yusufu Yunusa, Aliyu Bala Umar, and Aliyu Musa Collections, all largely on Kano Emirate and part of the Economic History Project; Ferguson, 'Imam Imoru 233; Hill, 'Slavery to Freedom 417-20; Lovejoy, Caravans of Kola chapter V; Musa na Madabo, Tape (1969), 14. , Lovejoy Collection, -70, but also see Lovejoy, Caravans of Kola; Muhammadu Kasori, Tape 14; but also see Miko Hamshak'i (1969), Tape 12, and Bako Madigawa and Audu Ba'are, Tape 12, Lovejoy Collection, -70; Smith, M.G., Derrett, J.D.M., Hausa Inheritance and Succession (1965) Studies in the Laws of Succession in Nigeria (London, , in), 241-5; Smith, Hausa Communities, 20-40; and Polly Hill, Rural Hausa: A Village and a Setting (Cambridge, 1972), 38-56; Smith, Baba of Karo 39; Adeleye, R.A., Ajayi, J.F.A., Crowder, M., For a summary of political events (1974) 'The Sokoto Caliphate in the Nineteenth Century', , see, in History of West Africa (London,), 11. 57-92; Aliyu ('Bornu and Bauchi') lists fourteen rinji in the Bauchi area before the emirate capital was established. More were established later; see Lugard, Political Memoranda 302; Low, V.N., Three Nigerian Emirates. A Study in Oral History (Evanston (1972), 36-7, 212; For a view of the situation in the early 1850s, see Barth Travels, 11. 159, 163, 174, 190-1, 194-5, 201. Also see Abubakar, 'Economy of Eastern Emirates'; and Abubakar, Fombina; Lugard, Political Memoranda 303; Irwin, 'Liptako 18-9; A full exploration of this theme is beyond the scope of this article, but attention should be drawn to the forthcoming work of David Tambo. But see Abubakar Fombina and Hogendorn, 'Slave Acquisition'; Abubakar, Fombina; and Abubakar 'Economy of Eastern Emirates'; Barth, Travels 11. 191; Barth, Travels 11. 190-6. For a fuller analysis see Abubakar, Fombina; Mason, 'Trade and State cited in n. 6; and Mason, 'Captive and Client Labour', 465; Hogendorn, J.S., Northern Nigerian Groundnut Exports (Zaria forthcoming); Interviews in the Yunusa Collection (1975); Baier 'Local Transport'; Hogendorn, Groundnut Exports explores the rise of peasant production in the export sector. For a more general treatment, see Hill, Rural Hausa},
issn={00218537},
language={English},
abbrev_source_title={J. Afr. Hist.},
document_type={Article},
source={Scopus},
}

@ARTICLE{El-Hawary2007778,
author={El-Hawary, D. and Grais, W. and Iqbal, Z.},
title={Diversity in the regulation of Islamic Financial Institutions},
journal={Quarterly Review of Economics and Finance},
year={2007},
volume={46},
number={5},
pages={778-800},
doi={10.1016/j.qref.2006.08.010},
note={cited By 70},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-33845635223&doi=10.1016%2fj.qref.2006.08.010&partnerID=40&md5=83eabf2a8a53f456749b10b45d98eba2},
affiliation={George Washington University, Washington, DC, United States; World Bank, 1818 H Street, N.W, Washington, DC 20433, United States},
abstract={More than 200 Islamic Financial Institutions (IFIs) are reported to have total combined assets in excess of US$ 200 billion with an annual growth rate estimated between 10 and 15%. The regulatory regime governing IFIs varies across countries. International organizations have been established to set standards that would strengthen and eventually harmonize prudential regulations as they apply to IFIs. The paper contributes to the discussion on the nature of the prudential standards to be developed. It clarifies risks IFIs are exposed to and the type of regulation that would help to manage them. It considers that the industry is still evolving with an anticipated convergence of the practice of Islamic financial intermediation with its conceptual foundations. Accordingly, the paper contrasts the risks and regulation that would be needed in the case of Islamic financial intermediation operating according to core principles and current practice. Implications for approaches to capital adequacy, licensing requirements and reliance on market discipline are outlined. The paper suggests an organization of the industry that would allow it to develop in compliance with its principles and prudent risk management and to facilitate its regulation. © 2006 Board of Trustees of the University of Illinois.},
author_keywords={Islamic finance;  Regulation;  Risk management},
references={AAOIFI, (1999) Statement on the purpose and calculation of the capital adequacy ratio for Islamic banks, , The Accounting and Auditing Organization for Islamic Financial Institutions; Abdel Karim, R., International accounting harmonization, banking regulation and Islamic banks (2001) The International Journal of Accounting, 36, pp. 169-193; Ali, A., The emerging Islamic financial architecture: The way ahead (2002) Paper presented at the fifth Harvard University Forum on Islamic finance, , April 6-7; Archer, S., Abdel Karim, R., Al-Deehani, T., Financial contracting, governance structures and the accounting regulation of Islamic banks: An analysis in terms of agency theory and transaction cost economics (1998) Journal of Management and Governance, 2, pp. 149-170; Archer, S., Abdel Karim, R., Agency theory, corporate governance and the accounting regulation of Islamic banks (1997) Research in Accounting Regulation, (SUPPL. 1), pp. 97-114. , (special international edition); Archer, S., Ahmed, T., (2003) Emerging standards for Islamic Financial Institutions: The case of the Accounting and Auditing Organization for Islamic Financial Institutions, , World Bank Mimeo; Ayoub, M., (2002) Islamic banking and finance: Theory and practice, , State Bank of Pakistan, Karachi, Pakistan; Basel Committee on Banking Supervision (BCBS), (2003) Consultative document-Overview of the New Basel capital accord, , Bank for International Settlements; Bliss, R., Market discipline and subordinated debt: A review of some salient issues, Federal Reserve Bank of Chicago (2001) Economic Perspectives, 25, pp. 24-45; Calomiris, C., Building an incentive-Compatible safety net (1999) Journal of Banking and Finance, 23, pp. 1499-1519; Cunningham, A., (2001) Culture of accounting: What are the real constraints for Islamic finance in Riba-based global economy?, , Moody's Investor Services, London, UK; El Sheikh, F., The regulation of Islamic banks by central banks (2000) The Journal of International Banking Regulation, pp. 43-49; Evanoff, D., Wall, L., (2000) Subordinated debt and bank capital reform, , Federal Reserve Bank of Chicago (WP 2000-07); Fadeel, M., Legal aspects of Islamic finance (2002) Islamic finance: Growth and innovation, , Archer S., and Abdel Karim R. (Eds), Euromoney Books, London; Greuning, H., Bratanovic, S., (2003) Analyzing and managing banking risk: A framework for assessing corporate governance and financial risk, , World Bank; Iqbal, Z., Mirakhor, A., Development of Islamic Financial Institutions and challenges ahead (2002) Islamic finance: Growth and innovation, , Archer S., and Abdel Karim R. (Eds), Euromoney Books, London; Khan, M., Islamic interest-free banking: A theoretical analysis (1986) IMF Staff Papers, 33, pp. 1-27; Khan, M.F., Comparative economics of some Islamic financing techniques (1994) Islamic Economic Studies, 2 (1); Lewis, M., Algaoud, L., (2001) Islamic banking, , Edward Elgar, UK; MacLachlan, C., Market discipline in bank regulation, panacea or paradox? (2001) The Independent Review, VI, pp. 227-234; Maroun, Y., Liquidity management and trade financing (2002) Islamic finance: Innovation and growth, pp. 163-175. , Abdel Karim R., and Archer S. (Eds), Euromoney Books and AAOIFI; Merton, R., Financial innovation and the management and regulation of financial institutions (1995) Journal of Banking and Finance, 19, pp. 461-481; Mirakhor, A., General characteristics of an Islamic economic system (1989) Essays on Iqtisad: The Islamic approach to economic problems, pp. 45-80. , Al-Hasani B., and Mirakhor A. (Eds), Nur Corp., Maryland; Rodriguez, J.L., International banking regulation. Where's the market discipline in Basel II? (2002) Policy Analysis, 4555, pp. 2-27; Vogel, F., Hayes III, S., (1998) Islamic Law and finance, , Kluwer Law, Boston; Warde, I., (2000) Islamic finance in the global economy, , Edinburgh University Press; Zaher, T., Hassan, K., A comparative literature survey of Islamic finance and banking (2001) Financial Markets, Institutions and Instruments, 10, pp. 155-199},
correspondence_address1={Grais, W.; World Bank, 1818 H Street, N.W, Washington, DC 20433, United States; email: wgrais@worldbank.org},
issn={10629769},
language={English},
abbrev_source_title={Q. Rev. Econ. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Stephenson20109,
author={Stephenson, M.L. and Russell, K.A. and Edgar, D.},
title={Islamic hospitality in the UAE: Indigenization of products and human capital},
journal={Journal of Islamic Marketing},
year={2010},
volume={1},
number={1},
pages={9-24},
doi={10.1108/17590831011026196},
note={cited By 65},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78649648497&doi=10.1108%2f17590831011026196&partnerID=40&md5=837ac05fbe0fcedd1432b8c256204ab2},
affiliation={School of Health and Social Sciences, Middlesex University Dubai, Dubai, United Arab Emirates; London Metropolitan Business School, London Metropolitan University, United Kingdom; Division of Strategy, Innovation and Enterprise, Caledonian Business School, Glasgow Caledonian University, Glasgow, United Kingdom},
abstract={Purpose – The purpose of this paper is to examine the challenges faced by the hospitality industries in developing an Islamic hospitality identity and indigenous styles of management, particularly in the context of the United Arab Emirates (UAE) – especially Dubai. It also aims to identify and comprehend the socio-cultural implications of Islamic hospitality in terms of products and marketing. Design/methodology/approach – This conceptual-based paper critically reviews and amalgamates a diverse range of literature concerning Islamic hospitality (and tourism), Arab management and leadership qualities, human capital and nationalization of employment, industry skills and educational directives in hospitality and destination and product strategies. Findings – The work critically accounts for the changing nature of skills needed by localised hospitality managers and the industry in general, especially to keep pace with dynamic customer demands and an increasingly sophisticated market and consumer. The outcome of the paper concerns the operationalisation of soft skills and managerial expertise attuned to ethnic and religious attributes of the host society. The evaluations propose ways in which the education sector can extend the career development and progression pathways for UAE nationals. The work also indicates how product development, innovation, transformation and marketing have a crucial role to play in advancing an Islamic and cultural approach to hospitality. Originality/value – This paper uniquely concerns an under-developed area of academic study: the role Islamic-based principles and practices of hospitality and ways in which they can be developed through an indigenous-led workforce, and Islamic and Arab styles of management, leadership and service sector operation. © 2010, Emerald Group Publishing Limited},
author_keywords={Employment;  Hospitality services;  Human capital;  Islam;  Skills;  Tourism;  United Arab Emirates},
references={Al-Ali, J., Emiratisation: drawing UAE nationals into their surging economy (2008) International Journal of Sociology and Social Policy, 28 (9-10), pp. 365-379; Al-Hamarneh, A., Steiner, C., Islamic tourism: rethinking the strategies of tourism development in the Arab world after September 11, 2001 (2004) Comparative Studies of South Asia, Africa and the Middle East, 24 (1), pp. 18-27; Ali, A.J., Decision style and work satisfaction of Arab Gulf executives: a cross-national study (1989) International Studies of Management and Organisation, 19, pp. 22-37; Ali, A.J., Kaynak, E., Sarvan, F.D., Islamic perspectives on organisational development (2002) The Impact of Globalization on World Business in the New Millennium: Competition, Cooperation, Environment, and Development, pp. 151-158. , The International Management Development Association Hummelstown, PA; Amidon, D.M., Formica, P., Mercier-Laurent, E., (2006) Knowledge Economics: Principles, Practices and Policies, , Tartu University Press Tartu; Amoah, V.A., Baum, T., Tourism education: policy versus practice (1997) International Journal of Contemporary Hospitality Management, 9 (2), pp. 5-12; Atiyyah, H.S., Research note: research in Arab countries (1992) Organisation Studies, 13 (1), pp. 105-112; Au, N., Ekiz, E.H., Issues and opportunities of internet hotel marketing in developing countries (2009) Journal of Travel and Tourism, 26 (3), pp. 225-243; Bains, E., Lack of power holds back industry (2009) Middle East Business Intelligence, 53 (22), pp. 36-37; Bakr, A., Islamic hotels have room for growth (2008) The National, p. 8. , 23 April; Bakr, A., Tough time for hotels in staff search (2008) The National, p. 6. , 29 April; Baum, T., Reflections on the nature of skills in the experience economy: challenging traditional skills models in hospitality (2006) Journal of Hospitality and Tourism Management, 13 (2), pp. 124-135; Din, K.H., Islam and tourism: patterns, issues and options (1989) Annals of Tourism Research, 16, pp. 542-563; EIU (2006) United Arab Emirates: Country Profile 2006, , Economist Intelligence Unit London; Elbe, J., Hallén, L., Axelsson, B., The destination-management organisation and the integrative destination-marketing process (2009) The International Journal of Tourism Research, 11 (3), pp. 283-296; Almulla to invest $2bn in Islamic hotels (2008) Emirates Business, p. 8. , Emirates Business 4 March; Economic threat that haunts UAE (2008) Emirates Business, p. 21. , Emirates Business 10 April; Euromonitor International (2008) Travel and Tourism in the United Arab Emirates, , London Euromonitor International London, October; Dubai's maharat training programme moves to the next level (2008), www.experesshospitality.com, Express Hospitality 16-29 February, available at: (accessed 25 May 2008); Forstenlechner, I., Workforce nationalization in the UAE: image versus integration (2008) Education, Business and Society – Contemporary Middle Eastern Issues, 1 (2), pp. 82-91; Fox, J.W., Fox, J.W., Mourtada-Sabbah, N., Mourtada-Sabbah, N., al-Mutawa, M., al-Mutawa, M., Heritage revivalism in Sharjah (2006) Globalisazation in the Gulf, pp. 266-287. , Routledge London; Fox, J.W., Fox, J.W., Mourtada-Sabbah, N., Mourtada-Sabbah, N., al-Mutawa, M., al-Mutawa, M., The Arab Gulf region: traditionalism globalized or globalization traditionalized? (2006) Globalisazation and the Gulf, pp. 3-59. , Routledge London; Freire, J.R., ‘Local people’ a critical dimension for place brands (2009) Journal of Brand Management, 16 (7), pp. 420-438; Govers, R., Go, F.M., Projected destination image online: website content analysis of pictures and text (2005) Information Technology, 7 (2), pp. 73-89; Hankinson, G., Managing destination brands: establishing a theoretical foundation (2009) Journal of Marketing Management, 25 (1-2), pp. 97-115; Hazbun, W., (2008) Beaches, Ruins, Resorts: The Politics of Tourism in the Arab World, , University of Minnesota Press London; Horner, S., Swarbrooke, J., (2005) International Cases in Tourism Management, pp. 105-110. , Butterworth Heinemann London; Hudson, S., Ritchie, J.R.B., Branding a memorable destination experience: the case of ‘Brand Canada’ (2009) The International Journal of Tourism Research, 11 (2), pp. 217-228; Langton, J., Tomorrow's leaders today (2008) The National, pp. 2-3. , 28 April; Litttlejohn, D., Watson, S., Developing graduate managers for hospitality and tourism (2004) International Journal of Contemporary Hospitality Management, 16 (7), pp. 408-414; Mc Cartney, G., Butler, R., Bennett, M., A strategic use of the communication mix in the destination image-formation process (2008) Journal of Travel Research, 47 (2), pp. 183-196; Mc Cartney, G., Butler, R., Bennett, M., Positive tourism image perceptions attract travellers – fact or fiction? 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Prospects for tourism development in the Middle East between Petra and the Palm (2009), paper presented at the Conference: Traditions and Transformations: Tourism, Heritage and Cultural Change in the Middle East and North Africa Region in Amman, Jordan, 4-7 April; Stephenson, M.L., Ali-Knight, J., Societal and social implications of Dubai's tourism industry: a sociological assessment (2009), paper presented at the Conference: Traditions and Transformations: Tourism, Heritage and Cultural Change in the Middle East and North Africa Region in Amman, Jordan, 4-7 April; Taylor, L., The halal revolution (2009) Arabian Business.com, , www.arabianbusiness.com/561277, 10 July, available at: (accessed 10 September 2009); Van Der Wagen, L., Vocational curriculum for Australian service industries: standardised learning for diverse service environments (2006) Journal of Hospitality and Tourism Management, 13 (2), pp. 177-188; Wang, Y., Collaborative destination marketing: roles and strategies of convention and visitors bureaus (2008) Journal of Vacation Marketing, 14 (3), pp. 191-209; Wang, Y., Collaborative destination marketing: understanding the dynamic process (2008) Journal of Travel Research, 47 (2), pp. 51-166; Yaqoob, T., Hotels seek to satisfy low budget travelers (2009) The National, p. 8. , 11 April; Yasin, M., Entrepreneurial effectiveness and achievement in the Arab culture: new evidence to rekindle interest in an old predictor (1996) Journal of Business Research, 35, pp. 69-77; Yasin, M.M., Stahl, J., An investigation of managerial motivational effectiveness in the Arab culture (1990) International Studies of Management and Organisations, 20 (3), pp. 69-78; Yousef, M., Emiratis shunning public sector, too (2009) The National, p. 5. , 25 March; Masoud, T.E., The Arabs and Islam: the troubled search for legitimacy (1999) Daedalus, 128 (2), pp. 127-147},
correspondence_address1={Stephenson, M.L.; School of Health and Social Sciences, , Dubai, United Arab Emirates},
issn={17590833},
language={English},
abbrev_source_title={J. Islam. Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Basile2004169,
author={Basile, M.},
title={Going to the source: Why al qaeda’s financial network is likely to withstand the current war on terrorist financing},
journal={Studies in Conflict and Terrorism},
year={2004},
volume={27},
number={3},
pages={169-185},
doi={10.1080/10576100490438237},
note={cited By 63},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-27944493794&doi=10.1080%2f10576100490438237&partnerID=40&md5=72d103f43e251e924d7fab0821d8ade2},
affiliation={Fletcher School of Law and Diplomacy, Tufts University, Somerville, MA, United States},
abstract={On 24 September 2001, President Bush announced the first stage of the War on Terrorism with an attack against the terrorist financial infrastructure. Since then, the impact of this attack on Al Qaeda's ability to operate has been minimal, for three reasons. First, Al Qaeda has built a strong network of financiers and operatives who are both frugally minded and business savvy. As a result, terrorist finances are often hidden in legitimate and illegitimate businesses and disguised as commodities and cash. Second, Al Qaeda has learned to effectively leverage the global financial system of capital markets. Small financial transfers, underregulated Islamic banking networks and informal transfer systems throughout the world make it almost impossible to stop Al Qaeda from moving money. Third, Al Qaeda has built a significant base of Islamic charities in Saudi Arabia with international divisions that have not been scrutinized or controlled by the regime. As a result, Al Qaeda's sophisticated financial network may be able to sustain international efforts to disrupt it. Financial regulations imposed to reduce terrorist financing must be applied more broadly and be supported by significant resources. An improvement in the war on terrorist financing requires better international coordination, more effective use of financial regulations, and regulating the Saudi Arabian charity structure. © 2004 Taylor & Francis Group, LLC.},
references={Gunartna, R., (2002) Inside Al Qaeda: Global Network of Terror, p. 54. , New York: Columbia University Press; Naylor, R.T., (2002) Wages of Crime: Black Markets, Illegal Finance, and the Underworld Economy, p. 288. , Ithaca: Cornell University Press; Schmidt, S., Farah, D., Al Qaedas New Leaders; Six Militants Emerge from Ranks to Fill Void,” (2002) The Washington Post, p. A01. , 29 October; Hubard, M., Bankrolling bin Laden (2001) The Financial Times, p. 10. , 20 November; Farah, D., Report Says Africans Harbored Al Qaeda; Terror Assets Hidden in Gem-Buying Spree (2002) The Washington Post, p. A01. , 29 December; Miller, J., Gerth, J., Trade in Honey is Said to Provide Money and Cover for Bin Laden (2001) The New York Times, p. A01. , 11 October; Warde, I., (2000) Islamic Finance in the Global Economy, p. 144. , Edinburgh: Edinburgh University Press; Napoleoni, L., (2003) Modern Jihad: Tracing the Dollars behind the Terror Networks, p. 126. , Sterling, VA: Pluto Press; Warde, I., The War on Terrorist Financing (2003) Lecture at the Fletcher School of Law and Diplomacy, Tufts University, p. 7; Greenberg, M.R., Terrorist Financing: Report of an Independent Task Force Sponsored by the Council on Foreign Relations (2002) Council on Foreign Relations, p. 21. , New York, October; Levitt, M., (2002) The Network of Terrorist Financing, , http://www.washingtoninstitute.org/media/levitt/levitt080102.htm, Washington Institute, 15 August},
correspondence_address1={Basile, M.; Fletcher School of Law and Diplomacy, 16 Josephine Avenue, #1, Somerville, MA, 02144, United States; email: mebasile@yahoo.com},
issn={1057610X},
language={English},
abbrev_source_title={Stud. Confl. Terrorism},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ibrahim2015185,
author={Ibrahim, M.H.},
title={Issues in Islamic banking and finance: Islamic banks, Shari'ah-compliant investment and sukuk},
journal={Pacific Basin Finance Journal},
year={2015},
volume={34},
pages={185-191},
doi={10.1016/j.pacfin.2015.06.002},
note={cited By 59},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84941744445&doi=10.1016%2fj.pacfin.2015.06.002&partnerID=40&md5=10963e3b7aef90e74a70fd94a0b953cb},
affiliation={International Centre for Education in Islamic Finance (INCEIF), Lorong Univesiti A, Kuala Lumpur, 59100, Malaysia},
abstract={This introductory article of the special issue "Islamic Banking and Finance II" highlights various studies on fast-growing Islamic finance industry. It focuses specifically on Islamic banking and Islamic capital market research. To date, scholarly research on Islamic finance is mainly confined to empirical verification of its performance on the argument that the Islamic finance is distinct from conventional finance. While more works need to be done to soundly and concretely justify the viability of Islamic finance, future works should aim at placing the Islamic foundations of the industry in proper theoretical settings beyond the statement that it is different. In addition, theoretically and empirically, demonstration of its bearings on economic well-beings and policies such as economic stability, financial inclusion, economic development, and stabilization policies is needed. © 2015 Elsevier B.V..},
author_keywords={Islamic banking;  Islamic capital markets;  Research},
references={Abdul Karim, M., Hassan, M.K., Hassan, T., Mohamed, S., Capital adequacy and deposit behaviours of conventional and Islamic banks (2014) Pac. Basin Financ. J., 28, pp. 58-75; Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Malaysian unit trust funds: comparison with conventional unit trust funds (2007) Manag. Financ., 33 (2), pp. 142-153; Abdul-Rahman, A., Abdul-Latiff, R., Muda, R., Abdullah, M.A., Failure and potential of profit-loss sharing contracts: a perspective of New Institutional Economics (NIE) theory (2014) Pac. Basin Financ. J., 28, pp. 136-151; Abedifar, P., Molyneux, P., Tarazi, A., Risk in Islamic banking (2013) Eur. Finan. Rev., 17, pp. 2035-2096; Ahmad, S., Abdul-Rahman, A.R., The efficiency of Islamic and conventional commercial banks in Malaysia (2012) Int. J. Islam. Middle East. Financ. Manag., 5 (3), pp. 241-263; Ajmi, A.N., Hammoudeh, S., Nguyen, D.K., Sarafrazi, S., How strong are the causal relationships between Islamic stock markets and conventional financial systems? Evidence from linear and nonlinear tests (2014) J. Int. Financ. Mark. Inst. Money, 28, pp. 213-227; Alam, N., Hassan, M.K., Haque, M.A., Are Islamic bonds different from conventional bonds? International evidence from capital market tests (2013) Borsa Istanbul Rev., 13 (3), pp. 22-29; Al-Khazali, O., Lean, H.H., Samet, A., Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach (2014) Pac. Basin Financ. J., 28, pp. 29-46; Arundina, T., Omar, M.A., Kartiwi, M., The predictive accuracy of sukuk ratings: multinomial logistic and neural network inferences (2015) Pac. Basin Financ. J., 34, pp. 266-285; Ashraf, D., Mohammad, N., Matching perception with reality-performance of Islamic equity investment (2014) Pac. Basin Financ. J., 28, pp. 175-189; Azmat, S., Skully, M., Brown, K., Can Islamic banking ever become Islamic? (2015) Pac. Basin Financ. J., 34, pp. 246-265; Azmat, S., Skully, M., Brown, K., Issuer's choice of Islamic bond type (2014) Pac. Basin Financ. J., 28, pp. 122-135; Azmat, S., Skully, M., Brown, K., The Shari'ah compliance challenge in Islamic bond markets (2014) Pac. Basin Financ. J., 28, pp. 47-57; Beck, T., Demirguc-Kunt, A., Merrouche, O., Islamic vs. conventional banking: business model, efficiency and stability (2013) J. Bank. Financ., 37, pp. 443-447; Belanes, A., Fitti, Z., Regaieg, R., What can we learn about Islamic banks efficiency under the subprime crisis? Evidence from GCC region (2015) Pac. Basin Financ. J., 33, pp. 81-92; Chong, B.S., Liu, M., Islamic banking: interest-free or interest-based? (2009) Pac. Basin Finance J., 17, pp. 125-144; Cihak, M., Hesse, H., Islamic banks and financial stability: an empirical analysis (2010) J. Financ. Serv. Res., 38, pp. 95-113; Daher, H., Masih, M., Ibrahim, M.H., The unique risk exposures of Islamic banks' capital buffers: a dynamic panel data analysis (2015) J. Int. Financ. Mark. Inst. Money, 36, pp. 36-52; Das, A., Ghosh, S., Financial deregulation and profit efficiency: a nonparametric analysis of Indian banks (2009) J. Econ. Bus., 61 (6), pp. 509-528; Dewandaru, G., Rizvi, S.A.R., Masih, R., Masih, M., Alhabshi, S.O., Stock market co-movements: Islamic versus conventional equity indices with multiscales analysis (2014) Econ. Syst., 36 (4), pp. 553-571; Dewandaru, G., Masih, R., Bacha, O.I., Masih, M., Combining momentum, value, and quality for the Islamic equity portfolio: multi-style rotation strategy using augmented Black-Litterman factor model (2015) Pac. Basin Financ. J., 34, pp. 198-225; Farook, S., Hassan, M.K., Clinch, G., Islamic bank incentives and discretionary loan loss provisions (2014) Pac. Basin Financ. J., 28, pp. 152-174; Ghazali, M.F., Lean, H.H., Bahari, Z., Sharia compliant gold investment in Malaysia: hedge or safe haven? (2015) Pac. Basin Financ. J., 34, pp. 185-197; Godlewski, C.J., Turk-Ariss, R., Weill, L., Sukuk vs. conventional bonds: a stock market perspective (2014) J. Comp. Econ., 41, pp. 745-761; Hammoudeh, S., Mensi, W., Reboredo, J.C., Nguyen, D.C., Dynamic dependence of the global Islamic equity index with global conventional equity market indices and risk factors (2014) Pac. Basin Financ. J., 30, pp. 189-206; Hanifa, H.H., Masih, M., Bacha, O.I., Why do issuers issue sukuk or conventional bond? Evidence from Malaysian listed firms using partial adjustment models (2015) Pac. Basin Finance J., 34, pp. 226-245; Hasan, M., Dridi, J., The effects of the global crisis on Islamic and conventional banks: a comparative study (2010) IMF Working Paper #WP/10/201; Hassan, T., Mohamad, S., Bader, M.K.I., Efficiency of conventional versus Islamic banks: evidence from the Middle East (2009) Int. J. Islam. Middle East. Financ. Manag., 2 (1), pp. 46-65; Hayat, R., Kraessui, R., Risk and return characteristics of Islamic equity funds (2011) Emerg. Mark. Rev., 12, pp. 189-203; Ho, C.F.H., Abd Rahman, N.F., Muhamad Yusof, N.H., Performance of global Islamic versus conventional share indices: international evidence (2014) Pac. Basin Financ. J., 28, pp. 110-121; Hou, X., Wang, Q., Zhang, Q., Market structure, risk taking, and the efficiency of Chinese commercial banks (2014) Emerg. Mark. Rev., 20, pp. 75-88; Jawadi, F., Jawadi, N., Louhichi, W., Conventional and Islamic stock price performance: an empirical investigation (2014) Int. Econ., 137, pp. 73-87; Kamil, N.K.M., Alhabshi, S.O., Bacha, O.I., Masih, M., Heads we win, tails you lose: is there equity in Islamic equity funds? (2014) Pac. Basin Financ. J., 28, pp. 7-28; Khan, F., How 'Islamic' is Islamic bank? (2010) J. Econ. Behav. Organ., 76, pp. 805-820; Khediri, K.S., Charfeddine, L., Youssef, S.B., Islamic versus conventional banks in the GCC countries: a comparative analysis using classification techniques (2014) Res. Int. Bus. Financ., 33, pp. 75-98; Majdoub, J., Mansour, W., Islamic equity market integration and volatility spillover between emerging and US stock markets (2014) N. Am. J. Econ. Financ., 29, pp. 452-470; 2014-A landmarek year for global Islamic finance industry, , http://www.mifc.com, (accessed: May 3, 2015); Merdad, H.J., Hassan, M.K., Hippler, W.J., The Islamic risk factor in expected stock returns: an empirical study in Saudi Arabia (2015) Pac. Basin Financ. J., 34, pp. 286-307; Miller, N., Challoner, J., Aziza, J.A., UK welcomes the sukuk (2007) Int. Financ. Law Rev., 26, pp. 24-25; Moradi-Motlagh, A., Babacan, A., The impact of the global financial crisis on the efficiency of Australian banks (2015) Econ. Model., 46, pp. 397-406; Pasiouras, F., Estimating the technical and scale efficiency of Greek commercial banks: the impact of credit risk, off-balance sheet activities, and intermediation operations (2008) Res. Int. Bus. Financ., 22 (3), pp. 301-318; Pasiouras, F., Tanna, S., Zopounidis, C., The impact of banking regulations on banks' cost and profit efficiency: cross-country evidence (2009) Int. Rev. Financ. Anal., 18 (5), pp. 294-302; Pollard, J.S., Samers, M., Islamic banking and finance: postcolonial political economy and the decentering of economic geography (2007) Trans. Inst. Br. Geogr., 32, pp. 313-330; Rizvi, S.A.R., Arshad, S., An empirical study of Islamic equity as a better alternative during crisis using multivariate GARCH DCC (2014) Islam. Econ. Stud., 22 (1), pp. 159-184; Rizvi, S.A.R., Arshad, S., Alam, N., Crises and contagion in Asia Pacific Islamic v/s conventional markets (2015) Pac. Basin Financ. J., 34, pp. 308-319; Rosman, R., Abd Wahab, N., Zainol, Z., Efficiency of Islamic banks during the financial crisis: an analysis of Middle Eastern and Asian countries (2014) Pac. Basin Financ. J., 28, pp. 76-90; Shamsuddin, A., Are Dow Jones Islamic equity indices exposed to interest rate risk? (2014) Econ. Model., 39, pp. 273-281; Srairi, S.A., Cost and profit efficiency of conventional and Islamic banks in GCC countries (2010) J. Prod. Anal., 34, pp. 45-62; Wilson, R., Innovation in structuring of sukuk securities (2008) Humanomics, 24, pp. 170-181; Yilmaz, M.K., Sensoy, A., Erk Hacihasanoglu, K.O., Cross-sectoral interactions in Islamic equity markets (2015) Pac. Basin Financ. J., 32, pp. 1-20},
correspondence_address1={Ibrahim, M.H.; International Centre for Education in Islamic Finance (INCEIF), Lorong Univesiti AMalaysia},
publisher={Elsevier},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kallamu2015206,
author={Kallamu, B.S. and Saat, N.A.M.},
title={Audit committee attributes and firm performance: Evidence from Malaysian finance companies},
journal={Asian Review of Accounting},
year={2015},
volume={23},
number={3},
pages={206-231},
doi={10.1108/ARA-11-2013-0076},
note={cited By 57},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84939787075&doi=10.1108%2fARA-11-2013-0076&partnerID=40&md5=f4cbb3d1c2097300b71b7d375fd54996},
affiliation={Putra Business School, University Putra Malaysia, UPM Serdang, Malaysia; Department of Accounting and Finance, University Putra Malaysia, Selangor, Malaysia},
abstract={Purpose-The purpose of this paper is to examine the impact of audit committee (AC) attributes on the performance of finance companies in Malaysia in both period before and after the Malaysian Code on Corporate Governance (MCCG) was issued in order to determine which of the AC attributes enhances performance of finance companies in Malaysia. Design/methodology/approach-The population of the study comprises firms listed under finance sector of the main market of Bursa Malaysia. The number of firms listed on the main market of Bursa Malaysia as at the time of data collection (2012) was 822, out of which 37 were finance firms. Since the number of finance companies listed on the main market was only 37, all companies were used as sample for this study. This comprises companies involved in commercial, investment and Islamic banking, insurance, Takaful and other finance-related services. The sample for the period prior to MCCG varies over the period of observation. The number of finance companies in 1992, 1993, 1994, 1995 and 1996 was 36, 40, 44, 47 and 54, respectively. The sample comprises companies in commercial banking, investment banking, Islamic banking, insurance, Takaful and other finance-related services. The sample comprises firms listed on the main board of Kuala Lumpur stock exchange as it was called before the name was changed to Bursa Malaysia. The companies listed under the Ace market are not included due to their small number and because they are subject to different listing requirements. The list of the finance companies for the period 2007-2011 is obtained from the web site of Bursa Malaysia while for the period 1992-1996, the list is obtained from Bursa Malaysia knowledge centre. The observation period for the study covers financial period from 2007 to 2011 which represents post MCCG period while period from 1992 to 1996 represents the period before MCCG. Findings-The findings suggests a significant positive relationship between independent AC members and profitability while dual membership of directors on audit and nomination committee is significant and negatively related with profitability. The result supports agency theory which suggests that independent directors provide effective monitoring of the management thereby enhancing profitability and reducing possibility for opportunistic behavior by the management and ultimately enhancing performance. In addition, the result indicates that there was significant improvement in corporate governance in finance companies after the MCCG was issued compared to the period before it was issued. Research limitations/implications-The study focussed only on finance companies listed on Bursa Malaysia. The attributes examined include independence, expertise, experience, executive membership and interlock of directors, future studies could examine other attributes such as internal process of the committee and personal characteristics of the directors. Furthermore, the study used secondary data future studies could use primary data or a combination of primary and secondary data. The study only examined the period before MCCG and after the code was issued, future study could examine the impact of the first and second revision and compare it with period after the first and second revision. Practical implications-The findings contribute to the literature and the understanding of the influence of AC attributes such as independence and experience of the directors on the committee by showing an association between director independence, expertise, experience and improved performance. Management and board of companies may use the findings to make appropriate choices about AC attributes and governance mechanisms to improve performance particularly with regards to independence, expertise, experience and interlock of the directors. Social implications-The study has provided policy makers with a better understanding of the various features a AC should have which could be incorporated in future policy formulation in order to safeguard investments of shareholders, protect the interest of various stakeholders and enhance the flow of capital and foreign direct investment into finance companies and the economy in general. Comparison of the result between the pre MCCG and post MCCG period shows an improvement in corporate governance in finance companies after the MCCG was issued. This implies that the initial issue of MCCG impacted positively on the governance of the finance companies. Originality/value-To best of the authors knowledge the study is the first to examine the attributes of AC in finance sector as a whole and to examine the impact in the period before and after the MCCG was issued. © Emerald Group Publishing Limited.},
author_keywords={Audit committee;  Experience;  Expertise;  Independent committee chair;  Independent directors;  Interlock},
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correspondence_address1={Kallamu, B.S.; Putra Business School, Malaysia; email: bkallamu001@yahoo.com},
publisher={Emerald Group Holdings Ltd.},
issn={13217348},
language={English},
abbrev_source_title={Asian Rev. Account.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Buckley2014155,
author={Buckley, M. and Hanieh, A.},
title={Diversification by urbanization: Tracing the property-finance Nexus in Dubai and the Gulf},
journal={International Journal of Urban and Regional Research},
year={2014},
volume={38},
number={1},
pages={155-175},
doi={10.1111/1468-2427.12084},
note={cited By 53},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84890872748&doi=10.1111%2f1468-2427.12084&partnerID=40&md5=a0216a4643a0c751113b895b9f28fd9b},
affiliation={Department of Human Geography, University of Toronto Scarborough, 1265 Military Trail, Toronto, ON M1C 1A4, Canada; School of Oriental and African Studies, University of London, Thornhaugh Street, Russell Square, London WC1H 0XG, United Kingdom},
abstract={This article explores the role of liberalized real estate markets in shaping financial-sector development in the Arab Gulf region. Since 2001, record oil revenues and the inflow of repatriated wealth into the region have generated immense demand for new, productive destinations for surplus capital. Gulf Cooperation Council states have subsequently undergone rapid growth that is intimately tied to the regulatory transformation of urban real estate markets and the circulation of surplus capital from oil rents to the 'secondary circuit' of the built environment. With an emphasis on the city of Dubai, we employ the notion of diversification by urbanization to trace the re-regulation of real estate markets and highlight how these strategies have subsequently shaped Gulf financial markets. Through an examination of the impacts of real estate mega-project development on local banking credit, equities and Islamic financial markets, we reframe recent urbanization in the region as a process of financial re-engineering, and identify the emergence of capital groups whose accumulation activities are tightly connected to both the real estate and financial circuit. © 2013 Urban Research Publications Limited.},
author_keywords={Banking and finance;  Dubai;  Gulf urbanization;  Mega-project development;  Real estate},
keywords={banking;  economic growth;  finance;  financial market;  housing market;  urban area;  urbanization, Dubai [United Arab Emirates];  United Arab Emirates},
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correspondence_address1={Buckley, M.; Department of Human Geography, 1265 Military Trail, Toronto, ON M1C 1A4, Canada; email: mbuckley@utsc.utoronto.ca},
issn={03091317},
language={English},
abbrev_source_title={Int. J. Urban Reg. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sun2017193,
author={Sun, P.H. and Mohamad, S. and Ariff, M.},
title={Determinants driving bank performance: A comparison of two types of banks in the OIC},
journal={Pacific Basin Finance Journal},
year={2017},
volume={42},
pages={193-203},
doi={10.1016/j.pacfin.2016.02.007},
note={cited By 51},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84962266547&doi=10.1016%2fj.pacfin.2016.02.007&partnerID=40&md5=83ac7de9018288c40ea4471f541615f1},
affiliation={Department of Accounting Sunway University, Kuala Lumpur, Malaysia; International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur, Malaysia; Department of Accounting and Finance, University Putra Malaysia, Serdang, Malaysia},
abstract={This paper extracts key variables from documented findings on bank intermediation margins of two types of banks in the Organisation of Islamic Countries. The intermediation margins used as the dependent variable are: net interest margins of conventional banks and the net profit margins of Islamic banks. To overcome the endogeneity issue of variables, an appropriate econometric procedure namely the dynamic Generalized Method of Moments is applied using data from 105 commercial banks over 14 years. The results are interesting: there is a significant difference in the margins across the two types of banks, 2.17% and 1.61% respectively. Capital adequacy, management quality, and diversification determinants significantly explain the margins of both types of banks. We also find evidence suggesting market quality matters. This is an expected result since both banks operate, despite their inherent institutional differences, in a competitive environment to meet the core demands for funds, which are the same, for traditional lending and borrowing activities. However, this also shows that both CBs and IBs in dual banking system are not significantly different from each other, despite the perception arising from minor institutional differences. These findings provide insights on the unique banking performance in dual banking systems. © 2016 Elsevier B.V.},
author_keywords={Determinants;  Dual banking system;  Intermediation margin;  Islamic banks;  Net interest margins;  Net profit margins},
references={Allen, L., The determinants of bank interest margins: a note (1988) J. Financ. Quant. Anal., 23 (2), pp. 231-235; Angbazo, L., Commercial bank net interest margins, default risk, interest-rate risk, and off-balance sheet banking (1997) J. Bank. Financ., 21, pp. 55-87; Anon., Definition of asset/liability management (2009), p. 50. , Credit Union Management (February); Ariff, M., Whither Islamic banking? (2014) World Econ., 37 (6), pp. 733-746; Ariff, M., Khalid, A., Financial liberalization and growth (2000), Edward Elgar Publishing UK and USA; Ariff, M., Farrar, J., Khalid, A., (2011) Regulatory Failure and Global Financial Crisis, , Edward Elgar Cheltenham-UK and Northampton, NJ, USA; Ariss, R.T., Competitive conditions in Islamic and conventional banking: a global perspective (2010) Rev. Financ. Econ., 19, pp. 101-108; Athanasoglou, P.P., Brissimis, S.N., Delis, M.D., Bank-specific, industry-specific and macroeconomic determinants of bank profitability (2008) J. Int. Financ. Mark. Inst. Money, 18, pp. 121-136; Beck, T., Demirgüç-Kunt, A., Merrouche, O., Islamic vs. conventional banking: business model, efficiency and stability (2013) J. Bank. Financ., 37, pp. 433-447; Bodie, Z., On asset-liability matching and federal deposit and pension insurance (2006) Fed. Reserv. Bank St. Louis Rev., 88 (4), pp. 323-329; Bourkhis, K., Nabi, M.S., Islamic and conventional banks’ soundness during the 2007–2008 financial crisis (2013) Rev. Financ. Econ., 22, pp. 68-77; Brock, P.L., Suarez, L.R., Understanding the behavior of bank spreads in Latin America (2000) J. Dev. Econ., 63 (1), pp. 113-134; Chong, B.S., Liu, M.-H., Islamic banking: interest-free or interest-based (2009) Pac. Basin Financ. 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Policy Model, 25, pp. 309-317; Errico, L., Farahbaksh, M., Islamic Banking: Issues in Prudential Regulations and Supervision (1998), International Monetary Fund, Monetary and Exchange Affairs Department; García-Herrero, A., Gavilá, S., Santabárbara, D., What explains the low profitability of Chinese banks? (2009) J. Bank. Financ., 33, pp. 2080-2092; Hawtrey, K., Liang, H., Bank interest margins in OECD countries (2008) N. Am. J. Econ. Financ., 19 (3), pp. 249-260; Hirose, M., Murakami, T., Oku, Y., Development of the Asian Bond Markets and Business Opportunities (2004), Nomura Research Institute; Ho, T.S., Saunders, A., The determinants of bank interest margins: theory and empirical evidence (1981) J. Financ. Quant. Anal., 16 (4), pp. 581-600; Johnes, J., Izzeldin, M., Pappas, V., A comparison of performance of Islamic and conventional banks 2004–2009 (2013) J. Econ. Behav. Organ., pp. 1-15; Kasman, A., Tunc, G., Vardar, G., Okan, B., Consolidation and commercial bank net interest margins: evidence from the old and new European Union members and candidate countries (2010) Econ. Model., 27 (3), pp. 648-655; Koppenhaver, G.D., Bank funding risks, risk aversions, and the choice of futures hedging instrument (1985) J. Financ., 40 (1), pp. 241-255; Kosmidous, K., Pasiouras, F., Floropoulos, J., Linking profits to asset-liability management of domestic and foreign banks in the UK (2004) Appl. Financ. Econ., 14, pp. 1319-1324; Lai, V.S., Hassan, M.K., An empirical investigation of asset-liability management of small US commercial banks (1997) Appl. Financ. Econ., 7, pp. 525-536; Maudos, J., Guevara, J.F., Factors explaining the interest margin in the banking sectors of the European Union (2004) J. Bank. Financ., 28 (9), pp. 2259-2281; Maudos, J., Solís, L., The determinants of net interest income in the Mexican banking system: an integrated model (2009) J. Bank. Financ., 33 (10), pp. 1920-1931; Nasirini, A., Ariff, M., Cheng, F.F., Key determinants of German banking-sector performance (2015), 23 (1), pp. 267-289. , (Special issue); Nguyen, J., The relationship between net interest margin and noninterest income using a system estimation approach (2012) J. Bank. Financ., 36, pp. 2429-2437; Parashar, S.P., Venkatesh, J., How did Islamic banks do during global financial crisis? (2010) Bank Bank Syst., 5 (4), pp. 54-62; Poole, W., The credit crunch of 2007–08: lessons private and public (2009) Bus. Econ., 44 (1), pp. 38-40; Saunders, A., Schumacher, L., The determinants of bank interest rate margins: an international study (2000) J. Int. Money Financ., 19, pp. 813-832; Siraj, K., Pillai, P.S., Comparative study on performance of Islamic banks and conventional banks in GCC region (2012) J. Appl. Financ. Bank., 2 (3), pp. 123-161; Srairi, S., A comparison of the profitability of Islamic and conventional banks (2009) Bank. Mark. Invest., 98, pp. 16-27; Tarus, D.K., Yonas, C.B., Mutwol, M., Determinants of net interest margins of commercial banks in Kenya: a panel study (2012) Procedia Econ. Financ., pp. 199-208; Valverde, S.C., Fernández, F.R., The determinants of bank margins in European banking (2007) J. Bank. Financ., 31 (7), pp. 2043-2063; Wong, K.P., On the determinants of bank interest margins under credit and interest rate risks (1997) J. Bank. Financ., 21, pp. 251-271},
correspondence_address1={Sun, P.H.; Department of Accounting Sunway UniversityMalaysia; email: sunpoihun@gmail.com},
publisher={Elsevier B.V.},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ghosh2014145,
author={Ghosh, S.},
title={Risk, capital and financial crisis: Evidence for GCC banks},
journal={Borsa Istanbul Review},
year={2014},
volume={14},
number={3},
pages={145-157},
doi={10.1016/j.bir.2014.06.003},
note={cited By 50},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84936943000&doi=10.1016%2fj.bir.2014.06.003&partnerID=40&md5=b70c34487af6b1ea51496b6a161de9e8},
affiliation={Department of Economic and Policy Research, Reserve Bank of India, Central Office, S B S Marg, Fort, Mumbai, Maharashtra, 400001, India},
abstract={Employing data on over 100 GCC banks for 1996-2011, we test the relation between risk and capital. Given the interlinkage between these two variables, the model employs a 3SLS estimation that takes on board this simultaneity. Consistent with the literature, risk is measured by the Z-score, while capital is computed as the ratio of equity to asset. The findings indicate that banks generally increase capital in response to an increase in risk, and not vice versa. Second, there is an uneven impact of regulatory pressure and market discipline on banks attitude toward risk and capital. Additionally, Islamic banks increased their capital as compared to conventional banks. Besides, the evidence testifies to the fact that banks with higher dependence on wholesale funds and less diversified income profile have higher risk. © 2014 Borsa ̄stanbul Anonim Şirketi. Production and hosting by Elsevier B.V.},
author_keywords={2SLS;  Banking;  Capital;  GCC;  Z-score},
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correspondence_address1={Ghosh, S.; Department of Economic and Policy Research, S B S Marg, Fort, India; email: saibalghosh@rbi.org.in},
publisher={Borsa Istanbul Anonim Sirketi},
issn={22148450},
language={English},
abbrev_source_title={Borsa Istanb. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ahmad2007251,
author={Ahmad, A.U.F. and Hassan, M.K.},
title={Regulation and performance of Islamic banking in Bangladesh},
journal={Thunderbird International Business Review},
year={2007},
volume={49},
number={2},
pages={251-277},
doi={10.1002/tie.20142},
note={cited By 50},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-33947380597&doi=10.1002%2ftie.20142&partnerID=40&md5=f67645b518b8ef27052f462d24b4cc17},
affiliation={University of Western Sydney Law School, Penrith, NSW, Australia; Department of Islamic Legal Studies, Sule College, Sydney, NSW, Australia; Department of Economics and Finance, University of New Orleans, New Orleans, LA, United States; Drexel University, Philadelphia, PA, United States},
abstract={This article examines current legal and regulatory issues of Islamic banking in Bangladesh. The most important issue in this context is the lack of a well-defined regulatory and supervisory framework for Islamic banks for their effective functioning in line with the tenets of Shariah. Other major issues come from the absence of an interbank Islamic money market, following the same policy and guidelines for Islamic and conventional banking by the Bangladesh Bank, presence of a discriminatory legal reserve requirement for Islamic and conventional banking, prevalence of a restrictive environment in the capital market, and the lack of legal support and protection of Bangladesh Bank to avoid the associated risks of Islamic banks. For this purpose, it is suggested that Islamic banks in Bangladesh should have an independent banking act that controls, guides, and supervises their functions and provide legal support to the parties concerned. © 2007 Wiley Periodicals, Inc.},
references={Ahmad, A., (1993) Contemporary Practices of Islamic Financing Techniques, , Research Paper Number 20, First Edition. Jeddah, Saudi Arabia: IRTI; Ahmad, A., The evaluation of Islamic banking (1995) Encyclopedia of Islamic Banking, p. 17. , In London: Institute of Islamic Banking and Insurance; Ahmad, A.U.F., Problems of Islamic banking in Bangladesh (2001), Paper presented to the Islamic Economics Research Bureau, Dhaka, Bangladesh; Ahmad, A.U.F., Islamic banking in Bangladesh: Legal and regulatory issues (2004) Sixth Harvard University Forum on Islamic Finance, , (May). Paper presented at the Cambridge, MA; Ahmad, A.U.F., Legislations and issues on Islamic banking in Bangladesh (2006) First International Forum on Islamic Economics, Finance and Business for Young Scholars, , (April). Presented at the Langkawi, Malaysia; Ahmed, M.F., Islami Bangladesh Limited: A profile (1999) Seminar on Experiences in Islamic Banking, , (June). Islamabad, Pakistan: Institute of Policy Studies; Akkas, S.M., Relative efficiency of conventional and Islamic banking system in financing investment (1996), Unpublished doctoral dissertation, Dhaka University, Bangladesh; Al-Omar, F., Abdel-Haq, M.K., (1996) Islamic Banking: Theory, Practice and Challenges, , London: Oxford University Press; (1999) Scheduled Banks Statistics, , Bangladesh Bank. January-March. Dhaka: Author; A brief on the problems of Islamic banking in Bangladesh Bangladesh Bank. (n.d.). Dhaka: Author; Report of Banking Regulation and Policy Department, , Bangladesh Bank. (n.d.). Dhaka: Author; Report of Internal and Islamic Economics Division, , Bangladesh Bank. (n.d.). Dhaka: Author; Chapra, M.U., Towards a just monetary system (1985), Leicester, UK- Islamic Foundation; Ebrahim, M.S., Joo, T.K., Islami banking in Brunei Darussalam (2001) International Journal of Social Economics, 28, pp. 314-337; Haron, S., (1997) Islamic Banking: Rules and Regulations, , Kuala Lumpur: Pelanduk Publications; Haron, S., Determinants of Islamic banking profitability (2004) Global Journal of Finance and Economics, 1 (1), pp. 49-64; Hassan, M.K., Abdel-Hamid, B., Determinants of Islamic banking profitability (2003), (December). Presented at the 10th Annual Conference of Economic and Research Forum of the Middle East, Iran and Turkey (ERF), Marakkesh, Morocco; Hassan, M.K., Chowdhury, M.A.M., Islamic banking regulations in light of Basel II (2004) Sixth Harvard University Forum on Islamic Finance, , (May). Presented at the Cambridge, MA; Hassan, M.K., Muzahidul, I., Branch level efficiency of Islami Bank in Bangladesh (2003), Islami Bank Training and Research Academy of Islami Bank Bangladesh Limited; Hassan, M.K., Tarek, Z., A comparative literature survey of Islamic finance and banking (2001) Financial Markets, Institutions and Instruments, 10 (4), pp. 155-199; Hassan, M.K., Mahmood, A., Islamic banking versus conventional banking: A questionnaire survey of their apparent similarities and differences (2001), University of New Orleans and Islami Bank Training and Research Academy Research Memo; Hassan, M.K., Islamic banking in theory and practice: The experience of Bangladesh (1999) Managerial Finance, 25 (5), pp. 60-113; Hassan, M.K., Adnan, Q.D., Stability of money demand under interest-free versus interest-based banking system (1998) Humanomics, 14 (4), pp. 167-186; Hassan, M.K., Adnan, Q.D., Stability of money demand under interest-free versus interest-based banking system (1999) Humanomics, 15 (1), pp. 145-164; Hassan, M.K., Tariq, H., Performance evaluation of private sector commercial banks (1992) Indian Journal of Economics, 73 (289), pp. 159-180; Huq, M.A., Islamic banking in Bangladesh with a brief overview of operational problem (1996), (June). 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Dhaka, Bangladesh; Khan, M.S., Islamic interest-free banking (1986) International Monetary Fund, Staff Papers, 33, pp. 1-27; Khan, M.S., Abbas, M., Islamic banking: Experiences in the Islamic Republic of Iran and in Pakistan (1990) Economic Development and Cultural Change, 38, pp. 353-375; Khan, M.S., The challenges for Islamic banking (1997) New Horizon, p. 62; Kniffin, W.H., How to use your bank (1937), New York: McGraw-Hill; Mangla, I.Y., Uppal, J.Y., Islamic banking: A survey and some operational issues (1990) Research in Financial Survey, 2, p. 215. , 179, 185; Meenai, A.A., Islamic banking-Where are we going wrong? (1998) New Horizon, 72, pp. 23-27; (1991), Ministry of Law, Justice and Parliamentary Affairs. 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correspondence_address1={Ahmad, A.U.F.; University of Western Sydney Law School, Penrith, NSW, Australia; email: aufahmad@gmail.com},
issn={10964762},
language={English},
abbrev_source_title={Thunderbird Int. Bus. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Alam2010228,
author={Alam, N. and Rajjaque, M.S.},
title={Shariah-compliant equities: Empirical evaluation of performance in the European market during credit crunch},
journal={Journal of Financial Services Marketing},
year={2010},
volume={15},
number={3},
pages={228-240},
doi={10.1057/fsm.2010.19},
note={cited By 49},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78650073073&doi=10.1057%2ffsm.2010.19&partnerID=40&md5=7169e0b3e383b0ab8389828721c5599b},
affiliation={School of Business, Monash University, Sunway Campus, Jalan Lagoon Selatan, Bandar Sunway, 46150 Petaling Jaya, Selangor Darul Ehsaan, Malaysia; Sheffield University Management School, United Kingdom},
abstract={Islamic finance is based on the Islamic Jurisprudence as prescribed by the Shariah, and has witnessed significant growth and development in the recent decades. During the period of economic slowdown and following the financial crisis during FY 2007-2009, it was claimed that Islamic financial system seemed to be better in coping with economic slowdowns than conventional financial systems. The article analyses whether the same holds true for Shariah-compliant equities in the market, that is, whether Shariah-compliant equities perform better in the market as compared to the general market. Three portfolios are constructed based on the constituents of SP Europe 350 to represent the overall market, the market without the financial firms and the market of Shariah-compliant equities. It is found that the portfolio of Shariah-compliant equities outperforms the other two portfolios in all aspects of analysis. However, it slightly underperforms the market portfolio when there is an upward growth trend in the economy. The findings of this article are very relevant for policymakers, investors and fund managers to determine policy matters, deciding on investment and marketing strategy for Islamic capital market products. © 2010 Macmillan Publishers Ltd.},
author_keywords={capital market;  financial crisis;  Islamic finance;  Shariah-compliant equities},
references={The Holy Book of Muslims. Al-Quran; The Islamic Jurisprudence. It is derived from the earlier rulings and precepts based on Quran and Sunnah. This is defined for issues which has not been dealt directly in Quran or in Sunnah; The sayings and practices of Prophet Muhammad, as have been revealed by his life and deeds; Ainley, M., Mashayekhi, A., Hicks, R., Rahman, A., Ravalia, A., (2007) Islamic Finance in the UK: Regulation and Challenges, , UK: Financial Services Authority; Abderrezak, F., (2008) The Performance of Islamic Equity Funds-A Comparison to Conventional, Islamic and Ethical Benchmarks, , Thesis submitted to the Department of Finance of the University of Maastricht in partial fulfillment of the requirements for the degree of Master of International Business-Finance; Abdi, S., (2009) Islamic Funds and Investment Report 2009-Surviving and Adapting in A Downturn, , http://www.ey.com/Publication/vwLUAssets/the-islamic-funds-investments- report-0509/$FILE/the-islamic-funds-investments-report-0509.pdf, Ernst and Young, Luxembourg, LUX accessed 27 September 2010; Alam, N., Shanmugam, B., (2007) Islamic Finance: The Challenges Ahead, , Kuala Lumpur, Malaysia: University Putra Malaysia Press; Haron, S., Alam, N., Shanmugam, B., (2007) Islamic Financial System: A Comprehensive Guide, , Kuala Lumpur, Malaysia: Insight Network; Zamir, I.Z., Tsubota, H., The World Bank, emerging Islamic capital markets-A quickening pace and a new potential (2009) World Bank Report by World Bank, 2009, , http://treasury.worldbank.org/cmd/pdf/ Euromoney_2006_Handbook_International_Debt_Capital_Markets.pdf, accessed 27 September 2010; Ball, R., Brown, P., An empirical evaluation of accounting income numbers (1968) Journal of Accounting Research, 6 (2), pp. 159-178; Leahy, J., Socially responsible investing-The quest for financial return and social good (2008) Accountancy Ireland, 40 (6), pp. 47-49; Deegan, C., Unerman, J., (2007) Financial Accounting Theory-European Edition, pp. 121-253. , Berkshire, UK: McGraw-Hill; Wade, A., Crossing over to Islamic banking (2009) Timesonline, , http://business.timesonline.co.uk/tol/business/law/article5889624.ece, 12 March 2009 accessed 21 April 2009; Moscowitz, M.R., Choosing socially responsible stocks (1972) Business and Society Review, 1, pp. 71-75; Hamilton, S., Hoje, J., Statman, M., Doing well while doing Good? the investment performance of socially responsible mutual funds (1993) Financial Analysts Journal, 49, pp. 62-66. , November/December; Bello, Z.Y., Socially responsible investing and portfolio diversification (2005) The Journal of Financial Research, 28 (1), pp. 41-57; Bauer, R., Koedijk, K., Otten, R., International evidence on ethical mutual fund performance and investment style (2005) Journal of Banking and Finance, 29 (7), pp. 1751-1767; Elfakhani, S., Hassan, M.K., Performance of islamic mutual funds (2005) Economic Research Forum, 12th Annual Conference, , http://www.failaka.com/downloads/KHassan_PerfIsamicFunds_Dec05.pdf, 19-21 December, 2005, Cairo, Egypt accessed 28 September 2010; Barnett, M.L., Salomon, R.M., Beyond dichotomy: The curvilinear relationship between social responsibility and financial performance (2006) Strategic Management Journal, 27 (11), pp. 1101-1122; Areal, N., Silva, F., Cortez, M.C., The performance of European socially responsible funds (2009) Journal of Business Ethics, 87, pp. 573-588; Renneboog, L., Ter Horst, J., Zhang, C., The price of ethics and stakeholder governance: The performance of socially responsible mutual funds (2008) Journal of Corporate Finance, 14 (3), pp. 302-322; Karen, B., Brailsford, T., Humphrey, J., Do socially responsible fund managers really invest differently? (2006) Journal of Business Ethics, 65 (4), pp. 337-357; Kempf, A., Osthoff, P., SRI funds: Nomen est Omen (2008) Journal of Business Finance and Accounting, 35 (9-10), pp. 1276-1294; Nilsson, J., Investment with a conscience: Examining the impact of pro-social attitude and perceived financial performance on socially responsible investment behaviour (2008) Journal of Business Ethics, 83 (2), pp. 307-325; Abramovich, G., More managers link SRI to performance (2006) Money Management Executive, , 20 March: 10/22; Abdullah, F., Hassan, T., Mohamed, S., Investigation of the performance of Malaysian Islamic unit trust funds: Comparison with conventional unit trust funds (2007) Managerial Finance, 33, pp. 142-153; Hoepner, A.G.F., Rammal, H.G., Rezec, M., (2010) Islamic Mutual Funds' Financial Performance and International Investment Style: Evidence from 20 Countries, , http://ssrn.com/abstract=1475037, Working Paper, School of Management, University of St. Andrews accessed 22 February 2010; Kraeussl, R., Hayat, R., (2008) The Performance of Islamic Equity Funds, , Working Paper. VU University Amsterdam-Amsterdam, NL; Sadeghi, M., Financial performance of Shariah compliant investment: Evidence from Malaysian stock market (2008) International Research Journal of Finance and Economics, 20, pp. 15-26; S & P Europe 350 Constituent List, Standard and Poor, , http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/ indices_euro350/2,3,2,5,0,0,0,0,0,2,3,0,0,0,0,0.html, accessed 25 July 2009; S & P 350 Shariah Constituents List, Standard and Poor, , http://www.dbxtrackers.co.uk/EN/showpage.asp?pageid=143&inrnr= 157&pkpnr=306&stinvtyp=privinv, accessed 25 July 2009; Sharpe, W.F., The Sharpe ratio (1994) Journal of Portfolio Management, 21 (1), pp. 49-58; http://uk.finance.yahoo.com/; The T bond rates have been obtained from the Wall Street Journal's European Website, , http://online.wsj.com/mdc/public/page/2_3020-treasury-20080619.html?mod= mdc_pastcalendar, and are available at},
correspondence_address1={Alam, N.; School of Business, Jalan Lagoon Selatan, Bandar Sunway, 46150 Petaling Jaya, Selangor Darul Ehsaan, Malaysia; email: nafis.alam@buseco.monash.edu.my},
issn={13630539},
language={English},
abbrev_source_title={J. Finan. Serv. Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{AbdulRahman2010228,
author={Abdul Rahman, A. and Azlan Yahya, M. and Herry Mohd Nasir, M.},
title={Islamic norms for stock screening: A comparison between the Kuala Lumpur Stock Exchange Islamic Index and the Dow Jones Islamic Market Index},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2010},
volume={3},
number={3},
pages={228-240},
doi={10.1108/17538391011072426},
note={cited By 49},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84865113023&doi=10.1108%2f17538391011072426&partnerID=40&md5=f4bd55048c9d1b4ed7cca657009c9a16},
affiliation={College of Business, Universiti Utara Malaysia (Northern University of Malaysia), Sintok, Malaysia},
abstract={PurposeThe purpose of this paper is to compare the criteria used among Islamic Indices, specifically between the Kuala Lumpur Stock Exchange Shari'ah Index (KLSESI) and the Dow Jones Islamic Market Index (DJIM) in screening a permissible company for investment purposes. The two controversial criteria examined are: level of debt and level of liquidity of company. Design/methodology/approachThe paper investigates the 642 companies listed on the Bursa Malaysia in 2006 as approved Shariah's compliant companies by the Shari'ah Advisory Council of the KLSE. FindingsOverall, the results reveal that the KLSESI does not use both the criteria set by the DJIM as its measures during the screening process. As for the level of debt criterion, the results show that 44.07 percent of the companies listed under the KLSESI are highly geared. These companies depend heavily on debt to finance their capital. However, the results for the level of liquidity criterion are not as extreme as the level of debt where it shows only 17 percent of the companies listed under the KLSESI are highly liquid. The results also indicate that if both criteria are compared concurrently, only 198 out of 565 companies listed under the KLSESI conform to the criteria set up by the DJIM. Research limitations/implicationsThe main reasons why the differences exist among Islamic Indices are due to micro-factor as faced by Malaysian companies such as the limited amount of capital resources. The Shari'ah supervisory board of the respective indices represents the sole body that determines the rules or criteria to be used by each index. This explains why the indices differ from one country to another and efforts should be done by regulators in the respective countries to harmonize the differing criteria used. Originality/valueThe paper represents the first study that compares the criteria used by two different indices regarding Islamic capital investment in a developing country. © 2010, © Emerald Group Publishing Limited.},
author_keywords={Debts;  Equity capital;  Investments;  Islam;  Liquidity;  Malaysia},
references={Ahmad, A., Mustafa, S., (2002) The Dow Jones Islamic Indices: weathering the storm into brighter. New release, , www.Islamiqstocks.com, (accessed 17 June 2009); Atan, G., (1999) Pengurusan Dana Secara Islam, , ()“”paper presented at the Introduction to Islamic Capital Market SeminarSecurities CommissionKuala Lumpur9 July (translated by Islamic Fund Management); Choudhury, M.A., Islamic venture capital (2001) Journal of Economic Studies, 28 (1), pp. 14-20. , ()“”-; Derigs, U., Marzban, S., Review and analysis of current Shari'ah-compliant equity screening practices (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303. , ()“”-; (2002) Islamic investment criteria, , www.failaka.com/Failaka%20Research.html, (accessed 1 June 2009); Keigher, R.P., Bauer, C.J., (2000) Islamic equity funds: challenges & opportunities for fund managers, , ()“”paper presented at Fourth Harvard University Forum on Islamic Finance30 September-1 October; Mamat, A.R., (2002) Shari'ah index – a performance indicator, , ()“”paper presented at theEquity Investment & Islamic Indices SeminarSecurities CommissionKuala Lumpur30 March; Naughton, S., Naughton, T., Religion, ethics and stock trading: the case of an Islamic equities market (2000) Journal of Business Ethics, 23 (2), pp. 145-159. , ()“”-(Part 2); Nisar, S., Islamic norms for stock screening (2007) Islamic Banking and Finance Magazine, 12, pp. 95-113. , ()“”-; Obaidullah, M., Ethics and efficiency in Islamic stock markets (2001) International Journal of Islamic Financial Services, 3 (2), pp. 15-23. , ()“”-; (1997) Resolutions of OIC conferences, , www.oic-un.org/8/8eco.htm, #2 (accessed 11 June 2009); (2002) Resolutions of OIC conferences, , www.oic-un.org/8/8eco.htm#2, ()“”paper presented at Organization of the Islamic Conference #2 (accessed 11 June 2009); Rice, G., Islamic ethics and the implication for business (1999) Journal of Business Ethics, 18 (4), pp. 345-358. , ()“”-; (2002) List of Securities Approved by the Shari'ah Advisory Council of the Securities Commission, , ()24 October.Securities CommissionKuala Lumpur:; Siddiqui, A.R., (2000) Dow Jones Islamic Market Index, , ()“”paper presented at Islamic Banking Finance ConferenceHilton Long BeachCA14-16 July; Siddiqui, A.R., (2002) Transparency and accountability: Dow Jones Islamic Market Index, , ()“”paper presented at The International Islamic Finance ForumDubai17-19 March; Usmani, T., Principles of Shari'ah governing Islamic investment funds (1999) International Journal of Islamic Financial Services, 1 (2), pp. 45-58. , ()“”-; Wilson, R., Screening criteria for Islamic equity funds (2004) Islamic Asset Management: Forming the Future for Shari'ah-Compliant Investment Strategies, , JafferS.()“”in(Ed.)Euromoney Institutional Investor PLCLondon:; Yakcop, N.M., (1996) Sistem Kewangan Islam di Malaysia (Islamic Financial System in Malaysia), , ()UtusanKuala Lumpur:; Azmi, S., (1996) Islamic Instrument Study Group: a report, , ()“”paper presented at International Islamic Capital Market ConferenceKuala Lumpur21-22 March; (2003) Islamic Investing: Keeping the Faith, , ()June.Global InvestorLondon:; Pomeranz, F., Accounting and Auditing Organization for Islamic Financial Institutions: an important regulatory debut (1997) Journal of International Accounting, Auditing & Taxation, 6 (1), pp. 123-130. , ()“”-},
correspondence_address1={Abdul Rahman, A.; College of Business, Malaysia; email: azhar258@uum.edu.my},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Jobst2008330,
author={Jobst, A. and Kunzel, P. and Mills, P. and Sy, A.},
title={Islamic bond issuance: what sovereign debt managers need to know},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2008},
volume={1},
number={4},
pages={330-344},
doi={10.1108/17538390810919637},
note={cited By 47},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-79955030593&doi=10.1108%2f17538390810919637&partnerID=40&md5=42e9b36182fcb31aeb52133b06978c01},
affiliation={Monetary and Capital Markets Department (MCM), International Monetary Fund (IMF), Washington, DC, United States},
abstract={PurposeThe most popular form of Islamic finance is commonly referred to as sukuk – wholesale, asset-based capital market securities. The purpose of this paper is to enhance the general understanding of essential policy considerations in the creation and development of sukuk markets. Design/methodology/approachThis policy paper reviews the key developments in the sukuk market and informs a debate about challenges and opportunities going forward. The paper presents a qualitative analysis of economic, regulatory and legal issues that warrant consideration. FindingsThe paper finds that while the sukuk market continues to generate strong interest by new issuers in Muslim and non-Muslim countries alike, some critical constraints arising from continued legal uncertainty and regulatory divergences still need to be overcome. As issuers weigh the costs and benefits of sukuk issuance in a broad policy context, continued efforts will be required to overcome a series of economic, legal and regulatory issues. Originality/valueThe paper presents, for the first time, a structured analysis of sukuk markets aimed at identifying key considerations for sovereign debt managers, especially in non-Muslim countries. © 2008, © Emerald Group Publishing Limited.},
author_keywords={Banking;  Bonds;  Debt capital;  Islam;  Securities},
references={Ainley, M., Mashayekhi, A., Hicks, R., Rahman, A., Ravalia, A., (2007) Islamic Finance in the UK: Regulation and Challenges, , ()The Financial Services Authority (FSA)London:; Ali, S.S., (2005) Islamic Capital Market Products – Developments & Challenges, , ()Islamic Research Training Institute (IRTI)Islamic Development BankRiyadh:; Boustany, I.G., Sleiman, R., Sayegh, E., Securitization in MENA/GCC: activity overview by asset class (2005) Global Securitization and Structured Finance 2005, , CallieL.()“”in(Ed.)Globe White Page LtdLondon:; Iqbal, Z., Mirakhor, A., (2006) An Introduction to Islamic Finance: Theory and Practice, , ()Wiley Finance EditionsWileyHobokenNJ:; Iqbal, Z., Tsubota, H., Emerging Islamic capital markets (2006) Islamic Finance Review, pp. 5-11. , ()“”-().Euromoney Hbook Euromoney Institutional Investor PLCLondon:; Jobst, A.A., Sovereign securitization in emerging markets (2006) Journal of Structured Finance, 12 (3), pp. 2-13. , ()“”-; Jobst, A.A., The economics of Islamic finance and securitization (2007) Journal of Structured Finance, 13 (1), pp. 1-12. , ()“”-(also published as IMF Working Paper 07/117); Jobst, A., Peter, K., Paul, M., Sy, A., Shari'ah-compliant securities – Islamic finance expanding rapidly (2007) IMF Survey Magazine, , ()“”International Monetary Fund (September 19); Focus on the Middle East (2007) Inside Moody's, (Winter), p. 4. , ()“”p; Focus on the Middle East (2008) Inside Moody's, (Spring), p. 4. , ()“”p; Sole, J., (2007) Introducing Islamic banks into conventional banking systems, , ()“”Working Paper 07/175IMFWashingtonDC:; Sundararajan, V., Marston, D., Ghiath, S., (1998) Monetary operations and government debt management under Islamic banking, , ()“”IMF Working Paper 98/144IMFWashingtonDC:; Ul Haque, N., Abbas, A., (1998) The design of instruments for government finance in an Islamic economy, , ()“”IMF Working Paper 98/54IMFWashingtonDC:; Wilson, R., Overview of the sukuk market (2004) Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk, , AdamN.J.ThomasA.()“”in(Eds)Euromoney BooksLondon:; Batchvarov, A., Gakwaya, N., (2006) Principles and Structures of Islamic Finance, , ()8 September.Merrill LynchEuropean Structured Finance – ABSLondon:; Batchvarov, A., Martin, J., Kidwai, F., (2008) Sukuk growth to continue …, , ()“”1 February.Merrill LynchIslamic Structured Finance – ABSLondon:; El-Qorchi, M., Islamic finance gears up (2005) Finance & Development, pp. 46-49. , ()“”December-International Monetary FundWashingtonDC:; (2005) Global Financial Stability Report, pp. 126-128. , ()-(Chapter IVDevelopment of Corporate Bond Markets in Emerging Market Countries)September.International Capital Markets Department (ICM)IMFWashingtonDC:; Jobst, A.A., Islamic derivatives (2008) Derivatives Week, (5), pp. 8-10. , ()“”-},
correspondence_address1={Jobst, A.; Monetary and Capital Markets Department (MCM), United States; email: ajobst@imf.org},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Archer2006269,
author={Archer, S. and Ahmed, R. and Karim, A.},
title={On capital structure, risk sharing and capital adequacy in islamic banks},
journal={International Journal of Theoretical and Applied Finance},
year={2006},
volume={9},
number={3},
pages={269-280},
doi={10.1142/S0219024906003627},
note={cited By 47},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-33646742809&doi=10.1142%2fS0219024906003627&partnerID=40&md5=44363b0833d39c7576e23fcc37814c0f},
affiliation={University of Surrey, Guild-ford, United Kingdom; Islamic Financial Services Board, Bank Negara Malaysia Building, Block A, Jalan Dato'onn, 50480 Kuala Lumpur, Malaysia},
abstract={World Scientific Publishing Company Islamic banks do not pay interest on customers' deposit accounts. Instead, customers' funds are placed in profit-sharing investment accounts (PSIA), Under this arrangement, the returns to the bank's customers are their pro-rata shares of the returns on the assets in which their funds are invested, and if these returns are negative so are the returns to the customers. The bank is entitled to a contractually agreed share of positive returns (profits) as remuneration for its work as asset manager; however, if the returns are zero or negative, the bank receives no remuneration but does not share in any loss. In the case of Unrestricted PSIA, the investment account holders' funds are invested (i.e., commingled) in the bank's asset pool together with the bank's shareholders' own funds and the funds of current account holders. In that case, the bank's own funds that are invested in the asset pool are treated the same as those of Unrestricted PSIA holders for profit and loss sharing purposes; however, the shareholders also receive as part of their profit the remuneration earned by the bank as asset manager (less certain expenses not chargeable to the PSIA holders). This remuneration (management fees) represents an important source of revenue and profits for Islamic banks. From a capital market perspective, this arrangement presents an apparent anomaly, as follows: shareholders and Unrestricted PSIA holders share the same asset risk on the commingled funds, but shareholders enjoy higher returns because of the management fees. On the other hand, competitive pressure may induce the bank to forgo some of its management fees in order to pay a competitive return to its PSIA holders. In this way, some of the PSIA holders' asset risk is absorbed by the shareholders. This phenomenon has been termed "displaced commercial risk" [2]. This paper analyzes this phenomenon. We argue that, in principle, displaced commercial risk is potentially an efficient and value-creating means of sharing risks between two classes of investor with different risk diversification capabilities and preferences: wealthy shareholders who are potentially well diversified, and less wealthy PSIA holders who are not. In practice, however, Islamic banks set up reserves with the intention of minimizing any need to forgo management fees. © World Scientific Publishing Company.},
author_keywords={Capital adequacy;  Capital structure;  Displaced commercial risk;  Investment accounts;  Islamic banks;  Risk sharing},
references={(1998) Discussion Memorandum: the Purpose and Calculation of the Capital Adequacy Ratio for Islamic Banks, , AAOIFI. Manama, Bahrain; (1999) Statement on the Purpose and Calculation of the Capital Adequacy Ratio for Islamic Banks, , AAOIFI, Manama, Bahrain; (1999) Financial Accounting Standard No. 11 Provisions and Reserves, , AAOIFI, Manama, Bahrain; Al-Deehani, T., Karim, R.A.A., Murinde, V., The capital structure of Islamic banks under the contractual obligation of profit sharing (1999) International Journal of Theoretical and Applied Finance, 2 (3), pp. 243-283; Al-Sadah, A.K., (1999) Regulation of Financial Reporting by Islamic Banks, , Unpublished MPhil thesis, University of Surrey; Archer, S., Karim, R.A.A., Al-Deehani, T., Financial contracting, governance structures and the accounting regulation of Islamic banks (1998) Journal of Management and Governance; Karim, R.A.A., The impact of the Basle capital adequacy ratio regulation on the financial and marketing strategies of Islamic banks (1996) International Journal of Bank Marketing, 10, pp. 165-197; Megginson, W.L., (1995) Corporate Finance Theory, , Addison-Wesley; Ross, S.J., Westerfield, R.W., Jaffe, J.R., (2000) Corporate Finance, 6th Edition, , Irwin, Homewood, IL; Tomkins, C.R., Karim, R.A.A., The Shariah and its implications for Islamic financial analysis: An opportunity to study interactions among society, organizations and accounting (1987) The American Journal of Islamic Social Sciences, 4, pp. 101-115},
correspondence_address1={Karim, A.; Islamic Financial Services Board, Block A, Jalan Dato'onn, 50480 Kuala Lumpur, Malaysia; email: rifaat@ifsb.org},
issn={02190249},
language={English},
abbrev_source_title={Int. J. Theor. Appl. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Islam201792,
author={Islam, J.U. and Rahman, Z.},
title={Awareness and willingness towards Islamic banking among Muslims: An Indian perspective},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2017},
volume={10},
number={1},
pages={92-101},
doi={10.1108/IMEFM-01-2016-0017},
note={cited By 46},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85017627192&doi=10.1108%2fIMEFM-01-2016-0017&partnerID=40&md5=15e7f735a4dc28117ed18d720a4f9e42},
affiliation={Department of Management Studies, Indian Institute of Technology Roorkee, India},
abstract={Purpose: This study aims to explore the awareness and willingness of Muslim Indians toward Islamic banking. Subsequent to financial crises during the past few decades, Islamic banking has attained global acceptance and has gained a momentum in emerging economies as a substitute for the conventional (interest-based) banking. As India ranks third in terms of Muslim population globally, it is quite spontaneous to analyze the concept of Islamic banking in an Indian perspective. Design/methodology/approach: To collect data, adopting purposive sampling, a sample of 290 Indian Muslims was surveyed in Delhi National Capital Region of India using a self-structured questionnaire. Appropriate statistical tools were applied to analyze the data. Findings: The results concede that majority of the respondents lack an understanding of how Islamic banking works. The results further concede that majority of the respondents are willing to go for Islamic banking if informed properly and offered better customer experience. The results suggest that Islamic banking organizations need to frame effective communication strategies to increase awareness among the populace about how Islamic banking operates. Practical implications: If approached strategically, one would expect India to be a huge market for Islamic banking. By offering a preliminary understanding about the awareness and willingness of Indian Muslims, this study can prove helpful for organizations to design and deliver informative advertising campaigns to inform potential customers about Islamic banking operations and to ensure the ability to provide efficient service before starting the operations in any country for the first time. Originality/value: By exploring the awareness and willingness of Indian Muslims, the current study takes an important research gap into account and, therefore, enriches the existing Islamic banking literature. © 2017, © Emerald Publishing Limited.},
author_keywords={Awareness;  India;  Islamic banking;  Willingness},
references={Ben Bouheni, F., Ammi, C., Banking governance: what’s special about Islamic banks? (2015) Journal of Applied Business Research, 31 (4), pp. 1621-1630; Buchari, I., Rafiki, A., Al Qassab, H., The employees’ awareness and attitudes towards Islamic banking products: a survey of Islamic banks in Bahrain (2014) World Applied Sciences Journal, 32 (3), pp. 436-443; Faisal, M., Rehman, A., Awareness of Islamic banking in India: an empirical study (2008) Journal of Management Research, 4 (1), pp. 13-27; Gerrard, P., Cunningham, B., Islamic banking: a study in Singapore (1997) International Journal of Bank Marketing, 15 (6), pp. 204-216; Ghannadian, F., Goswami, G., Developing economy banking: the case of Islamic banks (2004) International Journal of Social Economics, 31 (8), pp. 740-752; Gilani, H., Exploring the ethical aspects of Islamic banking (2015) International Journal of Islamic and Middle Eastern Finance and Management, 8 (1), pp. 85-98; (2014), http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/0contentMDK:23492074∼pagePK:64168182∼piPK:64168060∼theSitePK:8816097,00.html, (accessed, 20 September 2015; Hair, J.F., Black, W.C., Babin, B.J., Anderson, R.E., Tatham, R.L., (2010) Multivariate Data Analysis, , Pearson Prentice Hall, Upper Saddle River, NJ; Haque, I., Lone, F.A., Thakur, G.H., Islamic banking in India: what more needed? (2009) Journal of Islamic Economics, Banking and Finance, 5 (3), pp. 75-86; (2011), www.censusindia.gov.in/2011census/population_enumeration.html, (accessed, 20 September 2015; Kamarulzaman, Y., Madun, A., Marketing Islamic banking products: Malaysian perspective (2013) Business Strategy Series, 1, pp. 60-66; Khan, K.A., Emerging Islamic banking: its need and scope in India (2013) Pacific Business Review International, 5 (7), pp. 84-91; Khan, M., Bhatti, I., Development in Islamic banking: a financial risk-allocation approach (2008) The Journal of Risk Finance, 9 (1), pp. 40-51; Khattak, N., Rehman, K., Customer satisfaction and awareness of Islamic banking system in Pakistan (2010) African Journal of Business Management, 4, pp. 662-671; Kolsi, M.C., Zehri, F., Islamic banks and conventional banks within the recent global financial crisis: empirical evidence from the GCC region (2014) International Journal of Financial Services Management, 7 (3-4), pp. 196-218; Lee, P., Dutta, J., (2007) Islamic Banking and Finance Law, , Pearson Malaysia, Kuala Lumpur; Lewis, K., Algaoud, M., (2001) Islamic Banking, , Edward Elgar, Cheltenham; (2016) Top ten countries with largest Muslim population report, , www.mapsofworld.com/world-top-ten/world-top-ten-countries-with-largest-muslim-populations-map.html, (accessed, 21 July 2016; Masvood, Y., Choudary, Y.L., Islamic banking-a cross cultural patronage study among the students in Chennai (2015) Asian Social Science, 11 (4), pp. 310-318; Moriano, A., Gorgievski, M., Laguna, M., Stephan, U., Zarafshani, K., A cross-cultural approach to understanding entrepreneurial intention (2011) Journal of Career Development, 39 (2), pp. 162-185; Naser, K., Moutinho, L., Strategic marketing management: the case of Islamic banks (1997) International Journal of Bank Marketing, 15 (6), pp. 187-203; Omer, H., (1992) The implication of Islamic beliefs and practice on Islamic financial institutions in the UK, , PhD dissertation, Loughborough University, Loughborough; Ramdhony, D., Islamic banking awareness attitudes and bank selection criteria (2013) International Journal of Humanities and Applied Sciences, 2 (2), pp. 29-35; Rammal, H., Zurbruegg, R., Awareness of Islamic banking products among Muslims: the case of Australia (2006) Journal of Financial Services Marketing, 12, pp. 65-74; Saeed, A., (1996) Islamic Banking and Interest: A Study of The Prohibition of Riba and Its Contemporary Interpretation, , E.J. Brill, Leiden; Sheikh, R., Ahammad, M.F., The feasibility of establishing Islamic banks in the UK: the case of Nottingham (2013) International Journal of Social Entrepreneurship and Innovation, 2 (1), pp. 67-82; (2016) Islamic banking set to launch in India amid controversy, , www.thenational.ae/world/south-asia/islamic-banking-set-to-launch-in-india-amid-controversy, (accessed, 26 July 2016; (2014), www.ey.com/EM/en/Industries/Financial-Services/Banking–Capital-Markets/EY-world-islamic-banking-competitiveness-report-2014-2015, (accessed, 28 September 2015, World Islamic Banking Competitiveness (WIBC) Report},
correspondence_address1={Islam, J.U.; Department of Management Studies, India; email: jammicms.kmr@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ashraf2013105,
author={Ashraf, D.},
title={Performance evaluation of Islamic mutual funds relative to conventional funds: Empirical evidence from Saudi Arabia},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2013},
volume={6},
number={2},
pages={105-121},
doi={10.1108/17538391311329815},
note={cited By 46},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84901842742&doi=10.1108%2f17538391311329815&partnerID=40&md5=e62822e6463658d02db80adbcb388c2b},
affiliation={Department of Finance and Accounting, Prince Mohammad Bin Fahd University, Al-Khobar, Saudi Arabia},
abstract={Purpose – This paper seeks to review and extend previous research on the performance of Islamic mutual funds (IMFs) by evaluating the relative performance of IMFs and conventional funds during the global economic crisis in the context of the Saudi Arabian capital market. Design/methodology/approach – This paper compares the market timing and stock selection abilities of 159 mutual funds listed on the Saudi Arabian stock market from 2007 to 2011 by using the CAPM regression and Treynor and Mazuy models. The paper addresses the benchmark problem from which most prior IMFs studies suffered by using appropriate regional benchmarks. As a robustness check, coefficients of IMFs and conventional funds are compared by using the differences in mean and standard deviation analysis obtained from the standard CAPM model on individual funds. Findings – The empirical results show evidence of better performance of IMFs relative to conventional funds during periods of economic crisis. In addition, although there is no evidence of relative superiority in market timing ability, managers of IMFs appear to have better stock selection ability during times of economic crisis. Research limitations/implications – The combination of superior stock selection ability of IMFs and the negative market timing ability of conventional funds suggest that IMFs offer better hedging opportunities for investors during periods of economic downturn. Practical implications – The findings of this paper suggest that IMFs can provide hedging benefits during adverse economic conditions – an issue of great importance due to the current and forecast insecurity surrounding the global capital markets. By holding a portion of their investment portfolio in IMFs, investors can experience a higher degree of confidence in terms of investment security, growth and returns. Similarly, managers of conventional funds can improve risk adjusted performance by following similar screening criteria as IMFs during economic slowdowns. Originality/value – This paper represents the first comprehensive study on the comparative performance of Islamic and conventional mutual funds during the current financial crisis by including all fund managers listed on the Saudi Arabian stock market. The paper extends the knowledge of the emerging literature of Islamic finance and mutual fund performance. © 2013, © Emerald Group Publishing Limited.},
author_keywords={Capital markets;  Islamic mutual funds;  Market timing ability;  Performance evaluation;  Saudi Arabia;  Stock selection ability},
references={Abderrezak, F., (2008) The Performance of Islamic Equity Funds: A Comparison to Conventional, Islamic and Ethical Benchmarks, , www.failaka.com/downloads/AbderrezakF_Perf_IslamicEquityFunds.pdf, (accessed 20 December 2011); Abdi, H., Williams, L., Contrast analysis (2010) Encyclopedia of Research Design, pp. 1-14. , SalkindN.()“”in(Ed.)-SageThous OaksCA:; Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Malaysian Islamic unit trust funds (2007) Managerial Finance, 33 (2), pp. 142-153. , ()“”-; Alam, N., Rajjaque, M., Shariah-compliant equities: empirical evaluation of performance in the European market during credit crunch (2010) Journal of Financial Services Marketing, 15 (3), pp. 228-240. , ()“”-; Al-Shakfa, O., Lypny, G., Islamic investment and the cost of observance (2011) The Journal of Investing, 20 (2), pp. 101-109. , ()“”-; Annuar, M.N., Shamsher, M., Ngu, M.H., Selectivity and timing: evidence from the performance of Malaysian unit trusts (1997) Pertanika Journal of Social Science and Humanities, 5, pp. 45-57. , ()“”-; BinMahfouz, S., Hassan, M.K., A comparative study between the investment characteristics of Islamic and conventional equity mutual funds in Saudi Arabia (2012) Journal of Investing, 21 (4), pp. 128-143. , ()“”-; BinMahfouz, S., Hassan, M.K., Sustainable and socially responsible investing: does Islamic investing make a difference? (2013) Humanomics, , ()“”(in press); Brown, K.C., Reilly, F., (2009) Analysis of Investments and Management of Portfolios, , ()9th ed.South Western Cengage LearningStamfordCT:; Chen, C.R., Cheng, F.L., Rahman, S., Chan, A., A cross sectional analysis of mutual fund's market timing and security selection skills (1992) Journal of Business Finance and Accounting, 19, pp. 659-674. , ()“”-; Elfakhani, S.M., Hassan, K., Sidani, Y.M., Islamic mutual funds (2007) Handbook of Islamic Banking, pp. 253-273. , HassanK.LewisM.K.()“”in(Eds)-Edward ElgarCheltenham:; (2011) Islamic Funds & Investment Report 2011, Achieving Growth in Challenging Times, , www.ey.com/Publication/vwLUAssets/IFIR_2011/$FILE/IFIR_2011.pdf?bcsi_scan_F40B836301B5827A=0&bcsi_scan_filename=IFIR_2011.pdf, (accessed 20 December 2011); Ghoul, W., Karam, P., MRI and SRI mutual funds a comparison of Christian, Islamic (morally responsible investing), and socially responsible investing (SRI) mutual funds (2007) Journal of Investing, 16 (2), pp. 96-102. , ()“”-; Hassan, A., After the credit crunch: the future of Shari'ah compliant sustainable investing (2009) Humanomics, 25 (4), pp. 285-296. , ()“”-; Hassan, K., Girard, E., (2011) Faith-based ethical investing: the case of Dow Jones Islamic indexes, , ()“”Working Paper 2011-WP-05Network Financial InstituteIndiana State UniversityIndianaApril; Hayat, R., Kraeussl, R., Risk and return characteristics of Islamic equity funds (2011) Emerging Markets Review, 12, pp. 189-203. , ()“”-; Henriksson, R., Market timing and mutual fund performance: an empirical investigation (1984) Journal of Business, 57, pp. 73-96. , ()“”-; Hoepner, A.G., Rammal, H.G., Rezec, M., Islamic mutual funds' financial performance and international investment style: evidence from 20 countries (2011) The European Journal of Finance, 17 (9-10), pp. 828-850. , www.samba.com/GblDocs/GCC_Outlook_2011_Eng.pdf, ()“”-(accessed 27 July 2011); Jiang, W., A nonparametric test of market timing (2003) Journal of Empirical Finance, 10, pp. 399-425. , ()“”-; Lehmann, B.H., Modest, D.M., Mutual fund performance: a comparison of benchmark and benchmark comparisons (1987) Journal of Finance, 42, pp. 233-265. , ()“”-; Levene, H., Robust tests for equality of variances (1960) Contributions to Probability and Statistics: Essays in Honor of Harold Hotelling, pp. 278-292. , OlkinI.GhuryeS.G.HoeffdingW.MadowW.G.MannH.B.()“”in(Eds)-Stanford University PressPalo AltoCA:; Merdad, H., Hassan, M.K., Alhenawi, Y., Islamic versus conventional mutual fund performance in Saudi Arabia: a case study (2010) J. KAU: Islamic Econ., 23 (2), pp. 161-198. , ()“”-; Orlitzky, M., Schmidt, F.L., Rynes, S.L., Corporate social and financial performance: a meta-analysis (2003) Organization Studies, 24 (3), pp. 403-441. , ()“”-; Renneboog, L., Horst, J.T., Zhang, C., The price of ethics and stakeholder governance: the performance of socially responsible mutual funds (2008) Journal of Corporate Finance, 14 (3), pp. 302-322. , ()“”-; Rubio, F., Hassan, M.K., Merdad, H., Non-parametric performance measurement of international and Islamic mutual funds (2012) Accounting Research Journal, 25 (3), pp. 208-226. , ()“”-; (2011) Quarterly Statistical Bulletin, , www.sama.gov.sa/sites/samaen/ReportsStatistics/statistics/Pages/QuarterlyStatistics.aspx, (accessed 27 July 2011); (2011) GCC Outlook 2011, , www.samba.com/GblDocs/GCC_Outlook_2011_Eng.pdf; Shukla, R., Singh, S., A performance evaluation of global equity mutual funds: evidence from 1988-95 (1997) Global Finance Journal, 8 (2), pp. 279-293. , ()“”-; Treynor, J.L., Mazuy, K.K., Can mutual funds outguess the market? (1966) Harvard Business Review, 44, pp. 131-136. , ()“”-; US SIF – The Forum for Social and Responsible Investing (2010) US SIF Annual Report 2010, , (accessed 20 December 2011); Merdad, H., Hassan, M.K., Islamic mutual funds performance in Saudi Arabia (2012) Contemporary Islamic Finance: Applications, Innovations and Best Practices, , AhmedK.H.()“”in(Ed.)WileyChichester:; Zaher, T.S., Hassan, M.K., A comparative literature survey of Islamic finance and banking (2001) Financial Markets, Institutions and Instruments, 10, pp. 155-199. , ()“”-},
correspondence_address1={Ashraf, D.; Department of Finance and Accounting, Saudi Arabia; email: dashraf@pmu.edu.sa},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@BOOK{Wilson1995,
author={Wilson, R.},
title={Economic development in the Middle East},
journal={Economic development in the Middle East},
year={1995},
page_count={218},
note={cited By 45},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85028226507&partnerID=40&md5=cb6b67bfc3bd7ae97fe7b94963796d0d},
abstract={This book attempts to determine whether a conflict exists between Islamic values and economic development. Despite considerable oil resources, the Middle East is falling behind other regions of the developing world, notably those of South East Asia. The author examines the consequences of rapid population growth, including the implications for education and employment; low savings levels, the absence of significant private capital inflows and foreign investment; fragmentation in the banking system and insignificant bond markets; basic infrastructure and excessive military expenditure; trade, falling oil prices and budget deficits. Alternative economic directions for the region are considered. The positive aspects of the Iranian experience are discussed. It is stressed that both the goals of development and methods used to promote development have to be reassessed for a region where an Islamic values system prevails. Ultimately, development solutions which respect Muslim values may have more chance of success than those imported from the West. -Publisher},
keywords={developing region;  development constraint;  economic development;  Islamic culture;  Islamic values;  regional development, Middle East},
publisher={Routledge},
isbn={0415125537; 9780415125536},
language={English},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nawaz2019567,
author={Nawaz, T.},
title={Exploring the Nexus Between Human Capital, Corporate Governance and Performance: Evidence from Islamic Banks},
journal={Journal of Business Ethics},
year={2019},
volume={157},
number={2},
pages={567-587},
doi={10.1007/s10551-017-3694-0},
note={cited By 43},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029599464&doi=10.1007%2fs10551-017-3694-0&partnerID=40&md5=d439c76b9db384a287cca3c0b634c9bb},
affiliation={Plymouth Business School, University of Plymouth, Plymouth, United Kingdom},
abstract={This paper offers novel insight into the Islamic banking business model by considering the effect of investments in human capital and corporate governance features on the market performance of Islamic banks. Based on a sample of 47 banks (30 full-fledged Islamic banks and 17 Islamic Shariah-windows) operating in different regions during the 2005–2010 period, and controlling for firm-specific characteristics, this paper finds investments in human capital to have a significant positive impact on the market value in the pre- and post-financial crisis period. Based on a market measure, this paper finds board size and CEO power to have a significant positive impact, while the size of Shariah Supervisory Board (SSB) has the opposite effect on market performance. The results further reveal that the Islamic banking sector is not a homogeneous group, with full-fledged Islamic banks having lax corporate governance mechanisms and large size, while their counterparts, Islamic Shariah-windows, having strong corporate governance mechanisms tend to invest more in human capital to yield positive market value. Overall, the analysis suggests that the financial crisis may have further spurred the impact of investments in human capital on the market performance. © 2017, Springer Science+Business Media B.V.},
author_keywords={Applied ethics;  Corporate governance;  Financial crisis;  Human capital investment;  Islamic banks;  Market performance},
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correspondence_address1={Nawaz, T.; Plymouth Business School, United Kingdom; email: tnawaz@plymouth.ac.uk},
publisher={Springer Netherlands},
issn={01674544},
language={English},
abbrev_source_title={J. Bus. Ethics},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hadiz2018566,
author={Hadiz, V.R.},
title={Imagine All the People? Mobilising Islamic Populism for Right-Wing Politics in Indonesia},
journal={Journal of Contemporary Asia},
year={2018},
volume={48},
number={4},
pages={566-583},
doi={10.1080/00472336.2018.1433225},
note={cited By 43},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041530087&doi=10.1080%2f00472336.2018.1433225&partnerID=40&md5=c4e2329bc4335a62ed1d223a41dba9f5},
affiliation={Asia Institute, University of Melbourne, Australia},
abstract={Right-wing politics in Indonesia is frequently associated with Islamic populist ideas. In part this is because Islamic organisations played a major role in the army-led destruction of the Indonesian Communist Party in the 1960s. Since then Islamic populism has evolved greatly and in post-authoritarian Indonesia it includes manifestations that see no fundamental contradiction between Islam and neo-liberal market economies as well as those that do. Significantly, like their counterparts in other countries, Indonesian Islamic populists maintain vigilance against the purveyors of class-based politics who may exert a divisive influence on the ummah. Thus, Indonesian Islamic populism shares with many of its counterparts a disdain for Leftist challenges to private property and capital accumulation besides political liberalism’s affinity to the secular national state. Yet strands of Islamic populism have relegated the project of establishing a state based on sharia to the background and embraced the democratic process. But this has not translated necessarily into social pluralist positions on a range of issues because the reinforcement of cultural idioms associated with Islam is required for the mobilisation of public support in contests over power and resources based on an ummah-based political identity. © 2018, © 2018 Journal of Contemporary Asia.},
author_keywords={democracy;  Indonesia;  Islam;  populism;  right-wing politics},
funding_details={Australian Research CouncilAustralian Research Council, ARC, FT 0991885},
funding_text 1={Part of the research for this article was undertaken through an Australian Research Council Future Fellowship [FT 0991885].},
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correspondence_address1={Hadiz, V.R.; Asia Institute, Australia; email: vedi.hadiz@unimelb.edu.au},
publisher={Routledge},
issn={00472336},
language={English},
abbrev_source_title={J. Contemp. Asia},
document_type={Article},
source={Scopus},
}

@ARTICLE{Özcan20032061,
author={Özcan, G.B. and ̧Cokgezen, M.},
title={Limits to alternative forms of capitalization: The case of anatolian holding companies},
journal={World Development},
year={2003},
volume={31},
number={12},
pages={2061-2084},
doi={10.1016/j.worlddev.2003.04.006},
note={cited By 42},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0242624831&doi=10.1016%2fj.worlddev.2003.04.006&partnerID=40&md5=6815a1ecae101601ab182cc7766a0b1d},
affiliation={University of London, Egham, United Kingdom; Marmara University, Istanbul, Turkey},
abstract={Since the late 1960s, alternative forms of capitalization have emerged in the absence of an effective capital markets regime in Turkey. We can see these alternative forms in the failed attempts to create Anatolian holding companies through the direct investment of small savings. This article shows how Anatolian holding companies became victims of poor institutional and regulatory regimes, and how the lack of institutions to promote impersonal trust in the economy in turn, permitted widespread abuses. We identify populist politics, lax oversight, and social norms that incorporated gambling as three interlinked reasons which hindered the genesis and development of viable capital market reform and regulatory institutions in Turkey. © 2003 Elsevier Ltd. All rights reserved.},
author_keywords={Anatolian holding companies;  Capital formation;  Financial markets;  Islamic finance;  State regulation;  Turkey},
keywords={capital market;  financial market;  investment;  regulatory framework;  savings, Turkey},
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correspondence_address1={̧Cokgezen, M.; Marmara University, Istanbul, Turkey},
publisher={Elsevier Ltd},
issn={0305750X},
language={English},
abbrev_source_title={World Dev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Alnori201950,
author={Alnori, F. and Alqahtani, F.},
title={Capital structure and speed of adjustment in non-financial firms: Does sharia compliance matter? Evidence from Saudi Arabia},
journal={Emerging Markets Review},
year={2019},
volume={39},
pages={50-67},
doi={10.1016/j.ememar.2019.03.008},
note={cited By 41},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064072465&doi=10.1016%2fj.ememar.2019.03.008&partnerID=40&md5=7dc08f9c296359fb28ebd860f2678ca2},
affiliation={King Abdul-Aziz University, Faculty of Economics and Administration, Jeddah, Saudi Arabia; Taibah University, College of Business Administration, Al Madinah, Saudi Arabia},
abstract={This study investigates the effect of sharia compliance status on firms' capital structure decisions and speed of adjustment in non-financial firms in the Saudi Arabian market from 2005 to 2016. It finds that sharia compliance plays a significant role in determining capital structure decisions. Specifically, sharia-compliant firms have significantly lower levels of leverage and slower speeds of adjustment as measured by both book and market proxies of capital structure than non-sharia-compliant firms, owing to the multiple restrictions to which they are subject, which limits their financing channels. To the best of our knowledge, this study is the first to compare the effect of sharia compliance on firms' capital structure speed of adjustment towards the trade-off theory target leverage ratio. © 2019 Elsevier B.V.},
author_keywords={Capital structure;  Islamic finance;  Saudi Arabia;  Sharia compliance;  Speed of adjustment},
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correspondence_address1={Alqahtani, F.; Taibah University, Saudi Arabia; email: fqahtani@taibahu.edu.sa},
publisher={Elsevier B.V.},
issn={15660141},
language={English},
abbrev_source_title={Emerg. Mark. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Wanke2016213,
author={Wanke, P. and Kalam Azad, M.A. and Barros, C.P. and Hadi-Vencheh, A.},
title={Predicting performance in ASEAN banks: an integrated fuzzy MCDM–neural network approach},
journal={Expert Systems},
year={2016},
volume={33},
number={3},
pages={213-229},
doi={10.1111/exsy.12144},
note={cited By 41},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84951958053&doi=10.1111%2fexsy.12144&partnerID=40&md5=478263a65bd624afb6c75ddc9d9055bc},
affiliation={COPPEAD Graduate Business School, Federal University of Rio de Janeiro, Rua Paschoal Lemme, 355, Rio de Janeiro, 21949–900, Brazil; Department of Applied Statistics, Faculty of Economics and Administration, University of Malaya, Kuala Lumpur, 50603, Malaysia; ULisboa and CEsA - Research Centre on African, Asian and Latin American Studies, ISEG – Lisbon School of Economics and Management, Rua Miguel Lupi, 20 1249–078, Lisbon, Portugal; Department of Mathematics, Isfahan (Khorasgan) Branch, Islamic Azad University, Isfahan, Iran},
abstract={This paper presents a performance assessment of 88 Association of Southeast Asian Nations banks from 2010 to 2013, using an integrated three-stage approach on financial criteria that emulates the CAMELS rating system. More precisely, fuzzy analytic hierarchy process is used first to assess the relative weights of a number of criteria related to capital adequacy (C), asset quality (A), management quality (M), earnings (E), liquidity (L), and sensitivity to market risk (S) based on the opinion of 88 Association of Southeast Asian Nations experts. Then, these weights are used as technique for order of preference by similarity to ideal solution inputs to assess their relative efficiency. Lastly, neural networks are combined with technique for order of preference by similarity to ideal solution results to produce a model for banking performance with effective predictive ability. The results reveal that contextual variables have a prominent impact on efficiency. Specifically, parsimony in equity leveraging derived from Islamic finance principles may be the underlying cause in explaining higher efficiency levels. © 2015 Wiley Publishing Ltd},
author_keywords={ANN;  conventional banking;  FAHP;  Islamic banking;  performance;  TOPSIS},
keywords={Efficiency, ANN;  Conventional banking;  FAHP;  Islamic banking;  Performance;  TOPSIS, Risk assessment},
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correspondence_address1={Wanke, P.; COPPEAD Graduate Business School, Rua Paschoal Lemme, 355, Brazil; email: peter@coppead.ufrj.br},
publisher={Blackwell Publishing Ltd},
issn={02664720},
coden={EXSYE},
language={English},
abbrev_source_title={Expert Syst},
document_type={Article},
source={Scopus},
}

@ARTICLE{KabirHassan2010148,
author={Kabir Hassan, M. and Nahian Faisal Khan, A. and Ngow, T.},
title={Is faith-based investing rewarding? The case for Malaysian Islamic unit trust funds},
journal={Journal of Islamic Accounting and Business Research},
year={2010},
volume={1},
number={2},
pages={148-171},
doi={10.1108/17590811011086732},
note={cited By 41},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84870265794&doi=10.1108%2f17590811011086732&partnerID=40&md5=d38f657b6c2f5b5b4d8e11b12c99cf03},
affiliation={University of New Orleans, New Orleans, LA, United States},
abstract={PurposeThe growing demand for alternative investment vehicle which adheres to shari'a principles has prompted other measures to boost the Islamic capital market. Unit trust funds in Malaysia have been growing exponentially and their existence signifies the extent of development in the Malaysian financial market. For foreign and domestic investors who have low risk tolerance and wish to diversify, unit trust funds offer the opportunity to invest. The increasing relevance of unit trust funds as an investment instrument has driven us to analyze the fund's performance. This paper addresses these issues. Design/methodology/approachThe paper examines the comparative performance of Malaysian unit trust funds vis-à-vis their non-Islamic counterparts using a variety of measures, such as Sharpe, Treynor, Jenson and Fama's selectivity, net selectivity and diversification. The paper also examines the persistence of performance using Carhart's four-factor pricing models. Lastly, the paper employs an analysis of cointegration to examine how the Islamic unit trust funds are related in long term with their non-Islamic counterparts, as well as their respective market portfolios. FindingsThe paper finds no convincing performance differences between Islamic and non-Islamic Malaysian unit trust funds. Controlling performance for style differences, the paper finds that non-Islamic unit trust funds in Malaysia are value-focused while Islamic unit trust funds are small cap oriented. In addition, similar reward to risk and diversification benefits exist only between Islamic and non-Islamic Malaysian unit trust funds. Research limitations/implicationsThe Worldscope data are used to construct four-factor models as opposed to Malaysian-based data – given that Malaysia is an open economy that attracts global investors. Also, US T-Bill rate is used rather than Malaysian risk-free rate because no other securities are as riskless as US Treasury Bills. Practical implicationsThe paper observes a significant long-term relationship between Islamic unit trust funds portfolio and non-Islamic unit trust funds portfolio. The implication here suggests that investors in Malaysian unit trust funds will most likely benefit from international diversification of financial risks. They do not, however, stand a good chance to gain from portfolio diversification in the local unit trust funds market. Originality/valueThe study contributes to the existing Islamic investment literature by pursuing an empirical analysis on the performance of both Islamic and non-Islamic Malaysian unit trust funds by using more recent data and further investigating the long-run relationship between Islamic and non-Islamic unit trust funds. © 2010, © Emerald Group Publishing Limited.},
author_keywords={Malaysia;  Pricing policy;  Unit trusts},
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(1995) Your Money and the World: Financial Planning for a Better Tomorrow, pp. 18-19. , (), “” -Co-op America, Washington, DC:; Moody's Investor Service, M.I.S., (2010) Islamic finance industry faces need for innovation, , www.moodys.com, (), “”, :; Orlitzky, M., Schmidt, F.L., Reynes, S.L., Corporate social performance and financial performance: a meta-analysis (2003) Organization Studies, 24 (3), pp. 403-441. , (), “” , -; Osterwald-Lenum, M., A note with quantiles of the asymptotic distribution of the maximum likelihood cointegration rank test statistics (1992) Oxford Bulletin of Economics and Statistics, 54, pp. 461-471. , (), “” , -; Usmani, M.T., (2003) An Introduction to Islamic Finance, , (),Brill Academic, Boston, MA:; Valpey, F.S., (2001) Structuring Islamic equity funds: Shari'a portfolio management and performance, , (), “”, paper presented at the 4th Annual Harvard Forum on Islamic Finance, Harvard University, Cambridge, MA; Doing God's work (2010) The Wall Street Journal, , http://online.wsj.com/article/SB10001424052748703315004575073483994358308.html, (), “” :(accessed 1 March 2010); El-Gamal, A.M.A., Interest and the paradox of contemporary Islamic law and finance (2000) Fordham International Law Review, 27 (1), pp. 108-149. , (), “” , -; Hassan, M.K., Soumare, I., (2008) Financial guarantee as an innovation tool in Islamic project finance, , (), “”, paper presented at the 2008 FMA Annual Meeting, Dallas, TX, 8-11 October},
correspondence_address1={Kabir Hassan, M.; University of New OrleansUnited States; email: mhassan@uno.edu},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Maurer2003317,
author={Maurer, B.},
title={Uncanny exchanges: The possibilities and failures of 'making change' with alternative monetary forms},
journal={Environment and Planning D: Society and Space},
year={2003},
volume={21},
number={3},
pages={317-340},
doi={10.1068/d342},
note={cited By 41},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0038161221&doi=10.1068%2fd342&partnerID=40&md5=4ff9cd44ddd5cf7db641d9688a17113c},
affiliation={Department of Anthropology, University of California, 3151 Social Sciences Plaza, Irvine, CA 92697-5100, United States},
abstract={In most standard accounts, modern money depends on its function as the general equivalent. Equivalence, in turn, rotates around a specific numerological metaphysics, including the concept of zero and the algebraic function. Yet, rarely are the mathematics of equivalence subject to critical scrutiny. In this paper I explore contemporary alternative numerologies of money and finance. The alternatives that I consider are a US local scrip currency and transnational Islamic finance experiments. My data come from fieldwork in Ithaca, New York, and from research among Islamic finance specialists devising new financial products. I am interested in how these alternatives make explicit the moral form of the mathematics of the general equivalent.},
keywords={capital market;  currency market;  financial system;  Islamism, United States},
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correspondence_address1={Maurer, B.; Department of Anthropology, 3151 Social Sciences Plaza, Irvine, CA 92697-5100, United States; email: wmmaurer@uci.edu},
issn={02637758},
language={English},
abbrev_source_title={Environ. Plann. D Soc. Space},
document_type={Article},
source={Scopus},
}

@ARTICLE{Majid2009127,
author={Majid, M.S.A. and Yusof, R.M.},
title={Long-run relationship between Islamic stock returns and macroeconomic variables: An application of the autoregressive distributed lag model},
journal={Humanomics},
year={2009},
volume={25},
number={2},
pages={127-141},
doi={10.1108/08288660910964193},
note={cited By 37},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84993105228&doi=10.1108%2f08288660910964193&partnerID=40&md5=89816cb687489705f70bc47c17e7a112},
affiliation={Department of Economics, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia (IIUM), Kuala Lumpur, Malaysia},
abstract={Purpose – The purpose of this paper is to explore the extent to which macroeconomic variables affect the Islamic stock market behavior in Malaysia in the post 1997 financial crisis period. Design/methodology/approach – The paper employs the latest estimation technique of autoregressive distributed lag (ARDL) model approach to cointegration. Findings – The results suggest that real effective exchange rate, money supply M3, treasury bill rate (TBR) and federal fund rate (FFR) seem to be suitable targets for the government to focus on, in order to stabilize the Islamic stock market and to encourage more capital flows into the market. As for the interest rates and stock returns relationship, the paper finds that when interest rates rise either domestically (TBR) or internationally (FFR), the Muslim investors will buy more Shari'ah compliant stocks; thereby escalating the Islamic stock prices. Research limitations/implications – The results of this study are limited to the post 1997 financial crisis period until the beginning of the year 2006 for a small open economy, Malaysia. Practical implications – The paper reveals that both changes in the local monetary policy variables and in the US monetary policy as measured by the changes in the FFR have a significant direct impact on the Islamic stock market behavior in Malaysia. Originality/value – The paper adopts the latest time series econometrics technique to test for cointegration, ARDL. And it is among the earliest attempts to investigate the long-run effects of the macroeconomic variables changes either domestically or internationally on the Islamic stock market. © 2009, Emerald Group Publishing Limited},
author_keywords={Autoregressive processes;  Islam;  Macroeconomics;  Malaysia;  Stock markets},
references={Bahmani-Oskooee, M., Bohl, M.T., German monetary unification and the stability of the German M3 money demand function (2000) Economics Letters, 66, pp. 203-208; Bahmani-Oskooee, M., Ng, R.C.W., Long-run demand for money in Hong Kong: an application of the ARDL model (2002) International Journal of Business and Economics, 1 (2), pp. 147-155; Banerjee, A., Dolado, J.J., Galbraith, J.W., Hendry, D.F., (1993) Co-integration, Error-Correction and the Econometric Analysis of Non-Stationary Data, , Oxford University Press, New York, NY; (2005) Annual Reports (various issues), pp. 307-310; Bilson, C.M., Brailsford, T.J., Hooper, V.J., Selecting macroeconomic variables as explanatory factors of emerging stock market returns (2001) Pacific-Basin Finance Journal, 9, pp. 401-426; Brown, R.L., Durbin, J., Evans, J.M., Techniques for testing the constancy of regression relations over time (1975) Journal of the Royal Statistical Society, 37, pp. 149-192; Bulmash, S., Trivoli, G., Time-lagged interactions between stock prices and selected variables (1991) The Journal of Portfolio Management, 17 (4), pp. 61-67; 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Pesaran, M.H., Pesaran, B., (1997) Working with Microfit 4.0: Interactive Econometrics Analysis, , Oxford University Press, Oxford; Pesaran, M.H., Shin, Y., Smith, R.J., Testing for the existence of a long-run relationship (1996), DAE Working Paper No. 9622, Department of Applied Economics, University of Cambridge, Cambridge; Poon, S.H., Taylor, S.J., Stock returns and volatility: an empirical study of the UK stock market (1992) Journal of Banking and Finance, 16, pp. 37-59; Tang, K.M., Garnon, G., Modeling volatility in the Malaysian stock market (1998) Asia Pacific Journal in Finance, 1, pp. 155-190; Wongbangpo, P., Sharma, S.C., Stock market and macroeconomic fundamental dynamic interactions: asean-5 countries (2002) Journal of Asian Economics, 13 (1), pp. 27-51; Rozeff, M.S., Money and stock prices: market efficiency and the lag in effect of monetary policy (1974) Journal of Financial Economics, 1, pp. 245-302},
correspondence_address1={Majid, M.S.A.; Department of Economics, , Kuala Lumpur, Malaysia},
issn={08288666},
language={English},
abbrev_source_title={Humanomics},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hussain2019,
author={Hussain, H.I. and Grabara, J. and Razimi, M.S.A. and Sharif, S.P.},
title={Sustainability of leverage levels in response to shocks in equity prices: Islamic finance as a socially responsible investment},
journal={Sustainability (Switzerland)},
year={2019},
volume={11},
number={12},
doi={10.3390/su10023260},
art_number={3260},
note={cited By 36},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85069436490&doi=10.3390%2fsu10023260&partnerID=40&md5=990743d27c24931236c6008ec869f04c},
affiliation={Taylor's Business School, Taylor's University, 1 Jalan Taylors, Subang Jaya, Selangor, 47500, Malaysia; The Management Faculty, Czestochowa University of Technology, Czestochowa, 42-201, Poland; Islamic Business School, Universiti Utara Malaysia, Sintok, Kedah, 06010, Malaysia},
abstract={This study looks at how firms react to shocks in equity prices based on a classification which arises from social pressures rather than the financial objective of maximizing shareholders' wealth. In order to meet the objective of the study, a sample of Malaysian firms from the period of 2003 to 2018 was utilized to evaluate the relationship between market and book debt ratios based on a social distinction. The study is based on the theoretical expectation that managers are inclined to adjust book debt ratios to converge with market debt values which arise from changes in equity values over time. We introduce a unique institutional setting into the relationship which is readily observable in the Malaysian capital market given the existence of Shari'ah and non-Shari'ah compliant company classifications on the stock exchange (Bursa Malaysia), as screened by the Securities Commission. The classification forms the basis for distinguishing Socially Responsible Investment options for investors. The findings reveal the existence of asymmetries in how both categories of firms adjust towards shocks in equity prices. The findings document that both compliant and non-compliant firms decrease book debt ratios in line with increases in firms' equity values. Compliant firms, on the other hand, are more likely to increase book debt ratios during periods of decreases in equity values. Non-compliant firms do not significantly alter book debt ratios during periods of declining equity prices. The findings indicate that whilst firms tend to decrease debt levels in the presence of future growth potential, the response is asymmetric during periods of suppression of share prices. Thus, the screening of compliant versus non-compliant firms allows investors to distinguish sustainable firms in the long run, which further allows diversification when holding socially responsible investment portfolios. Our conclusions have wide reaching implications on a global scale for the development of sustainable capital markets. © 2019 by the authors.},
author_keywords={Capital structure;  Islamic capital markets;  Islamic finance;  Socially responsible investments;  Sustainable capital markets},
keywords={capital market;  classification;  debt;  equity;  financial market;  investment location;  stock market;  sustainability, Malaysia},
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correspondence_address1={Grabara, J.; The Management Faculty, Poland; email: janusz@grabara.eu},
publisher={MDPI},
issn={20711050},
language={English},
abbrev_source_title={Sustainability},
document_type={Article},
source={Scopus},
}

@ARTICLE{Yildirim2018198,
author={Yildirim, R. and Masih, M. and Bacha, O.I.},
title={Determinants of capital structure: evidence from Shari'ah compliant and non-compliant firms},
journal={Pacific Basin Finance Journal},
year={2018},
volume={51},
pages={198-219},
doi={10.1016/j.pacfin.2018.06.008},
note={cited By 35},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049958141&doi=10.1016%2fj.pacfin.2018.06.008&partnerID=40&md5=25c7fcb8fc9670f18dd21e2375dfee01},
affiliation={UPSITE Consulting S.P.C, The Lagoon, Amwaj Island, Muharraq, Bahrain; Professor of Finance and Econometrics, INCEIF, Lorong Universiti A, Kuala Lumpur, 59100, Malaysia; INCEIF, Lorong Universiti A, Kuala Lumpur, 59100, Malaysia},
abstract={Many Muslim individual and institutional investors seek to invest only in stocks that are compliant with the Shari'ah (i.e. Islamic law). Among others, Dow Jones addressed this demand and has developed their proprietary screening methodologies to identify Shari'ah compliant firms (SC). One key factor that distinguishes SC firms from their non-compliant peers (SNC) is that the former is not allowed to cross the leverage threshold of 33%. Due to the restrictions imposed on them, it is expected that SC firms exhibit different capital structure compared to the SNC firms. The purpose of this initial comparative study is to analyze the most reliable debt determinants identified in the literature on both firm types. This study utilizes static panel data techniques on the sample consisting of SC and SNC firms from 7 countries and 7 industries over the years 2004–2014. Our study is inconclusive and it shows that most of the determinants do exhibit different effects among both firm types. Depending on the leverage measure, the effect of different independent variables on firms’ capital structure varies. A uniform effect can be exerted for debt determinants profitability for both leverage measures, and growth opportunities, firm size and tangibility for market leverage only. Our robustness tests reveal that the impact of some debt determinants on firms leverage remains consistent. The coefficient sign and significance suggests, that the capital structure decision of both firm types, both are better explained by the Pecking Order Theory for book and by the Trade-Off Theory for market leverage, respectively. © 2018},
author_keywords={Capital Structure;  Leverage;  Pecking Order Theory;  Shari'ah Compliant;  Shari'ah Screening;  Trade-Off Theory},
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correspondence_address1={Yildirim, R.; UPSITE Consulting S.P.C, The Lagoon, Amwaj Island, Bahrain; email: ramy@upsiteconsulting.com},
publisher={Elsevier B.V.},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bitar201848,
author={Bitar, M. and Kabir Hassan, M. and Hippler, W.J.},
title={The determinants of Islamic bank capital decisions},
journal={Emerging Markets Review},
year={2018},
volume={35},
pages={48-68},
doi={10.1016/j.ememar.2017.12.002},
note={cited By 35},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85039897010&doi=10.1016%2fj.ememar.2017.12.002&partnerID=40&md5=d34cc41ec2eca0a42110e86ef7607f1f},
affiliation={Department of Finance, John Molson School of Business, Concordia University, 1455 Blvd. de Maisonneuve West, Montréal, QC  H3G 1M8, Canada; Department of Economics and Finance, University of New Orleans, New Orleans, LA  70148, United States; College of Business and Public Management, University of La Verne, 1950 Third St., La Verne, CA  91750, United States},
abstract={We report new evidence on the bank and institutional determinants of Islamic bank capital ratios in 28 countries between 1999 and 2013. Overall, we find that smaller, more profitable, and highly liquid Islamic banks are more highly capitalized. Additionally, improvements in the economic and financial environments and market discipline within a country correspond with higher Islamic bank capitalization. The results shed light on the impact that Sharia'a law restrictions have on Islamic banking capitalization. Our findings are most robust to banks that choose to hold capital well in excess of that required by regulators, consistent with traditional capital structure theory. Our results highlight the role that stable economic and political systems play in improving bank capitalization and reducing financial sector risk. By reducing political instability and corruption, improving legal systems, and encouraging access to capital markets, policymakers may incentivize managers to make financing decisions that increase the capitalization of the Islamic banking industry in developing countries. © 2017 Elsevier B.V.},
author_keywords={Bank capitalization;  Democracy;  Institutional environment;  Islamic banking;  Market discipline;  Political distress},
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Financ., 5, pp. 266-277; Ernst, Young, World Islamic Banking Competitiveness Report 2013 (2012); Ernst, Young, World Islamic Banking Competitiveness Report (2015), http://www.islamicfinance.com/wp-content/uploads/2014/12/EY-worldislamic-banking-competitiveness-report-2014-151.pdf, (Retrieved from); Fan, J.P.H., Titman, S., Twite, G.J., An international comparison of capital structure and debt maturity choices (2012) J. Financ. Quant. Anal., 47, pp. 23-56; Frank, M., Goyal, V.K., Capital structure decisions: which factors are reliably important? (2009) Financ. Manag., 38, pp. 1-37; Ghosh, S., Political transition and bank performance: how important was the Arab Spring? (2016) J. Comp. Econ., 44, pp. 372-382; Gropp, R., Heider, F., The Determinants of bank capital structure (2010) Review of Finance, 14, pp. 587-622; Gungoraydinoglu, A., Öztekin, Ö., Firm-and country-level determinants of corporate leverage: some new international evidence (2011) J. Corp. Finan., 17, pp. 1457-1474; Hanousek, J., Shamshur, A., A stubborn persistence: is the stability of leverage ratios determined by the stability of the economy? (2011) J. Corp. Finan., 17, pp. 1360-1376; Horváth, R., Seidler, J., Weill, L., Bank capital and liquidity creation: granger-causality evidence (2013) J. Financ. Serv. Res., 45, pp. 341-361; Imam, P., Kpodar, K., Is Islamic banking good for growth? (2016) Econ. Model., 59, pp. 387-401; Jawadi, F., Jawadi, N., Cheffou, A.I., Ben Ameur, H., Louhichi, W., Modelling the effect of geographical environment on Islamic banking performance: a panel quantile analysis (2017) Econ. Model., 67, pp. 300-306; Jõeveer, K., Firm, country and macroeconomic determinants of capital structure: evidence from transition economies (2013) J. Comp. Econ., 41, pp. 294-308; Johnes, J., Izzeldin, M., Pappas, V., A comparison of performance of Islamic and conventional banks 2004 to 2009 (2014) J. Econ. Behav. Organ., 104, pp. S93-107; Kraus, A., Litzenberger, R.H., A state-preference model of optimal financial leverage (1973) J. Financ., 28, pp. 911-922; López-Majía, A., Aljabrin, A., Awad, R., Norat, M., Song, I.W., Regulation and supervision of Islamic banks (2014) IMF Working paper No. WP/14/219, , IMF Washington, DC; Modigliani, F., Miller, M., The cost of capital, corporation finance and the theory of investment (1958) Am. Econ. Rev., 48, pp. 261-297; Mollah, S., Hassan, M.K., Al-Farooque, O., Mobarek, A., The governance, risk-taking, and performance of Islamic banks (2016) J. Financ. Serv. Res., 49, pp. 1-25; Mollah, S., Zaman, M., Shari'ah supervision, corporate governance, and performance: conventional vs. Islamic banks (2015) J. Bank. Financ., 58, pp. 418-435; Myers, S.C., The Capital structure puzzle (1984) J. Financ., 39, pp. 575-592; Myers, S.C., Majluf, N., Corporate financing and investment decisions when firms have information that investors do not have (1984) J. Financ. Econ., 13, pp. 187-224; Octavia, M., Brown, R., Determinants of bank capital structure in developing countries: regulatory capital requirement versus the standard determinants of capital structure (2010) J. Emerg. Mark., 15, pp. 1-50; Öztekin, Ö., Capital structure decisions around the world: which factors are reliably important? (2015) J. Financ. Quant. Anal., 50, pp. 301-323; Öztekin, O., Flannery, M.J., Institutional determinants of capital structure adjustment speeds (2012) J. Financ. Econ., 103, pp. 88-112; Schepens, G., Taxes and bank capital structure (2016) J. Financ. Econ., 120, pp. 585-600; Song, I., Oosthuizem, C., Islamic banking regulation and supervision: Survey results and challenges (2014) Working Paper WP/14/220, , International Monetary Fund Washington, DC},
correspondence_address1={Bitar, M.; Department of Finance, 1455 Blvd. de Maisonneuve West, Canada; email: mohammad.bitar@concordia.ca},
publisher={Elsevier B.V.},
issn={15660141},
language={English},
abbrev_source_title={Emerg. Mark. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hussain201848,
author={Hussain, H.I. and Shamsudin, M.F. and Anwar, N.A.M. and Salem, M.A. and Jabarullah, N.H.},
title={The impact of sharia compliance on the adjustment to target debt maturity of Malaysian firms},
journal={European Research Studies Journal},
year={2018},
volume={21},
number={2},
pages={48-61},
doi={10.35808/ersj/984},
note={cited By 33},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049234266&doi=10.35808%2fersj%2f984&partnerID=40&md5=31b1d117b481ba47ccde2061216cbac0},
affiliation={Universiti Kuala Lumpur Business School, Universiti Kuala Lumpur, Malaysia; Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Malaysia; Community College of Qatar, Business Department, Doha, Qatar; Universiti Kuala Lumpur, Malaysian Institute of Aviation Technology, Malaysia},
abstract={This paper investigates the speed of adjustment to target debt maturity for a sample of Malaysian firms based on the sample period of 2007 to 2016. We examine the impact of Sharia compliance on the speed of adjustment to target debt maturity structure by grouping companies based on nature of compliance to Sharia requirements which is categorised by the Securities Commission of Malaysia. In line with our expectations, the analysis shows that firms classified as Sharia compliant tend to adjust at more rapid rates to target debt maturity when below target levels suggesting that compliant firms are able to issue long-term debt at cheaper levels relative to non-compliant counterparts. In addition, the reverse is observed when evaluating firms above target levels where non-compliant firms adjust at more rapid rates. Our findings indicate that compliant firms are able to raise long-term debt at cheaper rates relative to non-compliant firms given the captive market situation observed in the Islamic capital markets in Malaysia. This does however indicate the potential for higher agency costs as well as greater levels of information asymmetry for compliant firms relative to non-compliant firms given that non-compliant firms are more willing to reduce maturity structures to reach target levels when above target levels. © 2018 International Strategic Management Association. All rights reserved.},
author_keywords={Islamic capital markets;  Islamic Finance;  Sharia compliance;  Speed of adjustment;  Target debt maturity},
references={Abdul Rahman, A., Yahya, A., Mohd Nasir, M.H., Islamic norms for stock screening: A comparison between the Kuala Lumpur stock exchange islamic index and the dow jones islamic market index (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (3), pp. 228-240; Ali, A., Shamsudin, M.F., Zainudin, Z., Salem, M.A., Rashid, A.Z.A., Kamarudin, F., Hussain, H.I., Speed of adjustment, cash flows and shari'ah compliance of Malaysian firms (2018) International Journal of Economics & Management, , (forthcoming); Alias, N., Yaacob, M.H., Jaffar, N., Governance structure, corporate restructuring and performance (2017) Polish Journal of Management Studies, 15 (1), pp. 7-14; Almeida, H., Campello, M., Laranjeira, B., Weisbenner, S., Corporate debt maturity and the real effects of the 2007 credit crisis (2012) Critical Finance Review, 1 (1), pp. 3-58; Al Shubiri, F.N., Jamil, S.A., Assessing the determinants of interest rate spread of commercial banks in Oman: An empirical investigation (2017) European Research Studies Journal, 20 (2), pp. 90-108; Antoniou, A., Guney, Y., Paudyal, K., The determinants of debt maturity structure: Evidence from France, Germany and the UK (2006) European Financial Management, 12 (2), pp. 161-194; Arvanitis, S.E., Stamatopoulos, T.V., Chatzimarkaki, M., Cash and ownership on firms market value: Evidence from Greek panel data (2017) International Journal of Economics and Business Administration, 5 (1), pp. 70-91; Barclay, M., Marx, L., Smith, C.W., Jr., The joint determination of leverage and maturity (2003) Journal of Corporate Finance, 9, pp. 149-167; Barnea, A., Haugen, R.A., Senbet, L.W., A rationale for debt maturity structure and call provisions in the agency theoretic framework (1980) Journal of Finance, 35 (5), pp. 1223-1234; Blundell, R., Bond, S., Initial conditions and moment restrictions in dynamic panel data models (1998) Journal of Econometrics, 87 (1), pp. 115-143; Brick, I.E., Ravid, S.A., On the relevance of debt maturity structure (1985) Journal of Finance, 40 (5), pp. 1423-1437; Brick, I.E., Ravid, S.A., Interest rate uncertainty and the optimal debt maturity structure (1991) Journal of Financial and Quantitative Analysis, 26 (1), pp. 63-81; Deesomsak, R., Paudyal, K., Pescetto, G., Debt maturity structure and the 1997 Asian financial crisis (2009) Journal of Multinational Financial Management, 19 (1), pp. 26-42; Effendi, K.A., Disman, D., Liquidity risk: Comparison between islamic and conventional banking (2017) European Research Studies Journal, 20 (2). , 308-xxx; Fama, E.F., French, K.R., Testing trade-off and pecking order predictions about dividends and debt (2002) Review of Financial Studies, 15 (1), pp. 1-33; Godlewski, C.J., Turk-Ariss, R., Weill, L., Sukuk vs. Conventional bonds: A stock market perspective (2013) Journal of Comparative Economics, 41 (3), pp. 745-761; Guney, Y., Iqbal-Hussain, H., Capital structure and market timing in the UK: Deviation from target leverage and security issue choice (2009) Multinational Finance Journal, 13, pp. 1-54; Guney, Y., Iqbal-Hussain, H., Capital structure and IPO market timing in the UK (2010) Behavioural Finance Working Group Conference: Fairness, pp. 1-34. , Trust and Emotions in Finance; Iqbal-Hussain, H., Guney, Y., (2011) Equity Mispricing, Market Timing and Targeting Behaviour: Empirical Evidence from UK Panel Data, , (working paper); Iqbal-Hussain, H., Non-linearity in timing the equity market and debt-equity choice of UK firms (2013) Journal of Business and Management, 13 (4), pp. 18-25. , https://ssrn.com/abstract=2735299; Iqbal-Hussain, H., Shamsudin, M.F., Jabarullah, N., Non linear speed of adjustment to lead leverage levels: Empirical evidence from firm level data (2015) Indian Journal of Science and Technology, 8 (30); Iqbal Hussain, H., (2017) Capital Structure of Malaysian Firms: Financing the Deficit and Shari'ah Compliance, , University Library of Munich, Germany; Hadi, A.R.A., Hussain, H.I., Suryanto, T., Yap, T.H., Bank's performance and its determinants - Evidence from middle East, Indian sub-continent and African banks (2018) Polish Journal of Management Studies, , (forthcoming); Hadi, A.R.A., Zafar, S., Iqbal, T., Zafar, Z., Hussain, H.I., Analyzing sectorial level determinants of inward foreign direct investment (FDI) in ASEAN (2018) Polish Journal of Management Studies, , (forthcoming); Haniffa, R., Hudaib, M., Islamic finance: From sacred intentions to secular goals? 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Chapter book in the WSPC handbook of futures markets (2015) World Scientific Handbook in Financial Economic Series, 5, pp. 605-639. , (eds) W. T. Ziemba and A.G. Malliaris, in memory of Late Milton Miller (Nobel 1990) Chapter 20; Waluyo, W., Do efficiency of taxes, profitability and size of companies affect debt? 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publisher={International Strategic Management Association},
issn={11082976},
language={English},
abbrev_source_title={Eur. Res. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{HanimTafri201186,
author={Hanim Tafri, F. and Abdul Rahman, R. and Omar, N.},
title={Empirical evidence on the risk management tools practised in Islamic and conventional banks},
journal={Qualitative Research in Financial Markets},
year={2011},
volume={3},
number={2},
pages={86-104},
doi={10.1108/17554171111155339},
note={cited By 33},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85015336430&doi=10.1108%2f17554171111155339&partnerID=40&md5=30045263d1bc1660517ad34aa2857311},
affiliation={Faculty of Computer Sciences and Mathematical Sciences, Universiti Teknologi MARA, Selangor, Malaysia; Accounting Research Institute, Universiti Teknologi MARA, Selangor, Malaysia},
abstract={Purpose – The paper aims to gain an insight into the risk management tools practised in Islamic and commercial banks in Malaysia, and selected Islamic banks outside Malaysia. The study also examines the level of adequacy of risk management tools and systems of these banks. Design/methodology/approach – The study employs primary data collected using a questionnaire survey. Findings – There are significant differences in the level of extensiveness of the usage of market value at risk (VaR), usage of stress testing results, the usage of credit risk mitigation methods and also the level of extensiveness of the usage of operational risk management tools between Islamic and conventional banks. The findings further show that risk management tools and systems for Islamic banking are inadequate, particularly in the critical areas of “IT professionals with relevant expertise in process integration and risk analytics”, “IT systems to cater for each Islamic instrument” and also the “capacity of human capital in the highly technical areas of risk measurement.” This implies that more innovations and product developments are needed for Islamic banking in managing risks. Originality/value – Since there are relatively few studies conducted in this area, specifically among Islamic banks in Malaysia, this study will broaden the scope of the literature by providing novel empirical evidence. © 2011, © Emerald Group Publishing Limited.},
author_keywords={Commercial banks;  Islamic banks;  Malaysia;  Risk management},
references={Bacha, O.I., (2001) Financial Derivatives: Markets and Applications in Malaysia, , Penerbit Universiti Putra Malaysia, Kuala Lumpur; (1999) The Central Bank and the Financial System in Malaysia: A Decade of Change (1989-1999), , Bank Negara Malaysia, Kuala Lumpur; (2000) Principles for the management of credit risk, , www.sbs.gob.pe/repositorioaps/0/0/jer/doc_cur_mod_inter2009/bcbs75.pdf, September; (2001) Consultative Document: Principles for the Management and Supervision of Interest Rate Risk, , Bank for International Settlements, Basel; (2004) International Convergence of Capital Measurement and Capital Standards: A Revised Framework, , Bank for International Settlements, Basel; Brown, C., Davis, K., (2008) Risk management lessons from the sub-prime crisis, , paper presented at The National Institute of Accountants Tasmania Division Congress, May 15-18; Chapra, U., Khan, T., (2000) Regulation and supervision of Islamic banks, , Occasional Paper 3, Islamic Research and Training Institute, Islamic Development Bank, Jeddah; Dasuki, A.W., (2002) Risk exposure of Islamic banks: an application of the AAOIFI Standards, , unpublished Masters dissertation, Department of Economics, University of Loughborough, Leicester; (2004) Global Risk Management Survey, , Deloitte Touche Tohmatsu, New York, NY; (2008) Big Banks Announce Write Downs that Swell Total to $120bn, , Guardian News and Media, London; Gup, B.E., Kolari, J.W., (2005) Commercial Banking: The Management of Risk, , 3rd ed., Wiley, San Francisco, CA; James, C., (1996) RAROC based capital budgeting and performance evaluation: a case study of bank capital allocation, , paper presented at the Wharton's Financial Institutions Center's Conference on Risk Management in Banking, October 13-15; Khan, T., Ahmad, H., (2001) Risk management: an analysis of issues in Islamic financial industry, , IRTI/IDB Occasional Paper 5; (2004) Ready for Basel II – How Prepared are Banks?, , KPMG International, Amstelveen; Meor Ayub, M.A., (2006) Risk management in the banking environment: a rating agency perspective, , paper presented at the Seminar on Risk Management in Islamic Financial Services, April 25-26.Marriot Hotel, Kerala, Lumpur; Miccolis, J.A., Hively, K., Merkly, B.W., (2001) Enterprise Risk Management: Trends and Emerging Practices, , The Institute of Internal Auditors Research Foundation, Orlando, FL; Mohd Ariffin, N., (2005) Enhancing Transparency and Risk Reporting in Islamic Banks, , unpublished Doctoral dissertation, School of Management, University of Surrey, Surrey; Moore, C., (2009) The Risk Minds 2009 Risk Manager's Survey: The Causes and implication of the 2008 Banking Crisis, , RiskMetrics Group with Professor Andrew Kakabadse, Cranfield School of Management, Bedfordshire; Moore, M.A., Brauneis, M.J., US subprime crisis: risk management next steps (2008) Bank Accounting and Finance, (April-May), pp. 23-29; Bank Islam suffers RM500 m loss: new management takes big hit to move ahead afresh (2005) New Straits Times (Malaysia), , October 7; Parrenas, J.C., (2005) Bank's Risk Management Practices: A Survey of Four Asian Emerging Markets, , www.adbi.org/files/2005.21.cpp.risk.management.practices.pdf, : (accessed 20 September 2005); Pelosi, M.K., Sandifier, T.M., Sekaran, U., (2001) Research and Evaluation for Business, , Wiley, San Francisco, CA},
correspondence_address1={Abdul Rahman, R.; Accounting Research Institute, Malaysia; email: shidah@salam.uitm.edu.my},
publisher={Emerald Group Publishing Ltd.},
issn={17554179},
language={English},
abbrev_source_title={Qual. Res. Financ. Markets},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sorwar2016113,
author={Sorwar, G. and Pappas, V. and Pereira, J. and Nurullah, M.},
title={To debt or not to debt: Are Islamic banks less risky than conventional banks?},
journal={Journal of Economic Behavior and Organization},
year={2016},
volume={132},
pages={113-126},
doi={10.1016/j.jebo.2016.10.012},
note={cited By 32},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85006150257&doi=10.1016%2fj.jebo.2016.10.012&partnerID=40&md5=7fbb97e5398ed43408cc4310d7df06f0},
affiliation={Salford Business School, Manchester, M5 4WT, United Kingdom; School of Management, University of Bath, Claverton Down, Bath, BA2 7AY, United Kingdom; Kingston Business School, Kingston Hill Campus, Kingston Hill, Kingston-upon-ThamesKT2 7LB, United Kingdom},
abstract={We empirically analyze the market risk profiles of Islamic banks with two sets of conventional banks taken from the same geographical locations as Islamic banks and from a random global sample respectively for the period 2000–2013. Moreover, we divided our sample period into pre-financial crisis, during financial and post financial crisis. Estimates of Value-at-Risk (VaR) and Expected Shortfall (ES) which incorporates losses beyond VaR are used as market risk measures for both univariate and multivariate portfolios. Our key input is the share price by market capitalization of publicly traded banks of similar size in Islamic and non-Islamic countries. Univariate analysis finds no discernible differences between Islamic and conventional banks. However, dynamic correlations obtained via a multivariate setting shows Islamic banks to be less riskier for both sets of conventional banks; and especially so during the recent global financial crisis. The policy implications are: (i) that the inclusion of Islamic banks within asset portfolios may mitigate potential risk; (ii) that the Basel committee should consider the ES measure of risk for Islamic banks in preference to the current VaR methodology, which over-estimates the market risk of Islamic banks. © 2016 Elsevier B.V.},
author_keywords={Capital structure;  Expected shortfall;  Islamic finance;  Value at risk},
references={Abdelsalam, O., Dimitropoulos, P., Elnahass, M., Leventis, S., Earnings management behaviors under different monitoring mechanisms: the case of Islamic and conventional banks (2016) J. Econ. Behav. Organ., 132, pp. 155-173; Abdullah, M., Shahimi, S., Abdul, G., Operational risk in Islamic banks: examination of issues (2011) Qual. Res. Financial Mark., 3, pp. 131-151; Abedifar, P., Molyneux, P., Tarazi, A., Risk in Islamic banking (2013) Rev. Finance, 17, pp. 2035-2096; Alexakis, C., Pappas, V., Tsikouras, A., Hidden cointegration reveals hidden values in Islamic investments (2016) J. Int. Financial Mark. Inst. Money, , (in press); Arellano, M., Bover, O., Another look at the instrumental variables estimation of error models (1995) J. Econom., 68, pp. 29-51; Ashraf, D., Ramady, M., Albinali, K., Financial fragility of banks, ownership structure and income diversification: empirical evidence from the GCC region (2016) Res. Int. Bus. Finance, 38, pp. 56-68; Ashraf, D., Rizwan, M., L'Huillier, B., A net stable funding ratio for Islamic banks and its impact on financial stability: an international investigation (2016) J. Financial Stab., 25, pp. 47-57; Baele, L., Farooq, M., Ongena, S., Of religion and redemption: evidence from default on Islamic loans (2014) J. Banking Finance, 44, pp. 141-159; Barone-Adesi, G., Giannopoulos, L., Vosper, S., VaR without correlations for nonlinear portfolios (1999) J. Futures Mark., 19, pp. 583-602; Beck, T., Kunt, A.D., Merrouche, O., Islamic vs. conventional banking: business model, efficiency and stability (2013) J. Banking Finance, 37, pp. 433-447; Blundell, R., Bond, S., Initial conditions and moment restrictions in dynamic panel data models (1998) J. Econom., 87, pp. 115-143; Bollerslev, T., Generalized autoregressive conditional heteroskedasticity (1986) J. Econom., 31, pp. 307-327; Boumediene, A., Is credit risk really higher in Islamic banks (2011) J. Credit Risk, 7, pp. 97-129; Breitenfellner, B., Wagner, N., Explaining aggregate credit default spreads (2012) Int. Rev. Financial Anal., 22, pp. 18-29; Calomiris, C., Wilson, B., Bank capital and portfolio management: the 1930’s capital crunch and the scramble to shed risk (2004) J. Bus., 77, pp. 421-455; Chong, B.S., Liu, M., Islamic banking: interest-free or interest-based? (2009) Pac.-Basin Finance J., 17, pp. 125-144; Christoffersen, P.F., Evaluating interval forecasts (1998) Int. Econ. Rev., 39, pp. 841-862; Čihák, M., Hesse, H., Islamic banks and financial stability: an empirical analysis (2010) J. Financial Serv. Res., 38, pp. 95-113; Dias, A., Market capitalization and value-at-risk (2013) J. Banking Finance, 37, pp. 5248-5260; Dowd, K., Cotter, J., Sorwar, G., Spectral risk measures: properties and limitations (2008) J. Financial Serv. Res., 34, pp. 61-75; (2016) World Islamic Banking Competitiveness Report., , Earnest and Young (EY); El Alaoui, A.O., Dewandaru, G., Azhar Rosly, S., Masih, M., Linkages and co-movement between international stock market returns: case of Dow Jones Islamic Dubai financial market index (2015) J. Int. Financial Mark. Inst. Money, 36, pp. 53-70; El Khamlichi, A., Sarkar, K., Arouri, M., Teulon, F., Are Islamic equity indices more efficient than their conventional counterparts? Evidence from major global index families (2014) J. Appl. Bus. Res., 30 (4), pp. 1137-1150; Elnahass, M., Izzeldin, M., Abdelsalam, O., Loan loss provisions, bank valuations and discretion: a comparative study between conventional and Islamic banks (2014) J. Econ. Behav. Organ., 103, pp. S160-S173; Engle, R., Dynamic conditional correlation: a simple class of multivariate GARCH models (2002) J. Bus. Econ. Stat., 20, pp. 339-350; Flannery, M., Rangan, K., What caused the bank capital build-up of the 1990? (2008) Rev. Finance, 12, pp. 391-429; Gheeraert, L., Does Islamic finance spur banking sector development? (2014) J. Econ. Behav. Organ., 103, pp. S4-S20; Gropp, R., Heider, F., The determinants of bank capital structure (2010) Rev. Finance, 14, pp. 587-622; Hasan, M., Dridi, J., The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study, IMF Working Paper, 22, #WP/10/201 (2010); (2016) Islamic Financial Services Industry Stability Report.; Johnes, J., Izzeldin, M., Pappas, V., A comparison of performance of Islamic and conventional banks (2014) J. Econ. Behav. Organ., 103, pp. S93-S107; Khan, F., How ‘Islamic’ is Islamic banking? (2010) J. Econ. Behav. Organ., 76, pp. 805-820; Mollah, S., Zaman, M., Shari'ah supervision, corporate governance and performance: conventional vs. Islamic banks (2015) J. Banking Finance, 58, pp. 418-435; Pappas, V., Ongena, S., Izzeldin, M., Fuertes, A.-M., A survival analysis of Islamic and conventional banks (2016) J. Financial Serv. Res., pp. 1-36; Rajan, R., Zingales, L., What do we know about capital structure? Some evidence from international data (1995) J. Finance, 50, pp. 1421-1460; RiskMetrics, Technical Document (1996), fourth ed. J.P.Morgan/Reuters; Saeed, M., Izzeldin, M., Examining the relationship between default risk and efficiency in Islamic and conventional banks (2016) J. Econ. Behav. Organ., 132, pp. 127-154; Visser, H., Islamic Finance Principles and Practice (2015), Edward Edgar Publishing Northampton; Wiyono, S., Rahmayuni, S., The effect of credit risk to Islamic bank profitability with Islamic income and profit sharing ratio as moderating variable (2012) GSTF Bus. Rev. (GBR), 2, pp. 45-50; Zhu, D., Galbraith, J.W., Modeling and forecasting expected shortfall with the generalized asymmetric exponential power distributions (2011) J. Empir. Finance, 18, pp. 765-778},
correspondence_address1={Sorwar, G.; Salford Business SchoolUnited Kingdom},
publisher={Elsevier B.V.},
issn={01672681},
coden={JEBOD},
language={English},
abbrev_source_title={J. Econ. Behav. Organ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ng2016239,
author={Ng, A. and Ibrahim, M.H. and Mirakhor, A.},
title={Does trust contribute to stock market development?},
journal={Economic Modelling},
year={2016},
volume={52},
pages={239-250},
doi={10.1016/j.econmod.2014.10.056},
note={cited By 32},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84949238738&doi=10.1016%2fj.econmod.2014.10.056&partnerID=40&md5=578a5d56793cda18bd46157def4a2fb0},
affiliation={International Centre for Education in Islamic Finance (INCEIF), Lorong Universiti A, Kuala Lumpur, 59100, Malaysia},
abstract={In view of the increasing contributions of social capital in financial development, we examine the relevance of social capital in stock market development by applying Bayesian model averaging on 37 variables across 60 countries from 2000 to 2006. The results demonstrate that trust is a robust and positive determinant of stock market depth and liquidity, and that trust is the most relevant component of social capital in market development. Macroeconomic instability in the form of inflationary changes has a dampening effect on trust in the trading of stock. Further, social capital and its components, particularly trust, are more relevant to stock market development in countries with weak rule of law, non-Organization for Economic Co-operation and Development (non-OECD) and Organization of Islamic Co-operation (OIC) countries that are generally characterized by lower formal institutional quality. Our results seek to reinforce the relevance of social capital in complementing the much needed reform of stock markets globally. © 2014 Elsevier B.V.},
author_keywords={Bayesian model averaging;  Institution;  Social capital;  Stock market;  Trust},
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correspondence_address1={Ng, A.; International Centre for Education in Islamic Finance (INCEIF), Malaysia; email: adam@inceif.org},
publisher={Elsevier},
issn={02649993},
language={English},
abbrev_source_title={Econ. Model.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kolsi20172,
author={Kolsi, M.C. and Grassa, R.},
title={Did corporate governance mechanisms affect earnings management? Further evidence from GCC Islamic banks},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2017},
volume={10},
number={1},
pages={2-23},
doi={10.1108/IMEFM-07-2015-0076},
note={cited By 31},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85017577628&doi=10.1108%2fIMEFM-07-2015-0076&partnerID=40&md5=a6a54de8024c57181e3d8a514c8716eb},
affiliation={Department of Accounting, Emirates College of Technology, Abu Dhabi, United Arab Emirates; Higher Institute of Accounting and Business Studies, Manouba, Tunisia},
abstract={Purpose: The aim of this paper is to examine the impact of corporate governance mechanisms on earnings management practice for a sample of Gulf Cooperation Council (GCC) Islamic banks (IBs) using a new model of earnings management. Design/methodology/approach: First, the authors estimate discretionary accruals based on loan loss provisions discretionary loan loss provision (DLLP) using the procedure derived from Jones’ (1991) original model. Second, the authors run a multivariate regression model to check the linkage between corporate governance characteristics and discretionary loan loss provision. Finally, the authors use an additional sensitivity check analysis to assess whether the results are robust to the estimation procedure and to other exogenous factors. Findings: Using as sample of 26 IBs pertaining to the GCC region with a total of 223 firm-year observations and a nine-year period (2004-2012), the results are conclusive and show that first, IBs with large Shariah Board size manage less DLLP. Secondly, Accounting and Auditing Organization for Islamic Financial Institutions membership positively impacts earnings management through DLLP in IBs. Third, there is a negative relationship between boards of director’s independence the extent to which IBs manage DLLP. Fourth, the existence of block holders positively affects earnings management by IBs. Fifth, there is a negative relationship between audit committee meetings and DLLP. Finally, institutional ownership and bank size have no effect on earnings management through DLLPs. Research limitations/implications: In this research, the authors do not take into account all governance factors that are supposed to impact earnings management in IBs. Future research should explore the impact of additional IBs governance structures including chief executive officer bonus, experience, gender and the extent to which IBs use real earnings management with Murabaha, Mudaraba and Musharaka transactions. Practical implications: The paper is a very useful source of information that may provide relevant guidelines in helping the future development of corporate governance of IBs. In addition, the findings could prove to be useful for regulators because they are responsible for the acceptable level of corporate governance standards. Thus, they must consider strengthening governance mechanisms either through new legislation or stronger enforcement where earnings management is of such magnitude to that serious impedes information transparency and financial reporting quality of IBs. Originality/value: This study associates the corporate governance characteristics with earnings management by IBs. The study contributes to the growing body of literature on earnings management and corporate governance in IBs. It should be useful to researchers, regulators, investors, analysts and creditors as well as other players in the capital markets, as it presents a new and important aspect that needs to be accounted for when assessing the quality of IBs’ accounting information in GCC countries. © 2017, © Emerald Publishing Limited.},
author_keywords={Corporate governance mechanisms;  Discretionary LLPs;  Earnings management;  Financial crisis;  Islamic banks},
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correspondence_address1={Kolsi, M.C.; Department of Accounting, United Arab Emirates; email: chakibkolsi@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Naz2017174,
author={Naz, I. and Shah, S.M.A. and Kutan, A.M.},
title={Do managers of sharia-compliant firms have distinctive financial styles?},
journal={Journal of International Financial Markets, Institutions and Money},
year={2017},
volume={46},
pages={174-187},
doi={10.1016/j.intfin.2016.05.005},
note={cited By 31},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84973569142&doi=10.1016%2fj.intfin.2016.05.005&partnerID=40&md5=b9befd486ac4a6479af8ba8a326c221f},
affiliation={Capital University of Science and Technology, Islamabad, Pakistan; Allama Iqbal Open University, Islamabad, Pakistan; Southern Illinois University Edwardsville, United States; Jiangxi University of Economics and Finance, China},
abstract={Financial markets are experiencing the growing success of Islamic finance, which follows a unique form of investment related to Muslim values (i.e. limitation of interest bearing loan) regarding socially responsible investing. In this study, we examine the role of top managers in financial decisions at sharia-compliant firms in Pakistan and the UK. For each firm in the sample, a manager-firm matched panel has been constructed to identify the top managers across the sharia compliant firms over the time. After accounting for the observable and unobservable heterogeneity, we identify the observable differences in firms’ financing decisions that are attributable to managers’ fixed effects. We also examine the difference in the styles among managers who move between firms that are sharia-compliant and those that are not sharia-compliant. Results of the study show that the managers exert significantly important influence over leveraging, the dividend policy, and working capital decisions. The decisions of managers who come from non-sharia-compliant firms are significantly different from those who come from sharia-compliant firms. Moreover, the policies regarding leveraging, dividend payouts, and working capital at sharia-compliant firms differ significantly from those at non-sharia-compliant firms. Furthermore, discriminating the differences between the importance of managerial financial styles of top officials in sharia and non-sharia companies helps managers make strategic plans in terms of their financial decisions. © 2016 Elsevier B.V.},
author_keywords={Dividend payout decision;  Financial style;  Leveraging;  Manager-fixed effects;  Sharia-compliant firms;  Working capital decision},
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correspondence_address1={Naz, I.; Capital University of Science and TechnologyPakistan; email: iram_iiui@live.com},
publisher={Elsevier Ltd},
issn={10424431},
language={English},
abbrev_source_title={J. Int. Financ. Mark. Inst. Money},
document_type={Article},
source={Scopus},
}

@ARTICLE{Majdoub201716,
author={Majdoub, J. and Ben Sassi, S.},
title={Volatility spillover and hedging effectiveness among China and emerging Asian Islamic equity indexes},
journal={Emerging Markets Review},
year={2017},
volume={31},
pages={16-31},
doi={10.1016/j.ememar.2016.12.003},
note={cited By 30},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85008204071&doi=10.1016%2fj.ememar.2016.12.003&partnerID=40&md5=de7413e2a7f994033b7d2db305bce0bd},
affiliation={Institut Supérieur de Gestion, University of Tunis, Bardo, 2000, Tunisia; LAREQUAD FSEG de Tunis, University of Tunis El Manar, Tunisia},
abstract={We study the volatility spillover between China and Asian Islamic stock markets. We use a sample of six Islamic MSCI indices from the Asian region, namely China, India, Malaysia, Indonesia, Korea and Thailand obtained from MSCI (Morgan Stanley Capital International). In this paper we analyze the importance of considering spillover effects between emerging Asian Islamic indexes based on the Bivariate VARMA-BEKK-AGARCH model of McAleer et al. (2009), which includes spillover and asymmetric effects. We compute after the effectiveness of portfolio diversification based on the conditional volatility of returns series. Results show a significant positive and negative return spillover from China to selected Asian Islamic stock market and bidirectional volatility spillovers between China, Korea and Thailand Islamic market showing evidence of short-term predictability on Islamic Chinese stock market movements. However there is no short term volatility persistence in India, Indonesia and Malaysia. GARCH results show no persistence in volatility spillover effect in long term from Chinese to Indian, Indonesian and Korean Islamic stock market. Our findings are beneficial for international portfolio diversification for policy makers and investors since the results of portfolio management and hedging effectiveness ratio are different to previous studies. © 2016 Elsevier B.V.},
author_keywords={Emerging markets;  Islamic finance;  Volatility spillover},
references={Aalto, P., Energy market integration and regional institutions in east Asia (2014) Energy Policy., 74, pp. 91-100; Ajmi, A.N., Hammoudeh, S., Nguyen, D.K., Sarafrazi, S., How strong are the causal relationships between Islamic and conventional finance systems? Evidence from linear and nonlinear tests (2014) J. Int. Financ. Mark. Inst. Money, 28, pp. 213-227; Al-Khazali, O., Lean, H.H., Samet, A., Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach (2014) Pac. Basin Financ. J., 28, pp. 29-46; Apostolakis, G., Spreading crisis: evidence of financial stress spillovers in the Asian financial markets (2016) Int. Rev. Econ. Financ., 43, pp. 542-561; Arouri, M.H., Lahiani, A., Nguyen, D.K., World gold prices and stock returns in China: insights for hedging and diversification strategies (2015) Econ. Model., 44, pp. 273-282; Balli, F., Hatice, O., Balli, H.O., Rosmy, J.L., Vo, T.K., The transmission of market shocks and bilateral linkages: evidence from emerging economies (2015) Int. Rev. Financ. Anal., 42, pp. 349-357; Boubakri, S., Guillaumin, C., Regional integration of the East Asian stock markets: an empirical assessment (2015) J. Int. Money Financ., 57, pp. 136-160; Chang, C., McAleer, M., Tansuchat, R., Conditional correlations and volatility spillovers between crude oil and stock index returns (2013) North Am. J. Econ. Financ., 25, pp. 116-138; El Alaoui, A., Dewandaru, G., Rosly, S., Masih, M., Linkages and co-movement between international stock market returns: case of Dow Jones Islamic Dubai financial market index (2015) J. Int. Financ. Mark. Inst. Money, 36, pp. 53-70; GIFR, Global Islamic finance report (2014), http://www.gifr.net/; Glick, R., Hutchison, M., China's financial linkages with Asia and the global financial crisis (2013) J. Int. Money Financ., 39, pp. 186-206; Golab, A., Allen, D.E., Powell, R., Yap, G., Chapter 19 - volatility and spillover effects of central and Eastern Europe: impact of EU enlargement (2014) Emerg. Mark. Glob. Econ., pp. 448-482; Hammoudeh, S., Mensi, W., Reboredo, J.C., Nguyen, D.K., Dynamic dependence of the global Islamic equity index with global conventional equity market indices and risk factors (2014) Pac. Basin Financ. J., 30, pp. 189-206; Hammoudeh, S., Nguyen, D.K., Reboredo, J.C., Wen, X., Dependence of stock and commodity futures markets in China: implications for portfolio investment (2014) Emerg. Mark. Rev., 21, pp. 183-200; Hammoudeh, S., Jawadi, F., Sarafrazi, S., Interactions between Conventional and Islamic Stock Markets: A Hybrid Threshold Analysis (2013), Drexel University Mimeo, PA, United States; IFSL, Islamic Finance (2009), http://www.ifsl.org.uk/upload/Islamic_finance_2009.pdf, International Financial Services London London; Jawadi, F., Jawadi, N., Louhichi, W., Conventional and Islamic stock price performance: an empirical investigation (2014) Int. Econ., 137, pp. 73-87; Jin, X., Volatility transmission and volatility impulse response functions among the Greater China stock markets (2015) J. Asian Econ., 39, pp. 43-58; Kroner, K., Ng, V., Modelling asymmetric movements of asset prices (1998) Rev. Financ. Stud., 11, pp. 844-871; Kroner, K., Sultan, J., Time-varying distributions and dynamic hedging with foreign currency futures (1993) J. Financ. Quant. Ann., 28, pp. 535-551; Ling, S., McAleer, M., Asymptotic theory for a vector ARMA–GARCH model (2003) Economic Theory, 19, pp. 280-310; Majdoub, J., Mansour, W., Islamic equity market integration and volatility spillover between emerging and US stock markets (2014) N. Am. J. Econ. Financ., 29, pp. 452-470; Mansour, W., Khoutem, B.J., Majdoub, J., How ethical is Islamic banking in the light of Islamic law? (2015) J. Relig. Ethics, 43, pp. 51-77; McAleer, M., Hoti, S., Chan, F., Structure and asymptotic theory for multivariate asymmetric conditional volatility (2009) Econ. Rev., 28, pp. 422-440; Perron, P., Dealing with structural breaks (2006) Palgrave Handb. Econ., 1, pp. 278-352; Rahim, A.M., Masih, M., Portfolio diversification benefits of Islamic investors with their major trading partners: evidence from Malaysia based on MGARCH-DCC and wavelet approaches (2016) Econ. Model., 54, pp. 425-438; Rizvi, S.A., Arshad, S., How does crisis affect efficiency? An empirical study of East Asian markets (2016) Borsa Istanbul Rev., 16 (1), pp. 1-8; Sadorsky, P., Modeling volatility and correlations between emerging market stock prices and the prices of copper, oil and wheat (2014) Energy Econ., 43, pp. 72-81; Salisu, A., Oloko, T., Modeling oil price–US stock nexus: a VARMA–BEKK–AGARCH approach (2015) Energy Econ., 50, pp. 1-12; Shamsuddin, A., Are Dow Jones Islamic equity indices exposed to interest rate risk? (2014) Econ. Model., 39, pp. 273-281; Teng, K., Yen, S., Chua, S., Lean, H., Chapter 35 - financial market integration of ASEAN-5 with China and India (2014) Emerg. Mark. Glob. Econ., pp. 825-859; Yang, J., Zhou, Y., Leung, W.K., Asymmetric correlation and volatility dynamics among stock, bond, and securitized real estate markets (2012) J. Real Estate Financ. Econ., 45, pp. 491-521; Yilmaz, K., Return and volatility spillovers among the east Asian equity markets (2010) J. Asian Econ., 21 (3), pp. 304-313; Zhou, X., Zhang, W., Jie Zhang, J., Volatility spillovers between the Chinese and world equity markets (2012) Pac. Basin Financ. J., 20 (2), pp. 247-270},
correspondence_address1={Majdoub, J.; Institut Supérieur de Gestion, Tunisia; email: jihed.majdoub@gmail.com},
publisher={Elsevier B.V.},
issn={15660141},
language={English},
abbrev_source_title={Emerg. Mark. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{NathanGaras201288,
author={Nathan Garas, S.},
title={The conflicts of interest inside the Shari'a supervisory board},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2012},
volume={5},
number={2},
pages={88-105},
doi={10.1108/17538391211233399},
note={cited By 30},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84902475127&doi=10.1108%2f17538391211233399&partnerID=40&md5=437168a35f4f143517759da5436e34bf},
affiliation={New York Institute of Technology, Manama, Bahrain},
abstract={Purpose – The purpose of this study is to identify the relation between the conflicts of interest in the Shari'a Supervisory Board (SSB) in the Islamic financial institutions (IFIs) and six independent variables: the SSB executive position, the SSB remuneration, the relation between the SSB members and the Board of Directors (BoD), and the multiple memberships in Islamic funds, issuers of Islamic bonds (Sukuk), and companies trading in capital markets. Design/methodology/approach – The variables are articulated in six hypotheses and tested by ordinary least square regression. The data were collected via a questionnaire which was sent to the shareholders, the BoD, and the SSB members of all of the IFIs in the Gulf Cooperation Council (GCC) countries. Findings – The results indicate that the SSB executive position, the relation between the SSB members and the BoDs, and the membership in Islamic funds and issuers of Islamic bonds are significantly related to the conflicts of interest, whereas remuneration and membership in companies trading in capital markets have insignificant relation. Research limitations/implications – The paper does not address the impact of SSB ownership in the IFIs, or the relation between the SSB and the shareholders, or the impact of the corporate governance codes on the relationship between the IFI and the SSB. Practical implications – The study recommends testing the hypotheses in other geographies to generalize the results, and measuring the impact of the SSB ownership on the conflicts of interest as well as its relation with shareholders, regulators, and clients. Social implications – The paper provides practical implications to the SSB members and the BoD in the IFIs and calls for setting a maximum number of SSBs for each SSB member. Originality/value – This study contributes to the literature gap of the SSB role in the governance of IFIs. It is believed to be one of first studies that provide empirical evidence about the SSB conflicts of interest in the IFIs of the GCC region. © 2012, © Emerald Group Publishing Limited.},
author_keywords={Board governance;  Conflicts of interest;  Corporate governance;  Islam;  Islamic financial institutions;  Shari’a supervisory board},
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correspondence_address1={Nathan Garas, S.; New York Institute of TechnologyBahrain; email: samynathan@nyit.edu.bh},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mitchell2013189,
author={Mitchell, S.M. and Ring, J.J. and Spellman, M.K.},
title={Domestic legal traditions and states' human rights practices},
journal={Journal of Peace Research},
year={2013},
volume={50},
number={2},
pages={189-202},
doi={10.1177/0022343312466561},
note={cited By 29},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84875313749&doi=10.1177%2f0022343312466561&partnerID=40&md5=cba9c29b04cdff04aab2999aee57ccbb},
affiliation={Department of Political Science, University of Iowa, United States; Spellman Law, PC, West Des Moines, IA, United States},
abstract={Empirical analyses of domestic legal traditions in the social science literature demonstrate that common law states have better economic freedoms, stronger investor protection, more developed capital markets, and better property rights protection than states with civil law, Islamic law, or mixed legal traditions. This article expands upon the literature by examining the relationship between domestic legal traditions and human rights practices. The primary hypothesis is that common law states have better human rights practices on average than civil law, Islamic law, or mixed law states because the procedural features of common law such as the adversarial trial system, the reliance on oral argumentation, and stare decisis result in greater judicial independence and protection of individual rights in these legal systems. We also examine how the quality of a state's legal system influences repression focusing on colonial legacy, judicial independence, and the rule of law. A global cross-national analysis of state-years from 1976 to 2006 shows that states with common law traditions engage in better human rights practices than states with other legal systems. This result holds when controlling for the quality of the legal system and standard explanations for states' human rights practices (economic growth, regime type, population size, military regime, and war involvement). © The Author(s) 2013.},
author_keywords={civil law;  colonial legacy;  common law;  human rights;  Islamic law},
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ECPR, Turin, Italy, 22-27 March; Poe, S.C., Tate, N., Repression of human rights to personal integrity in the 1980s (1994) American Political Science Review, 88 (4), pp. 853-872; Poe, S.C., Tate, N., Keith, L.C., Repression of the human right to personal integrity revisited (1999) International Studies Quarterly, 43 (2), pp. 291-313; Powell, E.J., Mitchell, S.M., The International Court of Justice and the world's three legal systems (2007) Journal of Politics, 69 (2), pp. 397-415; Powell, E.J., Staton, J.K., Domestic judicial institutions and human rights treaty violation (2009) International Studies Quarterly, 53 (1), pp. 149-174; Regan, P.M., Henderson, E., Democracy, threats and political repression in developing countries (2002) Third World Quarterly, 23 (1), pp. 119-136; Reichel, P.L., (2008) Comparative Criminal Justice Systems, , Upper Saddle River, NJ: Prentice Hall; Ruedy, J., (2005) Modern Algeria: The Origins and Development of a Nation, , 2nd edn. 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correspondence_address1={Mitchell, S. M.; Department of Political Science, United States; email: sara-mitchell@uiowa.edu},
publisher={SAGE Publications Ltd},
issn={00223433},
language={English},
abbrev_source_title={J. Peace Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Dekhil201774,
author={Dekhil, F. and Boulebech, H. and Bouslama, N.},
title={Effect of religiosity on luxury consumer behavior: the case of the Tunisian Muslim},
journal={Journal of Islamic Marketing},
year={2017},
volume={8},
number={1},
pages={74-94},
doi={10.1108/JIMA-09-2012-0051},
note={cited By 28},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85014020074&doi=10.1108%2fJIMA-09-2012-0051&partnerID=40&md5=b5f744ae9379323faa277da8168ea52c},
affiliation={FSEG Tunis, Tunis, Tunisia; Tunis El Manar University, Tunis, Tunisia},
abstract={Purpose: The purpose of this paper is to describe the effects of religiosity on attitude and personal orientation toward luxury brands and on purchase and repurchase intentions. Determining the effects of religiosity on the consumers’ behavior toward luxury has proved to be a crucial matter. As far as the authors know, academic research on this topic is almost non-existent. This is an exploratory study at the level of the direct effects of religiosity. Following a literature review, a model was constructed to represent the various interrelationships between the variables investigated in this research. Design/methodology/approach: A quantitative study was conducted among 227 individuals having varying levels of religiosity. The authors verified, before, that those interviewed have purchased a luxury brand. Findings: The findings show that religiosity does not hinder the consumption of luxury brands. Indeed, the authors detected a positive relationship between attitude and personal orientation toward luxury brands and the level of religiosity. The effect of religiosity on attitude and personal orientation is stronger for persons having higher incomes. Moreover, this effect is slight more marked among women. Research limitations/implications: Just as for all other research work, it is important to identify the limitations of this study. The authors need only to acknowledge its exploratory nature for these relationships to be identified as preliminary ones and as the first elements of proof rather than as a conclusive demonstration. This research suffers from certain other limitations, especially concerning its convenience sampling and the fact that it covered only a limited geographical area, namely, the capital, Tunis, and its adjacent suburbs. Practical implications: This research has shown that whatever the level of religiosity, its effect is stronger among persons having a high income. Therefore, Muslims, whatever their religiosity, can be a target for marketers and luxury brand. Social implications: Islam is not against luxury brand but against ostentation. Originality/value: It is the first research, as the authors know, that study the relationship between religiosity and consumer luxury behavior, especially among Muslims. © 2017, © Emerald Publishing Limited.},
author_keywords={Attitude;  Islamic fashion and clothing industry;  Islamic life style markets;  Islamic market segmentation;  Luxury;  Personal orientation;  Purchase intention;  Religiosity;  The Muslim consumer},
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correspondence_address1={Dekhil, F.; FSEG TunisTunisia; email: fawzyfr@yahoo.fr},
publisher={Emerald Group Publishing Ltd.},
issn={17590833},
language={English},
abbrev_source_title={J. Islam. Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Wahyudi201432,
author={Wahyudi, I. and Sani, G.A.},
title={Interdependence between Islamic capital market and money market: Evidence from Indonesia},
journal={Borsa Istanbul Review},
year={2014},
volume={14},
number={1},
pages={32-47},
doi={10.1016/j.bir.2013.11.001},
note={cited By 28},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84908464783&doi=10.1016%2fj.bir.2013.11.001&partnerID=40&md5=794610cb68e71a8a7986f3c26206a7e6},
affiliation={Department of Management, Building Second Floor, Faculty of Economics and Business, University of Indonesia, Jl. Prof. Dr. Sumitro Djojohadikusumo, Kampus UI Depok, 16424, India; Ministry of Finance, University of Indonesia, Indonesia},
abstract={This study investigate VAR Toda-Yamamoto causality test between macroeconomic variables and Islamic financial market. The purpose of this study is to analyze the information content of Islamic capital market and money market return with respect to macroeconomic and global factors. Using bivariate method, we found that Islamic capital market index (JII) has more content information than Islamic money market index (SBIS). The exchange rate and VIX index significantly affected JII. Otherwise, only VIX index have been found to significantly affect SBIS. Using multivariate method, JII has more content information (exchange rate, world oil price, China's economic growth, and VIX index) than SBIS (SBI rate, inflation rate, and VIX index). Contradiction in these findings indicates the presence of (i) interaction between the macroeconomic variables, (ii) interaction between the financial market and the macroeconomic variables, and (iii) interaction between the Islamic capital market and money market. Further, by considering these interactions, JII more suitable for use as a barometer of fiscal policies in Indonesia, while SBIS suitable for monetary policies. © 2013 Borsa ̄stanbul Anonim Şirketi.},
author_keywords={Capital market;  Causality;  Islamic finance;  Monetary;  Money market},
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correspondence_address1={Wahyudi, I.; Department of Management, Jl. Prof. Dr. Sumitro Djojohadikusumo, India; email: i_wahyu@ui.ac.id},
publisher={Borsa Istanbul Anonim Sirketi},
issn={22148450},
language={English},
abbrev_source_title={Borsa Istanb. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Foroutan200863,
author={Foroutan, Y.},
title={Women's employment, religion and multiculturalism: Socio-demographic emphasis},
journal={Journal of Population Research},
year={2008},
volume={25},
number={1},
pages={63-90},
doi={10.1007/BF03031941},
note={cited By 28},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-47649089234&doi=10.1007%2fBF03031941&partnerID=40&md5=9896e1a6ea19abf6ec52d6124479d2ca},
affiliation={University of Mazandaran, Babolsar, Mazandaran Province, Iran},
abstract={Giving the central focus to 'religious affiliation' which'was once at the forefront of demographic research' (McQuillan 2004: 25), this paper examines the association between religion and women's market employment. Generally speaking, gender characteristics such as high fertility and low employment levels for Muslim women in both intracountry and worldwide comparisons have been asserted in an extensive literature. The context, method and comparison groups of this study provide the opportunity to examine the longstanding debate as to whether religion per se or other determinants explain such gender characteristics in Islamic settings. It is, however, acknowledged that the present study faces limitations mainly associated with the selectivity of migrants. Using logistic regression and the multicultural context of Australia containing a substantially diverse ethnic composition of Muslims, this paper highlights Muslim/non-Muslim employment differentials. The paper also analyses the employment level of Muslim women across the regions of origin representing various contexts in order to provide empirical evidence to examine the above debate.},
author_keywords={Assimilation;  Australia;  Cultural diversity;  Human capital;  Religion;  Women's employment},
keywords={comparative study;  cultural influence;  employment;  gender disparity;  Islamism;  multiculturalism;  socioeconomic status;  womens employment;  womens status, Australasia;  Australia},
funding_details={Australian National UniversityAustralian National University},
funding_text 1={I wish to gratefully acknowledge support and comments on this research from Professor Peter McDonald, Dr Edith Gray and Dr Siew-Ean Khoo (The Australian Demographic and Social Research Institute, The Australian National University, Canberra, Australia). The term, the selectivity hypothesis, used in this paper has also been suggested by Professor McDonald as an appropriate explanation for the observed patterns in this analysis. I am also grateful for the constructive comments from three anonymous reviewers on the early draft of this paper and assistance from Dr. Julian Robert at the ANU.},
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correspondence_address1={Foroutan, Y.; Department of Social Sciences, , Babolsar, Mazandaran Province, Iran; email: y_foroutan@yahoo.com},
publisher={Australian Population Association},
issn={14432447},
language={English},
abbrev_source_title={J. Popul. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ahmed201956,
author={Ahmed, H. and Elsayed, A.H.},
title={Are Islamic and conventional capital markets decoupled? Evidence from stock and bonds/sukuk markets in Malaysia},
journal={Quarterly Review of Economics and Finance},
year={2019},
volume={74},
pages={56-66},
doi={10.1016/j.qref.2018.04.005},
note={cited By 27},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046141631&doi=10.1016%2fj.qref.2018.04.005&partnerID=40&md5=cbc15bb9739011c53d18be38fa5f2d7d},
affiliation={Department of Economics & Finance, Durham University, Mill Hill Lane, Durham, DH1 3LB, United Kingdom; Department of Economics, Faculty of Commerce, Zagazig University, Egypt},
abstract={This study examines the decoupling hypothesis between Islamic and conventional capital markets by analysing the dynamic interdependencies among conventional stock, Islamic stock, bonds and sukuk markets in Malaysia over the period January 3, 2007 to March 31, 2017. Empirical findings on the total spillover index show that, on average, one third of the total forecast error variance attributed to spillovers has affects across four markets, indicating that conventional and Islamic markets are highly interconnected. The conventional stock and bond markets are considered to be the main net transmitters of spillovers towards other markets, whereas the sukuk market is a net receipt of modest levels of return shocks from conventional, Islamic and bond markets throughout the sample period. The interlinkages and connectedness between sukuk and conventional bonds are robust compared with other markets but show variations in the spillovers over the period. While one way to explain the differences in the spillovers between the conventional bond and sukuk indices can be attributed to external factors such as the financial crisis, changes in the legal regime and political uncertainties, another explanation may lie in the differences in the contractual structures of these instruments. © 2018 Board of Trustees of the University of Illinois},
author_keywords={Bond market;  Conventional stock market;  Islamic stock market;  Malaysia;  Return spillovers;  Sukuk market},
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correspondence_address1={Elsayed, A.H.; Department of Economics & Finance, Mill Hill Lane, United Kingdom; email: ahmed.elsayed@durham.ac.uk},
publisher={Elsevier B.V.},
issn={10629769},
language={English},
abbrev_source_title={Q. Rev. Econ. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{WanIsmail201519,
author={Wan Ismail, W.A. and Kamarudin, K.A. and Sarman, S.R.},
title={The quality of earnings in Shariah-compliant companies: evidence from Malaysia},
journal={Journal of Islamic Accounting and Business Research},
year={2015},
volume={6},
number={1},
pages={19-41},
doi={10.1108/JIABR-03-2013-0005},
note={cited By 27},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84956626523&doi=10.1108%2fJIABR-03-2013-0005&partnerID=40&md5=eac324354577410fa7e92248250476d8},
affiliation={Accounting Research Institute, Universiti Teknologi Mara, Sungai Petani, Malaysia},
abstract={Purpose – The purpose of this study is to examine the quality of reported earnings in the corporate reports of Shariah-compliant companies listed on Bursa Malaysia. Design/methodology/approach – This study hypothesises that companies with Shariah compliance status have higher quality of earnings because of greater demand for and supply of high-quality financial reports. The quality of reported earnings is measured using the cross-sectional Dechow and Dichev (2002) accrual quality model. The study uses a balanced panel data of 3,048 observations from 508 companies during a six-year period of 2003-2008. Findings – This paper finds robust evidence that Shariah-compliant companies have significantly higher earnings quality compared to other firms. The results provide support for the arguments that Shariah-compliant companies supply a higher quality of reported earnings to attract foreign investment, have greater demand for high-quality financial reporting because of their Shariah status and are subject to greater scrutiny by regulators and institutional investors. Research limitations/implications – This study contributes to the existing literature on Islamic capital market, business ethics, firms’ governance and financial reporting quality. The study would give a better understanding on issues relating to earnings quality of Shariah-compliant companies and would be especially useful for financial statement users, including investment analysts. Originality/value – This paper provides evidence on the quality of earnings in Shariah-compliant companies and offers new arguments that explain why such companies possess higher quality of earnings compared to their counterparts. © 2015, © Emerald Group Publishing Limited.},
author_keywords={Accrual quality;  Earnings quality;  Financial reporting;  Shariah-compliant},
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correspondence_address1={Wan Ismail, W.A.; Accounting Research Institute, Malaysia; email: wanad182@kedah.uitm.edu.my},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Al-Yahyaee2020,
author={Al-Yahyaee, K.H. and Mensi, W. and Rehman, M.U. and Vo, X.V. and Kang, S.H.},
title={Do Islamic stocks outperform conventional stock sectors during normal and crisis periods? Extreme co-movements and portfolio management analysis},
journal={Pacific Basin Finance Journal},
year={2020},
volume={62},
doi={10.1016/j.pacfin.2020.101385},
art_number={101385},
note={cited By 26},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85087418075&doi=10.1016%2fj.pacfin.2020.101385&partnerID=40&md5=9edee8a7168db417a7a6de71c75bd368},
affiliation={Department of Economics and Finance, College of Economics and Political Science, Sultan Qaboos University, Muscat, Oman; Institute of Business Research, University of Economics Ho Chi Minh City, Viet Nam; South Ural State University, 76, Lenin prospekt, Chelyabinsk, Russian Federation; Institute of Business REsearch and CFVG, University of Economics Ho Chi Minh City, Viet Nam; Department of Business Administration, Pusan National University, Busan, 609-735, South Korea; School of Commerce, University of South Australia, Adelaide, Australia},
abstract={This study (i) compares the performance of 22 Islamic and conventional Dow Jones stock market indices during the recent pre-crisis and post-crisis periods, namely, the global financial crisis (GFC) and the European sovereign debt crisis (ESDC); (ii) analyzes the time-frequency co-movements between conventional and Islamic stock sectors; and (iii) evaluates portfolio risk management. We apply different performance measures, namely, the Sharpe, Roy, Treynor, Omega, and Alpha Jensen. These are based on the capital asset pricing model-exponential generalized autoregressive conditional heteroscedasticity (CAPM-EGARCH) model, and the cross wavelet transform approach, the wavelet approach, and the conditional value at risk (CVaR). Results using the Alpha Jensen performance measure show that Islamic equity returns dominate conventional equity returns during the full sample period. However, the pre-crisis periods are dominated by higher conventional equity returns, irrespective of the return measures employed. During the GFC, the ESDC, and the post-crisis periods, Islamic equity returns dominate their conventional counterparts. Moreover, the co-movements of sectors vary over time and across frequencies and depend on major events. We find that portfolios consisting of Islamic and conventional equity markets within the industrial and utilities sectors offer maximum risk reductions in terms of portfolio value at risk (VaR). Whereas, portfolios consisting of Islamic and conventional stock markets of aggregate equities, basic materials, consumer services, and technologies highlight traces of low-diversification benefits across the entire sampling period. The consumer goods, energy, financial, healthcare, and telecommunications sectors highlight the least diversification benefits in terms of differences in portfolio VaR. Evidence of systemic risk is reported. © 2020 Elsevier B.V.},
author_keywords={Conditional VaR;  Islamic and conventional stock sectors;  Performance indices;  Wavelet approach},
funding_details={Ministry of EducationMinistry of Education, MOE},
funding_details={National Research Foundation of KoreaNational Research Foundation of Korea, NRF, NRF-2019S1A5A2A01035116},
funding_text 1={This work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2019S1A5A2A01035116). Co-authors who are affiliated with the University of Economics Ho Chi Minh City are supported by the University of Economics Ho Chi Minh City. This manuscript has not been published or presented elsewhere in part or in entirety and is not under consideration by another journal. We have read and understood your journal's policies, and we believe that neither the manuscript nor the study violates any of these. There are no conflicts of interest to declare. Thank you for your consideration. I look forward to hearing from you.},
funding_text 2={This work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea ( NRF-2019S1A5A2A01035116 ). Co-authors who are affiliated with the University of Economics Ho Chi Minh City are supported by the University of Economics Ho Chi Minh City.},
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correspondence_address1={Kang, S.H.; Department of Business Administration, South Korea; email: sanghoonkang@pusan.ac.kr},
publisher={Elsevier B.V.},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Saeed2020,
author={Saeed, M. and Izzeldin, M. and Hassan, M.K. and Pappas, V.},
title={The inter-temporal relationship between risk, capital and efficiency: The case of Islamic and conventional banks},
journal={Pacific Basin Finance Journal},
year={2020},
volume={62},
doi={10.1016/j.pacfin.2020.101328},
art_number={101328},
note={cited By 26},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85083742495&doi=10.1016%2fj.pacfin.2020.101328&partnerID=40&md5=1eabdb1a14be5f6e7dc7c5ec6ff94c48},
affiliation={Lancaster University Management School, Lancaster University, United Kingdom; Department of Economics and Finance, University of New Orleans, New Orleans, LA  70148, United States; Kent Business School, University of Kent, United Kingdom},
abstract={The paper investigates the relationship between risk, capital and efficiency for Islamic and conventional banks using a dataset spanning 14 countries. We use the z-score as a proxy for insolvency risk, cost efficiency is estimated via a stochastic frontier approach and capitalisation is reflected on the equity to assets ratio. An array of bank-specific, macroeconomic and market structure variables are used in a system of three equations, estimated using the seemingly unrelated regression (SUR) technique. We find that the capitalisation response to increases in insolvency risk is more pronounced for Islamic banks but has an approximately five-times smaller effect on risk mitigation compared to conventional banks. Higher cost efficiency is related to lower risk for conventional banks, but the opposite is true for Islamic banks. The link between cost efficiency and capitalisation attests to a substitutional effect for the case of conventional banks, but a complementary effect for Islamic banks. Our findings give new insights on the use of efficiency to gauge capital requirements for financial institutions and are particularly relevant for regulators and policy makers in countries where both bank types operate. © 2020 Elsevier B.V.},
author_keywords={Capital ratio;  Conventional banks;  Islamic banks;  Seemingly unrelated regression;  Z-score},
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Res., 1, pp. 253-275; Weill, L., Banking efficiency in transition economies (2003) Econ. Transit., 11, pp. 569-592; Williams, J., Perquisites, risk and capital structure (1987) J. Bank. Financ., 42, pp. 29-49; Zellner, A., An efficient method of estimating seemingly unrelated regressions and tests for aggregation Bias (1962) J. Am. Stat. Assoc., 57, pp. 348-368},
correspondence_address1={Hassan, M.K.; Department of Economics and Finance, United States; email: mhassan@uno.edu},
publisher={Elsevier B.V.},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Arshad2016402,
author={Arshad, S. and Rizvi, S.A.R. and Ghani, G.M. and Duasa, J.},
title={Investigating stock market efficiency: A look at OIC member countries},
journal={Research in International Business and Finance},
year={2016},
volume={36},
pages={402-413},
doi={10.1016/j.ribaf.2015.09.026},
note={cited By 26},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84945270687&doi=10.1016%2fj.ribaf.2015.09.026&partnerID=40&md5=853bd889d73ec7ab4f0ddde6b754ea60},
affiliation={IIUM Institute of Islamic Banking and Finance, Malaysia; University of Nottingham, Malaysia; Centre for Islamic Business and Finance Research, Nottingham, Malaysia; International Islamic University, Malaysia; Department of Economics, International Islamic University, Malaysia},
abstract={The tremendous growth of emerging and developing markets bring forth new arenas of research. One such area is the efficiency of stock markets. In light of the Efficient Market Hypothesis (EMH) several studies have been undertaken over the past two decade, with much focus being on developed markets and certain developing countries. However, a dearth in literature is seen for this niche on Organization of Islamic Conference (OIC) member countries. Following the recent global crisis, attention on emerging and developing markets have increased tremendously, questioning whether these countries' market are apt in withstanding influxes of capital without crashing. The OIC despite its global presence and potential has often been criticized about its stock markets, which are marred by underdevelopment and illiquidity. This paper focuses on analysing the weak-form efficiency of OIC member stock markets to determine their efficiency rankings during different business cycles. Our results are indicative of improving efficiency over the past decade. © 2015 Elsevier B.V.},
author_keywords={Efficiency;  Emerging markets;  MF-DFA;  OIC;  Stock markets},
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correspondence_address1={Arshad, S.; IIUM Institute of Islamic Banking and FinanceMalaysia},
publisher={Elsevier Ltd},
issn={02755319},
language={English},
abbrev_source_title={Res. Int. Bus. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Zarei2014795,
author={Zarei, E. and Arab, M. and Tabatabaei, S.G. and Rashidian, A. and Forushani, A.R. and Khabiri, R.},
title={Understanding patients’ behavioral intentions: Evidence from Iran’s private hospitals industry},
journal={Journal of Health Organization and Management},
year={2014},
volume={28},
number={6},
pages={795-810},
doi={10.1108/JHOM-11-2012-0218},
note={cited By 26},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84912523566&doi=10.1108%2fJHOM-11-2012-0218&partnerID=40&md5=b53b4953c4190c7fa8054c1f8d4f9e15},
affiliation={Department of Public Health, Shahid Beheshti University of Medical Sciences, Tehran, Iran; Department of Health Economic and Managment, Tehran University of Medical Sciences, Tehran, Iran; Department of Demography, University of Tehran, Tehran, Iran; Department of Health Management & Economics, Tehran University of Medical Sciences, Tehran, Iran; Department of Epidemilogy & Biostatistics, Tehran University of Medical Sciences, Tehran, Iran; National Institute of Health Research, Tehran University of Medical Sciences, Tehran, Iran},
abstract={Purpose – In the ever-increasing competitive market of private hospital industry, creating a strong relationship with the customers that shapes patients’ loyalty has been considered a key factor in obtaining market share. The purpose of this paper is to test a model of customer loyalty among patients of private hospitals in Iran.
Design/methodology/approach – This cross-sectional study was carried out in Tehran, the capital of the Islamic Republic of Iran in 2010. The study samples composed of 969 patients who were consecutively selected from eight private hospitals. The survey instrument was designed based on a review of the related literature and included 36 items. Data analysis was performed using structural equation modeling.
Findings – For the service quality construct, three dimensions extracted: Process, interaction, and environment. Both process and interaction quality had significant effects on perceived value. Perceived value along with the process and interaction quality were the most important antecedents of patient overall satisfaction. The direct effect of the process and interaction quality on behavioral intentions was insignificant. Perceived value and patient overall satisfaction were the direct antecedents of patient behavioral intentions and the mediators between service quality and behavioral intentions. Environment quality of service delivery had no significant effect on perceived value, overall satisfaction, and behavioral intentions.
Originality/value – Contrary to previous similar studies, the role of service quality was investigated not in a general sense, but in the form of three types of qualities including quality of environment, quality of process, and quality of interaction. © 2014 Emerald Group Publishing Limited.},
author_keywords={Behavioural intentions;  Iran;  Patient satisfaction;  Perceived value;  Service quality},
keywords={adult;  aged;  behavior;  behavior;  cross-sectional study;  female;  health care quality;  human;  Iran;  male;  middle aged;  patient;  patient satisfaction;  private hospital;  psychology;  questionnaire;  statistics and numerical data;  theoretical model, Adult;  Aged;  Behavior;  Cross-Sectional Studies;  Female;  Hospitals, Private;  Humans;  Intention;  Iran;  Male;  Middle Aged;  Models, Theoretical;  Patient Satisfaction;  Patients;  Quality of Health Care;  Questionnaires},
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correspondence_address1={Zarei, E.; Department of Public Health, Iran},
publisher={Emerald Group Holdings Ltd.},
issn={14777266},
pubmed_id={25420357},
language={English},
abbrev_source_title={J. Health Organ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Duasa2014158,
author={Duasa, J. and Raihan Syed Mohd Zain, S. and Tarek Al-Kayed, L.},
title={The relationship between capital structure and performance of Islamic banks},
journal={Journal of Islamic Accounting and Business Research},
year={2014},
volume={5},
number={2},
pages={158-181},
doi={10.1108/JIABR-04-2012-0024},
note={cited By 26},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84959915880&doi=10.1108%2fJIABR-04-2012-0024&partnerID=40&md5=f41dc06d7471141b0299e825aee12e6b},
affiliation={Department of Economics, International Islamic University Malaysia, Kuala Lumpur, Malaysia; Finance Department, International Islamic University Malaysia, Kuala Lumpur, Malaysia; Business Administration Department, Princess Nora Bint Abdul Rahman University, Riyadh, Saudi Arabia},
abstract={Purpose – This paper aims to examine the effect of capital structure on Islamic banks’ (IBs) performance to provide guidance to finance managers for raising capital funds. As newcomers to the markets, IBs are facing a trade-off. They can either use high capital ratios which increase the soundness and safety of the bank and lower the required return by investors, or depend on deposits and Islamic bonds which are considered cheaper sources of funds due to their tax rebate. An IB’s management must carefully decide the appropriate mix of debt and equity, i.e. capital structure, to maximize the value of the bank. Design/methodology/approach – Using a sample of 85 IBs covering banking systems in 19 countries, the study uses a two-stage least squares method to examine the performance determinants of IBs to control the reverse causality from performance to capital structure. Findings – After control of the macroeconomic environment, financial market structure and taxation, results indicate that IBs’ performance (profitability) responds positively to an increase in equity (capital ratio). The result is consistent with the signaling theory which predicts that banks expected to have better performance credibly transmit this information through higher capital. Optimal capital structure results of the IBs found a non-monotonic U-shaped relationship between the capital-asset ratio and profitability, supporting the efficiency risk and franchise value hypotheses. Research limitations/implications – Due to limitations for market data, the study uses book accounting ratios. Future research where market data are available could use performance measures, such as Tobin’s Q in performance determinants models. Practical implications – The non-monotonic relationship found between IBs’ return on equity and capital ratios suggests that equity issuances for IBs’ with low capital ratios (lower than the turning point of 37.41 per cent) are expensive and have a negative effect on their profitability. On the other hand, managers of well-capitalized IBs (banks with capital ratios beyond 37.41 per cent) are advised to rely on equity when faced by a decision to raise capital, as the capital ratio starts to affect their profitability positively. Originality/value – Islamic banking literature has been silent on IBs’ capital structure and its relevance; this study will try to fill in the existent gap. © 2014, Emerald Group Publishing Limited.},
author_keywords={Capital structure;  Islamic banks;  Optimal capital structure;  Performance},
references={Abdel-Hameed, B., Assessing the performance of Islamic banks: some evidence from the middle east (2003) Islamic Economic Studies, 11 (1), pp. 32-57. , ), “”; Berger, A.N., The relationship between capital and earnings in banking (1995) Journal of Money, Credit, and Banking, 27 (2), pp. 432-456. , ), “”; Berger, A.N., di Patti, E., (2002) Capital structure and firm performance: a new approach to testing agency theory and an application to the banking industry, , ), “”, Working Paper 54,Federal Reserve, Washington, DC:; Eriotis, N.P., Frangouli, Z., Ventoura-Neokosmides, Z., Profit margin and capital structure: an empirical relationship (2002) The Journal of Applied Business Research, 18 (2), pp. 85-88. , ), “”; Flamini, V., McDonald, C., Schumacher, L., (2009) The determinants of commercial bank profitability in Sub-Saharan Africa, , ), “”, Working Paper wp/09/15,International Monetary Fund, Washington, DC:; Gropp, R., Heider, F., (2009) The determinants of bank capital structure, , ), “”, Working Paper 1096 September.European Central Bank, Germany; Haron, S., Determinants of Islamic bank profitability (2004) Global Journal of Finance and Economics, 1 (1), pp. 1-22. , ), “”; Hassan, K., Bashir, A.H., Determinants of Islamic Banking Profitability (2003) Proceedings of the ERF 10th Annual Conference, , ), “” 16-18 December, 2003.Marrakesh, Morocco:; Hoffman, P., Determinants of the profitability of the US banking industry (2011) International Journal of Business and Social Science, 2 (22), pp. 225-269. , ), “”; Hutchison, D.E., Cox, R.A.K., The causal relationship between bank capital and profitability (2006) Annals of Financial Economic, pp. 40-54. , ), “” University of Ontario Institute of Technology, Oshawa:; Iqbal, M., Islamic and conventional banking in the nineties: a comparative study (2001) Islamic Economic Studies, 8 (2), pp. 1-27. , ), “”; Kabir, H., Abdel-Hameed, B., (2003) Determinants of Islamic banking profitability, , http://nzibo.com/IB2/Determinants.pdf, ), “”, paper presented at the Economic Research Forum (ERF) 10th Annual Conference, Morocco, :(accessed 24 March 2013); Kabir, H., Farhat, J., Al-Zu’bi, B., Dividend signaling hypothesis and short-term asset concentration of Islamic interest free banking (2003) Islamic Economic Studies, 11 (1), pp. 1-30. , ), “”; Kadom, S., Eid, A., Cost of capital of Islamic banking institutions: an empirical study of a special case (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (1), pp. 10-19. , ), “”; Memmel, C., Raupach, P., (2007) Do banks adjust their capital ratios? Evidence from Germany, , ), “”,Deutche Bundesbank Research Centre Discussion Paper Series 2: Banking Financial Studies, 2007-06; Modigliani, F., Miller, M.H., The cost of capital, corporate finance and the theory of investment (1958) American Economic Review, 48 (3), pp. 261-297. , ), “”; Naceur, S.B., (2003) The determinants of the Tunisian banking industry profitability: panel evidence, , www.mafhoum.com/press6/174E11.pdf, ), “”, paper presented at the 10th annual Economic Research Forum (ERF) Conference, Morocco, :(accessed 24 March 2013); Pratomo, W.A., Ismail, A.G., (2006) Islamic bank performance and capital structure, , ), “”, Munich Personal RePEc Archive (MPRA), 6012,Universitas Sumatera Utara, Medan:; Sharpe, G.I., Determinants of capital structure of Australian trading banks (1995) Asia Pacific Journal of Management, 12 (2), pp. 97-121. , ), “”; Wooldridge, J., (2009) Introductory Econometrics A Modern Approach, , South-Western Cengage Learning, Mason, OH:; Zaher, T., Hassan, K., A comparative literature survey of Islamic finance and banking (2001) Financial Markets, Institutions and Instruments, 10 (4), pp. 155-199. , ), “”; Abor, J., The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana (2005) The Journal of Risk Finance, 6 (5), pp. 438-445. , ), “”; Aburime, U., Islamic banking theories, practices and insights for Nigeria (2008) International Review of Business Research Papers, 5 (1), pp. 321-339. , ), “”; Aggrawal, R.K., Yousef, T., Islamic banks and investment financing (2000) Journal of Money, Credit and Banking, 32 (1), pp. 93-120. , ), “”; Jensen, M., Meckling, W., Theory of the firm: managerial behavior, agency costs and ownership structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360. , ), “”; Kabir, H., Islamic banking in theory and practice: the experience of Bangladesh (1999) Managerial Finance, 25 (5), pp. 60-113. , ), “”; Lama, T.A., (2012) Capital structure and performance of Islamic banks: determinants and optimality, , ), “”, Unpublished PhD dissertation,International Islamic University Malaysia; Modigliani, F., Miller, M.H., Corporate income taxes and the cost of capital: a correction (1963) American Economic Review, 53 (3), pp. 433-443. , ), “”; Moin, M., (2008) Performance of Islamic banking and conventional banking in Pakistan: a comparative study, , ), “”, unpublished master degree project,University of Skovde, Sweden; Samad, A., Performance of interest-free Islamic banks vis-a-vis interest-based conventional banks of Bahrain (2004) IIUM Journal of Economics and Management, 12 (2). , ), “”; Samad, A., Kabir, H., The performance of Malaysian Islamic bank during 1984-1997: an exploratory study (1999) International Journal of Islamic Financial Services, 1 (3). , ), “”},
correspondence_address1={Tarek Al-Kayed, L.; Business Administration Department, Saudi Arabia; email: lama.alkayed@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Saad201024,
author={Saad, N.M. and Majid, M.S.A. and Kassim, S. and Hamid, Z. and Yusof, R.M.},
title={A comparative analysis of the performance of conventional and Islamic unit trust companies in Malaysia},
journal={International Journal of Managerial Finance},
year={2010},
volume={6},
number={1},
pages={24-47},
doi={10.1108/17439131011015779},
note={cited By 26},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-76649104077&doi=10.1108%2f17439131011015779&partnerID=40&md5=dfd394fec331341df85fca6e968eb76d},
affiliation={Department of Economics, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, Kuala Lumpur, Malaysia},
abstract={Purpose: The purpose of this paper is to investigate the efficiency of selected conventional and Islamic unit trust companies in Malaysia during the period 2002 to 2005. Design/methodology/approach: The paper adopts Data Envelopment Analysis (DEA) to investigate efficiency, as measured by the Malmquist index, which is decomposed into two components: efficiency change and technical change indexes. Findings: The study indicates that technical efficiency is the main contributor to enhancing the efficiency of the Malaysian unit trust industry. In addition, the larger the size of the unit trust companies, the more inefficient the performance. In comparing the efficiency of unit trust companies, the study finds that some of the Islamic unit trust companies perform better than their conventional counterparts. Research limitations/implications: The study is limited to five Islamic unit trust companies. Thus, the findings of this study are indicative, but inconclusive for the unit trust industry as a whole. Practical implications: The results have two important implications for both conventional and Islamic unit trust companies in Malaysia. First, the deterioration of total factor productivity (TFP) in the unit trust industry in Malaysia is due to the deficiency of innovation in technical components. Second, the size of the unit trust companies has an adverse effect on the TFP performance. Originality/value: The contribution of this study is that it analyzes the efficiency of the two types of unit trust industry which are important and relevant for Malaysia. This significance arises from the dual financial system, in which the Islamic unit trust companies operate in parallel with their conventional counterparts. The comparison sheds some light on the performance of the Islamic unit trust companies, whose operations are based on profit-sharing, in contrast to the conventional unit trust companies. © Emerald Group Publishing Limited.},
author_keywords={Capital markets;  Economic performance;  Indexing;  Islam;  Malaysia;  Unit trusts},
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(2007), paper presented at the IIUM International Conference on Islamic Banking and Finance (IICiBF), IIUM Institute of Islamic Banking & Finance (IIiBF), Kuala Lumpur, 23-25 April; Ippolito, R.A., Efficiency with costly information: A study of mutual fund performance, 1965-1984 (1989) Quarterly Journal of Economics, 104 (1-23); Ismail, A.G., Shakrani, M.S., The conditional CAPM and cross-sectional evidence of return and beta for Islamic unit trusts in Malaysia (2003) IIUM Journal of Economics and Management, 11 (1), pp. 1-30; Jensen, M.C., The performance of mutual funds in the period 1945-1964 (1968) Journal of Finance, 23, pp. 389-416; Land, K.C., Lovell, C.A.K., Thore, S., Chance-constrained data envelopment analysis (1993) Managerial & Decision Economics, 14 (6), pp. 541-554; Low, S.W., Malaysian unit trust funds' performance during up and down market conditions: A comparison of market benchmark (2007) Managerial Finance, 33 (2), pp. 154-166; Low, S.W., Ghazali, N.A., An evaluation of the market timing and security selection performance of mutual funds: The case of Malaysia (2005) International Journal of Management Studies, 12, pp. 215-233; Mahajan, J., A data envelopment analytic model for assessing the relative efficiency of the selling function (1991) European Journal of Operational Research, 53, pp. 189-205; Mao, W., Koo, W., Productivity growth, technology progress and efficiency change in Chinese agricultural production from 1984 to 1993 (1996), Agricultural Economics Report, 362, North Dakota State University, Fargo, ND; Md Taib, F., Isa, M., Malaysian unit trust aggregate performance (2007) Managerial Finance, 33 (2), pp. 102-121; Meador, J.W., Ryan, H.E., Schellhorn, C.D., Product focus versus diversification: Estimates of X-efficiency for the US life insurance industry (2000) Performance of Financial Institutions: Efficiency, Innovation, Regulation, pp. 175-198. , Harker, P.T., Zenios, S.A. (Eds.), Cambridge University Press; Murti, B.P.S., Choi, Y.K., Desai, P., Efficiency of mutual funds and portfolio performance measurement: A non-parametric approach (1997) European Journal of Operational Research, 98, pp. 408-418; Noordin, A.H., Islamic and conventional funds in comparison: An emphasis on the Islamic corporate governance (2002), paper presented in the Securities Commission Saturday Seminar, Kuala Lumpur; (2001) The Malaysian Unit Trust Industry, , Permodalan Nasional Berhad, PNB, Kuala Lumpur; www.pfmb.com.my/web/mainFrame.html, Prudential (2007), available at, (accessed 24 October, 2007); www.sc.com.my/eng/html/icm/fr_icm.html, Securities Commission (2007), available at, (accessed 3 October, 2007); Sengupta, J.K., Measuring economic efficiency with stochastic input-output data (1989) International Journal of Systems Science, 20 (2), pp. 203-213; Sengupta, J.K., Zohar, T., Nonparametric analysis of portfolio efficiency (2001) Applied Economics Letters, 8, pp. 249-252; Shamsher, M., Annuar, M.N., The performance of unit trusts in Malaysia: Some evidence (1995) Capital Market Review, 3, pp. 51-69; Sharpe, W.F., Mutual fund performance (1966) Journal of Business, 39, pp. 119-138; Sherman, H.D., Data envelopment analysis as a new managerial audit methodology - test and evaluation (1984) Auditing - A Journal of Practice and Theory, 4 (1), pp. 35-53; Tan, H.C., The investment performance of unit trust funds in Malaysia (1995) Capital Market Review, 3, pp. 21-50; Tauer, L., Productivity of New York dairy farms measured by non-parametric indices (1998) Journal of Agricultural Economics, 49 (2), pp. 234-249; Troutt, M.D., Hu, M.Y., Shanker, M.S., A distribution free approach to estimating best response values with application to mutual fund performance modeling (2005) European Journal of Operational Research, 166 (2), pp. 520-527; Tulkens, H., Malnero, A., Non-parametric approach to the assessment of the relative efficiency of bank branches (1996) Sources of Productivity Growth, , David, M. (Ed.), Cambridge University Press; Yuengert, A., The measurement of efficiency in life insurance: Estimates of a mixed normal-gamma error model (1993) Journal of Banking and Finance, 17, pp. 483-496; Afriat, S.N., Efficiency estimation of production functions (1972) International Economic Review, 13 (3), pp. 568-598; Bawa, V.S., Admissible portfolios for all individuals (1976) Journal of Finance, 31, pp. 1169-1183; Fare, R., Shawna, G., Knox, L., (1994) Production Frontiers, , Cambridge University Press, New York, NY; Forsund, F., The Malmquist productivity index (1991), paper presented at the 2nd European Workshop on Efficiency and Productivity Measurement, Centre of Operations Research and Econometrics, University Catholique de Louvain, Lauvain-la-Neuve; Jensen, M.C., Risk, the pricing of capital assets and the evaluation of investment portfolios (1969) Journal of Business, 42, pp. 67-247; Mains, N.W., Risk, the pricing of capital assets and the evaluation of investment portfolios: Comment (1977) Journal of Business, 50, pp. 371-384; Markowitz, H.M., Portfolio selection (1952) Journal of Finance, 7 (1), pp. 77-91; Varian, H.R., Nonparametric tests of models of investor behavior (1983) Journal of Financial and Quantitative Analysis, 18, pp. 269-285},
correspondence_address1={Saad, N. M.; Department of Economics, , Kuala Lumpur, Malaysia; email: norma@iiu.edu.my},
issn={17439132},
language={English},
abbrev_source_title={Int. J. Manage. Finan.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bhatti201025,
author={Bhatti, M. and Bhatti, M.I.},
title={Toward Understanding Islamic Corporate Governance Issues in Islamic Finance},
journal={Asian Politics and Policy},
year={2010},
volume={2},
number={1},
pages={25-38},
doi={10.1111/j.1943-0787.2009.01165.x},
note={cited By 26},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78349264698&doi=10.1111%2fj.1943-0787.2009.01165.x&partnerID=40&md5=ada30b99dcae66a82dc274c7dd46220f},
affiliation={University of Melbourne, Australia; La Trobe University, Bundoora, Australia},
abstract={This article presents recent developments on legal issues associated with corporate governance in the Islamic finance industry based on a contractual pyramid. It presents the Islamic corporate governance (ICG) model and discusses its viability in a 21st-century corporate structure. The model is based on the institution of Hisba, which demands proper and honest bookkeeping, disclosure, and transparency based on the Shariah principles of Islamic ethics. This article proposes a model of ICG that reconciles the objectives of Shariah law with the stakeholder model of corporate governance. It argues that this may be viable due to the emphasis that Shariah laws place on property and Islamic financial contractual rights. The article also discusses a model of ICG that is consistent with principles outlined by the Organisation for Economic Co-operation and Development as well as Shariah law. Such a model of corporate governance would encourage capital formation, foster strong markets, and encourage judgment and transparency, which are all principles central to Shariah laws. © 2010 Policy Studies Organization.},
author_keywords={Corporate governance;  Hisba institution;  Islamic finance;  Shariah},
references={Abu-Tapanjeh, A.M., Corporate governance from the Islamic perspective: A comparative analysis with OECD principles (2009) Critical Perspectives on Accounting, 20, pp. 556-567; Armstrong, K., (1993) A history of God, , New York: Ballantine Books; Boatright, J.R., What's wrong-and what's right-with stakeholder management (2006) Journal of Private Enterprise, 21, pp. 106-132; Chapra, M.U., (2003) Islam and the economic challenge, , Leicester, UK: Islamic Foundation; Chapra, M.U., Ahmed, H., (2002) Corporate governance in Islamic financial institutions, , (Occasional paper No. 6, Islamic Research and Training Institute). Jeddah: Islamic Development Bank; Gibson, K., The moral basis of stakeholder theory (2000) Journal of Business Ethics, 26, pp. 245-257; Handy, C., (1999) The hungry spirit-beyond capitalism: A quest for purpose in the modern world, , New York: Broadway Books; Hasan, Z., (2008), Corporate governance from Western and Islamic perspectives. Paper presented at the Annual London Conference on Money, Economy and Management, Imperial College, London; Heath, J., Norman, W., Stakeholder theory, corporate governance and public management (2004) Journal of Business Ethics, 53, pp. 247-265; Hodgson, M., (1972) The venture of Islam: Conscience and history in a world civilization, , 3). Chicago: University of Chicago Press; Iqbal, Z., Mirakhor, A., Stakeholders model of governance in Islamic economic system (2004) Islamic Economics Studies, 11, pp. 43-63; Khan, M.M., Bhatti, M.I., Why the interest-free banking and finance movement failed in Pakistan (2006) Humanomics, 22, pp. 145-161; Khan, M.M., Bhatti, M.I., (2008) Developments in interest-free banking, , London: Palgrave-MacMillan; Kuran, T., The absence of the corporation in Islamic law: Origins and persistence (2005) American Journal of Comparative Law, 53, pp. 785-834; Lewis, M.K., Islamic corporate governance (2005) Review of Islamic Economics, 9, pp. 5-29; Lewis, M.K., (2006), Accountability and Islam. Conference paper presented at Fourth International Conference on Accounting and Finance in Transition, Adelaide, Australia; Nasr, H.S., (2002) The heart of Islam: Enduring values for humanity, , San Francisco: HarperCollins; (2004), Organisation for Economic Co-operation and Development Principles of corporate governance. Retrieved October 23, 2008, from ; Rodinson, M., (1978) Islam and capitalism, , English rev. ed.). Austin: University of Texas Press; (2008), The Bank of New York Mellon. Improving corporate governance in Islamic finance. Retrieved October 23, 2008, from ; Turner, B.S., (1998) Weber and Islam: A critical study, , London: Routledge; Yeates, C., (2008), Islamic finance rides the storm. Sydney Morning Herald. Retrieved October 27, 2008, from},
correspondence_address1={Bhatti, M.; University of MelbourneAustralia},
issn={19430779},
language={English},
abbrev_source_title={Asian Polit. Policy},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ahmed20182892,
author={Ahmed, E.R. and Islam, M.A. and Alabdullah, T.T.Y. and bin Amran, A.},
title={Proposed the pricing model as an alternative Islamic benchmark},
journal={Benchmarking},
year={2018},
volume={25},
number={8},
pages={2892-2912},
doi={10.1108/BIJ-04-2017-0077},
note={cited By 25},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85058053485&doi=10.1108%2fBIJ-04-2017-0077&partnerID=40&md5=ba3022058b20f8f757135f2d0f804deb},
affiliation={Graduate School of Business, Universiti Sains Malaysia, Gelugor, Malaysia; Universiti Malaysia Perlis, Arau, Malaysia; Department of Accounting, University of Basrah, Basra, Iraq; Graduate School of Business, Universiti Sains Malaysia, Minden, Malaysia},
abstract={Purpose: The purpose of this paper is to find applicable Islamic pricing benchmarks (IPBs) instead of the market interest rates which are currently used in Islamic finance as benchmark. Design/methodology/approach: The suggested model (Islamic pricing benchmark model (IPBM)) obviously reveals the feasibility and practical effectiveness of a substitute to London Interbank Offered Rate (LIBOR) and as an evaluator tool to suggested investment projects. The model is a suggested mechanism which could be used as an alternative choice to the conventional borrowing based on the forbidden Riba or on interest. The suggested IPBM depends on estimating the rate of return for any project on consideration of the cash flows in future which is expected to be relative to the invested capital. Findings: The IPBM approach might be applied to financial tools, where the fund owner bears the loss since it is not because of negligence. An instrument to help identify the investment for target rates of return (as an alternative choice to LIBOR) to identify a breakeven point based on expected cash flows for the project to be financed instead of based on seeking the indicators of interest or Riba (as LIBOR). This feature of the IPBM model as an Islamic benchmark renders it as a Shariah pricing mechanism for the Islamic financial products. Practical implications: The IPBM could be used as a financial instrument to assist in identifying the investment for the target return rates to determine a breakeven point based on expected cash flows for the project to be funded instead of being based on seeking the interest indicators or Riba (as LIBOR). This feature as an Islamic benchmark is considered as a Shariah pricing mechanism for the Islamic financial products. In particular, the proposed model incorporates the Shariah parameters. In that, it is hoped that the Islamic financial instruments will be more comprehensive in their Shariah compliance and thereby may bring more credibility to the Islamic financial system in general. Originality/value: This paper highlights several important issues related to the IPBMs in Islamic financial institutions which are not widely discussed among researchers. This study contributes to finding an alternative IPB for the Islamic financial products which is currently using the conventional interest rate (LIBOR) as its benchmark. The current study provides empirical evidence for the possibility of relying on the IPBM as an Islamic benchmark to price Islamic financial transactions. © 2018, Emerald Publishing Limited.},
author_keywords={Islamic benchmark;  LIBOR;  Pricing models;  Shariah},
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University, , February, Islamabad; Salman, S., (2014) Issue(s) related to the pricing mechanism for the Islamic capital market products in particular Sukuk instrument, , www.academia.edu/7989585/Short_Essay_-_Discuss_the_issues_related_to_the_pricing_mechanism_for_the_Islamic_capital_market_products_in_particular_Sukuk_instrument, NCEIF – The Global University of Islamic Finance, June, Kuala Lumpur; Selim, T.H., An Islamic capital asset pricing model (2008) Humanomics, 24 (2), pp. 122-129; Shahatah, H., (2008) Controls and efficiency criteria and the development of the functioning of Islamic banks, pp. 215-216. , Ijad Muashshir; Usmani, M.T., The concept of musharakah and its application as an Islamic method of financing (1999) Arab Law Quarterly, 14 (3), pp. 203-220; Usmani, M.T., (2002) An Introduction to Islamic Finance, 20. , Brill, Kluwer Law International, AH Dordrecht; Usmani, M.T., (2009) Post crisis reforms – some points to ponder, pp. 51-54. , The World Economic Forum, New York, NY; Usmani, T., (2011) Sukuk and their contemporary applications, , www.failaka.com/downloads/Usmani_SukukApplications.pdf, (accessed, February 6, 2011; Wilson, R., Innovation in the structuring of Islamic Sukuk securities (2008) Humanomics, 24 (3), pp. 170-181. , www.Imcbahrain.com; Zahan, M., Kenett, R.S., Hedging instruments in conventional and Islamic finance (2012) Electronic Journal of Applied Statistical Analysis: Decision Support Systems and Services Evaluation EJASA, 3 (1), pp. 59-74; Zaman, S.H., (1993) Indexation of Financial Assets: An Islamic Evaluation, 4. , IIIT, Islamabad; Ali, N., Islamic finance and economics as reflected in research and publications (2008) Review of Islamic Economics, 12 (1); Rahman, T., Hossain, M.M., Analysis of investment cost: the case of Islamic Banks in Bangladesh (2013) Journal of Islamic Economics Banking and Finance, 113 (912), pp. 1-14; Sairally, S., Evaluating the ‘social responsibility’ of Islamic finance: learning from the experiences of socially responsible investment funds (2007) Advances in Islamic Economics and Finance: Proceeding of the 6th International Conference on Islamic Economics and Finance, 1, pp. 279-320. , Iqbal, M., Ali, S.S. and Muljawan, D.,(Eds), Islamic Research and Training Institute, IDB, Jeddah},
correspondence_address1={Ahmed, E.R.; Graduate School of Business, Malaysia; email: essa_ahmed15@yahoo.com},
publisher={Emerald Group Publishing Ltd.},
issn={14635771},
coden={BQMTF},
language={English},
abbrev_source_title={Benchmarking},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ebrahim2001314,
author={Ebrahim, M.S. and Joo, T.K.},
title={Islamic banking in Brunei Darussalam},
journal={International Journal of Social Economics},
year={2001},
volume={28},
number={3-4},
pages={314-337},
note={cited By 25},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-33947372150&partnerID=40&md5=b16e5f91dd9efc3d26e2777e03dab732},
affiliation={University of Brunei Darussalam, National University of Singapore, Singapore; Kemnda Resource Agency Sdn Bhd, Brunei},
abstract={This paper studies the current realities of the Islamic banking system of Brunei Darussalam from the perspective of the theories of modern financial intermediation and Islamic financial contracting. The limited information on the banking system of Brunei Darussalam reveals that the first phase of the Islamic banking experimentation has been successful, as Islamic banks command rouglily 11.5 percent of the market share. The financial services industry, however, remains extremely competitive and Islamic banks face formidable challenges from conventional banks. Islamic banks can proliferate if they: advance towards the second phase by gradually consolidating retail banking icith investment banking; establish vital links with local and foreign institutions; and use ijtihad in modern financial engineering to optimally design loans while simultaneously reducing their risk exposure. An efficient Islamic financial system can allocate limited capital resources to the most profitable ventures and assist in wealth creation. This can foster the growth not only of Negara Brunei Darussalam but also of the regional economies, particularly at this crucial juncture when Asian economies are reeling from the current financial crisis. © MCB University Press, 0306-8293.},
author_keywords={Banking;  Banks;  Financial institutions;  Financial services;  Islam},
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correspondence_address1={Ebrahim, M. S.; University of Brunei Darussalam, Singapore},
issn={03068293},
language={English},
abbrev_source_title={Int. J. Soc. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bitar201969,
author={Bitar, M. and Tarazi, A.},
title={Creditor rights and bank capital decisions: Conventional vs. Islamic banking},
journal={Journal of Corporate Finance},
year={2019},
volume={55},
pages={69-104},
doi={10.1016/j.jcorpfin.2018.11.007},
note={cited By 24},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059814671&doi=10.1016%2fj.jcorpfin.2018.11.007&partnerID=40&md5=b9813afa22db8e5be94741c431655cd2},
affiliation={Department of Finance, John Molson School of Business, Concordia University, 1455 Blvd. de Maisonneuve West, Montréal, Canada; Université de Limoges, Institut Universitaire de France, LAPE, 5 rue Félix Eboué, Limoges Cedex, 87031, France; Institut Universitaire de France (IUF), 1 rue Descartes, Cedex 05, Paris, 75231, France},
abstract={Using a sample of banks operating in 24 countries, we provide robust evidence that stronger creditor rights are associated with higher capital adequacy ratios for conventional banks but not for Islamic banks. Such results suggest that, under stronger creditor protection, only the managers of conventional banks increase equity, presumably as a means of signalling better monitoring efforts and of avoiding loss of control. A possible reason for the finding that Islamic banks do not generally increase equity is that, under the profit loss sharing (PLS) principle, depositors share profits and losses with the bank. The role of creditor protection is hence irrelevant in an Islamic banking context. However, we show that in predominantly non-Muslim countries with less competitive markets, Islamic banks show a similar association between creditor rights and capital ratios as conventional banks. © 2018 Elsevier B.V.},
author_keywords={Bank capital ratios;  Creditor rights;  Islamic banks;  Market power;  Religion},
funding_text 1={Mohammad Bitar gratefully acknowledge the financial support provided by the Desjardins Center for Innovations in Business Finance at Concordia University.},
references={Abedifar, P., Molyneux, P., Tarazi, A., Risk in Islamic banking (2013) Review of Finance, 17, pp. 2035-2096; Acharya, V.V., Amihud, Y., Litov, L., Creditor rights and corporate risk-taking (2011) J. Financ. Econ., 102, pp. 150-166; Anginer, D., Demirgüç-Kunt, A., Bank capital and systemic stability (2014) Policy Research Working Paper No. 6948, , The World Bank Washington, DC; Anginer, D., Demirgüç-Kunt, A., Zhu, M., How does bank competition affect bank systemic risk (2014) J. Financ. Intermed., 23, pp. 1-26; Anginer, D., Demirguc-Kunt, A., Huizinga, H., Ma, K., Corporate governance and bank capitalization strategies (2016) J. Financ. Intermed., 26, pp. 1-27; Arnold, B., Borio, C., Ellis, L., Moshirian, F., Systemic risk, macroprudential policy framework, monitoring financial systems and the evolution of capital adequacy (2012) J. Bank. Financ., 36, pp. 3125-3132; Bae, K.-H., Goyal, V.K., Creditor rights, enforcement, and bank loans (2009) J. Financ., 64, pp. 823-860; Beck, T., Demirgüç-Kunt, A., Merrouche, O., Islamic vs. conventional banking: Business model, efficiency and stability (2013) J. Bank. Financ., 37, pp. 433-447; Bennardo, A., Pagano, M., Piccolo, S., Multiple bank lending, creditor rights, and information sharing (2015) Review of Finance, 19, pp. 519-570; Bennouri, M., Chtioui, T., Nagati, H., Nekhili, M., Female board directorship and firm performance: what really matters (2018) J. Bank. Financ., 88, pp. 267-291; Bitar, M., Madiès, P., Les banques islamiques sont-elles si islamiques que cela ? Conséquences en matière de fonds propres réglementaires (2017) Revue d'Economie Financière, 125, pp. 287-312; Bitar, M., Saad, W., Benlemlih, M., Bank risk and performance in the MENA region: the importance of capital requirements (2016) Econ. Syst., 40, pp. 398-421; Bitar, M., Hassan, M.K., Walker, T., Political systems and the financial soundness of Islamic banks (2017) J. Financ. Stab., 31, pp. 18-44; Bitar, M., Hassan, M.K., Pukthuanthong, K., Walker, T., The performance of Islamic vs. conventional banks: evidence on the suitability of capital ratios (2018) Open Economies Review, forthcoming, pp. 1-36; Cho, S.S., El-Ghoul, S., Guedhami, O., Suh, J., Creditor rights and capital structure: evidence from international data (2014) J. Corp. Finan., 25, pp. 40-60; Daher, M., Creditor control rights, capital structure, and legal enforcement (2017) J. Corp. Finan., 44, pp. 308-330; Demirgüç-Kunt, A., Detragiache, E., Merrouche, O., Bank capital: Lessons from the financial crisis (2013) J. Money Credit Bank., 45, pp. 1147-1164; Djankov, S., McLiesh, C., Shleifer, A., Private credit in 129 countries (2007) J. Financ. Econ., 84, pp. 299-329; El-Gamal, M., Incoherence of contract-based Islamic financial jurisprudence in the age of financial engineering, Rice University (2007) mimeo; Esty, B.C., Megginson, W.L., Creditor rights, enforcement, and debt ownership structure: evidence from the global syndicated loan market (2003) The Journal of Financial and Quantitative Analysis, 38, pp. 37-59; Forssbaeck, J., Shehzad, C.T., The conditional effects of market power on bank risk–cross-country evidence (2015) Rev. Financ., 19, pp. 1997-2038; González, F., Creditor rights, bank competition, and corporate investment during the global financial crisis (2016) J. Corp. Finan., 37, pp. 249-270; Houston, J.F., Lin, C., Lin, P., Ma, Y., Creditor rights, information sharing, and bank risk taking (2010) J. Financ. Econ., 96, pp. 485-512; Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alfa in the Capital Adequacy Ratio for Institutions Offering Only Financial Islamic Services (2011), Islamic Financial Services Board Malaysia; Jayaraman, S., Thakor, A.V., The Effect of Creditor Rights on Bank Monitoring, Capital Structure and Risk-Taking, Finance Working Paper 387 (2013), European Corporate Governance Institute; Kieschnick, R., Moussawi, R., Firm age, corporate governance, and capital structure choices (2018) J. Corp. Finan., 48, pp. 597-614; Meslier, C., Risfandy, T., Tarazi, A., Dual market competition and deposit rate setting in Islamic and conventional banks (2017) Econ. Model., 63, pp. 318-333; Mollah, S., Zaman, M., Shari'ah supervision, corporate governance, and performance: conventional vs. Islamic banks (2015) J. Bank. Financ., 58, pp. 418-435; Mollah, S., Hassan, K., Al-Farooque, O., Mobarek, A., The governance, risk-taking, and performance of Islamic banks (2016) J. Financ. Serv. Res., 51, pp. 195-219. , (Forthcoming (In press); Qian, J., Strahan, P.E., How laws and institutions shape financial contracts: the case of bank loans (2007) J. Financ., 62, pp. 2803-2834; Schaeck, K., Cihák, M., Competition and capital ratios (2012) European Financial Management, 18, pp. 836-866; Schaeck, K., Cihák, M., Competition, efficiency, and stability in banking (2014) Financial Management, 43, pp. 215-241; Turk-Ariss, R., Competitive conditions in Islamic and conventional banking: a global perspective (2010) Rev. Financ. Econ., 19, pp. 101-108; Turk-Ariss, R., On the implications of market power in banking: evidence from developing countries (2010) J. Bank. Financ., 34, pp. 765-775; Weill, L., Do Islamic Banks have Greater Market Power? (2011) Comparative Economics Studies, 53, pp. 291-306},
correspondence_address1={Bitar, M.; Department of Finance, 1455 Blvd. de Maisonneuve West, Canada; email: mohammad.bitar@concordia.ca},
publisher={Elsevier B.V.},
issn={09291199},
language={English},
abbrev_source_title={J. Corp. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Tabash201927,
author={Tabash, M.I.},
title={An empirical investigation on the relation between disclosure and financial performance of islamic banks in the United Arab Emirates},
journal={Journal of Asian Finance, Economics and Business},
year={2019},
volume={6},
number={4},
pages={27-35},
doi={10.13106/jafeb.2019.vol6.no4.27},
note={cited By 24},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85077234602&doi=10.13106%2fjafeb.2019.vol6.no4.27&partnerID=40&md5=30ac37bab1ba255e4488cd8681c64896},
affiliation={College of Business, Al Ain University of Science and Technology, P.O. Box: 64141, Al Ain, United Arab Emirates},
abstract={The paper examines The level of disclosure on Islamic banks* performance in the United Arab Emirates (UAE). The data was collected through content analysis of annual reports and financial statements of all fully-fledged Islamic banks working in The UAE over The period 2009 To 2013. Return on Assets is used as a proxy for The performance of Islamic banks while disclosure index is used as a proxy for Islamic banks' disclosure. Also, predetermined variables are used in the study like Size. Deposits. Non-Performing InvesTmenTs and Capital to Risk Weighted Assets Ratio. Two-STage Least-Square regression method is used To check The iiiTerdependence relationships between disclosure and performance of Islamic banks in the UAE. The results show a significant relationship between performance and disclosure in the UAE Islamic banks. Our regression results show that Islamic banks with higher levels of disclosure lead to higher operating performance. Furthermore. The performance has a great impact on the level of disclosure which means Islamic banks with high performance measures will disclose more information for investors and other institutions in order to reduce the cost of equity and increase Their values in The market. This study is considered as a battery for further studies in the relationship beTween disclosure and financial performance of Islamic banks aT a global level. © Copyright: Korean Distribution Science Association (KODISA).},
author_keywords={Disclosure;  Islamic banks;  Performance;  Two-Stage Least-Square (2SLS);  UAE},
references={Al-Tuwaijiri, S.A., Christensen, T.E., Hughes, K.E., The relations among environmental disclosure, environmental performance and economic performance: A simultaneous equations approach (2004) Accounting, Organizations and Society, 29 (1), pp. 447-471; Akhtaruddin, M., Corporate Mandatory disclosure practices in Bangladesh (2005) The International Journal of Accounting, 40 (1), pp. 399-422; Baumann, U., Nier, E., Disclosure, volatility, and transparency: An empirical investigation into the value of Bank Disclosure (2004) FRBNY Economic Policy Review, 10 (2), pp. 31-45; Baumann, U., Market discipline, disclosure and moral hazard in banking (2006) Journal of Financial Intermediation, 15 (1), pp. 332-361; Botosan, C.A., Disclosure level and the cost of equity capital (1997) The Accounting Review, 72 (3), pp. 323-349; Botosan, C.A., Plumlee, M.A., A re-examination of disclosure level and expected cost of capital (2002) Journal of Accounting Research, 40 (1), pp. 21-40; Cooke, T.E., Disclosure in Japanese corporate annual reports (1993) Journal of Business, Finance and Accounting, 20 (4), pp. 521-535; (2015) Islamic banks in UAE report, , http://emiratesdiary.com/uae-tips/list-of-islamic-banks-in-uae#ixzz4OOVVgTyg, Retrieved September 19, 2017, from; Gray, R., Kouhy, R., Lavers, S., Corporate social and environmental reporting: A review of the literature and a longitudinal study of UK disclosure (1995) Accounting, Auditing & Accountability Journal, (2), pp. 47-77; Gujarati, D., (2005) Basic econometrics (4th ed.), , New York, NY: McGraw Hill; Diamond, W.D., Verrecchia, R.E., Disclosure, liquidity, and the cost of capital (1991) Journal of Finance, 14 (1), pp. 1325-1359; Freeman, R.E., The politics of stakeholder theory: Some future directions (1994) Business ethics quarterly, (4), pp. 409-421; Hassan, O.A.G., Romilly, P., Giorgioni, G., Power, D., The value relevance of disclosure: Evidence from the emerging market of Egypt (2009) The International Journal of Accounting, 44 (1), pp. 79-102; Healy, P., Hutton, A., Palepu, K., Stock performance and intermediation changes surrounding sustained increases in disclosures (1999) Contemporary Accounting Research, 16 (3), pp. 485-520; Hirtle, B., (2007) Public disclosure, risk, and performance at Bank Holding Companies, , (Federal Reserve Bank of New York StaffReports No. 293); Hussain, M., Islam, M., Gunasekaran, A., Maskooki, K., A comparative study of accounting standards of financial institutions in GCC countries (2002) International Journal of Management and Decision Making, 3 (3-4), pp. 243-255; Hughes, P.J., Signalling by direct disclosure under asymmetric information (1986) Journal of Accounting and Economics, (2), pp. 119-142; Jensen, M.C., Meckling, M.H., Theory of the firm: Managerial behavior, agency costs and ownership structure (1976) Journal of Financial Economics, 20 (2), pp. 305-360; Lu, C., Liao, M.G., Yang, Y.C., Ownership structure, information disclosure and corporate value: An empirical analysis of Taiwan companies (2007) Proceeding of the 13th Asia Pacific Management Conference, pp. 698-704; Ngo, P.T.H., Endogenous capital and profitability in banking (2006) International Review of Finance, 6 (3-4), pp. 99-128; Nier, E., Baumann, U.M., Market discipline, disclosure and moral hazard in banking (2006) Journal of Financial Intermediation, 15 (1), pp. 332-361; Ellili, N.O.D., Nobanee, H., Corporate risk disclosure of Islamic and sonventional banks (2017) Banks and Bank Systems, 12 (3), pp. 247-256; Nurul, H., Raudah, D., Disclosure, cost of capital and Islamic banks performance: A simultaneous equations approach (2012) Proceedings of International conference on banking and finance, International Management Institute, pp. 13-15. , (IMI); (2014) Annual Statistical Bulletin., , https://www.opec.org/opec_web/static_files_project/media/downloads/publications/ASB2014.pdf, Retrieved March 5, 2019; Peterson, C., Plenborg, T., Voluntary disclosure and information asymmetry in Denmark (2006) Journal of International Accounting, Auditing and Taxation; Sengupta, P., Corporate disclosure quality and the Cost of Debt (1998) The Accounting Review, 73 (1), pp. 459-474; Srairi, S., Corporate governance disclosure practices and performance of Islamic banks in GCC countries (2015) Journal of Islamic Finance, (2), pp. 1-17; Tabash, M.I., Dhankar, R.S., The flow of Islamic finance and economic growth: An empirical evidence of Middle East (2014) Journal of Finance and Accounting, (1), pp. 11-19; Tabash, M.I., Dhankar, R.S., Islamic banking and economic growth: A cointegration approach (2014) The Romanian Economic Journal, 58, pp. 61-90; Wallace, R.S.O., Naser, K., Firm-Specific determinants of comprehensiveness of mandatory disclosure in the corporate annual reports of firms on the stock exchange in Hong Kong (1995) Journal of Accounting and Public Policy, 14, pp. 311-368},
correspondence_address1={Tabash, M.I.; College of Business, P.O. Box: 64141, United Arab Emirates; email: Mosab.tabash@aau.ac.ae},
publisher={Korea Distribution Science Association (KODISA)},
issn={22884637},
language={English},
abbrev_source_title={J. Asian Financ. Econ. Bus.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Newaz2016141,
author={Newaz, F.T. and Fam, K.-S. and Sharma, R.R.},
title={Muslim religiosity and purchase intention of different categories of Islamic financial products},
journal={Journal of Financial Services Marketing},
year={2016},
volume={21},
number={2},
pages={141-152},
doi={10.1057/fsm.2016.7},
note={cited By 24},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84974670856&doi=10.1057%2ffsm.2016.7&partnerID=40&md5=71228b717f5b45049efc65e4a718a79d},
affiliation={University Tun Abdul Razak, Malaysia; School of Marketing and International Business, Victoria Business School, Victoria University of Wellington, PO Box 600, Wellington, 6140, New Zealand},
abstract={Considering the rapid growth of Islamic Financial Products (IFPs) worldwide and the limited research on Muslims' buying behaviour of such products, this research examines the relationship between religiosity, consumer buying attitude and purchase intention towards different categories of IFPs. The findings suggest that buying attitude has full mediation for deposit, credit and capital market products and partial mediation for insurance products on the association between Muslim religiosity and their purchase intention. Interestingly, religiosity influenced positively even for insurance and capital market products. This is in contrast with our hypothesised relationships for capital and insurance products. The study contributes to the literature by enhancing our understanding of the complex mediating religiosity - buying attitude - purchase intention relationships for different categories of IFPs. © 2016 Macmillan Publishers Ltd.},
author_keywords={consumer behaviour;  islamic finance;  muslim religiosity;  religion},
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(2012) Journal of Financial Services Marketing, 17 (3), pp. 206-214; Vitell, S.J., Paolillo, J.G.P., Consumer ethics: The role of religiosity (2003) Journal of Business Ethics, 46 (2), pp. 151-162; Warde, I., (2010) Islamic Finance in the Global Economy, , George Square, Edinburgh: Edinburgh University Press; Youssef, M.A., Kortam, W., Aish, E.A., El-Bassiouny, N., Measuring islamic-driven buyer behavioral implications: A proposed market-minded religiosity scale (2011) Journal of American Science, 7, p. 8; Yun, Z., Verma, S., Pysarchik, D.T., Yu, J., Chowdhury, S., Cultural influences on new product adoption of affluent consumers in India (2008) The International Review of Retail, Distribution & Consumer Research, 18 (2), pp. 203-220; Yusof, E.F.E., (2008) Are Islamic Banks in Malaysia Really 'Islamic'?, , Munich Germany: Munich Personal RePEc Archive; Yusoff, M.E., Shamsuddin, A.S., Zaidin, N., Baharun, R., (2008) Acceptance of Islamic Finance Product: A Study on Muslim Consumers Attitude in A Non Muslim Country, pp. 1-16. , 1st edn. Johor Darul Ta'zim Malaysia: Penerbit Universiti Teknologi Malaysia; Zaher, T., Hassan, M.K., A comparative literature survey of islamic finance and banking (2001) Financial Markets, Institutions and Instruments, 10 (4), pp. 155-199},
correspondence_address1={Fam, K.-S.; School of Marketing and International Business, PO Box 600, New Zealand; email: kim.fam@vuw.ac.nz},
publisher={Palgrave Macmillan Ltd.},
issn={13630539},
language={English},
abbrev_source_title={J. Finan. Serv. Mark.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Dewandaru2015205,
author={Dewandaru, G. and Masih, R. and Bacha, O.I. and Masih, A.M.M.},
title={Combining momentum, value, and quality for the Islamic equity portfolio: Multi-style rotation strategies using augmented Black Litterman factor model},
journal={Pacific Basin Finance Journal},
year={2015},
volume={34},
pages={205-232},
doi={10.1016/j.pacfin.2014.12.006},
note={cited By 24},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84937625485&doi=10.1016%2fj.pacfin.2014.12.006&partnerID=40&md5=60802a84465a3ff75b89e0b9074edf61},
affiliation={General Council for Islamic Banks and Financial Institutions (CIBAFI), Manama, Bahrain; Bank of New York Mellon Asset Management, One Wall Street, New York, NY  10286, United States; INCEIF, The Global University of Islamic Finance, Lorong University A, Kuala Lumpur, 59100, Malaysia},
abstract={This study constructs active Islamic portfolios using a multi-style rotation strategy, derived from the three prominent styles, namely, momentum, value, and quality investing. We use the stocks that are consistently listed in the U.S. Dow Jones Islamic index for a sample period from 1996 to 2012. We also include two macroeconomic mimicking portfolios to capture the premiums of industrial production growth and inflation innovation, accommodating the economic regime shifts.Based on the information coefficients, we find the six-month momentum and the fractal measure as momentum factors; the enterprise yield (gross profit/TEV) and the book to market ratio as valuation factors; the gross profit to total assets, the return on capital, and the scaled total accruals as quality factors. We further construct active portfolios using the augmented Black Litterman (ABL) factor model to avoid the factor alignment problem, with the factor views predicted using Markov Switching VAR, MIDAS, and Bayesian Model Averaging. The out-of-sample performance of our portfolios can produce information ratios of 0.7-0.8 over the composite indices, and information ratios of 0.42-0.48 over the style indices, with the annualized alphas of 10-11%. Even when we put the constrained tracking error of 1% over the benchmark, our portfolios still produce information ratios of 0.9-1.2 before transaction costs, and 0.6-0.8 after transaction costs. We provide intuitive explanations for each premium changing over time, and suggest the promising strategy for Islamic equity investors to outperform the market. © 2014 Elsevier B.V..},
author_keywords={Black Litterman factor model;  Forecast;  Islamic equity;  Multi-style rotation;  Portfolio strategy},
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correspondence_address1={Dewandaru, G.; General Council for Islamic Banks and Financial Institutions (CIBAFI)Bahrain},
publisher={Elsevier},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Oseni2015220,
author={Oseni, U.A. and Hassan, M.K.},
title={Regulating the governing law clauses in Sukuk transactions},
journal={Journal of Banking Regulation},
year={2015},
volume={16},
number={3},
pages={220-249},
doi={10.1057/jbr.2014.3},
note={cited By 24},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84932606855&doi=10.1057%2fjbr.2014.3&partnerID=40&md5=8033d463432ca2ea804f7f9f20bb9439},
affiliation={Faculty of Law, International Islamic University Malaysia, P. O. Box 10, Kuala Lumpur, 50728, Malaysia; Department of Economics and Finance, University of New Orleans, United States},
abstract={The crystallization of the Islamic capital markets (ICM) in the last decade has led to increased acceptance of Islamic financial products in the global market. However, a fundamental question that lies at the intersection of law and ICM that has a far-reaching impact on market practices is the extent to which the governing law clause in a typical Sukuk prospectus protects the interest of the parties and meets the ends of justice. An analogous clause within the governing law provision is the dispute resolution clause, which either makes or mars the whole transaction depending on how it is structured. This article argues that as part of Islamic finance documentation involved in the process of structuring a Sukuk transaction, one important aspect the parties must get right from the beginning is the governing law clause. With the increasing provision of English law as the governing law, a question that readily comes to one's mind is whether it is possible to have an alternative governing law while retaining the choice of jurisdiction clause. In order to create a regulatory environment that is conducive to the prevailing trends in the modern world, this study critically ploughs through the governing law clauses of 10 selected Sukuk prospectuses and makes interesting findings regarding the attitude of draftsmen and their clients. A preliminary finding of this study is the paradigm shift to arbitration as an alternative or precondition to litigation in some of the Sukuk prospectuses reviewed. As there are regional and international arbitral institutions set up exclusively for Islamic finance disputes, it may be more appropriate to resolve any dispute arising from a Sukuk transaction under shari'a-compliant rules and supervised by experts in Islamic law. The interviews conducted for this research with 10 prominent shari'a scholars who have been involved in the certification of Sukuk structures prove this hypothesis, and the qualitative data are consistent with it, albeit with some dissenting views. © 2015 Macmillan Publishers Ltd.},
author_keywords={choice of law;  dispute resolution;  governing law clause;  Islamic capital market;  Islamic finance;  Sukuk},
funding_details={Imam Mohammed Ibn Saud Islamic UniversityImam Mohammed Ibn Saud Islamic University, ImamU},
funding_details={Saudi Basic Industries CorporationSaudi Basic Industries Corporation, SABIC},
funding_details={Al-Imam Muhammad Ibn Saud Islamic UniversityAl-Imam Muhammad Ibn Saud Islamic University, IMSIU},
funding_text 1={We thank the Editor and an anonymous referee for valuable comments that improved the clarity of this article. We also benefited from participants at the International Conference held in Jakarta, Indonesia on 19–20 June 2012 and Global Forum on Islamic Finance held in Lahore, Pakistan, 11–12 March 2013. The first author acknowledges the ILSP Visiting Fellowship Program of Harvard Law School under which this study was carried out. The second author also acknowledges a research grant from the SABIC Chair for Islamic Financial Markets Studies at Al Imam Mohammad ibn Saudi Islamic University (IMSIU), Riyadh, Saudi Arabia.},
references={Levingston, J., (2008) Choice of Law, Jurisdiction and ADR Clauses, pp. 26-28. , 6th Annual Contract Law Conference February, NSW, Australia; Oseni, U.A., (2012) Building Bridges Across Financial Communities: Faith-Based Finance, Social Responsibility, and the Global Financial Crisis, pp. 1-16. , Introduction. S.N. Ali (ed. Cambridge, Massachusetts, US: Islamic Finance Project; QIB Sukuk Funding Limited Prospectus, p. 24; Weber, S., The law applicable to bonds (1999) The Law of Cross-Border Securities Transactions, pp. 29-47. , H.V. Houtte (ed) . London: Sweet & Maxwell; (2011) Appendix A for A List of Sukuk Defaults in Malaysia from; McMillen, M.J., Islamic capital markets: Developments and issues (2006) Capital Markets Law Journal, 1 (2), pp. 136-172; Elmalki, F., Ryan, D., The untested waters of default in islamic finance (2010) Islamic Finance News, 7, p. 3; (2008) Section 2 of Mutual Funds Law(2009 Revision) and Section 5 2) of Banks and Trust Companies Law (2009 Revision) of Cayman Islands, , The combined effect of these provisions led to the AFIR; Oseni, U.A., Hassan, M.K., The dispute resolution framework for the Islamic capital market in Malaysia: Legal obstacles and options (2011) Islamic Capital Markets: Products and Strategies, pp. 91-114. , M.K. Hassan and M. Mahlknecht (eds) . United Kingdom: John Wiley & Sons; (2004) These Sukuk Guidelines Replace the Guidelines on the Offering of Islamic Securities Issued on, , 26 July; (2011) Paragraph 1.02 of the Islamic Securities Guidelines, , Sukuk Guidelines; Oseni, U.A., Ahmad, A.U., Dispute resolution in Islamic finance: A case analysis of Malaysia (2011) A Paper prepared for the Eight International Conference on Islamic Economics and Finance, pp. 19-21. , Doha, Qatar: Qatar Foundation & IRTI-IDB December 2011; Zainal Abidin, Z.I., (2012) Address by Zainal Izlan Zainal Abidin, Executive Director Islamic Capital Market Securities Commission Malaysia, , EUMCCIs Quarterly Financial Panel Discussion 2012. Kuala Lumpur, Malaysia: Securities Commission Malaysia; The Capital Market Law Was Issued by Royal Decree No, , M/30) dated 2/6/1424 AH; CRSD Jurisdictions and Authorities, , http://www.crsd.org.sa/En/Dispute/Pages/authority.aspx, accessed 30 May 2012; Marar, A.D., The duality of the legal system and the challenge of adapting law to market economies (2004) Arab Law Quarterly, 19 (1-4), pp. 91-120; (2011) Saudi Electricity Sukuk Company Prospectus. Sukuk Prospectus: Saudi Electricity Company, , Saudi Electricity Company; The Rest of the UAE Is Regulated by the ESCA As Well As the UAE Central Bank and the Ministry of Economy and Planning; Nizami, S.M., Islamic finance: The United Kingdoms drive to become the global Islamic finance hub and the United states irrational indifference to Islamic finance (2011) Suffolk Transnatl L. Rev, 34, p. 219; Shaikh, O., (2012) UK Bids to Remain Wests Top Islamic Finance Hub, , http://www.zawya.com/story/ZAWYA20120221043935/, Zawya, accessed 30 April 2012; Moghul, U.F., Ahmed, A.A., Contractual forms in Islamic finance law and Islamic Inv. Co. Of the Gulf (Bahamas) Ltd. V. Symphony Gems N.V. & Ors.: A first impression of Islamic finance (2003) Fordham International Law Journal, 27 (1), pp. 150-194; (2011) Prospectus of QIB Sukuk Funding Limited, , Qatar Islamic Bank. 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AAOIFI Sharia Council Meeting, , Saudi Arabia. (translated by S.Y. DeLorenzo; Maurer, B., Form versus substance: AAOIFI projects and Islamic fundamentals in the case of sukuk (2010) Journal of Islamic Accounting and Business Research, 1 (1), pp. 32-41; Mohamad, A.H., Malaysia as an islamic finance hub: Malaysian law as the law of reference and malaysian courts as the forum for settlement of disputes (2011) 12th Emeritus Prof. Ahmad Ibrahim Memorial Lecture, , 1 December 2011. Kuala Lumpur: Ahmad Ibrahim Kulliyyah of Laws; Rilk, R., Challenging the parameters of permissible hedging in Islamic finance: Rationale and implementation of recent sharia rulings (2012) Building Bridges Across Financial Communities: The Global Financial Crisis, Social Responsibility, and Faith-Based Finance, pp. 103-130. , S.N. Ali (ed) . Cambridge, MA: Islamic Finance Project-Harvard Law School; Naik, Z., (2009) Are Islamic Banks Really Islamic?, from YouTube, , http://www.youtube.com/watch?v=Aau1P3lITKc, accessed 1 May 2012; (2008) AAOIFI shari'Ah Resolutions: Issues on Sukuk/Accounting and Auditing Organization for Islamic Financial Institutions, , www.kantakji.com/media/7760/f173.pdf, AAOIFI accessed 1 May 2012; Muhammad Al-Amine, M.A.-B., Sukuk market: Innovations and challenges (2008) Islamic Economic Studies, 15 (2), pp. 1-22; Sukuk Focus. Kuala Lumpur, , RAM Ratings (May 2010) RAM Rating Services Berhad},
correspondence_address1={Oseni, U.A.; Faculty of Law, P. O. Box 10, Malaysia; email: umaroseni@iium.edu.my},
publisher={Palgrave Macmillan},
issn={17456452},
language={English},
abbrev_source_title={J. Bank. Regul.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Karim201039,
author={Karim, B.K. and Sami, B.A.M. and Hichem, B.-K.},
title={Bank-specific, industry-specific and macroeconomic determinants of African Islamic banks' profitability},
journal={International Journal of Business and Management Science},
year={2010},
volume={3},
number={1},
pages={39-56},
note={cited By 24},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-79952635554&partnerID=40&md5=72158c2668d076a89bc9c593fa839236},
affiliation={CEROS, University Paris Nanterre, France; Faculty of Business and Economics of Nabeul, Tunisia; IHEC Business School of Sousse, University of Sousse, Tunisia},
abstract={This paper studies the effect of factors that contribute towards the profitability of Islamic banks in Africa over the period 1999-2009. Using panel data techniques, this study estimate several specifications to examine the impact of bank-specific and country-specific variables on profitability. Results show that Bank characteristics, financial structure and macroeconomics variables are important in explaining African Islamic banks' profitability. Bank's capital and size increase bank's profitability whereas credit risk and operating efficiency reduce it. With regards to the macroeconomic indicators, higher economic growth and inflation spur banks' profitability. The study also provides evidence for the positive impact of market concentration on Islamic banks profitability. Finally, the empirical results show robust supports to suggest that higher bank development leads to lower bank profitability.},
author_keywords={Africa;  Bank profitability;  Islamic banking;  Profit loss sharing},
references={Abdel-Magib, M.F., Theory of Islamic banks: Accounting implications (1981) International Journal of Accounting, 1 (1), pp. 78-102; Abdennour, F., Ben Khediri, K., Bank supervision and bank profitability: The case of MENA countries (2010) International Journal of Monetary Economics and Finance, 3 (4), pp. 316-329; Akhavein, D., Berger, N., Humphrey, B., The effects of megamergers on efficiency and prices: Evidence from a Bank profit function (1997) Review of Industrial Organization, 12 (1), pp. 95-139; Albertazzi, U., Gambacorta, L., Bank profitability and the business cycle (2009) Journal of Financial Stability, 5 (4), pp. 393-409; Altunbas, Y., Molyneux, P., Economies of scale and scope in European banking (1996) Applied Financial Economics, 6 (4), pp. 367-375; Athanasoglou, P.P., Brissimis, S.N., Delis, M.D., Bank specific, industry specific and macroeconomic determinants of bank profitability (2008) Journal of International Financial Markets, Institutions and Money, 18 (2), pp. 121-136; Bashir, M., Risk and profitability measures in Islamic banks: The case of two Sudanese banks (1999) Islamic Economic Studies, 6 (2), pp. 1-24; Bashir, M., Assessing the performance of Islamic banks: Some evidence from the Middle East (2003) Islamic Economic Studies, 11 (2), pp. 31-57; Bashir, A., Darrat, A., Suliman, O., Equity capital, profit sharing contracts, and investment: Theory and evidence (1993) Journal of Business Finance and Accounting, 20 (5), pp. 639-651; Ben Khediri, K., Ben-Khedhiri, H., Determinants of Islamic Bank profitability in the MENA Region (2009) International Journal of Monetary Economics and Finance, 2 (3-4), pp. 409-426; Ben-Khedhiri, H., Casu, B., Sheik-Rahim, F., Profitability and interest rates differentials in Tunisian banking (2008) Journal of Financial Decision Making, 4 (2), pp. 33-43; Ben Naceur, S., Ben-Khedhiri, H., Casu, B., What drives the efficiency of selected MENA banks? A meta-frontier analysis (2008) 15th ERF Annual Conference, , Best paper in finance, Presented at the, November 12-13, Cairo, 2008 Egypt; Berger, A.N., The profit-relationship in banking-test of market-power and efficient-structure hypotheses (1995) Journal of Money, Credit and Banking, 27 (2), pp. 405-431; Berger, A.N., Hanweck, G.A., Humphrey, D.B., Competitive viability in banking: Scale, scope and product mix economies (1987) Journal of Monetary Economics, 20 (3), pp. 501-520; Boyd, J., Runkle, D., Size and performance of banking firms: Testing the predictions of theory (1993) Journal of Monetary Economics, 31 (1), pp. 47-67; Breusch, T., Pagan, A., The Lagrange multiplier test and its applications to model specification in econometrics (1980) Review of Economic Studies, 47 (1), pp. 239-253; Casu, B., Girardone, C., Molyneux, P., Productivity change in European banking: A comparison of parametric and non-parametric approaches (2004) Journal of Banking and Finance, 28 (10), pp. 2521-2540. , DOI 10.1016/j.jbankfin.2003.10.014, PII S0378426603002760; Chong, B.S., Liu, M.H., Islamic banking: Interest-free or interest-based? (2009) Pacific-Basin Finance Journal, 17 (1), pp. 125-144; Cihak, M., Hesse, H., Islamic Banks and financial stability: An empirical analysis (2008) IMF Working Paper, (8-16). , Washington DC: International Monetary Fund; Demirguc-Kunt, A., Huizinga, H., Determinants of commercial bank interest margins and profitability: Some international evidence (1999) World Bank Economic Review, 13 (2), pp. 379-408; Demirgic-Kunt, A., Huizinga, H., Financial structure and bank profitability (2000) The World Bank Policy Research Working Paper, (2430). , Washington DC: World Bank; Fadzlan, S., Efficiency of Islamic Banking industry: Non-parametric analysis with non-discretionary input variable (2007) Islamic Economic Studies, 14 (1-2), pp. 53-87; Haque, N., Mirakhor, A., Optimal profit-sharing contract and investment in an interest-free economy (1986) IMF Working Paper No. 86/12, , Washington DC: International Monetary Fund; Haron, S., Competition and other external determinants of the profitability of Islamic banks (1996) Islamic Economic Studies, 4 (1), pp. 49-66; Haron, S., Determinants of Islamic bank profitability (2004) The Global Journal of Finance and Economics, 1 (1), pp. 11-33; Haron, S., Wan, N.W.A., Profitability determinants of Islamic banks: A cointegration approach (2004) Proceedings of the Islamic Banking Conference, , Union Arab Bank, Beirut, Lebanon 5-7 December; Hassan, M.K., Bashir, A.-H.M., Determinants of Islamic banking profitability (2003) Proceedings of the Economic Research Forum (ERF) 10th Annual Conference, , Marrakesh, Morocco, 16-18 December, 2003; Hassoune, A., Islamic banks' profitability in an interest rate cycle (2002) International Journal of Islamic Financial Services, 4 (2), pp. 1-13; Hausman, J.A., Specification tests in econometrics (1978) Econometrica, 46 (2), pp. 1251-1271; Heggestad, A.A., Market structure, risk and profitability in commercial banking (1977) Journal of Finance, 32 (4), pp. 1207-1216; Hsiao, C., (1986) Analysis of Panel Data, , Cambridge: Cambridge University Press; Kader, J.M., Asarpota, K.A., Al-Maghaireh, A., Comparative financial performance of Islamic Banks vis-à-vis conventional Banks in the UAE (2007) Proceeding of the Annual Student Research Symposium and the Chancellor's Undergraduate Research Award, , Al-Ain University, United Arab Emirates; Khan, M., Islamic interest-free banking: A theoretical analysis (1986) IMF Staff Paper, 33 (1), pp. 1-27. , Washington DC: International Monetary Fund; Khan, T., Demand for and supply of mark-up and PLS funds in Islamic banking: Some alternative explications (1996) Islamic Economic Studies, 3 (1), pp. 39-77; Kaminsky, G.L., Reinhart, C.M., The twin crises: The Causes of Banking and balance of payments problems (1999) American Economic Review, 89 (3), pp. 473-500; Karsen, L., Islam and financial intermediation (1982) IMF Staff Papers, 29 (1), pp. 108-142. , Washington DC: International Monetary Fund; Olson, D., Zoubi, T.A., Using accounting ratios to distinguish between Islamic and conventional banks in the GCC region (2008) The International Journal of Accounting, 43 (1), pp. 45-65; Pasiouras, F., Kosmidou, K., Factors influencing the profitability of domestic and foreign commercial banks in the European Union (2007) Research in International Business and Finance, 21 (2), pp. 222-237; Perry, P., Do banks gain or lose from inflation? (1992) Journal of Retail Banking, 14 (2), pp. 25-30; Revell, J.S., (1980) Costs and Margins in Banking: An International Survey, , Paris: Organization for Economic Co-operation and Development; Rose, P., (1998) Commercial Bank Management (4ath Ed), , New York: McGraw Hill; Rosly, S.A., Abu Bakar, M.A., Performance of Islamic and mainstream banks in Malaysia (2003) International Journal of Social Economics, 30 (11-12), pp. 1249-1265; Samad, A., Performance of interest-free Islamic banks vis-à-vis interest-based conventional banks of Bahrain (2004) IIUM Journal of Economics and Management, 12 (2), pp. 1-15; Shaikh Mahmud, A., Towards interest-free banking (1992) Institute of Islamic Culture, Lahore, 1989. JKAU: IslamicEcon., 4 (1), pp. 81-87; Shubber, K., Alzafiri, E., Cost of capital of Islamic banking institutions: An empirical study of a special case (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (1), pp. 10-19; Smirlock, M., Evidence on the (Non) relationship between concentration and profitability in banking (1985) Journal of Money, Credit and Banking, 17 (1), pp. 69-83; Srairi, S., Cost and profit efficiency of conventional and islamic banks in GCC countries (2010) Journal of Productivity Analysis, 34 (1), pp. 45-62},
correspondence_address1={Sami, B. A. M.; Faculty of Business and Economics of NabeulTunisia; email: mohamedsami.benali@ihecso.rnu.tn},
issn={18376614},
language={English},
abbrev_source_title={Int. J. Bus. Manage. Sci.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kamran2019136,
author={Kamran, H.W. and Arshad, S.B.B.M. and Omran, A.},
title={Country governance, market concentration and financial market dynamics for banks stability in Pakistan},
journal={Research in World Economy},
year={2019},
volume={10},
number={2 Special Issue},
pages={136-146},
doi={10.5430/rwe.v10n2p136},
note={cited By 23},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85069491565&doi=10.5430%2frwe.v10n2p136&partnerID=40&md5=cce6809d76b50dd0cf2b08a577cf133a},
affiliation={School of Economics, Finance and Banking, College of Banking, Universiti Utara Malaysia, Sintok, Malaysia; Faculty of Engineering Sciences, Bright Star University, El-Breqa, State of Libya},
abstract={Considering the country governance, market concentration and financial market dynamics are key explanatory indicators, this study has examined the stability trends in commercial banks of Pakistan. Overall sample of 28 banks is considered, adding both conventional and Islamic banks into consideration for the panel regression models like fixed effect and random effect. Findings for overall sample indicates that both stability measures in the form of z-score ROA and ROE are significantly and negatively affected by poor control over corruption, regulatory quality, market concentration, financial market development and increasing non-performing loans. For conventional banking, key determinants of financial stability are control over corruption, political instability, market structure and credit risk. For Islamic banking firms, corruption and government effectiveness, capital adequacy ratio, market structure and financial market development are significant determinants, affecting Z measures of stability. However, through lending interest rate, we do not find any significant relationship with both stability measures. Study findings are very useful for country officials, risk officers, and other stakeholders in financial markets who want to explore the relationship between country governance and financial market dynamics in the economy of Pakistan. In addition, study has experienced various limitations like non-consideration of bank-based and macroeconomic risk factors, international trends in banking and their influence on domestic banks of Pakistan, which could be reconsidered in coming research. © 2019, Research in World Economy.},
author_keywords={Country governance;  Financial market dynamics;  Financial stability;  Market concentration;  Pakistan},
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correspondence_address1={Kamran, H.W.; School of Economics, Malaysia},
publisher={Sciedu Press},
issn={19233981},
language={English},
abbrev_source_title={Res. World Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Tuna201996,
author={Tuna, G.},
title={Interaction between precious metals price and Islamic stock markets},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2019},
volume={12},
number={1},
pages={96-114},
doi={10.1108/IMEFM-06-2017-0143},
note={cited By 22},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053524811&doi=10.1108%2fIMEFM-06-2017-0143&partnerID=40&md5=e2ce7e8f1b4c34859dc410b056df62d2},
affiliation={Sakarya University, Sakarya Business School, Sakarya, Turkey},
abstract={Purpose: This study aims to analyze the presence of a long-term relationship between precious metal prices, such as for gold, silver, platinum and palladium, and Islamic stock markets of 32 different countries – 21 developed and 11 developing. In this study, the long-term relationship between the precious metal prices and the Islamic stock markets of countries grouped by the Morgan Stanley Capital Index (MSCI) according to their level of development was examined. In the economies included in the study, it is necessary that the Islamic stock index be created by MSCI. It is not a constraint as a Muslim country. Design/methodology/approach: This study used the Pedroni panel cointegration analysis and full modified ordinary least square method. All analyses in this study were performed using monthly data from 2002 to 2015. Findings: According to the Pedroni panel cointegration analysis applied in this study, all four precious metals – gold, silver, platinum and palladium – are effective portfolio diversification tools for developed Islamic stock markets within the analyzed period. However, in developing countries, although gold and palladium are effective portfolio diversification tools, silver and platinum are not. Practical implications: These results provide practical implications for academicians, practitioners as portfolio managers, policymakers. These implications are related in portfolio risk management, the diversification benefits and to propose new investment tools among developed and developing Islamic markets. Social implications: This study is important for investors who assemble portfolios under the restriction of selecting investment tools suitable for Islamic rules. These investors are important in terms of using precious metals that they prefer as an alternative to stock markets to protect against the risks related to their suitable portfolio options. Governments, individuals and institutional investors that use capital stock according to Islamic rules in developed countries can effectively use gold, silver, platinum and palladium as hedging tools. However, this choice is limited to only gold and palladium in developing country markets. Gold continues to be an effective diversification tool in Islamic share markets, as in traditional stock markets. Originality/value: The author would like to emphasize that this article is second to examine precious metals and Islamic stock markets in literature. © 2018, Emerald Publishing Limited.},
author_keywords={Diversifier;  Hedges;  Islamic stock markets;  Precious metals},
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(2013) Resources Policy, 38 (2), pp. 130-137; www.pewforum.org/2015/04/02/muslims/},
correspondence_address1={Tuna, G.; Sakarya University, Turkey; email: geksi@sakarya.edu.tr},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nawaz2017192,
author={Nawaz, T.},
title={Momentum investment strategies, corporate governance and firm performance: an analysis of Islamic banks},
journal={Corporate Governance (Bingley)},
year={2017},
volume={17},
number={2},
pages={192-211},
doi={10.1108/CG-03-2016-0052},
note={cited By 22},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85015015265&doi=10.1108%2fCG-03-2016-0052&partnerID=40&md5=0d7fe0651f0ebf20b63443a66a019771},
affiliation={Department of Accounting and Finance, University of Plymouth, Plymouth, United Kingdom},
abstract={Purpose: The purpose of this paper is to empirically examine the effect of investments in organisational resources and corporate governance features on market-based performance of Islamic banks (IBs). Design/methodology/approach: The required data to calculate different constituents of banks’ investment strategies and governance mechanism were hand collected from 268 annual reports. Different regression models were used to determine the impact of investment in human and structural capital and corporate governance features on market performance of IBs. Findings: The paper finds that investments in knowledge resources (human capital, in particular) have a significantly positive impact on the market value of IBs. The results further reveal that IBs’ strategy to rely on long-term human capital accumulation can be seen as idiosyncratic problem-solving knowledge capital. Based on market measure, the paper finds role duality to have a significant positive impact and the size of the advisory board to have the opposite effect on market value. Research limitations/implications: This study includes IBs only and ignores other Islamic financial services providers such as Takaful (insurance) companies. The study leaves this chasm to be filled by future researchers. Practical implications: The findings may serve as a useful input for both Islamic bankers and regulators to apply knowledge management in their institutions. Furthermore, the dominant role of human capital also provides insight to managers with respect to business performance levers. Originality/value: The main contribution of this paper is to provide insight into the Islamic banking business model using a unique hand-collected data set, to identify the effect of investments in organisational resources and bank governance on market value in before, during and after financial crisis. © 2017, © Emerald Publishing Limited.},
author_keywords={Agency theory;  Ambidextrous organisational resources;  Governance mechanism;  Islamic bank business model;  Market value;  Momentum investment strategies},
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correspondence_address1={Nawaz, T.; Department of Accounting and Finance, United Kingdom; email: tnawaz@plymouth.ac.uk},
publisher={Emerald Group Publishing Ltd.},
issn={14720701},
language={English},
abbrev_source_title={Corp. Gov.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bhuiyan2018218,
author={Bhuiyan, R.A. and Rahman, M.P. and Saiti, B. and Mat Ghani, G.},
title={Financial integration between sukuk and bond indices of emerging markets: Insights from wavelet coherence and multivariate-GARCH analysis},
journal={Borsa Istanbul Review},
year={2018},
volume={18},
number={3},
pages={218-230},
doi={10.1016/j.bir.2017.11.006},
note={cited By 21},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85040799157&doi=10.1016%2fj.bir.2017.11.006&partnerID=40&md5=a85a5463f4a3d0abbe2982fe22362f71},
affiliation={Kulliyyah of Economics and Management Sciences, International Islamic University, Malaysia; Istanbul Sabahattin Zaim University, Istanbul, Turkey},
abstract={Some investors strive for capital appreciation while others may follow capital preservation strategies in terms of investment. In relation to that, Islamic finance receives a lot of attention from institutional investors and asset managers in the search for higher returns, lower correlation and growth potentiality. Therefore, it would be meaningful to investigate whether sukuk can offer any advantage in terms of global diversification. In such context, we have examined the volatilities and correlations of bond indices of emerging counties such as South Korea, Singapore, China, India, Indonesia, and Malaysia with Thomson Reuters BPA Malaysia Sukuk Index by applying wavelet coherence and Multivariate GARCH analyses. The data covers the period January 2010 to December 2015. We conclude that the sukuk market offers effective portfolio diversification opportunities for fixed income investors of the mentioned sample countries. Global and regional investors can avail the benefits of portfolio diversification through investment in sukuk markets but portfolio diversification is not feasible domestically. As a practical implication to the finance industry, the outcome of this research provides a framework for investigating sukuk market integration of several emerging bond markets which serve as an important platform for conducting further research. © 2017 The Authors},
author_keywords={Bond indices;  Emerging economies;  Islamic finance;  Multivariate-GARCH;  Sukuk;  Wavelet coherence},
references={Abdullah, A.M., Saiti, B., Masih, M., The impact of crude oil price on Islamic stock indices of South East Asian countries: Evidence from MGARCH-DCC and wavelet approaches (2016) Borsa Istanbul Review, 16 (4), pp. 219-232; Alam, N., Hassan, M.K., Haque, M.A., Are Islamic bonds different from conventional bonds? International evidence from capital market tests (2013) Borsa Istanbul Review, 13 (3), pp. 22-29; Aloui, C., Hammoudeh, S., Hamida, H.B., Co-movement between sharia stocks and sukuk in the GCC markets: A time-frequency analysis (2015) Journal of International Financial Markets, Institutions and Money, 34, pp. 69-79; Ariff, M., Safari, M., Are sukuk securities the same as conventional bonds? 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correspondence_address1={Saiti, B.; Department of Islamic Economics and Finance, Turkey; email: borhanseti@gmail.com},
publisher={Borsa Istanbul Anonim Sirketi},
issn={22148450},
language={English},
abbrev_source_title={Borsa Istanb. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Zarrouk20172,
author={Zarrouk, H. and El Ghak, T. and Abu Al Haija, E.},
title={Financial development, Islamic finance and economic growth: evidence of the UAE},
journal={Journal of Islamic Accounting and Business Research},
year={2017},
volume={8},
number={1},
pages={2-22},
doi={10.1108/JIABR-05-2015-0020},
note={cited By 21},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85012113370&doi=10.1108%2fJIABR-05-2015-0020&partnerID=40&md5=e64ae02a15c749ad27c6c12fa68a0fad},
affiliation={Emirates College of Technology, Abu Dhabi, United Arab Emirates; PS2D, Faculty of Economics Sciences and Management, University Tunis El Manar, Tunis, Tunisia; Faculty of Economic Sciences and Management of Tunis, University of Tunis El Manar, Tunis, Tunisia; Department of Banking and Finance, Emirates College of Technology, Abu Dhabi, United Arab Emirates},
abstract={Purpose: Does Islamic finance affect economic growth? The empirical literature in this area seems to be in early stages and the results are often mixed and inconclusive. This paper aims to examine the causality between financial development in general, Islamic finance in particular and real economic growth in the United Arab Emirates (UAE). Design/methodology/approach: Using time series data from 1990 to 2012, a bivariate vector autoregressive model was used to document the financial development-Islamic finance-growth causal nexus and to forecast growth under various scenarios. A composite indicator, as a proxy for financial development, was determined using a non-parametric approach: data envelopment analysis. Findings: The direction of causality runs from financial development to economic growth and the reverse causality does not drive this relationship; however, the real gross domestic product (GDP) causes Islamic financial development with no reverse effect. Furthermore, the forecasting results indicate that the past relation has been a proxy for the future where financial development leads to better progress in real economic activity. This will likely continue to stimulate the development of Islamic finance. Research limitations/implications: Because the financial markets in the UAE were established in 2000, this study ignored Islamic bonds and equity product. The value of the Sukuk listed on Dubai’s exchanges is around US$36.75bn (Thomson Reuters, 2015), reinforcing Dubai’s position as an international center for Sukuk activity. Among the most important tools of the Islamic financial sector, Sukuk deserves a closer empirical study. This can set the agenda for future work. Practical implications: The financial sector appears to be one of the main drivers of real economic activity. However, more effort in the area of Islamic finance is needed to promote Shari’ah-compliant economic activities and thus better contribute toward making Dubai-UAE the capital of the Islamic economy. Originality/value: A new indicator was used to evaluate the financial strength of the UAE and analyze its effect on economic development. In addition, as one of UAE’ emirates, Dubai declared its vision in 2013 to become the “capital of the Islamic economy”, this study analyzed the finance, Islamic finance and growth relations over the period 2013-2022. © 2017, © Emerald Publishing Limited.},
author_keywords={bVAR;  Data envelopment analysis;  Financial development;  Growth;  Islamic finance;  UAE},
references={Abduh, M., Chowdhury, N.T., Does Islamic banking matter for economic growth in Bangladesh? (2012) Journal of Islamic Economics, Banking and Finance, 8 (3), pp. 104-113; Agbetsiafa, D.K., The finance-growth nexus: evidence from Sub-Saharan Africa (2003) International Advances in Economic Research, 28 (3), pp. 271-288; Al-Malkawi, H.A., Marashdeh, H.A., Abdullah, N., Financial development and economic growth in the UAE: empirical assessment using ARDL approach to co-integration (2012) International Journal of Economics and Finance, 4 (5), pp. 105-115; Apergis, N., Filippidis, I., Economidou, C., Financial deepening and economic growth linkages: a panel data analysis (2007) Review of World Economics, 143 (1), pp. 179-198; Arbi, L., Basov, S., Bhatti, M.I., On Sharia’a-compliance and return to investment (2014) Journal of Stock & Forex Trading, 3 (2), pp. 116-117; Basov, S., Bhatti, M.I., On Sharia’a-compliance, positive assortative matching, and return to investment Banking (2014) Journal of International Financial Markets, Institutions & Money, 30, pp. 191-195; Beck, T., Demirgüç-Kunt, A., Levine, R., A new database on financial development and structure (2000) World Bank Economic Review, 14, pp. 597-605; Bencivenga, V.R., Smith, B.D., Some consequences of credit rationing in an endogenous growth model (1993) Journal of Economic Dynamics and Control, 17, pp. 97-122; Christopoulos, D., Tsionas, E., Financial development and economic growth: evidence from panel unit root and cointegration tests (2004) Journal of Development Economics, 73 (1), pp. 55-74; Čihák, M., Hesse, H., Islamic Banks and financial stability: an empirical analysis (2008) IMF Working Paper 08/16; Demirgüç-Kunt, A., Laeven, L., Levine, R., Regulations, market structure, institutions, and the cost of financial intermediation (2004) Journal of Money, Credit, and Banking, 36, pp. 593-622; Deutsch-Emiratisch Industrie and Undelshammer, H., (2013) Sectorial overview banking & finance, , August; Dickey, D., Fuller, W., Likelihood ratio statistics for auto- regressive time series with a unit root (1981) Econometrica, 49 (4), pp. 1057-1072; Enders, W., (1995) Applied Econometric Time Series, , John Wiley and Sons, New York, NY; 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A causal evidence from South Africa (2004) Savings and Development, 28, pp. 47-62; Phillips, P.C.B., Perron, P., Testing for a unit root in time series regression (1988) Biometrica, 75 (2), pp. 335-346; Rajan, R.G., Zingales, L., Financial dependence and growth (1998) American Economic Review, 88, pp. 559-586; Rousseau, P.L., Wachtel, P., Equity markets and growth: cross country evidence on timing and outcomes (2000) Journal of Banking and Finance, 24, pp. 1933-1957; Schumpeter, J.A., Theorie der Wirtschaftlichen Entwicklung. Leipzig: Dunker and Humblot, in translated by Opie, R (1912) The Theory of Economic Development, 1912, p. 1934. , Harvard University Press, Cambridge, MA; Siddiqi, M.N., Islamic finance and beyond: premises and promises of Islamic economics (1999) Proceedings of the Third Harvard University Forum on Islamic Finance. Center for Middle Eastern Studies, pp. 49-53. , Harvard University; Sirri, E.R., Tufano, P., The economics of pooling (1995) The Global Financial System: A Functional Perspective, pp. 81-128. , Crane, D.B., Froot, K.A., Mason, S.P., Perold, A., Merton, R.C., Bodie, Z., Sirri, E.R. and Tufano, P.and (Eds), Harvard Business School Press, Boston, MA; Stiglitz, J., Weiss, A., Incentive effects of terminations: applications to credit and labor markets (1983) American Economic Review, 73 (5), pp. 912-927; Tabash, M., Dhankar, R.S., Islamic Finance and economic growth: an empirical evidence from United Arab Emirates (UAE) (2014) Journal of Emerging Issues in Economics, Finance and Banking (JEIEFB), 3 (2), pp. 1069-1085; Waqabaca, C., Financial development and economic growth in Fiji (2004) Working Paper Economics Department, , Reserve Bank of Fiji; (2013), Ernst & Young; Zarrouk, H., Does financial crisis reduce islamic banks performance? Evidence from G. C. C. Countries (2012) Journal of Islamic Finance and Business Research, 1 (1), pp. 1-16; Zrelli, N., El Ghak, T., Finance, governance and inequality: a non parametric approach (2014) International Strategic Management Review, 2, pp. 31-38; (2011), Outlook for UAE Banking Sector; Granger, C.W.J., Some recent developments in a concept of causality (1988) Journal of Econometrics, 39 (1-2), pp. 199-211; Johansen, S., Estimation and hypothesis testing of co-integration vectors in Gaussian vector autoregressive models (1991) Econometrica, 59 (6), pp. 1551-1580; (2013), p. 2013. , The Report Dubai},
correspondence_address1={Zarrouk, H.; Emirates College of TechnologyUnited Arab Emirates; email: hzarrouk09@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Al-Hares20131031,
author={Al-Hares, O.M. and AbuGhazaleh, N.M. and El-Galfy, A.M.},
title={Financial performance and compliance with Basel III capital standards: Conventional vs. Islamic banks},
journal={Journal of Applied Business Research},
year={2013},
volume={29},
number={4},
pages={1031-1048},
doi={10.19030/jabr.v29i4.7914},
note={cited By 21},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84887306319&doi=10.19030%2fjabr.v29i4.7914&partnerID=40&md5=0764e88b122235dc30901cc74f661622},
affiliation={Accounting Department, Gulf University for Science and Technology (GUST), P. O. Box 7207, Hawally 32093, Kuwait},
abstract={This study is a commentary on the financial performance and quality capital of Islamic versus conventional banks currently operating in the Gulf Cooperation Council (GCC) region. In addition to assessing the financial performance of the full set of banks across various GCC countries, the study is the first to consider the extent to which Islamic vs. conventional GCC banks comply with the new Basel III requirements of raising better quality capital. The study uses bank-level data for 75 (55 conventional and 20 Islamic) banks in Kuwait, United Arab Emirates, Kingdom of Saudi Arabia, Oman, Qatar, and Bahrain. Financial ratios are used to measure and compare Islamic vs. conventional banks' performances, and we employ a comprehensive and the most recent sample of data available in the region, consisting of cross-sections from 2003 to 2011. The results reveal that Islamic banks are, on average, less efficient but more profitable, more liquid, more solvent (less risky), and enjoyed higher internal growth rates than conventional banks during 2003-2011. The results indicate that there are statistically significant differences between the two types of banks, as far as profitability, solvency, and internal growth rate ratios are concerned; however, there are no statistically significant differences in liquidity and efficiency. The results also indicate that banks, as a whole, appear to be largely sufficiently capitalized for Basel III. Gulf Cooperation Council banks are well positioned to absorb higher provisions and impairment charges given the higher capital adequacy ratios reported by most. The Common Equity Ratio, Tier 1 Capital Ratio, and Capital Adequacy Ratios (CARs), for the majority of banks in 2011, comfortably satisfy the enhanced capital requirements of Basel III. The results show that Islamic banks have, on average, noticeably higher (and significantly different) capital ratios compared to conventional institutions. With regard to the impact of the global financial crisis on both types of the banks, the results indicate that Islamic banks performed better than conventional banks during the period 2006-2009, as the former enjoys higher capitalization, higher liquidity reserves, and also maintained stronger growth compared to conventional banks in almost countries. Findings of this study may be useful for capital-market participants, as the full set of banks across various Gulf Cooperation Council countries needs to be examined before any substantive conclusions can be reached about the relative performance of Islamic versus conventional banks. Further, as the full implementation of Basel III requirements will not take place until 2019, the results of this study will convey information that should encourage banks to consider the earlier implementation of Basel III capital requirements in order to provide themselves with a reputational boost, as well as a competitive advantage. © by author(s).},
author_keywords={Basel III capital standards;  Conventional banks;  Gulf Cooperation Council (GCC);  Islamic banks},
references={(2010) Accounting, Auditing and Governance Standards for Islamic Financial Institutions, , AAOIFI, (Accounting and Auditing Organization for Islamic Financial Institutions), Bahrain; Abdel-Haq, M.K., (1989) Islamic Development Bank: An Analytical Study., , (Working Paper), Yarmouk University, Jordan; Abdul-Majid, M., Mohammed Nor, N.G., Said, F.F., Efficiency of Islamic Banks in Malaysia (2005) Islamic Finance and Economic Development., pp. 94-115. , In: Iqbal, M. / Ahmad, A. (Eds), Palgrave Macmillan, New York; Ahmed, A.M., Khababa, N., Performance of the Banking Sector in Saudi Arabia (1999) Journal of Financial Management and Analysis, 12, pp. 30-36; Alam, M.N., (2003) Micro Credit Through 'Bai-Mujjal' Mode of Islamic Banking Financing System., , Conference of SANABEL. 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(2010) Banks and Bank Systems, 5 (4), pp. 54-62; Pomeranz, F., The Accounting and Auditing Organization for Islamic Financial Institutions (1997) Journal of International Accounting Auditing and Taxation, 6 (1), pp. 1-7. , June; Ramanathan, R., Performance of Banks in Countries of the Gulf Cooperation Council (2007) International Journal of Productivity and Performance Management, 56 (2), pp. 137-154; Rosly, S.A., Abu Bakar, M.A., Performance of Islamic and Mainstream Banks in Malaysia (2003) International Journal of Social Economics, 30 (12), pp. 1249-1265; Ross, S.A., Westerfield, R.W., Jaffe, J.F., (2005) Corporate Finance., , 7th Edition, McGraw-Hill Irwin; Samad, A., Performance of Interest Free Islamic Banks vis-à-vis Interest-Based Conventional Banks of Bahrain (2004) Journal of Economics and Management, 12 (2), pp. 1-25; Samad, A., Kabir, H., The performance of Malaysian Islamic Bank During 1984-1997: An Exploratory Study (2000) Thoughts on Economics, 10 (1-2), pp. 7-26; Schaik, D., Islamic Banking (2001) The Arab Bank Review, 3 (1), pp. 45-52. , April; Shehatah, S.I., (1987) The Accounting Theory in the Islamic View., , Al-Zahrai for Arabic Information, Cairo, Egypt; Siddiqui, M.N., (1986) Islamic Banking: Theory and Practice., , (Working Paper); Siraj, K., Pillai, S., Comparative Study on Performance of Islamic Banks and Conventional Banks in GCC Region (2012) Journal of Applied Finance and Banking, 2 (3), pp. 123-161; Suleiman, N.M., Corporate Governance in Islamic Bank (2000) Islamic Banking, 1 (1), pp. 99-116. , January; Taylor, J.M., Islamic Banking (2003) American Business law Journal, 40, pp. 386-416; Turen, S., Performance and Risk Analysis of Islamic Banks: The Case of Bahrain Islamic Bank (1996) Journal of King Abdulaziz University: Islamic Economics, (8), pp. 3-14. , http://www.kantakji.com/fiqh/Files/Banks/7001.pdf, [Online], Available from; Wilson, R., Financial Development of the Arab Gulf: The Eastern Bank Experience, 1917-50 (1987) Business History, 29, pp. 178-198; Wilson, R., (2009) Why Islamic Banking is Successful? Islamic Banks are Unscathed Despite of Financial Crisis., , http://www.isdbforum.org/Subjects/Islam_and_the_Financial_Crisis/rwilson.pdf, [Online], Available from; Yudistira, D., Efficiency in Islamic Banking: An Empirical Analysis of 18 Banks (2004) Islamic Economic Studies, 12 (1), pp. 1-19},
correspondence_address1={Al-Hares, O. M.; Accounting Department, P. O. Box 7207, Hawally 32093, Kuwait; email: AlHares.O@gust.edu.kw},
publisher={CLUTE Institute},
issn={08927626},
language={English},
abbrev_source_title={J. Appl. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Alam2017132,
author={Alam, M.M. and Akbar, C.S. and Shahriar, S.M. and Elahi, M.M.},
title={The Islamic Shariah principles for investment in stock market},
journal={Qualitative Research in Financial Markets},
year={2017},
volume={9},
number={2},
pages={132-146},
doi={10.1108/QRFM-09-2016-0029},
note={cited By 20},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85020497274&doi=10.1108%2fQRFM-09-2016-0029&partnerID=40&md5=6ee458df0b7615a226634997eb7ddc32},
affiliation={School of Economics, Finance and Banking, Universiti Utara Malaysia, Sintok, Malaysia; Practitioner of Islamic Finance Industry in Bangladesh, Sylhet, Bangladesh; Institute for Environment and Development (LESTARI), Universiti Kebangsaan Malaysia, Bangi, Malaysia; Islamic Studies, National University of Bangladesh, Gazipur, Bangladesh},
abstract={Purpose: Because of chronic financial crises experienced during past several decades repeatedly and a failure to protect investors’ rights as a result, the world is looking for an alternative form of stock market for quite some time so that interests of all relevant stakeholders can be safeguarded. At the same time, from the perspectives of devout Muslims, the current form of stock market restricts a Muslim to make investments in the market because of several unsatisfying provisions from the viewpoint of the Islamic law known as Shariah. This study aims to provide the criteria under which conditions of the Islamic Shariah permit making investments in the stock market. Hand in hand with that primary discussion, it has been eluded briefly why the Islamic Shariah principles offer a better alternative against conventional practices of the stock market. Design/methodology/approach: This is a descriptive study based on the literature review. Findings: This study explores the basic Islamic principles of investment in the stock market by revisiting the norms laid down by Shariah and current global practices of Islamic stock market and indexes. Originality/value: This study will work as a guideline for investors and market authorities to understand the original Shariah rulings and the benchmark rulings for investment or establishing full-fledged Islamic stock markets, indexes and mutual funds. © 2017, © Emerald Publishing Limited.},
author_keywords={Capital market;  Islamic banking;  Islamic stock exchange;  Share market;  Shariah;  Zakat on share investment},
references={Ahmad, N.W., Ripain, N., Noor, N.H.N.M., (2014) Investment in stock market: a review on Islamic perspectives, , E-proceedings of the Conference on Management and Muamalah (CoMM 2014), 26-27 May, Kolej Universiti Islam Antarabangsa Selangor (KUIS), Kajang; Alam, M.M., Uddin, M.G.S., Relationship between interest rate and stock price: empirical evidence from developed and developing countries (2009) International Journal of Business and Management, 4 (3), pp. 43-51; Alam, M.M., Alam, K.A., Uddin, M.G.S., Market depth and risk return analysis of Dhaka stock exchange: an empirical test of market efficiency (2007) ASA University Review, 1 (1), pp. 93-101; Alam, M.M., Yasmin, S., Rahman, M., Uddin, M.G.S., Effect of policy reforms on market efficiency: evidence from Dhaka stock exchange (2011) Economics Research International, 2011 (1); Al-Barwari, S.M., (2002) Bursat Al-Awraq Al-Maliyyah Min Manzurin Islamiy, , Darul Fikr, Damascus; Al-Kasani, A.A.B.M., (1983) Bada'í As-Sana'í, , Matbáat al – Imam, Cairo; Al-Khaiyyat, A.A., (1989) As-Sharikat fi Daw' Al-Islam, , Al-Guriyyah, Amman; Asutay, M., Growth and current evolution of the Islamic financial industry (2007) International Workshop on Islamic Economics: Theoretical and Practical Perspectives in a Global Context, , July., Takushoku University, Tokyo, Japan; Bradford, J., (2015) Do I have to pay zakat on my stocks and shares? 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Bhd; Zaman, M.R., The operation of the modern financial markets for stocks and bonds and its relevance to an Islamic economy (1986) American Journal of Islamic Social Sciences, 3 (1), pp. 125-140; Sahih al-Bukhari: The Translation of the Meanings, , Dar-us-Salam Publications, Riyadh; Sahih Muslim (Arabic-English), , Adam Publishers & Distributors, New Delhi; Sunan Abu Dawud, English Translation with Explanatory Notes, , Al-Madina Publications, New Delhi; The Quran (Arabic Text with Corresponding English Meaning), , http://quran.com/, (accessed, 19 January, 2017, Dar Abul-Qasim, Jeddah},
correspondence_address1={Alam, M.M.; School of Economics, Malaysia; email: rony000@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17554179},
language={English},
abbrev_source_title={Qual. Res. Financ. Markets},
document_type={Article},
source={Scopus},
}

@ARTICLE{Al-Kayed2017117,
author={Al-Kayed, L.T.},
title={Dividend payout policy of Islamic vs conventional banks: case of Saudi Arabia},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2017},
volume={10},
number={1},
pages={117-128},
doi={10.1108/IMEFM-09-2015-0102},
note={cited By 20},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85017642879&doi=10.1108%2fIMEFM-09-2015-0102&partnerID=40&md5=e7e371bf0b74aebbccd01b0fc5ac10b5},
affiliation={Department of Business Administration, Princess Nourah bint Abdulrahman University, Riyadh, Saudi Arabia},
abstract={Purpose: This paper aims to identify the factors that affect dividend payments for Saudi Arabian Islamic and conventional banks and to test whether the factors that affect Islamic banks’ dividend policy differ from the factors affecting conventional banks’ dividends. Design/methodology/approach: Panel regression was run on data for six Islamic banks and six conventional banks. Findings: The paper found that profitability, lagged dividends and leverage are all significant determinants of Islamic Banks’ dividend policy. Lintner’s (1956) model applies to Islamic bank’s dividend policy, as Islamic banks who payout dividends commit to their payments. All factors included in the study (profitability, liquidity, leverage, growth and lagged dividend) are found to be significant determinants of conventional banks’ dividend payments. Research limitations/implications: Future research should include ownership variables in the regression to test the agency theory regarding dividends. Ownership variables were not included in the study because of data availability issues. Practical implications: The results of this study have practical implications for analysts, investors and regulators. For Islamic banks to compete in the local and global deposit markets, their management must carefully decide upon their dividend policy. As conventional banks are distributing stable dividends, it is time for Islamic banks to plan for a stable dividend policy to send positive signals to the market. As newcomers to the market Islamic banks should avoid spontaneous and inconsistent dividend distributions that do not carry any signals to the market. It will be difficult for Islamic banks to raise capital or attract investors because of their lower dividend yields compared to conventional banks. Boards of directors of Islamic banks should use dividends as an agency monitoring device; large-scale retention of earnings encourages behaviour by managers that does not maximize shareholder value. Dividends, then, are a valuable financial tool for these firms because they help firms avoid asset/capital structures that give managers wide discretion to make value-reducing investments. Originality/value: This is the first study – up to the author’s knowledge – to investigate the financial institutions (banks) dividend policy in Saudi Arabia. © 2017, © Emerald Publishing Limited.},
author_keywords={Conventional and Islamic banks;  Dividends and emerging markets;  Islamic banking;  Panel regression analysis},
references={Aivazian, V., Booth, L., Cleary, S., Dividend smoothing and debt ratings (2006) Journal of Financial and Quantitative Analysis, 41 (2), pp. 439-453; Aivazian, L.V., Booth, L., Cleary, S., Do emerging market firms follow different dividend policies from U.S. firms? (2003) Journal of Financial Research, 26 (3), pp. 371-387; Al-Ajmi, J., Abo Hussain, H., Corporate dividends decisions: evidence from Saudi Arabia (2011) The Journal of Risk Finance, 2 (1), pp. 41-56; Allen, F., Bernardo, A., Welch, I., A theory of dividends based on tax clienteles (2000) Journal of Finance, 55, pp. 2499-2536; Al-Malkawi, H., Determinants of corporate dividend policy in Jordan: an application of the Tobit model (2007) Journal of Economic and Administrative Sciences, 23 (2), pp. 44-70; Alzomaia, T., Khadhiri, A., Determination of dividend policy: the evidence from Saudi Arabia (2013) International Journal of Business and Social Science, 4 (1), pp. 181-192; Anil, K., Kapoor, S., Determinants of dividend payout ratios- a study of Indian information technology sector (2008) International Research Journal of Finance and Economics, (15), pp. 55-63; Baker, H., Veit, E., Powell, G., Factors influencing dividend policy decisions of Nasdaq firms (2001) Financial Review, 36 (3), pp. 19-38; Baltagi, B., (2001) Econometric Analysis of Panel Data, , 2nd ed., John Wiley & Sons; Barclay, M., Samith, C., Watts, R., The determinants of corporate leverage and dividend policies (1995) Journal of Applied Corporate Finance, 7 (4), pp. 4-19; Beck, T., Demirguc-Kunt, A., Merrouche, Q., Islamic vs conventional banking: business model, efficiency and stability (2013) Journal of Banking and Finance, 37 (2), pp. 433-447; Ben Naceur, S., Goaied, M., Belames, A., On the determinants and dynamics of dividend policy (2006) International Review of Finance, 6 (1), pp. 1-23; Bhattacharyya, N., Dividend policy: a review (2007) Managerial Finance, 33 (1), pp. 4-13; Botoc, C., Pirtea, M., Dividend payout-policy drivers: evidence from emerging countries (2014) Emerging Markets Finance and Trade, 50 (4), pp. 95-112; Chang, K., Kang, E., Li, Y., Effect of institutional ownership on dividends: an agency-theory-based analysis (2016) Journal of Business Research, 69, pp. 2551-2559; Chen, J., Dhiensiri, N., Determinants of dividend policy: the evidence from New Zealand (2009) International Research Journal of Finance and Economics, 34, pp. 18-28; Crutchley, E., Hansen, S., A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends (1989) The Journal of the Financial Management Association, 18, pp. 36-46; Dickens, N., Casey, M., Newman, J., Bank dividend policy: explanatory factors (2002) Quarterly Journal of Business and Economics, 41 (1), pp. 3-12; Gordon, M., Optimal investment and financing policy (1963) The Journal of Finance, 18 (2), pp. 264-272; Gugler, K., Yrtoglu, B., Corporate governance and dividend pay-out policy in Germany (2003) European Economic Review, 47 (4), pp. 731-758; Hasan, M., Dridi, J., (2010) The effect of global financial crisis on Islamic and conventional banks: a comparative study, , IMF Working Paper; Hassan, K., Farhat, J., Al-zu’bi, B., Dividend signaling hypothesis and short-term asset concentration of Islamic interest-free banking (2003) Islamic Economic Studies, 11 (1); Jabbouri, I., Determinants of corporate dividend policy in emerging markets: evidence from MENA stock markets (2016) Research in International Business and Finance, 37, pp. 283-298; Jensen, M., Agency costs of free cash flow, corporate finance and takeovers (1986) The American Economic Review, 76 (2), pp. 323-329; Kamaruddin, H., Safa, S., Mohd, R., Assessing production efficiency of Islamic Banks and conventional bank Islamic windows in Malaysia (2008) International Journal of Business and Management Science, 1 (1); Kerr, S., (2015) Saudi Arabia opens its $560bn stock market to foreign investors, , www.ft.com/cms/s/0/a82a686a-129d-11e5-bcc2-00144feabdc0.html#axzz47iuwVkkJ, (accessed, 5 May 2016; Khan, F., Khan, B., Awan, Z., Hassnain, T., Javed, A., Growth of Islamic banking in Pakistan: a comparative study (2012) Research Journal of Finance and Accounting, 3 (2), pp. 25-34; Lintner, J., Distribution of incomes of corporations among dividends, retained earnings, and taxes (1956) American Economic Review, 46, pp. 97-113; Lintner, J., Dividends, earning, leverage, stock price, and the supply of capital to corporations (1962) Review of Economics and Statistics, 44, pp. 243-269; Merchant, I., Empirical study of Islamic banks versus conventional banks of GCC (2012) Global Journal of Management and Business Research, 12 (20), pp. 33-42; Miller, M., Modigliani, F., Dividend policy, growth, and the valuation of shares (1961) The Journal of Business, 34 (4), pp. 411-433; Miller, M., Rock, K., Dividend policy under asymmetric information (1985) Journal of Finance, 40 (4), pp. 1031-1051; Mitton, T., Corporate governance and dividend policy in emerging markets (2004) Emerging Markets Review, 5 (4), pp. 409-426; Pettit, R., Taxes, transaction costs and the clientele effect of dividends (1977) Journal of Financial Economics, 5, pp. 419-436; Rozeff, S., Growth, beta and agency costs as determinants of dividend payout ratios (1982) The Journal of Financial Research, 5 (3), pp. 249-259; Shirvani, H., Wilbratte, B., An empirical investigation of asymmetric behavior in corporate dividend policy (1997) Economic Inquiry, 35 (4), pp. 847-857; Startz, R., (2013) Eviews Illustrated Forversion, , IHS Global, Irvine, CA; Theis, D., Dutta, A., Explanatory factors of bank dividend policy: revisited (2009) Managerial Finance, 35, pp. 501-508; (2016) Saudi Stock Exchange opens to qualified foreign investors, , www.us-sabc.org/custom/news/details.cfm?id=1689, (accessed, 5 May 2016; Wooldridge, J., (2009) Introductory Econometrics A Modern Approach, , 4th ed., Western Cengage Learning; Yahya, H., Hadi, A., (2013) The Dividend Payout Policy- A Comparison on Malaysia Islamic and Conventional Financial Institutions, pp. 59-69. , The West East Institute, Istanbul; Zameer, H., Rasool, S., Iqbal, S., Arshad, U., Determinants of dividend policy: a case of banking sector in Pakistan (2013) Middle-East Journal of Scientific Research, 18 (3), pp. 410-424; Husam, A.-M., Determinants of corporate dividend policy in Jordan: an application of the Tobit model (2007) Journal of Economic and Administrative Sciences, 23 (2), pp. 44-70; Stacescu, B., Dividend policy in Switzerland (2006) Financial Markets Portfolio Management, 20, pp. 153-183},
correspondence_address1={Al-Kayed, L.T.; Department of Business Administration, Saudi Arabia; email: lama.alkayed@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Louati2015192,
author={Louati, S. and Gargouri Abida, I. and Boujelbene, Y.},
title={Capital adequacy implications on Islamic and non-Islamic bank's behavior: Does market power matter?},
journal={Borsa Istanbul Review},
year={2015},
volume={15},
number={3},
pages={192-204},
doi={10.1016/j.bir.2015.04.001},
note={cited By 20},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84954151157&doi=10.1016%2fj.bir.2015.04.001&partnerID=40&md5=dec01bcca2060e7575fba5f42287e0df},
affiliation={Unit of Research in Applied Economics-URECA, Faculty of Economics and Management of Sfax, University of Sfax, Tunisia; Higher Institute of Business Administration of Sfax, Tunisia},
abstract={After each crisis, reforms are carried out to prevent a new episode of financial crises. In this context, our objective in this study is to examine and simultaneously compare the behavior of Islamic and conventional banks in relation to the ratio of the capital adequacy in different competitive circumstances. We used data from 12 MENA and South East Asian countries characterized by the coexistence of Islamic and conventional banks. We concluded that the funding ratio has a significant impact on the behavior of 70 conventional banks and 47 Islamic banks. However, competitive conditions have no significant effect on the relationship between the weighted assets ratio and Islamic bank behavior, which means that this type of banks is applying theoretical models based on the prohibition of the interest. © 2015 Borsa ̄stanbul Anonim Şirketi.},
author_keywords={Bank competition;  Capital adequacy ratio;  Deposits and loans},
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(1994) Journal of Money, Credit and Banking, 26, pp. 585-628; Berrospide, J., Edge, R., The effects of bank capital on lending: What do we know, and what does it mean? (2010) International Journal of Central Banking, 6, pp. 5-54; Besanko, D., Kanatas, G., The regulation of bank capital: Do capital standards promote bank safety? (1996) Journal of Financial Intermediation, 5, pp. 160-183; Bourkis, K., Nabi, M.S., Islamic and conventional banks' soundness during the 2007-2008 financial crisis (2013) Review of Financial Economics, 22, pp. 68-77; Carbo-Valverde, S., Humphrey, D., Maudos, J., Molyneux, P., Cross-country comparisons of competition and pricing power in European banking (2009) Journal of International Money and Finance, 28, pp. 115-134; Carlson, M., Shan, H., Warusawitharana, M., Capital ratios and bank lending: A matched bank approach (2013) Journal of Financial Intermediation, 22, pp. 663-687; Cebenoyan, A.S., Strahan, P.E., Risk management, capital structure and lending at banks (2004) Journal of Banking and Finance, 28, pp. 19-43; Chiuri, M.C., Ferri, G., Majnoni, G., The macroeconomic impact of bank capital requirements in emerging economies: Past evidence to assess the future (2002) Journal of Banking and Finance, 26, pp. 881-904; Chong, B.S., Liu, M.-H., Islamic banking: Interest-free or interest based? (2009) Pacific Basin Financial Journal, 17, pp. 125-144; Cihak, M., Hesse, H., Islamic banks and financial stability: An empirical analysis (2010) Journal of Financial Services Research, 38, pp. 95-113; Das, A., Ghosh, S., The relation between risk and capital: Evidence from Indian public sector banks (2004) RBI Occasional Papers, pp. 1-21. , Summer; Diamond, D.W., Rajan, R.G., A theory of bank capital (2000) Journal of Finance, 55 (6), pp. 2431-2465; Ferri, G., Kang, T.S., The credit channel at work: Lessons from the financial crisis in Korea (1999) Economic Notes, 28 (2), pp. 195-221; Francis, W., Osborne, M., Capital requirements and bank behavior in the UK: Are there lessons for international capital standards? 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(2000) American Economic Review, 90 (1), pp. 147-165; Honohan, P., (1997) Banking System Failures in Developing and Transition Countries: Diagnosis and Prediction, , Technical report 39 Banque des Réglements internationaux, janvier; Iqbal, M., Ausaf, A., Khan, T., (1998) Challenges Facing Islamic Banking, , Occasional Paper No. 1, IRTI Islamic Development Bank Jeddah; Jacques, K., Nigro, P., Risk-based capital, portfolio risk, and bank capital: A simultaneous equations approach (1997) Journal of Economics and Business, 49, pp. 533-547; Jimenez, G., Lopez, J., Saurina, J., (2007) How Does Competition Impact Bank Risk Taking?, , Working paper Banco de Espana; Kahane, Y., Capital adequacy and the regulation of financial intermediaries (1977) Journal of Banking and Finance, 1, pp. 207-218; Khediri, K., Charfeddine, L., Ben Youssef, S., Islamic versus conventional banks in the GCC countries: A comparative study using classification techniques (2015) Journal of Economic Behavior et Organization, 103, pp. 39-55; Kim, D., Santomero, A.M., Risk in banking and capital regulation (1988) Journal of Finance, 43, pp. 1219-1233; Kim, D.W., Lee, Y.S., Park, K.S., Credit crunch and shocks to firms: Korean experience under the Asian financial crisis (2002) Emerging Market Review, 3, pp. 195-210; Koehn, M., Santomero, A.M., Regulation of bank capital and portfolio risk (1980) Journal of Finance, 35, pp. 1235-1250; Kunt, A.D., Huizinga, H., (2011) Do We Need Big Banks? Evidence on Performance, Strategy and Market Discipline, , Policy Research working paper (no. 5576) The World Bank Development Research Group, Finance and Private Sector Development Team; Kuran, T., (2004) Islam and Mammon, , Princeton University Press; Leuvensteijin, M.V., Bikker, J., Rixtel, A.V., Sorensen, C.K., A new approach to measuring competition in the loan markets of the Euro area (2011) Applied Economics, 43, pp. 3155-3167; Mastura, A.K., Kabir, H., Taufiq, H., Shamsher, M., Capital adequacy and lending and deposit behaviors of conventional and Islamic banks (2014) Pacific-Basin Finance Journal, 28, pp. 58-75; Mora, N., Logan, A., (2010) Shocks to Bank Capital: Evidence from UK Banks at Home and Away, , Bank of England working paper no. 387; Peek, J., Rosengren, E., The capital crunch: Neither a borrower nor a lender be (1995) Journal of Money, Credit and Banking, 27 (3), pp. 625-638; Pellegrina Dalla, L., (2007) Capital Adequacy Ratios, Efficiency and Governance: A Comparison between Islamic and Western Banks, , Working paper Università degli Studi di Milano-Bicocca, Dipartimento di Statistica; Petersen, W., Raghuram, R., The effect of credit market competition on lending relationships (1995) Quarterly Journal of Economics, 110, pp. 407-443; Revell, J., (1979) Inflation and Financial Institutions, , The Financial Times Ltd. London; Rice, T., Rose, J., (2010) When Good Investments Go Bad: The Contraction in Community Bank Lending after the 2008 GSE Takeover, , Mimeo; Rime, B., Capital requirements and bank behavior: Empirical evidence for Switzerland (2001) Journal of Banking and Finance, 4, pp. 789-805; Rochet, J.C., Capital requirements and the behavior of commercial banks (1992) European Economic Review, 36; Schmitz, B., The impact of Basel i capital regulation on bank deposits and loan: Empirical evidence for Europe (2007) Money Market and Finance Research Group 39th Annual Conference, , http://www.essex.ac.uk/afm/mmf/index.html, No. 42; Shaffer, S., A test of competition in Canadian banking (1993) Journal of Money, Credit and Banking, 25, pp. 49-61; Siddiqui, M.N., Islamic banking and finance in theory and practice: A survey of state of the art (2006) Islamic Economic Study, 13, pp. 1-48; Soedarmon, W., Machrouh, F., Tarazi, A., Bank market power, economic growth and financial stability: Evidence from Asian banks (2011) Journal of Asian Economics, 22, pp. 460-470; Srairi, S.A., Ownership structure and risk-taking behaviour in conventional and Islamic banks: Evidence for MENA countries (2013) Borsa Istanbul Review, 13, pp. 115-127; Stolz, S., (2007) Bank Capital and Risk Taking, , Springer Heidelberg; Sun, L., Chang, T.-P., A comprehensive analysis of the effects of risk measures on bank efficiency: Evidence from emerging Asian countries (2011) Journal of Banking and Finance, 35, pp. 1727-1735; Tabak, B.M., Fazio, D.M., Cajueiro, D., The relationship between banking market competition and risk-taking: Do size and capitalization matter? (2012) Journal of Banking & Finance, 36, pp. 3366-3381; Watanabe, W., (2004) Prudential Regulation, the 'Credit Crunch' and the Ineffectiveness of Monetary Policy: Evidence from Japan, , The Institute of Social and Economic Research, Osaka University Osaka Discussion Paper No. 617; Weill, L., Do Islamic banks have greater market power? (2011) Comparative Economic Studies, 53, pp. 291-306; Yudistira, D., (2002) The Impact of Bank Capital Requirement in Indonesia, , Economic Working Paper Archive at WUSTL},
correspondence_address1={Louati, S.; Unit of Research in Applied Economics-URECA, Tunisia; email: louatisalma700@gmail.com},
publisher={Borsa Istanbul Anonim Sirketi},
issn={22148450},
language={English},
abbrev_source_title={Borsa Istanb. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hearn2012102,
author={Hearn, B. and Piesse, J. and Strange, R.},
title={Islamic finance and market segmentation: Implications for the cost of capital},
journal={International Business Review},
year={2012},
volume={21},
number={1},
pages={102-113},
doi={10.1016/j.ibusrev.2010.11.007},
note={cited By 20},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84855242773&doi=10.1016%2fj.ibusrev.2010.11.007&partnerID=40&md5=cf33b9b1833efab4f85f5fddda80b8e1},
affiliation={School of Management, University of Leicester, Leicester LE1 7RH, United Kingdom; Department of Management, King's College London, 150 Stamford St, London SE1 9NH, United Kingdom; University of Stellenbosch, South Africa; School of Business, Management and Economics, University of Sussex, Mantell Building, Brighton BN1 9RH, United Kingdom},
abstract={This paper considers the impact of full Islamic shari'ya compliance on developing stock exchanges in their effective provision of development capital. Evidence from a unique study focussing on the Sudan telecommunications company and its listings on the Khartoum as well as Arabian Gulf stock exchanges reveals that costs of capital are considerably higher in the former than latter markets. While there are firm governance benefits arising from Islamic finance monitoring costs are substantial and the banking system is better placed to administer financing arrangements. Larger firms are better placed to circumvent this segmentation through cross-listing on regional exchanges. © 2010 Elsevier Ltd.},
author_keywords={Cost of capital;  Developing countries;  Islamic finance;  Market segmentation;  Middle East and North Africa;  Sudan},
references={Abdouli, A.H., Access to finance and collaterals: Islamic versus western banking (1991) Journal of King Abdulaziz University: Islamic Economics, 3 (1), pp. 55-62; Aggarwal, R.K., Yousef, T., Islamic banks and investment financing (2000) Journal of Money, Credit and Banking, 32 (1), pp. 93-120; (2009) Al Zawya business database, , http://www.zawya.com/default.cfm?cc, Al Zawya; Al-Suweilem, S., Venture capital: A potential model of musharaka (1998) Journal of King Abdulaziz University: Islamic Economics, 10, pp. 3-20; Asad, Z., (2008) Islamic economics: A survey of the literature. Munich personal RePEc archive, MPRE paper no. 11024; Asutey, M., A political economy approach to Islamic economics: Systemic understanding for an alternative economic system (2007) Kyoto Bulletin of Islamic Area Studies, pp. 3-18; Badr El-Din, A.I., (2003) Poverty alleviation via Islamic banking finance to micro-enterprises (MEs) in Sudan: Some lessons for poor countries, , Universität Bremen, Institute for World Economics and International Management (IWIM), Sudan Economy Research Group, Discussion paper no. 35; Banalieva, E.R., Robertson, C.J., Performance, diversity, and multiplicity of foreign cross-listing portfolios (2010) International Business Review, 19 (6), pp. 531-547; Brealey, R.A., Myers, S.C., Allen, F., (2008) Principles of corporate finance, , McGraw Hill International, New York; Chapra, M.U., (1993) What is Islamic economics, , Islamic Development Bank, Saudi Arabia, Islamic Research and Training Institute, IDB Prize Winners Lecture Series No. 9; Dietrich, D., Jindra, B., Corporate governance in the multinational enterprise: A financial contracting perspective (2010) International Business Review, 19 (5), pp. 446-456; El-Din, S.T., The stock-exchange from an Islamic perspective (1996) Journal of King Abdulaziz University: Islamic Economics, 8, pp. 29-48; El-Din, S., El-Din, T., Towards an Islamic model of stock market (2002) Journal of King Abdulaziz University: Islamic Economics, 3 (1), pp. 57-81; Eljelly, A.M.A., Abuldris, A.M., A survey of capital budgeting techniques in the public and private sectors of a less developed country (LDC): The case of the Sudan (2001) Journal of African Business, 2 (1), pp. 75-93; Fama, E., Efficient capital markets: A review of theory and empirical work (1970) The Journal of Finance, 25 (2), pp. 383-417; Gordon, M.J., Shapiro, E., Capital equipment analysis: The required rate of profit (1956) Management Science, 3, pp. 102-110; Harvey, C.R., (1994) Conditional asset allocation in emerging markets. Working paper: March 1994, , Duke University, Durham, NC; Hearn, B., Strange, R., Piesse, J., Overcoming financing constraints in an emerging Islamic market: Evidence from the Sudan telecommunications company (2009) Transnational Corporations, 18 (3), pp. 1-26; Iqbal, Z., Islamic financial systems (1997) Finance & Development, (JUNE), pp. 42-45; Jackson, M., Staunton, M., (2003) Advanced modelling in finance using Excel and VBA, , Wiley Finance, Chichester, England; Kamali, M.H., A Sahari'ah analysis of issues in Islamic leasing (2007) Journal of King Abdulaziz University: Islamic Economics, 20 (1), pp. 3-21; Khan, T., BenDjilali, B., Modelling an exit strategy for Islamic venture capital finance (2003) International Journal of Islamic Financial Services, 4 (2), pp. 1-10; Kolk, A., van Tulder, R., International business, corporate social responsibility and sustainable development (2010) International Business Review, 19 (2), pp. 119-125; (2004) KSE Annual Report Khartoum Stock Exchange Annual Report 2004, , Khartoum Stock Exchange, Khartoum, Sudan, [Arabic/English]; (2007) Khartoum Stock Exchange website (Arabic), , http://www.khartoumstock.com, KSE website; Kuran, T., Islamic economics and the Islamic subeconomy (1995) Journal of Economic Perspectives, 9 (4), pp. 155-173; Kuran, T., Why the Middle East is economically underdeveloped: Historical mechanisms of institutional stagnation (2004) Journal of Economic Perspectives, 18 (3), pp. 71-90; Lewis, M.K., Algaoud, L.M., (2001) Islamic banking, , Edward Elgar, Cheltenham; Mannan, M.A., (1993) Understanding Islamic finance: A study of the securities market framework, , Islamic Development Bank, Saudi Arabia, Islamic Research and Training Institute, Research paper no. 18; Markowitz, H., (1959) Portfolio selection: Efficient diversification of investments, , Chapman and Hall, London; Metwally, M.M., The role of the stock exchange in an Islamic economy (1984) Journal of Research in Islamic Economics, 2 (1), pp. 19-28; Naughton, T., Naughton, S., Religion, ethics and stock trading: The case of an Islamic equities market (2000) Journal of Business Ethics, 23 (2), pp. 145-159; Noorzoy, M.S., Islamic laws on riba (interest) and their economic implications (1982) International Journal of Middle East Studies, 14, pp. 3-17; Obaidullah, M., (2006) Teaching corporate finance from an Islamic perspective, , King Abdulaziz University Islamic Economics Research Centre, Kingdom of Saudi Arabia; Onour, I.A., (2002), Testing efficiency performance of Khartoum Stock Exchange. University of Khartoum, Sudan, School of Management Studies, Research Paper; Presley, J.R., Sessions, J.G., Islamic economics: The emergence of a new paradigm (1994) The Economic Journal, 104 (424), pp. 584-596; Pryor, F.L., The economic impact of Islam on developing countries (2007) World Development, 35 (11), pp. 1815-1835; Rock, K., Why new issues are underpriced (1986) Journal of Financial Economics, 15, pp. 187-212; Rowey, K., July, C., Fevre, M., (2006) Islamic finance: Basic principles and structures, , Freshfield Bruckhaus Deringer, London, UK; Siddiqi, M.N., (2005) Teaching Islamic Economics, , King Abdulaziz University Islamic Economics Research Centre, Kingdom of Saudi Arabia; Tignor, R.L., The Sudanese private sector: An historical overview (1987) The Journal of Modern African Studies, 25 (2), pp. 179-212},
correspondence_address1={Hearn, B.; School of Management, , Leicester LE1 7RH, United Kingdom; email: bruce.hearn@le.ac.uk},
issn={09695931},
language={English},
abbrev_source_title={Int. Bus. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Selim2008122,
author={Selim, T.H.},
title={An Islamic capital asset pricing model},
journal={Humanomics},
year={2008},
volume={24},
number={2},
pages={122-129},
doi={10.1108/08288660810876831},
note={cited By 20},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84993043435&doi=10.1108%2f08288660810876831&partnerID=40&md5=941d9808772d2b2c3562f69820c063b9},
affiliation={Department of Economics, The American University, Cairo, Egypt},
abstract={Purpose – The purpose of this paper is to describe the application of the Islamic financing method based on direct musharakah to the conventional capital asset pricing model yielding several interesting hypotheses. Design/methodology/approach – Theoretical methodology, with maximin criteria, and rational economic optimization. Findings – There are four major findings. First, an Islamic financing partnership based on complementary capital is proven to necessarily yield a lower beta-risk of investments than that compared to the market. Second, in order for the above conclusion to hold, capital lenders (such as banks) must abide by a maximum partnership share inversely proportional to project risk and increasing with opportunity cost of capital. Third, the sum of lender's share and relative risk level balances to unity at equilibrium. Hence, tradeoffs exist in risk-shares and not in risk-returns. Fourth, without accounting for inflation, and in contrast to predetermined fixed interest, a maximin strategy of financing partnerships (maximum return with minimum risk) imply an existence of an optimum zero risk-free rate. Research limitations/implications – The paper's findings are limited to a Direct Musharakah Partnership. Originality/value – A comparison between Islamic risks and returns to conventional risk management is deduced. Several implications on the conduct of Islamic financing are discussed. © 2008, Emerald Group Publishing Limited},
author_keywords={Asset valuation;  Economics;  Finance;  Islam;  Partnership},
references={(2005) Weekly Report, , January; El-Gamal, M.A., An economic explication of the prohibition of riba in classical Islamic jurisprudence (2001), working paper; Fama, E., French, K., The cross-section of expected stock returns (1992) Journal of Finance, 47, pp. 427-660; Fama, E., MacBeth, J., Risk, return and equilibrium: some empirical tests (1973) Journal of Political Economy, 8, pp. 607-636; Fischer, I., (1930) The Theory of Interest, , Augustus M. Kelly, New York, NY; Fischer, I., (1965) The Theory of Interest (a Reprint), , New York, NY; Hirschleifer, J., On the theory of optimal investment decision (1958) Journal of Political Economy, 66. , August; Jomo, K., (1992) Islamic Economic Alternatives, , Macmillan, London; Lintner, J., Security prices, risk, and maximal gains from diversification. (1965) Journal of Finance, , December; Lotfy, A., The foundations Islamic finance: a comparative study with conventional methods (2005), research paper (unpublished), Economics Department, The American University in Cairo; Markowitz, H., Travels along the efficient frontier (1997) Dow Jones Asset Management, May/June.; Ross, S., Westerfield, R., Jaffe, J., (1999) Corporate Finance, pp. 269-270. , 5th ed., Irwin McGraw Hill; Sharpe, W., Capital asset prices: a theory of market equilibrium under conditions of risk (1964) Journal of Finance, , September; Ibn Taymia, A., Al-Hesba Fe El-Islam (n.d.), Al-Sonna Library, Egypt; Ibn Taymia, A., Al-Shareia Fe Eslah (n.d.), Dar Al Shaab, Egypt},
correspondence_address1={Selim, T.H.; Department of Economics, , Cairo, Egypt},
issn={08288666},
language={English},
abbrev_source_title={Humanomics},
document_type={Article},
source={Scopus},
}

@ARTICLE{Louhichi2020,
author={Louhichi, A. and Louati, S. and Boujelbene, Y.},
title={The regulations–risk taking nexus under competitive pressure: What about the Islamic banking system?},
journal={Research in International Business and Finance},
year={2020},
volume={51},
doi={10.1016/j.ribaf.2019.101074},
art_number={101074},
note={cited By 18},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85070319189&doi=10.1016%2fj.ribaf.2019.101074&partnerID=40&md5=797f690e00947ebd1e1b68dd8f60b751},
affiliation={Faculty of Economics and Management of Sfax, Airport Road Km 4, Sfax, 3018, Tunisia},
abstract={Does market power condition the effect of bank regulations and supervision on bank risk taking? We focus on three regulatory tools: capital requirements, the restriction of activities, and official supervisory powers. Employing 10 years of unbalanced panel data on 123 Islamic and conventional banks operating in the Middle East and Asia, we arrive at the following conclusions. First, banking market power strengthens the negative impact of capital regulation on bank risk taking. Second, our empirical results suggest that the negative effect of activity restrictions on stability is diminished when banks have greater market power. Finally, we do not find strong evidence that the negative effect of supervisory power on banks’ risk taking is conditioned by their competitive behavior. In further analysis, we differentiate between Islamic and conventional banks regarding their competition, as well as their risk behavior. The results differ according to the banking business model. These findings could be useful for bank regulators in light of the accomplishment of Islamic banks’ regulatory framework. Indeed, the adoption of Basel III represents a significant regulatory challenge, given that it does not take into account the specificities of Islamic banks. © 2019 Elsevier B.V.},
author_keywords={Banking regulations;  Islamic banks;  Market power;  Nonperforming loans;  Z-score},
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correspondence_address1={Louhichi, A.; Faculty of Economics and Management of Sfax, Airport Road Km 4, Tunisia; email: awatef.lh@gmail.com},
publisher={Elsevier Ltd},
issn={02755319},
language={English},
abbrev_source_title={Res. Int. Bus. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Buallay2019672,
author={Buallay, A. and Cummings, R. and Hamdan, A.},
title={Intellectual capital efficiency and bank’s performance: A comparative study after the global financial crisis},
journal={Pacific Accounting Review},
year={2019},
volume={31},
number={4},
pages={672-694},
doi={10.1108/PAR-04-2019-0039},
note={cited By 18},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85074456769&doi=10.1108%2fPAR-04-2019-0039&partnerID=40&md5=00267916517a96641c8dae76770ede1e},
affiliation={Brunel University, London, United Kingdom; Ahlia University, Manama, Bahrain},
abstract={Purpose: Intellectual capital (IC) plays a pivotal role in the high-tech and knowledge-based economic sectors. With the emergence of FinTech, which, with respect to the banking sector, is merging high-tech with the k-economy, there is an emerging need to highlight the importance and understand the dynamics of bank IC. With respect to Gulf Cooperation Council (GCC) economies, where FinTech has become de rigueur, banking is bifurcated into Islamic and banking sectors. Through comparative empirical analysis, the purpose of this paper is to examine IC efficiency in Islamic and conventional banks with a view to elucidating the impact of IC, in aggregate and decomposed into its components, on an operational, financial and market performance of Islamic banks juxtaposed with conventional banks. Design/methodology/approach: Using data collected from 59 banks for five years (2012-2016) involving 295 observations, an independent variable derived from the modified value added IC (MVAIC) components are regressed against dependent bank performance indicator variables [Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q (TQ)]. Two types of control variables complete the regression analysis in this study: bank-specific and macroeconomic. Findings: The findings elicited from the empirical results demonstrate that there is positive relationship between IC efficiency and financial performance (ROE) and market performance (TQ) in Islamic banks. In conventional banks, however, there is a positive relationship between IC and operational performance (ROE) and financial performance (ROE). Originality/value: The model in this paper presents a valuable analytical framework for exploring IC efficiency as a driver of performance in dual-sector banking economies characterized by co-existence of Islamic and conventional financial institutions. In addition, this paper highlights bank management lacunae manifesting in terms of the weak nexus between: IC and asset efficiency (ROA) in Islamic banks and IC and market value (TQ) in conventional banks. © 2019, Emerald Publishing Limited.},
author_keywords={Conventional banks;  GCC countries;  Intellectual capital efficiency;  Islamic banks;  Performance},
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Hassan, M.K., Aliyu, S., A contemporary survey of Islamic banking literature (2018) Journal of Financial Stability, 34, pp. 12-43; HasanMohammad, R., Alam, M.F., (2017) Impact of IC on profitability: conventional versus Islamic banks; Heimeriks, K.H., Duysters, G., Alliance capability as a mediator between experience and alliance performance: an empirical investigation into the alliance capability development process (2007) Journal of Management Studies, 44 (1), pp. 25-49; Inkinen, H., Review of empirical research on IC and firm performance (2015) Journal of IC, 16 (3), pp. 518-565; Ismail, K.N.I.K., Karem, M.A., IC and financial performance of banks in Bahrain (2011) Journal of Business Management and Accounting, 1 (1), pp. 63-77; Khan, M.M.S., Yasser, F., Hussain, T., IC and financial performance: an evaluation of Islamic banks in Pakistan (2015) Islamic Banking and Finance Review, 2 (1), pp. 59-75; Laing, G., Dunn, J., Hughes-Lucas, S., Applying the VAIC™ model to Australian hotels (2010) Journal of IC, 11 (3), pp. 269-283; Latif, M., Malik, M.S., Aslam, S., IC efficiency and corporate performance in developing countries: a comparison between Islamic and conventional banks of Pakistan (2012) Interdisciplinary Journal of Contemporary Research in Business, 4 (1), pp. 405-420; Mahoney, J.T., Pandian, J.R., The resource‐based view within the conversation of strategic management (1992) Strategic Management Journal, 13 (5), pp. 363-380; Martín-de-Castro, G., Delgado-Verde, M., López-Sáez, P., Navas-López, J.E., Towards ‘an IC-based view of the firm’: origins and nature (2011) Journal of Business Ethics, 98 (4), pp. 649-662; Mollah, S., Hassan, M.K., Al Farooque, O., Mobarek, A., The governance, risk-taking, and performance of Islamic banks (2017) Journal of Financial Services Research, 51 (2), pp. 195-219; Nawaz, T., Haniffa, R., Determinants of financial performance of Islamic banks: an IC perspective (2017) Journal of Islamic Accounting and Business Research, 8 (2), pp. 130-142; Nimtrakoon, S., The relationship between IC, firms’ market value and financial performance: empirical evidence from the ASEAN (2015) Journal of IC, 16 (3), pp. 587-618; 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Sarea, A.M., Alansari, S.H., The relationship between IC and earnings quality: evidence from listed firms in Bahrain bourse (2016) International Journal of Learning and IC, 13 (4), pp. 302-315; Setianto, R.H., Sukmana, R., IC and Islamic banks performance: evidence from Indonesia and Malaysia (2016) IQTISHADIA Jurnal Kajian Ekonomi Dan Bisnis Islam, 9 (2), pp. 376-397; Singh, S., Sidhu, J., Joshi, M., Kansal, M., Measuring IC performance of Indian banks: a public and private sector comparison (2016) Managerial Finance, 42 (7), pp. 635-655; Subramaniam, M., Youndt, M.A., The influence of IC on the types of innovative capabilities (2005) Academy of Management Journal, 48 (3), pp. 450-463; Verdin, P., Williamson, P., Successful strategy: stargazing or self-examination? (1994) European Management Journal, 12 (1), pp. 10-19; Wernerfelt, B., A resource‐based view of the firm (1984) Strategic Management Journal, 5 (2), pp. 171-180; Kamla, R., Alsoufi, R., Critical Muslim intellectuals’ discourse and the issue of ‘interest’(ribā): implications for Islamic accounting and banking. In (2015) Accounting Forum, 39 (2), pp. 140-154},
correspondence_address1={Buallay, A.; Brunel UniversityUnited Kingdom; email: ameena.buallay.87@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={01140582},
language={English},
abbrev_source_title={Pacafic Acc. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{KabirHassan201672,
author={Kabir Hassan, M. and Unsal, O. and Emre Tamer, H.},
title={Risk management and capital adequacy in Turkish participation and conventional banks: A comparative stress testing analysis},
journal={Borsa Istanbul Review},
year={2016},
volume={16},
number={2},
pages={72-81},
doi={10.1016/j.bir.2016.04.001},
note={cited By 18},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84974652911&doi=10.1016%2fj.bir.2016.04.001&partnerID=40&md5=c6e63315918f3fe234b877d27700790c},
affiliation={Department of Economics and Finance, University of New Orleans, 2000 Lakeshore Dr., New Orleans, LA  70148, United States; Turkiye Finans Participation Bank, Turkey},
abstract={In this study, we investigate changes in banks' capital adequacy ratio (CAR) under different stress scenarios and examine the results by comparing conventional banks to participation banks in Turkey. Our results report that the capital adequacy ratio of the banks declines substantially given the stress scenarios. We find that participation banks in Turkey suffer more in declined capital adequacy ratio compared to conventional banks. Our findings reveal that participation banks in Turkey are more sensitive to sudden changes in exchange rates and increased non-performing loans. However, this sensitivity is in regards to capital adequacy, not profit. Overall, our study shows the effect of stress in the banking sector by contributing to the existing literature. © 2016 Borsa İstanbul Anonim Şirketi.},
author_keywords={Basel I;  Basel I;  Capital adequacy;  Credit risk;  Islamic banks;  Market risk;  Operational risk;  Scenario analysis;  Stress testing;  Turkey},
references={Agenor, P.R., Silva, L., (2009) Cyclical Effects of Bank Capital Requirements with Imperfect Credit Markets, , Policy Research Working Paper Series 5067 The World Bank; Chami, R., Sharma, S., Khan, M.S., (2003) Emerging Issues in Banking Regulation, , IMF Working Papers 03/101 International Monetary Fund; Gilbert, R.A., (2006) Keep the Leverage Ratio for Large Banks to Limit the Competititive Effects of Implementing Basel II Captial Requirements, , NFI Policy Briefs 2006-PB-01 Indiana State University, Scott College of Business, Networks Financial Institute; Gurtler, M., Hibbeln, M., Vohringer, C., (2007) Measuring Concentration Risk for Regulatory Purposes, , Working Papers IF26V4 Technische Universitat Braunschweig, Institute of Finance; Hakenes, H., Schnabel, I., (2006) Bank Size and Risk-taking under Basel II, , Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 88 Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich; Hassan, M.K., Chowdhury, M.A., Basel II and islamic banking regulation (2010) American Journal of Islamic Social Sciences (AJISS), 27, pp. 74-101; Hassan, M.K., Dicle, M.F., Basel II and regulatory framework for islamic banks (2005) Journal of Islamic Economics and Finance, 1 (1), pp. 17-36. , July-December 2005; Hassan, M.K., Dicle, M.F., Basel II and corporate governance of islamic banks (2007) Integrating Islamic Finance into the Mainstream: Regulation, Standardization and Transparency, , N. Ali, Harvard Law School Islamic Finance Project, Islamic Legal Studies Program; Hassan, M.K., Hussain, M.E., Kayed, R.N., Impact of capital regulations on capital ratios and risk taking of Islamic banks (2011) Review of Islamic Economics, 15 (1), pp. 5-21; Hassan, M.K., Mazumder, I., Islamic finance and monetary stability: An empirical investigation (2001) Proceedings of the Fourth Harvard University Forum on Islamic Finance; (2015), http://www.invest.gov.tr/en-US/infocenter/publications/Documents/FINANCIAL.SERVICES.INDUSTRY.pdf, Investment Support and Promotion Agency of Turkey; Jacques, K.T., Nigro, P., Risk-based capital, portfolio risk and bank capital: A simultaneous equations approach (1997) Journal of Economics and Business, 49, pp. 533-547; Kashyap, A.K., Stein, J.C., Cyclical implications of the basel II capital standards (2004) Economic Perspectives, 28 (1), pp. 18-31. , (Federal Reserve Bank of Chicago); Mariani, A.M., Hassan, M.K., (2012) The Impact of Foreign-owned Islamic Banks and Islamic Bank Subsidiaries on the Efficiency and Productivity Change of Malaysian Banks, 24. , King Abdul Aziz University Journal of Islamic Economics No. 2; Montgomery, H., The effect of the basel accord on bank portfolios in Japan (2005) Journal of the Japanese and International Economies, 19 (1), pp. 24-36. , Elsevier; (2014), http://www.comcec.org/wp-content/uploads/2015/07/5-MustafaDereci.pdf, Mustafa Dereci; Naceur, S.B., Kandil, M., (2008) Basel Accord and Lending Behavior: Evidence from MENA Region, , Working Papers 385, Economic Research Forum; Ojo, M., (2010) Extending the Scope of Prudential Supervision: Regulatory Developments during and beyond the 'Effective' Periods of the Post BCCI and the Capital Requirements Directives; Pelizzon, L., Schaefer, S., (2005) Pillar 1 Vs. Pillar 2 under Risk Management, , NBER Working Papers 11666 National Bureau of Economic Research, Inc; Repullo, R., Suarez, J., Loan pricing under basel capital requirements (2004) Journal of Financial Intermediation, 13 (4), pp. 496-521; Rime, B., (2003) The New Basel Accord: Implications of the Co-existence of the Standardized Approach and the Internal Ratings Based Approach, , Studienzentrum Gerzensee, Working Paper No. 03.05; Roy, P.V., (2005) Credit Ratings and the Standardized Approach to Credit Risk in Basel II, , ECB Working Paper No. 517; Santos, J.A.C., (2000) Bank Capital Regulation in Contemporary Banking Theory: A Review of the Literature, , BIS Working Papers 90, Bank for International Settlements; Smolo, E., Hassan, M.K., (2010) Capital Adequacy Requirements for Islamic Financial Institutions, Islamic Finance: Instruments and Markets, , Bloomsbury Press London, UK 2010; Taher, A.G.L., The impact of the basel accord stanards on the assessment of capital adequacy ratio in Islamic banks of UAE (2012) Proceedings of World Business and Economics Research Conference},
correspondence_address1={Kabir Hassan, M.; Department of Economics and Finance, 2000 Lakeshore Dr., United States; email: mhassan@uno.edu},
publisher={Borsa Istanbul Anonim Sirketi},
issn={22148450},
language={English},
abbrev_source_title={Borsa Istanb. Rev.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Farooq2016268,
author={Farooq, O. and Alahkam, A.},
title={Performance of shariah-compliant firms and non-shariah-compliant firms in the MENA region: Which is better?},
journal={Journal of Islamic Accounting and Business Research},
year={2016},
volume={7},
number={4},
pages={268-281},
doi={10.1108/JIABR-10-2013-0039},
note={cited By 18},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84988557027&doi=10.1108%2fJIABR-10-2013-0039&partnerID=40&md5=56f738fdc65425b11419db4e9b284af0},
affiliation={Department of Management, American University in Cairo, Cairo, Egypt; School of Business Administration, Al Akawayn University in Ifrane, Ifrane, Morocco},
abstract={Purpose: This paper aims to document the relative performance of non-financial shariah-compliant firms and non-financial non-shariah-compliant firms in the MENA (Morocco, Egypt, Saudi Arabia, United Arab Emirates, Jordan, Kuwait and Bahrain) region during the period between 2005 and 2009. Design/methodology/approach: This paper uses pooled ordinary least squares regression analysis to document the effect of shariah compliance on stock price performance in the MENA region on a sample of non-financial firms that consists of shariah- and non-shariah-compliant firms. Findings: Using market-adjusted returns as a proxy for performance, this paper shows that shariah-compliant firms underperform non-shariah-compliant firms. The results also show that underperformance of shariah-compliant firms holds in the civil law and in the common law countries. Interestingly, this paper also shows that difference between the performance of shariah-and non-shariah-compliant firms disappears during the crisis period. Research limitations/implications: This paper argues that the characteristics of shariah-compliant firms are such that these firms are at a disadvantage relative to their non-shariah-compliant counterparts. For example, high leverage of their counterpart firms can act as a disciplining mechanism and positively affect performance of these firms. Similarly, high account receivables and high cash allow non-shariah-compliant firms to make more effective business networks than shariah-compliant firms and fund large capital expenditures. Consequently, shariah-compliant firms underperform non-shariah-compliant firms. This study’s results, however, should be read with caution, as they are mainly based upon the performance of large volume, statistical significance, sampling errors and possible labeling miss-specification. Further research on this topic with different research methodology is essential. Originality/value: This paper takes a financial view rather than religious view while highlighting the impact of shariah characteristics on firm performance. © 2016, © Emerald Group Publishing Limited.},
author_keywords={Emerging markets;  Firm performance;  Islamic finance;  Shariah-compliance},
references={Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Malaysian Islamic unit trust funds: comparison with conventional unit trust funds (2007) Managerial Finance, 33 (2), pp. 142-153; Angelidis, J., Ibrahim, N., An Exploratory Study of the impact of degree of religiousness upon an individual’s corporate social responsiveness orientation (2004) Journal of Business Ethics, 51 (2), pp. 119-128; Ashraf, D., Mohammad, N., Matching perception with reality – performance of Islamic equity investments (2013) Forthcoming, Pacific Basin Finance Journal; Carey, P., Simnet, R., Tanewski, G., Voluntary demand for internal and external auditing by family businesses (2000) Auditing: A Journal of Practice and Theory, 19, pp. 37-51; Cavanagh, G., Bandsuch, M., Virtue as a benchmark for spirituality in business (2002) Journal of Business Ethics, 38 (1), pp. 109-117; Chang, H.L., Chen, Y.S., Su, C.W., Chang, Y.W., The relationship between stock price and EPS: evidence based on Taiwan panel data (2008) Economics Bulletin, 3 (30), pp. 1-12; DeFond, M.L., The associations between changes in client firm agency cost and auditor switching (1992) Auditing: A Journal of Practice and Theory, 11 (1), pp. 16-31; Fang, V.W., Noe, T.H., Tice, S., Stock market liquidity and firm value (2009) Journal of Financial Economics, 94 (1), pp. 150-169; Giacalone, R., Jurkiewicz, C., Right from wrong: the influence of spirituality on perceptions of unethical business activities (2003) Journal of Business Ethics, 46 (1), pp. 85-97; Grossman, S.J., Hart, O., Corporate financial structure and managerial incentives (1982) The Economics of Information and Uncertainty, , McCall, J.and (Ed.), University of Chicago Press, Chicago, IL; Harford, J., Corporate cash reserves and acquisitions (1999) Journal of Finance, 54 (6), pp. 1969-1997; Hayat, R., (2006) An empirical assessment of Islamic equity fund returns, , www.kantakji.com/fiqh/Files/Markets/70093.pdf; Hussein, K.A., Ethical investment: empirical evidence from FTSE Islamic index (2004) Islamic Economic Studies, 12 (1), pp. 21-40; Hussein, K.A., (2005) Islamic investment: evidence from Dow Jones and FTSE indices, , The 6th International Conference on Islamic Banking and Finance, Jakarta; Jegadeesh, N., Livnat, J., Revenue surprises and stock returns (2006) Journal of Accounting and Economics, 41 (1-2), pp. 147-171; Jensen, M.C., Agency costs of free cash flow, corporate finance, and takeovers (1986) American Economic Review, 76 (2), pp. 323-329; Johnson, S., Boone, P., Breach, A., Friedman, E., Corporate governance in the Asian financial crisis, 1997-1998 (2000) Journal of Financial Economics, 58 (1-2), pp. 141-186; La Porta, R., Lopez-de-Silanes, F., Vishny, R.W., The quality of government (1999) Journal of Law, Economics and Organization, 15 (1), pp. 222-279; Luo, Y., Chen, M., Does GUANXI influence firm performance? (1997) Asia Pacific Journal of Management, 14 (1), pp. 1-16; Margaritis, D., Psillaki, M., Capital structure, equity ownership and firm performance (2010) Journal of Banking and Finance, 34 (3), pp. 621-632; Mikkelson, W.H., Partch, M.M., Do persistent large cash reserves hinder performance? (2003) Journal of Financial and Quantitative Analysis, 38 (2), pp. 275-294; Mitton, T., A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis (2002) Journal of Financial Economics, 64 (2), pp. 215-244; Moriyama, K., (2010) The spillover effects of the global crisis on economic activity in MENA emerging market countries: an analysis using the financial stress index, , Working Paper, International Monetary Fund; Nainggolan, Y., (2011) On the performance of Islamic equity funds, , Midwest Finance Association Annual Meeting, Chicago, IL; Omran, M.F., Examining the effects of Islamic beliefs on the valuation of financial institutions in the United Arab Emirates (2009) Review of Middle East Economics and Finance, 5 (1), pp. 72-79; Onour, I., (2010) The global financial crisis and equity markets in middle east oil exporting countries, , Working Paper, The Arab Planning Institute; Peillex, J., Ureche-Rangau, L., Is there a place for a Shariah-compliant index on the Paris stock market? (2013) International Journal of Business, 18 (2), pp. 131-150; Robinson, K., Islamic finance is seeing spectacular growth (2007) New York Times, , November; Williams, J., Perquisites, risk, and capital structure (1987) Journal of Finance, 42 (1), pp. 29-49},
correspondence_address1={Farooq, O.; Department of Management, Egypt; email: omar.farooq.awan@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{AsadIbrahim20146,
author={Asad Ibrahim, A. and Jamal Elatrash, R. and Omar Farooq, M.},
title={Hoarding versus circulation of wealth from the perspective of maqasid al-Shari'ah},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2014},
volume={7},
number={1},
pages={6-21},
doi={10.1108/IMEFM-06-2012-0053},
note={cited By 18},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84950309383&doi=10.1108%2fIMEFM-06-2012-0053&partnerID=40&md5=1bb0be7244bd34f17e0a623b1f80bcb8},
affiliation={Centre for Islamic Finance, Bahrain Institute of Banking and Finance (BIBF), Manama, Bahrain; Kulliyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia (IIUM), Kuala Lumpur, Malaysia},
abstract={Purpose – The purpose of the paper was to explore the issue of hoarding and dishoarding in a modern context, especially as it relates to circulation of wealth, an important economic objective from the Islamic viewpoint. Design/methodology/approach – This paper presents a survey of scholarly positions on the issue of hoarding and circulation of wealth from Islamic perspectives and analyzes how these positions affect the shaping of financial and economic dimensions of life in our contemporary time. The paper draws on the primary sources, the Qur'an and hadith, and examines the positions of the classical and contemporary scholars, especially in the context of the growing interest in finance, the financial system and economy from the Islamic perspective. Findings – The paper identifies the fact that the notion of hoarding (kanz) needs significantly revised understanding, as money as a concept and tool has evolved substantively in modern times. It also examines variant positions regarding the concept of hoarding and finds more merit in favor of the position that paying zakat is not enough to be exempted from the Qur'anic implications about hoarding. It also identifies and examines securitization, such as sukuk, as an important tool for better circulation of wealth. Originality/value – Hoarding and dishoarding are not widely explored topics in contemporary literature on Islamic economics and finance. This paper makes a valuable contribution in its attempt to highlight the problem of hoarding and the challenge toward greater circulation of wealth. © 2014, © Emerald Group Publishing Limited.},
author_keywords={Circulation of wealth;  Dishoarding;  Hoarding;  Islamic capital market;  kanz;  Sukuk},
references={Razaq, A., Al-Musannaf, , Manshurat al-Majlis Al-IlmiBeirut; Abdul -Rasul, A., (1980) Al-Mabadi’ Al-Iqtisadiyyah Fi Al-Islam, , Dar Al-Fikr Al-ArabiCairo; Afer, M., (1985) Al-Takhtit Wa al-Tanmiyah, , Dar Al-Bayan Al-ArabiJeddah; Ahmed, A.M., (2010) Islamic Banking: How to Manage Risk and Improve Profitability, , John WileyHobokenNJ; (1993) Al-Bahr Al-Mhuheet, , Dar Al-Kutub Al-ElmiyyahBeirut:Al-Andalusi, Abu Hayya; Al -Babili, M., (1980) Al-Iqtisad Fi Daw’ Al-Quran Wa Al-Sunnah, , Dar Al-Kitab Al-LubnaniBeirut; Al -Ghazali, A., (1983) Ihya’ Ulum Al-Din, , Dar Al-Ma’rifahBeirut; Al -Jassas, A., Ahkam Al-Qur’an, , Dar al-FikrBeirut; Al -Kasani, A., (1982) Badai’ Al-Sanai’, , Dar Al-Kitab Al-ArabiBeirut; Al -Kiswani, M., (1990) Al-Wajeez Fi Al-Iqtisad, , Al-Matabi’ Al-Ta’AwuniyyahAmmanHashemite Kingdom of Jordan; Al-Nabhani, (2004) Al-nezam Al-eqtisadi Fi Islam, , Dar Al ummahBeirut; Al-Najjar, A., (2006) Maqasid Al-Shari’ah Bi Ab’ad Jadidah, , Dar Al-Gharb Al-IslamiBeirut; Al -Naqashi, M., (2006) Amaliyyat Al-Taskik Wa Dawruha Fi Tahqiq Maqasid Al-Shari’ah al-Islamiyya, Maqasid Al-Shari’ah Wa Subul Tahqiqiha Fi Al-Mujtama’at Al-Mu’asirah, 2Arabic papers, pp. 54-76. , International Islamic UniversityKuala LumpurMalaysia; Al-Raysuni, A., (2005) Imam al-Shatibi's Theory of the Higher Objectives and Intents of Islamic Law, , International Institute of Islamic ThoughtHerndonVA; Al-San’ani, S., (1974) Al-Rawd Al-Nadeer, , Dar AljeelBeirut; Asertee, M., (2004) Sukuk Al-Ijarah, , Majma’ Al-Fiqh Al-IslamiMasqat; Attia, G., (2007) Towards the Realization of Higher Intents of Islamic Law: A Functional Approach, , International Institute of Islamic ThoughtHerndonVA; Auda, J., (2008) Maqasid Al-Shariah: A Beginner's Guide, , International Institute of Islamic ThoughtHerndonVA; (2013) Economic glossary, , http://glossary.econguru.com/economic-term/hoarding, )“”:(accessed 7 January 2013); Farooq, M., Islamic wealth management and some unconventional thoughts (2013) LIBFC Bi-Annual Report, 1 (1), pp. 45-52. , )“”; (2012) Financial Times Lexicon, , http://lexicon.ft.com/Term?term=dishoarding, )“”:(accessed 25 December 2012); (2003) Glossary, , www.fxstreet.com/education/glossary/hoarding, )“”:(accessed 7 January 2003); Harrison, R., Newholm, T., Shaw, D., (2005) The Ethical Consumer, , (Eds) (SageLondon; Ibn Ashur, M., El-Misawi, Al-Tahir, M., (1998) Ibn Ashur Wa Kitabuhu Maqasid Al-Shari’ah Al-Islamiyyah, , (Ed.)Al-Basa’r li-Intaj Al-IlmiKuala Lumpur; Ibn Ashur, M., (2000) Tafsir Al-Tahrir Wa Al-Tanwir, , Mu’assat Al-TarikhBeirut; Ibn Hajar, A., (1993) Fath Al-Bari, , Dar Al-FikrBeirut; Kahf, M., (2000) Sanadat Al-Ijarah Wa-A’yan Al-Mu’ajjarah, , Al-Ma’had Al-‘Alami li Al-Buhuth Wa Al-TadribJeddah; Kamali, M., (2008) Maqasid al-Shariah Made Simple, , International Institute of Islamic ThoughtHerndonVA; Lowry, S.T., Gordon, B., (1998) Ancient and Medieval Economic Ideas and Concepts of Social Justice, , (Eds) (BrillNew YorkNY; Mason, R., (1988) The Economics of Conspicuous Consumption: Theory and Thought Since 1700, , Edward ElgarCheltenham; Mohamed, A., Iqbal, M., Mohamed, S., (2012) The Islamic Debt Market for Sukuk Securities: The Theory and Practice of Profit Sharing Investment, , Edward ElgarCheltenham; Qutb, S., Salahi, A., Shamis, A., (2003) Fi Zilal al-Qur’an, 1. , (Eds.)Islamic FoundationLeicester; Radford, W., (2009) The Hero with a Million Dollars: Follow the Path of the Hero to Wealth, Success and Financial Independence, , Ropeswing PublishingPocaWV; Rothbard, M., (2006) Economic Thought Before Adam Smith, , Ludwig von Mises InstituteAuburnAL; Ryan, P., (2011) How the Gold Standard Works, , Rosen PublishingNew YorkNY; Schoon, N., (2010) Islamic Banking and Finance, , Spiramus PressLondon; Veblen, T., (2005) Conspicuous Consumption, , Penguin BooksLondon; Zaheer, K., Islamic economics: an emphasis on spending and utilisation of resources, , www.khalidzaheer.com/essays/kzaheer/economic%20issues/spending_and_utilisation_of_resources.html, “”:(accessed 19 September 2012); Adam, N., Thomas, A., (2004) Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk, , Euromoney BooksLondon; Al-Razi, F., Al-tafsir al-Kabeer, , Al-Maktabah al-TawfiqiyyahCairo},
correspondence_address1={Asad Ibrahim, A.; Centre for Islamic Finance, Bahrain; email: asad@bibf.com},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hussein2010259,
author={Hussein, K.},
title={Bank-level stability factors and consumer confidence-A comparative study of Islamic and conventional banks product mix},
journal={Journal of Financial Services Marketing},
year={2010},
volume={15},
number={3},
pages={259-270},
doi={10.1057/fsm.2010.21},
note={cited By 18},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78650065135&doi=10.1057%2ffsm.2010.21&partnerID=40&md5=2298582e1bc134b4e0b1518ebf0cceaa},
affiliation={Graduate School, Institute of Finance Management, Shaaban Robert Street, Dar es Salaam, Tanzania; Resource Development and Management Associates (REDMA), South Africa},
abstract={This study examines the behaviour of key bank-level stability factors of liquidity, capital, risk-taking and consumer confidence in Islamic and conventional banks that operate in the same market. Using fixed effect for a sample of 194 banks of Gulf Cooperation Countries between 2000 and 2007, we found that liquidity is not determined by the bank's product mix but rather attributed to systematic factors. However, non-performing assets (representing loans to sub-prime borrowers) have a positive and significant relationship with liquidity, implying that during the crisis Islamic banks tend to take stringent risk strategies compared to conventional banks. Furthermore, Islamic banks generally tend to provide higher consumer confidence levels as they were more capitalized than conventional banks, although conventional banks had carried higher averages of liquidity compared to Islamic banks. Consumer confidence levels or depositors discipline as proxied by deposits and customer funding over liabilities generally appear to be higher in Islamic banks than conventional banks. © 2010 Macmillan Publishers Ltd.},
author_keywords={bank stability;  consumer confidence;  depositors' discipline;  gulf cooperation countries;  Islamic banks},
references={Čihák, M., Hesse, H., (2008) Islamic Banks and Financial Stability: An Empirical Analysis, , Washington: International Monetary Fund. IMF Working Paper 08/16; Haque, A., Osman, O., Ismail, A., Factor influences selection of Islamic banking: A study on Malaysian customer preferences (2009) American Journal of Applied Sciences, 6 (5), pp. 922-928; Aziz, Z.A., Islamic finance and financial stability (2009) BNM High Level Conference on Financial Stability, , http://www.bis.org/review/r091130d.pdf, Opening remarks by Governor of the Central Bank of Malaysia Bank Negara Malaysia, Kuala Lumpur, 24 November 2009; Kia, A., (2001) Interest-free and Interest-bearing Money Demand: Policy Invariance and Stability, , Department of Economics, Emory University. Working Paper; Kaleem, A., Modelling monetary stability under dual banking system: The case of Malaysia (2000) International Journal of Islamic Financial Services, 2 (1), pp. 21-42; Borio, C., (2008) The Financial Turmoil of 2007: A Preliminary Assessment and Some Policy Considerations, , BIS Working Paper no. 251; Largan, M., (2000) Banking Operation, , 2nd edn. United Kingdom: Chartered Institute of Bankers; Sarker, M.A.A., Islamic banking in Bangladesh: Performance, problems, and prospects (1999) International Journal of Islamic Financial Services, 1 (3), pp. 15-36; Yudistira, D., Efficiency in Islamic banking: An empirical analysis of eighteen banks (2004) Islamic Economic Studies, 112 (1), pp. 1-19; Moktar, H.S., Abdullah, N., Al-Habshi, S., Efficiency of Islamic banks in Malaysia: A stochastic frontier approach (2006) Journal of Economic Cooperation among Islamic Countries, 27 (2), pp. 37-70; Iqbal, M., Molyneux, P., (2005) Thirty Years of Islamic Banking, , Basingstoke, UK: Palgrave Macmillan; Iqbal, Z., Mirakhor, A., Islamic banking. International monetary fund (1987) Ocassional Paper, 49; Sole, J.A., (2007) Introducing Islamic Banks into Coventional Banking Systems, pp. 1-26. , http://ssrn.com/abstract=1007924, IMF Working Papers 07/175; Safieddine, A.M., Islamic financial institutions and corporate governance: New insights for agency theory (2008) Corporate Governance: An International Review, 17 (2), pp. 142-158; Ainley, M., Mashayekhi, A., Hicks, R., Rahman, A., Ravalia, A., (2007) Islamic Finance in the UK: Regulation and Challenges, , London: Financial Services Authority; Choong, B., Liu, M., Islamic banking; Interest-free or interest based? (2009) Pacific Basin Finance Journal, 17, pp. 125-144; Sundararajan, V., Errico, L., (2002) Islamic Financial Institutions and Products in the Global Financial System: Key Issues in Risk Management and Challenges Ahead, , Washington: International Monetary Fund. IMF Working Paper no. 02/192; (2003) Textbook on Islamic Banking, , Hassan M. K. (ed.) Dhaka, Bangladesh: Islamic Economic Research Bureau; Caprio, G., Klingebiel, D., (1996) Bank Insolvencies: Cross-Country Experience, , World Bank Policy Research Working Paper no. 1620; Kaminsky, G.L., Reinhart, C.M., The twin crises: The causes of banking and balance-of-payments problems (1999) The American Economic Review, 89 (3), pp. 473-500; Reinhart, C.M., Rogoff, K.S., Is the 2007 U.S. Sub-prime financial crisis so different? An international historical comparison (January 2008) (2008) January NBER Working Paper Series, W13761; Freixas, X., Santomero, A.M., (2003) An Overall Perspective on Banking Regulation, , UPF, Economics and Business Working Paper no. 664; Grossman, R.S., The shoe that didn' t drop: Explaining banking stability during the great depression (1994) The Journal of Economic History, 54, pp. 654-682; Bryant, J., A model of reserves, bank runs, and deposit insurance (1980) Journal of Banking and Finance, 4 (4), pp. 335-344; Casu, B., Girardone, C., Molyneux, P., (2006) Introduction to Banking, pp. 15-17. , Prentice Hall Financial Times; Pyle, H.D., On the theory of financial intermediation (1971) Journal of Finance, 26, pp. 737-747; Hart, O.D., Jaffe, D.M., On the application of portfolio theory to depository financial intermediaries (1974) Review of Economic Studies, 41, pp. 129-147; Koehn, M., Santomero, A.M., Regulation of bank capital and portfolio risk (1980) Journal of Finance, 35, pp. 1235-1244; Kim, D., Santomero, A., Risk in banking and capital regulation (1988) Journal of Finance, 43, pp. 1219-1233; Rochet, J.C., Capital requirements and the behaviour of commercial banks (1992) European Economic Review, 36, pp. 1137-1178; Furlong, F.T., Keely, M.C., Capital regulation and bank risk-taking: A note (1989) Journal of Banking and Finance, 13, pp. 883-891; Keeley, M.C., Deposit insurance, risk, and market power in banking (1990) The American Economic Review, 80 (5), pp. 1183-1200; Scheicher, M., (2008) How Has CDO Market Pricing Changed during the Turmoil? 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(2009) Evidence from Latin America and the Caribbean, , http://mpra.ub.uni-muenchen.de/21473/openshttp://ideas.repec.org/p/pra/ mprapa/21473.html; Almeida, H., Campello, M., Weisbach, M.S., The cash flow sensitivity of cash (2004) Journal of Finance, 59 (4), pp. 1777-1804; Kaleem, A., Abdul, W.R., Application of Islamic banking instrument (Bai Salam) for agriculture financing in Pakistan (2009) British Food Journal, 111 (3), pp. 275-292; Kia, A., (2001) Interest-free and Interest-bearing Money Demand: Policy Invariance and Stability, , Department of Economics, Emory University. Working Paper; Kia, A., Darrat, A.F., Modeling money demand under the profit-sharing banking scheme: Some evidence on policy invariance and long-run stability (2007) Global Finance Journal, 18, pp. 104-123; (2009) Report of the Congressional Oversight Panel on Regulatory Reform, , American Congress US Congress; Blum, J., Do capital adequacy requirements reduce risks in banking? (1999) Journal of Banking and Finance, 23, pp. 755-771; Gehrig, T.P., Capital adequacy rules: Implications for banks' risk-taking Swiss (1995) Journal of Economics and Statistics (SJES), 131 (4), pp. 747-764; Woertz, E., Impact of the US financial crisis on GCC countries (2008) Gulf Research Paper Report, , October; Dusuki, A.W., Understanding the objectives of Islamic banking: A survey of stakeholders' perspectives (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (2), pp. 132-148; Furlong, F.T., (1992) Capital Regulation and Bank Lending, Federal Reserve Bank of San Francisco Economic Review, 3, pp. 23-33; Gennote, G., Pyle, D., Capital controls and bank risk (1991) Journal of Banking and Finance, 15, pp. 805-841; Tobin, J., A general equilibrium approach to monetary theory (1969) Journal of Money Credit and Banking, 1, pp. 15-29},
correspondence_address1={Hussein, K.; Graduate School, Shaaban Robert Street, Dar es Salaam, Tanzania; email: kassimhussein2002@yahoo.com},
issn={13630539},
language={English},
abbrev_source_title={J. Finan. Serv. Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ibrahim2009184,
author={Ibrahim, Y. and Minai, M.S.},
title={Islamic bonds and the wealth effects: Evidence from Malaysia},
journal={Investment Management and Financial Innovations},
year={2009},
volume={6},
number={1},
pages={184-191},
note={cited By 18},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78349270858&partnerID=40&md5=18e62656786d7ecfd367876fe0b4d23d},
abstract={The fast growing numbers of Islamic bonds issuance in Malaysia and worldwide, coupled with the lack of corporate finance literature that integrates the development of Islamic capital market motivate the study on the wealth effects of Islamic debt offerings and their determinants. It is found that the market reaction is significantly positive during event windows -3, 0 and -3, 3 surrounding the announcements of Islamic debt issuance. Five variables suggested by the capital structure literature, namely firms size (SIZE), issue size (AMT), leverage (LEV), free cash flows (FCF) and investment opportunity (TQ) together with two new variables, the syariah compliant status (SYAR) and the Security Commission's (SC) approval (APPROVAL) were modeled as potential explanatory variables of the wealth effects. The study concludes that the wealth effect of Islamic bond issuance announcements is positively influenced by the issuer's investment opportunity and negatively influenced by the issue size, firm size and whether the announcement is accompanied by the SC approval. The finding implies that the positive reaction is not due to investors' preference for Islamic compliant activities but it is due to similar factors found in studies on conventional bonds. The negative influence of SC approval on the wealth effect indicates that many listed companies issuing Islamic debt are not complying with the information disclosure requirement. © Yusnidah Ibrahim, Mohd Sobri Minai, 2009.},
author_keywords={Capital structure;  Islamic debt;  Market efficiency;  Sukuk},
references={Abdullah, N.H., Rashid, R.A., Ibrahim, Y., Information content and dividend changes in an emerging market (2004) International Journal of Banking and Finance, 2 (1), pp. 1-18; Akhigbe, A.E., Petitt, J.C., Richardson, R., Wealth effects of corporate debt issues: The impact of issuers motivations (1997) Financial Management, 26 (1), pp. 32-47; Bayless, M., Chaplinsky, S., Expectations of security types and the information content of debt and equity offering (1990) Journal of Financial Intermediation, 1, pp. 195-214; Brounen, D., Eichholtz, P.M.A., Capital structure theory: Evidence from European property companies (2001) Real Estate Economics, 29 (4), pp. 615-632; Chaplinsky, S., Hansen, R.S., Partial anticipation, the flow of information and the economic impact on corporate debt sales (1993) Review of Financial Studies, 6 (3), pp. 709-732; DeAngelo, H., Masulis, R.W., Optimal capital structure under corporate and personal taxation (1980) Journal of Financial Economics, 8, pp. 3-29; Deesomsak, R., Paudyal, K., Pescetto, G., Determinants of capital structure: Evidence from the Asia Pacific region (2004) Journal of Multinational Financial Management, 14 (4-5), pp. 387-405; Fama, E.F., Market efficiency, long run returns, and behavioral finance (1998) Journal of Financial Economics, 49, pp. 283-306; Fraser, D.R., Zhang, H., Derashik, C., Capital structure and political patronage: The case of Malaysia (2006) Journal of Banking and Finance, 30 (4), pp. 1291-1308; Howton, S.D., Howton, S.W., Perfect, S.B., The market reaction to straight bond issues: The effect of free cash flow (1998) Journal of Financial Research, 21, pp. 219-228; Iqbal, Z., (1997) Islamic Financial System, , Finance and Development, June; Iqbal, Z., Mirakhor, A., (2007) An Introduction to Islamic Finance: Theory and Practice, , Singapore, Wiley; Irvine, P., Rosenfeld, J., Raising capital using monthly income preferred stock: Market reaction and implications for capital structure theory (2000) Financial Management, Summer, pp. 5-20; Isa, M., Yap, C.M., Market reaction to merger announcements: The case for consolidation of the banking sector in Malaysia (2004) Malaysian Journal of Economic Studies, 41 (1), p. 2; Jensen, M., Agency cost of free cash flow, corporate finance and takeover (1986) American Economic Review, 76, pp. 323-329; Modigliani, F., Miller, M.H., The cost of capital, corporation financing and the theory of investment (1958) American Economic Review, 45 (3), pp. 261-297; Miller, M.H., Modigliani, F., Corporate income taxes and the cost of capital: A correction (1963) American Economic Review, 53 (3), pp. 433-443; Myer, S.C., Majluf, N.S., Corporate financing and investment decision when firms have information that investors do not have (1984) Journal of Financial Economics, 13 (2), pp. 187-221; Miller, M., Rock, K., Dividend policy under asymmetric information (1985) Journal of Finance, 40, pp. 1031-1051; Ramlah, N., Mahmood, N., (2005) Malaysia Islamic Capital Market: Towards New Phase of Development, , paper presented at 2nd Annual Asian Islamic Banking & Finance Summit, Kuala Lumpur, 20 September 2005; Oakley, D., Tett, G., New law to allow sales of islamic bonds (2007) Financial Times, , 30/1/07; Rosly, S.A., (2005) Critical Issues on Islamic Banking and Financial Market, , DINAMAS, Kuala Lumpur; Shao, C.C., Sheng, S.C., Hsing, A., Chia, W.H., Investment opportunities, free cash flow, and stock valuation effects of secured debt offerings (2007) Review of Quantitative Finance and Accounting, 28, pp. 123-145; (2008) Islamic Banking to Keep Growing: Moody's, , The Brunei Times (27/2},
correspondence_address1={Ibrahim, Y.Malaysia},
publisher={LLC CPC Business Perspectives},
issn={18104967},
language={English},
abbrev_source_title={Investm. Manange. Financ. Innov.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Erdoğan2020322,
author={Erdoğan, S. and Gedikli, A. and Çevik, E.İ.},
title={Volatility spillover effects between Islamic stock markets and exchange rates: Evidence from three emerging countries},
journal={Borsa Istanbul Review},
year={2020},
volume={20},
number={4},
pages={322-333},
doi={10.1016/j.bir.2020.04.003},
note={cited By 17},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85086883106&doi=10.1016%2fj.bir.2020.04.003&partnerID=40&md5=06da20ac6f30e8a7143ce43a43fd7a96},
affiliation={Istanbul Medeniyet University, Faculty of Political Sciences, Department of Economics, Turkey; Tekirdag Namik Kemal University, Faculty of Economics and Administrative Sciences, Department of Economics, Turkey},
abstract={Empirical findings focusing on the relationship between capital markets and macroeconomic variables are used as data sources in determining policies for the development of the conventional and Islamic financial system. The aim of this study is to investigate the existence of volatility spillover effects between foreign exchange markets and Islamic stock markets in three major emerging countries, namely India, Malaysia, and Turkey using daily data for the period 2013–2019. Volatility spillover effects are investigated using the causality-in-variance test developed by Hafner and Herwartz (2006). In order to examine the nature of the relationship between the variables, and whether it changes over time, the time-varying test statistic is estimated using rolling samples. We find evidence in favor of volatility spillovers from the Islamic stock market to the foreign exchange market only in Turkey. The time-varying test results show that the presence of volatility spillover is at least one direction between exchange rates and the Islamic stock market at specific periods. © 2020 The Authors},
author_keywords={Exchange rates;  Islamic stock market;  Volatility spillover effect},
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Evidence from linear and nonlinear tests (2014) Journal of International Financial Markets, Institutions and Money, 28, pp. 213-227; Andreou, E., Matsi, M., Savvides, A., Stock and foreign exchange market linkages in emerging economies (2013) Journal of International Financial Markets, Institutions and Money, 27, pp. 248-268; Bahmani-Oskooee, M., Domac, I., Turkish stock prices and the value of Turkish lira (1997) Canadian Journal of Development Studies, 18 (1), pp. 139-150; Bahmani-Oskooee, M., Saha, S., Do exchange rate changes have symmetric or asymmetric effects on stock prices? 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correspondence_address1={Erdoğan, S.; Istanbul Medeniyet University, Turkey; email: erserdagm@hotmail.com},
publisher={Borsa Istanbul Anonim Sirketi},
issn={22148450},
language={English},
abbrev_source_title={Borsa Istanb. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Grassa2020369,
author={Grassa, R. and Moumen, N. and Hussainey, K.},
title={Do ownership structures affect risk disclosure in Islamic banks? International evidence},
journal={Journal of Financial Reporting and Accounting},
year={2020},
volume={19},
number={3},
pages={369-391},
doi={10.1108/JFRA-02-2020-0036},
note={cited By 17},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85090773818&doi=10.1108%2fJFRA-02-2020-0036&partnerID=40&md5=c8cec67bd66b2a17f383bfe888cf2a39},
affiliation={Business Department, Higher College of Technology, LIGUE-ISCAE, University of Manouba, Fujairah, La Manouba, United Arab Emirates; Accounting Department, Tunis Business School, University of Tunis, LIGUE-ISCAE, University of Manouba, , El Mourouj, La Manouba, Tunisia; Accounting Department, Portsmouth Business School, Portsmouth University, Manchester, United Kingdom},
abstract={Purpose: Previous works assessing the determinants of banks’ risk disclosure in emerging economies focused on one aspect of risk reporting such as market risk disclosure or operational risk disclosure. While banks’ transparency about other major risk types (e.g. capital adequacy, liquidity risk…) is important for both market discipline and for their financial stability, no previous research has tried to discuss their determinants for Islamic banks. This paper aims to fill the gap by assessing the effects of deposits structure and ownership concentration on risk disclosure for Islamic banks. Design/methodology/approach: The authors based on a sample of 71 Islamic banks operating in 12 emerging economies and observed over the period 2009–2014. The authors used a risk disclosure index covering nine dimensions, and the authors used both generalized least squares (GLS) regression and generalized method of moments (GMMs) as econometric tools. Findings: The findings suggests that the level of risk disclosure is lower for Islamic banks with higher ownership concentration, leveraged bank, listed banks and Islamic banks. However, risk disclosure is higher for Islamic banks with higher concentration of profit sharing investment account (PSIA) and higher foreign ownership, large Islamic banks, aged banks, Islamic banks operating in country with higher country transparency index, positively correlated to gross domestic products and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) adoption. By disaggregating total risk disclosure into the nine sub-categories, the authors are able to specify, also, the components of risk disclosure impacted by various determinants. Research limitations/implications: This paper’s findings are subject, also, to a number of limitations. First, there was manual scoring of annual reports (subjectivity). Second, while some items might have higher information content or be more useful than others for users of Islamic banks’ annual reports, no weighting is assigned to items. Third, the research focuses exclusively on the 12 countries and excludes the other Middle East, Southeast Asia and Far East countries where ownership structure and deposits structure might affect risk disclosure differently. Originality/value: The findings suggest many policy implications. First, regulators have to improve corporate governance mechanisms in Islamic banking system through the optimization of ownership structure (dispersed ownership) to promote transparency and disclosure. Second, regulators and policymakers should revise guidelines in the main purpose to protect PSIAs holders (considered as minor shareholders without voting power) through promoting disclosure and transparency. Third, the findings can be useful for many international supervisory bodies such as the IFSB and AAOIFI to evaluate transparency and disclosure standards. © 2020, Emerald Publishing Limited.},
author_keywords={AAOIFI;  Block holders;  Foreign ownership;  Government ownership;  Islamic banks;  PSIA;  Risk disclosure},
funding_text 1={Conflict of interest : On behalf of all authors, the corresponding author states that there is no conflict of interest.},
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correspondence_address1={Grassa, R.; Business Department, United Arab Emirates; email: rihab_grassa@hotmail.fr},
publisher={Emerald Group Holdings Ltd.},
issn={19852517},
language={English},
abbrev_source_title={J. Financ. Rep. Account.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Shafron20196,
author={Shafron, E.},
title={Investor tastes: Implications for asset pricing in the public debt market},
journal={Journal of Corporate Finance},
year={2019},
volume={55},
pages={6-27},
doi={10.1016/j.jcorpfin.2018.08.006},
note={cited By 17},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053711016&doi=10.1016%2fj.jcorpfin.2018.08.006&partnerID=40&md5=3de5a6e2c2c4eae9b5df8fff9937892b},
affiliation={University of Georgia, United States},
abstract={Some firms create innovative financial debt and equity products to attract specific investor tastes (i.e., non-monetary preferences unrelated to expected cash flows). Innovations can be costly, but they may also widen a firm's investor base, leading to a reduction in the cost of capital. Prior research is inconclusive about whether tailoring financial products to meet specific investor tastes affects asset pricing, which I posit stems from a lack of consensus on which assets satisfy a particular taste. My research design, however, avoids this ambiguity by testing the relation between asset pricing and an objectively identified investor taste—a taste for Shariah-compliant investments, which is satisfied via Islamic Finance. Using Malaysian data, I estimate price differences between conventional and Shariah-compliant bonds over an eight-year period (2005 to 2013). I find that an investor taste for Shariah-compliant bonds significantly affects bond pricing. These results hold even after controlling for issuer and issuance characteristics, including differences in covenant types, as well as the possibility that price and demand may be simultaneously determined. I also find evidence that investors with a taste for Shariah-compliant bonds have a significantly different demand distribution than investors without this taste, corroborating my assertion that a preference for Shariah-compliant investments is a distinct taste. Overall, my results are consistent with investors taste affecting the cost of capital. © 2018 Elsevier B.V.},
author_keywords={Asset pricing;  Investor preferences;  Investor tastes;  Islamic finance},
funding_details={University of MichiganUniversity of Michigan, U-M},
funding_details={University of GeorgiaUniversity of Georgia, UGA},
funding_details={King Fahd University of Petroleum and MineralsKing Fahd University of Petroleum and Minerals, KFUPM},
funding_text 1={I am particularly grateful for the suggestions and assistance received from an anonymous reviewer, Abdullah Mohammed Almansur (discussant) Kathleen Bakarich (discussant), Jason Chen, John Campbell, Ted Christensen, Stuart Gillan (editor), Pedro Gomez, Frank Heflin, Jonathan Medrano (discussant), Venky Nagar, Jed Neilson, Jordan Schoenfeld, N.S. Shafron, Catherine Shakespeare, Erin Towery, Chris Williams, Adrienne Wilson, an anonymous reviewer; and workshop and conference participants at the University of Georgia, the University of Michigan, the 2017 AAA International Mid-Year meeting, the 2017 PhD Project's Accounting Doctoral Students Association Annual Conference, and the 2017 KFUPM Islamic Banking and Finance Research Conference. I acknowledge financial support from the University of Michigan and the University of Georgia. I am particularly grateful for the suggestions and assistance received from an anonymous reviewer, Abdullah Mohammed Almansur (discussant) Kathleen Bakarich (discussant), Jason Chen, John Campbell, Ted Christensen, Stuart Gillan (editor), Pedro Gomez, Frank Heflin, Jonathan Medrano (discussant), Venky Nagar, Jed Neilson, Jordan Schoenfeld, N.S. Shafron, Catherine Shakespeare, Erin Towery, Chris Williams, Adrienne Wilson, an anonymous reviewer; and workshop and conference participants at the University of Georgia, the University of Michigan, the 2017 AAA International Mid-Year meeting, the 2017 PhD Project's Accounting Doctoral Students Association Annual Conference, and the 2017 KFUPM Islamic Banking and Finance Research Conference. I acknowledge financial support from the University of Michigan and the University of Georgia.},
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correspondence_address1={Shafron, E.Moore-Rooker Hall B317, 610 South Lumpkin Street, United States; email: emily.shafron@uga.edu},
publisher={Elsevier B.V.},
issn={09291199},
language={English},
abbrev_source_title={J. Corp. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nawaz2017211,
author={Nawaz, T.},
title={Intellectual capital, financial crisis and performance of Islamic banks: Does Shariah governance matter?},
journal={International Journal of Business and Society},
year={2017},
volume={18},
number={1},
pages={211-226},
doi={10.33736/ijbs.497.2017},
note={cited By 17},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029857815&doi=10.33736%2fijbs.497.2017&partnerID=40&md5=4c4d6d385b4a67ac28f095bb919827a7},
affiliation={University of Plymouth, United Kingdom},
abstract={This paper empirically examines the impact of intellectual capital (IC) and Shariah governance on economic performance of 47 Islamic banks (IBs) operating in the Gulf Cooperation Council (GCC) region in pre- and post-financial crisis period. The analysis suggests that higher IC efficiency helps IBs to improve their odds of survival at all times i.e. before- and after-crisis. Further, higher IC efficiency helps IBs to maintain their profitability i.e. ROA and market valuation i.e. Tobin’s Q at all times. Arguably, knowledge-resources i.e. IC is the main line of defence for IBs against negative shocks. Lastly, the study reveals that Shariah governance alone may fall short in explaining the growth trends in Islamic finance industry. © 2017, Universiti Malaysia Sarawak. All rights reserved.},
author_keywords={Economic performance;  Financial crisis;  Intellectual capital;  Islamic worldview;  Shariah governance},
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correspondence_address1={Nawaz, T.; Plymouth Business School, United Kingdom; email: tnawaz@plymouth.ac.uk},
publisher={Universiti Malaysia Sarawak},
issn={15116670},
language={English},
abbrev_source_title={Int. J. Bus. Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Safari2013113,
author={Safari, M. and Ariff, M. and Shamsher, M.},
title={Do Debt Markets Price Sukūk and Conventional Bonds Differently?},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2013},
volume={26},
number={2},
pages={113-149},
doi={10.4197/Islec.26-2.4},
note={cited By 17},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84900669294&doi=10.4197%2fIslec.26-2.4&partnerID=40&md5=9026b2ba5b6004b2678d4fa134da0746},
affiliation={University Putra, Malaysia; Bond University, Australia; INCEIF University, Malaysia},
abstract={A new type of debt securities called s{dot below}ukūk certificates have grown to US$ 840 billion in 11 financial markets as of 2011. These Islamic debt instruments share some features similar to conventional bonds, so market operators treat both as bonds. Whether it is appropriate to treat s{dot below}ukūk certificates as conventional bonds is empirically tested in this paper. If the yields of s{dot below}ukūk are the same as those of conventional bonds, Granger causality tests could confirm their equivalence. Practically the tests show otherwise. Also, the yields of s{dot below}ukūk instruments are significantly higher than yields of conventional bonds even after controlling issuers, rating quality and tenure in matched samples tests. Finally, s{dot below}ukūk issuance affects the issuing firm's beta risk significantly, which is consistent with capital structure theory. These new findings on the 10-year old Islamic debt market have regulatory and market making policy implications as to whether s{dot below}ukūk instruments should be classed as a new class of financial instruments, and not as bonds. Future research and market practices have to reinvestigate a number of issues anew because s{dot below}ukūk market is for a different class of debt.},
author_keywords={Bond;  Fixed income finance;  Islamic bond;  Islamic finance;  Securitization;  S{dot below}ukūk;  Yield curve;  Yield spread;  Yield to maturity},
references={Ariff, M., Fan Fah, C., Vee Heng, N., (2009) Bond Markets in Malaysia and Singapore, , Serdang, Selangor, Malaysia: University Putra Press; Ariff, M., Iqbal, M., Mohamed, S., (2012) The Islamic Debt Market for s{dot below}ukūk Securities: The Theory and Practice of Profit Sharing Investment, , Cheltenham UK and Northampton USA: Edward Elgar Publishing Ltd; Ariff, M., Shamsher, M., Hassan, T., Nassir, A.M., Capital Markets in Malaysia: Corporate Finance, Investment, Banking and Governance (2008) International issue, Hardcover, p. 458. , McGraw-Hill Education; Bodie, Z., Ariff, M., Rosa, R.S., (2007) Investments, , McGraw Hill; Cox, J.C., Ingersoll Jr., J.E., Ross, S.A., A Theory of the Term Structure of Interest Rates (1985) Econometrica, pp. 385-407; Cox, J.C., Ingersoll Jr., J.E., Ross, S.A., An Intertemporal General Equilibrium Model of Asset Prices (1985) Econometrica, pp. 363-384; Enders, W., (1995) Applied Econometrics Time Series, , New York: John. Wiley & Sons; Granger, C.W.J., Investigating Causal Relations by Econometric Models and Cross-spectral Methods (1969) Econometrica, pp. 424-438; Hossain, A., Granger-Causality Between Inflation, Money Growth, Currency Devaluation and Economic Growth in Indonesia, 1951-2002 (2005) International Journal of Applied Econometrics and Quantitative Studies, p. 23; Jobst, A.A., Kunzel, P., Mills, P., Sy, A., Islamic bond issuance: what sovereign debt managers need to know (2008) International Journal of Islamic and Middle Eastern Finance and Management, pp. 330-344; Miller, M.H., Modigliani, F., Dividend Policy, Growth, and the Valuation of Shares (1961) The Journal of Business, pp. 411-433; Modigliani, F., Miller, M.H., The Cost of Capital, Corporation Finance and the Theory of Investment (1958) The American Economic Review, pp. 261-297; Rohmatunnisa, D., Design of Ijārah s{dot below}ukūk (2008) Finance and Investment, p. 80. , Nottingham, UK: University of Nottingham; Sharpe, W., Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk (1964) The Journal of Finance, pp. 425-442; Sole, J., Prospects and challenges for developing corporate s{dot below}ukūk and bond markets: Lessons from a Kuwait case study (2008) International Journal of Islamic and Middle Eastern Finance and Management, pp. 20-30; Tariq, A.A., (2004) Managing Financial Risks of s{dot below}ukūk Structures, p. 86. , School of Business and Economics, Leicestershire, UK: Loughborough University; Tariq, A.A., Humayon, D., Risks of s{dot below}ukūk structures: Implications for resource mobilization (2007) Thunderbird International Business Review, pp. 203-223; Williams, J.B., (1938) The Theory of Investment Value, , Cambridge, MA: Harvard University Press; Wilson, R., Innovation in the structuring of Islamic s{dot below}ukūk securities (2008) Humanomics, pp. 170-181},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={English},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hadavandi201170,
author={Hadavandi, E. and Ghanbari, A. and Mirjani, S.M. and Abbasian, S.},
title={An econometric panel data-based approach for housing price forecasting in Iran},
journal={International Journal of Housing Markets and Analysis},
year={2011},
volume={4},
number={1},
pages={70-83},
doi={10.1108/17538271111111848},
note={cited By 17},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84861350434&doi=10.1108%2f17538271111111848&partnerID=40&md5=6a893f030a306fadf90fb8aa2b1362eb},
affiliation={Faculty of Industrial Engineering, Sharif University of Technology, Tehran, Iran; Department of Industrial Engineering, College of Engineering, University of Tehran, Tehran, Iran; Department of Mathematics, Islamic Azad University Najafabad Branch, Najafabad, Iran},
abstract={Purpose: The purpose of this paper is to estimate long-run elasticities for housing prices in Tehran's (capital of Iran) 20 different zones relative to several explanatory variables available for use such as land price, total substructure area, material price, etc. Moreover, another goal of this paper is to propose a new approach to deal with problems which arise due to a lack of proper data. Design/methodology/approach: The data set is gathered from "The Municipality of Tehran" and "The Central Bank of Islamic Republic of Iran (CBI)". One-way fixed effects and one-way random effects approaches (which are panel data approaches) are applied to model housing price forecasting function in Tehran's 20 different zones. Results are compared with ordinary least squares approach which is a common approach in this field. Finally, outcomes of the preferred approach are discussed and analyzed with regard to the economic point of view. Findings: Results show that one-way fixed effects approach provides more accurate forecasts and can be considered as a suitable tool to deal with housing price forecasting problems in environments which are: uncertain, complex, and faced with a lack of proper data. Moreover, it is found that land price is the most effective factor that has impact on total housing cost in Tehran, i.e. the main portion of house prices in Tehran is affected by land price, so appropriate policies have to be made by the government to control fluctuations of this factor. Practical implications: The proposed approach will supply policy makers with improved estimations with decreased errors in uncertain and complex environments which are faced with a lack of proper data, and it extracts valuable information which enables policy makers for handling non-linearity, complexity, as well as uncertainty that may exist in actual data sets with respect to housing price forecasting. Moreover, the proposed approach can be applied to similar housing price case studies to obtain more accurate and more reliable outcomes. Originality/value: Applying panel data approach for estimation of housing prices is relatively new in the field of housing economics. Moreover, this is the first study which employs panel data approach for analyzing the housing market in Tehran. © Emerald Group Publishing Limited.},
author_keywords={Econometrics;  Forecasting;  Housing;  Iran;  Prices},
references={Aiken, L.S., West, G.S., (1991) Multiple Regression: Testing and Interpreting Interaction, , Sage, Newbury Park, CA; Anglin, P., Gencay, R., Semiparametric estimation of a hedonic price function (1996) Journal of Applied Econometrics, 11, pp. 633-648; Ayal, I., Hempel, J.D., Simulating housing market processes at the micro level (1979) Management Science, 25, pp. 565-576; Ayuso, J., Restoy, F., House prices and rents in Spain: Does the discount factor matter? (2007) Journal of Housing Economics, 16, pp. 291-308; Baltagi, B.H., (2005) Econometric Analysis of Panel Data, , Wiley, New York, NY, 3rd ed; Belsky, E., Prakken, J., (2004) Housing Wealth Effects: Housing's Impact on Wealth Accumulation, Wealth Distribution and Consumer Spending, , National Center for Real Estate Research, Chicago, IL; Campbell, J.Y., Coco, J.F., How do house prices affect consumption? Evidence from micro data (2006) Journal of Monetary Economics, 54 (3), pp. 591-621; Crawford, G., Fratantoni, M., Assessing the forecasting performance of regime-switching, ARIMA and GARCH models of house prices (2003) Real Estate Economics, 31, pp. 223-243; Evans, A., James, H., Collins, A., Artificial neural networks: An application toresidential valuation in the UK (1992) Journal of Property Valuation & Investment, 11, pp. 195-204; Garson, G.D., (2004) An online textbook: Sampling, normal curve tests of means and proportions, , www.2.chass.ncsu.edu/garson/pa765, available at; Gencay, R., Yang, X., A forecast comparison of residential housing prices by parametric versus semi-parametric conditional mean estimators (1996) Economics Letters, 52, pp. 129-135; Greene, W.H., (2003) Econometric Analysis, , Prentice-Hall, Upper Saddle River, NJ, 5th ed; Hsiao, C., (2006) Panel Data Analysis - Advantages and Challenges, , Institute of Economic Policy Research Working Paper, University of Southern California, Los Angeles, CA; Jahani, M., Evolutions of housing market (2007) Quarterly Journal of Housing Economics, 39 (1), pp. 5-17; Lee, C.L., Housing price volatility and its determinants (2009) International Journal of Housing Markets and Analysis, 2 (3), pp. 293-308; Lind, H., Price bubbles in housing markets: Concept, theory and indicators (2009) International Journal of Housing Markets and Analysis, 2 (1), pp. 1753-8270; McCluskey, W., Predictive accuracy of machine learning models for the mass appraisal of residential property (1996) New Zealand Valuers' Journal, pp. 41-47; Mengjie, L., Reed, R., Wu, H., Challenges facing housing affordability in Beijing in the twenty-first century (2008) International Journal of Housing Markets and Analysis, 1 (3), pp. 275-287; Miles, M., Boom-bust cycles and the forecasting performance of linear and non-linear models of house prices (2008) Journal of Real Estate Finance & Economics, 32, pp. 49-264; Miller, N., Peng, L., Exploring metropolitan housing price volatility (2006) Journal of Real Estate and Financial Economics, pp. 5-18; Ozsoy, O., Sahin, H., Housing price determinants in Istanbul, Turkey: An application of the classification and regression tree model (2009) International Journal of Housing Markets and Analysis, 2 (2), pp. 167-178; Poterba, J., House price dynamics: The role of tax policy and demography (1991) Brookings Papers on Economic Activity, 2, pp. 143-183; Rapach, D.E., Strauss, J.K., Differences in housing price forecastability across US states (2009) International Journal of Forecasting, 25 (2), pp. 351-372; Selim, H., Determinants of house prices in Turkey: Hedonic regression versus artificial neural network (2009) Expert Systems with Applications, 36, pp. 2843-2852; Shen, Y., Hui, E.C., Liu, H., Housing price bubbles in Beijing and Shanghai (2005) Management Decision, 43, pp. 611-627; (1992) Demographic Statistics on Iranian Cities, , Urban Planning and Architecture Research Center, Tehran Planning Urban Center Architecture Research; Willis, K.G., Asgary, A., The impact of earthquake risk on housing markets: Evidence from Tehran real estate agents (1997) Journal of Housing Research, 8 (1), pp. 125-136; Yafee, R.A., (2003) Primer for Panel Data Analysis, , New York University, New York, NY; Yan, Y., Xu, W., Bu, H., Song, Y., Zhang, W., Yuan, H., Wang, S.-Y., Method for housing price forecasting based on TEI@I methodology (2007) Systems Engineering - Theory & Practice, 27 (7), pp. 1-9; Yoo, S., A robust estimation of hedonic price functions: Least absolute deviations estimation (2001) Applied Economics Letters, 8, pp. 55-58; Young, S., The determinants of managerial accounting policy choice: Further evidence for the UK (1998) Accounting and Business Research, 28, pp. 131-143},
correspondence_address1={Ghanbari, A.; Department of Industrial Engineering, , Tehran, Iran; email: arashghanbari@yahoo.com},
issn={17538270},
language={English},
abbrev_source_title={Intern. J. Hous. Mark. Anal.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kumar2009106,
author={Kumar, K.B. and Matsusaka, J.G.},
title={From families to formal contracts: An approach to development},
journal={Journal of Development Economics},
year={2009},
volume={90},
number={1},
pages={106-119},
doi={10.1016/j.jdeveco.2008.10.001},
note={cited By 17},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-67349197236&doi=10.1016%2fj.jdeveco.2008.10.001&partnerID=40&md5=79904b461da48212e5d391d5714c0486},
affiliation={RAND, Duke Fuqua School of Business, United States; USC Marshall School of Business, United States},
abstract={This paper develops a theory in which individuals can use one of two types of human/social capital to enforce contracts: "Local capital" relies on families and other personal networks; "market capital" relies on impersonal market institutions such as auditors and courts. Local capital is efficient when most trading is local, but only market capital can support trading between strangers that allows extensive division of labor and industrialization. We show that economies with a low cost of accumulating local capital (say, because people live close together) are richer than economies with a high cost of accumulation when long distance trade is difficult, but are slower to transition to impersonal market exchange (industrialize) when long distance trade becomes feasible. The model provides one way to understand why the wealthiest economies in 1600 AD, China, India, and the Islamic Middle East, industrialized more slowly than the West. We report an array of historical evidence documenting the pre-industrial importance of family and kinship networks in China, India, and the Islamic world compared to Europe, and the modernization problems linked to local capital. © 2008 Elsevier B.V. All rights reserved.},
author_keywords={Human capital relevant to institutions;  Modernization;  Rise of the West;  Trading and transactions},
keywords={economic history;  human capital;  industrialization;  labor division;  modernization, Asia;  China;  Eurasia;  Far East;  India;  Middle East;  South Asia},
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(2003) The Cultural Diversity of European Unity, Brill Leiden, , Arts W., Halman L., and Hagenaars J. (Eds); Bisin, A., Topa, G., Empirical models of transmission of culture: some examples (2003) Journal of the European Economic Association (Papers and Proceedings), XX, pp. 363-375. , April/May; Bisin, A., Verdier, T., The economics of cultural transmission and the dynamics of preferences (2001) Journal of Economic Theory, 97 (2), pp. 298-319. , April; Bisin, A., Topa, G., Verdier, T., Religious intermarriage and socialization in the United States (2004) Journal of Political Economy, 112 (3), pp. 615-664. , June; Borjas, G.J., Ethnicity, neighborhoods, and human-capital externalities (1995) American Economic Review, 85 (3), pp. 365-390. , June; Calkins, Philip B., A Note on Lawyers in Muslim India, Law and Society Review, November 1968-February 1969, 3(2/3), 403-406; Chen, K., China's growth places strain on a family's ties: brothers with different goals split over business venture as father feels ignored (2005) Wall Street Journal, pp. A1. , April 13; Crone, P., (1989) Pre-Industrial Societies: Anatomy of the Pre-Modern World, , Oxford, UK: Oxford University Press; Dantwala, M.L., Agricultural credit in India - the missing link (1952) Pacific Affairs, 25 (4), pp. 349-359. , December; Dixit, A., Trade expansion and contract enforcement (2003) Journal of Political Economy, 111 (6), pp. 1293-1317. , December; Durlauf, S.N., Fafchamps, M., Social capital (2005) Handbook of Economic Growth, , Aghion P., and Durlauf S.N. (Eds), North Holland, Amsterdam; Fafchamps, M., Minten, B., Relationships and traders in Madagascar (1999) Journal of Development Studies, 35 (6), pp. 1-35. , August; Fairbank, J.K., (1992) China: A New History, , The Belknap Press of Harvard University Press, Cambridge, MA; Francois, P., Zabojnik, J., Trust, social capital, and economic development (2005) Journal of the European Economic Association, 3 (1), pp. 51-94. , March; Fukuyama, F., (1995) Trust: The Social Virtues and the Creation of Prosperity, , The Free Press, New York, NY; Gittell, R., Vidal, A., (1998) Community Organizing: Building Social Capital as a Development Strategy, , Sage Books, Thousand Oaks, CA; Glaeser, E.L., Porta, R., Lopez-de-Silanes, F., Shleifer, A., Do institutions cause growth? (2004) Journal of Economic Growth, 9 (3), pp. 271-304. , September; Greif, A., (2006) Institutions and the Path to the Modern Economy: Lessons from Medieval Trade, , Cambridge University Press, New York, NY; Guiso, L., Sapienza, P., Zingales, L., Social capital as good culture (2008) Journal of the European Economic Association, 6 (2-3), pp. 295-320. , April-May; Habib, I., Usury in Medieval India (1964) Comparative Studies in Society and History, 6 (4), pp. 393-419. , July; Hall, R.E., Jones, C.I., Why do some countries produce so much more output per worker than others? (1999) Quarterly Journal of Economics, 114 (1), pp. 83-116. , February; Hajnal, J., Two kinds of preindustrial household formation system [sic] (1982) Population and Development Review, 8 (3), pp. 449-494. , September; Hart, O., Moore, J., Property rights and the nature of the firm (1990) Journal of Political Economy, 98 (6), pp. 1119-1158. , December; Jones, E., (2003) The European Miracle: Environments, Economies, and Geopolitics in the History of Europe and Asia. third edition, , Cambridge University Press, Cambridge, UK; Kandori, M., Social norms and community enforcement (1992) Review of Economic Studies, 59 (1), pp. 63-80. , January; Klasen, S., Nestmann, T., Population, population density, and technological change (2004) CESifo working paper 1209, , June; Knack, S., Keefer, P., Does social capital have an economic payoff? 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(2004) Journal of Economic Growth, 9 (2), pp. 167-207. , June; Kuran, T., The Islamic commercial crisis: institutional roots of economic underdevelopment in the Middle East (2003) Journal of Economic History, 63 (2), pp. 414-446. , June; Kuran, T., Why the Middle East is economically underdeveloped: historical mechanisms of institutional stagnation (2004) Journal of Economic Perspectives, 18 (3), pp. 71-90. , Summer; La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R.W., Trust in large organizations (1997) American Economic Review Papers and Proceedings, 87 (2), pp. 333-338. , May; Lazear, E.P., Corporate culture and diffusion of values (1995) Trends in Business Organization: Do Participation and Cooperation Increase Competitiveness?, , Siebert H. (Ed), University of Michigan Press, Ann Arbor, MI; Lazear, E.P., Culture and language (1999) Journal of Political Economy, 107 (6 PART 2), pp. S95-S126. , December; Lee, D., (2005) Generation Gap for Disney in China, Los Angeles Times, , April 21; Levin, M., Satarov, G., Corruption and institutions in Russia (2000) European Journal of Political Economy, 16 (1), pp. 113-132. , March; Lewis, B., (1995) The Middle East: A Brief History of the Last 2,000 Years, , Scriber, New York, NY; Luce, E., (2007) In Spite of the Gods: The Strange Rise of Modern India, , Doubleday, New York, NY; Mallick, B.S., (1991) Money, Banking and Trade in Mughal India, , Rawat Publications, New Delhi, India; McEvedy, C., Jones, R., (1978) Atlas of World Population History, , Penguin Books Ltd., Great Britain; Moore, J., Implementation, contracts, and renegotiation in environments with complete information (1995) Advances in Economic Theory, 1. , Laffont J.-J. (Ed), Cambridge University Press, Cambridge, UK; Morris, M.D., Values as an obstacle to economic growth in South Asia: an historical survey (1967) Journal of Economic History, 27 (4), pp. 588-607. , December; Narayan, D., Bonds and bridges: social capital and poverty (1999) Policy Research Working Paper 2167, , The World Bank, Washington D.C. August; (1954) Science and Civilization in China, s I-VII. , Needham J. (Ed), Cambridge University Press, Cambridge, UK; North, D.C., (1990) Institutions, Institutional Change and Economic Performance, , Cambridge University Press, New York, NY; North, D.C., The rise of the western world (1998) Political Competition, Innovation, and Growth: A Historical Analysis, , Bernholz P., Streit M.E., and Vaubel R. (Eds), Springer, Berlin, Germany; Oreopoulos, P., Page, M.E., Stevens, A.H., The intergenerational effects of compulsory schooling (2006) Journal of Labor Economics, 24 (4), pp. 729-760. , October; Osili, U.O., Paulson, A., Institutional quality and financial market development: evidence from international migrants in the U.S. (2004) working paper 2004-19, , Federal Reserve Bank of Chicago; Ostrom, E., (1990) Governing the Commons: The Evolution of Institutions for Collective Action, , Cambridge University Press, Cambridge, UK; Peng, X., (1994) A Monetary History of China, , translated by Edward H. Kaplan, Bellingham, WA: Western Washington University; Roberts, J.M., (1983) The Pelican History of the World, , Penguin Books, Middlesex, England; Romer, P.M., Endogenous technological change (1990) Journal of Political Economy, 98, pp. S71-S102. , October; Routledge, B.R., von Amsberg, J., Social capital and growth (2003) Journal of Monetary Economics, 50, pp. 167-193. , January; Rudner, D., Banker's trust and the culture of banking among the Nattokottai Chettiars in colonial South India (1989) Modern Asian Studies, 23 (3), pp. 417-458; Rudolph, L., Rudolph, S.H., Barristers and Brahmans in India: legal cultures and social change (1965) Comparative Studies in Society and History, 8 (1), pp. 24-49. , October; Shavell, S., Contracts (1998) The New Palgrave Dictionary of Economics and the Law, pp. 436-445. , Newman P. (Ed), Palgrave Macmillan, New York, NY; Smith, A., (1776) The Wealth of Nations, , The Modern Library, New York, NY [1937]; Tabellini, G., Institutions and culture (2007) working paper, , Bocconi University; Tabellini, G., The scope of cooperation: Values and incentives (2008) Quarterly Journal of Economics, 123 (3), pp. 905-950; Timberg, T.A., Aiyar, C.V., Information credit markets in India (1984) Economic Development and Cultural Change, 33 (1), pp. 43-59. , October; Udovitch, A., (1970) Partnership and Profit in Medieval Islam, , Princeton University Press, Princeton, NJ; Udovitch, A., Bankers without banks: commerce, banking, and society in the Islamic world of the Middle Ages (1979) The Dawn of Modern Banking, , Yale University Press, UCLA Center for Medieval and Renaissance Studies, New Haven, CT; Wade, R., (1988) Village Republics, , Cambridge University Press, Cambridge, UK; Weingast, B.R., The political foundations of democracy and the rule of law (1997) American Political Science Review, 91 (2), pp. 245-263. , June; Whyte, M.K., The Chinese family and economic development: obstacle or engine? (1996) Economic Development and Cultural Change, 45 (1), pp. 1-30. , October},
correspondence_address1={Kumar, K.B.; RAND, United States; email: kumar@rand.org},
issn={03043878},
language={English},
abbrev_source_title={J. Dev. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Shubber200810,
author={Shubber, K. and Alzafiri, E.},
title={Cost of capital of Islamic banking institutions: an empirical study of a special case},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2008},
volume={1},
number={1},
pages={10-19},
doi={10.1108/17538390810864223},
note={cited By 17},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84887352146&doi=10.1108%2f17538390810864223&partnerID=40&md5=6274a9e347af13042a69cf889ff059f5},
affiliation={Westminster Business School, University of Westminster, London, United Kingdom; Kuwait Petroleum Corporation, Kuwait, United Arab Emirates},
abstract={PurposeThe paper's purpose is to ascertain how computing the cost of capital for Islamic banks may differ from the case of conventional ones. Design/methodology/approachThe published accounts of four major Islamic banks were analysed, so as to test the set hypotheses. Also, two surveys were undertaken on this issue, one for banking officials; the other for depositors at a major Islamic bank. FindingsFor Islamic banks, it became clear that deposit accounts were not a liability, as these fell within the definition of “profit-and-loss sharing” instruments. In fact, a high-positive correlation coefficient was apparent between an Islamic bank's market value and the size of its deposits. Also, the market value of Islamic banks was clearly independent of its cost of capital. Research limitations/implicationsThe two surveys expressed the views of respondents, and these could be subjective. Also, the core sample studied in depth was limited to four banks, and this could be widened in subsequent research. Practical implicationsRisk associated with deposit-taking needs to be looked at differently in the case of Islamic banking institutions. Also, return provided to shareholders came out higher than for depositors. Originality/valueThe paper sheds new light on how the cost of capital may be computed in the case of Islamic banks. Also, the relationship between depositors and shareholders is investigated, though additional research is required on this aspect. © 2008, Emerald Group Publishing Limited.},
author_keywords={Banking;  Banks;  Cost of capital;  Islam},
references={Alzafiri, E.S., (2001) Relevance of the notion of ‘Cost of Capital’ to Islamic banking institutions: a theoretical and empirical study, , ()“”unpublished PhD thesisUniversity of WestminsterLondon:; (1993) Annual Reports, , ()Bahrain Islamic BankManama:; (1992) Annual Reports 1992-1996, , ()Dubai Islamic BankDubai:; Fama, E.F., The effects of a firm's investment and financing decisions (1978) American Economic Review, 68, pp. 272-284. , ()“”-; (1991) Annual Reports 1991-1997, , ()Kuwait Finance HouseKuwait:; Modigliani, F., Miller, M., The cost of capital, corporate finance and the theory of investment (1958) American Economic Review, 48, pp. 260-297. , ()“”-; (1992) Annual Reports, , ()Qatar Islamic BankQatar:; Ross, S.A., The arbitrage theory of capital asset pricing (1976) Journal of Economic Theory, 3, pp. 346-362. , ()“”-; Sharpe, W.F., Capital assets prices: a theory of market equilibrium under conditions of risk (1964) Journal of Finance, XIX, pp. 425-442. , ()“”-; Ahmad, S.M., Banking in Islam (1985) Journal of Islamic Banking and Finance, pp. 13-27. , ()“”April/June-; AL-Fadhli, M., (1998) Financial performance of Islamic banking in Kuwait, , ()“”PhD thesisLoughborough UniversityLoughborough:; de Belder, R.T., Khan, M.H., The changing face of Islamic banking (1993) International Financial Law Review, 12 (11), pp. 23-26. , ()“”-; Gafoor, A.L.M., Interest free commercial banking (1996) Journal of Economic Literature, 34 (4). , ()“”; Karim, R.A.A., (1991) The Impact of Profit and Loss Sharing on Capital Structure of Islamic Banks, , ()The Financial Accounting Organisation for Islamic Banks Financial InstitutionsManama:},
correspondence_address1={Shubber, K.; Westminster Business School, United Kingdom; email: Shubbek@wmin.ac.uk},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mihardjo20211,
author={Mihardjo, L.W.W. and Jermsittiparsert, K. and Ahmed, U. and Chankoson, T. and Iqbal Hussain, H.},
title={Impact of key HR practices (human capital, training and rewards) on service recovery performance with mediating role of employee commitment of the Takaful industry of the Southeast Asian region},
journal={Education and Training},
year={2021},
volume={63},
number={1},
pages={1-21},
doi={10.1108/ET-08-2019-0188},
note={cited By 16},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85084203153&doi=10.1108%2fET-08-2019-0188&partnerID=40&md5=a7147a077f8758208974e6905e2ec9df},
affiliation={Bina Nusantara University, Jakarta Barat, Indonesia; Department for Management of Science and Technology Development, Ton Duc Thang University, Ho Chi Minh City, Viet Nam; Faculty of Social Sciences and Humanities, Ton Duc Thang University, Ho Chi Minh City, Viet Nam; Arab Open University Kingdom of Bahrain Branch, Manama, Bahrain; Srinakharinwirot University, Bangkok, Thailand; Taylor's Business School, Taylor's University, Subang Jaya, Malaysia; University of Economics and Human Sciences in Warsaw, Warsaw, Poland},
abstract={Purpose: current study intends to examine key human resources practices (human capital, training and rewards) that influence employee commitment and service recovery performance (SRP) of Takaful industry agents in Southeast Asian region. The Takaful industry is facing stiff competition with conventional insurance industry in Malaysia and Indonesia as the Southeast Asian region has a large Muslim population. SRP is crucial in insurance industry specifically in the Islamic Insurance (Takaful) industry and plays a vital and key role in sustainable competitive advantage for value addition for firms in future to acquire market. Design/methodology/approach: The data was collected from 350 front line agents of the Takaful industry operating in Malaysia and Indonesia on convenience sampling technique. Data was analyzed by using PLS-SEM to examine the relationship between constructs. Findings: The results show that human capital, training and reward significantly influence commitment of employee which further influenced SRP to be improved. Mediation effect was also found to be influential and statistically positive and significant by employee commitment between key HR practices (human capital, training, rewards) and SRP. Originality/value: current study contributed to the body of knowledge in explaining relationship of human capital to employee commitment and SRP, further, inconclusive findings between training and rewards was also explained in the Takaful industry of the Southeast Asian region. © 2020, Emerald Publishing Limited.},
author_keywords={Employee commitment (EC);  Human capital (HC);  Rewards (RE);  Service recovery performance (SRP);  Training (TR)},
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correspondence_address1={Jermsittiparsert, K.; Department for Management of Science and Technology Development, Viet Nam; email: j.kittisak88@gmail.com; Jermsittiparsert, K.; Faculty of Social Sciences and Humanities, Viet Nam; email: j.kittisak88@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={00400912},
language={English},
abbrev_source_title={Educ. Train.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Muafi2017849,
author={Muafi and Suwitho and Purwohandoko and Salsabil, I.},
title={Human capital in Islamic Bank and its effect on the improvement of healthy organization and employee performance},
journal={International Journal for Quality Research},
year={2017},
volume={11},
number={4},
pages={849-868},
doi={10.18421/IJQR11.04-08},
note={cited By 16},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85037738928&doi=10.18421%2fIJQR11.04-08&partnerID=40&md5=3219e9cefb874c4004b691f96282f30f},
affiliation={Universitas Islam Indonesia, Economic Faculty, Management Department, Indonesia; STIESIA (Sekolah Tinggi Ekonomi Surabaya) Indonesia, Management Department, Indonesia; Universitas Negeri Surabaya (UNESA) Indonesia, Management Department, Indonesia; Universitas Brawijaya, Economic and Business, Faculty Management Department, Indonesia},
abstract={Human resources have become one of strategic issues of Islamic banking in Indonesia. Islamic bank is important to have a good human capital, who has specialized knowledge and expertise related to Islamic aspects. The quality of human resource that is bad will affect the organization to grow unhealthy and also the employee performance. This research aims to test and analyze the role of human capital that affect the healthy organization and the employee performance. This research was conducted on all employees of Islamic banks in the Province of Daerah Istimewa Yogyakarta (DIY) and East Java. The reason is because nowadays, Islamic banking in Indonesia is experiencing a slowdown growth of business performance, especially market share so that it needs human capital with good quality. Sampling technique is using purposive sampling. Bank employees came from Islamic bank, government bank, and private bank. The result concludes that human capital (HC) has significant positive effect on the improvement of employee performance (EP) and healthy organization (HO). Meanwhile, healthy organization (HO) has significant positive effect on the improvement of employee performance (EP). Healthy organization mediates the relationship between human capital and employee performance.},
author_keywords={Employee performance (EP);  Healthy organization (HO);  Human capital (HC)},
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correspondence_address1={Muafi; Universitas Islam Indonesia, Indonesia; email: muafi@uii.ac.id},
publisher={Centar for Quality},
issn={18006450},
language={English},
abbrev_source_title={Int. J. Qual. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Lusyana2017143,
author={Lusyana, D. and Sherif, M.},
title={Shariah-compliant investments and stock returns: evidence from the Indonesian stock market},
journal={Journal of Islamic Accounting and Business Research},
year={2017},
volume={8},
number={2},
pages={143-160},
doi={10.1108/JIABR-10-2015-0052},
note={cited By 16},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84978836513&doi=10.1108%2fJIABR-10-2015-0052&partnerID=40&md5=56d022434b786888fc3a6222088b3483},
affiliation={Business School, University of Edinburgh, Edinburgh, United Kingdom; Department of Accountancy, Economics and Finance, School of Management and Language, Heriot-Watt University, Riccarton, Edinburgh, United Kingdom},
abstract={Purpose: The purpose of this paper is to investigate the impact of the Indonesia Shariah-compliant Stock Index (ISSI) on the performance of included shares. In essence, the authors ask whether the establishment of the ISSI provides abnormal returns for the firms that are not included in the Jakarta Index. Design/methodology/approach: The authors use an event study methodology to estimate cumulative abnormal returns in the days surrounding the event to examine the relationship between Shariah-compliant investments and stock returns. The estimation window of 90 trading days prior to the event (−30) to day 60 after (+60) is adopted. They also use a range of investment performance measures to provide new evidence on whether faith-based ethical investments generate superior performance compared to their unscreened benchmarks. Findings: Using daily returns, the Indonesia ISSI and panel data model, the findings show that the inclusion of the ISSI has a positive impact on the financial performance of the included shares during the 41-day event window. The evidence also suggests that the ethical investment has a significant influence on the performance of stock market returns. Research limitations/implications: This study offers insights to policymakers, investors and fund managers interested in the indices’ performance. A key conclusion that could be derived by bodies that regulate Islamic products and services is that investors are not only concerned about what is profitable but also what makes their investments ethical. Originality/value: Although the global growth of the Islamic capital market products and services has been tremendous in recent years, very few studies focus on the Indonesian market and indeed, none of them devote sufficient attention to Shariah-compliant investments and stock returns. © 2017, © Emerald Publishing Limited.},
author_keywords={Abnormal returns;  Event study;  Indonesia;  Shariah-compliant investment},
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correspondence_address1={Sherif, M.; Department of Accountancy, Riccarton, United Kingdom; email: m.sherif@hw.ac.uk},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Azmat20164,
author={Azmat, S. and Jalil, M.N. and Skully, M. and Brown, K.},
title={Investor's choice of Shariah compliant ‘replicas’ and original Islamic instruments},
journal={Journal of Economic Behavior and Organization},
year={2016},
volume={132},
pages={4-22},
doi={10.1016/j.jebo.2016.07.018},
note={cited By 16},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84998577657&doi=10.1016%2fj.jebo.2016.07.018&partnerID=40&md5=027cbfcf5c3cd55be2c6415bcf927906},
affiliation={Director Centre for Islamic Finance, Lahore University of Management Sciences, D.H.A, Lahore Cantt54792, Pakistan; Suleman Dawood School of Business, Lahore University of Management Sciences, D.H.A., Lahore Cantt54792, Pakistan; Department of Banking and Finance, Monash Business School, Monash University, P.O. Box 197, Caulfield EastVictoria  3145, Australia},
abstract={This paper offers a behavioral perspective on why Islamic capital markets are dominated by those financial instruments that almost replicate conventional financial products (i.e. Islamic debt bonds and Islamic equities). In contrast, the original Islamic instruments involving risk and return sharing (Musharakah) have failed to emerge. This paper argues that before the replicas, an investor's choice was simply between Islamic and non-Islamic instruments. Along with risk and return, compliance with Islamic principles or Shariah was an integral part of investor utility. As Shariah standards came to give legitimacy to other financial structures, the investors could then choose between various Islamic replicas and the original Islamic instruments. We argue that once the investor's intrinsic need for Shariah compliance is fulfilled, an instrument's risk-return features would become more important. So for loss averse investors with shorter evaluation periods, the loss sharing feature of the Islamic risk and return instruments (Musharkah) makes them less attractive than Islamic debt bonds. For longer evaluation periods, Islamic equities are also shown to outperform the risk and return (Musharakah) instruments. Using the S&P Islamic bond index for bond data and the Dow Jones Islamic Market World Index for Islamic equities, we confirm these views about investor utility by way of both loss aversion and habit based consumption models. The findings suggest that Islamic debt bonds and Islamic equities have been allowed to jointly crowd out the original Islamic risk and return (Musharakah) instruments. © 2016 Elsevier B.V.},
author_keywords={Investor behavior;  Islamic instrument},
references={Ayub, M., Understanding Islamic Finance (2007), John Wiley and Sons Chichester; Azmat, S., Skully, M., Brown, K., Credit risk in Islamic joint venture bond (2014) J. Econ. Behav. Org., 103, pp. S129-S145; Barberis, N., Huang, M., Santos, T., Prospect theory and asset prices (2001) Q. J. Econ., 116, pp. 1-53; Barberis, N., Huang, M., Thaler, R., Individual preferences, monetary gambles, and stock market participation: a case for narrow framing (2006) Am. Econ. Rev., 96, pp. 1069-1090; Benartzi, S., Thaler, R.H., Myopic loss aversion and the equity premium puzzle (1995) Q. J. Econ., 110, pp. 73-92; Campbell, J.Y., Cochrane, J.H., By force of habit: a consumption based explanation of aggregate stock market behavior (1999) J. Polit. Econ., 107, pp. 205-251; Chong, B.S., Liu, M.H., Islamic banking: interest-free or interest-based? (2009) Pacific Basin Finance J., 17, pp. 125-144; Dar, H.A., Moghul, U.F., The Chancellor Guide to the Shari'a Aspects of Islamic Finance (2012), Harriman House Limited Petersfield; Fama, E.F., French, K.R., Testing trade-off theory and pecking order predictions about dividends and debt (2002) Rev. Financial Stud., 15, pp. 1-33; Fielding, D., Stracca, L., Myopic loss aversion, disappointment aversion, and the equity premium puzzle (2007) J. Econ. Behav. Org., 64, pp. 250-268; Khan, F., How ‘Islamic’ is Islamic banking? (2010) J. Econ. Behav. Org., 76, pp. 805-820; Mayhew, B.W., Vitalis, A., Myopic loss aversion and market experience (2014) J. Econ. Behav. Org., 97, pp. 113-125; Mehra, R., Prescott, E.C., The equity premium: a puzzle (1985) J. Monet. Econ., 15, pp. 145-161; Modigliani, F., Miller, M., The cost of capital, corporation finance and the theory of investment (1958) Am. Econ. Rev., 43, pp. 261-297; Myers, S.C., Majluf, N.S., Corproate financing and investment decisions when firms have information that investors do not have (1984) J. Financial Econ., 13, pp. 187-221; Myers, S.C., Capital structure (2001) J. Econ. Perspect., 15, pp. 81-102; Sent, E.M., Behavioral economics: how psychology made its (limited) way back into economics (2004) Hist. Polit. Econ., 36, pp. 735-760; Smallwood, D.E., Conlisk, J., Product quality in markets where consumers are imperfectly informed (1979) Q. J. Econ., 93, pp. 1-23; Thaler, R.H., Tversky, A., Kahneman, D., Schwartz, A., The effect of myopia and loss aversion on risk taking: an experimental test (1997) Q. J. Econ., 112, pp. 647-661; Tversky, A., Kahneman, D., Advances in prospect theory: cumulative representation of uncertainty (1992) J. Risk Uncertainty, 5, pp. 297-323; Usmani, T.M., An Introduction to Islamic Finance (2002), Kluwer Law Hague; Verdelhan, A., A habit-based explanation of the exchange rate risk premium (2010) J. Finance, 65, pp. 123-146; von Neumann, J., Morgenstern, O., Theory of Games and Economic Behavior (1944), University Press Princeton: Princeton},
correspondence_address1={Brown, K.; Department of Banking and Finance, P.O. Box 197, Caulfield East, Australia; email: Kym.Brown@monash.edu},
publisher={Elsevier B.V.},
issn={01672681},
coden={JEBOD},
language={English},
abbrev_source_title={J. Econ. Behav. Organ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Aysan2015,
author={Aysan, A.F. and Disli, M. and Ozturk, H. and Turhan, I.M.},
title={Are Islamic banks subject to depositor discipline?},
journal={Singapore Economic Review},
year={2015},
volume={60},
number={1},
doi={10.1142/S0217590815500071},
art_number={1550007},
note={cited By 16},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84928591227&doi=10.1142%2fS0217590815500071&partnerID=40&md5=e535dc61dc42449ef020ad5b5959f699},
affiliation={Central Bank of the Republic of Turkey, Istiklal Caddesi 10, Ulus, Ankara, 06100, Turkey; Department of General Economics, Ghent University, Tweekerkenstraat 2, Gent, 9000, Belgium; Undersecretariat of the Turkish Treasury, Inonu Bulvari 36, Emek, Ankara, 06510, Turkey; Borsa Istanbul, Resitpasa Mahallesi, Tuncay Artun Caddesi, Emirgan, Istanbul, 34467, Turkey},
abstract={We look at market discipline in the Islamic deposit market of Turkey for the period after the 2000 crisis. We find support for quantity based disciplining of Islamic banks through the capital ratio. The evidence for price disciplining is, however, less convincing. In addition, we also look at the effect of the deposit insurance reform in which the dual deposit insurance was revised and all banks were put under the same deposit insurance company in December 2005. We observe that the reform increased quantity based disciplining in the Turkish Islamic deposit market. © 2015 World Scientific Publishing Company.},
author_keywords={Depositor discipline;  Islamic banks},
keywords={banking;  financial crisis;  financial market;  insurance system;  price dynamics;  reform process, Turkey},
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correspondence_address1={Disli, M.; Department of General Economics, Tweekerkenstraat 2, Belgium; email: mustafa.disli@ugent.be},
publisher={World Scientific},
issn={02175908},
language={English},
abbrev_source_title={Singap. Econ. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Chebbi2015112,
author={Chebbi, T. and Derbali, A.},
title={The dynamic correlation between energy commodities and Islamic stock market: Analysis and forecasting},
journal={International Journal of Trade and Global Markets},
year={2015},
volume={8},
number={2},
pages={112-126},
doi={10.1504/IJTGM.2015.069425},
note={cited By 16},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84931839793&doi=10.1504%2fIJTGM.2015.069425&partnerID=40&md5=de327d9fdf7867e42eb17a321a6a165a},
affiliation={Department of Finance, Faculty of Economic Sciences and Management of Sousse, University of Sousse, Sousse, Tunisia; Department of Finance, Higher Institute of Management of Sousse, University of Sousse, Sousse, Tunisia},
abstract={Our paper connects to the literature emphasising the importance of the links between Islamic capital markets and commodities. To this end, we focus on the dynamics of the correlations between commodities and Islamic indices. Using the approach of Dynamic Conditional Correlation (DCC), this paper attempts to shed light into the dynamic relationship between two strategic commodities (crude oil and natural gas) and the QE Al Rayan Islamic index, over the period from 15 March 2011 to 25 December 2014. The empirical evidence suggests that volatilities of commodity returns are strongly correlated to those of stock index. Notably, this result highlights the financialisation of commodity markets. Copyright © 2015 Inderscience Enterprises Ltd.},
author_keywords={Commodities;  Correlations;  DCC-GARCH;  Forecasting;  Islamic stock indices},
references={Boons, M., De Roon, F., Szymanowska, M., (2014) The Price of Commodity Risk in Stock and Futures Markets, , http://ssrn.com/abstract=1785728, AFA 2012 Chicago Meetings Paper, or http://dx.doi.org/10.2139/ssrn.1785728 (accessed on 10 May 2014); Boudt, K., Danielsson, J., Laurent, S., Robust forecasting of dynamic conditional correlation GARCH models (2012) International Journal of Forecasting, 29, pp. 244-257; Brett, F., Juvenal, L., Petrella, I., (2012) When Oil Prices Jump, is Speculation to Blame?, , Federal Reserve Bank of St. Louis Regional Economist; Büyüküahin, B., Haigh, M.S., Robe, M.A., Commodities and equities: Ever a 'market of one'? (2010) Journal of Alternative Investments, 12 (3), pp. 76-95; Chang, C.L., McAleer, M., Tansuchat, R., Conditional correlations and volatility spillovers between crude oil and stock index returns (2013) The North American Journal of Economics and Finance, 25, pp. 116-138; Cheng, I.-H., Xiong, W., Financialization of commodity markets (2014) Annual Review of Financial Economics, 6, pp. 419-441; Chkili, W., Hammoudeh, S., Nguyen, D., Volatility forecasting and risk management for commodity markets in the presence of asymmetry and long memory (2014) Energy Economics, 41, pp. 1-18; Choi, K., Hammoudeh, S., Volatility behavior of oil, industrial commodity and stock markets in a regime-switching environment (2010) Energy Policy, 38 (8), pp. 4388-4399; Creti, A., Joëts, M., Mignon, V., On the links between stock and commodity markets' volatility (2013) Energy Economics, 37, pp. 16-28; Engle, R.F., Dynamic conditional correlation: A simple class of multivariate GARCH models (2002) Journal of Business & Economic Statistics, 20 (3), pp. 339-350; Filis, G., Degiannakis, S., Floros, C., Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries (2011) International Review of Financial Analysis, 20 (3), pp. 152-164; Geman, H., (2005) Commodities and Commodity Derivatives: Modeling and Pricing for Agriculturals, Metals and Energy, , John Wiley & Sons; Ghorbel, A., Abdelhedi, M., Boujelbene, Y., Assessing the impact of crude oil price and investor sentiment on Islamic indices: Subprime crisis (2014) Journal of African Business, 15 (1), pp. 13-24; Gorton, G., Rouwenhorst, K.G., Facts and fantasies about commodity futures (2006) Financial Analysts Journal, 62 (2), pp. 47-68; Hussin, M.Y.M., Muhammad, F., Noordin, K., Marwan, N.F., Razak, A.A., The impact of oil price shocks on Islamic financial market in Malaysia (2012) Labuan e Journal Muamalat and Society, 6, pp. 1-13; Hussin, M.Y.M., Muhammad, F., Razak, A.A., Tha, G.P., Marwan, N., The link between gold price, oil price and Islamic stock market: Experience from Malaysia (2013) Journal of Studies in Social Sciences, 4 (2), pp. 161-182; Juvenal, L., Petrella, I., (2011) Speculation in the Oil Market, , Working Paper Federal Reserve Bank of St, No. 2011-027E; Malik, F., Ewing, B.T., Volatility transmission between oil prices and equity sector returns (2009) International Review of Financial Analysis, 18 (3), pp. 95-100; Masters, M., (2008) Testimony before the Committee on Homeland Security and Governmental Affairs, , US Senate, 20 May; Onour, I.A., Sergi, B.S., GCC stock markets: How risky are they? (2010) International Journal of Monetary Economics and Finance, 3 (4), pp. 330-337; Onour, I.A., Sergi, B.S., Modeling and forecasting volatility in global food commodity prices (2011) Agricultural Economics, 57 (3), pp. 132-139; Papapetrou, E., Oil price shocks, stock market, economic activity and employment in Greece (2001) Energy Economics, 23 (5), pp. 511-532; Peters, T., Forecasting the covariance matrix with the DCC GARCH model (2008) Mathematical Statistics, 8, pp. 1-40; Sadorsky, P., Oil price shocks and stock market activity (1999) Energy Economics, 21 (5), pp. 449-469; Silvennoinen, A., Thorp, S., Financialization, crisis and commodity correlation dynamics (2013) International Financial Markets, Institutions and Money, 24, pp. 42-65; Tang, K., Xiong, W., Index investment and financialization of commodities (2012) Financial Analysts Journal, 68 (6), pp. 54-74; Tansuchat, R., McAleer, M., Chang, C.L., (2012) Modelling Long Memory Volatility in Agricultural Commodity Futures Returns, , http://ssrn.com/abstract=1491890, or http://dx.doi.org/10.2139/ssrn.1491890; Vivian, A., Wohar, M.E., Commodity volatility breaks (2012) Journal of International Financial Markets, Institutions and Money, 22 (2), pp. 395-422; Zhang, D., Asche, F., The oil price shocks and Nordic sto ck markets (2015) International Journal of Trade and Global Markets, 7 (4), pp. 300-315},
correspondence_address1={Chebbi, T.; Department of Finance, Tunisia; email: chebbitarekfsegs@hotmail.fr},
publisher={Inderscience Publishers},
issn={17427541},
language={English},
abbrev_source_title={Int. J. Trade Glob. Markets},
document_type={Article},
source={Scopus},
}

@ARTICLE{Dusuki2010203,
author={Dusuki, A.W.},
title={Do equity-based Sukuk structures in Islamic capital markets manifest the objectives of Shariah?},
journal={Journal of Financial Services Marketing},
year={2010},
volume={15},
number={3},
pages={203-214},
doi={10.1057/fsm.2010.17},
note={cited By 16},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78650070071&doi=10.1057%2ffsm.2010.17&partnerID=40&md5=637ccf844164aa72a3a07a0499888b0d},
affiliation={International Shariah Research Academy for Islamic Finance (ISRA), ISRA at INCEIF, Annexe Block, Menara Tun Razak, Jalan Raja Laut, Kuala Lumpur 50350, Malaysia},
abstract={The Islamic capital market is an important component of the overall Islamic financial system especially in providing an element of liquidity to the otherwise illiquid assets. Like its conventional counterpart, Islamic capital markets complement the investment role of the Islamic banking sector in raising funds for long-term investment. These long-term investments are facilitated through various Shariah contracts and instruments ensuring efficient mobilisation of resources and their optimal allocation. This article aims at reviewing equity-based Sukuk structure, which is one of the most popular instruments used in Islamic capital market today. This article argues that some innovations made in structuring Sukuk, which try to achieve the same economic outcome like conventional instruments, distort the vision of Islamic economics based on justice and equitability. These visions are deeply inscribed in the objectives of Shariah, also known as Maqasid al-Shariah. This distortion stems from the restricted view of understanding Shariah, by only focussing on the legal forms of a contract rather than the substance especially when structuring a financial product. The overemphasis on form over substance leads to potential abuse of Shariah principles in justifying certain contracts, which in fact are contradictory to the Shariah text and ultimately undermining the higher objectives of Shariah. In the final analysis, this article concludes that the substance of a contract that has greater implications to the realisation of Maqasid al-Shariah should be equally looked into. Otherwise, Islamic finance just appears as an exercise of semantics; the functions and operations are really no different from conventional banks, except in the use of euphemisms to disguise interest and circumvent the many Shariah prohibitions. © 2010 Macmillan Publishers Ltd.},
author_keywords={capital market;  Islamic fi nance;  Shariah;  Sukuk},
references={Ali, S.S., (2008) Islamic Capital Markets: Current State and Developmental Challenges, , Jeddah, Saudi Arabia: Islamic Research and Training Institute (IRTI); Dusuki, A.W., Abozaid, A., A critical appraisal on the challenges of realizing maqasid al-Shariah in Islamic banking and finance (2007) IIUM Journal of Economics and Management, 15 (2), pp. 143-165; Al-Subki, I., (2004) Al-Ibhaj, , Beirut, Lebanon: Dar al-Kutub al-Ilmiyyah, Arabic; Al-Shatibi (Date Unknown) Al-Muwafaqat. Beirut Lebanon: Dar al-Fikr Arabic. These attributes are referred to in verses 21:107 and 10:57 of the Qur' an; Abdelkader, D., Modernity the principles of public welfare (maslaha) and the end goals of Shari ah (maqasid) in Muslim legal thought (2003) Islam and Christian-Muslim Relations, 14 (2), pp. 163-174; Nyazee, I.A.K., (2000) Islamic Jurispudence (Usul Al-fiqh), , Islamabad, Pakistan: Islamic Research Institute Press; Al-Bukhari (Date Unknown) Sahih al-Bukhari. Damascus, Syria: Dar al-Ulum, Arabic; Muslim (Date Unknown) Sahih Muslim. Beirut, Lebanon: Dar Ihya' al-Turath al-Arabi; For more details on this matter see Contemporary' inah : Is it a sale or usury? by Abdulazeem Abozaid ' , p. 47; Al-Shafie (Date Unknown) Al-Umm. Beirut, Lebanon: Dar al-Màrifah, 1319 AH, Arabic; Al-Ghazali (1413 AH) Al-Mustasfa. Beirut, Lebanon: Dar al-Kutub al-Ilmiyyah, Arabic; Ibn ̀Abidin (1987) Al-Hashiyah (Radd al-muÍtar ala al-Durr al-mukhtar). Beirut, Lebanon: Dar Ihya' al-Turath al-Arabi, Arabic; Al-Dasuqi, al-Hashiyah; Al-Qarafi(Date Unknown) Al-Furuq. Beirut: Dar al-Marifah, Arabic; Ali, M. (Date Unknown) Tahdhib al-Furuq. Beirut: Dar al-Marifah, Arabic; Ibn Juzay (Date Unknown) Al-Qawanin al-Fiqhiyyah. Beirut: Dar al-Kutub al-Ilmiyyah, Arabic; Al-Qayyim, I., (1973) Ìllam Al-muwaqqìin ̀an Rabb Al-̀Alamin, , Beirut, Lebanon: Dar al-Jil, Arabic; Ibn Hazm (Date Unknown) Al-Muhalla. Beirut, Lebanon: Dar al-Ufuq al-Jadidah, Arabic; (2008) AAOIFI Sharia Standards, , Accounting and Auditing Organization for Islamic Financial Institutions Bahrain Saudi Arabia: AAOIFI; Kamil, W.A.R., (2008) Introduction to Sukuk, , Kuala Lumpur, Malaysia: RAM Rating Services Berhad; Based on the Sukuk database provided by IFIS, accessed 5 August, 2009; (2004) Guidelines on the Offering of Islamic Securities, , Securities Commission Malaysia Kuala Lumpur, Malaysia: Securities Commission; Engku Rabiah, A.E.A., The Islamic Securities (Sukuk) Market. Kuala Lumpur (2009) Malaysia: LexisNexis and Securities Commission Malaysia; Note; Ghani, B.A., Is AAOIFI ban on musharaka sukuk justified? (2009) Islamic Banker, 160-161, pp. 10-16; Tawarruq is a sale contract, whereby a buyer buys an asset from a seller with deferred payment and subsequently sells the asset to a third party for cash at a price less than the deferred price, for the purpose of obtaining cash; Dusuki, A.W., Commodity murabahah programme (CMP): An innovative approach to liquidity management (2007) Journal of Islamic Economics, Banking and Finance, 3 (1), pp. 1-23; (2008) AAOIFI's Shari'a Board Resolutions on Sukuk, , http://www.aaoifi.com/temp/aaoifi_sb_sukuk_Feb2008_Eng.pdf, Accounting and Auditing Organization for Islamic Financial Institutions; The pronouncement highlighted six issues. The first two discussed the tradability of Sukuk, whereas the last one made recommendations to Shariah Boards; Usmani, M.T., (2008) Sukuk and Their Contemporary Applications, , http://www.failaka.com/downloads/Usmani_SukukApplications.pdf; note; note; 5th Conference of the Islamic Fiqh Academy, 2. , OIC Fiqh Academy. (1409H) Resolutions No. 2 and 3 of the Majallat Majma' al-Fiqh al-Islami Kuwait: Islamic Fiqh Academy, 1599, Arabic; Mirakhor, A., (1995) Theory of Islamic Financial System, pp. 31-49. , London, UK: Encyclopedia of Islamic Banking and Finance; Siddiqi, M.N., (2004) Riba, Bank Interest and the Rationale of Its Prohibition, , Jeddah, Saudi Arabia: Islamic Research and Training Institute, Islamic Development Bank; Siddiqi, M.N., (2007) Economics of Tawarruq: How Its Mafasid Overwhelm the Masalih Paper Presented at Workshop on Tawarruq: A Methodological Issue in Sharia-Compliant Finance},
correspondence_address1={Dusuki, A. W.; International Shariah Research Academy for Islamic Finance (ISRA), Annexe Block, Menara Tun Razak, Jalan Raja Laut, Kuala Lumpur 50350, Malaysia; email: asyraf@isra.my},
issn={13630539},
language={English},
abbrev_source_title={J. Finan. Serv. Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Islam200317,
author={Islam, M.M.},
title={Regulations and supervision of financial institutions in GCC countries},
journal={Managerial Finance},
year={2003},
volume={29},
number={7},
pages={17-42},
doi={10.1108/03074350310768328},
note={cited By 15},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-34250739391&doi=10.1108%2f03074350310768328&partnerID=40&md5=f544858905dba9eb0beb1ab2c4b26e30},
affiliation={College of Commerce & Economics, Sultan Qaboos University(SQU), Oman},
abstract={In recent years, the central monetary authorities of some Gulf Cooperation Council countries have made several regulatory changes in order to achieve social & economic goals. The monetary authorities of these countries have strengthened prudential norms. Asset classifications and provisioning norms have moved closer to international standards. Banks are required to maintain capital to risk weighted assets ratios of 8 percent required by the BIS. Local banks follow International Accounting Standards. Although the central monetary authorities of the GCC countries are active in supervising and monitoring their regulations on financial institutions, but not in a rapid way. In a global financial market, Islamic-banking regulators that operate Islamic banks should think about the compatibility of the regulatory setting. Through a deep understanding of the nature of the Islamic banking business and the recent western banking supervisory framework, Islamic banking regulators will be able to develop a sound banking system without loosing its own distinction. © MCB UP Limited 2003.},
author_keywords={Bahrein;  Banking;  Islam;  Kuwait;  Oman;  Regulations;  Saudi Arabia;  Supervision},
references={Bahrain Monetary Authority, various publications; (1996) Supervisory Framework for the use of Backtsesting in Conjunction with the Internal Model Approach to Market Risk Capital Risk, , Basle; Berger, A., Hunter, W., Timme, S., The Efficiency of Financial Institutions (1993) Journal of Banking and Finance, 17, pp. 221-249; (2001), Capital Intelligence BankScope Database, Bureau van Dijk May; (1999), reports of, 2000; (2000), Annual Report of; Chapra, M.U., Khan, T., (2000) Regulation and Supervision of Islamic Banks, , Islamic Developmemnt Bnak-Islamic Research and Training Institute, Jedda, Saudi Arabia; Corringan, E.G., Bank Supervision in a Changing Financial Environment (1985) Quarterly Review, pp. 1-5. , Federal Reserve Bank of New York, Winter; Dar, H.A., Presley, J.R., Size and Profitability of Islamic Financial Institutions with Special Reference to Management and Control Issues (1999) Discussions paper; Hall, M.J.B., Dar, H.A., Muljawan, D., A St Egic Design of Islamic Banking Regulations (2001) Proceedings of International Conference of Economics & Finance, pp. 261-276. , University of Qatar, Qatar; Hall, M.J.B., (1997) Basle Committee, , Financial Regulation Report; Kane, D., Kimball, R., Gregor, W., (1983) The Effects of Banking Deregulation, pp. 23-55. , Washington D.C., Association of Reserve City Bankers; Hoening Thomas, M., Bank Regulation: Asking the Right Questions (1997) Economic Review, 82 (1), pp. 5-10. , Federal Reserve Bank of Kansas City; Peltzman, S., Towards a More General Theory of Regulation (1976) Journal of Law and Economics, pp. 211-240. , august; Rose, P.S., (1999) The Impact of Government Policy and Regulation on Banking, pp. 33-76. , Commercial Bank Management, McGraw-Hill International Edi; Saudi Monetary Authority, various publications; Spong, K., (1994) Banking Regulation: Its purpose, Implementation and Effects, pp. 13-21. , Federal Reserve Bank of Kansas City; Stigler, G.J., The Theory of Economic Regulation (1971) The Bell Journal of Economics and Management science, 2, pp. 3-21},
correspondence_address1={Islam, M.M.; College of Commerce & Economics, Oman},
issn={03074358},
language={English},
abbrev_source_title={Manag. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Smaoui2020,
author={Smaoui, H. and Ghouma, H.},
title={Sukuk market development and Islamic banks’ capital ratios},
journal={Research in International Business and Finance},
year={2020},
volume={51},
doi={10.1016/j.ribaf.2019.101064},
art_number={101064},
note={cited By 14},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85069684328&doi=10.1016%2fj.ribaf.2019.101064&partnerID=40&md5=8c84ea2064a21c7473363779de2e666a},
affiliation={College of Business and Economics, Qatar University, Doha, 2713, Qatar; Gerald Schwartz School of Business, St. Francis Xavier University, 3090 Martha Drive, Room 379., Antigonish, Nova Scotia  NS B2G 2W5, Canada},
abstract={This paper investigates the impact of Sukuk market development on Islamic banks’ capital ratios using a sample comprising 230 Islamic banks spanning the period 2005–2014. We characterize Islamic bank capital along multiple dimensions, namely: capital adequacy ratio, Tier 1 capital ratio, and capital-to-total assets ratio. We employ both the Prais-Winston technique and the system GMM estimator to tackle potential omitted variable bias, endogeneity, and simultaneity issues. The evidence shows that Sukuk market development has had a negative effect on capital ratios of Islamic banks. We argue that the development of Sukuk markets may have stimulated the competition between Islamic Banks, inducing them to hold lower capital ratios. Our results also show that trade openness and bank liquidity are positively and significantly related to capital ratios, while bank size and loan loss reserve ratio are negatively and significantly related to capital ratios, as expected. © 2019 Elsevier B.V.},
author_keywords={Capital ratios;  GMM estimation;  Islamic banking;  Sukuk},
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Kabir Hasan Mervyn K. Lewis Edward Elgar UK; Alam, N., Hassan, M.K., Aminul-Haque, M., Are Islamic bonds different from conventional bonds? International evidence from capital market tests (2013) Borsa Istanbul Rev., 13 (3), pp. 22-29; Allen, F., Gale, D., Competition and financial stability (2004) J. Money Credit Bank., pp. 453-480; Altunbas, Y., Carbo, S., Gardener, E.P.M., Molyneux, P., Examining the relationships between capital, risk and efficiency in European banking (2007) Eur. Financ. Manag., 13, pp. 49-70; Arellano, M., Bond, S., Some tests of specification for panel data: monte Carlo evidence and an application to employment equations (1991) Rev. Econ. Stud., 58 (2), pp. 277-297; Ashhari, Z.M., Chun, L.S., Nassir, A.M., Conventional vs Islamic Bond announcements: the effects on shareholders’ wealth (2009) Int. J. Bus. 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Econom., 87, pp. 115-143; Calmes, C., Theoret, R., Market-oriented banking, financial stability and macro-prudential indicators of leverage (2013) J. Int. Financ. Mark. Inst. Money, 27, pp. 13-34; Chiu, W.C., Wan, C.W., Peña, J.I., Does the source of debt financing affect default risk? (2017) Rev. Financ. Econ., , forthcoming; Chong, B.S., Liu, M.-H., Islamic banking: interest-free or interest-based? (2009) Pacific-basin Financ. J., 17, pp. 125-144; Cihak, M., Hesse, H., Islamic banks and financial stability: an empirical analysis (2010) J. Financ. Serv. Res., 38, pp. 95-113; Claessens, S., Laeven, L., What drives bank competition? Some international evidence (2004) J. 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Rev., 90, pp. 147-165; Islamic Financial Services Board (IFSB), Revised Capital Adequacy Standard For Institutions Offering Islamic Financial Services (2013), IFSB-15; Islamic Financial Services Industry Stability Report (2016), Islamic Financial Services Board (IFSB); Islamic Financial Services Industry Stability Report. (2017), Islamic Financial Services Board (IFSB); Jacques, K.T., Nigro, P., Risk-based capital, portfolio risk, and bank capital: a simultaneous equations approach (1997) J. Econ. Bus., 49, pp. 533-547; Jimenez, G., Lopez, J.A., How does competition impact bank risk-taking? (2007) J. Financ. Stab., 9 (2), pp. 185-195; Jobst, A., Kunzel, P., Mills, P., Sy, A., Islamic bond issuance – what sovereign debt managers need to know? (2008) Int. J. Islam. Middle East. Financ. Manag., 1 (4), pp. 330-344; Johnes, J., Izzeldin, M., Pappas, V., A comparison of performance of Islamic and conventional banks 2004–2009 (2014) J. Econ. Behav. 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Lett., 161, pp. 62-65; Soedarmono, W., Machrouh, F., Tarazi, A., Bank competition, crisis and risk taking: evidence from emerging markets in Asia (2013) J. Int. Financ. Mark. Inst. Money, 23, pp. 196-221; Staikouras, C., Koutsomanoli-Fillipaki, A., Competition and concentration in the new European banking landscape (2006) Eur. Financ. Manag., 12, pp. 443-482; Tariq, A.A., Dar, H., Risks of Sukuk Structures: Implications for Resource Mobilization (2007) Thunderbird Int. Bus. Rev., 49 (2), pp. 203-223; Turk-Ariss, R., Competitive conditions in Islamic and conventional banking: a global perspective (2010) Rev. Financ. Econ., 19, pp. 101-108; Vithessonthi, C., The effect of financial market development on bank risk: evidence from Southeast Asian Countries (2014) Int. Rev. Financ. Anal., 35, pp. 249-260; Windmeijer, F., A finite sample correction for the variance of linear efficient two-step GMM estimators (2005) J. Econom., 126 (1), pp. 25-51; Wooldridge, J., Econometric Analysis of Cross Section and Panel Data (2002), MIT Press},
correspondence_address1={Smaoui, H.; College of Business and Economics, Qatar; email: hsmaoui@qu.edu.qa},
publisher={Elsevier Ltd},
issn={02755319},
language={English},
abbrev_source_title={Res. Int. Bus. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Buallay2019518,
author={Buallay, A.},
title={Intellectual capital and performance of Islamic and conventional banking: Empirical evidence from Gulf Cooperative Council countries},
journal={Journal of Management Development},
year={2019},
volume={38},
number={7},
pages={518-537},
doi={10.1108/JMD-01-2019-0020},
note={cited By 14},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85071263258&doi=10.1108%2fJMD-01-2019-0020&partnerID=40&md5=1d7674ec6ee0bc1711ded3121a9ea00c},
affiliation={Brunel University London, London, United Kingdom},
abstract={Purpose: Intellectual capital (IC) is considered as a lifeblood of the high-tech and knowledge-based sectors. Therefore, there is a great need to highlight the importance of IC in the banking sector. Since the banking sector in the gulf countries is mainly based on Islamic and conventional banking, the purpose of this paper is to provide a comparative empirical analysis between IC efficiency in Islamic and conventional banks, and its impacts on a bank’s operational, financial and market performance. Design/methodology/approach: This study examined 59 banks for five years to end up with 295 observations. The independent variable is the modified value added IC components; the dependent variables are performance indicators (return on assets, return on equity and Tobin’s Q). Two control variables are utilized in this study: bank-specific and macroeconomic. Findings: The findings deduced from the empirical results demonstrate that there is a positive relationship between IC efficiency and financial performance (ROE) and market performance (TQ) in Islamic banks. However, in conventional banks, there is a positive relationship between IC and operational performance (ROE) and financial performance (ROE). Originality/value: The results of this study can be used to present a successful model for the Islamic and conventional banks to concentrate more on the role of IC in enhancing the bank’s performance. In addition, the results of this study may provide a wake-up call for Islamic banks to examine the reasons for the imperfect relationship between the IC and asset efficiency (ROA), as well as for conventional banks to examine the reasons for an imperfect relationship between the IC and market value (TQ). © 2019, Emerald Publishing Limited.},
author_keywords={Conventional banks;  GCC;  Intellectual capital;  Islamic banks},
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correspondence_address1={Buallay, A.; Brunel University LondonUnited Kingdom; email: ameena.buallay.87@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={02621711},
language={English},
abbrev_source_title={J. Manage. Dev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Abou-El-Sood201919,
author={Abou-El-Sood, H.},
title={Corporate governance and risk taking: the role of board gender diversity},
journal={Pacific Accounting Review},
year={2019},
volume={31},
number={1},
pages={19-42},
doi={10.1108/PAR-03-2017-0021},
note={cited By 14},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85052551470&doi=10.1108%2fPAR-03-2017-0021&partnerID=40&md5=7eeec39494d7ac92572a47e69ba0f2fa},
affiliation={Accounting Department, Faculty of Commerce, Cairo University, Cairo, Egypt},
abstract={Purpose: This paper aims to investigate the association between board gender diversity and bank risk taking in an emerging market context. Design/methodology/approach: The association between female board directorship and bank risk taking is examined, while controlling for board characteristics, managerial, concentrated, family and government ownership. Two-stage regression with instrumental variables is used for a sample of banks listed in Gulf Cooperation Council (GCC) countries during 2002-2014. Findings: Results show that banks with more female board directors invest in less risky positions; the association is attenuated when the regulatory capital is larger, providing protection against risky investments, and female directors tend to invest less in risky asset positions in Islamic banks relative to conventional banks. Practical implications: The relevance of the findings stems from the recent initiatives undertaken by the Basel Committee to address deficient corporate governance structures that lead to bank breakdowns and the diversified economy of the fast-growing GCC market, relying on banking services in the aftermath of the oil price drop. Originality/value: This paper provides novel evidence on the influence of board gender diversity on bank risk taking in an emerging market context. This paper fills a gap in prior research by examining bank-specific regulatory capital adequacy and Islamic banking aspects. © 2018, Emerald Publishing Limited.},
author_keywords={Corporate governance;  Emerging markets;  Gender diversity;  Islamic banks;  Risk taking},
funding_details={University of HuddersfieldUniversity of Huddersfield},
funding_details={Lancaster UniversityLancaster University},
funding_text 1={An earlier version of this paper has benefited from comments of the participants of the 13th conference of the BAFA special interest group accounting and finance in emerging economies at University of Huddersfield. The author also acknowledges comments from Gerry Steele and the support provided by GOLCER ONE at Lancaster University.},
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A cross-country study of the impact of governance and regulation, , NBER Working Paper, 15180, National Bureau of Economic Research, MA; Bliss, R., Flannery, M., Market discipline in the governance of US bank holding companies: monitoring vs. Influence (2002) European Finance Review, 6 (3), pp. 361-395; Conyon, M., Judge, W., Useem, M., Corporate governance and the 2008–09 financial crisis (2011) Corporate Governance: An International Review, 19 (5), pp. 399-404; Fortin, R., Goldberg, G., Roth, G., Bank risk taking at the onset of the current banking crisis (2010) Financial Review, 45 (4), pp. 891-913; Graham, J., Harvey, R., Puri, M., Managerial attitudes and corporate actions (2013) Journal of Financial Economics, 109 (1), pp. 103-121; Grove, H., Patelli, L., Victoravich, L., Xu, P., Corporate governance and performance in the wake of the financial crisis: evidence from US commercial banks (2011) Corporate Governance: An International Review, 19 (5), pp. 418-436; Minton, T., Taillard, J., Williamson, R., Financial expertise of the board, risk taking, and performance: evidence from bank holding companies (2014) Journal of Financial and Quantitative Analysis, 49 (2), pp. 351-380; Park, S., Peristiani, S., Are bank shareholders enemies of regulators or a potential source of market discipline (2007) Journal of Banking and Finance, 31 (8), pp. 2493-2515; Shull, B., Corporate governance, bank regulation and activity expansion in the United States (2007) Corporate Governance in Banking: A Global Perspective, pp. 1-17. , Gup, B. (Ed.), Edward Elgar Publishing Limited, Cheltenham Glos; Terjesen, S., Sealy, R., Singh, V., Women directors on corporate boards: a review and research agenda (2009) Corporate Governance: An International Review, 17 (3), pp. 320-337; Wang, D., Founding family ownership and earnings quality (2006) Journal of Accounting Research, 44 (3), pp. 619-656},
correspondence_address1={Abou-El-Sood, H.; Accounting Department, Egypt; email: h.abouelsood@foc.cu.edu.eg},
publisher={Emerald Group Holdings Ltd.},
issn={01140582},
language={English},
abbrev_source_title={Pacafic Acc. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Grassa2018454,
author={Grassa, R. and Miniaoui, H.},
title={Corporate choice between conventional bond and Sukuk issuance evidence from GCC countries},
journal={Research in International Business and Finance},
year={2018},
volume={45},
pages={454-466},
doi={10.1016/j.ribaf.2017.07.179},
note={cited By 14},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85028542773&doi=10.1016%2fj.ribaf.2017.07.179&partnerID=40&md5=1b650797291e5b3fb92b7eb77127237e},
affiliation={ISCAE, University of Manouba, Tunisia; Gulf Studies Center, Qatar University, Qatar},
abstract={Although there have been recent developments in respect of the diversification of capital markets in GCC countries, the motivations of the firms issuing Sukuk or conventional bonds have remained largely unexplored. Using a sample consisting of 88 Sukuk and 287 conventional bonds issued in GCC countries during the period from 2000 to 2015, this paper analyses the factors affecting an issuer's choice of employing an Islamic bond (Sukuk) structure as compared to conventional bonds instruments. The results suggest that there are some significant differences between Islamic and conventional bond issuer's choice determinants; these can be attributed to the Sukuk's specific characteristics and to the issuer's characteristics. Within the GCC region, the firms, which issue Sukuk, have more specific characteristics. By way of contrast, the determinants among those firms, which issue conventional bonds, have fewer specific characteristics. In addition, our findings provide evidence that in respect of the issuance of larger debt and long tenor, firms prefer to issue Sukuk rather than conventional bonds. However, with regard to the quality of the credit rating, our empirical proxies report a positive correlation with the issuance of conventional bonds and a negative correlation with the issuance of Sukuk. © 2017 Elsevier B.V.},
author_keywords={Bond;  Capital markets;  Debt financing;  GCC countries;  Sukuk},
references={Akerlof, G.A., The market for lemon: quality uncertainty and the market mechanism (1970) Q. J. Econ., 84 (3), pp. 488-500; Ali, S.S., Islamic Capital Markets: Products, Regulation and Development. Seminar Proceedings (2008), Islamic Research and Training Institute, Islamic Development Bank Jeddah, Saudi Arabia; Arena, M.P., Howe, J.S., Takeover exposure, agency, and the choice between public and private debt (2009) J. Financ. Res., 32; Azmat, S., Skully, M., Kym, B., Issuer's choice of Islamic bond type (2014) Pac. Basin Financ. J., 28, pp. 122-135; Bayless, M., Chaplinsky, S., Is there a window of opportunity for seasoned equity issuance? (1993) J. Finance, 51 (1), pp. 253-278; Berger, A., Udell, G., Collateral, loan quality and bank risk (1990) J. Monet. Econ., 25, pp. 21-42; Billingsley, R.A., Lamy, R.E., Thompson, G.R., The choice among debt, equity and convertible bonds (1988) J. Financ. 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Econ., 45, pp. 171-190; Deesomsak, R., Paudyal, K., Pescetto, G., The determinants of capital structure: evidence from the Asia Pacific region (2004) J. Multinatl. Financ. Manag., 14, pp. 387-405; Denis, D.J., Mihov, V.T., The choice among bank debt, nonbank private debt: and public debt: evidence from new corporate borrowings (2003) J. Financ. Econ., 70, pp. 3-28; Diamond, D.W., Monitoring and reputatio n: the choice between bank loans and directly placed debt (1991) J. Polit. Econ., 99, pp. 689-721; Fama, E.F., French, K.R., Testing trade-off and pecking order predictions about dividends and debt (2002) Rev. Financ. Stud., 15, pp. 1-33; Frank, M.Z., Goyal, V.K., Testing the pecking order theory of capital structure (2003) J. Financ. Econ., 67, pp. 217-248; Graham, J.R., Debt and the marginal tax rate (1996) J. Financ. Econ., 41, pp. 41-73; Greene, W.H., Econometric Analysis (2003), sixth edition Prentice Hall Upper Saddle River, New Jersey; Guedes, J., Opler, T., The determinants of the maturity of corporate debt issues (1996) J. Finance, 51, pp. 1809-1833; Haron, R., Khairunisah, I., The impact of sukuk on corporate financing: malaysian evidence (2012) J. Islam. Financ., 1 (1), pp. 001-011; Harris, M., Raviv, A., The theory of capital structure (1991) J. Financ., 46, pp. 297-356; Houston, J., James, C., Bank information monopolies and the mix of private and public debt claims (1996) J. Finance, 51, pp. 1863-1889; Hovakimian, A., Li, G., In search of conclusive evidence: how to test for adjustment to target capital structure (2011) J. Corp. Financ., 17 (1), pp. 33-44; Hovakimian, A., Opler, T., Titman, S., The debt equity choice (2001) J. Financ. Quant. Anal., 36, pp. 1-24; Huang, R., Ritter, J.R., Testing theories of capital structure and estimating the speed of adjustment (2009) J. Financ. Quant. Anal., 44, pp. 237-271; Johnson Shane, S.A., An empirical analysis of the determinants of the corporate debt ownership structure (1997) J. Quant. Anal., 32, pp. 47-69; Julio, B., Kim, W., Weisbach, M.S., What Determines the Structure of Corporate Debt Issues? (2008), Ohio State University, Charles A. Dice Centre for Research in Financial Economics (Unpublished working paper); Jung, K., Kim, Y.-C., Stulz, R., Timing, investment opportunities, managerial discretion, and the security issue decision (1995) J. Financ. Econ., 42, pp. 159-185; Krishnaswami, S., Spindt, P.A., Subramaniam, V., Information asymmetry, monitoring and the placement structure of corporate debt (1999) J. Financ. Econ., 51, pp. 407-434; Kumar, P., Chava, S., Warga, A., Managerial agency and bond covenants (2010) Rev. Financ. Stud., 23, pp. 1120-1148; Lemmon, M.L., Roberts, M.R., Zender, J.F., Back to the beginning: persistence and the cross section of corporate capital structure (2008) J. Financ., 63, pp. 1575-1608; Lin, C., Corporate ownership structure and the choice between bank debt and public debt (2013) J. Financ. Econ., 109 (August (2)), pp. 517-534; Marsh, P., The choice between equity and debt—an empirical-study (1982) J. Finance, 37, pp. 121-144; Mohamed, Why do issuers issue Sukuk or conventional bond? Evidence from Malaysian listed firms using partial adjustment models (2015) Pac. Basin Finance J., 34, pp. 233-252; Nagano, M., Islamic Finance and the Theory of Capital Structure (2010), University Library of Munich Germany MPRA Paper 24567; Pandey, I.M., Capital Structure and Firm Characteristics: Evidence from an Emerging Market (2001), Indian Institute of Management Ahmadabad India; Pound, J., Proxy contests and the efficiency of shareholder oversight (1988) J. Financ. Econ., 20, pp. 237-265; Rajan, R.G., Zingales, L., What do we know about capital structure? Some evidence from nternational data (1995) J. Financ., 50, pp. 1421-1461; Rauh, J.D., Ameer, S., Capital structure and debt structure (2010), http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1097577, [Online], [Retrieved January 22, 2012]; Salah, O., Islamic finance: the impact of the AAOIFI resolution on equity-based sukuk structures (2010) Law. Financ. Mark. Rev., 4, pp. 507-517; Shahida, S., Saharah, S., Why do firms issue sukuk over bonds? Malaysian evidence (2013) Proceeding of the 15th Malaysian Finance Association Conference 2013 (MFA), 2–4 June 2013, Kuala Lumpur, Malaysia; Shirasua, Y., Xu, P., The choice of financing with public debt versus private debt: new evidence from Japan after critical binding regulations were removed (2013) Jpn. World Econ., 19 (4), pp. 393-424; Shyam-Sunder, L., Myers, S., Testing static trade-off against pecking order models of capital structure (1999) J. Financ. Econ., 51, pp. 219-244; Stulz, R.M., Johnson, H., An analysis of secured debt (1985) J. Financ. Econ., 14, pp. 501-521; Titman, S., Wessels, R., The determinants of capital structure choice (1988) J. Financ., 43, pp. 1-19; Usmani, I.A., (2006), Shirkat-o-Mudaradat, Asr-e-hazir Mein. Idaratul Maarif, Karachi, Pakistan; Zeckhauser, R.J., Pound, J., (1990) Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance, in Asymmetric Information, Corporate Finance and Investment, pp. 8-149. , R.G. Hubbard University of Chicago Press IL, USA},
correspondence_address1={Grassa, R.; ISCAE, Tunisia; email: rihab_grassa@hotmail.fr},
publisher={Elsevier Ltd},
issn={02755319},
language={English},
abbrev_source_title={Res. Int. Bus. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{elAlaoui201693,
author={el Alaoui, A.O. and Bacha, O.I. and Masih, M. and Asutay, M.},
title={Shari'ah screening, market risk and contagion: A multi-country analysis},
journal={Journal of Economic Behavior and Organization},
year={2016},
volume={132},
pages={93-112},
doi={10.1016/j.jebo.2016.10.023},
note={cited By 14},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85007482489&doi=10.1016%2fj.jebo.2016.10.023&partnerID=40&md5=4f69999e2f1ab6120a5fc1dfaf780d8b},
affiliation={INCEIF, Malaysia; Durham University Business School, United Kingdom},
abstract={This study investigates the relationship and shock transmission between firm leverage and systematic risk within the Shari'ah stock screening rules among seven European countries with a sample of 689 firms for the period from 2008 Q2 to 2013 Q1. Due to the fact that high leverage augments systematic risk and accentuates the firm's vulnerability to shocks, debt screening is used to examine the sampled portfolios. As it imposes limits on debt, we examined the impact of such an ethical screening and a risk moderating principle on stock volatility, susceptibility to contagion and the implications for portfolio diversification. Using a vector autoregressive dynamic panel of multi-country framework, systematic risk is analysed by taking into account firm characteristics, country effects, and the heterogeneity across firms, thereby ensuring the robustness of results. Our findings suggest that the systematic risk changes with changes in the capital structure; the Shari'ah-compliant stocks are shown in most cases to carry less risk than conventional stock, while they do not necessarily out-perform in terms of return; during the global financial crisis. We conclude that during the global financial crisis, Islamic compliant stocks demonstrated lower values of systematic risk in the case of ‘Low Debt’ portfolios when comparison to ‘High Debt’ portfolios. © 2016 Elsevier B.V.},
author_keywords={Contagion;  Dynamic GMM panel technique;  Financial crisis;  Leverage;  Shari'ah stock screening;  Systematic risk},
references={Al-Suwailem, S., Risk in a turbulent world: insights from Islamic finance (2013) Islamic Finance: New Regul. Challenge, p. 77; Arellano, M., Bond, S., Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations (1991) Rev. Econ. Stud., 58 (April), pp. 277-297; Ashraf, D., Khawaja, M., Does the Shariah screening process matter? Evidence from Shariah compliant portfolios (2016) J. Econ. Behav. Organ., 132, pp. 77-92; Ahmad, W., Sehgal, S., Bhanumurthy, N.R., Eurozone crisis and BRIICKS stock markets: Contagion or market interdependence? (2013) Econ. Modell., 33, pp. 209-225; Barclay, M.J., Smith, C.W., The priority structure of corporate liabilities (1995) J. Finance, 50 (3), pp. 899-917; Ben-Zion, U., Shalit, S.S., Size, leverage, and dividend record as determinants of equity risk (1975) J. Finance, 30 (4), pp. 1015-1026; Bhandari, L.C., Debt/equity ratio and expected common stock returns: empirical evidence (1988) J. Finance, 43 (2), pp. 507-528; Cai, J., Zhang, Z., Leverage change, debt overhang, and stock prices (2011) J. Corporate Finance, 17 (3), pp. 391-402; Carhart, M.M., On persistence in mutual fund performance (1997) J. Finance, 52 (1), pp. 57-82; Castagna, A.D., Matolcsy, Z.P., The relationship between accounting variables and systematic risk and the prediction of systematic risk (1978) Aust. J. Manage., 3 (2), pp. 113-126; Causse, G., La Finance Islamique, Revue Banque éditions (2009), Marchés Finance Paris; Causse, G., La Finance Islamique (2010) La Revue du Financier, 182, pp. 166-180; Chen, H., Xu, Y., Yang, J., Systematic risk, debt maturity, and the term structure of credit spreads (No. w18367) (2012) Natl. Bureau Econ. Res.; Duncan, A.S., Kabundi, A., Domestic and Foreign Sources of Volatility Spillover to South African Asset Classes (2013) Econ. Modell., 31, pp. 566-573; Dewandaru, G., Masih, R., Masih, A.M.M., What can wavelets unveil about the vulnerabilities of monetary integration a tale of eurozone stock markets (2016) Econ. Modell., 52, pp. 981-996; Duett, E.H., Merikas, A., Tsiritakis, M.D., A pedagogical examination of the relationship between operating and financial leverage and systematic risk (1996) J. Financ. Strateg. Decis., 9 (3), p. 8; Engle, R.F., Ng, V.K., Measuring and testing the impact of news on volatility (1993) J. Finance, 48 (5), pp. 1749-1778; Erel, I., Julio, B., Kim, W., Weisbach, M.S., Macroeconomic conditions and capital raising (2012) Rev. Financ. Stud., 25 (2), pp. 341-376; Fama, E.F., French, K.R., Common risk factors in the returns on stocks and bonds (1993) J. Financ. Econ., 33 (1), pp. 3-56; Fama, E.F., French, K.R., Size, value, and momentum in international stock returns (2012) J. Financ. Econ., 105 (3), pp. 457-472; Fernandez, P., 75 common and uncommon errors in company valuation (2003), Available at SSRN 411600; Goetzmann, W.N., Li, L., Rouwenhorst, K.G., Long-term global market correlations (2005) J. Bus., 78 (1); Hamada, R.S., The effect of the firm's capital structure on the systematic risk of common stocks (1972) J. Finance, 27 (2), pp. 435-452; Humphrey, J.E., Lee, D.D., Australian socially responsible funds: performance, risk and screening intensity (2011) J. Bus. Ethics, 102 (4), pp. 519-535; Hwang, E., Min, H.-G., Kim, B.-H., Kim, H., Determinants of Stock Market Comovements among US and Emerging Economies during the US Financial Crisis (2013) Econ. Modell., 35, pp. 338-348; Johnson, L.D., Neave, E.H., Efficiency and Effectiveness of Islamic Financing: The Cost of Orthodoxy, Working Paper # 96-26 (1996), Queen's School of Business, Queen's University Canada; Jouini, E., La Finance Islamique: Une Solution a‘la Crise? (2009) Economica, , Paris; Kalev, P.S., Zolotoy, L., August. Time–Varying dynamics and asymmetric effects of the Fama–French factor betas (2012) In 25th Australasian Finance and Banking Conference; Lee, D.D., Humphrey, J.E., Benson, K.L., Ahn, J.Y.K., Socially responsible investment fund performance: the impact of screening intensity (2010) Acc. Finance, 50, pp. 351-370; Lev, B., On the association between operating leverage and risk (1974) J. Financ. Quant, Anal., 9 (4), pp. 627-641; March, J.G., Shapira, Z., Managerial perspectives on risk and risk taking (1987) Manage. Sci., 33 (11), pp. 1404-1418; Markowitz, H., Portfolio selection (1952) J. Finance, 7 (1), pp. 77-91; Markowitz, H., Portfolio Selection Efficent Diversification of Investments (1959), J. Wiley; Mian, A.R., Santos, J.A., Liquidity Risk, and Maturity Management over the Credit Cycle (2011), Available at SSRN 2023516; Obaidullah, M., Teaching Corporate Finance from an Islamic Perspective (2006), Islamic Economics Research Centre, 2007 − KAU Jeddah, KSA; Olibe, K.O., Michello, F.A., Thorne, J., Systematic risk and international diversification: an empirical perspective (2008) Int. Rev. Financ. Anal., 17 (4), pp. 681-698; Omet, G., Al-Debi'e, M., The Association Between Systematic Risk and Debt-to-Equity Ratio in Amman Financial Market (2000), pp. 461-466. , Dirasat, the University of Jordan; Ranta, M., Contagion among major world markets: a wavelet approach (2013) Int. J. Manage. Finance, 9 (2), pp. 133-149; Reboredo, J.C., Rivera-Castro, M.A., Wavelet-based evidence of the impact of oil prices on stock returns (2014) Int. Rev. Econ. Finance, 29, pp. 145-176; Roodman, D., A note on the theme of too many instruments (2009) Oxford Bull. Econ. Stat., 71 (1), pp. 135-158; Rowe, T., Kim, J., Analyzing the relationship between systematic risk and financial variables in the casino industry (2010) UNLV Gaming Res. Rev. J., 14 (2), pp. 47-58; Rua, A., Nunes, L.C., International comovement of stock market returns: a wavelet analysis (2009) J. Empirical Finance; Ruback, R.S., (1994) A Note on Capital Cash Flow Valuation., , Harvard Business School Background Note 295-069, November (Revised January 1995); Saiti, B., Bacha, O., Masih, M., Testing the conventional and islamic financial market contagion: evidence from wavelet analysis (2015) Emerg. Markets Finance Trade, 51, pp. 1-18; Sharpe, W.F., Capital asset prices: a theory of market equilibrium under conditions of risk (1964) J. Finance, 19 (3), pp. 425-442; Tan, N., Chua, J., Salamanca, P., Study of the Overall Impact of Financial Levearge and Other Determinants of Systematic Risk (2015), Presented at the DLSU Research Congress 2015 De La Salle University, Manila, Philippines March 2–4, 2015; Yalta, A.T., Yalta, A.Y., Should economists use open source software for doing research? (2012) Comput. Econ., 35, pp. 371-394},
correspondence_address1={el Alaoui, A.O.; INCEIFMalaysia},
publisher={Elsevier B.V.},
issn={01672681},
coden={JEBOD},
language={English},
abbrev_source_title={J. Econ. Behav. Organ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hakim201621,
author={Hakim, S.A. and Hamid, Z. and Meera, A.K.M.},
title={Capital asset pricing model and pricing of islamic financial instruments},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2016},
volume={29},
number={1},
pages={21-39},
doi={10.4197/Islec.29-1.2},
note={cited By 14},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84988654994&doi=10.4197%2fIslec.29-1.2&partnerID=40&md5=231af9cb2a1660d5d074a213acba3f32},
affiliation={International Islamic University Malaysia, Malaysia; Western Michigan UniversityMI, United States; Effat University Jeddah, Saudi Arabia; Indiana State UniversityIN, United States; University of Missouri, Kansas City, MO, United States; Faculty of Economics and Management Sciences, International Islamic University Malaysia, Malaysia; University of North Texas, Denton, TX, United States},
abstract={The prohibitions of riba (interest) and trading in non-halal businesses in Islam redefines investment universe assumed by Capital Asset Pricing Model (CAPM). In Islamic investment world, risk-free asset and market portfolio with non-halal constituents are irrelevant. We propose two-versions of Shariah-compliant CAPM that use Shariahcomplaint market portfolio and are free of risk-free asset. We test the proposed models together with conventional CAPM in Bursa Malaysia using three- and ten-year data. The test results of the models with three-year data reveal remarkable similarity between versions of Shariah-compliant models. Besides, Shariah-compliant CAPM is as capable of explaining returns on Shariah-complaint stocks as conventional CAPM is of explaining returns on all stocks.},
author_keywords={Asset pricing;  Islamic financial instruments;  Shariah-compliant CAPM;  Shariah-compliant market portfolio;  Shariah-compliant zero-beta portfolio},
references={Abbes, M.B., Risk and Return of Islamic and Conventional Indices (2012) International Journal of Euro-Mediterranean Studies, 5 (1), pp. 1-23; Affaneh, I., Albohali, M., Boldin, R.J., Islamic Market Indices: A comparison with conventional world indices based on the adjusted Sharpe ratio (2013) International Journal of Business, Accounting, and Finance, 7 (1), pp. 87-100; Black, F., Capital market equilibrium with restricted borrowing (1972) Journal of Business, 45 (3), pp. 444-455; (2014), http://www.bursamalaysia.com/market/listedcompanies/list-of-companies/mainmarket/#/?alphabet=All, August 20, 2014, from Bursa Malaysia; Carhart, M.M., On persistence in mutual fund performance (1997) Journal of Finance, 52 (1), pp. 57-82; Chen, N.-F., Roll, R., Ross, S.A., Economic forces and the stock market (1986) Journal of Business, 59 (3), pp. 383-403; Cochrane, J.H., (2001) Asset Pricing, , (1st ed.). Princeton, NJ: Princeton University Press; Dewi, M.K., Ferdian, I.R., Evaluating Performance of Islamic Mutual Funds in Indonesia and Malaysia (2012) Journal of Applied Economics and Business Research, 2 (1), pp. 11-33; El-Ashker, A.A.-F., (1987) The Islamic Business Enterprise, , London: Croom Helm; Fama, E.F., Multifactor portfolio efficeincy and multifactor asset pricing (1996) Journal of Finance and Quantitative Analysis, 31 (4), pp. 441-465; Fama, E.F., French, K.R., Common risk factors in the returns on stocks and bonds (1993) Journal of Financial Economics, 33, pp. 3-56; Fama, E.F., French, K.R., Multifactor explanations of asset pricing anomalies (1996) Journal of Finance, 51 (1), pp. 55-84; (2014), http://www.ftse.com/products/indices/bursa-malaysia, Retrieved August 25, 2014, from FTSE; Garcia, R., Ghysels, E., Structural change and asset pricing in emerging markets (1998) Journal of International Money and Finance, 17, pp. 455-473; Greene, W., (2011) Econometric Analysis, , 7th Edition. New Jersey: Prentice Hall; Hakim, S., Hamid, Z., Meera, A.K., Combining Local and Global Markets in Asset Pricing in Emerging Markets: Evidence from Three BRICS Nations (2015) Journal of Developing Area, 49 (3), pp. 365-378; Hanif, M., Risk and Return under Shari'a Framework: An Attempt to Develop Shari'a Compliant Asset Pricing Model (SCAPM) (2011) Pakistan Journal of Commerce and Social Sciences, 5 (2), pp. 283-292; Kathir, I., (2003) Tafsir Ibn Kathir, , Riyadh: Darassalam; Jagannathan, R., Skoulakis, G., Wang, Z., Generalized Method of Moments: Applications in Finance (2002) Journal of Business & Economic Statistics, 20 (4), pp. 470-481; Jobst, A.A., The Economics of Islamic Finance and Securitization (2007) The Journal of Structured Finance, 13 (1), pp. 6-27; Karsten, I., Islam and financial intermediation (1982) Staff Papers International Monetary Fund, 29 (1), pp. 108-142; Lintner, J., Security prices, risk, and maximal gains from diversification (1965) Journal of Finance, 20 (4), pp. 587-615; Merton, R.C., An intertemporal capital asset pricing model (1973) Econometrica, 41 (5), pp. 867-887; Mulcahy, M.B., Purifying Islamic equities: the interest tax shield (2014) International Journal of Islamic and Middle Eastern Finance Management, 7 (4), pp. 473-484; Pastor, L., Stambaugh, R.F., Liquidity Risk and Expected Stock Returns (2003) Journal of Political Economy, 111 (3), pp. 642-685; Rachev, S.T., Mittnik, S., Fabozzi, F.F., Focardi, S.M., Jasic, T., (2007) Financial Econometrics From Basics to Advanced Modeling Techniques, , New Jersey: John Wiley & Sonas; Reilly, F.K., Brown, K.C., (2003) Investment Analysis & Portfolio Management, , 7th Ed Mason, OH: Thompson Southwestern; Rosly, S.A., Zaini, M.A., Risk-return analysis of Islamic banks' investment deposits and shareholders' fund (2008) Managerial Finance, 34 (10), pp. 695-707; Selim, T.H., An Islamic capital asset pricing model (2008) Humanomics, 24 (2), pp. 122-129; Shaikh, S.A., Corporate Finance in an Interest Free Economy: An Alternate Approach to Practiced Islamic Corporate Finance (2009) Journal of Islamic Banking & Finance, , International Association of Islamic Banks; Sharpe, W.F., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) Journal of Finance, 19 (3), pp. 425-442; Tomkins, C., Karim, R., The Shari'ah and its Implications for Islamic Financial Analysis: An Opportunity to Study Interactions among Society, Organisations and Accounting (1987) The American Journal of Islamic Social Sciences, 4 (1), pp. 101-115; Verbeek, M., (2004) A Guide to Modern Econometrics, , (2nd ed.) Sussex, England: John Wiley & Sons; Wei, K.C., An asset-pricing theory unifying the CAPM and APT (1988) Journal of Finance, 43 (4), pp. 881-892; Zaher, T.S., Hassan, M.K., A Comparative Literature Survey of Islamic Finance and Banking (2001) Financial Markets, Institutions & Instruments, 10, pp. 155-199},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={English},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Gunn2014277,
author={Gunn, T. and Shackman, J.},
title={A comparative analysis of the implications of the Islamic religion on corporate capital structures of firms in emerging market countries},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2014},
volume={7},
number={3},
pages={277-287},
doi={10.1108/IMEFM-02-2013-0025},
note={cited By 14},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84951148763&doi=10.1108%2fIMEFM-02-2013-0025&partnerID=40&md5=4c0b20bff99ab6262de005d1b7b94616},
affiliation={School of Business, Alfred University, Alfred, NY, United States; College of Business Administration, Trident University, Cypress, CA, United States},
abstract={Purpose – The purpose of this study is to examine the impact of the Muslim religion on firm capital structure. Design/methodology/approach – The authors compare financing patterns in Muslim versus non-Muslim countries using 658 firms in 16 countries covering a period of seven years. Findings – No significant differences between Muslim and non-Muslim countries were found in terms of total debt ratios. However, significant differences were found in the choice of short-term versus long-term debt, with firms in Muslim countries showing a strong preference for short-term debt. Research limitations/implications – The findings confirm existing theories on the impact of the Islamic religion on short-term versus long-term debt preferences. However, the findings concerning the lack of an impact of the Islamic religion on total debt preferences are surprising and contrary to existing theories. Practical implications – Firms in Muslim countries appear to have the flexibility to adopt overall leverage ratios comparable to those in non-Muslim countries. However, firms in Muslim countries may be disadvantaged in that there appear to be impediments to the use of long-term debt. Originality/value – This paper presents one of the first empirical studies of the impact of the Muslim religion on corporate financing choices across a large cross-section of firms in Muslim and non-Muslim countries. © 2014, © Emerald Group Publishing Limited.},
author_keywords={Capital structure;  Emerging market countries;  Islamic finance;  Long-term debt;  Short-term debt},
references={Abraham, A., Foreign ownership and bank performance metrics in Saudi Arabia (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6 (1), pp. 43-50. , )“”; Aggarwal, R., Yousef, T., Islamic banks and investment financing (2000) Journal of Money, Credit and Banking, 32 (1), pp. 93-120. , )“”; Akhtar, S., The determinants of capital structure for Australian multinational and domestic corporations (2005) Australian Journal of Management, 30. , )“”; Al-Ajmi, J., Hussain, H., Al-Saleh, N., Decisions on capital structure in a Zakat environment with prohibition of riba: the case of Saudi Arabia (2009) The Journal of Risk Finance, 10 (5), pp. 460-476. , )“”; Al-Sakran, S., Leverage determinants in the absence of corporate tax system: the case of non-financial publicly traded corporations in Saudi Arabia (2001) Managerial Finance, 27 (10-11), pp. 58-86. , )“”; Antonczyk, R., Salzmann, A.J., Overconfidence and optimism: the effect of national culture on capital structure (2013) Research in International Business and Finance, 31, pp. 132-151. , )“”May; Barclay, M., Smith, C., The maturity structure of corporate debt (1995) The Journal of Finance, 50 (2), pp. 609-631. , )“”; Baxamusa, M., Jalal, A., Does religion affect capital structure? (2013) Research in International Business and Finance, 31, pp. 112-131. , )“”May; Bellalah, M., Rehman, A., Masood, O., (2013) Shariah compliant screening practices, , )“”Théorie EconomiqueModélisation et Applications Working Paper 16Université de Cergy-Pontoise:; Booth, L., Alvazian, V., Demirguc-Kunt, A., Maksimovic, V., Capital structures in developing countries (2001) Journal of Finance, 56 (1), pp. 87-130. , )“”; Brooks, R., Power arch modelling of the volatility of emerging equity markets (2007) Emerging Markets Review, 8 (2), pp. 124-133. , )“”; Buchanan, B., English, P., Law, finance, and emerging market returns (2007) Emerging Markets Review, 8 (3), pp. 181-193. , )“”; Casey, P., Ariff, M., Iqbal, I., Mohamad, M., Regulatory lessons on sukuk financial products: an opinion (2012) The Islamic Debt Market for Sukuk Securities: The Theory and Practice of Profit Sharing Investment, , )“”(Eds)Edward Elgar PublishingNorthamptonMA:; Choudhury, M., Al-Sakran, S., Culture, finance, and markets in Saudi Arabia (2001) Managerial Finance, 27 (10-11), pp. 25-46. , )“”; Chui, A., Lloyd, A., Kwok, C., The determination of capital structure: is national culture a missing piece to the puzzle? (2002) Journal of International Business Studies, 33 (1), pp. 99-127. , )“”; Demirguc-Kunt, A., Maksimovic, V., Institutions, financial markets, and firm debt maturity (1999) Journal of Financial Economics, 54 (3), pp. 295-336. , )“”; Derigs, U., Marzban, S., Review and analysis of current Shariah-compliant equity screening practices (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303. , )“”; Trend analysis (2009) Collaborative Sukuk Report: An Agenda Setting Study for the Growth and Development of the Global Sukuk Industry, , )“”ZawyaDubai:; Fan, J., Titman, S., Twite, G., An international comparison of capital structure and debt maturity choices (2012) Journal of Financial and Quantitative Analysis, 47 (1), pp. 23-56. , )“”; Farooq, M., Exploitation, profit and the riba-interest reductionism (2012) International Journal of Islamic and Middle Eastern Finance and Management, 5 (4), pp. 292-320. , )“”; Fauver, L., Houston, J., Naranjo, A., Capital market development, international integration, legal systems, and the value of corporate diversification: a cross-country analysis (2003) Journal of Financial and Quantitative Analysis, 38 (1), pp. 135-157. , )“”; Gonenc, H., Capital structure decisions under micro institutional settings: the case of Turkey (2003) Journal of Emerging Market Finance, 2 (1), pp. 57-82. , )“”; Harris, M., Raviv, A., The theory of capital structure (1991) The Journal of Finance, 46 (1), pp. 297-355. , )“”; Hassan, N., Shafi, R., Mohamed, S., (2012) The determinants of capital structure: evaluation between Shariah-compliant and conventional companies, , )“”Proceedings of the International Conference on Innovation Management Technology ResearchUniversiti Teknologi MARASelangor; Hourani, H., The three principles of Islamic finance explained (2004) International Financial Law Review, 23 (5), pp. 46-47. , )“”; La Porta, R., Lopez de Silanes, F., Shleifer, A., Vishny, R., Legal determinants of external finance (1997) Journal of Finance, 52 (3), pp. 1131-1150. , )“”; Lam, S.S., Zhang, W., Lee, R., The norm theory of capital structure: international evidence (2013) International Review of Finance, 13 (1), pp. 111-135. , )“”; Mossaad, N., (2005) The impact of Islam on economic growth: evidence from cross country regressions”, paper presented at the Meeting of the Association for the Study of Religion, Economics, and Culture, Rochester, NY, , )“4 November; Myers, S., Determinants of corporate borrowing (1977) Journal of Financial Economics, 5 (2), pp. 147-175. , )“”; Omet, G., Mashharawe, F., (2003) The capital structure choice in tax contrasting environments: evidence from the Jordanian, Kuwaiti, Omani and Saudi corporate sectors, , )“”working paperThe Hashemite UniversityAmman; Rajan, R., Zingales, L., What do we know about capital structure? some evidence from international data (1995) The Journal of Finance, 50 (5), pp. 1421-1460. , )“”; Ramirez, A., Kwok, C., Multinationality as a moderator of national institutions: the case of culture and capital structure decisions (2009) Multinational Business Review, 17 (3), pp. 2-28. , )“”; Schmukler, S., Vesperoni, E., Financial globalization and debt maturity in emerging economies (2006) Journal of Development Economics, 79 (1), pp. 183-207. , )“”; Titman, S., Wessels, R., The determinants of capital structure choice (1988) The Journal of Finance, 43 (1), pp. 1-19. , )“”; Wilson, R., Wilson, R., Introduction (2012) Islamic Financial Markets, , )“”in(Ed)RoutledgeLondon:; Zaher, T., Hassan, M.K., A comparative literature survey of Islamic finance and banking (2001) Financial Markets, Institutions and Instruments, 10 (4), pp. 154-199. , )“”; Chang, K., Wee, J., Yi, H., Does national culture influence the firm’s choice of debt maturity? (2012) Asia-Pacific Journal of Financial Studies, 41 (4), pp. 424-457. , )“”; Lam, S.S., Zhang, W., Lee, R., The norm theory of capital structure: international evidence (2011) International Review of Finance, 13 (1), pp. 111-135. , )“”; Zheng, X., El Ghoul, S., Guedhami, O., Kwok, C., National culture and corporate debt maturity (2012) Journal of Banking and Finance, 36 (2), pp. 468-488. , )“”},
correspondence_address1={Shackman, J.; College of Business Administration, United States; email: Joshua.shackman@trident.edu},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Basov2014191,
author={Basov, S. and Bhatti, M.I.},
title={On Sharia'a-compliance, positive assortative matching, and return to investment banking},
journal={Journal of International Financial Markets, Institutions and Money},
year={2014},
volume={30},
number={1},
pages={191-195},
doi={10.1016/j.intfin.2013.12.010},
note={cited By 14},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84897827277&doi=10.1016%2fj.intfin.2013.12.010&partnerID=40&md5=dfc9b312c9585b1c40e4de2eb1bb5deb},
affiliation={Department of Finance, La Trobe Business School, La Trobe University, Bundoora, VIC 3086, Australia},
abstract={In their recent paper Derigs and Marzban (2009) argued that Sharia'a-compliant strategies result in much lower portfolio performance than the conventional strategies. The main reason for their argument is of Sharia'a-compliance limits on the set of admissible investments. However, in the world of imperfect financial markets such a limitation may also have some beneficial consequences. We therefore, assume that a net disadvantage caused by such limitations is relatively small, but is magnified by equilibrium hiring strategies, which match Islamic banks with employees who have a lower average level of human capital. © 2014 Elsevier B.V.},
author_keywords={Adverse selection;  Islamic banks;  Sharia's law},
references={Basov, S., Bhatti, M.I., Optimal contracting model in a social environment and trust-related psychological costs (2013) The BE Journal of Theoretical Economics, 1, pp. 1-14; Becker, G.S., A theory of marriage: Part I (1973) Journal of Political Economy, 81, pp. 813-846; Derigs, U., Marzban, S., New strategies and a new paradigm for Sharia'a-compliant portfolio optimization (2009) Journal of Banking & Finance, 33, pp. 1166-1176; Kremer, M., The O-ring theory of economic development (1993) Quarterly Journal of Economics, 108, pp. 551-575; Shimer, R., Smith, L., Assortative matching and search (2000) Econometrica, 68, pp. 343-369; Topkis, D.M., (1998) Supermodularity and Complementarity, , Princeton University Press Princeton, NJ},
correspondence_address1={Bhatti, M.I.; Department of Finance, , Bundoora, VIC 3086, Australia; email: i.bhatti@latrobe.edu.au},
issn={10424431},
language={English},
abbrev_source_title={J. Int. Financ. Mark. Inst. Money},
document_type={Article},
source={Scopus},
}

@ARTICLE{Osella2012531,
author={Osella, F.},
title={Malabar Secrets: South Indian Muslim Men's (Homo)sociality across the Indian Ocean},
journal={Asian Studies Review},
year={2012},
volume={36},
number={4},
pages={531-549},
doi={10.1080/10357823.2012.739996},
note={cited By 14},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84871175678&doi=10.1080%2f10357823.2012.739996&partnerID=40&md5=71ede32c7041155a94c40c933af0c049},
affiliation={School of Global Studies, University of Sussex, Falmer, Brighton, BN1 9SJ, United Kingdom},
abstract={This article is concerned with transformations in forms of male sociality and same-sex intimacy among Muslim men from Kozhikode (formerly known as Calicut) in Kerala, South India. I focus in particular on the way in which the globalisation of capital and labour markets - in particular, long-term migration to the Gulf countries of West Asia, a predominantly male affair - has produced novel forms and spaces of homosociality. By highlighting long-term religious and trade connections between Kozhikode and the Arabian Peninsula, the article problematises hegemonic representations of masculinities and same-sex relations in India as an expression of a specifically "Indian culture" and provides a more nuanced understanding of the effects of the disciplining power of heteronormativity associated with Indian modernity. © 2012 Copyright Taylor and Francis Group, LLC.},
author_keywords={homosociality;  India;  Indian Ocean;  Islamic reform;  masculinity;  migration;  same-sex intimacy},
funding_details={Arts and Humanities Research CouncilArts and Humanities Research Council, AHRC, 113210/1},
funding_details={Economic and Social Research CouncilEconomic and Social Research Council, ESRC},
funding_details={Nuffield FoundationNuffield Foundation},
funding_text 1={This research was funded by the Economic and Social Research Council (UK), the Nuffield Foundation (UK) and the Arts and Humanities Research Council (UK). I thank Ashraf K. Muhamed, Muraleedharan Tharayil, Katy Gardner, Ben Soares, Kaveri Harriss, Andrea Cornwall and Mark Johnson for their invaluable comments on earlier drafts of this paper.},
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correspondence_address1={Osella, F.; School of Global Studies, , Falmer, Brighton, BN1 9SJ, United Kingdom; email: f.osella@sussex.ac.uk},
issn={10357823},
language={English},
abbrev_source_title={Asian Stud. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Al-Wugayan20191234,
author={Al-Wugayan, A.A.A.},
title={Relationship versus customer experience quality as determinants of relationship quality and relational outcomes for Kuwaiti retail banks},
journal={International Journal of Bank Marketing},
year={2019},
volume={37},
number={5},
pages={1234-1252},
doi={10.1108/IJBM-09-2018-0251},
note={cited By 13},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062988550&doi=10.1108%2fIJBM-09-2018-0251&partnerID=40&md5=ac0f720599d4a3d92f8389065eaf2d42},
affiliation={Department of Management and Marketing, Kuwait University, Shuwaikh, Kuwait},
abstract={Purpose: The purpose of this paper is to investigate the extent to which customer experience and relationship marketing (RM), as two widely used service management approaches, can effectively determine satisfaction and commitment as two relational quality constructs, and their impact on loyalty and word-of-mouth (WoM) as relational outcomes for retail bank services in Kuwait. This country is chosen as an exemplar of an Arabian Peninsula culture with a predominantly Islamic heritage and a capital-surplus economy. Design/methodology/approach: The relational benefits scale and customer experience quality were used as independent measures to collect data using multiple methods (interview, paper and pencil, online) from 1,013 customers of local and international banks. Standard translation procedures, CFA procedures and parallel analysis were employed to examine the dimensionality of all scales. SEM procedures were applied for each approach to assess its impact on the four indigenous dependent constructs using a multitude of fit indices, examination of validity and reliability measures for all constructs as well as structural paths. Findings: Results show the factor structure of both scales differed from their original conceptualization, with fewer items forming each latent factor when applied in Kuwait. The explanatory and predictive power of the EXQ model performed slightly better than RBS, although both explained substantial variance on dependent measures, confirming their relevance despite the lack of noticeable correlation between most factors contained in both scales. Research limitations/implications: This study underscores the importance of establishing the validity of measures prior to their cross-cultural application, with particular focus on the content validity of scale items to measure the intended construct properly. It also shows how two approaches can complement each other rather than compete to effectively manage bank services. As is the case with all cross-sectional research paradigms, longitudinal analysis linking expressed loyalty/WoM with actual behavior can better assess tested relationships than the current research. Practical implications: Retail banks’ marketing strategy should simultaneously address customer relationships and customer experience to reduce attrition and enhance customer life-time value. Originality/value: Effects of service experience and RM are examined in a Middle-Eastern market, where internationalization of banks has created strong competition, leading customers to view bank services as less differentiated. Caution and examination of service quality measures are needed before using them as metrics in annual reports and performance reviews. © 2019, Emerald Publishing Limited.},
author_keywords={Commitment;  Customer experience;  Customer relationship},
funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, NSFC, 21176044, 21476044},
funding_details={Program for Liaoning Innovative Talents in UniversityProgram for Liaoning Innovative Talents in University, LR2014003},
funding_details={National Science Fund for Distinguished Young ScholarsNational Science Fund for Distinguished Young Scholars, 21125628},
funding_text 1={The authors thank the Program for National Science Fund for Distinguished Young Scholars of China (Grant 21125628 ), NSFC (Grant 21176044 and 21476044 ) and the Program for Liaoning Excellent Talents in University ( LR2014003 ) for financial support of this work.},
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correspondence_address1={Al-Wugayan, A.A.A.; Department of Management and Marketing, Kuwait; email: wugayan@yahoo.com},
publisher={Emerald Group Holdings Ltd.},
issn={02652323},
language={English},
abbrev_source_title={Int. J. Bank Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Aalbers2015300,
author={Aalbers, M.B.},
title={Financial geography: Introduction to the Virtual Issue},
journal={Transactions of the Institute of British Geographers},
year={2015},
volume={40},
number={2},
pages={300-305},
doi={10.1111/tran.12081},
note={cited By 13},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84925350446&doi=10.1111%2ftran.12081&partnerID=40&md5=40fbb34623db02070658fc5fd0375ada},
affiliation={Department of Geography, KU Leuven/University of Leuven, Leuven-Heverlee, B-3001, Belgium},
abstract={This introduction traces the development of financial geography through 15 papers selected for a Virtual Issue and previously published in Transactions between 1976 and 2014. The birth of a distinctive literature on the geographies of money and finance can be traced back to the mid 1990s, although Transactions published a few earlier papers dealing with building societies and international lending. Other finance-related topics of interest include: retail banking, financial exclusion, local exchange trading systems, venture capital investments, emerging markets, Islamic banking, pension funds, sovereign wealth funds, financial crises, tourism and mining. While British financial geography dominates the literature in the early years, other countries and international financial flows slowly enter the debate. Although financial geographies are slowly being decentred and rescaled, more work is needed to make the literature more inclusive and geographically diverse. Financial geography built originally on work in economic geography, political economy, urban geography and political geography, but later also includes cultural economy and social studies of finance. Finally, the financial geography literature has established itself within geography and increasingly also within interdisciplinary and pluralistic political and cultural economy. © 2015 Royal Geographical Society (with the Institute of British Geographers).},
author_keywords={Building societies;  Cultural economy;  Financial geography;  Financialisation;  Political economy;  Social studies of finance},
keywords={banking;  cultural economy;  economic geography;  finance;  investment;  pension system;  political economy;  urban geography},
references={Aalbers, M.B., Christophers, B., Centring housing in political economy Housing (2014) Theory and Society, 31, pp. 373-394; Allen, J., Services and the UK space economy: regionalization and economic dislocation (1992) Transactions of the Institute of British Geographers, New Series, 17, pp. 292-305; Beyers, W.B., Producer services (1992) Progress in Human Geography, 16, pp. 573-583; Boddy, M.J., The structure of mortgage finance: building societies and the British social formation (1976) Transactions of the Institute of British Geographers, New Series, 1, pp. 58-71; Boyer, R., Is a finance-led growth regime a viable alternative to Fordism? A preliminary analysis (2000) Economy and Society, 29, pp. 111-145; Clark, G., (2000) Pension fund capitalism, , Oxford University Press, Oxford; Clark, G.L., Knox-Hayes, J., Mapping UK pension benefits and the intended purchase of annuities in the aftermath of the 1990s stock market bubble (2007) Transactions of the Institute of British Geographers, 32, pp. 539-555; Corbridge, S., Agnew, J., The US trade and budget deficits in global perspective: an essay in geopolitical-economy (1991) Environment and Planning: Society and Space, 9, pp. 71-90; Corbridge, S., Thrift, N., Martin, R., (1994) Money, power and space, , eds Blackwell, Oxford; Daniels, P.W., (1993) Service industries in the world economy, , Blackwell, Oxford; Desforges, L., Tourism consumption and the imagination of money (2001) Transactions of the Institute of British Geographers, 26, pp. 353-364; Dixon, A.D., Variegated capitalism and the geography of finance: towards a common agenda (2011) Progress in Human Geography, 35, pp. 193-210; Dixon, A.D., Monk, A.H.B., Rethinking the sovereign in sovereign wealth funds (2012) Transactions of the Institute of British Geographers, 37, pp. 104-117; Fryer, D.W., The political geography of international lending by private banks (1987) Transactions of the Institute of British Geographers, New Series, 12, pp. 413-432; Hall, S., Geographies of money and finance I: cultural economy, politics and place (2011) Progress in Human Geography, 35, pp. 234-245; Hendrikse, R.P., Sidaway, J.D., Financial wizardry and the Golden City: tracking the financial crisis through Pforzheim, Germany (2014) Transactions of the Institute of British Geographers, 39, pp. 195-208; Johnston, R.J., Taylor, P.J., (1986) The world in crisis: geographical perspectives, , eds Blackwell, Oxford; Leyshon, A., Geographies of money and finance I (1995) Progress in Human Geography, 19, pp. 531-543; Leyshon, A., Pollard, J., Geographies of industrial convergence: the case of retail banking (2000) Transactions of the Institute of British Geographers, 25, pp. 203-220; Leyshon, A., Thrift, N., Geographies of financial exclusion: financial abandonment in Britain and the United States (1995) Transactions of the Institute of British Geographers, New Series, 20, pp. 312-341; Leyshon, A., Thrift, N., (1997) Money/space: geographies of monetary transformation, , Routledge, London; Leyshon, A., French, S., Signoretta, P., Financial exclusion and the geography of bank and building society branch closure in Britain (2008) Transactions of the Institute of British Geographers, 33, pp. 447-465; Majury, N., 'Trusting the numbers': mineral prospecting, raising finance and the governance of knowledge (2014) Transactions of the Institute of British Geographers, 39, pp. 545-558; Marshall, J.N., Willis, R., Coombes, M., Raybould, S., Richardson, R., Mutuality, de-mutualization and communities: the implications of branch network rationalization in the British building society industry (2000) Transactions of the Institute of British Geographers, 25, pp. 355-378; Martin, R., (1999) Money and the space economy, , ed Wiley, Chichester; Martin, R., Turner, D., Demutualization and the remapping of financial landscapes (2000) Transactions of the Institute of British Geographers, 25, pp. 221-241; Mason, C.M., Harrison, R.T., The geography of venture capital investments in the UK (2002) Transactions of the Institute of British Geographers, 27, pp. 427-451; North, P., Scaling alternative economic practices? Some lessons from alternative currencies (2005) Transactions of the Institute of British Geographers, 30, pp. 221-233; Pollard, J., Samers, M., Islamic banking and finance: postcolonial political economy and the decentring of economic geography (2007) Transactions of the Institute of British Geographers, 32, pp. 313-330; Pryke, M., Theme issue: Property and finance, part 1 (1994) Environment and Planning A, 26, pp. 167-264. , ed; Pryke, M., Theme issue: Property and finance, part 2 (1994) Environment and Planning A, 26, pp. 669-732. , ed; Pryke, M., du, G.P., Take an issue: cultural economy and finance (2007) Economy and Society, 36, pp. 339-354; Sheppard, E., Geographical political economy (2011) Journal of Economic Geography, 11, pp. 319-331; Sidaway, J.D., Pryke, M., The strange geographies of 'emerging markets' (2000) Transactions of the Institute of British Geographers, 25, pp. 187-201; Williams, P.R., The role of institutions in the inner London Housing market: the case of Islington (1976) Transactions of the Institute of British Geographers, New Series, 1, pp. 72-82; Williams, P., Building societies and the inner city (1978) Transactions of the Institute of British Geographers, New Series, 3, pp. 23-34; Yeung, G., Hybrid property, path dependence, market segmentation and financial exclusion: the case of the banking industry in China (2009) Transactions of the Institute of British Geographers, 34, pp. 177-194},
correspondence_address1={Aalbers, M.B.; Department of Geography, Belgium; email: manuel.aalbers@ees.kuleuven.be},
issn={00202754},
language={English},
abbrev_source_title={Trans. Inst. Br. Geogr.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Rashid2014221,
author={Rashid, M. and Hassan, K.M. and Yein, N.Y.},
title={Macroeconomics, investor sentiment, and Islamic stock price index in Malaysia},
journal={Journal of Economic Cooperation and Development},
year={2014},
volume={35},
number={4},
pages={221-236},
note={cited By 13},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84924339357&partnerID=40&md5=83187a20c1e174ae3a400ac1789e45f5},
affiliation={Finance Nottingham University Business School, The University of Nottingham, Malaysia; Economics and Finance Department of Economics and Finance, University of New Orleans, Malaysia; Nottingham University Business School, University of Nottingham, Malaysia},
abstract={Asset prices are strongly connected to macroeconomic variables even in the presence of investor sentiment. On the other hand, if investor sentiment is a significant determinant in Islamic stock market, it will raise critiques on the need of Shariah compliant markets. Consequently, newer studies should investigate the need of separate capital markets for Muslims. This study examines the level of exposure of conventional and Islamic stock price indices in Malaysia to the relative change in investor sentiment index and macroeconomic factors. The study tested two separate models: one using macroeconomic variables in quarterly time series framework and the other using macroeconomic and sentiment data in a quarterly time series framework. This study reports that interest rates, currency index and FTSE Bursa Malaysia Composite Index pose greater influence on Islamic price index when compared to industrial production, consumer price index, money supply and investor sentiment indices. The results continue an important battery of debates on the requirement of shari’ah compliant capital market for Muslims. The study unlocks room for new studies on influence of sentiment in Islamic financial industry. © 2014 Statistical Economic and Social Research. All Rights Reserved.},
references={Abdullah, D.A., Macroeconometrics of Stock Price Fluctuations (1993) Quarterly Journal of Business and Economics, 32 (1), pp. 49-63; Albaity, M., A Comparative Study of the Performance (2011) Macroeconomic Variables, and Firm’s Specific Determinants of Islamic and Non-Islamic Indices: The Malaysian Evidence, pp. 1-213; Albaity, M., Impact of the Monetary Policy Instruments on Islamic Stock Market Index Return (2011) Economics the Open-Access, Open-Assessment E-Journal, pp. 1-28; Baker, M.P., Wurgler, J., Investor Sentiment and the Cross-Section of Stock Returns (2006) The Journal of Finance, pp. 1645-1680; Baker, M.P., Wurgler, J.A., Yuan, Y., Global, Local, and Contagious Investor Sentiment (2010) Journal of Financial Economics, 104, pp. 272-287; Barberis, N., Shleifer, A., Vishny, R., A Model of Investor Sentiment (1998) Journal of Financial Economics, 49 (3), pp. 307-343; Black, F., (1986) Noise Journal of Finance, 41 (3), pp. 529-543; Brown, G.W., Cliff, M.T., Investor Sentiment and the Near-Term Stock Market (2004) Journal of Empirical Finance, 11 (1), pp. 1-27; Chapra, M.U., Towards a Just Monetary System (1985) Leicester, , UK: The Islamic Foundation; Chen, N.F., Roll, R.R., Ross, S.A., Economic Forces and the Stock Market (1986) Journal of Business, 14 (3), pp. 383-403; Detina, R.H., Does Inflation Depress the Stock Market (1991) Business Review-Federal Reserve Bank of Philadelphia, , Nov/Dec; Dhakal, D.K., Causality between the Money Supply and Share Prices: A VAR Investigation (1993) Quarterly Journal of Business and Economics, 32 (3), pp. 52-74; El-Din, T., El-Din, S., Towards an Islamic Model of Stock Market (2002) J.Kau: Islamic Economics, 14, pp. 3-29; E&Y, (2013) World Islamic Banking Competitiveness Report, , 201-2014: The Transition Begins Ernst & Young; Fama, E.F., Stock Returns, Real Activity, Inflation and Money (1981) American Economic Review, 71, pp. 545-565; Fama, E.F., Term Premiums and Default Premiums in Money Markets (1986) Journal of Financial Economics, 17, pp. 175-196; Fama, E., Stock Returns, Expected Returns and Real Activity (1990) Journal of Finance, 45 (4), pp. 545-565; Farooq, M.O., Partnership, Equity-financing and Islamic finance: Whither Profit-Loss-Sharing? (2007) Review of Islamic Economics, 11, pp. 67-88; Fauzias, M.N., Ibrahim, I., Rashid, M., Exposure to Investor Sentiment in Malaysia: Services versus Manufacturing Stocks (2013) Global Business &Amp; Economics Anthology, 1, pp. 239-248. , March 2013; Fauzias, M.N., Rashid, M., Ibrahim, I., Bai, Y., Investor Sentiment and Bank Deposits in Malaysia: Do Bank Managers Time the Market while Pricing Deposits? (2014) Journal of Finance &Amp; Financial Services, 1 (1), pp. 71-84; Finter, P., Niessen-Ruenzi, A., Ruenzi, S., The Impact of Investor Sentiment on the German Stock Market (2012) Zeitschrift für Betriebswirtschaft, 82 (2), pp. 133-163; Geske, R.A.R., The Monetary and Fiscal Linkage between Stock Returns and Inflation (1983) Journal of Finance, 38, pp. 1-33; Gupta, R., Hammoudeh, S., Simo-Kengne, B.D., Sarafrazi, S., (2013) Can the Sharia-Based Islamic Stock Market Returns Be Forecasted Using Large Number of Predictors and Models?; Hanif, M., Shah, Z.A., Iqbal, A.M., Impact of Financial Sector Variables on Shari’ah Compliant Cross-Section Stock Returns (2013) Proceedings of 5Th Annual American Business Research Conference, pp. 1-24; Hassan, M.K., Rashid, M., Ethical Identity and Market Value of Islamic Banks (2010) Ninth Harvard University Islamic Finance Forum, , March 26-27, 2010, Harvard Law School, Harvard University, United States; Hassan, M.K., Rashid, M., Imran, M.Y., Shahid, A.I., Ethical Gaps and Market Value in the Islamic Banks of Bangladesh (2010) Review of Islamic Economics, 14 (10), pp. 49-75; Hussin, M., Muhammad, F., Abu, M.F., Awang, S.A., Macroeconomic Variables and Malaysian Islamic Stock Market: A Time Series Analysis (2012) Journal of Business Studies Quarterly, 3 (4), pp. 1-13; Ibrahim, M.H., Aziz, H., Macroeconomic Variables and the Malaysian Equity Market: A View through Rolling Subsamples (2003) Journal of Economic Studies, 30 (1), pp. 6-27; Isa, N.M., Hasan, Z., Abdullah, A.B., Relationship between Macroeconomic Variables and Malaysia Available Shari’ah Indices (2012) Colloquium on Humanities, Science &Amp; Engineering Research, pp. 227-232; Khil, J., Lee, B.S., Are Common Stocks a Good Hedge Against Inflation? (2000) Evidence from the Pacific-Rim Countries.Pasific-Basin Finance Journal, 8 (3-4), pp. 457-482; Liu, M.H., Shrestha, K.M., Analysis of the Long-term Relationship between Macro-economic Variables and the Chinese Stock Market using Heteroscedastic Cointegration (2008) Managerial Finance, pp. 744-755; Maio, P., Philip, D., Macro Factors and the Cross-section of Stock Returns. Working Paper (2013) Hanken School of Economics, pp. 1-81; Majid, M., Yusof, R.M., Long-run Relationship between Islamic Stock Returns and Macroeconomic Variables: An Application of the Autoregressive Distributed Lag Model (2009) Humanomics, 25 (2), pp. 127-141; Maysami, R.C., Howe, L.C., Hamzah, M.A., Relationship between Macroeconomic Variables and Stock Market Indices: Cointegration Evidence from Stock Exchange of Singapore: All-S sector Indices (2004) Jurnal Pengurusan, 24, pp. 47-77; Mukherjee, T.K., Naka, A., Dynamic Relationship between Macroeconomic Variables and the Japanese Stock Market: An Application of a Vector Error Correction Model (1995) The Journal of Financial Research, 18 (2), pp. 223-237; Qiu, L.X., Welch, I., (2006) Investor Sentiment Measures, , Working Paper Brown University and NBER; Shabri, M., The Relationship between Stock Returns and Inflation: Evidence from Malaysia and Indonesia (2001) Proceedings of the Malaysia Finance Association Third Annual Symposium, pp. 517-547. , Management Center: International Islamic University Malaysia; Shanken, J., Weinstein, M.I., Economic Forces and the Stock Market Revisited (2006) Journal of Empirical Finance, 13, pp. 129-144; Schmeling, M., Institutional and Individual Sentiment: Smart Money and Noise Trader Risk? (2007) International Journal of Forecasting, 23 (1), pp. 127-145; Schmeling, M., Investor Sentiment and Stock Returns: Some International Evidence (2009) Journal of Empirical Finance, 16 (3), pp. 394-408},
publisher={Statistical Economic and Social Research and},
issn={13087800},
language={English},
abbrev_source_title={J. Econ. Coop. Dev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{AbdulAris20131145,
author={Abdul Aris, N. and Othman, R. and Mohd Azli, R. and Sahri, M. and Abdul Razak, D. and Abdul Rahman, Z.},
title={Islamic banking products: Regulations, issues and challenges},
journal={Journal of Applied Business Research},
year={2013},
volume={29},
number={4},
pages={1145-1156},
doi={10.19030/jabr.v29i4.7922},
note={cited By 13},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84887272345&doi=10.19030%2fjabr.v29i4.7922&partnerID=40&md5=c47d5896672efa9dc8423d8c11c295ef},
affiliation={Universiti Teknologi MARA, Malaysia; International Islamic University, Malaysia},
abstract={The Islamic world is in its evolutionary phase. Islamic finance which comprises the banking system, takaful (Islamic insurance) and capital market products and services offer an alternative to society. The development is said to be phenomenal with a double-digit annual growth rate since its inception. McKinsey & Company (2007) in his study stated that the value of Islamic banking assets and assets under Islamic management is expected to reach USD1 trillion by 2010, with Islamic banks growing more rapidly than the average banking sector in most countries. As of 2009, worldwide assets under shari'ah compliance grew four times from 0.5% to 2% of the world economy and reached MYR3.5 trillion (PEMANDU, 2010). With the increasing trends of Islamic finance, Islamic financial institutions (IFIs) around the world are encouraged to develop and innovate new products in order to meet the ever-changing demand from its customers and potential customers. The introduction of new Islamic products does impose some challenges, not only to the practitioners and Shari'ah council members, but also to society at large, as they are the ultimate users of the product. This paper aims to look at the development and regulations of new Islamic banking products with focus given more on Islamic house financing. Such developments bring about variation in the products introduced to the public as different contracts are adopted. The focus will be mainly on IFIs operating and regulated in Malaysia with specific enforcement by the country's regulators. © by author(s).},
author_keywords={Islamic finance;  Islamic house financing;  Product development;  Regulation},
references={Al-Ghazali, A.H., (1973) al-Mustasfa min 'Ilm al-Usul., , Cairo: al-Maktabah al-Tijariyyah; Ali, S.N., Ali, N.N., (1994) Information Sources on Islamic Banking and Economics: 1980-1990., , London: Kegan Paul International; Al-Qurtubi, A., Tafseer al-Qurtubi., , (n.d.). Beirut: Daar lhyaa al-Turaath al-Arabi; Al-Raysuni, A., (2005) Imam Al-Shatibi's Theory of the Higher Objectives and Intents of Islamic Law., , London and Washington: International Institute of Islamic Thought; Al-Shaikh-Ali, A.S., Auda, G., Foreword (2006) Treatise on Maqasid al-Shari'ah, pp. 9-11. , En M. A.-T. Ibn Ashur, London and Washington: International Institute of Islamic Thought; Al-Shatibi, A.I., (1884) al-Muwafaqat, , Edited by Salih al-Qa'iji and others, Tunis: Matba'a Dawlatiyya; (2012) Administered Legislation, , http://www.bnm.gov.my/index.php?ch=14, BNM. Bank Negara Malaysia; (2012) Bank Negara Malaysia, , http://www.bnm.gov.my/index.php?ch=18&pg=55&ac=584, References, BNM. Bank Negara Malaysia; (2012) Shariah Advisory Council of the Bank, , http://www.bnm.gov.my/index.php?ch=7&pg=715&ac=802, BNM. Bank Negara Malaysia; (1999) The Central Bank and the Financial System in Malaysia: A Decade of Change 1989-1999., , BNM. Kuala Lumpur: Bank Negara Malaysia; Bujang Masli, A.L., (2010) Presentation on Accounting Treatment for Islamic Banking Products., , Kuala Lumpur: Islamic Banking and Finance Institute Malaysia Sdn. Bhd; Chapra, M.U., (1992) Islam and the Economic Challenge., , Leicester: The Islamic Foundation; Dusuki, A.W., Bouheraoua, S., (2011) The Framework of Maqasid Al-Shari'ah (Objectives of the Shari'ah) and its Implications for Islamic Finance., , Kuala Lumpur: International Institute of Advanced Islamic Studies; El-Galfy, A., Khiyar, K.A., Islamic Banking and Econimic Growth: A Review (2012) The Journal of Applied Business Research-September/October 2012, 28 (5), pp. 943-956; Gerrard, P., Cunningham, J.B., Islamic Banking: A Study in Singapore (1997) International Journal of Bank Marketing, pp. 204-216; Haron, S., Wan Azmi, W.N., (2009) Islamic Finance and Banking System: Philosophies, Principles and Practices., , Shah Alam: McGraw-Hill; Hesse, H., Jobst, A.A., Solé, J., Trends and Challenges in Islamic Finance (2008) World Economics, 9 (2), pp. 175-193; Homoud, S.H., (1985) Islamic Banking., , London: Arabian Information Ltd; Ibn Ashur, M.T., (2006) Treatise on Maqasid al-Shari'ah., , London and Washington: International Institute of Islamic Thought; (2009) Islamic Finance 2009., , IFSL Research. London: International Financial Services London; Imady, O., Siebel, H.D., (2006) Principles and Products of Islamic Finance., , University of Cologne Development Research Center; (2011) Islamic Financial System: Principles and Operations., , ISRA. Kuala Lumpur: International Shari'ah Research Academy for Islamic Finance; Kamali, M.H., Al-Maqasid Al-Shari'ah: THe Objectives of Islamic Law (1998) The Muslim Lawyer, 3 (1), pp. 1-7; Kwon, W.J., Islamic Principles and Takaful Insurance: Re-evaluation (2007) Journal of Insurance Regulation, 26 (1); (2007) The World Islamic Banking Competitiveness Report 2007-2008: Capturing the Trillion Dollar Opportunity., , McKinsey & Company; Nakagawa, R., The Evolution Of Islamic Finance In Southest Asia: The Case Of Malaysia (2009) The Journal of Applied Business Research-January/ February 2009, 25 (1), pp. 111-126; Nyazee, I.A., (2000) Islamic Jurisprudence (Usul al-Fiqh)., , Islamabad: Islamic Research Institute Press; (2010) Malaysian Economic Transformation Programme., , PEMANDU. Putrajaya: Malaysian Government, Chapter 7 Financial Services; Vejzagic, M., Smolo, E., (2011) Maqasid al-Shari'ah in Islamic Finance: An Overview., p. 22. , 4th Islamic Economic System Conference Kuala Lumpur: Faculty of Economics and Muamalat and Islamic Finance and Wealth Management Institute, Universiti Sains Malaysia; (2010) Maqasid. Recuperado el 31 de 01 de 2012, , http://en.wikipedia.org/w/index.php?title=Maqasid&oldid=404833998, Wikipedia contributors. (29 de 12 de). de Wikipedia, The Free Encyclopedia; Yusuf Ali, A., (2008) The Holy Qur'an: Original Arabic Text with English Translation & Selected Commentaries., , Kuala Lumpur: Saba Islamic Media},
correspondence_address1={Abdul Aris, N.; Universiti Teknologi MARAMalaysia; email: nooraslinda@salam.uitm.edu.my},
publisher={CLUTE Institute},
issn={08927626},
language={English},
abbrev_source_title={J. Appl. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Buallay20211619,
author={Buallay, A. and Al Hawaj, A.A. and Hamdan, A.},
title={Integrated reporting and performance: a cross-country comparison of GCC Islamic and conventional banks},
journal={Journal of Islamic Marketing},
year={2021},
volume={12},
number={8},
pages={1619-1636},
doi={10.1108/JIMA-08-2017-0084},
note={cited By 12},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85086581581&doi=10.1108%2fJIMA-08-2017-0084&partnerID=40&md5=75a16231d82346fab1940648d0c19074},
affiliation={Brunel University, London, United Kingdom; Ahlia University, Manama, Bahrain; Ahlia University, Manama, Bahrain},
abstract={Purpose: In the Gulf Cooperative Council (GCC) countries, the integrated reporting (IR) concept has attracted considerable attention from banks. In as much as IR is not a legal requirement anywhere in the GCC, however, the incidence of disclosure by banks across the GCC varies considerably and asymmetries exist in the content of disclosure released by banks within, as well as across, these jurisdictions. This study aims to examine the relationship between IR disclosure and financial, operational and market performance in both Islamic and conventional banks. Design/methodology/approach: This study examines five years (2012-2016) of IR from 59 banks in GCC countries with 295 observations. The integrated report index (IRI), as the independent variable, is regressed separately against three performance indicators [return on assets, return on equity and Tobin’s Q (TQ)] as dependent variables. In addition, the following two types of control variables are inserted in the regression equations in this study: macroeconomic (two indicators) and bank characteristics (three indicators). Findings: The findings elicited from the empirical results demonstrate that, on the one hand, IR in conventional banks positively affects market performance, while negatively affecting operational and financial performance. On the other hand, the results for Islamic banks show that IR negatively affects market performance, with no discernible effect on neither financial nor operational performance. In the GCC banking sector, for the most, empirical results conflict with expectations implied by signaling theory and capital need theory. From this study, evidence suggests that GCC bank performance would not improve were IR disclosure rendered mandatory. However, that conclusion is stronger with respect to Islamic than with respect to conventional banks in the region. Originality/value: The study provides insights into the effect of voluntary disclosure of IR as gauged by various measures of performance across Islamic and conventional banks located in a range of GCC countries. This study accordingly provides perspective on the extent to which IR can and does play a role in contributing to bank performance. © 2020, Emerald Publishing Limited.},
author_keywords={Conventional bank;  Cross-country analysis;  GCC;  Integrated report;  Islamic bank},
funding_details={Bahria UniversityBahria University, BU},
funding_text 1={The authors wish to dedicate this work to Professor Abdulla Al Hawaj the Founding President of Ahlia University and the President Professor Mansoor Alaali for the unconditioned and continuous support of academic research.},
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Evidence from the European banking sector (2018) Management of Environmental Quality: An International Journal., 30 (1); Buallay, A., Hamdan, A., Zureigat, Q., Corporate governance and firm performance: evidence from Saudi Arabia (2017) Australasian Accounting, Business and Finance Journal, 11 (1), pp. 78-98; Cadiz Dyball, M., Corporate annual reports as promotional tools: the case of Australian national industries limited (1998) Asian Review of Accounting, 6 (2), pp. 25-53; Campbell, D., Shrives, P., Bohmbach-Saager, H., Voluntary disclosure of mission statements in corporate annual reports: signaling what and to whom? (2001) Business and Society Review, 106 (1), pp. 65-87; Cheng, M., Green, W., Conradie, P., Konishi, N., Romi, A., The international integrated reporting framework: key issues and future research opportunities (2014) Journal of International Financial Management and Accounting, 25 (1), pp. 90-119; Choi, F.D.S., Financial disclosure and entry to the European capital market (1973) Journal of Accounting Research, 11 (2), pp. 159-175; Churet, C., RobecoSAM, Eccles, R.G., Integrated reporting, quality of management, and financial performance (2014) Journal of Applied Corporate Finance, 26 (1), pp. 8-16; Cormier, D., Gordon, I.M., An examination of social and environmental reporting strategies (2001) Accounting, Auditing and Accountability Journal, 14 (5), pp. 587-617; Dumay, J., Bernardi, C., Guthrie, J., Demartini, P., Integrated reporting: a structured literature review (2016) Accounting Forum, 40 (3), pp. 166-185; Eccles, R.G., Krzus, M.P., (2010) One Report: Integrated Reporting for a Sustainable Strategy, , John Wiley and Sons; (US) business reporting research project. Steering committee (2001) Improving Business Reporting: insights into Enhancing Voluntary Disclosures, , Financial Accounting Standards Board; Gallego-Álvarez, I., Rodríguez-Domínguez, L., García-Sánchez, I.M., Information disclosed online by Spanish universities: content and explanatory factors (2011) Online Information Review, 35 (3), pp. 360-385; Gardberg, N., Fombrun, C., Corporate citizenship: creating intangible assets across institutional environments (2006) Academy of Management Review, 31 (2), pp. 329-346; Gelmini, L., Islamic banks: Sustainability, integrated reporting and religion (2017) Corporate Governance and Sustainability Review, 1 (2), pp. 35-42; George, D., (2011) SPSS for Windows Step by Step: A Simple Study Guide and Reference, 17.0 Update, 10/e, , Pearson Education India; Gujarati, D.N., Porter, D.C., (2003) Basic Econometrics. 4th, , New York, NY: McGraw-Hill; Hamdan, A., Buallay, A., Alareeni, B., The moderating role of corporate governance on the relationship between intellectual capital efficiency and firm’s performance: evidence from Saudi Arabia (2017) International Journal of Learning and Intellectual Capital, 14 (4), pp. 295-318; Hassan, A., Chachi, A., Latiff, S.A., Islamic marketing ethics and its impact on customer satisfaction in the Islamic banking industry (2008) Journal of King Abdulaziz University-Islamic Economics, 21 (1), pp. 27-46; Hoque, M.E., Why a company should adopt integrated reporting? 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An institutionalist approach (2012) Business Strategy and the Environment, 21 (5), pp. 299-316; Jensen, M.C., Meckling, W.H., Theory of the firm: managerial behavior, agency costs and ownership structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360; Khasharmeh, H., Suwaidan, M.S., Social responsibility disclosure in corporate annual reports: evidence from the Gulf cooperation council countries (2010) International Journal of Accounting, Auditing and Performance Evaluation, 6 (4), pp. 327-345; Kılıç, M., Kuzey, C., Determinants of forward-looking disclosures in integrated reporting (2018) Managerial Auditing Journal, 33 (1), pp. 115-144; Landau, A., Rochell, J., Klein, C., Zwergel, B., Integrated reporting of environmental, social, and governance and financial data: does the market value integrated reports? (2020) Business Strategy and the Environment, 29 (4), pp. 1750-1763; Lev, B., Penman, S.H., Voluntary forecast disclosure, nondisclosure, and stock prices (1990) Journal of Accounting Research, 28 (1), pp. 49-76; Magness, V., Strategic posture, financial performance and environmental disclosure: an empirical test of legitimacy theory (2006) Accounting, Auditing and Accountability Journal, 19 (4), pp. 540-563; Maroun, W., Assuring the integrated report: insights and recommendations from auditors and preparers (2017) The British Accounting Review, 49 (3), pp. 329-346; Matemane, R., Wentzel, R., Integrated reporting and financial performance of South African listed banks (2019) Banks and Bank Systems, 14 (2), pp. 128-139; Nobanee, H., Ellili, N., Corporate sustainability disclosure in annual reports: evidence from UAE banks: Islamic versus conventional (2016) Renewable and Sustainable Energy Reviews, 55, pp. 1336-1341; Oliviera, L., Rodrigues, L.L., Craig, R., Intellectual capital reporting in sustainability reports (2019) Journal of Intellectual Capital, 11 (4), pp. 575-594; Simnett, R., Vanstraelen, A., Chua, W.F., Assurance on sustainability reports: an international comparison (2009) The Accounting Review, 84 (3), pp. 937-967; Spence, A.M., Market signaling: informational transfer in hiring and related screening processes (1974) Harvard Univ Pr., 29 (1); Steyn, M., Organisational benefits and implementation challenges of mandatory integrated reporting: perspectives of senior executives at South African listed companies (2014) Sustainability Accounting, Management and Policy Journal, 5 (4), pp. 476-503; Suttipun, M., The effect of integrated reporting on corporate financial performance: evidence from Thailand (2017) Corporate Ownership and Control, 15 (1), pp. 133-142; Verrecchia, R.E., Essays on disclosure (2001) Journal of Accounting and Economics, 32 (1-3), pp. 97-180; Zhou, S., Simnett, R., Green, W., Does integrated reporting matter to the capital market? (2017) Abacus, 53 (1), pp. 94-132},
correspondence_address1={Buallay, A.; Brunel UniversityUnited Kingdom; email: ameena.buallay.87@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17590833},
language={English},
abbrev_source_title={J. Islam. Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Alam2020503,
author={Alam, M. and Ansari, V.A.},
title={Are Islamic indices a viable investment avenue? An empirical study of Islamic and conventional indices in India},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2020},
volume={13},
number={3},
pages={503-518},
doi={10.1108/IMEFM-03-2019-0121},
note={cited By 12},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85086165061&doi=10.1108%2fIMEFM-03-2019-0121&partnerID=40&md5=2e8be07bac96ac1196bce0e84199905d},
affiliation={Department of Business Administration, Aligarh Muslim University, Aligarh, India},
abstract={Purpose: This study aims to empirically compare the performance of Islamic indices vis-à-vis to their conventional counterparts in India. Design/methodology/approach: The performance of the Islamic and selected conventional indices is evaluated using various risk-adjusted performance measures such as Sharpe ratio, Treynor ratio, M-square (M2) ratio, information ratio, capital asset pricing model (CAPM), Fama-French three-factor model and Carhart four-factor model in India context. The period of study is from December 2006 to 2018. Findings: The risk-adjusted performance measures based on the Sharpe ratio, Treynor ratio, information ratio, the M2 ratio show that the return of Islamic indices provides slightly superior performance. However, performance investigated using CAPM, Fama-French and Carhart benchmarks produce a statistically insignificant differences in return of the Islamic and conventional benchmarks. Research limitations/implications: The Sharīʿah-compliant indices can provide a viable, ethical and alternative investment avenue for faith-based investors as it will not make them worse off in comparison to the conventional benchmarks. This also offers opportunity to conventional investors for portfolio diversification. The promotion of faith-based investment can serve as a tool for financial inclusion to attract a huge segment of Indian population in the formal financial system. The findings of the study suffer from the limitation of small sample size and empirical methods used. Originality/value: This study contributes to the literature on the comparative performance of Islamic and conventional indices in general and emerging markets, in particular, using most recent data and covering a relatively long span of time. To the best of the knowledge, this is the first comprehensive study examining the performance of Islamic indices, using multiple Islamic indices and various risk-adjusted measures in the Indian context. © 2020, Emerald Publishing Limited.},
author_keywords={Islamic finance;  Performance evaluation;  Sharīʿah compliance;  Sharīʿah index},
funding_text 1={Competing interest : The authors declare that they have no competing interests. Author contribution : We ensure that all listed authors have approved the manuscript before submission, including their title and designation, and that all authors receive the submission and all substantive correspondence with editors, as well as the full reviews, verifying that all data, figures, materials comply with the transparency and reproducibility standards of both the field and journal.},
references={Abdelsalam, O., Fethi, M.D., Matallín, J.C., Tortosa-Ausina, E., On the comparative performance of socially responsible and Islamic mutual funds (2014) Journal of Economic Behavior and Organization, 103, pp. S108-S128; Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Malaysian Islamic unit trust funds: Comparison with conventional unit trust funds (2007) Managerial Finance, 33 (2), pp. 142-153; Ahmad, S., Alsharif, D., (2019) A comparative performance evaluation of Islamic and conventional mutual funds in Saudi Arabia; Alam, N., Tang, K.B., Rajjaque, M.S., A comparative performance of conventional and Islamic unit trusts: market timing and persistence evidence (2016) Islamic Finance, pp. 105-121). , (, Palgrave Macmillan, Cham; Albaity, M., Ahmad, R., Performance of Syariah and composite indices: evidence from bursa Malaysia (2008) Asian Academy of Management Journal of Accounting and Finance, 4 (1), pp. 23-43; Al-Khazali, O., Lean, H.H., Samet, A., Do Islamic stock indexes outperform conventional stock indexes? a stochastic dominance approach (2014) Pacific-Basin Finance Journal, 28, pp. 29-46; Ashraf, D., Khawaja, M., Does the Shariah screening process matter? Evidence from Shariah compliant portfolios (2016) Journal of Economic Behavior and Organization, 132, pp. 77-92; Ashraf, D., Mohammad, N., Matching perception with the reality–performance of Islamic equity investments (2014) Pacific-Basin Finance Journal, 28, pp. 175-189; Boo, Y.L., Ee, M.S., Li, B., Rashid, M., Islamic or conventional mutual funds: who has the upper hand? (2017) Pacific-Basin Finance Journal, 42, pp. 183-192; Carhart, M.M., On persistence in mutual fund performance (1997) The Journal of Finance, 52 (1), pp. 57-82; Chapra, M.U., The global financial crisis: can Islamic finance help (2011) Islamic Economics and Finance, pp. 135-142). , (, Palgrave Macmillan, London; Dharani, M., Natarajan, P., (2011) Seasonal anomalies between S&P CNX nifty shariah index and S&P CNX nifty index in India; Dharani, M., Hassan, M.K., Paltrinieri, A., Faith-based norms and portfolio performance: evidence from India (2019) Global Finance Journal, 41, pp. 79-89; Elfakhani, S., Hassan, M.K., Sidani, Y., Comparative performance of Islamic versus secular mutual funds (2005) 12th Economic Research Forum Conference in Cairo, Egypt, pp. 19-21; Ernst, Y., World Islamic Banking Competitiveness Report 2013-14 (2015) The Transition Begins; Fama, E.F., French, K.R., Common risk factors in the returns on stocks and bonds (1993) Journal of Financial Economics, 33 (1), pp. 3-56; Hakim, S., Rashidian, M., Risk and return of Islamic stock market indexes (2004) International Seminar of Non-bank Financial Institutions: Islamic Alternatives, , Kuala Lumpur, Malaysia; Hanif, M., Taariq, M., Tahir, A., Comparative performance study of conventional and Islamic banking in Pakistan (2012) International Research Journal of Finance and Economics; Hassan, M.K., Risk, return and volatility of faith-based investing: the case of Dow jones Islamic index (2002) Proceedings of the Fifth Harvard University Forum on Islamic Finance, pp. 43-67; Hassan, K.M., Girard, E., (2010) Faith-based ethical investing: the case of Dow jones Islamic indexes; Hayat, R., Kraeussl, R., Risk and return characteristics of Islamic equity funds (2011) Emerging Markets Review, 12 (2), pp. 189-203; Ho, C.S.F., Rahman, N.A.A., Yusuf, N.H.M., Zamzamin, Z., Performance of global Islamic versus conventional share indices: International evidence (2014) Pacific-Basin Finance Journal, 28, pp. 110-121; Hoepner, A.G., Rammal, H.G., Rezec, M., Islamic mutual funds’ financial performance and international investment style: evidence from 20 countries (2011) The European Journal of Finance, 17 (9-10), pp. 829-850; Hussein, K.A., Islamic investment: evidence from Dow jones and FTSE indices (2007) Islamic Economics and Finance, p. 387; Hussein, K., Omran, M., Ethical investment revisited: evidence from Dow jones Islamic indexes (2005) The Journal of Investing, 14 (3), pp. 105-126; Jawadi, F., Jawadi, N., Louhichi, W., Conventional and Islamic stock price performance: an empirical investigation (2014) International Economics, 137, pp. 73-87; Jegadeesh, N., Titman, S., Returns to buying winners and selling losers: implications for stock market efficiency (1993) The Journal of Finance, 48 (1), pp. 65-91; Kamil, N.K., Alhabshi, S.O., Bacha, O.I., Masih, M., Heads we win, tails you lose: is there equity in Islamic equity funds? (2014) Pacific-Basin Finance Journal, 28, pp. 7-28; Majid, M.S.A., Kassim, S., Hamid, Z., Yusof, R.M., A comparative analysis of the performance of conventional and Islamic unit trust companies in Malaysia (2010) International Journal of Managerial Finance, 6 (1), pp. 24-47; Mansor, F., Bhatti, M.I., Risk and return analysis on performance of the Islamic mutual funds: evidence from Malaysia (2011) Global Economy and Finance Journal, 4 (1), pp. 19-31; Modigliani, F., Leah, M., Risk-adjusted performance (1997) Journal of Portfolio Management, 23 (2), p. 45; Naqvi, B., Rizvi, S.K.A., Mirza, N., Reddy, K., Religion-based investing and illusion of Islamic alpha and beta (2018) Pacific-Basin Finance Journal, 52; Natarajan, P., Dharani, M., Shariah compliant stocks in India: a viable and ethical investment vehicle (2012) Oman Chapter of Arabian Journal of Business and Management Review, 1 (6), pp. 1-13; Paradinovic, I., (2017) Comparison of the performance of Islamic, sri and green mutual funds, , (Doctoral dissertation; Reddy, K., Mirza, N., Naqvi, B., Fu, M., Comparative risk-adjusted performance of Islamic, socially responsible and conventional funds: Evidence from United Kingdom (2017) Economic Modelling, 66, pp. 233-243; Rizvi, S.A.R., Arshad, S., Understanding time-varying systematic risks in Islamic and conventional sectoral indices (2018) Economic Modelling, 70, pp. 561-570; Shaikh, S.A., Ismail, M.A., Ismail, A.G., Shahimi, S., Mohd. Shafiai, M.H., Cross-section of stock returns on shari’ah-compliant stocks: evidence from Pakistan (2019) International Journal of Islamic and Middle Eastern Finance and Management, 12 (2), pp. 282-302; Sharpe, W., Mutual fund performance (1966) The Journal of Business, 39 (S1), pp. 119-138; Treynor, J.L., How to rate management of investment funds (1965) Harvard Business Review, 43 (1), pp. 63-75; Walkshäusl, C., Lobe, S., Islamic investing (2012) Review of Financial Economics, 21 (2), pp. 53-62; Ernst, Y., The world Islamic banking competitiveness report, 2013–2014 (2013) The Transition Begins, , Ernst and Young, Bahrain; Habib, M., Islam, K.U., Performance of Shariah compliant index: a comparative study of India and Malaysia (2014) International Journal of Interdisciplinary and Multidisciplinary Studies, 1 (6), pp. 231-241; Jensen, M.C., The performance of mutual funds in the period 1945–1964 (1968) The Journal of Finance, 23 (2), pp. 389-416},
correspondence_address1={Alam, M.; Department of Business Administration, India; email: mahz061@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{IsmathBacha2018752,
author={Ismath Bacha, O. and Mirakhor, A.},
title={Funding development infrastructure without leverage: A risk-sharing alternative using innovative sukuk structures},
journal={World Economy},
year={2018},
volume={41},
number={3},
pages={752-762},
doi={10.1111/twec.12512},
note={cited By 12},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85021282463&doi=10.1111%2ftwec.12512&partnerID=40&md5=8153cfb7e5c3ab25853bdb0ed222a8f8},
affiliation={INCEIF, The Global University of Islamic Finance, Kuala Lumpur, Malaysia},
abstract={Muslim countries of the developing world suffer indebtedness resulting mostly from funding development infrastructure. Faced with a dire need for development infrastructure but with inadequate resources to fund them domestically, these governments often resort to foreign borrowing. As neither foreign banks nor international debt markets would allow for the debt to be in home currency, the funding is invariably denominated in foreign currency. For the borrowing country, in addition to currency exposure such borrowing increases the country's leverage and economic vulnerability. As these countries typically have a narrow economic base with heavy reliance on commodity exports, they are susceptible to the vagaries of commodity price fluctuation. Leverage increases the amplitude of the economy's fluctuation, resulting if not in outright crisis, then, at least in financial distress and depreciating home currency. As a result, when the foreign currency funded project comes on stream, it is burdened with huge accumulated debt which in many cases makes the project unmanageable without further government help through subsidy of operating costs. This further stresses already stretched government budgets and perpetuates indebtedness. This cycle of borrowing, leverage and vulnerability can be broken by innovative use of sukuk. The problem with debt financing is that the servicing requirements are independent of the underlying project's risk or cash flows. This paper presents two sukuk structures based on the risk sharing principles of Islamic finance. Sukuk that have returns linked to the nation's gross domestic product growth if the funded project is non-revenue generating and linked to earnings of the project if it is revenue generating can avoid the problems above. The pay-off profile, estimated cost of funds and returns to investors of these sukuk are discussed. When designed in small denomination, such sukuk can enhance financial inclusion, help build domestic capital markets and enable the financing of development without stressing government budgets. © 2017 John Wiley & Sons Ltd},
keywords={Arab world;  capital market;  developing world;  financial services;  Gross Domestic Product;  infrastructural development;  Islamism},
references={Borensztein, E., Mauro, P., (2002) Reviving the case for GDP-Indexed Bonds (IMF Policy Discussion Paper PDP/02/10), , https://www.imf.org/external/pubs/ft/pdp/2002/pdp10.pdf, Retrieved from; Estache, A., Pinglo, M.E., (2004) Are returns to private infrastructure in developing countries consistent with risks since the Asian crisis? (World Bank Policy Research Working Paper 3373), , http://econpapers.repec.org/paper/wbkwbrwps/3373.htm, Retrieved from World Bank website; Kamstra, M., Shiller, R.J., (2009) The Case for trills: Giving the people and their pension funds a stake in the wealth of the nation (Cowles Foundation Discussion Paper No. 1717), , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1444351, Retrieved from; Mirakhor, A., Risk sharing and public policy (2011) 5th International Islamic Capital Market Forum, Securities Commission of Malaysia, , Presented at the, 10th November 2011; Ng, A., Loosemore, M., Risk allocation in the private provision of public infrastructure (2006) International Journal of Project Management, , https://doi.org/10.1016/j.ijproman.2006.06.005, Retrieved from; Obiyathulla, I.B., Adapting Mudarabah financing to contemporary realities: A proposed financing structure (1997) The Journal of Accounting, Commerce & Finance, 1 (1), pp. 56-88; Reinhart, C., Rogoff, K., (2010) Growth in a Time of Debt (NBER Working Paper no. 15639), , https://scholar.harvard.edu/files/rogoff/files/growth_in_time_debt_aer.pdf, Retrieved from; Rizvi, S.A., (2014) Viability of GDP linked sovereign paper as replacement of sovereign debt. A risk sharing alternative, , Unpublished PhD manuscript., INCEIF},
publisher={Blackwell Publishing Ltd},
issn={03785920},
language={English},
abbrev_source_title={World Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Rahman2017357,
author={Rahman, F.K. and Tareq, M.A. and Yunanda, R.A. and Mahdzir, A.},
title={Maqashid Al-Shari’ah-based performance measurement for the halal industry},
journal={Humanomics},
year={2017},
volume={33},
number={3},
pages={357-370},
doi={10.1108/H-03-2017-0054},
note={cited By 12},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85027990457&doi=10.1108%2fH-03-2017-0054&partnerID=40&md5=a2ae693aaf4003c45573b65fd7694ef3},
affiliation={Department of Management of Technology, MJIIT Universiti Teknologi Malaysia, Skudai, Malaysia; Department of Management of Technology, MJIIT Universiti Teknologi Malaysia, Kuala Lumpur, Malaysia},
abstract={Purpose: The halal industry is one of the most growing industries in the world. It refers to the industry in line with Islamic principles and requirements. The emergence of this industry aims to fulfil the requirement of Islamic-compliant products and services. Surprisingly, the industry has been growing in both Muslim and non-Muslim countries. Assessing the performance of the industry will be notable for ensuring that it obtains its objectives. The proper performance measurement should highlight business perspectives and religious aspects. This study aims to explore the current issues and challenges in developing Maqashid Al-Shari’ah-based performance measurement in the halal industry. Design/methodology/approach: This is a qualitative research using in-depth interviews, and uses content analysis to interpret and explain the interview result. Interviews were conducted with experts in Maqashid Al-Shari’ah and Islamic capital markets. Findings: The existence of the concept of Maqashid Al-Shari’ah is to create maslahah for all human beings. The development of Maqashid Al-Shari’ah performance measurement for the business is very important. It has only been developed for Islamic financial industry. Unfortunately, it is found that the development of Maqashid Al-Shari’ah performance measurement has not been carried out comprehensively in non-financial industry. The main issue is the absence of the applicable measurements. Therefore, collective decision is required to develop the appropriate measurements. Practical implications: There is a necessity for regulator to produce standards on Maqashid Al-Shari’ah-based performance measurement. The government policy plays an important role in the development and implementation of Maqashid Al-Shari’ah -based measurement index. Originality/value: This paper highlights the issue of the development of Maqashid Al-Shari’ah -based performance measurement in halal business and commerce which has not much discussed in prior studies. © 2017, © Emerald Publishing Limited.},
author_keywords={Halal industry;  Issues;  Maqashid Al-Shari’ah;  Maslahah;  Performance},
references={Abdul Aziz, A.F., Mohamad, S., Fulfillment of Maqasid Al-Shariah via Takaful (2013) MPRA Paper, pp. 1-25; Abdullah, S., Risk management via Takaful from a perspective of Maqasid of Shariah (2012) Procedia - Social and Behavioral Sciences, 65, pp. 535-541; Abubakar, Y.S., Corporate social responsibility of Islamic financial institutions: a look from the Maqasid Al-Shariah (purpose of Shariah) approach (2016) Business and Economics Journal, 7 (255), pp. 1-4; Ahmad, A.N., Rahman, A.A., Rahman, S.A., Assessing knowledge and religiosity on consumer behavior towards halal food and cosmetic products (2015) International Journal of Social Science and Humanity, 5 (1), pp. 10-14; Alam, M.M., Hassan, S., Said, J., Performance of Islamic microcredit in perspective of Maqasid Al-Shariah a case study on Amanah Ikhtiar Malaysia (2015) Humanomics, 31 (4), pp. 374-384; Al-Amine, M.A.B., Product development and Maqāṣid in Islamic finance: towards a balanced methodology (2015) Islamic Economic Studies, 23 (1), pp. 33-72; Al-mubarak, T., Osmani, N.M., (2010) Applications of Maqasid Al-Shari’ah and Maslahah in Islamic banking practices: an analysis, , Paper presented at International Seminar on Islamic Finance in India in 2010; Andreoni, V., Galmarini, S., Mapping socioeconomic well-being across EU regions (2016) International Journal of Social Economics, 43 (3), pp. 226-243; Antonio, S.M., Sanrego, Y.D., Taufiq, M., An analysis of Islamic banking performance: maqashid index implementation in Indonesia and Jordania (2012) Journal of Islamic Finance, 1 (1), pp. 12-29; Arafah, W., Nughroho, L., Maqhashid sharia in clean water financing business model at Islamic bank (2016) International Journal of Business and Management Invention, 5 (2), pp. 22-32; Arora, A., Sharma, C., Corporate governance and firm performance in developing countries: evidence from India (2016) Corporate Governance, 16 (2), pp. 420-436; Ascarya, Sukmana, R., (2014) Modeling Islamic Financial institution performance measurement based on Maqashid Al-Shariah, , Paper presented at Workshop on Maqasid al-Shariah based Index of Socio-Economic Development, Yogyakarta, 26-27 June 2014; Asutay, M., Harningtyas, A.F., Developing Maqasid Al-Shari ‘ah index to evaluate social performance of Islamic banks: a conceptual and empirical attempt (2015) International Journal of Islamic Economics and Finance Studies, 1 (1), pp. 5-64; Bedoui, H.E., Mansour, W., Performance and Maqasid Al-Shari’ah’s pentagon-shaped ethical measurement (2014) Science and Engineering Ethics, 21 (3), pp. 555-576; Bedoui, M.H.E., (2012) Shari‘a-based ethical performance measurement framework, , Paper presented at The Chair of Ethics and Financial Norms in 2012; Bensaid, B., Machouche, S.B.T., Exploring the relationship between Islamic religious learning and community special reference to ‘Abdul Rahman Ibn Khaldun and Mohammad Tahir Ben Achour (2013) Multicultural Education & Technology Journal, 7 (4), pp. 317-332; Budiman, M.A., Amin, R.M., Yusoff, S.A., Adeyemi, A.A., Measuring Maqasid Al-Shari ‘ ah at a micro level with special reference to the preservation of wealth (2015) Paper presented at The First International Conference on Shari’ah Oriented Public Policy in Islamic Economic System (ICOSOPP 2015), , March 2015; Canepa, A., Ibnrubbian, A., Does faith move stock markets? 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Kasri, R.A., Maqāṣid al-sharī’ and performance of zakah institutions (2016) Kyoto Bulletin of Islamic Area Studies, 9, pp. 19-41; Kasri, R.A., Ahmed, H., Assessing socio-economic development based on Maqāṣid Al-Sharīʿah principles: normative frameworks, methods and implementation in Indonesia (2015) Islamic Economic Studies, 23 (1), pp. 73-100; Khan, Z., Sulaiman, J., Bahari, Z., Socioeconomic human well-being and posterity: a newly proposed faith-based measurement index (2015) Journal of Religion & Spirituality in Social Work: Social Thought, 34 (1), pp. 72-90; Laldin, M.A., Furqani, H., Developing Islamic finance in the framework of Maqasid Al-Shari’ah: understanding the ends (maqasid) and the means (wasa’il) (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6 (4), pp. 278-289; Malik, M.S., Makhdoom, D.D., Does corporate governance beget firm performance in fortune global 500 companies? (2016) Corporate Governance, 16 (4), pp. 747-764; Marwan, S., Social impact bonds in light of Maqasid Al-Shari‘ah and maslahah (2015) Journal of Islamic Economics, Banking and Finance, 11 (4), pp. 31-40; Md Dali, N., Abdullah, A., Sarkawi, A.A., Liveability planning for cities: within the Islamic framework of Maqasid Al Shari’ah (2016) Journal of the Malaysian Institute of Planners, 4, pp. 197-208; Merdad, H.J., Hassan, M.K., Hippler, W.J., The Islamic risk factor in expected stock returns an empirical study in Saudi Arabia (2015) Pacific-Basin Finance Journal, 34, pp. 293-314; Miles, M.B., Huberman, A.M., Drawing valid meaning from qualitative data: toward a shared craft (1984) Educational Researcher, 13 (5), pp. 20-30; Mohammed, M.O., Razak, D.A., (2008) The performance measures of Islamic banking based on the on the maqasid framework, , Paper presented at IIUM International Accounting Conference (INTAC IV), 25 June 2008; Mohammed, M.O., Taib, F.M., (2010) Developing Islamic Banking performance measures based on Maqasid al-Shariah framework: cases of 24 selected banks, , Paper presented a The Ninth Australian Society of Heterodox Economists Conference, 6-7 December 2010; Mohamad, M.H.S., Ali, M.A., Sharif, R.A.M., Determinants of Maqasid Al-Shari’ah based performance measurement practices: the case of Malaysian Islamic banks (2016) International Journal of Economics, Management and Accounting, 24 (1), pp. 49-81; Mohamad, S., Adnan, M.A.M., Yusoff, M.A., Aplikasi maqasid syariah dalam pentadbiran kerajaan kelantan dari tahun 1990 hingga 2013: Satu analisis (2016) Al-Basirah, 6 (1), pp. 141-155; Oladapo, I.A., Rahman, A.A., Maqasid Shari’ah: the drive for an inclusive human development policy (2016) Shariah Journal, 24 (2), pp. 287-302; Pailis, E.A., Burhan, U., Multifiah, Ashar, K., The influence of maqashid syariah toward mustahik’s empowerment and welfare (study of productive zakat recipients on baznas riau) (2016) American Journal of Economics, 6 (2), pp. 96-106. , . and; Rafikov, I., Saiti, B., An analysis of financial speculation: from the Maqasid Al-Shari’ah perspective (2017) Humanomics, 33 (1), pp. 2-14; Saifuddeen, S.M., Rahman, N.N.A., Isa, N.M., Baharuddin, A., Maqasid Al-Shariah as a complementary framework to conventional bioethics (2014) Science and Engineering Ethics, 20 (2), pp. 317-327; Shariff, S.M., Abd Lah, N.A., Halal certification on chocolate products: a case study (2014) Procedia - Social and Behavioral Sciences, 121, pp. 104-112; Sherif, M., Lusyana, D., Shariah -compliant investments and stock returns: evidence from the Indonesian stock market (2016) Journal of Islamic Accounting and Business Research, 8 (2), pp. 1-27; Suharni, M., Asiah, O.N., Maisarah, A., Measuring halal brand association (HalBA) for islamic banks (2016) Journal of Islamic Marketing, 7 (3), pp. 331-354; Sulayman, H.I., Values-based curriculum model: a practical application of integrated “Maqasid Al-Sharia” for wholeness development of mankind (2014) Procedia - Social and Behavioral Sciences, 123, pp. 477-484; Tan, M.I.I., Razali, R.N., Husny, Z.J., The adoption of halal transportations technologies for halal logistics service providers in Malaysia (2012) International Journal of Mechanical, Aerospace, Industrial and Mechatronics Engineering, 6 (3), pp. 16-23; Vithessonthi, C., Racela, O.C., Short- and long-run effects of internationalization and R&D intensity on firm performance (2016) Journal of Multinational Financial Management, 34, pp. 28-45; Voss, K., Mohan, M., Good times, bad times: the stock market performance of firms that own high value brands (2016) European Journal of Marketing, 50 (5-6), pp. 670-694; (2016) Statistik Sertifikasi Halal Indonesia, , www.halalmui.org/mui14/index.php/main/go_to_section/59/1368/page/1, Jakarta; Mustapa, M., (2016), Status of the Halal Industry. Kuala Lumpur: Ministry of International Trade and Industry},
correspondence_address1={Rahman, F.K.; Department of Management of Technology, Malaysia; email: fariedkr@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={08288666},
language={English},
abbrev_source_title={Humanomics},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ng20152,
author={Ng, A. and Ibrahim, M. and Mirakhor, A.},
title={On building social capital for Islamic finance},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2015},
volume={8},
number={1},
pages={2-19},
doi={10.1108/IMEFM-04-2014-0040},
note={cited By 12},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84950312738&doi=10.1108%2fIMEFM-04-2014-0040&partnerID=40&md5=e2c96ab6d542489e97b411ce7aa24bf6},
affiliation={International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur, Malaysia; Oxford Centre for Islamic Studies, Oxford, United Kingdom},
abstract={Purpose – The purpose of this paper is to set forth seven broad recommendations and 15 specific initiatives within a four-dimensional framework for the development of social capital in Islamic finance, particularly the stock market, given its role as the first best means of risk sharing. Design/methodology/approach – The four-dimensional framework comprises dimensions of principle and value, trust-reinforcing regulation, investment opportunity and infrastructure, as well as reputational intermediaries. Findings – A web of multi-pronged initiatives that are mutually reinforcing is proposed considering the multifaceted dimensions of social capital and the various possible transmission channels by which social capital can influence the financial system. Practical implications – While empirical studies have demonstrated the importance of trust and ethics in financial development, the pressing issue remains how social capital, including trust and ethics, can be developed to achieve a trustworthy, ethical and efficient financial system. This paper attempts to address this concern. Originality/value – This paper provides a framework for building social capital in Islamic finance. © 2015, Emerald Group Publishing Limited.},
author_keywords={Institutional economics;  Islamic capital markets;  Policymaking;  Risk sharing in Islamic banking;  Social capital},
references={Allen, F., Gale, D., (2007) Understanding Financial Crises, , Oxford University PressOxford:; Askari, H., Iqbal, Z., Krichene, N., Mirakhor, A., (2011) Risk Sharing in Finance: The Islamic Finance Alternative, , John Wiley & Sons (Asia) PteSingapore:; Black, B.S., The legal and institutional preconditions for strong securities markets (2001) UCLA Law Review, 48, pp. 781-855. , )“”; Black, J., Making a success of principles-based regulation (2007) Law and Financial Markets Review, 1 (3), pp. 191-206. , )“”; Black, J., Forms and paradoxes of principles-based regulation (2008) Capital Markets Law Journal, 3 (4), pp. 425-457. , )“”; Bradford, C.S., Crowdfunding and the federal securities laws (2012) Columbia Business Law Review, 1 (1), pp. 1-150. , )“”; Edelman, (2013) 2013 Edelman Trust Barometer Executive Summary, , EdelmanLondon:; Erbaş, S.N., Mirakhor, A., (2007) The Equity Premium Puzzle, Ambiguity Aversion, and Institutional Quality, , International Monetary FundWashingtonDC:; Erbaş, S.N., Mirakhor, A., The equity premium puzzle, ambiguity aversion, and institutional quality: implications for Islamic finance (2010) Journal of Islamic Economics, Banking and Finance, 6 (1), pp. 37-86. , )“”; Erbaş, S.N., Mirakhor, A., Iqbal, Z., Mirakhor, A., The foundational Islamic market principles, Knightian uncertainty and economic justice: an institutional-behavioral assessment (2013) Economic Development and Islamic Finance, pp. 93-129. , )“”in(Eds)The World BankWashingtonDC:; (2013) Value of Sustainability Reporting, , Ernst & Young LLP Center for Corporate CitizenshipCarroll School of ManagementBoston CollegeUnited States:; Farooqi, A.H., Islamic social capital and networking (2006) Humanomics, 22 (2), pp. 113-125. , )“”; Georgarakos, D., Pasini, G., Trust, sociability, and stock market participation (2011) Review of Finance, 15 (4), pp. 693-725. , )“”; Graeff, P., Social capital: the dark side (2009) Handbook of Social Capital: The Troika of Sociology, Political Science and Economics, pp. 143-161. , )“”in(Eds)Edward ElgarCheltenhamNorthamptonMA:; Guiso, L., Sapienza, P., Zingales, L., Trusting the stock market (2008) The Journal of Finance, 63 (6), pp. 2557-2600. , )“”; Hochberg, Y.V., Sapienza, P., Vissing-Jørgensen, A., A lobbying approach to evaluating the Sarbanes-Oxley act of 2002 (2009) Journal of Accounting Research, 47 (2). , )“”; Iqbal, Z., Mirakhor, A., (2007) An Introduction to Islamic Finance: Theory and Practice, , John Wiley & SonsSingapore:; Kay, J., (2012) The Kay Review of the UK Equity Market and Long-Term Decision Making, , London:; Lee, D., Jeong, K.Y., Chae, S., Measuring social capital in East Asia and other world regions: index of social capital for 72 countries (2011) Global Economic Review: Perspectives on East Asian Economies and Industries, 40 (1), pp. 385-407. , )“”; (2012) A Unique Global Inquiry into Wealth and Wellbeing: The 2012 Legatum Prosperity Index, , Legatum InstituteLondon:; Mayer, C., Trust in financial markets (2008) European Financial Management, 14 (4), pp. 617-632. , )“”; Mayer, C., (2013) Firm Commitment: Why the Corporation is Failing us and How to Restore Trust in it, , Oxford University PressOxford:; Mirakhor, A., Islamic economics and finance: an institutional perspective (2009) IIUM Journal of Economics and Management, 17 (1), pp. 31-72. , )“”; Mirakhor, A., Hamid, I.S., (2009) Islam and Development: The Institutional Framework, , Global Scholarly PublicationsNew YorkNY:; Mirakhor, A., Krichene, N., Shaukat, M., Unsustainability of the regime of interest-based debt financing (2012) ISRA International Journal of Islamic Finance, 4 (2), pp. 25-52. , )“”; Mirakhor, A., Zaidi, I., Profit-and-loss sharing contracts in Islamic finance (2007) Handbook of Islamic Banking, pp. 49-63. , )“”in(Eds)Edward ElgarCheltenhamNorthampton:; Ng, A., Ibrahim, M., Mirakhor, A., Ethical behavior and trustworthiness in the stock market–growth nexus (2014) Research in International Business and Finance, 33, pp. 44-58. , )“”; Ordanini, A., Miceli, L., Pizzetti, M., Parasuraman, A., Crowd-funding: transforming customers into investors through innovative service platforms (2011) Journal of Service Management, 22 (4), pp. 443-470. , )“”; Ostrom, E., Do institutions for collective action evolve? (2013) Journal of Bioeconomics, 16 (1), pp. 3-30. , )“”; Prusak, L., Cohen, D., How to invest in social capital (2001) Harvard Business Review, 79 (6), pp. 86-93. , )“”; Rehman, S.S., Askari, H., An economic IslamicityIndex (EI2) (2010) Global Economy Journal, 10 (3), pp. 1-37. , )“”; Rehman, S.S., Askari, H., How Islamic are Islamic countries? (2010) Global Economy Journal, 10 (2), pp. 1-30. , )“”; Rodrick, D., Institutions for high quality growth: what they are and how to acquire them (2000) Studies in Comparative Institutional Development, 35 (3), pp. 3-31. , )“”; Sapienza, P., Zingales, L., A trust crisis (2012) International Review of Finance, 12 (2), pp. 123-131. , )“”; Sheng, A., Singh, A., Islamic stock markets in a global context (2013) Economic Development and Islamic Finance, pp. 275-295. , )“”in(Eds)The World BankWashingtonDC:; (2013) UK, the leading western centre for Islamic finance, , www.thecityuk.com/research/our-work/reports-list/islamic-finance-2013, )“” (accessed 23 October 2013).London:; (2012) Ensuring Equity Markets Support Long-term Growth: The Government Response to the Kay Review, , Department for Business Innovation SkillsUnited Kingdom:; Wagstaff, M., (2007) Principles based regulation: stability, risk and trust, , www.cbr.cam.ac.uk/pdf/Wagstaff_Paper.pdf; Zingales, L., The future of securities regulation (2009) Journal of Accounting Research, 47 (2), pp. 391-425. , )“”},
correspondence_address1={Ng, A.; International Centre for Education in Islamic Finance (INCEIF)Malaysia; email: ngboonka@yahoo.com},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Wang2011554,
author={Wang, Y. and Yang, F.},
title={Muslim attitudes toward business in the emerging market economy of china},
journal={Social Compass},
year={2011},
volume={58},
number={4},
pages={554-573},
doi={10.1177/0037768611421128},
note={cited By 12},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-83455229581&doi=10.1177%2f0037768611421128&partnerID=40&md5=6de5ecdc747baf374b972f10d75c6d64},
affiliation={Department of Sociology, Purdue University, 700 W. State Street, West Lafayette, IN 47907-2059, United States},
abstract={Chinese Muslims are a religious minority in a non-Islamic society that has been undergoing rapid economic and social changes. In the emerging market economy of China, Muslims hold various attitudes toward business. Based on 53 in-depth interviews with Muslim businesspeople in the capital city of Beijing, Zhengzhou in Central China, and Guangzhou in Southern China near Hong Kong, the authors find five distinguishable types of Muslim businesspeople: socially detached, socially engaged, pragmatic, traditionalist and secular. The different ways of being Chinese Muslim businesspeople offer valuable information for the understanding of the compatibility of Islam with modernity and with non-Islamic cultures. © The Author(s), 2011.},
author_keywords={business;  China;  Chinese Muslims;  Islam;  religion;  urban context},
references={Ballantyne, W., Commercial law: The conflict in shariah and secular law (1997) Islam and Public Policy, pp. 225-248. , Behdad S.Nomani F., ed., London: JAI Press; Blalock, H.M., (1967) Toward a Theory of Minority-Group Relations, , New York: John Wiley; Bonacich, E., A theory of Middleman Minorities (1973) American Sociological Review, 38 (5), pp. 583-594; Capaldi, N., (2005) Business and Religion. A Clash of Civilizations, , Salem: M. and M. Scrivener Press; Chaudhuri, K.N., (1985) Trade and Civilisation in the Indian Ocean: An Economic History from the Rise of Islam to 1750, , New York: Cambridge University Press; Gladney, D., (1996) Muslim Chinese: Ethnic Nationalism in the People's Republic, , Cambridge: Harvard University Press; Gladney, D., Islam in China: Accommodation or Separatism (2003) Religion in China Today, pp. 145-161. , Overmyer D.L., ed., Cambridge: Cambridge University Press; Hunter, A., Chan, K.-K., (1993) Protestantism in Contemporary China, , Cambridge: Cambridge University Press; Israeli, R., (2002) Islam in China: Religion, Ethnicity, Culture, and Politics, , Lanham: Lexington Books; Lipman, J.N., (1997) Familiar Stranger: A History of Muslims in Northwest China, , Seattle: University of Washington Press; Liu, T., (2001) Yisilan Jiao Jingji Sixiang, , Yinchuan: Ningxia Renmin Press; Ma, Q., (2006) Liudong De Jingshen Shequ, , Beijing: China Social Science Press; Murata, S., (2000) Chinese Gleams of Sufi Light, , Albany: State University of New York Press; Overmyer, D.L., (2003) Religion in China Today, , Cambridge and New York: Cambridge University Press; Rice, G., Islamic Ethics and the Implications for Business (1999) Journal of Business Ethics, 18 (4), pp. 345-358; Rodinson, M., (1973) Islam and Capitalism, , New York: Pantheon Books; Swatos, W.H., Kaelber, L., (2005) The Protestant Ethic Turns 100: Essays on the Centenary of the Weber Thesis, , Boulder: Paradigm Publishers; Wilson, R., Islam and Business (2006) Thunderbird International Business Review, 48 (1), pp. 109-123; Yang, F., Tamney, J.B., (2005) State, Market, and Religions in Chinese Societies, , Boston: Brill; Yang, M.M., (2008) Chinese Religiosities: Afflictions of Modernity and State Formation, , Berkeley: University of California Press; Weber, M., (2003) The Protestant Ethic and the Spirit of Capitalism, , Mineola: Dover Publications},
correspondence_address1={Wang, Y.; Department of Sociology, 700 W. State Street, West Lafayette, IN 47907-2059, United States; email: ywang@aus.edu},
issn={00377686},
language={English},
abbrev_source_title={Soc. Compass},
document_type={Article},
source={Scopus},
}

@ARTICLE{Akbar2021,
author={Akbar, M. and Akbar, A. and Draz, M.U.},
title={Global Financial Crisis, Working Capital Management, and Firm Performance: Evidence From an Islamic Market Index},
journal={SAGE Open},
year={2021},
volume={11},
number={2},
doi={10.1177/21582440211015705},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85106932654&doi=10.1177%2f21582440211015705&partnerID=40&md5=2a20320a77ec6a0b365a4ad199f58868},
affiliation={COMSATS University Islamabad, Sahiwal Campus, Pakistan; Guangzhou College of South China University of Technology, China; Canadore College, Toronto, ON, Canada},
abstract={This research investigates the impact of working capital management (WCM) on the profitability and market performance of firms that constitute an Islamic market index (Karachi Meezan Index [KMI-30]) in Pakistan during 2002–2013. The data have been divided into three parts, that is, preglobal (2002–2007), during (2007–2008), and postglobal financial crisis period (2008–2013), to examine the proposed relationship in different macroeconomic settings. Net trade cycle (NTC) and its components are used to measure the WCM efficiency, while NTC square is used to proxy the impact of excessive holdings of working capital on corporate performance. The econometric models are calculated in a generalized method of moments (GMMs)-based regression environment to ensure the robustness of empirical outcome. The results reveal that, as opposed to conventional businesses, KMI-30 firms are more ethical in their short-term financial management. Besides, such firms adopted a conservative WCM policy during the global financial crisis of 2007–2008. Furthermore, we confirm the presence of a concave relationship between working capital levels and firm performance as NTC is positively, whereas NTC square is negatively, related to firm performance. This article makes a significant contribution to the extant literature as it evaluates the impact of WCM on the profitability and market performance of Islamic market indexed firms under varying macroeconomic conditions. © The Author(s) 2021.},
author_keywords={global financial crisis;  KMI-30 index;  market value;  net trade cycle;  profitability;  working capital management},
funding_details={YB180001},
funding_text 1={The author(s) disclosed receipt of the following financial support for the research and/or authorship of this article: The authors highly acknowledge the financial support of the Guangzhou College of South China University of Technology under the “Excellent PhD Research Project” vide Grant YB180001.},
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correspondence_address1={Akbar, A.; Guangzhou College of South China University of TechnologyChina; email: akbar@gcu.edu.cn},
publisher={SAGE Publications Inc.},
issn={21582440},
language={English},
abbrev_source_title={SAGE Open},
document_type={Article},
source={Scopus},
}

@ARTICLE{Cheong2021,
author={Cheong, C.W.H.},
title={Risk, resilience, and Shariah-compliance},
journal={Research in International Business and Finance},
year={2021},
volume={55},
doi={10.1016/j.ribaf.2020.101313},
art_number={101313},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85089799942&doi=10.1016%2fj.ribaf.2020.101313&partnerID=40&md5=ebe17ae1eb12a72d742fa92ed52ccaa7},
affiliation={Department of Economics and Finance, Sunway University Business School, Sunway University, Malaysia; Faculty of Business, Design and Arts, Swinburne University of Technology Sarawak, Malaysia},
abstract={Despite the popularity of Islamic Finance, the effects of Shariah-compliance on non-financial firm operations have never been studied. Shariah-compliance requirements presents unique conditions to examine how firms perform under restricted conditions. This paper seeks to examine the effects of Shariah-compliance on the risk and resilience of non-financial firms. Using a dynamic panel system GMM and a host of firm-specific attributes, and a global sample of 2,160 firms across six geographic regions, the results suggest that Shariah-compliant firms have lower firm risk as measured by total and idiosyncratic risk, and greater firm resilience as measured by the percent deviation from the maximum values of sales, cost of goods sold, operating expenses, and share price. These effects are more profound in the years following the U.S. subprime crisis. Results also show socio-cultural norms to have a moderating effect. Further testing shows firms face stiff penalties for losing their Shariah-compliance status. This paper is the first to study the effects of Shariah-compliance on non-financial firm operations on a global scale. This paper also contributes to the capital structure and corporate governance literature as it provides evidence that suggest resource restraints may be beneficial for a firm. The findings of this paper also provide significant value to firms looking to capitalize on the 1.8 billion-strong Muslim market with further insight on the intricacies of Shariah-compliance. © 2020 Elsevier B.V.},
author_keywords={Firm resilience;  Firm risk;  Islamic finance;  Operating performance;  Resource restriction;  Shariah-compliance},
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correspondence_address1={Cheong, C.W.H.; Sunway University, Jalan Universiti, Malaysia; email: calvinc@sunway.edu.my},
publisher={Elsevier Ltd},
issn={02755319},
language={English},
abbrev_source_title={Res. Int. Bus. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Wanke2017129,
author={Wanke, P. and Kabir Hassan, M. and Gavião, L.O.},
title={Islamic banking and performance in the asean banking industry: A topsis approach with probabilistic weights},
journal={International Journal of Business and Society},
year={2017},
volume={18},
number={S1},
pages={129-150},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032462755&partnerID=40&md5=ab7f29764927ed3e9a9dc08a94542b29},
affiliation={Federal University of Rio de Janeiro, Brazil; University of New Orleans, United States; Fluminense Federal University, Brazil},
abstract={This paper uses an integrated two-stage approach to assess the performance of 88 ASEAN (Association of Southeast Asian Nations) banks from 2010-2013. The relative importance of different financial ratios that emulate the CAMELS rating is collected using the expert opinions of 88 ASEAN bank managers with the help of a structured questionnaire. The computation of empirical joint probabilities is used first to derive weights for a number of criteria related to Capital adequacy, Asset quality, Management quality, Earnings, Liquidity, and Sensitivity to market risk. In the second stage, these weights are used as TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) inputs to assess the relative efficiency of ASEAN banks. The results reveal the prominent role of Islamic principles in banking efficiency. More specifically, these beneficial results are found when banks are private. We then use our results to develop policy recommendations. © 2017, Universiti Malaysia Sarawak. All rights reserved.},
author_keywords={CAMELS;  Islamic banking;  Performance evaluation;  Probabilistic weights;  TOPSIS},
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correspondence_address1={Kabir Hassan, M.; Department of Economics and Finance, United States; email: mhassan@uno.edu},
publisher={Universiti Malaysia Sarawak},
issn={15116670},
language={English},
abbrev_source_title={Int. J. Bus. Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hoque2016217,
author={Hoque, H. and Kabir, S.H. and Abdelbari, E.K. and Manahov, V.},
title={Islamic and Conventional Equity Market Movements During and After the Financial Crisis: Evidence from the Newly Launched MSCI Indices},
journal={Financial Markets, Institutions and Instruments},
year={2016},
volume={25},
number={4},
pages={217-252},
doi={10.1111/fmii.12075},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84994881888&doi=10.1111%2ffmii.12075&partnerID=40&md5=5e251419ec251a94e4d2bdc922cfc687},
affiliation={University of York, United Kingdom; Taylor's University, Kuala Lumpur, Malaysia},
abstract={This paper examines the relationship between the Islamic and conventional equity indices by employing the newly launched MSCI Global Islamic Indices which began in 2008. We argue for the case of cointegration supported by fundamental, category and habitat theories, and against cointegration due to the fundamental difference between Islamic and conventional stocks in terms of debt ratio, accounts receivable and interest bearing securities. We find Islamic and conventional equity markets move together despite fundamental differences and given that market microstructure, dividends, capital gains, taxation and governance systems are different across the markets. Almost simultaneous movement of the permanent and cycle components of Islamic and mainstream equity indices has been supported by the application of the Beveridge Nelson (BN) time series decomposition technique. Theoretically, the volatility of Islamic equities should be lower due to their low leverage ratio. Surprisingly, permanent parts of the Islamic indices appear to be more volatile during the crisis period and less volatile during the post-crisis period. © 2016 New York University Salomon Center and Wiley Periodicals, Inc.},
author_keywords={C32;  cointegration;  F15;  financial crisis;  G01;  G15;  MSCI Global Islamic indices;  time series decomposition},
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correspondence_address1={Hoque, H.email: hafiz.hoque@york.ac.uk},
publisher={Blackwell Publishing Inc.},
issn={09638008},
language={English},
abbrev_source_title={Financ. Mark. Inst. Instrum.},
document_type={Article},
source={Scopus},
}

@BOOK{Alam2016167,
author={Alam, N. and Duygun, M. and Ariss, R.T.},
title={Green Sukuk: An innovation in Islamic capital markets},
journal={Energy and Finance: Sustainability in the Energy Industry},
year={2016},
pages={167-185},
doi={10.1007/978-3-319-32268-1_10},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85068883596&doi=10.1007%2f978-3-319-32268-1_10&partnerID=40&md5=e41b0ca034e5999d687848aaad5dad43},
affiliation={The University of Nottingham, Business School, Malaysia Campus, Malaysia; Hull University, Business School, Yorkshire, United Kingdom; European Department, International Monetary Fund, Washington, DC, United States},
abstract={Green sukuk are Shariah compliant investment vehicles that fund environmentally friendly projects such as solar parks, bio-gas plants and wind farms. The main objective behind the development of green sukuk is to address Shariah concerns for protecting the environment. For Shariah-compliant investors notably in South East Asia and the Gulf Cooperation Council region, green sukuk represent an ideal investment that benefits the environment and promotes Corporate Social Responsibility. This chapter looks into the potential for Green sukuk in major Islamic finance markets. It maps the differences between more conventional types of socially responsible investments (SRI) and those funds that are guided by the morals promoted through Islam. The chapter also presents a case study of the French Orasis Sukuk, the first green sukuk in existence. © Springer International Publishing Switzerland 2016.},
author_keywords={Islamic finance;  Mutual fund;  Responsible investment;  Socially responsible investment;  Socially responsible investment fund},
references={(2013) Changing world, new relationships, world economic Islamic forum foundation, ExCeL London, , http://www.newsdeskmedia.com/Images/Upload/PDFs/9th-WIEF-2013.pdf, Accessed 1 Feb 2015; Abdelsalam, O., Duygun Fethi, M., Matallín Sáez, J.C., Tortosa-Ausina, E., On the comparative performance of socially responsible and islamic mutual funds (2014) J Econ Behav Org, 103, pp. S108-S128; Brammer, S., Brooks, C., Pavelin, S., Corporate social performance and stock returns: UK evidence from disaggregate measures (2006) Financ Manage, 35, pp. 97-116; (2012) Shariah Compliant Sukuk scope: Renewable energy Sukuk for Legendre Patrimoine, , www.cifie.fr, Accessed 30 Jan 2015; Derigs, U., Marzban, S., Review and analysis of current Shariah-compliant equity screening practices (2008) Int J Islam MiddleEastern Financ Manage, 1 (4), pp. 285-303; (2015), http://www.dubaisce.gov.ae, Accessed 10 June 2015; (2011) Islamic funds and investments report 2011: Achieving growth in challenging times; Forte, G., Miglietta, F., (2007) Islamic mutual funds as faith-based funds in a socially responsible context, , http://ssrn.com/abstract1/41012813, Technical Report, Social Science Research Network SSRN; Fowler, S.J., Hope, C., A critical review of sustainable business indices and their impact (2007) J Bus Ethics, 76 (3), pp. 243-252; (2015) Green Investment Bank-GIB and Masdar to form new investment alliance, , http://www.greeninvestmentbank.com/news-and-insight/2013/green-investment-bank-and-masdarto-form-new-investment-alliance/, Accessed 10 June 2015; (2012) Global sustainable investment alliance (GSIA), , http://gsiareview2012.gsialliance.org/pubData/source/Global%20Sustainable%20Investement%20Alliance.pdf; Goldreyer, E.F., Ahmed, P., Diltz, J.D., The performance of socially responsible mutual funds: Incorporating sociopolitical information in portfolio selection (1999) Manage Financ, 25 (1), pp. 23-36; Gregory, A., Matatko, J., Luther, R., Ethical unit trust financial performance: Small company effects and fund size effects (1997) J Bus Financ Account, 24 (5), pp. 705-725; Guerard, J.B., Additional evidence on the cost of being socially responsible in investing (1997) J Invest, 6 (4), pp. 31-35; Guerard, J.B., Is there a cost to being socially responsible? (1997) J Invest, 6 (2), pp. 11-18; Haigh, M., Hazelton, J., Financial markets: A tool for social responsibility? (2004) J Bus Ethics, 52 (1), pp. 59-71; Hamilton, S., Jo, H., Statman, M., Doing well while doing good? The investment performance of socially responsible mutual funds (1993) Financ Anal J, 49, pp. 62-66; Hassoune, A., Green Sukuk: From the initial French experience to broader Shari’a-compliant solutions (2014) World Islamic banking conference 2014, Proceedings, , Bahrain; Hayat, R., Kraeussl, R., Risk and return characteristics of Islamic equity funds (2011) Emerg Mark Rev, 12 (2), pp. 189-203; Hussain, M., Shahmoradi, A., Turk, R., (2015) An overview of Islamic finance, , IMF Working Paper WP/15/120. International Monetary Fund, Washington, DC; (2013) Islamic financial services industry stability report, , IFSB, Kuala Lumpur; (2011) Renewable energy policy country profiles, , http://www.reshaping-res-policy.eu/downloads/RE-Shaping_CP_final_18JAN2012.pdf, Accessed 31 Jan 2015; (2015) Islamic finance: Opportunities, challenges, and policy options, , IMF staff discussion note SDN/15/05. International Monetary Fund, Washington, DC; (2014) Pan-Arab renewable energy strategy 2030: Roadmap of actions for Implementation; (2012) Les premiers sukuk en France, , http://www.islamicfinancialtimes.net/article-les-premiers-sukuk-en-france-anouarhassoune-pour-l-islamic-financial-times-108959835.html, Interview with Anouar Hassoune, 9 Aug 2012, Accessed 7 Feb 2015; (2014) Finance Islamique France: Sukuk Orasis, , http://www.islamicfinancialtimes.net/finance-islamique-francesukuk-orasis-islamic-financial-times-invite-a-la-vigilance, Islamic Financial Times invite a` la VIGILANCE, Accessed 8 Feb 2015; (2014) Taxes and incentives for renewable energy, , KPMG International Cooperative, Switzerland; Lukonga, I., (2015) Islamic finance, consumer protection, and financial stability, , IMF Working Paper WP/15/107. International Monetary Fund, Washington, DC; Luther, R.G., Matatko, J., Corner, D.C., The investment performance of UK ethical unit trusts (1992) Account Audit Account J, 5, pp. 57-70; (2015) Malaysia Green Sukuk Gets Khazanah Debut Boost: Islamic Finance-Bloomberg Business, , http://www.bloomberg.com/news/articles/2014-11-25/malaysia-green-sukuk-gets-khazanah-debut-boost-islamic-finance, Accessed 10 June 2015; Mallin, C., Saadouni, B., Briston, R., The financial performance of ethical investment trusts (1995) J Bus Financ Account, 22 (4), pp. 483-496; Nitsche, C., Schröder, M., (2015) Are SRI funds conventional funds in disguise or do they live up to their name?, , ZEW Centre for European Economic Research Discussion Paper No. 15-027; Fulbright, N.R., (2015) Capital markets: An alternative financing avenue for the shipping industry/Norton Rose Fulbright, , http://www.nortonrosefulbright.com/knowledge/publications/63569/capital-markets-an-alternative-financing-avenue-for-the-shipping-industry, Accessed 10 June 2015; (2009) Islamic finance and SRI: Any crossover?, , https://www.responsibleinvestor.com/images/uploads/resources/research/11248094270Working_paper_on_islamic_finance:and_SRI.pdf; (2011) Issuing and listing Sukuk in France how to take advantage of the attractive french legal and tax environment (November), , http://www.paris-europlace.net/files/French_Sukuk_Guidebook_Nov_2011.pdf, French Sukuk Guidebook, Paris EUROPLACE Islamic Finance Law Committee; Perks, R.W., Rawlinson, D.H., Ingram, L., British accounting review (1992) Br Account Rev, 24 (1), pp. 43-65; (2014) 2013 Annual Global Sukuk Report, Rasameel Investment Bank Limited, , http://www.rasameel.com/downloads/RSFGlobalSukukMarketAnnual2013.pdf, Accessed 7 Feb 2015; France ploughs ahead with renewable energy while Australia scales back clean energy policies (2014) Renewable Energy World (eds), , http://www.renewableenergyworld.com/rea/news/article/2014/11/france-ploughs-ahead-with-renewableenergy-while-australia-scales-back-clean-energy-policies, 18 Nov 2014, Accessed 1 Feb 2015; Rudd, A., Social responsibility and portfolio performance (1981) Calif Manage Rev, 23 (4), pp. 55-61; Schepers, D.H., A critique of social investing’s diversity measures (2003) Bus Soc Rev, 108 (4), pp. 487-508; Statman, M., Socially responsible mutual funds (2000) Financ Anal J, 56, pp. 30-39; (2012) Renewable energy in the EU: Which countries are set to reach their targets?, , http://www.theguardian.com/news/datablog/2012/jun/19/renewable-energy-consumption-eu-targets, by Ami Sedghi, June 19, 2012, Accessed 3 Feb 2015; (2015) UAE set to be the first to offer green-energy Sukuk, , http://www.thenational.ae/business/economy/uae-set-to-be-the-first-to-offer-green-energy-sukuk, Accessed 10 June 2015; (2015), www.thestar.com.my/Story/?file1/4%2F2012%2F12%2F21%2Fbusiness%2F12487431, Accessed 10 June 2015; Reuters, T., (2014) Thomson Reuters Sukuk perceptions and forecast 2015, , Islamic Finance Gateway; (2015), http://wief.org/wp-content/uploads/2014/12/The-Growth-of-Islamic-Finance-by-Dr-Osman-Babiker-Ahmed.pdf, Accessed 10 June 2015},
correspondence_address1={Alam, N.; The University of Nottingham, Malaysia Campus, Malaysia; email: nafis.alam@nottingham.edu.my},
publisher={Springer International Publishing},
isbn={9783319322681; 9783319322667},
language={English},
abbrev_source_title={Energy and Finance: Sustainability in the Energy Industry},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Suzuki2016205,
author={Suzuki, Y. and Miah, M.D.},
title={Altruism, reciprocity and Islamic equity finance},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2016},
volume={9},
number={2},
pages={205-221},
doi={10.1108/IMEFM-09-2014-0091},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84977539484&doi=10.1108%2fIMEFM-09-2014-0091&partnerID=40&md5=9f3f1817a20df8f0249cdf76c6a923b9},
affiliation={Graduate School of International Management, Ritsumeikan Asia Pacific University, Beppu-Shi, Japan; College of Economics, Management and IS, University of Nizwa, Nizwa, Oman},
abstract={Purpose: This paper argues how Islamic altruism and reciprocity can enhance or drain the supply of Islamic equity finance. The paper also analyzes the feasibility of Islamic equity finance through the lens of new institutional economics (NIE) and transaction cost economics (TCE). Design/methodology/approach: One of the salient contributions by NIE is to support the proposition that effective contracting depends greatly on institutions in terms of “rules that constrain economic behavior”, including informal or intangible institutions, such as religion, culture and customary practices. This paper draws on the theoretical contributions of the NIE and TCE and applies some of these contributions to an analysis of general altruism and reciprocity in Islamic economies. Findings: It is said that solutions based on the Islamic injunctions (collectively termed as spiritual quotient) could serve to mitigate agency risks. However, in theory, the Muslim principal (particularly fund providers) is exposed to higher agency risk unless appropriate rules of protecting the right of the principal (or of punishing the agent when its opportunistic behavior is revealed) are devised, because the Muslim fund providers have the divine obligation to share risks in enterprise under the profit-loss sharing (PLS) scheme as well as to share a portion of income with the poor or those entrepreneurs who face difficulties in fund-raising. Originality/value: Many scholars refer to the lack of the “formal” institutions that hinder the sound development of Islamic venture capital (VC). This paper contributes to shedding an analytical light on the unique feature of the Muslims’ “informal” constraints which make them hesitate to invest in Islamic VC. To develop the Islamic VC market, this paper provides a theoretical background to suggest how important it would be for the national financial system to devise some tangible provisions by installing enterprise-friendly regulations as well as adequate incentive and protection mechanisms consistent with Islamic principles. © 2016, © Emerald Group Publishing Limited.},
author_keywords={Agency theory;  Altruism-Al-Eethaar;  Islamic finance;  Islamic religiosity;  Trust;  Venture capital},
funding_details={Japan Society for the Promotion of ScienceJapan Society for the Promotion of Science, JSPS, 15K03374},
references={Ali, S.S., (2011) Islamic Banking in MENA Region, Financial Flagship, , Islamic Research and Training Institute, World Bank; Arrow, K.J., (1974) The Limits of Organization, , Norton and Co.: New York, NY; Bergemann, D., Hege, U., (1997) Venture capital financing, moral hazard and learning, 108. , accessed, 18 September 2014, CentER Discussion Papers, Tilburg, Finance; Bowles, S., (2012) The New Economics of Inequality and Redistribution, , Cambridge University Press, New York, NY; Broughman, B., Investor opportunism, and governance in venture capital (2010) Venture Capital: Investment Strategies, Structures, and Policies, pp. 346-347. , Cumming, D.J (Ed.), John Wiley & Sons, NJ; Choudhury, M.A., Islamic venture capital: a critical examination (2001) Journal of Economic Studies, 28 (1), pp. 14-33; Çizakça, M., (2011) Islamic Capitalism and Finance: Origins, Evolution and the Future, , Edward Elgar, Cheltenham; Cohen, D., Knetsch, J.L., Judicial choice and disparities between measures of economic values (1992) Choices, Values, and Frames, pp. 424-450. , Kahneman, D. and Tversky, A.and (Eds), Cambridge University Press, Cambridge; Cumming, D.J., Agency costs, institutions, learning, and taxation in venture capital contracting (2005) Journal of Business Venturing, 20 (5), pp. 573-622; Durrani, M., Business ethics and venture capital in Islam (2006) Venture Capital, Islamic Finance and SMEs: Valuation, Structuring and Monitoring Practices in India, pp. 148-169. , Durrani, M. and Boocock, G (Eds), Palgrave, Basingstoke; Elsiefy, E., Towards a model for Islamic venture capital (2013) Business Journal for Entrepreneurs, 1 (1), pp. 39-56; Elsiefy, E., Fundamental requirements for building an Islamic venture capital model (2014) Accounting and Finance Research, 3 (1), pp. 55-66; Elster, J., Altruistic behaviour and altruistic motivations (2006) Handbook of the Economics of Giving, Altruism and Reciprocity, 1, pp. 183-206. , Serge-Christophe, K. and Ythier, J.M (Eds), Elsevier, Amsterdam; Fisher, M.S., (2011) Are Muslims Distinctive: A Look at the Evidence, , Oxford University Press, Oxford; Fong, C.M., Evidence from an experiment on charity to welfare recipients: reciprocity, altruism, and the empathic responsiveness hypothesis (2007) The Economic Journal, 117, pp. 1008-1024; Fukuyama, F., (1995) Trust: The Social Virtues and the Creation of Prosperity, , Free Press, New York, NY; Gompers, P.A., Lerner, J., (1999) The Venture Capital Cycle, , MIT Press, Cambridge; Green, W.S., Introduction: altruism and the Study of the Religion (2005) Altruism in World Religions, pp. 11-22. , Nuesner, J. and Chilton, B (Eds), Georgetown University Press, Washington; Hammond, P., Charity: altruism or cooperative egoism? (1975) Altruism, Morality, and Economic Theory, pp. 115-131. , Edmund, S.P (Ed.), Russell Sage, New York, NY; Hassan, K., (2010) An integrated poverty alleviation model combining Zakat, Awaqaf, and micro-finance, , Seventh International Conference- The Tawhidi Epistemology: Zakat and Waqf Economy, Bangi; Homerin, L.E., Altruism in Islam (2005) Altruism in World Religions, pp. 67-87. , Nuesner, J. and Chilton, B (Eds), Georgetown University Press, Washington, DC; Hunt, G.K., (1990) Philosophy and Politics, , Cambridge University Press, Cambridge; (2014) Islamic Financial Services Industry Stability Report 2014, , IFSB; Karim, N., Tarazi, M., Reille, X., Islamic microfinance: an emerging market niche (2008) Focus Note 49, , CGAP; Khalil, E.L., What is Altruism? (2004) Journal of Economic Psychology, 25 (1), pp. 97-123; Mawdudi, S.A.A., (2011) First Principles of Islamic Economics, , translated by Imam, A. and Hashemi, S., The Islamic Foundation, Leicestershire; Nagel, T., (1970) The Possibility of Altruism, , Princeton University Press, Princeton; Naqvi, S.N.H., (2003) Perspectives on Morality and Human Well-Being, , The Islamic Foundation, Princeton; North, D., (1990) Institutions, Institutional Change and Economic Performance, , Cambridge University Press, Cambridge; Saroglou, V., Religion, spirituality, and altruism (2013) APA Handbook of Psychology, Religion and Spirituality, pp. 439-457. , Pargament, K.I (Ed.), American Psychological Association, Washington; Seelos, C., Mair, J., Social entrepreneurship: creating new business models to serve the poor (2005) Business Horizons, 48, pp. 241-246; Segal, U., Sobel, J., Tit for tat: foundations of preferences for reciprocity in strategic settings (2007) Journal of Economic Theory, 136 (1), pp. 197-216; Simon, H., Altruism and economics (1993) American Economic Review, 83, pp. 156-161; Simon, H., (1996) The Sciences of the Artificial, , MIT Press, Cambridge, MA; Simon, H.A., (1961) Administrative Behavior, , 2nd ed., Macmillan, New York, NY; Suzuki, Y., A post-Keynesian perspective on Islamic prohibition of Gharar (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6 (3), pp. 200-210; Suzuki, Y., Uddin, S.M., Islamic bank rent: a case study of Islamic banking in Bangladesh (2014) International Journal of Islamic and Middle Eastern Finance and Management, 7 (2), pp. 170-181; Trester, J.J., Venture capital contracting under asymmetric information (1998) Journal of Banking and Finance, 22, pp. 675-699; Williamson, O.E., Transaction-cost economics: the governance of contractual relations (1979) Journal of Law and Economics, 22 (2), pp. 233-261; Williamson, O.E., (1985) The Economic Institutions of Capitalism, , The Free Press, New York, NY; Williamson, O.E., The new institutional economics: taking stock, looking ahead (2000) Journal of Economic Literature, 38 (3), pp. 595-613; Yumna, A., Clarke, M., (2011) Integrating Zakat and Islamic charities with microfinance initiative in the purpose of poverty alleviation in Indonesia, , Doha., 8th International Conference on Islamic Economics and Finance; Yusoff, W.S., (2014) Industrial Economics and Organization: Conventional and Islamic Perspective, , University Insaniah; Zhao, L., Exploring religiosity’s effects on altruistic behaviour (2012) University of British Columbia, 1. , http://ojs.library.ubc.ca/index.php/ubcujp/article/download/2433/182445, accessed, 12 April 2015, Social research Report},
correspondence_address1={Miah, M.D.; College of Economics, Oman; email: dulal73@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mukhlisin2015455,
author={Mukhlisin, M. and Hudaib, M. and Azid, T.},
title={The need for Shariah harmonization in financial reporting standardization: The case of Indonesia},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2015},
volume={8},
number={4},
pages={455-471},
doi={10.1108/IMEFM-10-2013-0110},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84950249486&doi=10.1108%2fIMEFM-10-2013-0110&partnerID=40&md5=efe3d0b6597c0228fce4069210bf1814},
affiliation={Department of Islamic Accounting, Tazkia University College of Islamic Economics, Bogor, Indonesia; Accounting & Finance, Adam Smith Business School, University of Glasgow, Glasgow, United Kingdom; Department of Finance and Economics, College of Business Administration, Qassim University, Qassim, Saudi Arabia},
abstract={Purpose – This study aims to analyze IFIs’ stakeholders’ perception on Shariah harmonization for financial reporting standards inIndonesia as a part of the development effort of linking the emerging global Islamic banking to Indonesian financial and industrial markets. Design/methodology/approach – A sample of 160 respondents, who were stakeholders of Islamic banks, was taken from Jakarta, the capital city of Indonesia and its surrounding major districts to examine the stakeholders’ perception on Shariah harmonization effort toward the implementation of a uniformed financial reporting standard for Islamic financial institutions. Data for this study were collected using a structured questionnaire. Findings – Through this study, the authors found several measures to be taken to ensure Shariah harmonization efforts in Indonesia such as deep understanding on the fatawā brought into practices and strict monitoring on the Islamic banks in applying the financial reporting standards that imply practicing the fatawā, both de jure and de facto. However, the respondents differ in their opinion on the possibility of Shariah harmonization, both de jure and de facto. The role of various actors involved in the financial reporting standardization may impede Shariah harmonization to take place. Research limitations/implications – The study is only looking at one case study, which is Indonesia. Therefore, future studies should consider more countries and significant number of respondents. Different research instruments to measure the perception can also be an interesting research exploration. In addition, adopting deep Islamic political economy of accounting theory may support better analysis on the issue of financial reporting standardization for Islamic financial institutions. Originality/value – This paper has practical significance for financial reporting standard setters for Islamic banks and policy-makers to understand the key behavioral and demographical dimensions of their stakeholders and using these dimensions to effectively position important aspects in financial reporting standards setting. © 2015, Emerald Group Publishing Limited.},
author_keywords={Financial reporting standards;  Indonesia;  Islamic banks;  Perceptions;  Shariah harmonization},
references={(2010) Accounting, Auditing and Governance Standards for Islamic Financial Institutions, , Accounting and Auditing Organisation for Islamic Financial Institutions, Bahrain:; (2010) Harmonising financial reporting of Islamic finance, , www2.accaglobal.com/pubs/general/activities/library/financial_reporting/other/tech-af-hfrif.pdf, ”, (accessed 18 November 2011); Ayub, M., (2008) Understanding Islamic Finance, , John Wiley & Sons, Sussex:; Barth, M.E., Landsman, W.R., Lang, M.H., International accounting standards and accounting quality (2008) Journal of Accounting Research, 46 (3), pp. 467-498. , and, Vol.No., pp; Cheong, C.S., Kim, S., Zurbruegg, R., The impact of IFRS on financial analysts’ forecast accuracy in the Asia-Pacific Region: the case of Australia, Hong Kong and New Zealand (2010) Pacific Accounting Review, 22 (2), pp. 124-146. , and, Vol.No., pp; Doukakis, L.C., The persistence of earnings and earnings components after the adoption of IFRS (2010) Managerial Finance, 36 (11), pp. 969-980. , , Vol.No., pp; Haniffa, R., (2011) Improving transparency and fostering credibility by harmonising the best practices, , ”, Morality & Finance Conference, Markfield, Leicester; Haniffa, R., Hudaib, M., Exploring the ethical identity of Islamic Banks via communication in annual reports (2007) Journal of Business Ethics, 76 (1), pp. 97-116. , and, Vol.No., pp; Harahap, S.S., The disclosure of Islamic values–annual report: the analysis of Bank Muamalat Indonesia’s annual report (2003) Managerial Finance, 29 (7), pp. 70-89. , , Vol.No., pp; (2012) Sejarah IAI, , www.iaiglobal.or.id/tentang_iai.php?id=6, [online]. Indonesian Institute of Accountants. Available:(accessed 11 March 2012); (2014) 8th Muzakarah Cendekiawan Syariah Nusantara (MCSN 2014), , www.isra.my/mcsn/391-8th-muzakarah-cendekiawan-syariah-nusantara-mcsn-2014.html, ”, (accessed 18 May 2015); Jamaldeen, F., (2012) Islamic Finance for Dummies, , John Wiley & Sons, Hoboken:; Jeanjean, T., Stolowy, H., Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption (2008) Journal of Accounting and Public Policy, 27 (6), pp. 480-494. , and, Vol.No., pp; Karim, R.A.A., The independence of religious and external auditors: the case of Islamic Banks (1990) Accounting, Auditing & Accountability Journal, 3 (3). , , Vol.No; Khan, M.F., Setting standards for Shariah application in the Islamic financial industry (2007) Thunderbird International Business Review, 49 (3), pp. 285-307. , , Vol.No., pp; Majid, M.Z.A., Ghazal, R., Comparative analysis of Islamic Banking supervision and regulation development (2012) Money and Economy, 6 (3), pp. 114-162. , and, Vol.No., pp; Mukhlisin, M., (2014) Exploring reflexivity and resistance of Indonesian Islamic Financial Institutions towards IASB and AAOIFI financial reporting standardization projects, , ”, unpublished PhD thesis,University of Glasgow:; Nobes, C., Parker, R., (2012) Comparative International Accounting, , andPearson Education, Essex:; (2014) Islamic Banking Statistics 2014, , www.ojk.go.id/en/islamic-banking-statistics-september-2014, (accessed 12 May 2015).Indonesian Financial Services Authority, Jakarta:; (2013), ), Pedoman Akuntansi Perbankan Syariah Indonesia. In: INDONESIA, B. (ed.); Ridwan, R., Hukum Islam dan Perubahan Sosial (2007) Ibda’ Journal, 5 (2), pp. 276-285. , , Vol.No., pp; Schleicher, T., Tahoun, A., Walker, M., IFRS adoption in Europe and investment-cash flow sensitivity: outsider versus insider economies (2010) The International Journal of Accounting, 45 (2), pp. 143-168. , and, Vol.No., pp; Sekaran, U., (2000) Research Methods for Business, , John Wiley and Sons, New York:; Stent, W., Bradbury, M., Hooks, J., IFRS in New Zealand: effects on financial statements and ratios (2010) Pacific Accounting Review, 22 (2), pp. 92-107. , and, Vol.No., pp; Tay, J.S.W., Parker, R.H., Measuring international harmonization and standardization (1990) Abacus, 26 (1), pp. 71-88. , and, Vol.No., pp; Tsalavoutas, I., Evans, L., Transition to IFRS in Greece: financial statement effects and auditor size (2010) Managerial Auditing Journal, 25 (8), pp. 814-842. , and, Vol.No., pp; VIVANews, V., (2012) Mengapa Gadai Emas BRI Syariah Disuspensi BI?, , http://bisnis.news.viva.co.id/news/read/285270-mengapa-gadai-emas-bri-syariah-disuspensi-bi, [online]. Available:(accessed 11 March 2012); Vinnicombe, T., AAOIFI reporting standards: measuring compliance (2010) Advances in Accounting, 26 (1), pp. 55-65. , , Vol.No., pp; Wahyuni, E.T., The accountant perceptions of the IFRS convergence plan in Indonesia (2011) Jurnal Reviu Akuntansi dan Keuangan, 1 (1), pp. 85-96. , , Vol.No., pp; Walker, M., Accounting for varieties of capitalism: the case against a single set of global accounting standards (2010) The British Accounting Review, 42 (3), pp. 137-152. , , Vol.No., pp; Wan Abdullah, W.A., Percy, M., Stewart, J., (2011) Corporate social responsibility in Islamic Banks: a study of Shari’ah Supervisory Board Disclosures and Zakat Disclosures in Malaysian and Indonesian Islamic banks, , and”, AFAANZ Conference, 3-5 July 2011, Darwin, Australia; Welman, C., Kruger, F., Mitchell, B., (2005) Research Methodology South Africa, , andOxford University press, Cape Town:; Yaquby, N., The annual open Fatwa and Shariah audience discussion (2013) 12th Annual Islamic Finance Summit, 26-27. , February, London:},
correspondence_address1={Mukhlisin, M.; Department of Islamic Accounting, Indonesia; email: murniati@tazkia.ac.id},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{KabirHassan20137,
author={Kabir Hassan, M. and Sanchez, B. and Faisal Safa, M.},
title={Impact of financial liberalization and foreign bank entry on Islamic banking performance},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2013},
volume={6},
number={1},
pages={7-42},
doi={10.1108/17538391311310716},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84950320833&doi=10.1108%2f17538391311310716&partnerID=40&md5=a8f9c636902b29ebbe8d35ac4e5c7874},
affiliation={Department of Economics and Finance, University of New Orleans, New Orleans, LA, United States; Department of Finance, Kean University, Union, NJ, United States},
abstract={Purpose – This paper aims to examine the impact of financial liberalization and foreign Islamic bank entry on the performance of domestic Islamic banks, and credit availability to the private sector. Design/methodology/approach – The authors use the weighted least squares method to estimate four models. These models are suggested by Lee. For this, the inverse of the number of domestic Islamic banks in each period is used to weight the observations in the regressions to correct for varying number of bank observations in each country. Findings – The results indicate that foreign Islamic banks, on average, follow aggressive financing in host countries and enjoy higher net profit margin. Banking sector returns play an important role in the entry decision and presence of foreign banks. Moreover, favorable macro-economic conditions play a supportive role while higher tax policies play a hostile role for the entry and presence of foreign Islamic banks. The recent financial crisis does not seem to affect the entry decision significantly. But the profitability of domestic Islamic banks has been seriously affected by the recent crisis. Also domestic tax policy and macro-economic environment play important roles in determining the domestic Islamic bank performance. Results also indicate that private sector credit availability seems to suffer because of higher tax and reserve rate. Practical implications – The authors' findings suggest that host Islamic economies should strive for an efficient capital market with supportive macro-economic environment, which in turn helps the local banking sector to develop and benefit from the foreign Islamic bank entry. Originality/value – This is the first paper to analyze the entry of foreign Islamic banks in the host countries with Islamic banking sector. © 2013, © Emerald Group Publishing Limited.},
author_keywords={Banking;  Banks;  Credit;  Domestic credit;  Finance;  Financial liberalization;  Islam;  Islamic banks;  Performance},
references={Abuzayed, B., Nedal, A., Hisham, G., Competition in MENA countries banking markets (2012) International, Journal of Financial Services Management, 5 (3), pp. 272-301. , ()“”-; Barajas, A., Steiner, R., Salazar, N., (1999) Foreign investment in Colombia's financial sector, , ()“”working paperInternational Monetary FundWashingtonDC:; Barajas, A., Steiner, R., Salazar, N., The impact of liberalization and foreign investment in Colombia's financial sector (2000) Journal of Development Economics, 63 (1), pp. 157-196. , ()“”-; Barth, J., Marchetti, J., Nolle, D., Sawangngoenyuang, W., (2006) Foreign banking: do countries' WTO commitments match actual practices?, , ()“”working paperWorld Trade OrganizationGeneva:; Bayraktar, N., Wang, Y., (2004) Foreign bank entry, performance of domestic banks and sequence of financial liberalization, , ()“”working paperWorld BankWashingtonDC:; Berger, A., Hasan, I., Zhou, M., Bank ownership and efficiency in China: what will happen in the world's largest nation? (2009) Journal of Banking & Finance, 33 (1), pp. 113-130. , ()“”-; Blas, B., Russ, K., (2012) All banks great, small, and global: loan pricing and foreign competition, , ()“”NBER Working Paper 16029National Bureau of Economic ResearchCambridgeMA:; Čihák, M., Hesse, H., Islamic banks and financial stability: an empirical analysis (2010) Journal of Financial Services Research, 38 (2-3), pp. 95-113. , ()“”-; Claessens, S., Lee, J., Foreign banks in low-income countries: recent developments and impacts (2003) Globalization and National Financial Systems, pp. 109-141. , HansonJ.HonohanP.MajnoniG.()“”in(Eds)-World BankWashingtonDC:; Claessens, S., Demirgüc-Kunt, A., Huizinga, H., (1998) How does foreign entry affect the domestic banking market?, , ()“”working paper30 June.World BankWashingtonDC:; Claessens, S., Demirgüc-Kunt, A., Huizinga, H., How does foreign entry affect the domestic banking market? (2001) Journal of Banking & Finance, 25 (5), pp. 891-911. , ()“”-; Cottarelli, C., Ariccia, G., Vladkova-Hollar, I., Early birds, late risers, and sleeping beauties: bank credit growth to the private sector in Central and Eastern Europe and in the Balkans (2005) Journal of Banking & Finance, 29 (1), pp. 83-104. , ()“”-; Cull, R., Peria, M., (2010) Foreign bank participation in developing countries: what do we know about the drivers and consequences of this phenomenon?, , ()“”working paperWorld BankWashingtonDC:; Dages, B., Goldberg, L., Kinney, D., Foreign and domestic bank participation in emerging markets: lessons from Mexico and Argentina (2000) Economic Policy Review, (September), pp. 17-36. , ()“”-; Demirgüç-Kunt, A., Huizinga, H., Determinants of commercial bank interest margins and profitability: some international evidence (1999) World Bank Economic Review, 13 (2), pp. 379-408. , ()“”-; Demirgüç-Kunt, A., Huizinga, H., Determinants of commercial bank interest margins and profitability: some international evidence (2000) Economic Review, 13 (2), pp. 379-408. , ()“”-; Demirgüc-Kunt, A., Levine, R., Min, H., Opening to foreign banks: issues of stability, efficiency and growth (1999) Proceedings of the Bank of Korea Conference on the Implications of Globalization of World Financial Markets, December, 1998, , ()“”; Denizer, C., (1999) Foreign entry in Turkey's banking sector, 1980-97, , ()“”working paperWorld BankWashingtonDC:; Detragiache, E., Tressel, T., Gupta, P., Foreign banks in poor countries: theory and evidence (2008) The Journal of Finance, 63 (5), pp. 2123-2160. , ()“”-; Dinger, V., Do foreign-owned banks affect banking system liquidity risk? (2009) Journal of Comparative Economics, 37 (4), pp. 647-657. , ()“”-; Festić, M., The role of the foreign banks in the 5 EU member states (2012) Journal of Business Economics and Management, 13 (1), pp. 189-206. , ()“”-; Fischer, S., Sahay, R., Végh, C., Stabilization and growth in transition economies: the early experience (1996) Journal of Economic Perspectives, 10 (2), pp. 45-66. , ()“”-; Giannetti, M., Ongena, S., Financial integration and entrepreneurial activity: evidence from foreign bank entry in emerging markets (2009) Review or Finance, 13 (2), pp. 181-223. , ()“”-; Goldberg, L., Financial sector FDI and host countries: new and old lessons (2007) Economic Policy Review, 13 (1), pp. 1-17. , ()“”-; Haas, R., Lelyveld, I., Foreign banks and credit stability in Central and Eastern Europe: a panel data analysis (2006) Journal of Banking & Finance, 30 (7), pp. 1927-1952. , ()“”-; Havrylchyk, O., The effect of foreign bank presence on firm entry and exit in transition economies (2012) Journal of Banking & Finance, 36 (6), pp. 1710-1721. , ()“”-; Havrylchyk, O., Jurzyk, E., Inherited or earned? Performance of foreign banks in Central and Eastern Europe (2011) Journal of Banking & Finance, 35 (5), pp. 1291-1302. , ()“”-; Hermes, N., Lensink, R., Foreign bank presence, domestic bank performance and financial development (2004) Journal of Emerging Market Finance, 3 (2), pp. 207-229. , ()“”-; İlkin, M., Recent banking reforms in selected OIC countries (2005) Journal of Economic Cooperation, 26 (4), pp. 1-26. , ()“”-; Jeon, B., Nam, O., Pía, M., Wu, J., Do foreign banks increase competition? Evidence from emerging Asian and Latin American banking markets (2011) Journal of Banking & Finance, 35 (4), pp. 856-875. , ()“”-; Jeon, Y., Miller, S., Natke, P., Do foreign bank operations provide a stabilizing influence in Korea? (2006) The Quarterly Review of Economics and Finance, 46 (1), pp. 82-109. , ()“”-; Kim, H., Lee, B., (2004) The effects of foreign bank entry on the performance of private domestic banks in Korea, , ()“”working paperInstitute of Monetary Economic ResearchSeoul:; Lee, J., (2002) Financial liberalization and foreign bank entry in MENA, , ()“”working paperFinancial Sector Strategy PolicyWorld BankWashingtonDC:; Lensink, R., Hermes, N., The short-term effects of foreign bank entry on domestic bank behavior: does economic development matter? (2004) Journal of Banking & Finance, 28 (3), pp. 553-568. , ()“”-; Lensink, R., Meesters, A., Naaborg, I., Bank efficiency and foreign ownership: do good institutions matter? (2008) Journal of Banking & Finance, 32 (5), pp. 834-844. , ()“”-; Lin, H., Foreign bank entry and firms' access to bank credit: evidence from China (2011) Journal of Banking & Finance, 35 (4), pp. 1000-1010. , ()“”-; Mathieson, D., Roldos, J., Foreign banks in emerging markets (2001) Open Doors: Foreign Participation in Financial Systems in Developing Countries, pp. 15-55. , LitanR.MassonP.PomerleanoM.()“”in(Eds)-The Brookings InstitutionsWashingtonDC:; Naaborg, I., Scholtens, B., Haan, J., Bol, H., Haas, R., How important are foreign banks in the financial development of European transition countries? (2004) Journal of Emerging Market Finance, 3 (2), pp. 99-123. , ()“”-; Ongena, S., Which firms engage small, foreign, or state banks? And who goes Islamic? Evidence from Turkey (2011) Journal of Banking & Finance, 35 (12), pp. 3213-3224. , ()“”-; Palmer, D., US bank exposure to emerging-market countries during recent financial crises (2000) Federal Reserve Bulletin, (February), pp. 81-96. , ()“”-; Peek, J., Rosengren, E., Implications of the globalization of the banking sector: the Latin American experience (2000) New England Economic Review, (September), pp. 45-62. , ()“”-; Poghosyan, T., Poghosyan, A., Foreign bank entry, bank efficiency and market power in Central and Eastern European countries (2010) Economics of Transition, 18 (3), pp. 571-598. , ()“”-; Reddy, A., (2009) Banking sector performance during liberalization in India: a review, , ()“”working paper14 December.Indian Institute of Pulses ResearchKanpur:; Rocha, R., (2011) Financial Access and Stability: A Roadmap for the Middle East and North Africa, , ()World BankWashingtonDC:; Sengupta, R., Foreign entry and bank competition (2007) Journal of Financial Economics, 84 (2), pp. 502-528. , ()“”-; Shah, A., Jhatial, A., Ghumro, I., Shah, N., A narrative description of banking sector in Pakistan (2012) Interdisciplinary Journal of Contemporary Research in Business, 4 (1), pp. 638-656. , ()“”-; Thi, N., (2009) Banking market liberalization and bank performance: the role of entry modes, , ()“”working paperWilliam Davidson InstituteAnn ArborMI:; Vogel, U., Winkler, A., Do foreign banks stabilize cross-border bank flows and domestic lending in emerging markets? Evidence from the global financial crisis (2012) Comparative Economic Studies, 54 (3), pp. 507-530. , ()“”-; Xu, Y., Towards a more accurate measure of foreign bank entry and its impact on domestic banking performance: the case of China (2011) Journal of Banking & Finance, 35 (4), pp. 886-901. , ()“”-},
correspondence_address1={Faisal Safa, M.; Department of Economics and Finance, United States; email: mfsafa@uno.edu},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Lean20121274,
author={Lean, H.H. and Parsva, P.},
title={Performance of islamic indices in Malaysia FTSE market: Empirical evidence from CAPM},
journal={Journal of Applied Sciences},
year={2012},
volume={12},
number={12},
pages={1274-1281},
doi={10.3923/1as.2012.1274.128},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84863970927&doi=10.3923%2f1as.2012.1274.128&partnerID=40&md5=5141eda944fb5ddf4de9927b2d8920c4},
affiliation={Economics Program, School of Social Sciences, Universiti Sains Malaysia, 11800 USM, Penang, Malaysia},
abstract={The Capital Asset Pricing Model (CAPM) has been examined extensively for common stock return and index return. However, the examination with Islamic stocks is limited. This paper investigates the relationship between return and market risk for the Islamic stocks in Malaysia Financial Times Stock Exchange (FTSE) market. FTSE Bursa Malaysia EMAS Shariah Index (FBMSHA) and FTSE Bursa Malaysia Hijrah Shariah Index (FBMHS) are proxy for the Islamic portfolio. The finding provides some new insights on the performance of Islamic stocks in Malaysia FTSE market through stating the hypothesis that the risk of the Islamic indices is high in a downturn economic status in comparison with a normal period. © 2012 Asian Network for Scientific Information.},
author_keywords={Capital asset pricing model;  Financial times stock exchange;  Islamic index;  Malaysia;  Shariah compliant stocks},
keywords={Capital asset pricing model;  Islamic index;  Malaysia;  Shariah compliant stocks;  Stock exchange, Investments, Commerce},
references={Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of malaysian islamic unit trust funds: Comparison with conventional unit trust funds (2007) Managerial Finance, 33, pp. 142-153; Abdulnasser, H.J., Roca, E., Exchange rates and stock prices interaction during good and bad times: Evidence from the ASEAN4 countries (2005) Applied Financial Econ., 15, pp. 539-546; Ahmad, Z., Ibrahim, H., A study of performance of the KLSE Syariah index (2002) Malaysian Manage. J., 6, pp. 25-34; Albaity, M., Ahmad, R., Performance of syariah and composite indices: Evidence from bursa Malaysia (2008) Asian Acad. Manage. J. Account. Finance, 4, pp. 23-43; Angabini, A., Wasiuzzaman, S., GARCH models and the financial crisis-A study of the malaysian stock market (2011) Int. J. Applied Econ. Fin., 5, pp. 226-236; Bruner, R.F., Li, W., Kritzman, M., Myrgren, S., Page, S., Market integration in developed and emerging markets: Evidence from the CAPM (2008) Emerging Markets Rev., 9, pp. 89-103; Chang, M.C., Hung, J.C., Nieh, C.C., Reexamination of capital asset pricing model (CAPM): An application of quantile regression (2011) Afr. J. Bus. Manage., 5, pp. 12684-12690; Echchabi, A., Olaniyi, O.N., Using theory of reasoned action to model the patronisation behaviour of islamic banks' customers in Malaysia (2012) Res. J. Bus. Manage., , In Press; Ferruz, L., Marco, I., Ortiz, C., Socially responsible investment: Mutual funds (2007) Global and local trends. The Int. J. Applied Econ. Finance, 1, pp. 120-125; Gunasekaran, M., Ramaswami, K.S., A fusion model integrating ANFIS and artificial immune algorithm for forecasting indian stock market (2011) J. Applied Sci., 11, pp. 3028-3033; Hakim, S., Rashidian, M., Risk and return of islamic stock market indexes (2004) Proceedings of the international seminar of nonbank financial institutions: Islamic alternatives, , March 1-3, 2004, Kuala Lumpur, Malaysia; Hasan, M.Z., Kamin, A.A., Mustafa, A., Baten, M.A., A validity test of capital asset pricing model for Dhaka stock exchange (2011) J. Applied Sci., 11, pp. 3490-3496; Hashim, N., (2008) The FTSE Global islamic and the risk dilemma, , AIUB Bus Econ Working Paper Series, No 2008-08; Hayat, R., Kraussl, R., Risk and return characteristics of islamic equity funds (2011) Emerg. Markets Rev., 12, pp. 189-203; Hussein, K.A., Ethical investment: Empirical evidence from FTSE islamic index (2004) Islamic Econ. Stud., 12, pp. 21-40; Ismail, A.G., Shakrani, M.S., The conditional capm and cross-sectional evidence of return and beta for islamic unit trusts in Malaysia (2003) IIUM J. Econ. Manage., 11, pp. 1-31; Lean, H.H., Tan, V.K.M., Existence of the day-of-the-week effect in FTSE Bursa Malaysia (2010) J. Pengurusan, 31, pp. 3-11; Lintner, J., The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets (1965) Rev. Econ. Stat., 47, pp. 13-37; Madura, J., (2008) Financial Institutions and Markets, , 8th Edn., Thomson South-Western, Mason, OH; Pettengill, G.N., Sundaram, S., Mathur, I., The conditional relation between beta and returns (1995) J. Fin. Quant. Anal., 30, pp. 101-116; Rahman, M., Baten, A., Alam, A.U., An empirical testing of capital asset pricing model in Bangladesh (2006) J. Applied Sci., 6, pp. 662-667; Rahman, M., Baten, A., Uddin, B., Zubayer, M., Fama-french's capm: An empirical investigation on DSE (2006) J. Applied Sci., 6, pp. 2297-2301; Rhaiem, N., Benammou, S., Mabrouk, A.B., Estimation of cappital asset pricing model at different time scales application to french stock market (2007) Int. J. Applied Econ. Finance, 1, pp. 79-87; Sadeghi, M., Financial performance of shariah-compliant investment: Evidence from Malaysian stock market (2008) Int. Res. J. Finance Econ., 20, pp. 15-26; Senol, D., Ozturan, M., Stock price direction prediction using artificial neural network approach: The case of Turkey (2008) J. Artif. Intell., 1, pp. 70-77; Sharpe, W.F., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) J. Fin., 19, pp. 425-442; Venardos, A.M., (2005) Islamic Banking and Finance in South-East Asia: Its Development and Future, , World Scientific Publishing Co., Singapore; Wong, K.A., Tan, M.L., An assessment of risk and return in the Singapore stock market (1991) Applied Financial Econ., 1, pp. 11-20},
correspondence_address1={Lean, H. H.; Economics Program, 11800 USM, Penang, Malaysia},
issn={18125654},
language={English},
abbrev_source_title={J. Appl. Sci.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bassens2011327,
author={Bassens, D. and Derudder, B. and Witlox, F.},
title={Oiling global capital accumulation: Analysing the principles, practices, and geographical distribution of Islamic financial services},
journal={Service Industries Journal},
year={2011},
volume={31},
number={3},
pages={327-341},
doi={10.1080/02642060802712830},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-74949131398&doi=10.1080%2f02642060802712830&partnerID=40&md5=e3a43f0e92ee86e7069caaaaf9c1779f},
affiliation={Department of Geography, Ghent University, Krijgslaan 281 S8, Ghent 9000, Belgium},
abstract={This article focuses on the Islamic financial services (IFS) sector, which originated in the Middle East, but is now rapidly becoming a global sector. First, Islamic economic ideology is discussed, which resulted in the foundation of IFS firms after the 1973 oil crisis, and then an overview of the most common IFS is provided. The third part discusses the global distribution of IFS firms and Shari'a compliant assets. The Middle East is at the apex of the IFS sector, with the Islamized economies of Iran and Pakistan and prime hubs such as Manama and Dubai. Outside the Middle East, Malaysia is identified as an important growing market for IFS, while outside the Muslim world, London is increasingly profiling itself as a global IFS hub. © 2011 Taylor & Francis.},
author_keywords={Emerging markets;  Ethic banking;  Islamic banking;  Middle east;  Petrodollars},
keywords={banking;  capital formation;  economic growth;  financial crisis;  financial services;  globalization;  industrial practice;  market conditions, Middle East},
references={Abbott, J.P., Labuan: Treasure island, pet project or ghost town? (1999) Offshore Financial Centers and Tax Havens: The Rise of Global Capital, pp. 192-211. , In M.P. Hampton & P.A. Abbott (Eds.), New York: Palgrave MacMillan; Akacem, M., Gilliam, L., Principles of Islamic banking: Debt versus equity financing (2002) Middle East Policy, 9 (1), pp. 124-138; Ala Hamoudi, H., You say you want a revolution: Interpretive communities and the origins of Islamic finance (2007) Virginia Journal of International Law, 48 (2), pp. 249-306; (2008) France to Promote Islamic Finance, , http://www.expatica.com/fr/main.html, Anonymous, Retrieved October 16, 2008, from; (2008) Will Tokyo Become an Islamic Finance Hub?, , http://news.efinancialcareers.sg/News_ITEM/newsItemId-13509, Anonymous, Retrieved, October 17, 2008, from; Bassens, D., Derudder, B., Witlox, F., Searching for the Mecca of finance: Islamic financial services and the world city network (2010) Area, 42 (1), pp. 35-46; Bassens, D., Derudder, B., Witlox, F., The making and breaking of Dubai: The end of a city-state? (2010) Political Geography, 29 (6), pp. 299-301; Bekkin, R.I., Islamic insurance: National features and legal regulation (2007) Arab Law Quarterly, 21 (1), pp. 3-34; Bekkin, R.I., Islamic insurance: National features and legal regulation (2007) Arab Law Quarterly, 21 (2), pp. 109-134; Caballo, A., The law of the Dubai international financial centre: Common law oasis or mirage within the UAE? (2007) Arab Law Quarterly, 21 (1), pp. 91-104; (2008) Global 500, , http://money.cnn.com/magazines/fortune/global500/2008/index.html, Fortune, Retrieved September 19, 2008, from; Goldberg, E., Marketing commodities does not happen on commodity markets: The Egyptian Bursat Al-'Uqud and oil futures markets (2004) The Politics of Islamic Finance, pp. 81-103. , In M. Clement & R. Wilson (Eds.), UK: Edinburgh University Press; Hefner, R.W., Symposium: Visible hands, religion and the market. Islamic economics and global capitalism (2006) Society, 44 (1), pp. 16-22; (2008) The Competitive Position of the Gulf as a Global Financial Centre, , http://www.cityoflondon.gov.uk, ICMA Centre, Retrieved October 15, 2008, from; (2007) Malaysia: An Islamic Capital Market Hub, , http://www.imf.org/external/pubs/ft/survey/so/2007/CAR0919A.htm, IMF (International Monetary Fund), Retrieved October15, 2008, from; (2008) IFSL Research: Islamic Finance 2008, , http://www.ifsl.org.uk/output/ReportItem.aspx?NewsID=32, International Financial Services London, Retrieved September 8, 2008, from; (2007) Singapore to Cultivate Islamic Finance Sector, , http://www.iht.com/articles/2007/05/17/news/sxislamic.php, International Herald Tribune, Retrieved October 17, 2008, from; Iqbal, M., Molyneux, P., Thirty years of Islamic banking: History (2005) Performance and Prospects, , New York: Palgrave Macmillan; Khan, M.S., Mirakhor, A., Islamic banking: Experiences in the Islamic republic of Iran and Pakistan (1990) Economic Development and Cultural Change, 38 (2), pp. 353-375; Kuran, T., Islamic economics and the Islamic subeconomy (1995) Journal of Economic Perspectives, 9 (4), pp. 155-173; Kuran, T., The genesis of Islamic economics: A chapter in the politics of Muslim identity (1997) Social Research, 64 (2), pp. 301-338; Naughton, S., Naughton, T., Religion, ethics and stock trading: The case of an Islamic equities market (2000) Journal of Business Ethics, 23 (2), pp. 145-159; Pollard, J., Samers, M., Islamic banking and finance: Postcolonial political economy and the decentring of economic geography (2007) Transactions of the Institute of British Geographers, 32 (3), pp. 313-330; (2008) Malaysia Widens Sharia-compliant Stock List, , http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSKLR4064720080530, Reuters, Retrieved October 15, 2008, from; Sanhuri, A., Masadir al-haqq fi al-fiqh al-islami (1967) Dirasa Muqarina Ma' Al-fiqh Al-gharbi [The Sources of Authority in Islamic Jurisprudence: A Comparative Study with Western Jurisprudence], , Cairo, Egypt; Siddiqi, N., Shari'a, economics, and the progress of Islamic finance: The role of Shari'a experts (2007) Integrating Islamic Finance Into the Mainstream: Regulation, Standardization and Transparency, pp. 99-107. , In S. Nazim Ali (Ed.), Cambridge, MA: Harvard Law School; Sudin, H., Norafifah, A., Planisek, S.L., Bank patronage factors of Muslim and non- Muslim customers (1994) International Journal of Bank Marketing, 12 (1), pp. 32-40; Taylor, P.J., Ni, P., Derudder, B., Hoyler, M., Huang, J., Lv, F., The way we were: Command and control centres in the global space-economy on the eve of the 2008 geoeconomic transition (2009) Environment and Planning A, 41 (1), pp. 7-12; (2007) Top 500 Islamic Financial Institutions, , The Banker, November, The Banker; (2008) Top 500 Islamic Financial Institutions, , The Banker, October, The Banker; (2009) Top 500 Islamic Financial Institutions, , The Banker, October, The Banker; Tripp, C., (2006) Islam and the Moral Economy: The Challenge of Capitalism, , UK: Cambridge University Press; Vogel, F.E., Hayes, S.L., Islamic law and finance: Religion, risk and return (1998) The Hague, , The Netherlands: Kluwer Law International; Warde, I., (2000) Islamic Finance in the Global Economy, , UK: Edinburgh University Press; Yousef, T.M., The Murabaha syndrome in Islamic finance: Laws, institutions and politics (2004) The Politics of Islamic Finance, pp. 63-80. , In M. Clement & R. Wilson (Eds.), UK: Edinburgh University Press; Zaher, T.S., Hassan, M.K., A comparative literature survey of Islamic finance and banking (2001) Financial Markets, Institutions & Instruments, 5 (4), pp. 155-199},
correspondence_address1={Bassens, D.; Department of Geography, Krijgslaan 281 S8, Ghent 9000, Belgium; email: david.bassens@ugent.be},
issn={02642069},
language={English},
abbrev_source_title={Serv. Ind. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Yusof2008313,
author={Yusof, R.M. and Shabri Abd. Majid, M.},
title={Towards an Islamic international financial hub: the role of Islamic capital market in Malaysia},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2008},
volume={1},
number={4},
pages={313-329},
doi={10.1108/17538390810919628},
note={cited By 11},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84901975100&doi=10.1108%2f17538390810919628&partnerID=40&md5=e0acc1e385427973bfcc74050aefb111},
affiliation={Department of Economics, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia (IIUM), Kuala Lumpur, Malaysia},
abstract={PurposeIn line with the government's policy to promote Malaysia as an international hub for Islamic banking and finance, the purpose of this paper is to evaluate the dynamic effects of both Islamic and conventional stock markets on foreign portfolio investments. Design/methodology/approachFirst, the paper explores the short and long-run relationships between (FPI) and three markets, i.e. the goods, money, and securities market. Second, the paper attempts to examine the relative importance of the three markets in accounting for variations in FPI. Consistent with earlier studies, the goods market variable considered is real income (Y). The money market variables tested are the broad money supply (M2), treasury bill rate (TBR) and the US Federal Fund rate (FFR), while the security market is represented by both Kuala Lumpur Shari'ah Index (KLSI) and Kuala Lumpur Composite Index (KLCI). FindingsThe findings of the study indicate that among the three markets studied, the securities market in Malaysia (both conventional and Islamic) is the most significant market in attracting FPI into the economy. This implies that to a certain extent, the government's effort in promoting Malaysia as the international hub for the Islamic capital market has been successful. Originality/valueThe paper suggests that further efforts need to be enhanced in promoting Malaysia as the International hub for the Islamic banking and finance. The paper's findings shed some light on the policy ramifications pertaining to attracting foreign investors into the ICM in Malaysia and in moving towards a more globally competitive capital market. © 2008, © Emerald Group Publishing Limited.},
author_keywords={International finance;  Islam;  Malaysia;  Money markets;  Portfolio investment;  Securities markets},
references={Baek, I.&.#.0.0.2.D.;.M., Portfolio investment flows to Asia and Latin America: pull, push or market sentiment? (2006) Journal of Asian Economics, 17, pp. 363-373. , ()“”-; Bahmani-Oskooee, M., Bohl, M.T., German monetary unification and the stability of the German M3 money demand function (2000) Economics Letters, 66, pp. 203-208. , ()“”-; Bahmani-Oskooee, M., Ng, R.C.W., Long-run demand for money in Hong Kong: an application of the ARDL model (2002) International Journal of Business and Economics, 1 (2), pp. 147-155. , ()“”-; (2005), ()Annual Reports (various issues); Bayoumi, T., Fazio, G.K.M., Macdonald, R., (2003) Fatal attraction: a new measure of contagion, , ()“”IMF Working PaperWP/03/80International Monetary FundWashingtonDC:; Brennan, M.J., Cao, H., International portfolio investment flows (1997) Journal of Finance, 52, pp. 1851-1880. , ()“”-; Brown, R.L., Durbin, J., Evans, J.M., Techniques for testing the constancy of regression relations over time (1975) Journal of the Royal Statistical Society, 37, pp. 149-192. , ()“”-; Chen, N.F., Roll, R., Ross, S., Economics forces and the stock market (1986) Journal of Business, 59 (3), pp. 383-403. , ()“”-; Claessens, S., Dasgupta, S., Glen, J., Return behaviour in emerging stock markets (1995) World Bank Economic Review, 9, pp. 131-152. , ()“”-; Dhakal, D., Kandil, M., Sharma, S.C., Causality between the money supply and share prices: a VAR investigation (1993) Quarterly Journal of Business and Economics, 32 (3), pp. 52-74. , ()“”-; Durham, J.B., Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth (2004) European Economic Review, 48, pp. 285-306. , ()“”-; Eichengreen, B., Mody, A., (1998) What explains changing spreads on emerging-market debt? 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correspondence_address1={Shabri Abd. Majid, M.; Department of Economics, Malaysia; email: mshabri@iiu.edu.my},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Wang2021,
author={Wang, X. and Sadiq, R. and Khan, T.M. and Wang, R.},
title={Industry 4.0 and intellectual capital in the age of FinTech},
journal={Technological Forecasting and Social Change},
year={2021},
volume={166},
doi={10.1016/j.techfore.2021.120598},
art_number={120598},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85100241921&doi=10.1016%2fj.techfore.2021.120598&partnerID=40&md5=0c3ec055818f84658ed20f4603588859},
affiliation={School of Business Administration, Shandong Women's University, China; School of Business and Economics, University of Management and Technology, Lahore, Pakistan; Business College, Nanjing Xiaozhuang University, Nanjing, 211171, China},
abstract={In the Fourth Industrial Revolution, the prevalence of innovation and technology in the financial sector is indisputable. The purpose of this study is to determine the effect of IT investments on intellectual capital, aggregated and decomposed into its components, competitive advantage, and the performance of banks (Tobin's Q and CAMELS). These forces are further classified in terms of dual banking, bank size, and market position, and any country-based phenomena that might be applicable. Moreover, data is collected from 65 banks in the SAARC region, based on a time span of 11 years, from the years 2008 to 2018, and involving a total of 715 observations. Based on the endogeneity of IT investments, this study uses GMM regression for empirical analysis. The findings elicited from the empirical results demonstrate a positive impact of IT investments on the intellectual capital, and some sub-components. In the case of the impact of IT investments' on competitive advantage, the results are have come out to be diverse in nature. From a theoretical perspective, this paper contributes to the existing literature by presenting a valuable analytical framework for exploring the role of IT investments in a rapidly changing financial sector. © 2021 Elsevier Inc.},
author_keywords={Banking sector;  CAMELS;  Competitive advantage;  Conventional banks;  Intellectual capital;  Islamic banks},
keywords={Competition;  Fintech;  Industry 4.0;  Knowledge management, Competitive advantage;  Empirical analysis;  Financial sectors;  Industrial revolutions;  Innovation and technology;  Intellectual capital;  Market position;  Sub-components, Investments, analytical framework;  banking;  competitiveness;  empirical analysis;  financial market;  information technology;  investment;  performance assessment},
funding_details={National Office for Philosophy and Social SciencesNational Office for Philosophy and Social Sciences, NPOPSS, 17BJY104},
funding_text 1={This study is partially supported by National Social Science Foundation (17BJY104).},
funding_text 2={This study is partially supported by National Social Science Foundation (17BJY104).},
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correspondence_address1={Wang, R.; Business College, China; email: rwang0920@163.com},
publisher={Elsevier Inc.},
issn={00401625},
language={English},
abbrev_source_title={Technol. Forecast. Soc. Change},
document_type={Article},
source={Scopus},
}

@ARTICLE{RYANDONO2021697,
author={RYANDONO, M.N.H. and MUAFI, M. and GURITNO, A.},
title={Sharia Stock Reaction Against COVID-19 Pandemic: Evidence from Indonesian Capital Markets},
journal={Journal of Asian Finance, Economics and Business},
year={2021},
volume={8},
number={2},
pages={697-710},
doi={10.13106/jafeb.2021.vol8.no2.0697},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85101047385&doi=10.13106%2fjafeb.2021.vol8.no2.0697&partnerID=40&md5=68865d1c903cd342f61425dccc4af955},
affiliation={Department of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga, Indonesia; Jl. SWK Ringroad Utara Condong Catur, Yogyakarta, 55283, Indonesia; Department of Islamic Economics, Faculty of Sharia Economics and Business, IAIN Salatiga, Indonesia},
abstract={The purpose of this study is to explore the reaction of sharia stock in the Indonesian capital market to the global Covid-19 pandemic. The method used in this study is an event study with a Market Adjusted Model (MAM) approach. The population of this study is shares listed on the Indonesian Stock Exchange (IDX), with the sample chosen from the Jakarta Sharia (Islamic) Index. The result of this study found that the global Covid-19 pandemic is bad news, with the indicators as follows: a) the average expected return is negative; b) the average actual return is negative; c) the average abnormal return is negative, and d) the increase selling action of stock as a cut loss strategy. There is a negative abnormal return and significant Trading Volume Activity (TVA) before, during, and after the announcement of the global Covid-19 pandemic. However, this study found no difference in abnormal return and TVA before and after the announcement of the global Covid-19 pandemic. From these results, this study indicates that the sharia stocks in the capital market in Indonesia can respond quickly to the information that existed. Therefore, the capital market of Indonesia is a capital market with a semi-strong efficient form. © Copyright: The Author(s) This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (https://creativecommons.org/licenses/by-nc/4.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.},
author_keywords={COVID-19 Pandemic;  Defensive Stock;  Event Study;  Return},
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Y., Pandansari, T., Capital market reactions of plaza Sarinah bomb impact toward the abnormal return of LQ 45 company listed in IDX (2016) Indonesian Journal of Accounting and Finance Research, 1 (2), pp. 126-133; Tandelilin, E., (2010) Investment analysis and portfolio management, , (1st ed). Yogyakarta, Indonesia: Kanisius; Tay, L. M., Puah, C. H., Brahmana, R. K., Izza, N., Malek, The effect of white-collar crime announcement on stock price performance: Evidence from Malaysian stock market (2016) Journal of Financial Crime, 23 (4), pp. 1126-1139. , https://ir.unimas.my/id/eprint/15308/; Utama, C. A., Hapsari, L., Capital market reaction due to a terrorist bomb attack (2012) Indonesian Journal of Accounting and Finance, 9 (2), pp. 100-116. , https://doi.org/10.21002/jaki.2012.07; Widagdo, B., Jihadi, M., Bachitar, Y., Safitri, O. E., Singh, S. K., Financial ratio, macroeconomy, and investment risk on sharia stock return (2020) The Journal of Asian Finance, Economics, and Business, 7 (12), pp. 919-926. , https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.919; Yakean, S., Advantages and disadvantages of a cashless system in Thailand during the COVID-19 pandemic (2020) The Journal of Asian Finance, Economics, and Business, 7 (12), pp. 385-388. , https://doi.org/10.13106/jafeb.2020.vol7.no12.385; Yuwono, A., The capital market reaction in the Indonesian Stock Exchange toward the 2013 announcement of the flood disaster in the special capital region of Jakarta (2013) Nominal Journal, 2 (2), pp. 135-150},
correspondence_address1={MUAFI, M.; Department of Management, Indonesia},
publisher={Korea Distribution Science Association (KODISA)},
issn={22884637},
language={English},
abbrev_source_title={J. Asian Financ. Econ. Bus.},
document_type={Article},
source={Scopus},
}

@ARTICLE{AlBalushi20196,
author={Al Balushi, Y. and Locke, S. and Boulanouar, Z.},
title={Determinants of the decision to adopt Islamic finance: evidence from Oman},
journal={ISRA International Journal of Islamic Finance},
year={2019},
volume={11},
number={1},
pages={6-26},
doi={10.1108/IJIF-02-2018-0020},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85068259372&doi=10.1108%2fIJIF-02-2018-0020&partnerID=40&md5=da2fb4aacdcfce1b1f481c90de0eb1bf},
affiliation={Department of Finance, University of Waikato, Hamilton, New Zealand; Umm Al Qura University, Makkah, Saudi Arabia; Muslim Marketing Matters, Hamilton, New Zealand},
abstract={Purpose: Small and medium enterprises’ (SMEs) capital structure and financial policies are important areas of policy concern. Only a limited number of studies on capital structure have, however, been conducted on SMEs, and this deficiency is particularly evident when investigating what influences funding decisions around Islamic finance. This paper accordingly aims to investigate whether Omani SME owner-managers’ intention to adopt Islamic finance is influenced by their knowledge of Islamic finance, their own characteristics and/or their firms’ characteristics. Design/methodology/approach: The authors administered a questionnaire survey via face-to-face interviews to 385 SME owner-managers operating in Muscat, Oman’s capital city. The Kruskal–Wallis one-way analysis of variance (ANOVA) non-parametric test was used to analyse the questionnaire survey data. Findings: The findings indicate that while SME owner-managers’ Islamic financial knowledge and personal characteristics do influence their intention to adopt Islamic finance, their firms’ characteristics have no significant influence on SME owner-managers’ decisions to accede to Islamic financing. Research limitations/implications: The research’s first limitation is that it gathered data from SME owner-managers in Muscat only. Future studies could survey a wider sample of Omani SME owner-managers. Second, the study’s findings cannot be generalised to large and public firms, as the sample includes owner-managers of SMEs only. Finally, there is a need to investigate other factors such as nonfinancial and behavioural factors, which were not explored in the present study, but which may influence SME owner-managers’ Islamic financial decisions. Originality/value: Theoretical and empirical studies on capital structure have focused primarily on large listed firms. Only a few studies have paid attention to the capital structure of SMEs, particularly in the context of an emerging market such as Oman. This gap in the literature is mostly evident when investigating the factors that influence the funding decision towards Islamic financing in a country, such as Oman, where Islamic finance represents a new banking sector offering. © 2019, Yasmeen Al Balushi, Stuart Locke and Zakaria Boulanouar.},
author_keywords={Firm’s characteristics;  Islamic financial decisions;  Oman;  Owner-manager’s Islamic financial knowledge;  SMEs},
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correspondence_address1={Al Balushi, Y.; Department of Finance, New Zealand; email: yawba1@students.waikato.ac.nz},
publisher={Emerald Group Holdings Ltd.},
issn={01281976},
language={English},
abbrev_source_title={ISRA Int. J. Islamic Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Zulkhibri2018306,
author={Zulkhibri, M.},
title={The impact of monetary policy on Islamic bank financing: bank-level evidence from Malaysia},
journal={Journal of Economics, Finance and Administrative Science},
year={2018},
volume={23},
number={46},
pages={306-322},
doi={10.1108/JEFAS-01-2018-0011},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056992725&doi=10.1108%2fJEFAS-01-2018-0011&partnerID=40&md5=d15254b178bdb84f4b7ce64f69201bc3},
affiliation={Islamic Research and Training Institute, Islamic Development Bank, Jeddah, Saudi Arabia},
abstract={Purpose: This paper aims to examine the distributional differences of Islamic bank financing responses to financing rate across bank-specific characteristics in dual banking system. The study also aims to provide understanding of how efficiently Islamic banks perform their roles as suppliers of capital for businesses and entrepreneurs. Design/methodology/approach: The study uses panel regression methodology covering all Islamic banks in Malaysia. The study estimates the benchmark model for Islamic bank financing with respect to bank characteristics and monetary policy. Findings: The evidence suggests that bank-specific characteristics are important in determining Islamic financing behaviour. The Islamic financing behaviour is consistent with conventional lending behaviour that the Islamic bank financing operates depending on the level of bank size, liquidity and capital. There is no significant difference between Islamic bank financing and conventional bank lending behaviour with respect to changes in monetary policy. Originality/value: Many problems and challenges relating to Islamic financing instruments, financial markets and regulations must be addressed and resolved. In practice, it would be a good idea if Islamic banks move away from developing debt-based instruments and concentrate more efforts to develop profit and loss sharing instruments. © 2018, Muhamed Zulkhibri.},
author_keywords={Bank financing;  Base financing rate;  Islamic banks;  Malaysia},
references={Aggarwal, R., Yousef, T., Islamic banks and investment financing (1999) Journal of Money, Credit, and Banking, 32 (1), pp. 93-120; Akhatova, M., Zainal, M.P., Ibrahim, M.H., Banking models and monetary transmission mechanisms in Malaysia: are Islamic banks different? (2016) Economic Papers: A Journal of Applied Economics and Policy, 35 (2), pp. 169-183; Aysan, A.F., Disli, M., Ozturk, H., Bank lending channel in a dual banking system: why are Islamic banks so responsive? (2017) The World Economics, pp. 1-25. , press; Beck, T., Demirguc-Kunt, A., Merrouche, O., Islamic vs conventional banking: business model, efficiency and stability (2013) Journal Banking and Finance, 37 (2), pp. 433-447; Brooks, P.K., (2007) Does the bank lending channel of monetary transmission work in Turkey?, , International Monetary Fund, IMF Working Paper 07/272, Washington, DC; Cervik, S., Charap, J., (2011) The behavior of conventional and Islamic bank deposit returns in Malaysia and Turkey, , International Monetary Fund, IMF Working Paper, WP/11/156, Washington, DC; Chong, B., Liu, M.H., Islamic banking: interest-free or interest-based? (2009) Pacific-Basin Finance Journal, 17 (1), pp. 124-144; Dridi, J., Hasan, M., (2010) Have Islamic banks been impacted differently than conventional banks during the recent global crisis?, , IMF Working Paper, WP/10/201, International Monetary Fund, Washington, DC; EhrmannGambacortaMartinez-PagesSevestre, M., Worms, A., (2003) Financial systems and the role of bank in monetary transmission in the euro area, , In I. Angeloni, A; El-Gamal, M.A., (2006) Islamic Finance: Law, Economics and Practice, , Cambridge, New York, NY; El-Gamal, M.A., (2005) Mutuality as an antidote to rent-seeking sharia-arbitrage in Islamic finance, , www.ruf.rice.edu/∼elgamal/; Ergec, E.H., Arslan, B.G., Impact of interest rates on Islamic and conventional banks: the case of Turkey (2013) Applied Economics, 45 (17), pp. 2381-2388; Fadzlan, S., Zulkhibri, M., Post-crisis productivity change in non-bank financial institutions: efficiency increase or technological progress? (2009) Journal of Transnational Management, 14 (2), pp. 124-154; Gambacorta, L., Inside the bank lending channel (2005) European Economic Review, 49 (7), pp. 1737-1759; Golodniuk, I., Evidence on the bank-lending channel in Ukraine (2006) Research in International Business and Finance, 20 (2), pp. 180-199; Gujarati, D.N., Sangeetha, S., (2007) Basic Econometric, , 4th ed., McGraw-Hill Education Books, India; Hamoudi, H.A., Jurisprudential schizophrenia: on form and function in Islamic finance (2007) Chicago Journal of International Law, 7 (2), pp. 605-622; Haron, S., Islamic banking and finance (2001) Leading Issues in Islamic Banking and Finance, 20 (1), pp. 17-32; Huang, Z., Evidence of bank lending channel in the UK (2003) Journal of Banking and Finance, 27 (3), pp. 491-510; Iqbal, Z., Islamic financial systems (1997) Finance and Development, , June 1997, IMF, Washington, DC; Ito, T., Islamic rates of return and conventional interest rates in the Malaysian deposit market (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6 (4), pp. 290-303; Kashyap, A., Stein, J., What do a million observations say about the transmission mechanism of monetary policy (2000) American Economic Review, 90 (3), pp. 407-428; Kashyap, A., J. Stein, J., (1995) The impact of monetary policy on bank balance sheets. Carnegie Rochester Conference Series on Public Policy, pp. 51-195; Kasri, R.A., Kassim, S., Empirical determinants of saving of the Islamic banks in Indonesia (2009) Journal of King Abdulaziz University-Islamic Economics, 22 (2), pp. 181-201; Kishan, P., Opelia, T., Bank Capital and loan asymmetry in the transmission of monetary policy (2006) Journal of Banking and Finance, 30 (1), pp. 259-285; Kishan, P., Opiela, T., Bank size, bank Capital, and the bank lending channel (2000) Journal of Money, Credit and Banking, 32 (1), pp. 121-141; Mills, P., Presley, J., (1999) Islamic Finance: Theory and Practice, , Macmillan, London, United Kingdom; Mushtaq, S., Effect of interest rate on bank deposits: evidences from Islamic and non-Islamic economies (2017) Future Business Journal, 3 (1), pp. 1-8; Saeed, A., (1996) Islamic Banking and Interest: A Study of the Prohibition of Riba’ and Its Contemporary Interpretation, , EJ Brill, Leiden; Sarac, M., Zeren, F., The dependency of Islamic bank rates on conventional bank interest rates: further evidence from Turkey (2015) Applied Economics, 47 (7), pp. 669-679; Zulkhibri, M., Bank-characteristics, lending channel and monetary policy in emerging markets: bank-level evidence from Malaysia (2013) Applied Financial Economics, 23 (5), pp. 347-362},
correspondence_address1={Zulkhibri, M.; Islamic Research and Training Institute, Saudi Arabia; email: khibri1974@yahoo.com},
publisher={Emerald Group Holdings Ltd.},
issn={20771886},
language={English},
abbrev_source_title={J. Econ. Finance Adm. Sci.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Rethel2018301,
author={Rethel, L.},
title={Economic Governance Beyond State and Market: Islamic Capital Markets in Southeast Asia},
journal={Journal of Contemporary Asia},
year={2018},
volume={48},
number={2},
pages={301-321},
doi={10.1080/00472336.2017.1404119},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85035137376&doi=10.1080%2f00472336.2017.1404119&partnerID=40&md5=e14e68c7544f341c365b04a59d1f5a84},
affiliation={Department of Politics and International Studies, University of Warwick, Coventry, United Kingdom},
abstract={Islamic finance has become an integral part of the financial systems of the Muslim-majority countries of Southeast Asia. At the same time, Southeast Asia has witnessed the emergence of new capital market governance practices and arrangements that are both multi-scalar and multi-sited. This article suggests that rather than only looking at the scale and rescaling of capital market governance in the region, more attention needs to be paid to the shifting balances between regulatory expertise, market practice and societal expectations. Indeed, for governance practices to be considered effective, they have to straddle at times competing demands of authority and legitimacy. This dynamic is nowhere as visible as in the case of Islamic finance, which explicitly involves Shariah experts, trained in Islamic law, in its governance structures. This article explores the novel forms of governance to which this new market has given rise. It argues that Islamic finance–rather than the product of privately held beliefs–has become increasingly bound up with the state apparatus. This facilitates the embedding of Islamic financial principles and ethical concerns throughout capital markets in the region. Yet, Islamic finance has also become increasingly submerged within national development and competitiveness agendas. © 2017 Journal of Contemporary Asia.},
author_keywords={capital markets;  Economic governance;  Indonesia;  Islamic finance;  Malaysia},
funding_text 1={In Indonesia, until recently, the agency tasked with the supervision and regulation of capital markets was Badan Pengawas Pasar Modal dan Lembaga Keuangan, the Capital Market and Financial Institutions Supervisory Agency or Bapepam-LK, established in 1976 by the Soeharto government. With regard to the development and institutionalisation of governance structures for the developing Islamic finance sector, or Shariah finance as Indonesians prefer to call it, however, an important role has to be accorded to the Majelis Ulama Indonesia or the Indonesian Council of Ulama (MUI). MUI was founded in 1975 and is one of the main fatwa-making organisations. It is partly funded by a grant from the Department of Religion. At the time of writing, it was also the sole domestic body allowed to do halal certification, another important source of its revenue (Lindsey 2012, 114).6 In 1999, in response to the growth of Islamic finance in Indonesia, MUI established its National Shariah Board or Dewan Syariah Nasional – Majelis Ulama Indonesia (DSN-MUI) (Atho 2013). DSN-MUI, with Shariah scholars drawn from both Muhammadiyah and Nahdlatul Ulama, the country’s two biggest Islamic civil society organisations, has “responsibility for overseeing doctrinal compliance” of Islamic financial institutions (Lindsey 2012, 119). In 2003, Bapepam-LK and DSN-MUI sought to forge stronger links by signing a Memorandum of Understanding (Atho 2013, 12).},
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Non-State Actors and Transnational Governance in Southeast Asia (2018) Journal of Contemporary Asia, 48 (2); Breslin, S., Wilson, J., Towards Asian Functional Futures: Bringing Mitrany Back In? (2015) Australian Journal of International Affairs, 69 (2), pp. 126-143; Brummer, C., Why Soft Law Dominates Finance and Not Trade? (2011) Journal of International Economic Law, 13 (3), pp. 623-643; Bünte, M., Building Governance from Scratch: Myanmar and the Extractive Industry Transparency Initiative (2018) Journal of Contemporary Asia, 48 (2); Devaraj, R., Understanding Fatwa in the Malaysian Context (2005) Aliran Monthly, 25. , http://aliran.com/archives/monthly/2005a/2h.html, Accessed October31, 2017; El-Gamal, M., (2006) Islamic Finance. Law, Economics and Practice, , Cambridge: Cambridge University Press; Fini, M., Rethel, L., Enacting the Rules of Global Finance. 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Islamic Finance and the Global Financial Order (2011) Review of International Political Economy, 18 (1), pp. 75-98; Rethel, L., Abdalloh, I., Inculcating Ethical Behaviour in Market Transactions? The Case of the Shariah Online Trading System in Indonesia (2015) MoneyLab Reader. An Intervention in Digital Economy, pp. 105-116. , Lovink G., Tkacz N., de Vries P., (eds), Amsterdam: Institute for Network Cultures, and,.” In, edited by; Rethel, L., The Imaginary Landscapes of Islamic Finance and the Global Financial Crisis (2017) Handbook of the Geographies of Money and Finance, pp. 562-579. , Martin R., Pollard J., (eds), Cheltenham: Edward Elgar,.” In, edited by; Rethel, L., Bank Regulation after the Global Financial Crisis. The Case of Regulatory Arbitrage (2014) Transnational Financial Regulation after the Crisis, pp. 72-90. , Porter T., (ed), London: Routledge,.” In, edited by; Rethel, L., Sinclair, T., Innovation and the Entrepreneurial State in Asia: Mechanisms of Bond Market Development (2014) Asian Studies Review, 38 (4), pp. 564-581; Rudnyckyj, D., Wall Street or Halal Street?: Malaysia and the Globalization of Islamic Finance (2013) Journal of Asian Studies, 72 (4), pp. 831-848; (2006) Resolutions of the Securities Commission Shariah Advisory Council, , Kuala Lumpur: Securities Commission; (2015) Shariah Supervisory Committee, , https://www.sc.com/en/banking-services/islamic-banking/shariah-supervisory-committee.html, Accessed August 31, 2015; (2015) Syariah Advisory Committee, , https://www.sc.com/my/saadiq/syariah-consultants.html, Accessed August 31, 2015; Zawya, T.R., (2015) State of the Global Islamic Economy: 2014–2015 Report, , http://halalfocus.net/wp-content/uploads/2015/01/SGIE-Report-2014.pdf, Accessed October 26, 2017; Venardos, A., (2006) Islamic Banking and Finance in Southeast Asia: Its Development and Future, , Singapore: World Scientific; Vogel, F., Hayes, S., (1998) Islamic Law and Finance: Religion, Risk and Return, , The Hague: Kluwer Law International, and; Warde, I., (2010) Islamic Finance in the Global Economy, , Edinburgh: Edinburgh University Press; Zeti, A., Strengthening Relations Between Indonesia and Malaysia (2009) Remarks by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, Launch of PT. Bank Muamalat Indonesia, the Malaysian Branch and First Islamic Investment Bank Ltd, Kuala Lumpur, , http://www.bis.org/review/r090309b.pdf, March 5. Accessed October 30, 2017; Zeti, A., Internationalisation of Islamic finance–Bridging Economies (2012) Welcoming address, Governor of the Central Bank of Malaysia at the Global Islamic Finance Forum 2012, Kuala Lumpur, September 19, , http://www.bis.org/review/r120920d.pdf, Accessed October 30, 2017},
correspondence_address1={Rethel, L.; Department of Politics and International Studies, United Kingdom; email: L.Rethel@warwick.ac.uk},
publisher={Routledge},
issn={00472336},
language={English},
abbrev_source_title={J. Contemp. Asia},
document_type={Article},
source={Scopus},
}

@ARTICLE{Noordin2018415,
author={Noordin, N.H. and Haron, S.N. and Hasan, A. and Hassan, R.},
title={Complying with the requirements for issuance of SRI sukuk: the case of Khazanah’s Sukuk Ihsan},
journal={Journal of Islamic Accounting and Business Research},
year={2018},
volume={9},
number={3},
pages={415-433},
doi={10.1108/JIABR-02-2016-0024},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046712028&doi=10.1108%2fJIABR-02-2016-0024&partnerID=40&md5=d079c3da2a6bb0dab35bb8e84d74ddb4},
affiliation={IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia},
abstract={Purpose: The purpose of this study is to provide a critical review on how the Khazanah’s Sukuk Ihsan was structured in compliance with the requirements for issuance of Sustainable and Responsible Investment (SRI) sukuk set by the Securities Commission (SC) Malaysia. Design/methodology/approach: To explain the structures and features of the Sukuk Ihsan, this study extracted important information from the sukuk’s Principle Terms and Conditions and Information Memorandum and presented them in a simple and easy-to-understand way. Next, this study refers to Part D: Requirement for Issuance, Offering or Invitation to Subscribe or Purchase Sustainable and Responsible Investment Sukuk of the SC’s Guidelines on Sukuk (revised edition: 28 August 2014) to assess the compliance of the sukuk in terms of eligibility of SRI sukuk issuer and SRI projects, use of proceeds, reporting and disclosure and independent assessment on SRI programmes. In addition, this study then compares the requirements stated in the SC’s SRI Sukuk Framework with the International Capital Market Association’s Green Bond Principles (GBP) and the USA’s Social Impact Bond (SIB) Act 2014. Findings: The present study finds that the definition of eligible SRI sukuk issuer in the Guidelines on Sukuk seems to be more stringent compared to the one provided in the GBP and the US’ SIB Act. Nevertheless, the SRI Sukuk Framework provides a more comprehensive yet precise list of eligible SRI projects, covering both environmental and social aspects, compared to the GBP (which only focuses on broad categories of environmental projects) and also the USA’s SIB Act (explicitly outlines 13 social projects which are aligned with the US Federal Government’s agenda in tackling social illnesses). Indeed, the main difference between the eligible SRI sukuk projects and its conventional counterparts lies in its compliance to Shariah principles. It is also observed that a significant emphasis has been given on SRI legislations in ensuring proper reporting and disclosure provided to the SRI sukuk stakeholders together with critical evaluation on the impacts of SRI programmes provided by an independent assessor. Practical implications: This paper contributes towards enriching the literature on the Islamic capital market, particularly on the integration between sukuk and social impacts investing. This paper was intended to highlight the important requirements in issuing SRI sukuk to various stakeholders of the Islamic capital market. Originality/value: The authors hope to shed some lights on the unique features and structural applications of SRI sukuk and its importance in becoming an effective instrument to raise funds for social agenda of a country by providing a real and practical example. © 2018, Emerald Publishing Limited.},
author_keywords={Green bond;  Islamic Capital market;  Social impact bond;  Socially responsible investment;  Sukuk},
references={(2008) Definition of Sukuk. Bahrain: Accounting and Auditing Organisation for Islamic Financial Institutions, , AAOIFI; Ahmed, H., Mohieldin, M., Verbeek, J., Aboulmagd, F., (2015) On the sustainable development goals and the role of Islamic finance, , Policy Research Working Paper 7266, Wolrd Bank Group; Bennett, M.S., Iqbal, Z., How socially responsible investing can help bridge the gap between Islamic and conventional financial markets (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6 (3), pp. 211-225; Bugg-Levine, A., Emerson, J., Impact investing: transforming how we make money while making a difference (2011) Innovations, 6 (3), pp. 9-18; Cheah, C.S., (2015) Khazanah Issue World’s First Ringgit-Denominated Sustainable and Responsible Investment Sukuk, , www.bloombergtv.my/khazanah-issues-worlds-first-ringgit-denominated-sustainable-responsible-investment-sukuk/, (accessed: 8 December 2015; Chew, E., Khazanah debuts ethical Islamic bonds with annual sales planned (2015) BloombergBusiness, , www.bloomberg.com; (2015) Ihsan Sukuk Berhad: Principal Terms and Conditions for the Sukuk Programme, , CIMB Investment Bank Berhad, Malaysia; Cowton, C.J., The development of ethical investment products (1994) The Relative Efficiency of Interest-Free Monetary System: some Empirical Evidence, Quarterly Review of Economics and Finance, 42, pp. 747-764. , Prindl, A.R. and Darrat, A.F.(Eds); Doval, E., Negulescu, O., A model of green investments approach (2014) Procedia Economics and Finance, 15, pp. 847-852; (2015) Ersnt & Young’s World Islamic Banking Competitiveness Report 2015, , www.ey.com/Publication/vwLUAssets/Global_İslami_Bankacilik_Rekabet_Raporu_2015/FILE/EY.IslamicBankingReport.2015(EN).pdf, (accessed, EY, 27 June 2015; Eyers, J., (2014) NSW social impact bond returns 7.5 per cent, , www.smh.com.au, (accessed: 11 December 2015; Ghani, M.I., The world’s first ringgit-denominated SRI Sukuk (2015) Thomson Reuters – RFI Responsible Finance Report 2015: The Emerging Convergence of SRI, , Reuters, T. (Ed.), ESG and Islamic Finance; (2010) What is Impact Investing?, , www.thegiin.org/impact-investing, (accessed: 10 December 2015; Hartley, J., (2014) Social Impact Bonds Are Going Mainstream, , www.forbes.com, (accessed: 11 December 2015; (2015) Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds. Zurich, , International Capital Market Association; Kit, Y.B., (2015) Khazanah to Launch Malaysia’s First Social Impact Bond, , www.reuters.com/articles, (accessed: 8 December 2015; Louche, C., (2006) Socially responsible investment differences between Europe and the United States, , Working Paper 2006/22, Vlerick Leuven, Ghent; Moghul, U.F., Safar-Aly, S., Green Sukuk: the introduction of Islam’s environmental ethics to contemporary Islamic finance (2015) Georgetown International Environmental Law Review (GIELR), 27 (1); Mohieldin, M., Iqbal, Z., Rostom, A.M., Fu, X., (2011) The role of Islamic finance in enhancing financial inclusion in Organization of Islamic Cooperation (OIC) countries, , World Bank Policy Research Working Paper Series; Moser, D.V., Martin, P.R., A broader perspective on corporate social responsibility research in accounting (2012) The Accounting Review, 87 (3), pp. 797-806; Nicholls, A., Tomkinson, E., (2013) The Peterborough Pilot Social Impact Bond, , Said Business School, University of Oxford; Pasi, G., Challenges for European welfare systems. A research agenda on social impact bonds (2014) Review of Applied Socio-Economic Research, 8 (2), pp. 141-151; Roca, E., Wong, V.S.H., Tularam, G.A., Are socially responsible investment markets worldwide integrated? (2010) Accounting Research Journal, 23 (3), pp. 281-301; Sairally, B.S., Integrating environmental, social and governance (ESG) factors in Islamic finance: towards the realisation of Maqasid al-Shari’ah (2015) ISRA International Journal of Islamic Finance, 7 (2), p. 145; (2014) SC Introduces Sustainable and Responsible Investment Sukuk Framework, , Securities Commission, Kuala Lumpur; (2015) Guidelines on Sukuk, , Securities Commission, Kuala Lumpur; (2015) Statistics on Islamic Capital Market, , Securities Commission, Kuala Lumpur; Schlegelmilch, B.B., The relative importance of ethical and environmental screening: implications for the marketing of ethical investment funds (1997) International Journal of Bank Marketing, 15 (2), pp. 48-53; (2014) Peterborough Social Impact Bond Reduces Reoffending by 8.4%; Investors on Course for Payment in 2016, , www.rockefellerfoundation.org/report/peterborough-social-impact-bond-reduces-reoffending-by-8-4-investors-on-course-for-payment-in-2016/, (accessed: 21 December 2015; (2014), 113th Congress, H.R.4885; Syed Azman, S.M., Engku Ali, E.R.A., The potential of innovative financial tools: Social Impact Bond (SIB) and Sustainable and Responsible Investment (SRI) sukuk, towards the sustainable growth of the Islamic finance industry (2016) EuropeanJournal of Islamic Finance; (2014) The Khazanah Report: Building True Value, , Khazanah Nasional Berhad, Kuala Lumpur; (2014), www.ussif.org/files/publications/sif_trends_14.f.es.pdf, (accessed, Report on US Sustainable, Responsible and Impact Investing Trends 2014: 27 June 2015; Watson, R., Ethical and socially responsible investment funds (2011) Journal of Financial Regulation and Compliance, 19 (2), pp. 100-110; Wilson, R., Islamic finance and ethical investment (1997) International Journal of Social Economics, 24 (11), pp. 1325-1342; (2014) Thomson Reuters Sukuk Perceptions & Forecast 2015, , Zawya Limited, Dubai},
correspondence_address1={Noordin, N.H.; IIUM Institute of Islamic Banking and Finance, Malaysia; email: hazizi@iium.edu.my},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hussain2018176,
author={Hussain, H.I. and Shamsudin, M.F. and Salehuddin, S. and Jabarullah, N.H.},
title={Debt maturity and shari’ah compliance: Evidence from Malaysian panel data},
journal={European Research Studies Journal},
year={2018},
volume={21},
number={1},
pages={176-186},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045964263&partnerID=40&md5=5e17eba59014c2f7dc50709eae550506},
affiliation={Universiti Kuala Lumpur Business School, Universiti Kuala Lumpur, Malaysia; United Overseas Bank Malaysia, Berhad & Department of Finance, University Malaya, Kuala Lumpur, Malaysia; Universiti Kuala Lumpur Malaysian Institute of Aviation Technology, Malaysia},
abstract={This paper investigates the effect of firm-specific characteristics on debt maturity in Malaysia. We examine the impact of Shari’ah compliance on debt maturity structure by grouping companies based on compliance status as governed by the Securities Commission of Malaysia over the sample period of 2007 to 2016. The results indicate that Shari’ah compliant firms tend to have longer debt maturity structure indicating that the nature of compliance determines the maturity structure of companies in Malaysia as managers of these firms tend to focus on mitigating liquidity risks potentially faced. In addition, Shari’ah compliant firms also tend to have lower bankruptcy costs. Contrary to their non-compliant counterparts, managers of Shari’ah compliant firms tend to change debt maturity structure as a signaling tool whilst opting for longer structures in periods of positive share price performance. We also find that Shar’iah compliance has no impact on firms’ strategy of matching debt to asset maturity structure. © 2018 International Strategic Management Association. All rights reserved.},
author_keywords={Capital structure;  Debt maturity;  Islamic capital markets;  Islamic Finance;  Malaysian firms.;  Shari’ah compliance},
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correspondence_address1={Hussain, H.I.; Universiti Kuala Lumpur Business School, Malaysia; email: hafezali@unikl.edu.my},
publisher={International Strategic Management Association},
issn={11082976},
language={English},
abbrev_source_title={Eur. Res. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Dsouli20121058,
author={Dsouli, O. and Khan, N. and Kakabadse, N.K.},
title={Spiritual capital: The co-evolution of an ethical framework based on Abrahamic religious values in the Islamic tradition},
journal={Journal of Management Development},
year={2012},
volume={31},
number={10},
pages={1058-1076},
doi={10.1108/02621711211281843},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84868550683&doi=10.1108%2f02621711211281843&partnerID=40&md5=d133529a1f7b9d663f718ad6b659f2ef},
affiliation={Northampton Business School, The University of Northampton, Northampton, United Kingdom},
abstract={Purpose: The aim of this paper is to investigate how values from within Abrahamic religions could be adopted to improve liberal market economies' (LMEs') corporate governance business practices. Design/methodology/approach: The concept of spiritual capitalism is explained from an Islamic perspective by adopting three universal Abrahamic values to critically analyse LMEs and offer an ethical alternative to current capitalism concerns. Findings: It is found that LMEs can be improved by considering all stakeholders, putting ethics before economics, and introducing shared risk/reward plus lower debt. Originality/value: The paper compares LMEs/Co-ordinated market economies (CMEs)/Islamic countries economies (ICEs) within an ethical framework for LMEs. © Emerald Group Publishing Limited.},
author_keywords={Abrahamic values;  Corporate governance;  Islam;  Market economy;  Religion;  Spiritual capitalism;  Stakeholders;  Values},
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correspondence_address1={Dsouli, O.; Northampton Business School, , Northampton, United Kingdom; email: Ouarda.dsouli@northampton.ac.uk},
issn={02621711},
language={English},
abbrev_source_title={J. Manage. Dev.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Hassan2012205,
author={Hassan, N.N.N.M. and Shafi, R.M. and Mohamed, S.},
title={The determinants of capital structure: Evaluation between Shariah-compliant and conventional companies},
journal={ICIMTR 2012 - 2012 International Conference on Innovation, Management and Technology Research},
year={2012},
pages={205-209},
doi={10.1109/ICIMTR.2012.6236389},
art_number={6236389},
note={cited By 10; Conference of 2012 International Conference on Innovation, Management and Technology Research, ICIMTR 2012 ; Conference Date: 21 May 2012 Through 22 May 2012;  Conference Code:91735},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84864828112&doi=10.1109%2fICIMTR.2012.6236389&partnerID=40&md5=b8266f491ae3faf4ca55d667a5c43b08},
affiliation={Faculty of Business Management, Universiti Teknologi MARA, Johor, Malaysia},
abstract={Islamic financial markets are still at infant stage in Malaysian economy, thus have created dual financial systems; Shariah-compliant and conventional financial system. Capital structure determinants of Shariah-compliant (SC) and conventional companies (CC) might be different due to restriction placed on capital structure and business activities of an SC. The aim of this research is to disclose the influential factors of capital structure of SC and CC. By using multiple regressions, we examined seventy SC and fifty CC listed on Main Market of Bursa Malaysia from year 2005-2010. We found that the SC's debt ratio was significant with profitability, size and tangibility but insignificant with non debt tax shield. The CC's debt ratio was significant with profitability, size and non debt tax shield but tangibility was insignificant. This has suggested both SC and CC have different factors to be considered in deciding the capital structure. © 2012 IEEE.},
author_keywords={Capital Structure;  Conventional Firms;  Islamic Financial;  Leverage;  Shariah - Compliant Firms},
keywords={Capital structure;  Conventional Firms;  Islamic Financial;  Leverage;  Shariah - Compliant Firms, Profitability, Industry},
references={Febianto, Shariah Compliant Model of Business Entities (2011) World Journal of Social Science, , http://ssrn.com/abstract=1891024, April [Online]. Available: unpublished; Othman, R., Thani, A.M., Ghani, E.K., Determinants of Islamic Social Reporting among Top Shariah-Approved Companies in Bursa Malaysia (2009) Research Journal of International Studies, (12), pp. 4-20. , October; (2007) The Islamic Capital Market. [Online], , http://www.bursamalaysia.com, Available; Viviani, J.L., Capital Structure Determinants: An Empirical Study of French Companies in the Wine Industry (2008) International Journal of Wine Business Research, 20 (2), pp. 171-194; Pao, H.T., Pikas, B., Lee, T., The Determinants of Capital Structure Choice Using Linear Models: High Technology vs. Traditional Corporations (2003) Journal of the Academy of Business and Economics, , January; Upneja, A., Dalbor, M.C., An Examination of Capital Structure in the Restaurant Industry (2001) International Journal of Contemporary Hospitality Management, 13 (2), pp. 54-59; Chiang, Y.H., Chan, P.C.A., Hui, C.M.E., Capital Structure and Profitability of the Property and Construction Sectors in Hong Kong (2002) Journal of Property Investment & Finance, 20 (6), pp. 434-453; Ooi, J., The Determinants of Capital Structure: Evidence on UK Property Companies (1999) Journal of Property Investment & Finance, 17 (5), pp. 464-480; Abor, J., Determinants of the Capital Structure of Ghanaian Firms (2008) AERC Research Paper, 176, pp. 1-34. , African Economic Research Consortium, March; Ahmed, H., Issues in Islamic Corporate Financing: Capital Structure in Firms (2007) Islamic Research and Training Institute (IRTI) Research Paper Series, (70), pp. 1-48; Zhang, R., Kanazaki, Y., Testing Static Trade-Off against Pecking Order Models of Capital Structure in Japanese Firms (2007) International Journal of Accounting and Information Management, 15 (2), pp. 24-36; Huang, G., Song, M., The Determinants of Capital Structure: Evidence from China (2006) China Economic Review, (17), pp. 14-36; Frank, M.Z., Goyal, V.K., (2003) Capital Structure Decisions, pp. 1-55. , Working Paper, April 17; Hasan, Z., Theory of Profit from Islamic Perspective (2008) MPRA Paper No. 8129, pp. 1-8. , http://mpra.ub.uni-muenchen.de/8129/, April [Online]. Available; Siddiqi, M.N., Partnership and Profit Sharing in Islamic Law (1987) Islamic Economics Series, 9. , the Islamic Foundation, Leicester; Qigui, L., Gary, T., (2009) Leverage Ratio and Determinants of Capital Structure in SMEs: Evidence from China, , http://ssrn.com/abstract=1460375, [Online]. Available unpublished; Akhtar, S., The Determinants of Capital Structure for Australian Multinational and Domestic Corporations (2005) Australian Journal of Management, 30 (2), pp. 321-341; Nadeem, A.S., Wang, Z., Determinants of Capital Structure: An Empirical Study of Firms in Manufacturing Industry of Pakistan (2011) Journal of Managerial Finance, 37 (2), pp. 117-133; Faris, A.S., Determinants of Capital Structure Choice: A Case Study of Jordanian Industrial Companies (2010) Journal of Resources (Humanities), 24 (8), pp. 2457-2487; Seppa, R., Capital Structure Decisions: Research in Estonian Non-Financial Companies (2008) Baltic Journal of Management, 3 (1), pp. 55-70; Bhaduri, S.N., Determinants of Corporate Borrowing: Some Evidence from the Indian Corporate Structure (2002) Journal of Economics and Finance, 26 (2), pp. 200-215; Gaud, P., Jani, E., Hoesli, M., Bender, A., The Capital Structure of Swiss Companies: An Empirical Analysis Using Dynamic Panel Data (2005) European Financial Management, 11 (1), pp. 51-69; Psillaki, M., Daskalakis, N., Are the Determinants of Capital Structure Country or Firm Specific? Evidence from SMEs (2008) Small Business Economics, 33 (3), pp. 319-333. , http://ssrn.com/abstract=1341860, [Online]. Available; Bevan, A., Danbolt, J., Capital Structure and Its Determinants in the United Kingdom: A Decompositional Analysis (2000) Working Paper Series, (2), pp. 1-30. , Department of Accounting and Finance, University of Glasgow, unpublished; Lind, R.F., A Comparison of Listed vs. Non-Listed Firm Capital Structure: Evidence from Sweden (2005) Working Paper, pp. 1-22. , unpublished},
correspondence_address1={Hassan, N.N.N.M.; Faculty of Business Management, , Johor, Malaysia; email: nadia666@johor.uitm.edu.my},
address={Malacca},
isbn={9781467306553},
language={English},
abbrev_source_title={ICIMTR - Int. Conf. Innov., Manage. Technol. Res.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Abd.Majid2012183,
author={Abd. Majid, M.S. and Maulana, H.},
title={A comparative analysis of the productivity of Islamic and conventional mutual funds in Indonesia: Data envelopment analysis (DEA) and general least square (GLS) approaches},
journal={Gadjah Mada International Journal of Business},
year={2012},
volume={14},
number={2},
pages={183-208},
doi={10.22146/gamaijb.5439},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84872130091&doi=10.22146%2fgamaijb.5439&partnerID=40&md5=bd0f83ff90abfdc037a4220608c3ed1f},
affiliation={Syiah Kuala University, Banda Aceh, Indonesia; Islamic Economic Forum for Indonesian Development (ISEFID), Malaysia},
abstract={This paper is an extended version of our earlier study (Abd. Majid and Maulana 2010) to further re-examine the relative efficiencies of selected Islamic and conventional mutual funds companies in Indonesia during the period 2004 to 2007 and their determinants. To measure their efficiencies, the output-input data consisting of a panel of conventional and Islamic mutual funds companies are empirically examined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis (DEA). It also attempts to investigate the influence of the mutual funds companies' characteristics on efficiency measures using the Generalized Least Square (GLS) estimation. The study finds that, on average, the Indonesian mutual funds companies experienced a decrease in Total Factor Productivity (TFP) growth. It is mainly caused by a decline in both efficiency and technical efficiencies, where the efficiency change is largely contributed by the changes in pure efficiency rather than scale efficiency. Additionally, the study also documents that the funds size negatively affects efficiency. This indicates that due to its diseconomies of scale, a larger mutual funds company is less efficient than a smaller funds company. Finally, in comparing the efficiency of the mutual funds companies, the study finds that, on average, the Islamic unit trust companies perform more poorly than their conventional counterparts.},
author_keywords={Data envelopment analysis (DEA);  Efficiency;  Generalized least square (GLS);  Indonesia;  Islamic capital market;  Mutual funds},
references={Abd Majid, M.S., Maulana, H., Assessing performance of mutual funds in Indonesia (2010) Journal of Economic Cooperation and Development, 31 (4), pp. 49-76; Abdullah, F., Hasan, T., Mohamad, S., Investigation of performance of Malaysian Islamic unit trust funds: Comparison with conventional unit trust funds (2007) Managerial Finance, 33, pp. 142-153; Alam, I., Sickles, R., Long run properties of technical efficiency in the U.S. airline industry (1995) Mimeo, , Rice University; Annuar, M.N., Shamsher, M., Ngu, M.H., Selectivity and timing: Evidence from the performance of Malaysian unit trusts (1997) Pertanika Journal of Social Science and Humanities, 5, pp. 45-57; Asai, S., Nemoto, J., Measurement of efficiency and productivity in regional telecommunications business Institute For Post and Telecommunication Policy Discussion Paper, , June 25; Banker, R.D., Charnes, A., Cooper, W.W., Some models for estimating technical and scale efficiencies in data envelopment analysis (1984) Management Science, 30, pp. 1078-1092; Basso, A., Funari, S., Theory and methodology: A data envelopment analysis approach to measure the mutual fund performance (2001) European Journal of Operational Research, 135, pp. 477-492; Berger, A.N., Humprey, D.B., Efficiency of financial institution: International survey and direction for future research (1997) European Journal of Operation Research, 98, pp. 175-212; Charnes, A., Charnes, W.W., Rhodes, E., Measuring the efficiency of decision making units (1978) European Journal of Operational Research, 3, pp. 429-444; Chen, Z., Lin, R., Mutual fund performance evaluation using data envelopment analysis with new risk measures (2006) OR Spectrum, 28, pp. 375-398; Coelli, T.J., A guide to DEAP version 2.1: A data envelopment analysis (Computer) Program (1996) Working Paper, 8 (96). , Centre for Efficiency and Productivity Analysis (CEPA). University of New England; Dogan, E., Fausten, D.K., Productivity and technical change in Malaysian banking (1989-1998) (2003) Asia-Pacific Financial Markets, 10, pp. 205-237; Fare, R., Lovell, C.A.K., Measuring the technical efficiency of production (1978) Journal of Economic Theory, 19, pp. 150-162; Fare, R., Shawna, G., Bjorn, L., Ross, L., Productivity development in swedish hospitals: A Malmquist output index approach (1989) Mimeo; Fare, R., Shawna, G., Mary, N., Zhongyang, Z., Productivity growth, technical progress and efficiency change in industrialized countries (1994) American Economic Review, 84, pp. 66-83; Farrell, M., The measurement of productive efficiency (1957) Journal of the Royal Statistical Society, 120, pp. 253-281; Ferdian, I.R., Dewi, M.K., Performance analysis of Islamic mutual funds: A comparative study between Indonesia and Malaysia (2007) Paper Presented At the International Conference On Islamic Capital Markets, , August 27-29, Jakarta, Indonesia; Galagedera, D.U.A., Silvapulle, P., Australian mutual fund performance appraisal using data envelopment analysis (2002) Journal of Managerial Finance, 28, pp. 60-61; Ghoul, W., Azoury, N., Karam, P., Islamic mutual funds: How do they compare with other religiously-based and ethically-based mutual funds (2007) Paper Presented At the IIUM International Conference On Islamic Banking and Finance (IICiBF), , 23-25 April, IIUM Institute of Islamic Banking and Finance (IIiBF), Kuala Lumpur; Gujarati, D.N., (2003) Basic Econometrics, , 4th ed.). New York: McGraw-Hill; Hayat, R., An empirical assessment of Islamic equity fund returns (2006) Master Thesis, , Amsterdam: Free University; Ippolito, R.A., Efficiency with costly information: A study of mutual fund performance (1965-1984). 1989 (1989) Quarterly Journal of Economics, 104, pp. 1-23; Jemric, I., Vujcic, B., Efficiency of bank in Croatia: A DEA approach (2002) Comparative Economic Studies, 44, pp. 169-193; Jensen, M.C., The performance of the mutual funds in the period 1945-1964 (1968) Journal of Finance, 23, pp. 389-416; Jensen, M., Optimal utilization of market forecasts and the evaluation of investment portfolio performance (1972) Mathematical Methods In Investmerit and Finance, , In Szego and Shell, North Holland, Amsterdam; Maghyereh, A., The effect of financial liberalization of the efficiency of financial institutions: The case of Jordanian commercial banks (2004) Savings and Development, 28, pp. 235-270; Murthi, B.P.S., Choi, Y.K., Desai, P., Efficiency of mutual funds and portfolio performance measurement: A non-parametric approach (1997) European Journal of Operational Research, 98, pp. 408-418; Taib, F., Isa, M., Malaysian unit trust aggregate performance (2007) Managerial Finance, 33, pp. 102-121; Neal, P., X-efficiency and productivity change in Australian banking (2004) Australian Economic Papers, 13, pp. 174-191; Sharpe, W.F., Mutual fund performance: Measurement and prediction (1965) The RAND Corporation, , March, Santa Monica; Sharpe, W.F., Mutual fund performance (1966) Journal of Business, 34, pp. 119-138; Seiford, L.M., Thrall, R.M., Recent developments in DEA: The mathematical programming approach to frontier analysis (1990) Journal of Econometrics, 46, pp. 7-38; Sengupta, J.K., Efficiency test for mutual fund portfolios (2003) Applied Financial Economics, 13, pp. 869-876; Supervisory Capital Market of Indonesia Agency (Bapepam: Badan Pengawas Pasar Modal). Annual Report (Various Issues); (2006), Supervisory Capital Market of Indonesia Agency, 2009. Indonesian Capital Market Master Plan; Treynor, J.L., How to rate management of investment funds (1965) Harvard Business Review, 43, pp. 63-75; www.bapepamlk.go.id},
correspondence_address1={Abd. Majid, M. S.; Syiah Kuala University, Banda Aceh, Indonesia; email: hannanan@gmail.com},
publisher={Gadjah Mada University},
issn={14111128},
language={English},
abbrev_source_title={Gadjah Mada Int. J. Bus.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Rahman201047,
author={Rahman, A.A.},
title={Three-factor capm risk exposures: Some evidence from Malaysian commercial banks},
journal={Asian Academy of Management Journal of Accounting and Finance},
year={2010},
volume={6},
number={1},
pages={47-67},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78650499675&partnerID=40&md5=939f67eeb56911c4fc1a3f2b72132731},
affiliation={Faculty of Economics and Business, Universiti Kebangsaan Malaysia, 43600, Bangi, Selangor, Malaysia},
abstract={This study investigates the determinants of the three-factor capital asset pricing model (CAPM) risk exposures in the case of commercial banks. Five risk exposures are examined namely, market, interest rate, exchange rate, total, and unsystematic risk exposures. Our findings provide four major contributions. First, we find that different types of risk exposures have different determinants. Second, the market risk exposure for the Islamic bank in our study is lower than for conventional banks. Third, the merger programme is fruitful because it reduces the interest rate risk exposure, total risk exposure, and unsystematic risk exposure. Finally, our results show that the banks under study have higher total and unsystematic risk exposures during the 1997 Asian financial crisis. Thus, a clear understanding of this evidence helps in ensuring effective and successful decision-making for regulators, policy makers and market players.},
author_keywords={Banking;  Financial crisis;  Merger;  Risk},
references={Ahmad, N.H., Ahmad, S.N., Key factors influencing credit risk of Islamic bank: A Malaysian case (2004) Journal of Muamalat and Islamic Finance Research, 1 (1), pp. 65-80; Ahmad, N.H., Ariff, M., Key risk determinants of listed deposit-taking institutions in Malaysia (2004) Malaysian Management Journal, 8 (1), pp. 69-81; What factors determine the total risk of deposit-taking institutions (2003) Paper Presented In MFA's 5th Annual Symposium, pp. 888-902. , 23-24 April, Cyberjaya: MMU; Allen, M., Madura, T., Jeff, W.K.J., Commercial banks exposure and sensitivity to the real estate market (1995) Journal of Real Estate Research, 10 (2), pp. 129-140; Anderson, R.D., Fraser, D.R., Corporate control, bank risk taking, and the health of the banking industry (2000) Journal of Banking and Finance, 24 (8), pp. 1383-1398; Angbazo, L., Commercial bank net interest margin, default risk, interest rate risk, and off-balance sheet banking (1997) Journal of Banking and Finance, 21 (1), pp. 55-87; Angkinand, A., Wihlborg, C., Deposit insurance coverage, ownship, and banks' risk-taking in emerging markets (2009) Journal of International Money and Finance, 29 (2), pp. 1-23; Bae, S.C., Interest rate changes and common stock returns of financial institutions: Revisited (1990) The Journal of Financial Research, 13 (1), pp. 71-79; Beaver, W., Eger, C., Ryan, S., Wolfson, M., Financial Reporting. Supplemental disclosures and bank share prices (1989) Journal of Accounting Research, 27, pp. 15-178; Blasko, M., Sinkey, J.F., Bank asset structure, real-estate lending, and risk taking The Quartely Review of Economic and Finance; Brewer, E., William, E.J., Thomas, S.M., Risk, regulation, and S & L diversification into non-traditional assets (1996) Journal of Banking and Finance, 20 (4), pp. 723-744; Brewer, E., Relationship between bank holding company risk and non-bank activity (1989) Journal of Economics and Business, 41, pp. 337-353; Brooth, J.R., Officer, D.T., Expectations, interest rates, and commercial bank stocks (1985) The Journal of Financial Research, 13 (1), pp. 51-58; Cebeyonan, A.S., Strahan, P.E., Risk management, capital structure and lending at banks (2004) Journal of Banking and Finance, 28, pp. 19-43; Chamberlain, S., Howe, J., Popper, H., The exchange rate exposure of US and Japanese banking institutions (1997) Journal of Banking and Finance, 21, pp. 871-892; Chance, D.M., Lane, W.R., A re-examination of interest rate sensitivity in the common stocks of financial institutions (1980) Journal of Financial Research, 3 (1), pp. 49-56; Dinger, V., Do foreign-owned banks effect banking system liquidity risk? (2009) Journal of Comparative Economics, 41 (2-3); Flannery, M.J., James, C.M., The effect of interest rate changes on the common stock returns of financial institutions (1984) The Journal of Finance, 39 (4), pp. 1141-1153; Francis, B.B., Hunter, D.M., The impact of the Europe on risk exposure of the world's major banking industries (2004) Journal of International Money and Finance, 23, pp. 1011-1042; Gallo, J.G., Apilado, V.P., Kolari, J.W., Commercial bank mutual fund activities: Implications for bank risk and profitability (1996) Journal of Banking and Finance, 20 (5), pp. 1775-1791; Gonzales, F., Bank regulation and risk-taking incentives: An international comparison of bank risk (2004) Journal of Banking and Finance, 29, pp. 1153-1184; Gujarati, D.N., (2003) Basic Econometrics (4th Ed.), , Singapore: McGraw-Hill Higher Education; Hahm, J.H., Interest rate and exchange rate exposures of banking institutions in pre-crisis Korea (2004) Applied Economic, 36 (13), pp. 1409-1419; Hassan, M.K., Capital market tests of risk exposure of loan sales activities of large US commercial banks (1993) Quarterly Journal of Business and Economics, pp. 27-49; He, L.T., Myer, F.C.N., Webb, J.R., The sensitivity of banks stock returns to real estate (1996) Journal of Real Estate Finance and Economics, 12 (2), pp. 203-220; Hsio, C., (2002) Analysis of Panel Data, , 2nd ed.). NY: Cambridge University Press; Jahankhani, A., Lynge, M.J., Commercial bank financial policies and their impact on market-determined measures of risk (1980) Journal of Financial Research, 11 (3), pp. 169-178; Jianping, M., Saunders, A., Bank risk and real estate: An asset pricing perspective (1995) Journal of Real Estate Finance and Economics, 10 (3), pp. 199-224; Jianping, M., Ahyee, L., Is there a real estate factor premium? (1994) Journal of Real Estate Finance and Economics, 9 (2), pp. 113-126; Joyce, J.P., Nabar, M., Sudden stops, banking crises and investment collapses in emerging market (2009) Journal of Development Economics, 90 (2), pp. 314-322; Konishi, M., Yasuda, Y., Factors affecting bank risk taking: Evidence from Japan (2004) Journal of Banking and Finance, 28 (1), pp. 215-232; Lausberg, C., The real estate market risk of banks: Evidence of its importance and consequences for managing risk in real estate lending (2001) Article Submitted to the 2001 Annual Meeting of The European Financial Management Association, , Working paper series in SSRN; Laeven, L., Levine, R., Bank governance, regulation and risk-taking (2009) Journal of Financial Economics, 93 (2), pp. 259-275; Lepetit, L., Nys, E., Rous, P., Tarazi, A., Bank income structure and risk: An empirical analysis of European banks (2008) Journal of Banking and Finance, 32 (8), pp. 1452-1467; Lloyd, W.P., Shick, R.A., A test of Stone's two-index model of returns (1997) Journal of Financial and Quantitative Analysis, 12, pp. 731-741; Lynge, M., Zumwalt, K., (1980) An Empirical Study of the Interest Rate Sensitivity Of; Commercial banks returns: A multi-factor approach Journal of Financial Research and Qualitative Analysis, 15, pp. 731-742; Madura, J., Martin, A.D., Taylor, D.A., Determinants of implied risk of depository institutions (1994) Applied Financial Economics, 4 (5), pp. 363-370; Marco, T.G., Fernandez, M.D.R., Risk-taking behaviour and ownership in the banking industry: The Spanish evidence (2008) Journal of Economics and Business, 60, pp. 332-354; Martin, J.D., Keown, A.J., Interest rate sensitivity and portfolio risk (1977) Journal of Financial and Quantitative Analysis, 12 (6), pp. 181-191; Rahman, A., Ibrahim, M., Meera, A.K.M., Lending structure and bank insolvency risk: A comparative study between the Islamic and Conventional Banks (2009) Journal of Business & Policy Research, 4 (2), pp. 189-211; Does the Islamic Bank lending structure matter? Paper presented in 3rd Islamic banking, Accounting &amp; finance (iBAF) Conference 2008 (2008) Financial Intelligence In Wealth Management: Islam Hadhari's Perspective, , 29-30th July 2008, The Legend Hotel, Kuala Lumpur; Ross, S., The arbitrage theory of capital asset pricing (1976) Journal of Economic Theory, 13 (3), pp. 341-360; Said, M., Rasidah, M., Fauzias, N., Low, S.W., Rahman, A., The efficiency effects of mergers and acquisitions in Malaysian Banking Institutions (2008) Asian Journal of Business and Accounting, 1 (1), pp. 47-66; Saunders, A., Strock, E., Travlos, N.G., Ownership structure, deregulation and bank risk taking (1990) Journal of Finance, 45 (2), pp. 643-654; Shahimi, S., Penentu margin pendapatan bersih Bank Islam (2006) PhD Dissertation, p. 143. , Universiti Kebangsaan Malaysia; Sharpe, W.F., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) Journal of Finance, 19 (3), pp. 425-442; Simpson, J., The impact of the Internet in banking: Observations and evidence from developed and emerging markets (2002) Telematics and Informatics, 19 (4), pp. 315-330; Stone, B.K., Systematic interest rate risk in a two-index model of returns (1974) Journal of Financial and Quantitative Analysis, 9 (5), pp. 709-721; Wong, T.C., Wong, H.J., Leung, P., The foreign exchange exposure of Chinese Bank (2009) China Economic Review, 20 (2), pp. 174-185; Yong, H.H.A., Faff, R., Chalmers, K., Derivative activities and Asia-Pacific banks' interest rate and exchange rate exposures (2009) Journal of International Financial Markets, Institutions, and Money, 19 (1), pp. 16-32; Zakaria, R.H., Banks' securitization involvement, bank lending and bank stability: A panel data analysis (2007) PhD Dissertation, p. 130. , Universiti Kebangsaan Malaysia},
correspondence_address1={Rahman, A. A.; Faculty of Economics and Business, , 43600, Bangi, Selangor, Malaysia; email: eychah@ukm.my},
issn={18234992},
language={English},
abbrev_source_title={Asian Acad. Manage. J. Account. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Danisman20214481,
author={Danisman, G.O. and Demir, E. and Zaremba, A.},
title={FINANCIAL RESILIENCE TO THE COVID-19 PANDEMIC: THE ROLE OF BANKING MARKET STRUCTURE},
journal={Applied Economics},
year={2021},
volume={53},
number={39},
pages={4481-4504},
doi={10.1080/00036846.2021.1904118},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85103412893&doi=10.1080%2f00036846.2021.1904118&partnerID=40&md5=86e6e26f94559b8f2a496ffafbec1ea7},
affiliation={Faculty of Economics, Administrative and Social Sciences, Kadir Has University, Istanbul, Turkey; Faculty of Tourism, Istanbul Medeniyet University, Istanbul, Turkey; Montpellier Business School, Montpellier, France; Montpelier Research in Management, University of Montpellier, Montpellier, France; Department of Investment and Financial Markets, Institute of Finance, Poznan University of Economics and Business, Poland},
abstract={This article examines whether differences in banking market structures across countries influence the local stock market resilience to the COVID-19 pandemic. Using a sample of 66 countries for the period January 2020 to July 2020, our findings demonstrate that countries with more concentrated banking systems, with a higher presence of foreign banks, and a higher share of Islamic banks are more resilient to the pandemic. Considering the banking regulatory differences between countries, we observe that equity markets of countries with stricter regulatory requirements on capital and liquidity are more resilient to the COVID-19. Finally, regarding banking sector performance indicators, our findings show that while stock reactions of countries with more stable banking systems are more resilient to the pandemic; countries with more credit to deposit ratio, overhead costs, high provisions and nonperforming loans are more vulnerable. Our findings provide important implications for policymakers, regulatory bodies and investors. © 2021 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={bank performance;  bank regulations;  banking structure;  COVID-19;  resilience;  stock return},
keywords={banking;  COVID-19;  epidemic;  industrial performance;  industrial regulation;  stock market},
references={Acharya, V., “The Seeds of a Crisis: A Theory of Bank Liquidity and Risk Taking Over the Business Cycle.„ (2012) Journal of Financial Economics, 106 (2), p. 349. , H. Naqvi; Acharya, V.V., Steffen, S., The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID (2020) Review of Corporate Finance Studies, 9, pp. 430-471; Agoraki, M.E.K., Delis, M.D., Pasiouras, F., Regulations, Competition and Bank Risk-taking in Transition Countries (2011) Journal of Financial Stability, 7 (1), pp. 38-48; Al-Awadhi, A.M., Al-Saifi, K., Al-Awadhi, A., Alhamadi, S., Death and Contagious Infectious Diseases: Impact of the COVID-19 Virus on Stock Market Returns (2020) Journal of Behavioral and Experimental Finance, 27, p. 100326; Albuquerque, R., “Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash.” (2020) Review of Corporate Finance Studies, 9 (3), pp. 593-621. , Y. Koskinen, S. Yang, and C. Zhang; Aldasoro, I., Fender, I., Hardy, B., Tarashev, N., Effects of Covid-19 on the Banking Sector: The Market’s Assessment (No. 12) (2020) Bank for International Settlements; Allen, F., Jackowicz, K., Kowalewski, O., Kozłowski, Ł., Bank Lending, Crises, and Changing Ownership Structure in Central and Eastern European Countries (2017) Journal of Corporate Finance, 42, pp. 494-515; Anginer, D., Bertay, A.C., Cull, R., Demirgüç-Kunt, A., Mare, D.S., Bank Regulation and Supervision Ten Years after the Global Financial Crisis (2019) World Bank Working Paper; Ashraf, B.N., Stock Markets’ Reaction to COVID-19: Cases or Fatalities? (2020) Research in International Business and Finance, 54, p. 101249; Baker, S.R., Bloom, N., Davis, S.J., Kost, K.J., Sammon, M.C., Viratyosin, T., (2020) The Unprecedented Stock Market Impact of COVID-19 (No. W26945), , National Bureau of Economic Research; Baltagi, B.H., (2008) Econometric Analysis of Panel Data, , West Sussex: John Wiley and Sons; Barua, B., Barua, S., COVID-19 Implications for Banks: The Case of an Emerging Economy (2020) Available at SSRN 3646961; Beck, T., Demirgüç-Kunt, A., Merrouche, O., Islamic Vs. Conventional Banking: Business Model (2013) Efficiency and Stability. 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correspondence_address1={Danisman, G.O.; Faculty of Economics, Turkey; email: gamze.danisman@khas.edu.tr},
publisher={Routledge},
issn={00036846},
language={English},
abbrev_source_title={Appl. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ishak20202137,
author={Ishak, M.S.I. and Asni, F.},
title={The role of maqasid al-Shariʿah in applying fiqh muamalat into modern Islamic banking in Malaysia},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={9},
pages={2137-2154},
doi={10.1108/JIABR-12-2019-0224},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85095680161&doi=10.1108%2fJIABR-12-2019-0224&partnerID=40&md5=73a80a8dff2dbcaea5726544ba2a64d6},
affiliation={Faculty of Business and Management, UniSZA, Kuala Terengganu, Malaysia; Faculty of Islamic Studies, Kolej Universiti Islam Perlis, Perlis, Malaysia},
abstract={Purpose: This paper aims to explore the practical role of maqasid al-Shari’ah in applying fiqh muamalat to the reality of modern banking practices. As the modern financial environment is complicated and not too conducive for Islamic banking operations, a special approach based on maqasid al-Shari’ah is needed to harmonize between revelation and reality. Design/methodology/approach: The data of this study are obtained through literature and empirical data. As for the empirical, the exploratory qualitative approach is applied in which three members of the Shari’ah Advisory Council (SAC) of Bank Negara Malaysia (BNM) as well as three Shari’ah committees (SC) of Islamic Finance Institutions are selected as interviewees. As a result, several themes are defined from the interview data before they are analyzed based on the concept of maqasid al-Shari’ah. Findings: The findings reveal that several practices are prevalent in developing Islamic banking products, including replicating conventional products to be Islamic ones, imposing wa’ad (unilateral promise) to strengthen the combination of different contracts into one product, and adopting floating rate with ibra’ (rebate) for financing price, which are needed to sustain this industry in modern financial system. In this regard, maqasid al-Shari’ah is applied to reconcile between rulings in fiqh muamalat and banking environments, so that these rulings can be adopted pragmatically without compromising Shari’ah principles. Research limitations/implications: This study has its limitations, as it focuses on the extent of the role of the maqasid al-Shari’ah in Islamic banking operations, excluding other segments of Islamic finance such as Islamic capital markets and Islamic insurance. Moreover, as data are collected from only six interviewees from SAC and SC of Malaysia, the results cannot be represented for the whole Islamic banking practices of this country. Practical implications: This study provides several policy recommendations regarding the practice of the maqasid al-Shari’ah in Islamic banking. These may be useful for all Islamic finance players, including regulators and bankers in introducing policies and products in this area. Social implications: This study has the potential to enhance the confidence of the Muslim community, particularly in Islamic banking to support its existence and practices. The impact of such optimism will lead to an increase in demand for Islamic banking products, hence encouraging Islamic banking to sustain and update its activities in line with maqasid al-Shari’ah. Originality/value: This paper offers a practical approach as regards to how the maqasid al-Shari’ah can play a significant role in sustaining the Islamic banking industry, particularly in circumstances that are not favorable to its progress. It is indispensable to prevent the Islamic rulings from being diverted in the name of human well-being and to avoid basing them on a literal textual approach. Moreover, as it provides empirical studies on the issue of replication, wa’ad, floating rate and ibra’, the discussion on this subject becomes more practical. © 2020, Emerald Publishing Limited.},
author_keywords={Islamic banking;  Islamic finance;  Maqasid al-Shari’ah;  Maslahah;  Replication},
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correspondence_address1={Ishak, M.S.I.; Faculty of Business and Management, Malaysia; email: shahrulifwat@unisza.edu.my},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Rahman2020239,
author={Rahman, M.P. and Mohd Thas Thaker, M.A. and Duasa, J.},
title={Developing a Sharīʿah-compliant equity-based crowdfunding framework for entrepreneurship development in Malaysia},
journal={ISRA International Journal of Islamic Finance},
year={2020},
volume={12},
number={2},
pages={239-252},
doi={10.1108/IJIF-07-2018-0085},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85091633319&doi=10.1108%2fIJIF-07-2018-0085&partnerID=40&md5=d6cfacc31f56360a48f4c3250de17851},
affiliation={Faculty of Economics and Management Sciences, International Islamic University Malaysia, Kuala Lumpur, Malaysia},
abstract={Purpose: Crowdfunding has become one of the preferred mechanisms to raise funds by startups and small entrepreneurs. As such, this paper aims to develop an appropriate framework for Sharīʿah-compliant equity-based crowdfunding (SEC) for entrepreneurship development in Malaysia. Design/methodology/approach: The research begins by analyzing the intention of 200 entrepreneurs in Kuala Lumpur and Selangor regarding the use of crowdfunding to raise capital. The analysis is based on the theory of reasoned action (TRA), which is also associated with the technology acceptance model (TAM) and is effected by using structural equation modeling (SEM). Findings: The entrepreneurs agree on the ease of use of crowdfunding in raising capital, although it appeared that they are quite reluctant to share their business ideas online. Subsequently, an SEC framework is proposed, to further enhance entrepreneurship development in Malaysia particularly in meeting the need for raising funds in line with Sharīʿah (Islamic law) principles. Practical implications: This paper aims to contribute more to the development of a blueprint for an SEC platform for market players and regulators in Malaysia. Social implications: This paper also aims to highlight the growing needs of entrepreneurs, particularly in Malaysia to have a Sharīʿah-compliant alternative to raise funds via crowdfunding. Originality/value: This paper makes two main contributions. First, it provides evidence on Malaysian entrepreneurs’ intention to use crowdfunding for fundraising through TAM and SEM analysis. Second, it proposes an SEC framework for the development of entrepreneurs in Malaysia. © 2020, Maya Puspa Rahman, Mohamed Asmy Mohd Thas Thaker and Jarita Duasa.},
author_keywords={Malaysian entrepreneurship;  Sharīʿah-compliant equity-based crowdfunding (SEC);  Structural equation modeling (SEM);  Theory of reasoned action (TRA)},
funding_details={Ministry of Higher Education, MalaysiaMinistry of Higher Education, Malaysia, MOHE},
funding_text 1={Islamic finance promotes alternate financing that is supported by ethical and socially accountable standards, emphasizing the just distribution of benefits and obligations among all parties involved in the financial transactions. Generally, crowdfunding exemplifies these features as it requires all information related to the entrepreneurs (fundraisers) to be disclosed to the investors (funders) and close connections are built between them through the updates and project progress reports once funding has been secured. The mechanism of equity-based crowdfunding, which is similar to a partnership arrangement, is seen as a positive step forward for crowdfunding in the Muslim world.},
references={Abduh, M., Duasa, J., Omar, M.A., Factors influence depositors’ withdrawal behavior in Islamic banks: a theory of reasoned action (2011) World Academy of Science, Engineering and Technology, 60, pp. 2074-2079; Achsien, I.H., Purnamasari, D.L., Islamic crowd-funding as the next financial innovation in Islamic finance: potential and anticipated regulation in Indonesia (2016) European Journal of Islamic Finance, 5, pp. 1-10; Alonso, I.M., Crowdfunding in Islamic finance and microfinance: a case study of Egypt. Access to finance and human development (2015) Essays on Zakah, Awqaf and Microfinance, p. 85; Amin, H., Chong, R., Determinants for ar-rahnu usage intentions: an empirical investigation (2013) African Journal of Business Management, 5 (20), pp. 8181-8191; Anderson, J.C., Gerbing, D.W., Structural equation modeling in practice: a review and recommended two-step approach (1988) Psychological Bulletin, 103 (3), pp. 411-423; Davis, F.D., Perceived usefulness, perceived ease of use, and user acceptance of information technology (1989) MIS Quarterly, 13 (3), pp. 319-340; Ferrary, M., Granovetter, M., The role of venture capital firms in Silicon valley’s complex innovation network (2009) Economy and Society, 38 (2), pp. 326-359; Fornell, C., Larcker, D.F., Structural equation models with unobservable variables and measurement error: algebra and statistics (1981) Journal of Marketing Research, 18 (3), pp. 382-388; (2020) Crowdfunding statistics, , https://blog.fundly.com/crowdfunding-statistics/, (accessed: 25 May 2020; Gerber, E.M., Hui, J.S., Kuo, P.Y., Crowdfunding: why people are motivated to post and fund projects on crowdfunding platforms (2012) Proceedings of the International Workshop on Design, Influence, and Social Technologies: Techniques, Impacts and Ethics, 2. , ACM, New York, NY; Hair, J.F., Black, W.C., Babin, B.J., Anderson, R.E., Tatham, R.L., (2006) Multivariate Data Analysis, 6. , Prentice-Hall, Upper Saddle River, NJ; HoegenSteininger, A., Veit, D., (2017) How do investors decide? An interdisciplinary review of decision-making in crowdfunding, , https://doi.org/10.1007/s12525-017-0269-y, (accessed: 8 June 2020; Massolution, C.L., (2015) Crowdfunding industry report, , http://reports.crowdsourcing.org/index.php, (accessed: 25 July 2018; Rahman, M.P., Duasa, J., Kamil, M., Kamil, N., Factors contributing to the success of crowdfunding: the Malaysian case (2016) paper presented at the Asia-Pacific Conference on Economics and Finance (APEF), 27-28 July, , Singapore; Sakti, M.R.P., Thaker, H.B.M.T., Qoyum, A., Qizam, I., Determinants of cash waqf contribution in Klang Valley and Selangor: an SEM approach (2016) Journal of Islamic Monetary Economics and Finance, 2 (1), pp. 111-144; (2020) Crowdfunding statistics, , www.sc.com.my, (accessed: 8 June 2020; (2020) Market size of crowdfunding worldwide in 2018 and 2025 (in billion U.S. dollars), , www.statista.com/statistics/1078273/global-crowdfunding-market-size/, (accessed: 8 June 2020; (2019) State of the global Islamic economy report 2019/20, , www.salaamgateway.com/SGIE19-20, (accessed: 8 June 2020; Valanciene, L., Jegeleviciute, S., Valuation of crowdfunding: benefits and drawbacks (2013) Economics and Management, 18 (1), pp. 39-48; Wahjono, S.I., Marina, A., Islamic crowdfunding: alternative funding solution (2015) paper presented at the 1st World Islamic Social Science Congress (WISSC 2015), 1-2 December, , Putrajaya; (2013) Crowdfunding’s potential for the developing world, , www.infodev.org/infodev-files/wb_crowdfundingreport-v12.pdf, (accessed: 1 July 2018},
correspondence_address1={Rahman, M.P.; Faculty of Economics and Management Sciences, Malaysia; email: mayapuspa@iium.edu.my},
publisher={Emerald Group Holdings Ltd.},
issn={01281976},
language={English},
abbrev_source_title={ISRA Int. J. Islamic Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hussain20205387,
author={Hussain, H.I. and Anwar, N.A.M. and Razimi, M.S.A.},
title={A generalised regression neural network model of financing imbalance: Shari'ah compliance as the roadmap for sustainability of capital markets},
journal={Journal of Intelligent and Fuzzy Systems},
year={2020},
volume={39},
number={4},
pages={5387-5395},
doi={10.3233/JIFS-189023},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85094899448&doi=10.3233%2fJIFS-189023&partnerID=40&md5=f6e2706c1a12d0deedfeaebbd8f8f10e},
affiliation={Taylor's Business School, Taylor's University, Subang Jaya, Selangor, Malaysia; University of Economics and Human Sciences in Warsaw, Okopowa, Warsaw, Poland; Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Malaysia; Islamic Business School, Universiti Utara Malaysia, Sintok, Kedah, Malaysia},
abstract={The current study looks at the impact of compliance to Shari'ah principles on the capital structure for Malaysian firms. Examination of impact of compliance is based on the classification by the Securities Commission of Malaysia. Given that the literature on adjustment tends to ignore non-linear models, the current study utilises Generalised Regression Neural Network (GRNNs). Results are compared to conventional panel data regression models via performing a hold-out sample. Initial results confirm stability of the data allowing predictive ability. The results indicate that compliant firms tend to finance a greater portion of their financing imbalance via equities relative to non-compliant firms. This provides a strong indication towards compliant firms reducing overall risk taking where the financing pattern incorporates a greater aspect of risk sharing which is in-line with Shari'ah principles. In addition, two more factors are ranked as important in deciding compliant firms issue choice to resolve financial imbalance: profitability and size. The rest of the determinants have low impact on explaining net debt issues. Diagnostics for results provide evidence of lower RMSE and MSE for GRNNs for the training, testing and overall datasets. The potential benefit of this research allows managers and investors of Islamic capital markets to understand potential risk exposure and financing costs of compliant firms. Findings also provide a roadmap for development of a sustainable capital market model which has wider implications on a global scale. © 2020-IOS Press and the authors.},
author_keywords={Capital structure;  generalised regression neural networks;  Islamic capital markets;  Islamic finance;  sustainable capital markets},
keywords={Commerce;  Electronic trading;  Financial markets;  Investments;  Regression analysis;  Risk management, Capital structure;  Non-compliant firms;  Non-linear model;  Potential benefits;  Potential risks;  Predictive abilities;  Regression neural networks;  Risk-sharing, Neural networks},
references={Ar, A.H., Capital structure determinants of shariah and non-shariah companies at bursa Malaysia (2018) Opcion, 34 (16), pp. 678-695; Hovakimian, A., Opler, T., Titman, S., The debt-equity choice (2001) Journal of Financial and Quantitative Analysis, 36 (1), pp. 1-24; Yildirim, R., Masih, M., Bacha, O.I., Determinants of capital structure: Evidence from shari'ah compliant and non-compliant firms (2018) Pacific-Basin Finance Journal, 51, pp. 198-219; Hussain, H., The impact of shari'ah compliance on the adjustment to target debt maturity of Malaysian firms (2018) European Research Studies Journal, 21 (2), pp. 48-61; Hussain, H., Debt maturity structure and shari'ah compliance: Evidence from Malaysia (2018) European Research Studies Journal, 21 (1), pp. 179-189; Modigliani, F., Miller, M., The cost of capital, corporation finance and the theory of finance (1958) American Economic Review, 48 (3), pp. 291-297; Modigliani, F., Miller, M.H., Corporate income taxes and the cost of capital: A correction (1963) American Economic Review, 53 (3), pp. 433-443; Shyam-Sunder, L., Myers, S.C., Testing static tradeoff against pecking order models of capital structure (1999) Journal of Financial Economics, 51 (2), pp. 219-244; Zhang, R., Kanazaki, Y., Testing static tradeoff against pecking order models of capital structure in Japanese firms (2007) International Journal of Accounting & Information Management, 15 (2), pp. 24-36; Ni, J., Yu, M., Testing the pecking-order theory: Evidence from Chinese listed companies (2008) Chinese Economy, 41 (1), pp. 97-113; Frank, M.Z., Goyal, V.K., Testing the pecking order theory of capital structure (2003) Journal of Financial Economics, 67 (2), pp. 217-248; Huang, R., Ritter, J.R., Testing theories of capital structure and estimating the speed of adjustment (2009) Journal OfFinancial and Quantitative Analysis, 44 (2), pp. 237-271; Singh, P., Kumar, B., Trade-off theory vs pecking order theory revisited: Evidence from India (2012) Journal of Emerging Market Finance, 11 (2), pp. 145-159; Ali Ahmed, H.J., Hisham, N., Revisiting capital structure theory: A test of pecking order and static order tradeof model from Malaysian capital market (2009) International Research Journal of Finance and Economics, 30, pp. 58-65; Haron, R., Capital structure inconclusiveness: Evidence from Malaysia, Thailand and Singapore (2014) International Journal of Managerial Finance, 10 (1), pp. 23-38; Wilson, R., Innovation in the structuring of islamic sukuk securities (2008) Humanomics, 24 (3), pp. 170-181; Godlewski, C.J., Turk-Ariss, R., Weill, L., Sukuk vs. Conventional bonds: A stock market perspective (2013) Journal of Comparative Economics, 41 (3), pp. 745-761; Sherif, M., Erkol, C.T., Sukuk and conventional bonds: Shareholder wealth perspective (2017) Journal of Islamic Accounting and Business Research, 8 (4), pp. 347-374; Alnori, F., Alqahtani, F., Capital structure and speed of adjustment in non-financial firms: Does sharia compliance matter? Evidence from Saudi Arabia (2019) Emerging Markets Review, 39, pp. 50-67; Thabet, O.B., Capital structure of Malaysian shariah-compliant firms (2017) Journal of King Abdulaziz University: Islamic Economics, 30 (1), pp. 105-116; Haron, R., Ibrahim, K., Target capital structure and speed of adjustment: Panel data evidence on Malaysia shariah compliant securities (2012) International Journal of Economics, Management and Accounting, 20 (2); Hussain, H.I., Sustainability of leverage levels in response to shocks in equity prices: Islamic finance as a socially responsible investment (2019) Sustainability, 11 (12), p. 3260; Baltagi, B.H., Song, S.H., Unbalanced panel data: A survey (2006) Statistical Papers, 47 (4), pp. 493-523; Canarella, G., Nourayi, M.M., Sullivan, M.J., An alternative test of the trade-off theory of capital structure (2014) Contemporary Economics, 8 (4), pp. 365-386; Abotsi, A.K., Iyavarakul, T., Tolerable level of corruption for foreign direct investment in Africa (2015) Contemporary Economics, 9 (3), pp. 249-270; Hsiao, C., Panel data analysis-Advantages and challenges (2007) Test, 16 (1), pp. 1-22; Hussain, H.I., Firm performance and family related directors: Empirical evidence from an emerging market (2019) Contemporary Economics, 13 (2); Li, K., Yue, H., Zhao, L., Ownership, institutions, and capital structure: Evidence from China (2009) Journal of Comparative Economics, 37 (3), pp. 471-490; Rashid, M., Mat Nor, F., Ibrahim, I., Evidence of dividend catering theory in Malaysia: Implications for investor sentiment (2013) Contemporary Economics, 7 (4), pp. 99-110; Abdou, H.A., Determinants of capital structure in the UK retail industry: A comparison of multiple regression and generalized regression neural network (2012) Intelligent Systems in Accounting, Finance and Management, 19 (3), pp. 151-169; Specht, D.F., A general regression neural network (1991) Ieee Transactions on Neural Networks, 2 (6), pp. 568-576; Tomandl, D., Schober, A., A modified general regression neural network (mgrnn) with new, efficient training algorithms as a robust 'black box'-Tool for data analysis (2001) Neural Networks, 14 (8), pp. 1023-1034; Birgul Egeli, A., Stock market prediction using artificial neural networks (2003) Decision Support Systems, 22, pp. 171-185; Coakley, J.R., Brown, C.E., Artificial neural networks in accounting and finance: Modeling issues (2000) Intelligent Systems in Accounting, Finance & Management, 9 (2), pp. 119-144; Fernández-Gámez, M.A., Gil-Corral, A.M., Galán-Valdivieso, F., Corporate reputation and market value: Evidence with generalized regression neural networks (2016) Expert Systems with Applications, 46, pp. 69-76; Chandra, R., Chand, S., Evaluation of co-evolutionary neural network architectures for time series prediction with mobile application in finance (2016) Applied Soft Computing, 49, pp. 462-473; Tkác, M., Verner, R., Artificial neural networks in business: Two decades of research (2016) Applied Soft Computing, 38, pp. 788-804; Li, W., Applications of AR∗-GRNN model for financial time series forecasting (2008) Neural Computing and Applications, 17 (5-6), pp. 441-448; Vellido, A., Lisboa, P.J., Vaughan, J., Neural networks in business: A survey of applications (1992-1998) (1999) Expert Systems with Applications, 17 (1), pp. 51-70; Thompson, S.B., Simple formulas for standard errors that cluster by both firm and time (2011) Journal of Financial Economics, 99, pp. 1-10; Petersen, M.A., Estimating standard errors in finance panel data sets: Comparing approaches (2009) Review of Financial Studies, 22 (1), pp. 435-480; White, H., A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity (1980) Econometrica, 48 (4), pp. 817-838; Rogers, W.H., Regression standard errors in clustered samples (1993) Stata Technical Bulletin, 13, pp. 19-23; Kurshev, A., Strebulaev, I.A., Firm size and capital structure (2015) Quarterly Journal of Finance, 5 (3), p. 1550008; Al-Ajmi, J., Abo Hussain, H., Al-Saleh, N., Decisions on capital structure in a zakat environment with prohibition of Riba: The case of Saudi Arabia (2009) Journal of Risk Finance, 10 (5), pp. 460-476; Wan Ismail, W.A., Kamarudin, K.A., Sarman, S.R., The quality of earnings in shariah-compliant companies: Evidence from Malaysia (2015) Journal of Islamic Accounting and Business Research, 6 (1), pp. 19-41; Gaud, P., The capital structure of swiss companies: An empirical analysis using dynamic panel data (2005) European Financial Management, 11 (1), pp. 51-69; Costa-Climent, R., Martínez-Climent, C., Sustainable profitability of ethical and conventional banking (2018) Contemporary Economics, 12 (4), pp. 519-530; Derigs, U., Marzban, S., New strategies and a new paradigm for shariah-compliant portfolio optimization (2009) Journal of Banking & Finance, 33 (6), pp. 1166-1176; Sierpínska-Sawicz, A., Bak, P., Costs of corporate bond issue in coal mining companies (2016) Contemporary Economics, 10 (2), pp. 99-112; Margaritis, D., Psillaki, M., Capital structure and firm efficiency (2007) Journal of Business Finance& Accounting, 34 (9-10), pp. 1447-1469; Jensen, M.C., Meckling, W.H., Theory of the firm: Managerial behavior, agency costs and ownership structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360; Bouslama, G., Lahrichi, Y., Uncertainty and risk management from islamic perspective (2017) Research in International Business and Finance, 39, pp. 718-726; Admati, A.R., The leverage ratchet effect (2018) Journal of Finance, 73 (1), pp. 145-198; Moshiri, S., Brown, L., Unemployment variation over the business cycles: A comparison of forecasting models (2004) Journal of Forecasting, 23 (7), pp. 497-511; Pan, W.-T., Anewfruit fly optimization algorithm: Taking the financial distress model as an example (2012) Knowledge-Based Systems, 26, pp. 69-74; Heaton, J., Polson, N., Witte, J.H., Deep learning for finance: Deep portfolios (2017) Applied Stochastic Models in Business and Industry, 33 (1), pp. 3-12},
correspondence_address1={Razimi, M.S.A.; Islamic Business School, Malaysia; email: razimimsa@gmail.com},
publisher={IOS Press BV},
issn={10641246},
language={English},
abbrev_source_title={J. Intelligent Fuzzy Syst.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Anwer2019503,
author={Anwer, Z. and Azmi, W. and Ramadili Mohd, S.M.},
title={How do Islamic equities respond to monetary actions?},
journal={International Journal of Emerging Markets},
year={2019},
volume={14},
number={4},
pages={503-522},
doi={10.1108/IJOEM-11-2017-0459},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062146301&doi=10.1108%2fIJOEM-11-2017-0459&partnerID=40&md5=a5462f18cd828cb351ed566804af95bf},
affiliation={Lahore Centre of Excellence in Islamic Banking and Finance, University of Lahore, Lahore, Pakistan; International Centre for Education in Islamic Finance, Kuala Lumpur, Malaysia},
abstract={Purpose: The purpose of this paper is to appraise the effectiveness of monetary policy actions in variant market conditions for Islamic stocks. These stocks offer ground for a natural experiment as they have restrictions on the line of business and their distinguished capital structure does not allow them to combat the liquidity crisis through the use of leverage. Design/methodology/approach: The paper uses the quantile regression approach for a multi-country sample of Islamic stock indices to assess the impact of domestic as well as US expansionary monetary policy on stock returns of Islamic indices at various locations of distribution of returns. Findings: It is found that, at lower return levels, an expansionary monetary policy has a negative effect on the returns. In other cases, there is no significant impact of policy rate change on index returns. Research limitations/implications: It is more appropriate to use firm level data of Islamic stocks instead of stock indices. However, the information regarding index constituents is not publicly available. Practical implications: The paper offers useful information to investors and policy makers. It shows that central banks should improve their credibility for monetary policy to be effective and their policies must be designed keeping in view the strong impact of US rate on global monetary environment. Originality/value: This paper provides first empirical evidence of the impact of discount rates on the returns of Islamic stocks in different market conditions. © 2019, Emerald Publishing Limited.},
author_keywords={Islamic stocks;  Monetary policy;  Quantile regression},
references={Ashraf, D., Khawaja, M., Does the Shariah screening process matter? Evidence from Shariah compliant portfolios (2016) Journal of Economic Behavior & Organization, 132, pp. 77-92; Aysan, A.F., Disli, M., Ozturk, H., Bank lending channel in a dual banking system: why are Islamic banks so responsive? (2017) The World Economy, 41 (3), pp. 674-698; Beenish, A., Waheed, A., Muhammad, S., Determinants of deposits in conventional and Islamic banking: a case of an emerging economy (2017) International Journal of Emerging Markets, 12 (2), pp. 296-309; Belke, A., Beckmann, J., Monetary policy and stock prices–cross-country evidence from cointegrated VAR models (2015) Journal of Banking & Finance, 54, pp. 254-265; Bernanke, B., Kuttner, K., What explains the stock market’s reaction to federal reserve policy? (2005) The Journal of Finance, 60 (3), pp. 1221-1257; Bjørnland, H.C., Leitemo, K., Identifying the interdependence between US monetary policy and the stock market (2009) Journal of Monetary Economics, 56 (2), pp. 275-282; Blinder, A.S., Central-bank credibility: why do we care? how do we build it? (2000) American Economic Review, 90 (5), pp. 1421-1431; Boamah, N.A., The global financial market integration of selected emerging markets (2017) International Journal of Emerging Markets, 12 (4), pp. 683-707; Borio, C., Zhu, H., Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism? (2012) Journal of Financial Stability, 8 (4), pp. 236-251; Bosworth, B., Hymans, S., Modigliani, F., The stock market and the economy (1975) Brookings Papers on Economic Activity, 1975 (2), pp. 257-300; Chevapatrakul, T., Monetary environments and stock returns revisited: a quantile regression approach (2014) Economics Letters, 123 (2), pp. 122-126; Chevapatrakul, T., Monetary environments and stock returns: international evidence based on the quantile regression technique (2015) International Review of Financial Analysis, 38, pp. 83-108; Conover, C.M., Jensen, G.R., Johnson, R.R., Monetary environments and international stock returns (1999) Journal of Banking & Finance, 23 (9), pp. 1357-1381; Conover, C.M., Jensen, G.R., Johnson, R.R., Mercer, J.M., Is fed policy still relevant for investors? (2005) Financial Analysts Journal, 61 (1), pp. 70-79; Fama, E.F., French, K.R., Common risk factors in the returns on stocks and bonds (1993) Journal of Financial Economics, 33 (1), pp. 3-56; Faust, J., Svensson, L.E., Transparency and credibility: monetary policy with unobservable goals (2001) International Economic Review, 42 (2), pp. 369-397; Froyen, R.T., The determinants of federal reserve discount rate policy (1975) Southern Economic Journal, 42 (2), pp. 193-200; Hamza, H., Saadaoui, Z., Monetary transmission through the debt financing channel of Islamic banks: does PSIA play a role? (2017) Research in International Business and Finance, 45, pp. 557-570; Ioannidis, C., Kontonikas, A., The impact of monetary policy on stock prices (2008) Journal of Policy Modeling, 30 (1), pp. 33-53; Jensen, G.R., Johnson, R.R., Discount rate changes and security returns in the US, 1962–1991 (1995) Journal of Banking & Finance, 19 (1), pp. 79-95; Jensen, G.R., Mercer, J.M., Monetary policy and the cross-section of expected stock returns (2002) Journal of Financial Research, 25 (1), pp. 125-139; Jensen, G.R., Mercer, J.M., Johnson, R.R., Business conditions, monetary policy, and expected security returns (1996) Journal of Financial Economics, 40 (2), pp. 213-237; Khatat, M.E.H., (2016) Monetary policy in the presence of Islamic banks, , IMF working paper, International Monetary Fund, New York, NY; Koenker, R., Bassett, G., Jr., Regression quantiles (1978) Econometrica: Journal of the Econometric Society, 46 (1), pp. 33-50; Koenker, R., Bassett, G., Jr., Robust tests for heteroscedasticity based on regression quantiles (1982) Econometrica: Journal of the Econometric Society, 50 (1), pp. 43-61; Krugman, P., Thinking about the liquidity trap (2000) Journal of the Japanese and International Economies, 14 (4), pp. 221-237; Lombra, R.E., Torto, R.G., Discount rate changes and announcement effects (1977) The Quarterly Journal of Economics, 91 (1), pp. 171-176; Mishkin, F.S., (2007) The Economics of Money, Banking, and Financial Markets, , 7th ed., Pearson Education, New York, NY; Modigliani, F., Monetary policy and consumption: linkages via interest rates and wealth effects in the FMP model (1971) Consumer Spending and Monetary Policy: The Linkages, pp. 9-84. , Federal Reserve Bank, Boston, MA; Moscarini, G., Competence implies credibility (2007) The American Economic Review, 97 (1), pp. 37-63; Pearce, D.K., Roley, V.V., Stock prices an economic news (1985) Journal of Business, 58 (1), pp. 49-67; Santomero, A.M., Controlling monetary aggregates: the discount window (1983) The Journal of Finance, 38 (3), pp. 827-843; Smirlock, M., Yawitz, J., Asset returns, discount rate changes, and market efficiency (1985) The Journal of Finance, 40 (4), pp. 1141-1158; Suhaibu, I., Harvey, S.K., Amidu, M., The impact of monetary policy on stock market performance: evidence from twelve (12) African countries (2017) Research in International Business and Finance, 42, pp. 1372-1382; Thorbecke, W., On stock market returns and monetary policy (1997) The Journal of Finance, 52 (2), pp. 635-654; Tobin, J., A general equilibrium approach to monetary theory (1969) Journal of Money, Credit and Banking, 1 (1), pp. 15-29; Vithessonthi, C., Techarongrojwong, Y., Do monetary policy announcements affect stock prices in emerging market countries? The case of Thailand (2013) Journal of Multinational Financial Management, 23 (5), pp. 446-469; Waud, R.N., Public interpretation of federal reserve discount rate changes: evidence on the’ announcement effect (1970) Econometrica: Journal of the Econometric Society, 38 (2), pp. 231-250},
correspondence_address1={Anwer, Z.; Lahore Centre of Excellence in Islamic Banking and Finance, Pakistan; email: zmanwar@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17468809},
language={English},
abbrev_source_title={Int. J. Emerg. Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Lee2019368,
author={Lee, H.S. and Cheng, F.F. and Har, W.M. and Md Nassir, A. and Ab Razak, N.H.},
title={Efficiency, firm-specific and corporate governance factors of the Takaful insurance},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2019},
volume={12},
number={3},
pages={368-387},
doi={10.1108/IMEFM-06-2018-0187},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066996294&doi=10.1108%2fIMEFM-06-2018-0187&partnerID=40&md5=652ae315b0d85b55c4efa3298144f51d},
affiliation={Department of Economics, Universiti Tunku Abdul Rahman Faculty of Accountancy and Management, Kajang, Selangor, Malaysia; University Putra Malaysia, Serdang, Selangor, Malaysia; Department of Economics, Universiti Tunku Abdul Rahman, Faculty of Accountancy and Management, Kajang, Selangor, Malaysia; School of Economics and Management, Xiamen University Malaysia, Bandar Sunsuria, Sepang, Selangor, Malaysia; Faculty of Economics and Management, University Putra Malaysia, Serdang, Selangor, Malaysia; Faculty of Economics and Management, University Putra Malaysia, Serdang, Selangor, Malaysia},
abstract={Purpose: Malaysia is recognised as an emerging country with a large Muslim population, making the Malaysian Takaful industry the largest Takaful market in the Southeast Asia region and, notably, one of the fastest growing markets globally. Malaysia is also the first country globally to implement a risk-based capital framework for Takaful. Therefore, the purpose of this paper is to identify the factors that influence the efficiency level (cost efficiency and technical efficiency) of the Takaful industry and to examine the effects of Takaful insurance firms’ specific factors and corporate governance factors that influence the efficiency of Takaful insurance in Malaysia. Design/methodology/approach: In this paper, the efficiency level of the Malaysian Takaful industry was examined between 2011 and 2015. The sample consisted of 11 family Takaful and 8 general Takaful operators. Two-stage Data Envelopment Analysis (DEA) was used by first, conducting non-parametric frontier data envelopment analysis to obtain a DEA score for each operator. This was followed by panel regression with the DEA scores as the dependent variable and the insurance firms’ specific factors and corporate governance factors as the independent variables. Findings: The results of DEA indicate that Takaful operators in general have allocative inefficiency but family Takaful is more cost efficient than general Takaful. Results of panel data analysis reveal that corporate governance factors do influence the cost efficiency but find no evidence on the firm-specific factors towards the cost efficiency and technical efficiency on Takaful operators. Board size and the proportion of non-executive directors impose a negative and significant relationship with cost efficiency, while proportion of Muslim directors in the board is not significant. Research limitations/implications: This paper focused solely on Malaysia which uses strict regulations governing the Takaful insurance market. Due diligence was also performed to minimise any limitation in the paper. It is proposed that future studies should examine this issue in greater detail by incorporating more data from other Muslim countries. Practical implications: The findings of this paper have significant implications for policymakers to understand the efficiency condition in the Takaful market. Takaful operators should maintain a small board size with a higher proportion of executive directors, given they could improve the level of effective decision-making to enhance the cost efficiency. As corporate governance factors are significant, Takaful operators in Malaysia should also undertake transparent disclosure practice and reporting such as providing adequate and relevant information related to Shariah compliance and principles to provide a robust foundation as the Takaful market leader regarding Takaful regulations globally. Social implications: The consumer is able to make a better decision when choosing Takaful insurance company to protect their interests. Originality/value: No similar paper has been undertaken to the best of the researcher’s knowledge using similar research design and scope to investigate the efficiency of Takaful insurance as in this paper. Takaful insurance is a rapidly growing industry in Malaysia, setting a prime example to other countries globally. Malaysia was selected for this study, as it is the only nation that has implemented the most extreme regulation in the Takaful insurance market. © 2019, Emerald Publishing Limited.},
author_keywords={Corporate governance;  DEA;  Efficiency;  Insurance;  Islamic financial institution},
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Biener, C., Eling, M., Jia, R., The structure of the global reinsurance market: an analysis of efficiency, scale, and scope (2017) Journal of Banking and Finance, 77, pp. 213-229; Biener, C., Eling, M., Wirfs, J.H., The determinants of efficiency and productivity in the swiss insurance industry (2016) European Journal of Operational Research, 248 (2), pp. 703-714; Charnes, A., Cooper, W.W., Rhodes, E., Measuring the efficiency of decision making units (1978) European Journal of Operational Research, 2 (6), pp. 429-444; Cummins, J.D., Weiss, M.A., Measuring cost efficiency in the property-liability insurance industry (1993) Journal of Banking and Finance, 17 (2-3), pp. 463-481; Cummins, J.D., Xie, X., Efficiency, productivity, and scale economies in the US property-liability insurance industry (2013) Journal of Productivity Analysis, 39 (2), pp. 141-164; Djaghballou, C.E., Djaghballou, M., Larbani, M., Mohamad, A., Efficiency and productivity performance of zakat funds in Algeria (2018) International Journal of Islamic and Middle Eastern Finance and Management, 1; Eling, M., Luhnen, M., Efficiency in the international insurance industry: a cross-country comparison (2010) Journal of Banking and Finance, 34 (7), pp. 1497-1509; Eling, M., Luhnen, M., Frontier efficiency methodologies to measure performance in the insurance industry: overview, systematization, and recent developments (2010) The Geneva Papers on Risk and Insurance – Issues and Practice, 35 (2), pp. 217-265; Eling, M., Schaper, P., Under pressure: how the business environment affects productivity and efficiency of European life insurance companies (2017) European Journal of Operational Research, 258 (3), pp. 1082-1094; Fah, C.F., Sin, L.H., Relationship between earnings response coefficient of insurance firms and exgrowth opportunities, earned premium incomes and commissions in Malaysia (2014) International Business Research, 7 (6), pp. 164-173; Ghulam, Y., Jaffry, S., Efficiency and productivity of the cement industry: Pakistani experience of deregulation and privatisation (2015) Omega, 54, pp. 101-115; 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(2018) Annual report 2017, , www.malaysiantakaful.com.my/mta.optima.my/files/ac/ac64168f-759c-4562-9b34-ea1f9a4631c9.pdf; Mollah, S., Zaman, M., Shari’ah supervision, corporate governance and performance: conventional vs Islamic banks (2015) Journal of Banking and Finance, 58 (1), pp. 418-435; Nomran, M.N., Haron, R., Hassan, R., Shari’ah supervisory board characteristics effects on Islamic banks’ performance: evidence from Malaysia (2018) International Journal of Bank Marketing, 36 (2), pp. 290-304; Shan, L.H., Teng, K.L.L., Chuan, C.S., Kai, S.B., Does difference in secondary and tertiary literacy influence life insurance consumption in the selected ASEAN countries? (2016) Proceedings of Knowledge Management International Conference (KMICE, pp. 385-391; Spierdijk, L., Koning, R.H., Estimating outstanding claim liabilities: the role of unobserved risk factors (2014) Journal of Risk and Insurance, 81 (4), pp. 803-830; Sufian, F., Kamarudin, F., Determinants of revenue efficiency of Islamic banks: empirical evidence from the Southeast Asian countries (2015) International Journal of Islamic and Middle Eastern Finance and Management, 8 (1), pp. 36-63; (2016) Connecting the dots, forging the future, , www.takafulprimer.com/main/downloads/ms_5860.pdf; Wu, Y.C., Kweh, Q.L., Lu, W.M., Azizan, N.A., The impacts of risk-management committee characteristics and prestige on efficiency (2016) Journal of the Operational Research Society, 67 (6), pp. 813-829; Yakob, R., Yusop, Z., Radam, A., Ismail, N., Two-stage DEA method in identifying the exogenous factors of insurers’ risk and investment management efficiency (2014) Sains Malaysiana, 43 (9), pp. 1439-1450; Zhang, Y., Dukic, V., Predicting multivariate insurance loss payments under the Bayesian copula framework (2013) Journal of Risk and Insurance, 80 (4), pp. 891-919},
correspondence_address1={Lee, H.S.; Department of Economics, Malaysia; email: huishan.leehuishan@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Omri20191929,
author={Omri, A. and Soussou, K. and Ben Sedrine Goucha, N.},
title={On the post-financial crisis performance of Islamic mutual funds: the case of Riyad funds},
journal={Applied Economics},
year={2019},
volume={51},
number={18},
pages={1929-1946},
doi={10.1080/00036846.2018.1529403},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055469971&doi=10.1080%2f00036846.2018.1529403&partnerID=40&md5=0a3505c2bb6a3c274e98bade001703e0},
affiliation={Higher Institute of Management of Tunis, University of Tunis, Tunis, Tunisia; Higher College of Technology, Abu Dhabi, United Arab Emirates},
abstract={Using Riyad Capital mutual funds as a proxy for Saudi Arabian mutual funds, this paper empirically compares the risk-adjusted performance and investment style of Islamic mutual funds with that of conventional funds in the wake of the recent global financial crisis of 2009–2014. Absolute and relative risk-adjusted measures with single factor (Jensen) and multifactor (Carhart) models are applied. Our findings suggest that Islamic funds outperformed conventional funds domestically, given similar risk exposure, and produced comparable results under lower market risk globally. The results show that Islamic funds are a relatively big cap from the strong statistical significance registered on the global side as evidenced by the difference portfolio outcomes. In addition, the difference portfolios provide statistical evidence that Islamic funds are more value-oriented compared to conventional funds on both fronts. Furthermore, Islamic funds tend to slightly favour a contrarian trading investment strategy as suggested by statistically significant local portfolio value and global difference portfolios results. The results of home bias test show stronger ties by local Islamic funds to local market relative to the global proxy suggesting that domestic investors and managers favour Islamic funds over conventional funds, thus confirming a local preference for Shari’ah-compliant investments. © 2018, © 2018 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={home bias;  Islamic finance;  Islamic mutual funds;  performance analysis;  three-level Carhart model},
keywords={financial crisis;  financial market;  global economy;  investment;  Islamism;  model;  performance assessment, Riyadh [Saudi Arabia];  Saudi Arabia},
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correspondence_address1={Ben Sedrine Goucha, N.; Higher Institute of Management of Tunis, Tunisia; email: nbensedrine@gmail.com},
publisher={Routledge},
issn={00036846},
language={English},
abbrev_source_title={Appl. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Raza201946,
author={Raza, M.W. and Ashraf, D.},
title={Does the application of smart beta strategies enhance portfolio performance? The case of Islamic equity investments},
journal={International Review of Economics and Finance},
year={2019},
volume={60},
pages={46-61},
doi={10.1016/j.iref.2018.12.001},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059555413&doi=10.1016%2fj.iref.2018.12.001&partnerID=40&md5=f383c1c723126ce8398408a51f23c6e6},
affiliation={VU University Brussels, Belgium; Shaheed Benazir Bhutto University, Dir, Pakistan; Senior Researcher – Islamic Finance, Islamic Research and Training Institute, (A Member of Islamic Development Bank Group), 8111 King Khalid Street Al Nuzlah Al Yamania Dist, Jeddah, 22332-2444, Saudi Arabia},
abstract={Traditionally, passive portfolios are structured using an easy to implement market capitalization method albeit highly skewed towards large cap stocks. The introduction of smart beta strategies has allowed passive investors to structure equity portfolios using alternative strategies such as fundamental-weighting, equal-weighting, and low-risk weighting strategies. This paper investigates whether constrained portfolios such as Shariah-compliant equity portfolios (SCEPs) can benefit by adopting smart beta strategies. The sample consists of equities from the USA, Canada, Australia, Europe, Middle East, Indonesia, and Malaysia for the period January 2003 to December 2016. The empirical findings suggest that smart beta SCEPs outperform not only conventional market capitalization weighted portfolios but also SCEPs following a market capitalization-weighted strategy. Higher risk-adjusted returns and lower drawdown as a result of following smart beta strategies highlights the importance of considering smart beta portfolio weighting strategies for passive investors. The supremacy of smart beta strategies indicate the value proposition for investors and fund managers alike. We also found that geographical location affects the performance of smart beta SCEPs; countries with a Muslim majority report higher cardinality and lower drawdowns. The results remained robust with alternative Shariah screening guidelines and empirical estimation methodology. © 2018 Elsevier Inc.},
author_keywords={Capital markets;  Portfolio construction methods;  Shariah investments;  Smart beta},
references={Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Malaysian Islamic unit trust funds: Comparison with conventional unit trust funds (2007) Managerial Finance, 33 (2), pp. 142-153; Al-Khazali, O., Lean, H.H., Samet, A., Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach (2014) Pacific-Basin Finance Journal, 28, pp. 29-46; Alam, N., Rajjaque, M., Shariah-compliant equities: Empirical evaluation of performance in the European market during credit crunch (2010) Journal of Financial Services Marketing, 15 (3), pp. 228-240; Amenc, N., Goltz, F., Lodh, A., Martellini, L., Towards smart equity factor indices: Harvesting risk premia without taking unrewarded risks (2014) Journal of Portfolio Management, 40 (4), pp. 106-122; Ardia, D., Boudt, K., Implied expected returns and the choice of a mean–variance efficient portfolio proxy (2015) Journal of Portfolio Management, 41 (4), pp. 68-81; Arnott, R.D., Hsu, J., Moore, P., Fundamental indexation (2005) Financial Analysts Journal, 61 (2), pp. 83-99; Ashraf, D., Performance evaluation of Islamic mutual funds relative to conventional funds: Empirical evidence from Saudi Arabia (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6 (2), pp. 105-121; Ashraf, D., Does Shari'ah screening cause abnormal returns? Empirical evidence from Islamic equity indices (2016) Journal of Business Ethics, 134, pp. 209-228; Ashraf, D., Felixson, K., Khawaja, M., Hussain, S.M., Do constraints on financial and operating leverage affect the performance of Islamic equity portfolios? (2017) Pacific-Basin Finance Journal, 42, pp. 171-182; Ashraf, D., Khawaja, M., Does the shariah screening process matter? Evidence from shariah-compliant portfolios (2016) Journal of Economic Behavior & Organization, 132, pp. 77-92; Ashraf, D., Mohammad, N., Matching perception with the reality Performance of Islamic equity investments (2014) Pacific-Basin Finance Journal, 28, pp. 175-189; Baker, N.L., Haugen, R.A., Low-risk stocks outperform within all observable markets of the world (2012), Working Paper; Available at: SSRN 2055431; Benartzi, S., Thaler, R.H., Naive diversification strategies in defined contribution saving plans (2001) The American Economic Review, 91 (1), pp. 79-98; Bertrand, P., Lapointe, V., How performance of risk-based strategies is modified by socially responsible investment universe? 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The performance characteristics of SRI equity indices (2007) Journal of Business Finance & Accounting, 34 (1-2), pp. 331-348; Walkshäusl, C., Lobe, S., Islamic investing (2012) Review of Financial Economics, 21 (2), pp. 53-62; White, H., A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity (1980) Econometrica: Journal of the Econometric Society, pp. 817-838; Windcliff, H., Boyle, P., The 1/n pension plan puzzle (2004) North American Actuarial Journal, 8, pp. 32-45; Zhang, J., Shan, R., Su, W., Applying time series analysis builds stock price forecost model (2009) Modern Applied Science, 3 (5), pp. 152-157},
correspondence_address1={Ashraf, D.; Senior Researcher – Islamic Finance, 8111 King Khalid Street Al Nuzlah Al Yamania Dist, Saudi Arabia; email: dashraf@isdb.org},
publisher={Elsevier Inc.},
issn={10590560},
language={English},
abbrev_source_title={Int. Rev. Econ. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Jalilvand201847,
author={Jalilvand, A. and Noroozabad, M.R. and Switzer, J.},
title={Informed and uninformed investors in Iran: Evidence from the Tehran Stock Exchange},
journal={Journal of Economics and Business},
year={2018},
volume={95},
pages={47-58},
doi={10.1016/j.jeconbus.2017.08.004},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029442504&doi=10.1016%2fj.jeconbus.2017.08.004&partnerID=40&md5=d1b1b22bbaa0785a95378cd9b23fb170},
affiliation={Quinlan School of Business, Loyola University Chicago, 16 East PearsonIL, United States; Faculty of Management and Social Sciences, Islamic Azad University, North Tehran Branch, Tehran, Iran; Financial Consultancy, Chicago, IL, United States; Young Researchers and Elite Club, Sanandaj Branch, Islamic Azad University, Sanandaj, Iran},
abstract={The financial markets of the Islamic Republic of Iran, mainly represented by the Tehran Stock Exchange (TSE), remain one of the least studied of major emerging stock markets. We have collected a large data set on investment behavior of informed and uninformed investors at the Tehran Stock Exchange (TSE). Using exploratory factor analysis and structural equation modeling of latent variables, we find that investors in Iran are not homogenous, exhibiting different behavior across demographic, psychological, and economic variables. Informed investors’ behavior is consistent with the general recommendations of the economic theory. They view investment knowledge and economic-related variables more importantly than uninformed investors who are more influenced by behavioral variables such as sentiment and personality. Such behavioral differences have also been observed in other studies analyzing the relationship between investment performance variation and investors’ type in emerging stock markets. From a public policy perspective and given Iran's emerging economic opportunity, our findings emphasize the need for more effective regulation of investment products, sales, and advisory services, coupled with some basic financial literacy education both at pre-and-post-secondary levels in Iran. Such steps will improve the quality of individual investors’ decisions, increase investor confidence and participation in capital markets, provide companies with better access to cheaper source of risk capital, and, ultimately, advance the overall economy in Iran. © 2017 Elsevier Inc.},
author_keywords={Behavioral variables;  Emerging financial markets;  Exploratory factor analysis;  Informed and uninformed investors;  Structural equation modeling;  Tehran Stock Exchange (TSE)},
funding_text 1={For Iran, one of the key impediments to such an ambitious economic undertaking is individual investors’ reluctance to participate in capital (equity and bond) markets and, as a result, their overindulgence in short-term bank certificates of deposit and real estate investment. In addition, the Iranian banking system currently faces a major liquidity crisis and painfully struggles to comply with the financial and risk management requirements set by the Basel Committee on Banking Supervision. Policy makers are concerned that investors’ limited participation in capital markets will likely cause systemic bank failures, a real estate bubble, or both. Government and regulatory authorities are equally concerned about an increasing corporate default risk as capital sources supporting infrastructure investment and new growth opportunities are exclusively funded through high-cost revolving short-term bank loans instead of being supported by more stable lower-cost long-term equity and bond financing.},
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correspondence_address1={Jalilvand, A.; Quinlan School of Business, 16 East Pearson, United States; email: ajalilv@luc.edu},
publisher={Elsevier Inc.},
issn={01486195},
coden={JEBUD},
language={English},
abbrev_source_title={J. Econ. Bus.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Chebbi201665,
author={Chebbi, T. and Derbali, A.},
title={A dynamic conditional correlation between commodities and the Islamic stock market},
journal={Journal of Energy Markets},
year={2016},
volume={9},
number={1},
pages={65-90},
doi={10.21314/JEM.2016.137},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061486609&doi=10.21314%2fJEM.2016.137&partnerID=40&md5=efbbe2b52c37bd20adb81b57095545d3},
affiliation={Faculty of Economic Sciences and Management of Sousse, University of Sousse, Tunisia Research Laboratory: BESTMOD, Higher Institute of Management of Tunis, Tunisia Erriadh City, Sousse, 4023, Tunisia; Higher Institute of Management of Sousse, University of Sousse, Tunisia Research Unit: Management and Risk Management, Institute of Higher Studies of Sousse, 22 Street Zarkaa Al Yamama, Erriadh City, Sousse, 4023, Tunisia},
abstract={Following the outbreak of the financial crisis and falling prices in the financial markets, we noticed the existence of several recent studies on the relationships between commodity and stock markets. More specifically, our paper is most closely related to those documenting the importance of the links between Islamic capital markets and commodities. To this end, we focus on the dynamics of the correlations between commodities and Islamic indexes. From a methodological viewpoint, we start this paper by examining the approaches of EC-GARCH and DCC-GARCH, which allow us to assess, respectively, the causality and how the correlations between commodity and stock returns evolve over time. To test our models empirically, we build a daily data set, consisting of commodity and stock prices. The sample period used in this paper is May 19, 2010-February 14, 2014. Our empirical evidence supports the view that volatilities of commodity returns are strongly correlated to those of Islamic indexes. In fact, correlations between commodity and Islamic stock markets are time-varying and highly volatile. Our paper contributes importantly to the empirical literature dealing with the links between commodity and stock markets and the literature supporting the financialization of commodity markets. © 2016 Incisive Risk Information (IP) Limited.},
author_keywords={Commodities;  Correlations;  DCC-GARCH;  EC-GARCH;  Islamic stock indexes},
references={Alexander, C., (2008) Market Risk Analysis, Volume II: Practical Financial Econometrics, , Wiley; (2013), The commodity investor; (2014), The commodity investor-flows analysis; Boons, M., De Roon, F., Szymanowska, M., (2014) The price of commodity risk in stock and futures markets, , http://ssrn.com/abstract=1785728, AFA 2012 Chicago Meetings Paper, May 10. Available at SSRN; Bourbonnais, R., Terraza, M., (2008) Analyse des séries temporelles, , 2nd edn. Dunod; Chang, C.L., McAleer, M., Tansuchat, R., Conditional correlations and volatility spillovers between crude oil and stock index returns (2013) North American Journal of Economics and Finance, 25 (3), pp. 116-138; Cheng, I.-H., Xiong, W., Financialization of commodity markets (2014) Annual Review of Financial Economics, 6, pp. 419-441; Cheng, I.-H., Kirilenko, A., Xiong, W., Convective risk flows in commodity futures markets (2014) Review of Finance, 14 (10), pp. 1-49; Choi, K., Hammoudeh, S., Volatility behavior of oil, industrial commodity and stock markets in a regime-switching environment (2010) Energy Policy, 38 (8), pp. 4388-4399; Choudhry, T., Hassan, S.S., Shabi, S., Relationship between gold and stock markets during the global financial crisis: Evidence from nonlinear causality tests (2015) International Review of Financial Analysis, 41 (5), pp. 247-256; Creti, A., Joëts, M., Mignon, V., On the links between stock and commodity markets’ volatility (2013) Energy Economics, 37 (3), pp. 16-28; Engle, R.F., Dynamic conditional correlation: A simple class of multivariate GARCH models (2002) Journal of Business and Economic Statistics, 20 (3), pp. 339-350; Engle, R.F., Sheppard, K., (2001) Theoretical and empirical properties of dynamic conditional correlation multivariate GARCH, , Working Paper 8554, National Bureau of Economic Research; Filis, G., Degiannakis, S., Floros, C., Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries (2011) International Review of Financial Analysis, 20 (3), pp. 152-164; Ghorbel, A., Abdelhedi, M., Boujelbene, Y., Assessing the impact of crude oil price and investor sentiment on Islamic indices: Subprime crisis (2014) Journal of African Business, 15 (1), pp. 13-24; Gorton, G., Rouwenhorst, K.G., Facts and fantasies about commodity futures (2006) Financial Analysts Journal, 62 (2), pp. 47-68; Hussin, M.Y.M., Muhammad, F., Noordin, K., Marwan, N.F., Razak, A.A., The impact of oil price shocks on Islamic financial market in Malaysia (2012) Labuan e-Journal of Muamalat and Society, 6, pp. 1-13; Hussin, M.Y.M., Muhammad, F., Razak, A.A., Tha, G.P., Marwan, N., The link between gold price, oil price and Islamic stock market: Experience from Malaysia (2013) Journal of Studies in Social Sciences, 4 (2), pp. 161-182; Malik, F., Ewing, B.T., Volatility transmission between oil prices and equity sector returns (2009) International Review of Financial Analysis, 18 (3), pp. 95-100; Masters, M., (2008) Testimony before the Committee on Homeland Security and Governmental Affairs, , US Senate, May 20; Mensi, W., Beljid, M., Boubaker, A., Managi, S., Correlations and volatility spillovers across commodity and stock markets: Linking energies, food, and gold (2013) Economic Modelling, 32 (3), pp. 15-22; Park, J., Ratti, R.A., Oil price shocks and stock markets in the US and 13 European countries (2008) Energy Economics, 30 (5), pp. 2587-2608; Pojarlev, M., Polasek, W., (2000) Portfolio construction using multi-variate time series forecasts, , Working Paper, Institute for Statistics and Econometrics, University of Basel; Saiti, B., Estimation of dynamic conditional correlations of Shariah-compliant stock indices through the application of multivariate GARCH approach (2013) Australian Journal of Basic and Applied Sciences, 7 (7), pp. 259-267; Silvennoinen, A., Thorp, S., Financialization, crisis and commodity correlation dynamics (2013) International Financial Markets, Institutions and Money, 24 (4), pp. 42-65; Singleton, K., Investor flows and the 2008 boom/bust in oil prices (2013) Management Science, 60 (2), pp. 300-318; Tang, K., Xiong, W., Index investment and financialization of commodities (2012) Financial Analysts Journal, 68 (6), pp. 54-74; Vivian, A., Wohar, M.E., Commodity volatility breaks (2012) Journal of International Financial Markets, Institutions and Money, 22 (2), pp. 395-422},
correspondence_address1={Derbali, A.; Higher Institute of Management of Sousse, 22 Street Zarkaa Al Yamama, Tunisia; email: derbaliabdelkader@aol.fr},
publisher={Infopro digital},
issn={17563607},
language={English},
abbrev_source_title={J. Energy Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ahmed2015251,
author={Ahmed, H.},
title={Basel III liquidity requirement ratios and Islamic banking},
journal={Journal of Banking Regulation},
year={2015},
volume={16},
number={4},
pages={251-264},
doi={10.1057/jbr.2014.20},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84945129605&doi=10.1057%2fjbr.2014.20&partnerID=40&md5=c023bac334537d5a983899b753a4b4f6},
affiliation={Durham University Business School, Mill Hill Lane, Durham, DH13LB, United Kingdom},
abstract={Basel III was initiated after the recent global financial crisis to strengthen the regulatory regime for the banking sector. As liquidity problems faced by banks were a key feature of the crisis, Basel III has added liquidity requirement ratios in addition to reinforcing the capital requirements. Specifically, the Liquidity Coverage Ratio (LCR) has been introduced to ensure liquidity in banks in the short term, and a Net Stable Funding Ratio (NSFR) is proposed to promote medium-and long-term resilience against liquidity shocks. Islamic banking has been growing rapidly in different parts of the world and forms a significant part of the financial sector in many countries. This article examines the implications of the new Basel III liquidity requirement ratios for Islamic banks. Given the short history of its development and the restrictions imposed by Shari'ah principles, the Islamic banking sector faces several restrictions that will constrain its adoption of the Basel III liquidity requirements. After presenting the basic principles of Islamic finance, the article identifies the challenges that Islamic banks will face in meeting their liquidity needs and outlines certain practices in which these are being resolved. © 2015 Macmillan Publishers Ltd.},
author_keywords={Basel III;  Islamic banking;  Islamic money markets;  Liquidity Coverage Ratio;  Net Stable Funding Ratio;  sukuk},
references={(2010) An Assessment of the Long-Term Economic Impact of Stronger Capital and Liquidity Requirements, , BCBS Basel: Bank of International Settlements; Yan, M., Hall, M.J.B., Turner, P., A cost-benefit analysis of Basel III: Some evidence from the UK (2012) International Review of Financial Analysis, 25, pp. 73-82; Allen, B., Chan, K.K., Milne, A., Thomas, S., Basel III: Is the cure worse than the disease (2012) International Review of Financial Analysis, 25, pp. 159-166; (2013) Islamic Financial Services Industry Stability Report 2013, , IFSB (Islamic Financial Services Board) Kuala Lumpur: Islamic Financial Services Board; Hasan, M., Dridi, J., (2010) The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study, , Washington DC: International Monetary Fund. IMF Working Paper WP/10/201; Beck, T., Demirguc-Kunt, A., Merrouche, O., (2010) Islamic Vs. Conventional Banking: Business Model, Efficiency and Stability, , Washington DC: The World Bank. Policy Research Working Paper 5446; Parashar, S.P., Venkatesh, J., How did Islamic banks do during the global financial crisis (2010) Banks and Bank Systems, 5 (4), pp. 54-62; (2012) Guiding Principles on Liquidity Risk Management for Institutions Offering Islamic Financial Services [Excluding Islamic Insurance (Takaful) Institutions and Islamic Collective Investment Schemes], , IFSB (Islamic Financial Services Board) Kuala Lumpur: Islamic Financial Services Board; Kamali, M.H., (2000) Islamic Commercial Law: An Introduction, , Oxford: Oneworld Publications; Albaraka, D., (1994) Fatawa: Shari'Ah Rulings on Economics, , Jeddah: Dallah Albaraka; Siddidi, M.N., (2004) Riba, Bank Interest and the Rationale of Its Prohibition, , Jeddah: Islamic Research and Training Institute, Islamic Development Bank Group; ElGamal, M., An economic explication of the prohibition of gharar in classical Islamic jurisprudence (2001) Islamic Economic Studies, 8 (2), p. 32; Al-Dhareer, S.M.A., (1997) Al-gharar in contracts and its effect on contemporary transactions, , Jeddah: Islamic Research and Training Institute, Islamic Development Bank; ElGari, M.A., A short term financial instrument based on the Salam contract (1997) Islamic Financial Instruments for Public Sector Resource Mobilization, , A. Ahmad and T. Khan (eds.) Jeddah: Islamic Research and Training Institute, Islamic Development Bank Group; Ayub, M., (2007) Understanding Islamic Finance, , West Sussex, UK: John Wiley & Sons; (2005) Capital Adequacy Standard for Institutions (Other Than Insurance Institutions) Offering only Islamic Financial Services, p. 20. , IFSB (Islamic Financial Services Board) Kuala Lumpur: Islamic Financial Services Board; (2007) Islamic Finance Directory, , CIBAFI Bahrain: General Council for Islamic Banks & Financial Institutions; Ahmed, H., (2011) Product Development in Islamic Banks, , Edinburgh, UK: Edinburgh University Press; (2003) Shari'a Standards 1424-5H/2003-4, , AAOIFI Manama, Bahrain: Accounting and Auditing Organisation for Islamic Financial Institutions; El-Hawary, D., Grais, W., Iqbal, Z., Diversity in the regulation of Islamic financial institutions (2007) Quarterly Review of Economics and Finance, 46 (5), pp. 778-800; Bhambra, H., Supervisory implication of Islamic finance in the current regulatory environment (2007) Islamic Finance: The Regulatory Challenge, pp. 198-212. , S. Archer and R.A.A. Karim (eds.) Singapore: John Wiley and Sons (Asia) Pte Ltd; Fiennes, T., Supervisory implications of Islamic banking: A supervisor's perspective (2007) Islamic Finance: The Regulatory Challenge, pp. 247-256. , S. Archer and R.A.A. Karim (eds.) Singapore: John Wiley and Sons (Asia) Pte Ltd; http://www.ifsb.org/background.php, For information on IFSB; IFSB's Approach to Developing Standards in IFSB, 2, p. 1. , http://www.ifsb.org/standard/ifsb2.pdf, Available at; Central Bank of Bahrain Rulebooks Can Be Accessed at, , http://cbb.complinet.com/cbb/microsite/cbbrulebook.html, The Islamic Banking Regulatory Framework of Central Bank of Oman is available at http://www.cbo-Oman.org/news/IBRF.pdf; Ahmad, A.U.F., Hassan, M.K., Regulation and performance of Islamic banking in Bangladesh (2007) Thunderbird International Business Review, 49 (2), pp. 251-277; Sairally, B.S., Muhammad, M., Mustafa, M.M., Instruments for meeting capital adequacy requirements under Basel III: A Shari'ah perspective (2013) ISRA International Journal of Islamic Finance, 5 (1), pp. 183-189; Msatfa, A., Basel III in the Islamic finance industry (2012) The Journal of Investing, 21 (4), pp. 165-170; (2008) Principles for Sound Liquidity Risk Management and Supervision, p. 1. , BCBS (Basel Committee on Banking Supervision) Basel: Bank for International Settlements; (2002) Developments in Banks' Liquidity Profile and Management, , ECB (European Central Bank) Frankfurt am Main: European Central Bank; Holmstrom, B., Tirole, J., Private and public supply of liquidity (1998) Journal of Political Economy, 106 (1), pp. 1-40; Rochet, J., (2008) Liquidity Regulation and the Lender of Last Resort, 11, pp. 45-51. , Paris: Banque de, France. Financial Stability Review, Special Issue on Liquidity; Vento, G.A., La Ganga, P., Bank liquidity risk management and supervision: Which lessons from recent market turmoil (2009) Journal of Money, Investment and Banking, 10, pp. 78-125; (2010) Basel III: International Framework for Liquidity Risk Measurement, Standards, and Monitoring, , BCBS (Basel Committee on Banking Supervision) Basel: Bank for International Settlements; Santos, A.O., Elliott, D., (2012) Estimating the Costs of Financial Regulation, , Washington DC: International Monetary Fund; Abdullah, D.V., Liquidity management in institutions offering Islamic financial services (2010) The Second Islamic Financial Stability Forum, , Paper presented at 14 December, Jeddah, Saudi Arabia; Alamsyah, H., Lender of last resort in Islamic banking (2011) The Fourth Islamic Financial Stability Forum, , Paper presented at 17 November, Kuala Lumpur; http://www.iifm.net/, IIFM; http://www.lmcbahrain.com/; http://www.iilm.com/about-iilm/about-us.html; (2012) Central Bank of Sudan Policies for the Year 2012, , http://www.cbos.gov.sd/en/node/3324, CBS (Central Bank of Sudan) Central Bank of Sudan accessed 29 December 2013; Buiter, W., Central banks and financial crisis (2008) The Federal Reserve Bank of Kansas City Symposium on Maintaining Stability in A Changing Financial System, , The suggestion of MMLR comes from Paper presented at 21-23 August; Buiter, W., Sibert, A., (2007) The Central Bank As the Market Maker of Last Resort, , http://www.voxeu.org/index.php?q=node/459, VoxEU.org, 13 August accessed 22 December 2013},
correspondence_address1={Ahmed, H.; Durham University Business School, Mill Hill Lane, United Kingdom; email: habib.ahmed@durham.ac.uk},
publisher={Palgrave Macmillan},
issn={17456452},
language={English},
abbrev_source_title={J. Bank. Regul.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Rozman20151,
author={Rozman, A.T. and Azmi, N.A. and Mohd. Ali, H.M. and Mohamed Razali, M.N.},
title={The performance and significance of Islamic REITs in a mixed-asset portfolio},
journal={Jurnal Teknologi},
year={2015},
volume={77},
number={26},
pages={1-9},
doi={10.11113/jt.v77.6850},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84950283321&doi=10.11113%2fjt.v77.6850&partnerID=40&md5=440adcd751ff5ce2443cece3f5c13789},
affiliation={Department of Real Estate, Universiti Teknologi Malaysia, UTM, Johor Bahru, Johor  81310, Malaysia},
abstract={Islamic Real Estate Investment Trusts (I-REITs) have been established to enhance the Islamic Capital Market. Almost 10 years of establishment of I-REITs, it is interesting to study the performance of this Islamic property investment vehicle because it is a potential and unique asset class that not fully explored. This paper examines the risk-adjusted performance analysis and correlation analysis between I-REITs in a mixed asset portfolio. The time period of study is from November 2008 to December 2014. I-REITs were compare in a mixed asset portfolio consists of shares and bonds. The results show that I-REITs outperform both shares market and bonds market. While I-REITs give high diversification benefits for the share and bond investors with low correlation between I-REITs, shares and bonds. © 2015 Penerbit UTM Press. All rights reserved.},
author_keywords={Islamic REITs;  Malaysia;  Mixed asset portfolio;  Risk-adjusted performance analysis},
references={Binmahfouz, S., (2012) Investment Characteristics of Islamic Investment Portfolios: Evidence from Saudi Mutual Funds and Global Indices, , Doctoral dissertation, Durham University; (2015) Bursa Malaysia, , Bursa Malaysia, Market; (2014), 19. , https://www.cia.gov/library/publications/resources/the-world-factbook/, CIA, CIA. Retrieved April, 2015; Damodaran, A., Growth and Value: Past growth, predicted growth and fundamental growth (2008) Stem School of Business; Dusuki, A.W., Practice and Prospect of Islamic Real Estate Investment Trusts (I-REITs) in Malaysian Islamic Capital Market (2008) Islamic Capital Markets, p. 265; Binti Mohamad, N.E.A., Saad, N.M., Syariah REITs Vis-A-Vis Conventional REITs: An Analysis (2012) International Journal of Academic Research in Business and Social Sciences, 2 (7), p. 1; Hamzah, A.H., Rozali, M.B., Tahir, I.M., Empirical Investigation on the Performance of the Malaysian Real Estate Investment Trusts in Pre-Crisis, During Crisis and Post-Crisis Period (2010) International Journal of Economics and Finance, 2 (2), pp. 62-69; Lasalle, J.L., (2012), Real Estate Transparency Back on Track; Lasalle, J.L., (2014), Global Real Estate Transparency Index 2014; (2014), MIFC, The Evolution of Islamic Finance in Malaysia; Newell, G., Osmadi, A., The development and preliminary performance analysis of Islamic REITs in Malaysia (2009) Journal of Property Research, 26 (4), pp. 329-347; (2010) Gateway to Asia Malaysia, , PwC, international Islamic finance hub; (2008) Sustainable Property Investment & Management | Key Issues & Major Challenges, , http://www.joinricsineurope.eu/uploads/files/SustainablePropertyInvestmentandmanagementRICSsept08.pdf, RICS; Rohde, C., Lutzkendorf, T., Step-by-step to sustainable property investment products (2009) Journal of Sustainable Real Estate, 1 (1), pp. 227-240; Saeed, M., (2011) The Outlook for Islamic Reits as an Investment Vehicle, , Lancaster University Management University; (2005) Guidelines for Islamic Real Estate Investment Trusts, , SC; (2014), TI, Corruption Perceptions Index 2014; (2014), WEF, The Global Competitiveness Report; Wilson, R., Islamic finance and ethical investment (1997) International Journal of Social Economics, 24 (11), pp. 1325-1342},
correspondence_address1={Rozman, A.T.; Department of Real Estate, Malaysia; email: atajjudin2@live.utm.my},
publisher={Penerbit UTM Press},
issn={01279696},
language={English},
abbrev_source_title={J. Teknol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Archer2012228,
author={Archer, S. and Karim, R.A.A.},
title={The structure, regulation and supervision of Islamic banks},
journal={Journal of Banking Regulation},
year={2012},
volume={13},
number={3},
pages={228-240},
doi={10.1057/jbr.2012.3},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84862135974&doi=10.1057%2fjbr.2012.3&partnerID=40&md5=43fa0f325f1557a93d8779534eb4ff3e},
affiliation={International Capital Market Association (ICMA) Centre, Henley Business School, University of Reading, Whiteknights, Reading RG6 6BA, United Kingdom; International Centre for Education in Islamic Finance, Malaysia},
abstract={A key feature of Islamic banks is their use of Unrestricted Profit Sharing (and Loss Bearing) Investment Accounts (UPSIA) in place of conventional interest-bearing deposits. In the first place, this raises a supervisory issue: UPSIA are, strictly speaking, investment (that is, capital market) products, rather than banking products. Hence, they call for a regulatory and supervisory approach that differs from that applied to banking deposits by banking regulators and supervisors. In addition, UPSIA give rise to particular problems as regards both the regulation and supervision of capital adequacy, and also corporate governance. Moreover, UPSIA do not meet the requirements of the banking regulations in North American and Western European jurisdictions, and this constitutes a significant barrier to their development in those jurisdictions. In the second place, this characteristic of Islamic banks raises a structural issue: if UPSIA were used to raise funds, not by Islamic banks themselves, but by fund management companies associated with them (for example, as subsidiaries or as fellow subsidiaries of a common parent), then not merely would the barrier just mentioned be removed, but the application to UPSIA of more appropriate regulatory and supervisory approaches would be greatly facilitated. Last but not least, the rights of UPSIA holders in a winding-up of an Islamic bank need to be clarified, as (absent misconduct or negligence) they are not creditors of the bank but have an ownership claim to some of the assets held by it. This article sets out in more detail an approach that would permit these benefits to be achieved. In doing so, we highlight the challenges faced by the Islamic Financial Services Board in developing appropriate regulatory and supervisory regimens for capital adequacy and corporate governance in Islamic banks. © 2012 Macmillan Publishers Ltd.},
references={Karim, R.A.A., The impact of the Basle capital adequacy ratio regulation on the financial and marketing strategies of Islamic banks (1996) International Journal of Bank Marketing, 14 (7), pp. 32-44; Williamson, O.E., (1996) The Mechanisms of Governance, , New York and Oxford: Oxford University Press; Archer, S., Karim, R.A.A., Al-Deehani, T., Financial contracting, governance structures and the accounting regulation of Islamic banks: An analysis in terms of agency theory and transaction cost economics (1998) Journal of Management and Governance, 2, pp. 149-170; (2010) GN 3 Guidance Note on the Practice of Smoothing the Profits Payout to Investment Account Holders, , Islamic Financial Services Board. Financial Services. Kuala Lumpur, Malaysia: Islamic Financial Services Board; (2005) IFSB-2 Capital Adequacy Standard for Institutions (Other Than Insurance Institutions) Offering only Islamic Financial, , Islamic Financial Services Board. Services. Kuala Lumpur, Malaysia: Islamic Financial Services Board; Archer, S., Karim, R.A.A., Sundararajan, V., Supervisory, regulatory and capital adequacy implications of profit-sharing investment accounts in Islamic finance (2010) Journal of Islamic Accounting and Business Research, 1 (1), pp. 10-31; (2011) GN 4 Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for Institutions (Other Than Insurance Institutions) Offering only Islamic Financial Services, , Islamic Financial Services Board. Kuala Lumpur, Malaysia: Islamic Financial Services Board; (2006) IFSB-3 Guiding Principles on Corporate Governance for Institutions Offering only Islamic Financial Services (Excluding Islamic Insurance (Taka-ful)) Institutions and Islamic Mutual Funds, , Islamic Financial Services Board. Kuala Lumpur, Malaysia: Islamic Financial Services Board; Archer, S., Karim, R.A.A., Profit sharing investment accounts in Islamic banks: Regulatory problems and possible solutions (2009) Journal of Banking Regulation, 10, pp. 300-306; Nienhaus, V., Case for separation (2011) Quantum, 13, pp. 8-13; Archer, S., Karim, R.A.A., Corporate governance, market discipline and regulation of Islamic banks (2006) The Company Lawyer, 27 (5), pp. 134-145},
correspondence_address1={Archer, S.; International Capital Market Association (ICMA) Centre, , Whiteknights, Reading RG6 6BA, United Kingdom; email: s.archer@icmacentre.ac.uk},
issn={17456452},
language={English},
abbrev_source_title={J. Bank. Regul.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Choudhury200125,
author={Choudhury, M.A. and Al-Sakran, S.A.},
title={Culture, finance and markets in Saudi Arabia},
journal={Managerial Finance},
year={2001},
volume={27},
number={10-11},
pages={25-46},
doi={10.1108/03074350110767565},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84986050468&doi=10.1108%2f03074350110767565&partnerID=40&md5=faa0f38677dbd13ccc9122cf0ceff7c0},
affiliation={College of Industrial Management, King Fahd University of Petroleum & Minerals, Dhahran, 31261, Saudi Arabia; Department of Finance & Economics, College of Industrial Management, King Fahd University of Petroleum & Minerals, Dhahran, 31262, Saudi Arabia},
abstract={A theoretical and empirical study is undertaken to bring out the nature of Islamic political economy in view of its underlying praxis of interactions among socio-cultural (religious) elements, finance and the economy. The case study of Saudi Arabia in this regard supports the several ramifications of the Islamic political economy. Thus we argue why it is both economically rational and valid on socio-cultural grounds to uphold equity-based financing in favour of interest-bearing bonds and debt instruments in Saudi Arabia. The paper presents a view on a topic of choice of financial instruments in the corporate capital structure that is presently receiving fresh attention in emerging corporatism of Saudi Arabia. The conclusion of the paper is that equity-based financing should turn out to be the winner in this corporate choice. This conclusion is supported both by the socio-cultural dynamics of Saudi society, economy and institution and by the rationale of the theory of Islamic political economy. The evolution of Saudi Arabia from a primary oil producing country into a modern economy has opened up immense potentiality to expand her financial and economic activities. Saudi Arabia is a Muslim country governed by the tenets of Islamic Law (Shari’ah). She thereby carries with her the many socio-cultural and economic implications that the Islamic Law would bear upon these functions. It is precisely such intricate questions in the perspectives of Islamic Law vis a vis the various controversies surrounding aspects of modernism, that make the study of the interrelationship among finance, money and the economy along with the attenuating socio-cultural dynamics of the nation, so interesting a study under her political economy of culture, markets and the challenges of modernity. The objective of this paper is to investigate such a range of politico-economic dimensions of Saudi Arabia in the light of the theory and reality of Islamic aspects of finance, money, institution and the economy. Over all of these aspects of interactions there reign the socio-cultural dynamics that determine the validity of Islamic Law with regards to the policies and realities of the Saudi political economy. We are defining the term ‘political economy’ in this sense of extensive interactions among economic forces, financial instruments, money and institutions within the socio-cultural background. The tenets of Islamic Law in these respects provide the governing directions of change. Hence along with this study of the politico-economic perspectives we need also to examine the realities of contrast or compatibility between Islamic Law and modernity. This is a question that will inevitably define the directions of change that Saudi political economy will undergo in the coming times as globalization and its international institutional implications gear Saudi Arabia’s place, role and commitments in the global order. © MCB UP Limited 2001.},
author_keywords={Banking;  Financing;  Islam;  Saudi Arabia},
references={Al-Farsy, F., (1991) Modernity and Tradition, the Saudi Equation, , London, Eng: Kegan Paul International; Al-Sakran, S., (1999) Fixed income securities as an alternative means of financing Saudi public companies, 11 (1). , Middle Eastern Business and Economic Review, 1999; Choudhury, M.A., (1997) Money and Islamic financial institutions in a general equilibrium system of Islamic political economy, pp. 178-219. , his Money in Islam (London, Eng: Routledge) Chapter 7; Choudhury, M.A., Toward Islamic political economy at the turn of the century (1998) American Journal of Islamic Social Sciences, 13 (3), pp. 366-381; Choudhury, M.A., A critique of econometric modeling for development studies: A political economy approach with special reference to Malaysia (1999) Political Economy of Development in Malaysia, pp. 105-123. , B.N. Ghosh & M.S. Syukri eds, (Kuala Lumpur: Utusan Publications); (1998) The Europa World Year Book 1998, , (Europa Publications Ltd.); Giddens, A., A Contemporary Critique of Historical Materialism (1983) Power, Property and the State, 1, pp. 26-48. , (Berkeley, CA: University of California Press); Jean, W.H., (1970) The Analytical Theory of Finance, pp. 3-7. , (New York, NY: Holt, Rinehart and Winston, Inc.) Chapters; Modigliani, F., Miller, M.H., The cost of capital, corporation finance, and the theory of investment (1958) American Economic Review, 47 (3), pp. 261-297. , June; Roemer, P.M., Increasing returns and long-run growth (1986) Journal of Political Economy, 94, pp. 1002-1037; Schwartz, E., Theory of the capital structure of the firm (1959) The Journal of Finance, 14 (1), pp. 18-39. , March; Shakun, M.F., (1988) Evolutionary Systems design, Policy Making under Complexity and Group Decision Support System, , (Oakland, CA: Holden-Day, Inc.)},
issn={03074358},
language={English},
abbrev_source_title={Manag. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Choudhury200062,
author={Choudhury, M.A.},
title={The nature of Islamic socio-scientific inquiry: Theory and application to capital markets},
journal={International Journal of Social Economics},
year={2000},
volume={27},
number={1-2},
pages={62-85},
doi={10.1108/03068290010306462},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0008492242&doi=10.1108%2f03068290010306462&partnerID=40&md5=8b00fcd1d1797f744bc5046faac71415},
affiliation={Department of Finance and Economics, The King Fahd University of Petroleum and Minerals, Dhahran, Saudi Arabia; University College of Cape Breton, Sydney, Nova Scotia, Canada},
abstract={A theoretical methodology premised on the epistemology of dwine unity as the world view of all Islamic socio-scientific inquiry, is introduced. This general theory based on the knowledge-centred interactive, integrative and evolutionary process of social ecoming is next formulated for the specific case of capital markets. The methodology emised on unity and unification of knowledge is shown to be a universal application terconnecting science and society through a process-oriented knowledge-centred model. Finally, the generalized theoretical methodology and its specification to the case of Islamic capital market is used to critically evaluate Malaysia's Islamization program, specially during the heady days of her stock market and currency turmoils. Alternative policy recommendations are provided for a newer outlook on Malaysian development and capital market Islamization programs. A general inference is thus derived and conveyedto the field of capital market stability arising from a direct linkage between realsectoral activities and endogenous money as store of value of real transactions. Theapproach of this paper being epistemological in nature, it undertakes a fundamental look at Qur'an and Sunnah for developing shari'ah-rules (Islamic law), i.e. ahkam as-shari'ah (rules derived from shari'ah,), in the area of socio-scientific inquiry in general and Islamic capital market in particular.},
author_keywords={Capital markets;  Islam;  Malaysia;  Markets;  Theory},
references={Ali, Y., (1942) Holy Qur'an: Text, Translation and Commentary, , McGregor, New York, NY, and Werner, New York, NY, Section 5, verses 35-6; Alias, M., Choudhury, M.A., Structural adjustment within Malaysian agriculture in response to rapid industrialisation (1996) Alternative Perspectives in Third-world Development, pp. l73-199. , Choudhury, M.A. (Ed.), Macmillan Press, London and St. Martin's Press, New York, NY; Barber, B.R., Jihad vs McWorld (1992) Atlantic, pp. 53-55. , March; Barrow, J.D., (1991) Theories of Evety thing, the Ouest for Ultimate Explanation, , Clarendon Press, Oxford; Choudhury, M.A., Principles and instruments of Islamic economic co-operation (1989) Islamic Economic Co-operation, pp. 94-132. , Macmillan Press, London and St. Martin's Press, New York, NY; Choudhury, M.A., (1992) Principles of Islamic Political Economy, a Methodological Enquiry, , Macmillan Press, London and St. Martin's Press, New York, NY; Choudhury, M.A., (1995) Islamic Socio-scientific Order and World System, , Secretariat for Islamic Philosophy and Science, Universiti Sains Malaysia, Penang; Choudhury, M.A., (1995) Epistemological Foundations of Islamic Economic, Social and Scientific Order in Six Vols, , Statistical, Economic & Social Research and Training Centre for Islamic Countries, Ankara; Choudhury, M.A., Systems model of Malaysian macroeconomy (1995) Kybemetes: International Journal of Systems and Cybernetics, 24. , Special Issue: Modern Application of Systems and Cybernetics, Summer; Choudhury, M.A., Theory and practice of Islamic political economy (1996) Islamic Political Economy in Capitalist-globalization, An Agenda for Change, pp. 3-39. , Choudhury, M.A., Abdad, M.Z. and Syukri, M.S. (Eds), Utusan, Kuala Lumpur; Choudhury, M.A., Markets as a system of social contracts (1996) International Journal of Social Economics, 23 (1), pp. 17-36. , 1989; Choudhury, M.A., A process view of economic methodology in the light of global change (1996) Indian Journal of Economics, 75 (303), pp. 527-536. , April; Choudhury, M.A., (1997) Money in Islam, , Routledge, London; Choudhury, M.A., (1998) Studies in Islamic Social Sciences, , Macmillan Press London and St. Martin's Press, New York, NY; Desai, M., Endogenous and exogenous money (1989) New Palgrave: Money, pp. 146-150. , Eatwell, J., Milgate, M. and Newman, P. (Eds), W.W. Norton, New York, NY; Fischer, S., Capital account liberalization and the role of the IMF (1997) IMF, , Washington DC, September; Government of Malaysia (1991) Second Outline Perspective Plan, 1991-2000. , Percetakan Nasional Malaysia Berhad, Kuala Lumpur; Government of Malaysia (1996) Seventh Malaysia Plan, 1996-2000. , Percetakan Nasional Malaysia Berhad, Kuala Lumpur; Hsieh, C.-Y., Ye, M.-H., (1991) Economics, Philosophy, and Physics, , M.E. Sharpe, Armonk, New York, NY; Hubner, K., (1985) Critique of Scientific Reason, , Trans. Dixon, P.R. Jr and Dixon, H.M. University of Chicago Press, Chicago, IL; Imam, G., Imam Ghazzali's Ihya Ulum-Id-Din Book of Worship, 1. , Undated trans. Karim, F. Shah Muhammad Ashraf, Lahore; Imam, S., Al-Muwafaqat fi Usul al-Shari'ah al- Maktabah al-Tijariyyah al-Kubra, Cairo, , undated, Abd-Allah Draz (Ed.); Seminar highlights IMF role in Asia's development (1997) IMF Survey, 26 (20). , 3 November; International monetary fund (1995) International Capital Markets, Developments, Prospects, and Policy Issues, , Washington DC, August; Islamic development bank Annual Report, , various issues, IDB Jeddah Saudi Arabia; Kolb, R.W., (1994) Understanding Futures Markets, , Kolb Publishing Co., Miami, FL; (1987) Capital Flight and Third World Debt, , Lessard, D.R. and Williamson, J. (Eds), Institute of International Economics, Washington DC; Nair, S., (1997) Poverty Alleviation amongst the Hard Core Poor: The Malaysian Experience, , paper presented at the Fifth International Conference on Ethico-Economics: Community Values and Evolving Globalization, Centre of Humanomics, University College of Cape Breton, Sydney, Nova Scotia, 9-22 October; (1970) Foundations of the Unity of Science, 2. , Neurath, O. Carnap R. and Morris, C. (Eds), University of Chicago Press, Chicago, IL; Noor, H.M., Razi's human needs theory and its relevance to ethics and economics (1998) Humanomics, 14 (1), pp. 59-96; Revival of Islamic heritage society Forty hadith qudsi, , undated, Aldahieh, Kuwait; Romer, P.M., Increasing returns and long-run growth (1986) Journal of Political Economy, 94, pp. 1002-1037; Rucker, R., (1983) Infinity and the Mind, the Science and Philosophy of the Infinite, , Bantam Books, New York, NY; Russell, B., (1954) Analysis of Matter, , Dover Publications, New York, NY; Shah Waliullah, HujjatuUah al-baligah, 2. , (undated) Dar al-Marifat, Beirut, Lebanon; Siwar, C., Kasim, M.Y., Urban development and urban poverty in Malaysia (1997) Socio-economics of Community Development in Global Perspectives Part II: Festschrift in Honour of Immanuel Kant, the Great Eighteenth Century Epistemologist, 24 (11), pp. 1524-1535. , Choudhury, M.A. (Ed.), Being a special issue of the international journal of Social Economics; Implications of the uruguay round of trade negotiations and of the establishment of the world trade organization for the external trade of OIC member countries (1995) Journal of Economic Cooperation among Islamic Countries, 16 (1-2). , Statistical Economic and Social Research and Training Centre for Islamic Countries SESRTCIC, January/April; Thurow, L., A period of punctuated equilibrium (1996) Future of Capitalism, , Nicholas Brealey Publishing, London; Yong, O., (1994) Behaviour of the Malaysian Stock Market, , Universiti Kebangsaan Malaysian Press, Bangi, Selangor; Holy Qur'an (op cit), , All Quranic translations are taken from Ali, Y},
correspondence_address1={Choudhury, M. A.; Department of Finance and Economics, , Dhahran, Saudi Arabia},
publisher={Emerald Group Publishing Ltd.},
issn={03068293},
language={English},
abbrev_source_title={Int. J. Soc. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Anwer2021,
author={Anwer, Z. and Mohamad, S. and Paltrinieri, A. and Hassan, M.K.},
title={Dividend payout policy of Shariah compliant firms: Evidence from United States},
journal={Pacific Basin Finance Journal},
year={2021},
volume={69},
doi={10.1016/j.pacfin.2020.101422},
art_number={101422},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85089737077&doi=10.1016%2fj.pacfin.2020.101422&partnerID=40&md5=4750c39069564f9b7d5d7a56dbdc2924},
affiliation={School of Business and Economics, University of Management and Technology, Lahore, Pakistan; International Centre for Education in Islamic Finance, Lorong Universiti ‘A’, Kuala Lumpur, Malaysia; Department of Economics and Statistics, University of Udine, Italy; University of New Orleans, New Orleans, LA  70148, United States},
abstract={This paper investigates the effects of religious screening on payout behavior of US firms. Shariah compliant (SC) indices serve as suitable sample as they are emerging as alternative investment class in the last two decades. Through an analysis of a sample of US firms belonging to Dow Jones proprietary database for the period 2006–2018, this study provides evidence that SC firms are more prone to make total payout, cash dividends and repurchases. We use panel logistic regressions with industry and year fixed effects. The findings reveal that the drivers of higher propensity of total payout are higher profitability, higher retained earnings, lower debt capital structure and lower asset growth. The factors that contribute to likelihood of paying higher cash dividends are higher profitability, lower governance levels and lower market/book assets ratio. Moreover, better governance, lower asset growth and lower equity/assets increase the propensity of SC firms to make higher repurchases. These findings are important contribution to the Islamic corporate finance and dividend policy literature. © 2020 Elsevier B.V.},
author_keywords={Dividend policy;  Islamic finance;  Portfolio management;  Shariah compliant firms;  Stock screening},
funding_text 1={This work was supported by INCEIF-BNP Paribas Centre of Islamic Asset and Wealth Management, Kuala Lumpur Malaysia for the purchase of data of constituent stocks of Dow Jones Indices.},
funding_text 2={This work was supported by INCEIF- BNP Paribas Centre of Islamic Asset and Wealth Management, Kuala Lumpur Malaysia for the purchase of data of constituent stocks of Dow Jones Indices.},
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correspondence_address1={Anwer, Z.; School of Business and Economics, Pakistan; email: zmanwar@gmail.com},
publisher={Elsevier B.V.},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nawaz20213770,
author={Nawaz, T. and Haniffa, R. and Hudaib, M.},
title={On intellectual capital efficiency and shariah governance in Islamic banking business model},
journal={International Journal of Finance and Economics},
year={2021},
volume={26},
number={3},
pages={3770-3787},
doi={10.1002/ijfe.1986},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85087745467&doi=10.1002%2fijfe.1986&partnerID=40&md5=1b6c82d6f11f887c3d844e8ca0840fe7},
affiliation={Department of Accounting, Finance and Economics, Plymouth Business School, University of Plymouth, Plymouth, United Kingdom; Edinburgh Business School, Heriot-Watt University, Edinburgh, United Kingdom; Faculty of Industrial Management, Universiti Malaysia Pahang, Gambang Campus, Pahang, Gambang  26300, Malaysia},
abstract={This paper empirically investigates whether intellectual capital (IC) and shariah governance jointly affect the economic performance of Islamic banks (IBs). In contrast to prior research, this paper disaggregate IC and corporate governance features and examine whether the two are jointly related to economic performance. These relationships are further explored before, during and after the financial crisis based on a sample of 64 Islamic banks operating in different regions during the period 2007–2014. The required data to calculate different constituents of IC efficiency and governance mechanism is hand collected from 512 annual reports. After controlling for other corporate governance and bank-specific characteristics (operational type, bank size, listing status, risk, type of auditor, accounting standard and region), we find both intellectual capital efficiency and shariah governance proxies (size and dominance of prominent scholars of shariah supervisory board) to have a significant positive relationship with accounting measure of performance. However, based on market performance measure, only one proxy for shariah governance mechanism, that is, prominent scholars on SSB, is found to be significant but in the negative direction. These results provide important insights into the relationship between IC efficiency, corporate governance and performance in Islamic banking business model and have policy and practical implications. © 2020 The Authors. International Journal of Finance & Economics published by John Wiley & Sons Ltd.},
author_keywords={corporate governance;  intellectual capital;  Islamic banks;  operating structure;  resource-based view;  shariah supervisory board},
keywords={banking;  capital flow;  financial services;  financial system;  governance approach;  Islamism;  performance assessment},
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correspondence_address1={Nawaz, T.; Department of Accounting, United Kingdom; email: tnawaz@plymouth.ac.uk},
publisher={John Wiley and Sons Ltd},
issn={10769307},
language={English},
abbrev_source_title={Int. J. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mateev2021,
author={Mateev, M. and Tariq, M.U. and Sahyouni, A.},
title={Competition, capital growth and risk-taking in emerging markets: Policy implications for banking sector stability during COVID-19 pandemic},
journal={PLoS ONE},
year={2021},
volume={16},
number={6 June},
doi={10.1371/journal.pone.0253803},
art_number={e0253803},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85108511887&doi=10.1371%2fjournal.pone.0253803&partnerID=40&md5=fca162a02766e5a702546732775af1ed},
affiliation={Abu Dhabi School of Management, Abu Dhabi, United Arab Emirates; Higher Institute for Administrative Development, Damascus University, Damascus, Syrian Arab Republic},
abstract={This paper investigates how banking competition and capital level impact on the risk-taking behavior of banking institutions in the Middle East and North Africa (MENA) region. The topic is perceived to be of significant importance during the COVID-19 pandemic. We use data for more than 225 banks in 18 countries in the MENA region to test whether increased competition causes banks to hold higher capital ratios. Employing panel data techniques, and distinguishing between Islamic and conventional banks, we show that banks tend to hold higher capital ratios when operating in a more competitive environment. We also provide evidence that banks in the MENA region increase their capitalization levels in response to a higher risk and vice versa. Further, banking concentration (measured by the HH-index) and credit risk have a significant and positive impact on capital ratios of IBs, whereas competition does play a restrictive role in determining the level of their capital. The results hold when controlling for ownership structure, regulatory and institutional environment, bank-specific and macroeconomic characteristics. Our findings inform regulatory authorities concerned with improving the financial stability of banking sector in the MENA region to strengthen their policies in order to force banks to better align with capital requirements and risk during the COVID-19 pandemic. © 2021 Mateev et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.},
keywords={Article;  capitalism;  conceptual framework;  coronavirus disease 2019;  economic crisis;  financial market;  pandemic;  policy;  Africa;  bank account;  economic model;  economics;  employment;  epidemiology;  high risk behavior;  human;  pandemic, Africa, Northern;  Banking, Personal;  COVID-19;  Employment;  Humans;  Models, Economic;  Pandemics;  Risk-Taking;  SARS-CoV-2},
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correspondence_address1={Mateev, M.; Abu Dhabi School of ManagementUnited Arab Emirates; email: m.mateev@adsm.ac.ae},
publisher={Public Library of Science},
issn={19326203},
coden={POLNC},
pubmed_id={34166479},
language={English},
abbrev_source_title={PLoS ONE},
document_type={Article},
source={Scopus},
}

@ARTICLE{Narayan2021,
author={Narayan, P.K. and Phan, D.H.B. and Liu, G. and Ibrahim, M.},
title={Ethical investing and capital structure},
journal={Emerging Markets Review},
year={2021},
volume={47},
doi={10.1016/j.ememar.2020.100774},
art_number={100774},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85097453198&doi=10.1016%2fj.ememar.2020.100774&partnerID=40&md5=f29299d309a6f80bbdd88049a0fc904d},
affiliation={Centre for Financial Econometrics, Deakin University, Melbourne, Australia; Department of Economics, Finance, and Marketing, La Trobe University, Melbourne, Australia; Research Center of Accounting Information/School of Accounting, Zhongnan University of Economics and Law, Wuhan, China; INCEIF, Malaysia},
abstract={We test the relevance of the trade-off, pecking order, and market timing theories of capital structure from the point of view of a stock's religious orientation. Using a unique sample of Islamic stocks, we discover the leverage speed of adjustment (SOA) to be faster compared to that in the literature on conventional stocks, consistent with trade-off theory. We hypothesize that this result is due to the risk-sharing principal of Islamic investments that substantially reduces market imperfections. The inclusion of variables belonging to other theories of capital structure does not change the SOA, implying the importance of the trade-off theory. © 2020},
author_keywords={Capital structure;  Islamic stocks;  Leverage, speed of adjustment},
references={Aliyu, S., Hassan, M.K., Yusof, R.M., Naiimi, N., Islamic banking sustainability: a review of literature and directions for future research (2017) Emerg. Mark. Financ. Trade, 53, pp. 440-470; Alnori, F., Alqahtani, F., Capital structure and speed of adjustment in non-financial firms: Does sharia compliance matter? Evidence from Saudi Arabia (2019) Emerg. Mark. Rev.; Baker, M., Wurgler, J., Market timing and capital structure (2002) J. Financ., 57, pp. 1-32; Baxamusa, M., Jalal, A., Does religion affect capital structure? (2014) Res. Int. Bus. Financ., 31, pp. 112-131; Blundell, R., Bond, S., Initial conditions and moment restrictions in dynamic panel data models (1998) J. Econ., 87, pp. 115-143; Bruno, G.S.F., Approximating the bias of the LSDV estimator for dynamic unbalanced panel data models (2005) Econ. Lett., 87, pp. 361-366; Dusuki, A.W., Corporate governance and stakeholder management: an Islamic perspective (2011) Rev. Islamic Econ., 15, pp. 5-23; Elsas, R., Florysiak, D., Dynamic capital structure adjustment and the impact of fractional dependent variables (2015) J. Financ. Quant. Anal., 50, pp. 1105-1133; Fama, E.F., French, K.R., Testing trade-off and pecking order predictions about dividends and debt (2002) Rev. Financ. Stud., 15, pp. 1-33; Flannery, M., Rangan, K., Partial adjustment toward target capital structures (2006) J. Financ. Econ., 79, pp. 469-506; Frank, M.Z., Goyal, V.K., Tradeoff and pecking order theories of debt (2008) Handbook of Empirical Corporate Finance, 2, pp. 135-202. , B.E. Eckbo Elsevier Science Amsterdam; Graham, J.R., Leary, M.T., A review of empirical capital structure research and directions for the future (2011) Ann. Rev. Fin. Econ., 3, pp. 309-345; Hahn, J., Hausman, J., Kuersteiner, G., Long difference instrumental variables estimation for dynamic panel models with fixed effects (2007) J. Econ., 140, pp. 574-617; Hayat, R., Butter, F.D., Kock, U., Halal certification for financial products: a transaction cost perspective (2013) J. Bus. Ethics, 117, pp. 601-613; Huang, R., Ritter, J.R., Testing theories of capital structure and estimating the speed of adjustment (2009) J. Financ. Quant. Anal., 44, pp. 237-271; Iqbal, Z., Mirakhor, A., An Introduction to Islamic Finance: Theory and Practice (2011), 2nd edition Wiley Finance; Jones, T.M., Instrumental stakeholder theory: a synthesis of ethics and economics (1995) Acad. Manag. Rev., 20, pp. 404-437; Jones, T.M., Wicks, A.C., Convergent stakeholder theory (1999) Acad. Manag. Rev., 24, pp. 206-221; Kang, M., Wang, W., Xiao, Y., Market imperfections, Macroeconomic conditions, and capital structure dynamics: a cross-country study (2018) Emerg. Mark. Financ. Trade, 54, pp. 234-254; Kayhan, A., Titman, S., Firms’ histories and their capital structure (2007) J. Financ. Econ., 83, pp. 1-32; Kiviet, J.F., On bias, inconsistency and efficiency of various estimators in dynamic panel data models (1995) J. Econ., 68, pp. 53-78; Korajczyk, R., Levy, A., Capital structure choice: macroeconomic conditions and financial constraints (2003) J. Financ. Econ., 68, pp. 75-109; Li, S., Liu, C., Quality of corporate social responsibility disclosure and cost of equity capital: lessons from China (2018) Emerg. Mark. Financ. Trade, 54, pp. 2472-2494; Masih, M., Kamil, N.K.M., Bacha, O.I., Issues in Islamic equities: a literature survey (2018) Emerg. Mark. Financ. Trade, 54, pp. 1-26; Merdad, H., Hassan, M.K., Khawaja, M., Does faith matter in mutual funds investing? Evidence from Saudi Arabia (2016) Emerg. Mark. Financ. Trade, 52, pp. 938-960; Myers, S., The capital structure puzzle (1984) J. Financ., 39, pp. 575-592; Myers, S., Majluf, N., Corporate financing and investment decisions when firms have information that investors do not have (1984) J. Financ. Econ., 13, pp. 187-221; Narayan, P.K., Phan, D., Momentum strategies for Islamic stocks (2017) Pac. Basin Financ. J., 42, pp. 96-112; Narayan, P.K., Phan, D.H.B., Narayan, S., Bannigidadmath, D., Is there a financial news risk premium in Islamic stocks? (2017) Pac. Basin Financ. J., 42, pp. 158-170; Noe, T.H., Capital structure and signaling game equilibria (1988) Rev. Financ. Stud., 1, pp. 331-355; Oztekin, O., Flannery, M., Institutional determinants of capital structure adjustment speeds (2012) J. Financ. Econ., 103, pp. 88-112; Ross, S.A., The determination of financial structure: the incentive signaling approach (1977) Bell J. Econ., 8, pp. 23-40; Ruf, B.M., Muralidhar, R.M., Borwn, J., Janney, J., Paul, K., An empirical investigation of the relationship between change in corporate social performance and financial performance: a stakeholder theory perspective (2001) J. Bus. Ethics, 32, pp. 143-156; Saona, P., Martín, P.S., Jara, M., Group affiliation and ownership concentration as determinants of capital structure decisions: contextualizing the facts for an emerging economy (2018) Emerg. Mark. Financ. Trade, 54, pp. 3312-3329; Tagel-Din, S.I., Maqasid foundations of market economics (2013) Edinburgh Guide to Islamic Finance, , R. Wilson Edinburgh University Press Edinburgh; Welch, I., Capital structure and stock returns (2004) J. Polit. Econ., 112, pp. 106-131; Zhou, T., Xie, J., Ultimate ownership and adjustment speed toward target capital structures: evidence from China (2016) Emerg. Mark. Financ. Trade, 52, pp. 1956-1965},
correspondence_address1={Liu, G.; Research Center of Accounting Information/School of Accounting, China; email: 71619918@163.com},
publisher={Elsevier B.V.},
issn={15660141},
language={English},
abbrev_source_title={Emerg. Mark. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Poon2020,
author={Poon, J. and Chow, Y.W. and Ewers, M. and Ramli, R.},
title={The role of skills in Islamic financial innovation: Evidence from Bahrain and Malaysia},
journal={Journal of Open Innovation: Technology, Market, and Complexity},
year={2020},
volume={6},
number={6},
doi={10.3390/JOITMC6030047},
art_number={47},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85089279367&doi=10.3390%2fJOITMC6030047&partnerID=40&md5=4c417e68979098c4e2dd70ae34202ed4},
affiliation={Department of Geography, SUNY University at Buffalo, Buffalo, NY  14260, United States; Department of Business, SUNY Buffalo State College, Buffalo, NY  14222, United States; Department of Geography, University of North Carolina at Charlotte, Charlotte, NC  28223, United States; Islamic Banking and Finance Institute Malaysia, Kuala Lumpur, 50000, Malaysia},
abstract={A body of work has emerged that examines human capital from the perspective of skills to better understand the types of expertise that influence innovation. The relationship between skill and financial innovation, however, is poorly understood in the context of Islamic financial institutions (IFIs). IFIs are distinct from their conventional counterparts by their compliance with Shariah law. Based on a survey of IFIs in Bahrain and Malaysia, this paper examines the effect of different skills on IFI innovation. The findings indicate that while skill in Islamic finance positively influences innovation, skill in Shariah law does not. Cognitive-technical skill is also highly significant, but marketing skill has a negative effect. The results suggest that Islamic financial innovation relies on continuous improvement that sustains markets, product and service innovation. Sustaining innovation lends itself to abilities that are oriented towards problem solving and computation of Shariah and business risks. This favors skills of programming and expertise in Islamic finance over marketing and Shariah legal proficiency. © 2020 by the authors.},
author_keywords={Bahrain;  Innovation;  Islamic financial institutions;  Malaysia;  Skill},
funding_details={National Science FoundationNational Science Foundation, NSF, 1261805},
funding_text 1={Funding: Funding for this research was provided by the National Science Foundation (NSF) grant # 1261805.},
funding_text 2={Funding for this research was provided by the National Science Foundation (NSF) grant # 1261805. We thank Delil Khairat, Obiyathulla Bacha, and Md. Som bin Sujimon for their time and engagement of discussions that have shed light on the Islamic financial industry.},
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correspondence_address1={Chow, Y.W.; Department of Business, United States; email: chowy@buffalostate.edu},
publisher={MDPI Multidisciplinary Digital Publishing Institute},
issn={21998531},
language={English},
abbrev_source_title={J. Open Innov.: Technol. Mark. Complex.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Faizulayev2020290,
author={Faizulayev, A. and Bektas, E. and Ismail, A.G.},
title={Profitability and persistency in the service industry: the case of QISMUT+3 [服务业的盈利能力与持续性：以QISMUT+3为例]},
journal={Service Industries Journal},
year={2020},
volume={40},
number={3-4},
pages={290-314},
doi={10.1080/02642069.2018.1461210},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045266511&doi=10.1080%2f02642069.2018.1461210&partnerID=40&md5=9d9cd05b48fe01039babaf4b10ab5059},
affiliation={Banking and finance department, Eastern Mediterranean University, Famagusta, Turkey; Islamic Research and Training Institute, Islamic Development Bank, Jeddah, Saudi Arabia},
abstract={The aim of this study is to evaluate profitability determinants and profit persistency of Islamic and conventional banks operating in top nine Islamic Finance oriented-countries that are named as QISMUT+3 (Qatar, Indonesia, Saudi Arabia, Malaysia, UAE, Turkey, Bahrain, Kuwait and Pakistan). For this purpose, it uses bank specific, market structure, and macroeconomic variables that are utilized from Orbis Bank Focus and World Bank database. To capture endogeneity problem and unobserved heterogeneity, dynamic approach is used by employing system GMM estimation. The major findings of the study show higher profit persistency of Islamic banks (IBs) than conventional banks (CBs). The results also suggest that profitability determinants of IBs and CBs are different. Concerning the risk behavior, bank capitalization and credit risk variables are more important for CBs. Crisis results attribute better resilience to Islamic banks. © 2018, © 2018 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={conventional banking;  Islamic banking;  persistency;  Profitability;  QISMUT+3;  service industry},
keywords={banking;  capital flow;  credit provision;  heterogeneity;  Islamism;  macroeconomics;  market system;  profitability;  service sector, Bahrain;  Indonesia;  Kuwait [Middle East];  Malaysia;  Pakistan;  Qatar;  Saudi Arabia;  Turkey;  United Arab Emirates},
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(2012) Journal of Banking & Finance, 36, pp. 3366-3381; Waemustafa, W., Sukri, S., Theory of gharar and its interpretation of risk and uncertainty from the perspectives of authentic hadith and the holy Quran: A qualitative analysis (2016) International Journal of Economic Perspectives, 10 (2), pp. 21-33; Waheed, A., Younus, N., Effects of financial sector’s development and financial sector’s efficiency on economic growth: Empirical evidence from developing and developed (2010) Countries,International Journal of Economic Perspectives, 4 (2), pp. 449-458; Wasiuzzaman, S., Tarmizi, A., Profitability of Islamic banks in Malaysia : An empirical analysis (2009) Journal of Islamic Economics Banking & Finance, 6, pp. 54-68; Wooldridge, J.M., Econometric analysis of cross section and panel data (2002) Booksgooglecom, 58, p. 752; Yildirim, İ., Financial differences and similarities of Islamic banks: A study on QISMUT countries (2015) Pressacademia, 4, p. 232; Yunus, D.R., Islamic law of monetary economics: Evidence from dinar and dirham, international (2016) Journal of Economic Perspectives, 10 (4), pp. 346-353},
correspondence_address1={Faizulayev, A.; Banking and finance department, Turkey; email: alimshan.faizulayev@emu.edu.tr},
publisher={Routledge},
issn={02642069},
language={English},
abbrev_source_title={Serv. Ind. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Abu-Alkheil2020,
author={Abu-Alkheil, A. and Khan, W.A. and Parikh, B.},
title={Risk-Reward Trade-Off and Volatility Performance of Islamic Versus Conventional Stock Indices: Global Evidence},
journal={Review of Pacific Basin Financial Markets and Policies},
year={2020},
volume={23},
number={1},
doi={10.1142/S0219091520500022},
art_number={2050002},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85083995476&doi=10.1142%2fS0219091520500022&partnerID=40&md5=352d69fe16fa1dc2b9df4ae52e9cd7a0},
affiliation={School of Management and Logistic Sciences, German Jordanian University, Amman, 11180, Jordan; Schroeder Family, School of Business Administration, University of Evansville, 1800 Lincoln Avenue, Evansville, IN, United States; Gerald Schwartz School of Business, St. Francis Xavier University, Antigonish, NS  B2G W5, Canada},
abstract={In this paper, we compare the performance of Islamic stock indices (ISI) and conventional stock indices (CSI) from FTSE, DJ, MSCI, S&Ps and Jakarta series using common risk-return metrics. The sample consists of 64 ISI and CSI, and covers the period from 2002 to 2017. The majority of the stock indices are from the Pacific Rim countries' stock markets. Additionally, we employ the GARCH-M model to examine the impact of past volatility on spot returns. Findings suggest that the ISI are less sensitive to the average market movements compared to the CSI, but surprisingly offer similar raw returns suggesting primary support for the low risk-high return paradox. On further examination, results reveal that M2, Omega, Sharpe and Treynor measures indicate that ISI underperform CSI while Jensen's alpha and Sortino ratio put ISI ahead of CSI. Moreover, findings show that pre-crisis winners (CSI) were losers during the 2008 crisis but subsequently recovered and ended up with higher returns than ISI. Findings also show that the previous volatility of stock returns can be potentially used for predicting future returns. © 2020 World Scientific Publishing Co.},
author_keywords={CAPM;  conventional indices;  crisis;  GARCH;  Islamic indices;  risk-return},
keywords={capital flow;  financial crisis;  investment;  performance assessment;  stock market;  trade-off, Indonesia;  Jakarta;  Pacific Ocean;  Pacific Rim},
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correspondence_address1={Abu-Alkheil, A.; School of Management and Logistic Sciences, Jordan; email: ahmad.abualkheil@gju.edu.jo},
publisher={World Scientific Publishing Co. Pte Ltd},
issn={02190915},
language={English},
abbrev_source_title={Rev. Pac. Basin Financ. Mark. Policies},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hanif2020150,
author={Hanif, M.},
title={Relationship between oil and stock markets: Evidence from Pakistan stock exchange},
journal={International Journal of Energy Economics and Policy},
year={2020},
volume={10},
number={5},
pages={150-157},
doi={10.32479/ijeep.9653},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85090676017&doi=10.32479%2fijeep.9653&partnerID=40&md5=64a8bf03526c90d74386b5b57b89e009},
affiliation={College of Business Administration, Ajman University, United Arab Emirates},
abstract={This study documents the impact of price variations in global markets, specifically oil, on stock returns at Pakistan stock exchange (PSX). We select three global markets (oil, gold and currency exchange) and two PSX indices (conventional and Islamic) for a period 2009-2020 to provide evidence. Monthly data for the selected time series is used for analysis. Analysis techniques include descriptive statistics, stationarity testing, Johansen cointegration, correlation and regression analysis. Findings suggest joint long-run co-movements of selected markets. Regression results indicate the significance of oil prices at 1% level, with positive signs, in the stock return generation process at PSX (for both indices conventional and Islamic). Other selected markets (gold and currency exchange) are although significant but at a higher degree, with negative signs. For the oil market, results confirm the demand-pull inflation hypothesis in Pakistani market. Results also confirm shifting to gold market by investors in the period of reductions in stock returns. Finally, depreciation of domestic currency discourages investors in buying stocks. We recommend investors to have an eye on oil, gold and currency markets while making investment decisions at PSX. We also recommend to policymakers to take timely actions for exchange rate stability, to avoid the outflow of capital. To the best of our knowledge, this is the only study documenting the influence of global markets on stock returns at PSX in recent years. © 2020, Econjournals. All rights reserved.},
author_keywords={Exchange Rate;  Gold Market;  Oil Prices;  Pakistan;  Stock Market},
references={Abdulrahman, Long run association of stock prices and crude oil prices: Evidence from Saudi Arabia (2020) International Journal of Energy Economics and Policy, 10 (2), pp. 124-131; Alexander, B., Does oil prices uncertainty affect stock returns in Russia: A bivariate generalized autoregressive conditional heteroskedasticity-in-mean approach (2017) International Journal of Energy Economics and Policy, 7 (4), pp. 224-230; Ammar, L.R., Mahmoud, A.S., Dynamic linkages between the oil spot, oil futures, and stock markets: Evidence from Dubai (2020) International Journal of Energy Economics and Policy, 10 (1), pp. 377-383; Ankit, S., Sasmita, G., Harsh, V., Sujeet, S., Rohan, S., Vishwaroop, S., Relationship between crude oil prices and stock market: Evidence from India (2018) International Journal of Energy Economics and Policy, 8 (4), pp. 331-337; Berna, A., Istemi, B., Crude oil price shocks and stock returns: Evidences from Turkish stock market under global liquidity conditions (2015) International Journal of Energy Economics and Policy, 5 (1), pp. 54-68; Cai, X., Hamori, S., Yang, L., Tian, S., Multi-Horizon dependence between crude oil and East Asian stock markets and implications in risk management (2020) Energies, 13 (2), p. 294; Chang, C.L., McAleer, M., Tian, J., Modeling and testing volatility spillovers in oil and financial markets for the USA, the UK, and China (2019) Energies, 12 (8), pp. 1-24; Chikezie, A.K., Ezeaku, H.C., Josaphat, U.J., Okereke, E.J., Does oil price fluctuation affect stock market returns in Nigeria? (2019) International Journal of Energy Economics and Policy, 9 (1), pp. 194-199; Chinnadurai, K., Murugesan, S., Balasundram, M., Sankaran, V., Relationship between crude oil price changes and airlines stock price: The case of Indian aviation industry (2019) International Journal of Energy Economics and Policy, 9 (5), pp. 7-13; Ekhlas, A.H., Usama, A.M., Adebola, S.S., The influence of oil price shocks on stock market returns: Fresh evidence from Malaysia (2017) International Journal of Energy Economics and Policy, 7 (5), pp. 235-244; Ewinga, B.T., Malik, F., Volatility spillovers between oil prices and the stock market under structural breaks (2016) Global Finance Journal, 29, pp. 12-23; Felix, C.A., Victor, O.O., Obiamaka, P.E., Hillary, C.E., Energy prices and the Nigerian stock market (2019) International Journal of Energy Economics and Policy, 9 (6), pp. 33-37; Filis, G., Degiannakis, S., Floros, C., Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries (2011) International Review of Financial Analysis, 20 (3), pp. 152-164; Hani, E.C., The impact of oil prices on stocks markets: New evidence during and after the Arab spring in gulf cooperation council economies (2019) International Journal of Energy Economics and Policy, 9 (4), pp. 214-223; Hazem, M., Akhsyim, A., Oil price shocks and stock market returns in the three largest oil-producing countries (2017) International Journal of Energy Economics and Policy, 7 (5), pp. 312-322; Horobet, A., Vrinceanu, G., Popescu, C., Belascu, L., Oil price and stock prices of EU financial companies: Evidence from panel data modeling (2019) Energies, 12 (21), p. 4072; Hsiao, C.Y.L., Lin, W., Wei, X., Yan, G., Li, S., Sheng, N., The impact of international oil prices on the stock price fluctuations of China’s renewable energy enterprises (2019) Energies, 12 (24), p. 4630; Hussein, A., Zengxiang, W.E., Glenn, B.M., Dynamics of Canadian oil price and its impact on exchange rate and stock market (2018) International Journal of Energy Economics and Policy, 8 (3), pp. 107-114; Khan, M.K., Teng, J.Z., Khan, M.I., Asymmetric impact of oil prices on stock returns in Shanghai stock exchange: Evidence from asymmetric ARDL model (2019) PLoS One, 14 (6), p. e0218289; Kose, N., Ünal, E., The impact of oil price shocks on stock exchanges in Caspian Basin Countries (2020) Energy, 190, p. 116383; Mohamed, A., Hasan, M., International and macroeconomic determinants of oil price: Evidence from gulf cooperation council countries (2018) International Journal of Energy Economics and Policy, 8 (1), pp. 69-81; Mohamed, E.H.A., Julien, F., On the short-term influence of oil price changes on stock markets in gcc countries: Linear and nonlinear analyses (2009) Economics Bulletin, 29 (2), pp. 795-804; Mohammad, A.D., Dominicus, S.P., Bagus, S., Impacts of oil price shock on sector returns with regime-switching approach: New evidence from indonesian stock market (2017) International Journal of Energy Economics and Policy, 7 (5), pp. 44-59; Olamide, T.O., Rita, U.O., Sunday, O.I., Crude oil price volatility and its impact on nigerian stock market performance (1985-2014) (2017) International Journal of Energy Economics and Policy, 7 (5), pp. 302-311; Olugbenga, A.A., Oil price shocks and stock market behaviour: The Nigerian experience (2012) Journal Economics, 3 (1), pp. 19-24; Pasrun, A., Usman, R., Edi, C., Manat, R., Modeling of the dynamics relationship between world crude oil prices and the stock market in Indonesia (2015) International Journal of Energy Economics and Policy, 5 (2), pp. 550-557; Polat, O., Time-varying propagations between oil market shocks and a stock market (2020) Borsa Istanbul Review, 30, pp. 1-8; Priyanka, A., Kumar, M.M., Effect of oil fluctuation on stock market return: An empirical study from India (2020) International Journal of Energy Economics and Policy, 10 (2), pp. 213-217; Qayyum, A., Kemal, A.R., (2006) PIDE Working Paper 2006:7. 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Karachi: State Bank of Pakistan; Shabbir, A., The impact of oil price uncertainty on stock returns in Gulf countries (2019) International Journal of Energy Economics and Policy, 9 (6), pp. 447-452; Shirazi, M., Meibodi, A.E., Reaction of stock market index to oil price shocks (2020) Iranian Economic Review, 24 (1), pp. 99-128; Sina, D., Alireza, F., Firouz, F., Hossein, A., The impact of oil revenue shocks on the volatility of Iran’s stock market return (2018) International Journal of Energy Economics and Policy, 8 (2), pp. 102-110; (2016) Pakistan Oil, , https://www.worldometers.info/oil/pakistan-oil, Worldometers. 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correspondence_address1={Hanif, M.; College of Business Administration, United Arab Emirates; email: hanifacma@gmail.com},
publisher={Econjournals},
issn={21464553},
language={English},
abbrev_source_title={Int. J. Energy Econ. Policy},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kalifa2018477,
author={Kalifa, W. and Bektaş, E.},
title={The impacts of bank-specific and macroeconomic variables on the capital adequacy ratio: evidence from Islamic banks},
journal={Applied Economics Letters},
year={2018},
volume={25},
number={7},
pages={477-481},
doi={10.1080/13504851.2017.1340559},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85021062163&doi=10.1080%2f13504851.2017.1340559&partnerID=40&md5=a0383862f9435f3cfbdff89627ff8898},
affiliation={Department of Banking and Finance, Eastern Mediterranean University, North Cyprus, Turkey},
abstract={The study investigates the relationship between the capital adequacy ratio (CAR) and different bank-specific and macroeconomic variables for 28 Islamic banks. We document that there is a statistically significant positive relationship between the CAR and the bank-specific and macroeconomic variables. In particular, bank-specific variables such as ROA, ROE, leverage, credit risk and size show a strong association with the CAR, while on the macroeconomic side, inflation, market capitalization and exchange rate have an impact on the average Islamic bank in our sample study. Furthermore, we run another model (equity to assets ratio) as dependent, with similar control variables, and the results reveal that, except for inflation, all the variables that have a significant effect on the CAR also influence the equity to assets ratio. © 2017 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={bank-specific;  capital adequacy ratio;  dynamic panel data;  financial crisis;  Islamic banks;  macroeconomic variables},
keywords={banking;  capital;  exchange rate;  financial crisis;  inflation;  Islamism;  macroeconomics;  panel data},
references={Ahmad, R., Ariff, M., Skully, M., The Determinants Of Bank Capital Ratios In A Developing Economy (2009) Asia-pacific Financial Markets, 15, pp. 3-4; Arellano, M., Bond, S., Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations (1991) Review of Economic Studies, 58, pp. 277-297; Barrios, V.C.E., Blanco, J.M., The Effectiveness of Bank Capital Adequacy Regulation: A Theoretical and Empirical Approach (2003) Journal of Banking & Finance, 27 (10), pp. 1935-1958; Berger, A.N., Bouwman, C.H.S., How Does Capital Affect Bank Performance during Financial Crises? (2013) Journal of Financial Economics, 109, pp. 146-176; Elijah, B., George, G.K., Larry, D.W., Bank Capital Ratio across Countries: Why Do They Vary? (2008) Journal Finan Services Researcher, 34, pp. 177-201; Fiordelisi, F., Marques-Ibanez, D., Molyneux, P., Efficiency and Risk in European Banking (2011) Journal of Banking & Finance, 35, pp. 1315-1326; Francis, W.B., Osborne, M., On the Behavior and Determinants of Risk-Based Capital Ratios: Revisiting the Evidence from UK Banking Institutions (2010) International Review of Finance, 10 (4), pp. 485-518; Gropp, R., Heider, F., The Determinants of Bank Capital Structure (2010) Review of Finance, 14 (4), pp. 587-622; Hahn, P.J., Factors Determining Adequacy of Capital in Commercial Banks (1966) The Journal of Finance, 21 (1), pp. 135-136; Lee, C.C., Hsieh, M.F., The Impact of Bank Capital on Profitability and Risk in Asian Banking (2013) Journal of International Money and Finance, 32, pp. 251-281; Modigliani, F., Miller, M.H., The Cost of Capital, Corporation Finance and the Theory of Investment (1958) The American Economic Review 48, pp. 261-297; Shehzad, C.T., Haan, J., Scholtens, B., The Impact of Bank Ownership Concentration on Impaired Loans and Capital Adequacy (2010) Journal of Banking & Finance, 34, pp. 399-408},
correspondence_address1={Kalifa, W.; Department of Banking and Finance, Turkey; email: wagdikalifa@gmail.com},
publisher={Routledge},
issn={13504851},
language={English},
abbrev_source_title={Appl. Econ. Lett.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hossain2018,
author={Hossain, M.S. and Uddin, M.H. and Kabir, S.H.},
title={Sukuk as a financial asset: A review},
journal={Academy of Accounting and Financial Studies Journal},
year={2018},
volume={22},
number={Specialissue},
page_count={18},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045739114&partnerID=40&md5=601cb18320a2b6ee556d705e67f3b525},
affiliation={Taylor's University, Malaysia; Coventry University, Malaysia},
abstract={Sukuk, an Islamic replication of bond, is a structured financial instrument innovated about two decades ago in line with the historical development of Islamic finance. Despite the phenomenal growth of global sukuk market, the academic research on sukuk is yet at infancy stage, particularly because scholars did not deeply look at this remarkable financial innovation. As of now, there is a growing body of sukuk literature that mostly based on qualitative analysis addressing shari'ah guidelines, ethical matters, distinguishing features, contractual mechanisms and structures of sukuk; a few of them provide some empirical analyses. Given this background, we make fundamental efforts to conduct a systematic review on sukuk studies to identify the unexplored research issues on sukuk. Hence the findings of the meta-analysis identify several thematic areas on sukuk, such as: (i) Sukuk characteristics, (ii) sukuk and convention bonds, (iii) sukuk valuations, (iv) sukuk roles in corporate capital structure and (v) key challenges in sukuk market. All in all, this academic effort significantly contributes to enhance our knowledge in Islamic finance and outlines the specific future research agenda. © 2002-2018 Allied Business Academies.},
author_keywords={Capital structure effect;  Conventional financial instrument;  Islamic finance;  Key challenge;  Sukuk;  Valuation method},
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A multi-scale continuous wavelet correlation analysis (2014) In 4th Islamic Banking and Finance Conference (paper ID 152); Nursilah, A., Nurazira, S., Daud, M., Zurina, K., Economic forces and the sukuk market (2012) Procedia-Social and Behavioural Sciences, 65, pp. 127-133; Onal, M.I., Islamic liquidity management: The way forward (2013) Afro Eurasian Studies, 2 (1-2), pp. 306-314; Oseni, U.A., Dispute management in Islamic financial institutions: A case study of near sukuk defaults (2014) Journal of International Trade Law and Policy, 13 (3), pp. 198-214; Patrick, I.M.A.M., Kpodar, K., (2015) Is Islamic banking good for growth?, pp. 1-33. , IMF Working Paper, No. P124 WP/15/81; Petty, J.W., Titman, S., Keown, A.J., Martin, J.D., (2012) Financial Management: Principles and Applications (Sixth Edition), , Pearson Australia; Ramasamy, R., Munisamy, S., Helmi, M.H.M., Relative risk of Islamic sukuk over government and conventional bonds (2011) Global Journal of Management and Business Research, 11 (6), pp. 4-12; Ramasamy, R., Munusamy, S., Helmi, M.H.M., Basic Pricing Methodology for Islamic Profit Rate Swap (2011) Global Journal of Management and Business Research, 11 (5); Rauf, A.L.A., Ibrahim, Y., Determinants of risk and return performance with special reference to GCC Sukuk market structure (2014) International Journal of Development and Economic Sustainability, 2 (2), pp. 64-78; Reno, P., Abdullah, R., Risk management innovation of Islamic financial institutions (2016) European Journal of Islamic Finance, p. 4; Richard, K., (2005) A closer look at ijara sukuk, pp. 1-5. , Standard and Poor's, Research. 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publisher={Allied Business Academies},
issn={10963685},
language={English},
abbrev_source_title={Acad. Account. Financ. Stud. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{elAlaoui2017145,
author={el Alaoui, A.O. and Ismath Bacha, O. and Masih, M. and Asutay, M.},
title={Leverage versus volatility: Evidence from the capital structure of European firms},
journal={Economic Modelling},
year={2017},
volume={62},
pages={145-160},
doi={10.1016/j.econmod.2016.11.023},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85009454841&doi=10.1016%2fj.econmod.2016.11.023&partnerID=40&md5=dcef0f87a2403ef57d1f1352e73d4b7f},
affiliation={INCEIF, Lorong Universiti A, 59100Kuala Lumpur, Malaysia; Durham University Business School, Mill Hill Lane, Durham, DH1 3LB, United Kingdom},
abstract={The impact of leverage on financial market stability and the relationship with the real economy is a key concern among researchers. This paper makes an initial attempt to investigate the relationship between a firm's leverage, return and share price volatility from an Islamic finance perspective and capital structure theory. A multi-country dynamic panel framework and the mean-variance efficient frontier are applied to 320 sample firms from eight European countries, divided into portfolios of low and high debt using the shari'ah screening threshold of 33%. We find that the firm's return and volatility change with changes in the capital structure. Islamic-compliant stocks show, in most cases, less volatility than non-compliant stocks but are no different in terms of return. Finally, our results tend to imply a case for limiting debt beyond certain levels. © 2017 Elsevier Ltd},
author_keywords={Dynamic GMM;  Islamic stocks;  Leverage;  Mean-variance efficient frontier;  Volatility;  Wavelet time–frequency coherence analysis},
references={Ahmad, W., Sehgal, S., Bhanumurthy, N.R., Eurozone crisis and BRIICKS stock markets: contagion or market interdependence? (2013) Econ. Model., 33, pp. 209-225; Bin Mahfouz, S., Ahmed, H., Shariah investment screening criteria: a critical review (2014) J. King Abdulaziz Univ.: Islamic econ., 27 (1), pp. 111-145; Black, F., Studies of stock price volatility changes (1976) Proceedings of the 1976 meetings of the American Statistical Association, Business and Economics Statistics Section, pp. 177-181. , In: American Statistical Association, Washington, DC, pp; Booth, L., Aivazian, V., Demirguc‐Kunt, A., Maksimovic, V., Capital structures in developing countries (2001) J. Finance, 56 (1), pp. 87-130; Cai, J., Zhang, Z., Leverage change, debt overhang, and stock prices (2011) J. Corp. Finance, 17 (3), pp. 391-402; Cheung, Y.W., Ng, L.K., Stock price dynamics and firm size: an empirical investigation (1992) J. Finance, 47 (5), pp. 1985-1997; Deesomsak, R., Paudyal, K., Pescetto, G., The determinants of capital structure: evidence from the Asia Pacific region (2004) J. Multinatl. Financ. Manag., 14 (4), pp. 387-405; De Jong, A., Kabir, R., Nguyen, T.T., Capital structure around the world: The roles of firm-and country-specific determinants (2008) J. Bank. Finance, 32 (9), pp. 1954-1969; Driffield, N., Pal, S., Evolution of capital structure in east Asia—corporate inertia or endeavours? (2010) J. R. Stat. Soc.: Ser. A (Stat. Soc.), 173 (1), pp. 1-29; Duncan, A.S., Kabundi, A., Domestic and foreign sources of volatility spillover to South African asset classes (2013) Econ. Model., 31, pp. 566-573; Duffee, G.R., Stock returns and volatility a firm-level analysis (1995) J. Financial Econ., 37 (3), pp. 399-420; French, K.R., Schwert, G.W., Stambaugh, R.F., Expected stock returns and volatility (1987) J. Financ. Econ., 19 (1), pp. 3-29; Ghoul, W., Karam, P., MRI and SRI mutual funds: a comparison of Christian, Islamic (morally responsible investing), and socially responsible investing (SRI) mutual funds (2007) J. Invest., 16 (2), p. 96; Graham, J.R., Leary, M.T., A review of empirical capital structure research and directions for the future (2011) Annu. Rev. Financ. Econ., 3; Hamada, R.S., The effect of the firm's capital structure on the systematic risk of common stocks (1972) J. Financ., 27 (2), pp. 435-452; Hwang, E., Min, H.-G., Kim, B.-H., Kim, H., Determinants of stock market comovements among US and emerging economies during the US financial crisis (2013) Econ. Model., 35, pp. 338-348; Kayo, E.K., Kimura, H., Hierarchical determinants of capital structure (2011) J. Bank. Finance, 35 (2), pp. 358-371; Modigliani, F., Miller, M.H., The cost of capital, corporation finance and the theory of investment (1958) Am. Econ. Rev., pp. 261-296; Modigliani, F., Miller, M.H., Corporate income taxes and the cost of capital: a correction (1963) Am. Econ. Rev., pp. 433-443; Rogoff, K., Reinhart, C., Growth in a time of debt (2010) Am. Econ. Rev., 100 (2), pp. 573-578; Smith, W.S., Conover, J.A., Risk and the miller equilibrium: capital structure choice with risk-averse investors (1993) Rev. Quant. Financ. Account., 3 (3), pp. 367-382; Sporleder, T.L., Moss, L., Knowledge capital, intangible assets, and leverage: evidence from US Agricultural Biotechnology Firms (2004) Int. Food Agribus. Manag. Rev., 7 (2), pp. 26-36},
correspondence_address1={Masih, M.; INCEIF, 59100, Malaysia; email: mansurmasih@gmail.com},
publisher={Elsevier B.V.},
issn={02649993},
language={English},
abbrev_source_title={Econ. Model.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Zulkhibri2017117,
author={Zulkhibri, M. and Sukmana, R.},
title={Financing Channels and Monetary Policy in a Dual Banking System: Evidence from Islamic Banks in Indonesia},
journal={Economic Notes},
year={2017},
volume={46},
number={1},
pages={117-143},
doi={10.1111/ecno.12076},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85007010439&doi=10.1111%2fecno.12076&partnerID=40&md5=f6105b62196057f9a809522abc5955bc},
affiliation={Islamic Research and Training Institute, Islamic Development Bank, Jeddah, Saudi Arabia; Faculty of Economics and Business, Universitas Airlangga, Surabaya, Indonesia},
abstract={Using Indonesian Islamic banking data from 2003 to 2014, this article employs a panel regression methodology to investigate the responses of Islamic banks to changes in financing rates and monetary policy, which may differ depending on their characteristics. The results suggest that the financing rate has a negative impact on financing at Islamic banks, while bank-specific characteristics have a positive influence on it. The size and amount of capital have a greater impact than liquidity on financing at Islamic banks. However, changes in monetary policy are insignificant on bank financing, which implies that the transmission of monetary policy through the Islamic segment of the banking sector is weak. Furthermore, the weak impact of monetary policy on bank financing can be explained by the dramatic expansion of Islamic banks during the sample period, which contributed to a substantial increase in deposit growth and a high liquidity position. © 2016 Banca Monte dei Paschi di Siena SpA},
keywords={banking;  capital formation;  capital market;  financial market;  financial system;  monetary policy, Indonesia},
references={Aysuna, U., Hepp, R., Identifying the Balance Sheet and the Lending Channels of Monetary Transmission: A Loan-Level Analysis (2013) Journal of Banking and Finance, 37 (8), pp. 2812-2822; (2014) Monthly Statistics Report, Indonesian Islamic Banking, , Bank Indonesia (, Jakarta, Bank Indonesia; Beck, T., Demirguc-Kunt, A., Merrouche, O., Islamic vs. Conventional Banking: Business Model, Efficiency and Stability (2013) Journal of Banking and Finance, 37 (2), pp. 433-447; Bernanke, B., Blinder, A., The Federal Funds Rate and the Channels of Monetary Transmission (1992) American Economic Review, 82 (4), pp. 901-921; Bernanke, B., Gertler, M., Agency Costs, Net Worth, and Business Fluctuations (1989) American Economic Review, 79 (1), pp. 14-31; Brooks, P.K., (2007) Does the Bank Lending Channel of Monetary Transmission Work in Turkey?, , “” IMF Working Paper 07/272, International Monetary Fund, Washington, DC; Caporale, G.M., Helmi, M.H., Islamic Banking, Credit and Economic Growth Some Empirical Evidence”, DIW Berlin (2016) German Institute for Economic Research, , “, . 1541., German Institute for Economic Research, Berlin; Caporale, G.M., Catik, N., Helmi, M.H., Menla Ali, F., Tajik, M., (2016) The Bank Lending Channel in a Dual Banking System Evidence from Malaysia, , “”, DIW Berlin Discussion Paper 1557., German Institute for Economic Research, Berlin; Cervik, S., Charap, J., The Behavior of Conventional and Islamic Bank Deposit Returns in Malaysia and Turkey (2015) International Journal of Economics and Financial Issues, 5 (1), pp. 111-124; Chong, B., Liu, M.-H., Islamic Banking: Interest-Free or Interest-Based (2009) Pacific-Basin Finance Journal, 17, pp. 124-144; Dridi, J., Hasan, M., (2010) Have Islamic Banks Been Impacted Differently than Conventional Banks During the Recent Global Crisis?, , “” IMF Working Paper, WP/10/201, International Monetary Fund, Washington, DC; Ehrmann, M., Gambacorta, L., Martinez-Pages, J., Sevestre, P., Worms, A., Financial Systems and the Role of Bank in Monetary Transmission in the Euro Area (2003) Monetary Transmission in the Euro Area: A Study by the Eurosystem Monetary Transmission Network, pp. 235-269. , ”, in, I. Angeloni, A. Kashyap, B. Mojon, (eds),, Cambridge, Cambridge University Press; El-Gamal, M., (2005), http://www.ruf.rice.edu/∼elgamal/, “Mutuality as an Antidote to Rent-Seeking Sharia-Rrbitrage in Islamic Finance”; El Hamiani Khatat, M., (2016) Monetary Policy in the Presence of Islamic Banking, , “”, IMF Working Paper 16/72, International Monetary Fund, Washington, DC; Errico, L., Farahbaksh, M., (1998) Islamic Banking Issues in Prudential Regulations and Supervision, , “”, IMF Working Paper, 30, International Monetary Fund, Washington, DC; Fadzlan, S., Zulkhibri, M., Post-Crisis Productivity Change in Non-Bank Financial Institutions: Efficiency Increase or Technological Progress (2009) Journal of Transnational Management, 14 (2), pp. 124-154; Gambacorta, L., Inside the Bank Lending Channel (2005) European Economic Review, 49, pp. 1737-1759; Gheeraert, L., Does Islamic Finance Spur Banking Sector Development (2014) Journal of Economic Behavior and Organization, 103, pp. S4-S20; Gujarati, D.N., Sangeetha, S., (2007) Basic Econometrics, , 4th Edition, India, McGraw-Hill Education Books; Hausman, J.A., Specification Tests in Econometrics (1978) Econometrica, 46 (6), pp. 1251-1271; Haron, S., Islamic Banking and Finance (2001) Leading Issues in Islamic Banking and Finance, 20 (1), pp. 17-32; Iqbal, Z., Islamic Financial Systems (1997) Finance and Development, 34, pp. 42-45; Kashyap, A., Stein, J., The Impact of Monetary Policy on Bank Balance Sheets (1995) Carnegie Rochester Conference Series on Public Policy, 42, pp. 51-195; Kashyap, A., Stein, J., What Do a Million Observations Say About the Transmission Mechanism of Monetary Policy (2000) American Economic Review, 90 (3), pp. 407-428; Keeton, W.R., The Impact of Monetary Policy on Bank Lending: The Role of Securities and Large CDs (1993) Federal Reserves Bank of Kansas City Economic Review, 78, pp. 35-48; Khan, M., Islamic Interest-Free Banking: A Theoretical Analysis (1986) Staff Papers, International Monetary Fund, 33, pp. 1-27; Kia, A., Darrat, A.F., Modeling Money Demand under the Profit-Sharing Banking Scheme: Evidence on Policy Invariance and Long-Run Stability (2007) Global Finance Journal, 18, pp. 104-123; Kishan, P., Opiela, T., Bank Capital and Loan Asymmetry in the Transmission of Monetary Policy (2006) Journal of Banking and Finance, 30, pp. 259-285; Mills, P., Presley, J., (1999) Islamic Finance: Theory and Practice, , London, Macmillan; Shaban, M., Duygun, M., Anwar, M., Akbar, B., Diversification and Banks’ Willingness to Lend to Small Businesses: Evidence from Islamic and Conventional Banks in Indonesia (2014) Journal of Economic Behavior and Organization, 103, pp. S39-S55; Sukmana, R., Kassim, S., Roles of the Islamic Banks in the Monetary Transmission Process in Malaysia (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (1), pp. 7-19; Sukmana, R., Kholid, M., An Assessment of Liquidity Policies with Respect to Islamic and Conventional Banks: A Case Study of Indonesia (2013) Qualitative Research in Financial Markets, 5 (2), pp. 126-138; Zulkhibri, M., (2013) Islamic Financing and Bank Characteristics in a Dual Banking System Evidence from Malaysia, , “”, Paper presented at the Ninth International Conference in Islamic Economics and Finance, Istanbul, Turkey},
correspondence_address1={Zulkhibri, M.; Islamic Research and Training Institute, Saudi Arabia; email: khibri1974@yahoo.com},
publisher={Blackwell Publishing Ltd},
issn={03915026},
language={English},
abbrev_source_title={Econ. Notes},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mohd-Sanusi2015177,
author={Mohd-Sanusi, Z. and Ismail, R. and Hudayati, A. and Harjito, D.A.},
title={Screening process of Shariah-compliant companies: The relevance of financial risk management},
journal={International Journal of Economics and Management},
year={2015},
volume={9},
number={1},
pages={177-195},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84949773928&partnerID=40&md5=8eac2bdb7011e13502db28dbdd75b68a},
affiliation={Accounting Research Institute, Universiti Teknologi MARA, Shah Alam, Malaysia; Commerce Department, Politeknik Sultan Azlan Shah, Perak, Malaysia; Faculty of Economics, Universitas Islam Indonesia, Indonesia},
abstract={In complying with the issue of Shariah, it important to review on Shariah companies whether different levels of companies' uncertainties (risks) provides similar or contradict outputs on the level of compliance. This study examines the level of Islamic Shariah compliance for public listed companies in Malaysia based on their financial risk ratios and enterprise risk management (ERM). The final sample of this study consists of newly listed Shariah-compliant companies and Shariah-non compliant companies listed in Bursa Malaysia. The financial risk ratios and ERM measurements follow the guidelines set by the Dow Jones Islamic Market (DJIM) Index and COSO framework respectively. The results of this study suggest most companies were in compliance with the interest income requirement. However, many of the companies did not meet the liquidity and debt levels which have been suggested under the DJIM guideline. For Shariah companies, the level of ERM practices were significantly related to the liquidity and debt levels. This study proposes for more harmonized general criteria for an Islamic Capital Market (ICM) Index for Shariah screening process.},
author_keywords={Enterprise risk management;  Equity capital;  Financial risk ratios;  Islamic capital market;  Shariah compliant companies},
references={Abdul Ghafar, I., Achmand, T., Islamic law and finance (2010) Humanomics, pp. 178-199; Abdul Rahman, A., Yahya, M.A., Mohd Nasir, M.H., Islamic Norms for Stock Screening a Comparison Between the Kuala Lumpur Stock Exchange Islamic Index and the Dow Jones Islamic Market Index (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (3), pp. 228-240; Adel, A., Global financial crisis: an Islamic finance perspective (2010) International Journal of ISlamic and Middle Eastern Finance and Management, 3 (4), pp. 306-320; Afzalur, R., Islam, Ideology and the Way of life (1980) The Muslim School Trust, pp. 1-15. , London; Arham, M., Islamic perspectives on marketing (2010) Journal of Islamic Marketing, 1 (2), pp. 149-164; Atan, G., (1999) Pengurusan Dana Secara Islam, , Paper presented at the Introduction to Islamic Capital Market Seminar, Securities Commission, Kuala Lumpur; Baydoun Willet, R., Islam and Accounting: Ethical Issues in the Presentation of Financial Information (1997) Accounting, Commerce and Finance, The Islamic Perspective, 1 (1), pp. 1-25; Beasley, M.S., Bronson, B.C., Hancock, B.V., Are You Identifying Your Most Significant Risks? (2010) Strategic Finance; (2011) Shariah Compliant Securities, , http://www.klse.com.my/website/bm/products_and_services/islamic_capital_market/ICM_Shariah.html, Bursa Malaysia, 3 April, 2011; Cerimagic, S., The effects of Islamic law on busness practices (2010) Education, Business and Society, Contemporary Middle Eastern Issues, 3 (1), pp. 40-47; (2008) CIMA Certificate In Islamic Finance, , London, UK: SPG Media Limited; Collier, P.M., The Future of Enterprise Risk (2009) Management Fundamentals of Risk Management for Accountants and Managers, pp. 269-275. , Oxford: Butterworth-Heinemann; Commission, S., (2006) Resolutions of the Securities Commission Shariah Advisory Council, , Malaysia: Security Commission; Cooke, T.E., Voluntary Disclosre by Sweedish Companies (1989) Journal of International Financial Management and Accounting, 1 (2), pp. 171-195; (2004) Enterprise Risk Management, Intergrated Framework-Executive Summary, , New York: Committee of the Sponsoring Organizatinss of The Treadway Commission; Derigs, U., Marzban, S., Review and Analysis of Current Shariah-compliant equity screening practices (2008) International Journal of ISlamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303; Derigs, U., Marzban, S., New strategies and a new paradigm for Shariah-compliant portfolio optimization (2009) Journal of Banking & Finance, 33 (6), pp. 1166-1176; Desender, K., On the Determinants of enterprise risk management implementation (2009) Working paper; Engdal, M., The New World of Risk Management (2011) Islamic Finance News, p. 8. , 12 jan 2011; Hossain, M.Z., Why is interest prohibited in Islam? A statistical justification (2009) Humanomics, 25 (4), pp. 241-253; (2000) Statement on internal control: Guidance for Directors of Public Listed Companies, , In S. T. I. o. I. A. Malaysia (Ed.); Kimmel, B.W., Anderson, G.E., ERM Myths & Truths (2010) Financial Executive List of Shariah Compliant Securities by Shariah Advisory Council of the Securities Commission Malaysia (2009). Kuala Lumpur, , Kuala Lumpur, Malaysia December 2010; McNamee, D., Selim, G.M., (1998) Risk management: Changing the internal auditor's paradigm, , Institute of Internal Auditors Research Foundation; Mehdi, S., Financial Performance of Shariah-Compliant Investment: Evidence from Malaysia Stock Market (2008) International Research Journal of Finance and Economics, 20; Metha, S., It's Time For ERM (2010) Financial Executive, 26, p. 34; Mohamad Akram, L., Islamic financial system: the Malaysian experince and the way forward (2008) Humanomics, 24 (3), pp. 217-238; Mohd Dali, N.R.S.B., Mudasir, H.H., Abdul Hamid, S., Performance of Shariah compliance companies in the plantation industry (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (2), pp. 166-178; Financial Report: From the Islamic Perspective-Case Study of Puncak Niaga (2006) Work Paper, pp. 1-14. , Muhammad; Muhammad, J., (2008) Stock Price and Volume Effects of Inclusion in and Exclusion from the Kuala Lumpur Stock Exchange Syariah Index (KLSI), , Doctor of Business Administration, Universiti Kebangsaan Malaysia, Bangi; Nisar, S., Islamic norms for stock screening (2007) Islamic Banking and Finance Magazine; Olson, D., Zoubi, T.A., Using accounting ratios to distinguish between Islamic and conventional banks in the GCC region (2008) The International Journal of Accounting, 43 (1), pp. 45-65; Othman, R.M., Thani, A., Ghani, E.K., Determinants of Islamic Social Reporting Among Top Shariah-Approved Companies in Bursa Malaysia (2009) Research Journal Of International Studies, (12), pp. 4-20; Power, W.C., (2002) Report of nvestigation by the special investigation committee of the board of directors of Enron Corp; Pryor, F.L., The islamic economic system (1985) Journal of Comparative Economics, 9 (2), pp. 197-223; (2006) Resolutions of The Securities Commission Shariah Advisory Council, , Kuala Lumpur, Malaysia: Securities Commission; (2001) Capital Market Masterplan Malaysia, , Kuala Lumpur: Securities Commission; (2006) Resolutions of the Securities Commission Shariah Advisory Council, , Malaysia: Security Commission; (2009) List of Shariah Compliant Securities by Shariah Advisory Council of the Securities Commission Malaysia, , Kuala Lumpur, Malaysia; (2011) FAQs, , http://www.sc.com.my/main.asp?pageid=445&menuid=349&newsid=&linkid=&type=, 24 March, 2011; Shahul Hameed, M.I.A.H.F., Sheila, N.N.H., Corparate Governance and Perfomance: A Comparative Study of Shari'ah Approved and Non-Shari'ah Approved Companies on Bursa Malaysia Jounal of Financial Reporting & Accounting; Shimpi, P., Financial Crisis Exposes Need For All To Adopt Enterprise Risk Management (2010) Mational Underwriter, 22. , 18-25 Jan; Siddiqui, A.R., (2000) Dow Jones Islamic Market Index, , Paper presented at the Islamic Banking and Finance, Hilton Long Beach CA; Stulz, R.M., Six Ways Companies Mismanage Risk (2009) Harvard Business Review, pp. 1-8; Subramaniam, M., McManus, L., Zhang, J., Corporte governance, board characteristics and Risk Management Committee (2009) Managerial Auditing Journal, 24 (4), pp. 316-339; Syed Alwi, M.S., (2007) A Mini Guide to Shari'ah audit for Islamic Financial Instituitons A Primer, , Kuala Lumpur: CERT Publications Sdn Bhd; Syed Alwi, M.S., (2007) A Mini Guide to Shariah Adit for Islamic Financial Institutions-A Primer, , Kuala Lumpur: CERT Publications Sdn Bhd; Ulrich, D., Marzban, S., Review and Analysis of Current Shariah-Compliant Equity Screening Practices (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303; Usmani, T., Principles of Shariah governing Islamic investment funds (1999) International Journal of Islamic Financaial Services, 1 (2), pp. 45-58; Wilson, A.R., (2004) Screening criteria for Islamic equity funds, , Paper presented at the Islamic Asset Management: Forming the Future for Shari'ah-Compliant Investment Strategies, Euromoney Institutional Investor PLC, London; Yatim, P., Kent, P., Clarkson, P., Governance structures, ethicity and audit fees of Malaysian listed firms (2006) Managerial Auditing Journal, 21 (7), pp. 757-782},
correspondence_address1={Mohd-Sanusi, Z.; Accounting Research Institute, Malaysia; email: zuraidahms@salam.uitm.edu.my},
publisher={Universita Putra Malaysia},
issn={1823836X},
language={English},
abbrev_source_title={Int. J. Econ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Alam201327,
author={Alam, N.},
title={A comparative performance analysis of conventional and Islamic exchange-traded funds},
journal={Journal of Asset Management},
year={2013},
volume={14},
number={1},
pages={27-36},
doi={10.1057/jam.2012.23},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84875480034&doi=10.1057%2fjam.2012.23&partnerID=40&md5=84e016c4469c7ef7a243667ffc99f1a5},
affiliation={Nottingham University Business School, University of Nottingham Malaysia Campus, Jalan Broga, 43500 Semenyih, Selangor, Malaysia},
abstract={Exchange-traded Funds (ETFs) have attracted many investors as one of the most innovative products of financial engineering. By virtue of the nascent nature of Islamic ETFs, comparative performance studies of Islamic and conventional ETFs are essential to assess the attractiveness of two distinct financial instruments. By making use of 85 ETFs from UK iShares between 2008 and 2011, this article compares the performance of conventional and Islamic ETFs. In our analysis, the Sharpe, Treynor and Sortino ratios are used as risk-adjusted performance measures. Islamic ETFs can beat both conventional ETFs and the market benchmark index based on risk-adjusted performance measures. Overall, both ETFs were able to outperform the market benchmark index. It is also evident that a portfolio of Islamic ETFs shows less variability and hence is less risky compared with their conventional counterpart. As the existing literature on ETFs generally lacks an empirical analysis of the comparative performance of conventional and Islamic ETFs, this article is a pioneering empirical research on the performance analysis of two distinct types of ETFs, taking samples from the largest provider of ETFs, iShares. The findings of this article are very relevant for investors and fund managers in determining policy matters, deciding investment and marketing strategy for two distinct types of capital market products. © 2013 Macmillan Publishers Ltd.},
author_keywords={exchange-traded Funds;  performance evaluation},
references={Alam, N., Rajjaque, M.S., Shariah compliant equities-empirical evaluation of performance in European market during credit crunch (2010) Journal of Financial Services Marketing, 15 (3), pp. 228-240; Bernstein, P.J., A primer on exchange-traded funds (2002) Journal of Accountancy, 193 (1), pp. 38-41; Bernstein, W.J., It's the execution, Stupid (2004) Efficient Frontier, , http://www.efficientfrontier.com/ef/104/stupid.htm, accessed 20 February 2012; (2011) ETF Landscape: Global Handbook Q1 2011, , http://www2.blackrock.com/ca/en/InstitutionalInvestors/MarketInsight/ etflandscape/index.htm, BlackRock, accessed 20 February 2012; Cao, J., (2005) International Diversification Through IShares and Their Rivals, , USA: University of Texas at Austin. Working paper; Carrel, L., (2008) ETFs for the Long Run, , Hoboken, NJ: John Wiley & Sons; Carty, C.M., ETFs from A to Z: A diversified portfolio can be constructed entirely of ETFs and suitable to any client's risk tolerance (2001) Financial Planning, 31 (5), pp. 102-106; Chang, E., Swales, G.S., (2003) Do Country-Specific Exchange-Traded Funds Outperform Closed-End Country Funds?, , USA: SW Missouri State University Working paper; Cumby, R., Glen, J., Evaluating the performance of international mutual funds (1990) Journal of Finance, 45 (2), p. 497; Dellva, L.W., Exchange-traded funds not for everyone (2001) Journal of Financial Planning, 14 (4), pp. 110-124; Deville, L., Exchange traded funds: History, trading and research (2008) Handbook of Financial Engineering, pp. 1-37. , C. Zopounidis, M. Doumpos and P. Pardalos (eds.), Paris, France: Springer; Eun, C.S., Kolodny, R., Resnick, B.G., US based international mutual funds: A performance evaluation (1991) Journal of Portfolio Management, 17 (3), pp. 88-94; Ferri, R.A., (2008) The ETF Book, , Hoboken, NJ: John Wiley & Sons; Gardner, R., Welch, J., Increasing after-tax return with exchange-traded funds (2005) Journal of Financial Planning, 18 (6), pp. 30-35; Gastineau, G.L., Exchange-traded funds: An introduction (2001) Journal of Portfolio Management, 27 (3), pp. 88-96; Grinblatt, M., Titman, S., Mutual fund performance: An analysis of quarterly holdings (1989) Journal of Business, 62 (3), pp. 393-416; Harper, J.T., Madura, J., Schnusenberg, O., Performance comparison between exchange-traded funds and closed-end country funds (2006) Journal of International Financial Markets, Institutions and Money, 16 (2), pp. 104-122; Jensen, M.C., The performance of mutual funds in the period 1945-64 (1968) Journal of Finance, 23 (2), pp. 389-416; Poterba, J.M., Shoven, J.B., Exchange-traded funds: A new investment option for taxable investors (2002) American Economic Review, 92 (2), pp. 422-427; Redman, A.L., Gullett, N.S., Manakyan, H., The performance of global and international mutual funds (2000) Journal of Financial and Strategic Decisions, 13 (1), pp. 75-85; Sharpe, W.F., The Sharpe ratio (1994) Journal of Portfolio Management, 21 (1), pp. 49-59; Sortino, F.A., Robert, V.D.M., Downside risk (1991) Journal of Portfolio Management, 17 (4), pp. 27-32; Vassal, V.D., Risk diversification benefits of multiple-stock portfolios (2001) Journal of Portfolio Management, 27 (2), pp. 32-39; Zigler, B., ETFs finish in first place (2002) Financial Planning, 32 (5), pp. 82-85},
correspondence_address1={Alam, N.; Nottingham University Business School, Jalan Broga, 43500 Semenyih, Selangor, Malaysia; email: nafis.alam@nottingham.edu.my},
issn={14708272},
language={English},
abbrev_source_title={J. Asset Manage.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Noor2011877,
author={Noor, R.M. and Nik Mohd Rashid, N.M.N. and Mastuki, N.},
title={Zakat and tax reporting: Disclosures practices of Shariah compliance companies},
journal={2011 IEEE Colloquium on Humanities, Science and Engineering, CHUSER 2011},
year={2011},
pages={877-882},
doi={10.1109/CHUSER.2011.6163862},
art_number={6163862},
note={cited By 8; Conference of 2011 IEEE Colloquium on Humanities, Science and Engineering, CHUSER 2011 ; Conference Date: 5 December 2011 Through 6 December 2011;  Conference Code:89137},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84858978145&doi=10.1109%2fCHUSER.2011.6163862&partnerID=40&md5=a805130f04fefa92724595abbab1f529},
affiliation={Faculty of Accountancy, UiTM and Barjoyai Bardai, Universiti Tun Abdul Razak (UNIRAZAK), Malaysia},
abstract={The aspects of transparency and clear in muamalah contracts are vital in any form of business activities in complying with Shariah principles. The element of gharar or unknown and uncertainty are totally not permissible by the Shariah as its caused injustice to social economics. The Al-Quran has clearly forbidden business transactions that caused injustice to the society. Zakat which is based on the principle of purifying and growth is an important aspect in Islamic economic. Zakat on business income which is calculated based on growth or net working capital models is a compulsory obligation for Shariah companies. The issue of MASB technical release i-1 accounting for zakat on business and the announcement of Shariah-compliance companies by the Securities Commission Malaysia recently had initiated the current study to explore the zakat reporting compliance among the Shariah-compliance companies. Further, the development of Islamic finance and capital market requires policymakers, practitioners and zakat scholars to look into the clear standards and policy on zakat to be imposed on the Shariah-compliance companies © 2011 IEEE.},
author_keywords={Shariah compliance companies and MASB TR i-1;  Zakat reporting},
keywords={Business activities;  Business transaction;  Capital markets;  Malaysia;  Policy makers;  Shariah compliance companies and MASB TR i-1;  Working capitals;  Zakat reporting, Industry, Regulatory compliance},
references={(2011) The EDGE, , 20 June; (2011) List of Shariah-compliance Securities by Shariah Advisory Council of SSM, , Securities Commission Malaysia (SSM) 27 May; Ousama, A.A., Fatima, A.H., (2010) Voluntary Disclosure by Shariah Approved Companies: An Exploratory Study, 8 (1), pp. 35-49; Sulaiman, M., Testing a model of islamic corporate financial reports: Some experimental evidence (2001) IIUM Journal of Economics and Management, 9 (2), pp. 115-139; Al-Qardawi, Y., (1999) Fiqh Az-zakat: A Comparative Study, , (M. Kahf, Trans.) London: Dar Al Taqwa; Abdul Rahim, A.R., Zakat on business wealth in Malaysia: Corporate tax rebate, accountability and governance (2003) Journal IKIM, 11 (1); Rahman, S., (1997) Retrospect: Islamic Accounting Standards, , http://www.IFEW.com/, 26/28/2011; Malaysia Accounting Standard Board, , Technical Release i-1; Hamat, Z., (2009) The Conference on islamic Perspectives on Management and Finance, , Business zakat accounting and taxation in Malaysia. A paper presented at University of Leicester, United Kingdom, 2 nd - 3 rd July 2009; Hashim Kamali, M., (2006) Principles of islamic Jurisprudence, p. 239. , 3rd Edition; Rohaya, M.N., Nor'Azam, M., Bardai, B., Book-tax difference and value relevance of taxable income: Malaysian evidence (2010) Journal of Financial Reporting & Accounting, 7 (2), pp. 19-40; Sagaran, G., (2011) Efficiency of Shariah Verses Non-shariah Stocks on KLSE's Daily Price Returns Post 1997 Crisis, , a PhD thesis at Universiti Tun Abdul Razak; Badawi, Zaki, (1996) Islamic Banker: News and Analysis of islamic Banking, Finance and Insurance, (4), pp. 18-19. , March; Rohaya, M.N., Shazwani, Nor'azam, M., Corporate tax planning: A study on corporate effective tax rates of Malaysian listed companies (2010) International Journal of Trade, Economics and Finance, 1 (2); Rohaya, Alizan, Norashikin, Nor'azam, Tax evasion: Evidence from tax investigation cases in Malaysia (2009) The International ASIA-PACIFIC Conference on Forensic, , A paper presented at Menara Kuala Lumpur, 15-17 June 2009},
correspondence_address1={Noor, R.M.; Faculty of Accountancy, Malaysia; email: rohay725@salam.uitm.edu.my},
sponsors={IEEE Malaysia; IEEE Malaysia Power Electron. (PEL)/; Ind. Electron.(IE)/ Ind. Appl. (IA) Jt. Chapter; IEEE Engineering in Medicine and; Biology Malaysia Chapter},
address={Penang},
isbn={9781467300193},
language={English},
abbrev_source_title={IEEE Colloq. Humanit., Sci. Eng., CHUSER},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Sugema201058,
author={Sugema, I. and Bakhtiar, T. and Effendi, J.},
title={Interest versus profit-loss sharing credit contract: Effciency and welfare implications},
journal={International Research Journal of Finance and Economics},
year={2010},
volume={45},
pages={58-67},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-77955742435&partnerID=40&md5=89f32548095c3a23430f2248b6bb7050},
affiliation={Department of Economics, International Center for Applied Finance and Economics, Bogor Agricultural University (IPB), Bogor, Indonesia; Department of Mathematics, International Center for Applied Finance and Economics, Bogor Agricultural University (IPB), Bogor, Indonesia},
abstract={In this paper we attempt to answer a fundamental question of whether a profit-loss sharing (PLS) based banking system can be welfare improving than an interest based banking system by developing a rigorous theoretical modelling. In the framework of production technology we firstly show that under production certainty and competitive market both PLS and interest based systems are efficient and just. However, under an uncertain situation due to a productivity shock, we prove that only the PLS system is just, since it fairly distributes the risk at individual level amongst lender and borrower. We verify our result by quantifying the effects on income distribution for both lender and borrower. Two indicators, namely the standard error of distribution and Gini ratio are considered. We also propose a mechanism that will improve the performance of a PLS system from capital owners perspective by introducing a so-called risk pooling bank. We prove that such a bank absorbs all the risk encountered by the capital owners and thus maintains their income distribution, and at the same time reduces the risk faced by borrowers. © EuroJournals Publishing, Inc. 2010.},
author_keywords={Income distribution;  Islamic banking;  Profit-loss sharing;  Risk pooling agent},
references={Algaoud, L.M., Lewis, M.K., Islamic critique of conventional financing (2007) Handbook of Islamic Banking, , in M.K. Hassan and M.K. Lewis (eds.), Northampton: Edward Elgar; Indonesia, B., Indonesia banking statistics (2009), July 2009; Chapra, M.U., (1985) Towards a Just Monetary System, , Leicester: The Islamic Foundation; Chong, B.S., Liu, M.-H., Islamic banking: Interest-free or interest-based? (2009) Pacific-Basin Finance Journal, 17 (1), pp. 125-144; Crane, L.M., Leatham, D.L., Profit and loss sharing in agriculture: An application of islamic banking (1993) Agribusiness, 9 (4), pp. 403-412; Dar, H.A., Presley, J.R., Lack of profit loss sharing in islamic banking: Management and control imbalances (2001), Economic Research Paper No. 00/24, Loughborough University; van Greuning, H., Iqbal, Z., (2008) Risk Analysis for Islamic Banks, , Washington: The International Bank for Reconstruction and Development/The World Bank; Haque, N.U., Mirakhor, A., Optimal profit sharing contracts and investment in an interest-free islamic economy (1986), IMF Working Paper, WP/86/12; Hasan, Z., Determination of profit and loss sharing ratios in interest-free business finance (1985) Journal of Research in Islamic Economics, 1 (3), pp. 13-29; Hasan, M.K., Lewis, M.K., (2007) Handbook of Islamic Banking, , Northampton: Edward Elgar; Iqbal, M., Llewellyn, D.T., (2002) Islamic Banking and Finance: New Perspectives on Profit-Sharing and Risk, , Northampton: Edward Elgar; (2008) Islamic Finance Outlook 2008, , Standard & Poor's; Thomas, A., (2006) Interest in Islamic Economic, , New York: Routledge; Visser, H., (2009) Islamic Finance: Principles and Practice, , Northampton: Edward Elgar; Warde, I., (2000) Islamic Finance in the Global Economy, , Edinburgh: Edinburgh University Press},
correspondence_address1={Bakhtiar, T.; Department of Mathematics, , Bogor, Indonesia; email: tonibakhtiar@yahoo.com},
issn={14502887},
language={English},
abbrev_source_title={Int. Res. J. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nakagawa2009111,
author={Nakagawa, R.},
title={The evolution of Islamic Finance in Southeast Asia: The case of Malaysia},
journal={Journal of Applied Business Research},
year={2009},
volume={25},
number={1},
pages={111},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-58149394476&partnerID=40&md5=8857dfa54d7be4168d555f916d16d968},
affiliation={Institute of Developing Economies, Japan},
abstract={The purpose of this paper is threefold: to explain why the Islamic financial system was introduced in Malaysia; to outline how the Malaysian government has promoted this system; and to analyze the development of the Islamic financial system with a specific focus on the banking sector. In Malaysia, the first Islamic bank, Bank Islam Malaysia Bhd., was established in 1983. One turning point of the Islamic financial system in the country was the Financial Sector Master Plan presented by the central bank in 2001. The government, in accordance with the plan, has taken a strong initiative in the development of an Islamic financial system. As a result, the country has succeeded in promoting a comprehensive Islamic financial system, banking and insurance sectors and capital markets. In the banking sector, this paper reveals that the profit-sharing system does not seem to be popular in this country although the reward system is central to Islamic Finance. In order for further development of the Islamic financial sector, the reasons why the percentage of contracts under the profit-sharing system is small need to be analyzed.},
author_keywords={Bank Islam Malaysia Bhd.;  Financial Sector Master Plan;  Islamic banking scheme;  Islamic Finance in Malaysia;  New economic policy},
references={Abdullah, bin Hj. Ahmad Badawi and Minister of Finance, The 2007 Budget Speech, Introducing the Supply Bill 2007 in the Dewan Rakyat, September 1 2006 (download from http://www.btimes.com.mv/Current News/BT/Fridav/hold/budget07.pdf <last cited on April 27.2007>); Ahmad, Imad-ad-Dean, Riba and Interest: Definitions and Implications, paper presented at 22ne Conference of American Muslim Social Scientists, 1993 (download from www.globalwebpost.com/farooqm/studv res/i econfin/imad riba.htm <last cited on March 12. 2008>); Ahmad, M., Judaism and Interest (1981) Islamic Studies, 20 (1), pp. 48-81; Bank Negara, Malaysia, (1983) Annual Report 1982, , Bank Negara Malaysia, Kuala Lumpur; Bank Negara Malaysia, The Central Bank and the Financial System in Malaysia: A Decade of Change, Bank Negara Malaysia, Kuala Lumpur, 1999; Bank Negara Malaysia, Monthly Statistical Bulletin, January, Bank Negara Malaysia, Kuala Lumpur, 2007; BBC News, Islamic Institute Blesses Interest, November 18, 2002 (download from news.bbc.co.uk/2/hi/business/1488525.stm <last cited on July 10,2008>); Chandra, M., (1987) Islamic Resurgence in Malaysia, Penerbit Fajar Bakti, Petaling Jaya; Doi, A.R.I., (1984) SharT'ah: The Islamic Law, , Ta-Ha publishers, London; Farooq, Mohammad Omar, The Riba-Interest Equivalence: Is There an Ijma (Consensus)?, 2006. (download from www.globalwebpost.com:farooqm/writings/ islamic/r-i-consensus.html <last cited on March 10. 2008>); Grossman, Andrew, Finding the Law: Islamic Law (Sharia), 2002 (download from http://www.llrx.com/features/islamiclaw.htm <last cited on March 13,2008>); Haron, S., Shanmugam, B., (1997) Islamic Banking System: Concepts and Applications, Pelanduk Publications (M), Petaling Jaya; Iqbal, M., Llewellyn, D.T., Introduction (2002) Islamic Banking and Finance: New Perspectives on Profit-Sharing and Risk, pp. 1-14. , Munawar Iqbal and David T. Llewellyn eds, Cheltenham: Edward Elgar, pp; Iqbal, M., Molyneuz, P., (2005) Thirty Years of Islamic Banking, , Palgrave Macmillan, London; Iqbal, Z., Mirakhor, A., (2007) An Introduction to Islamic Finance: Theory and Practice, , John Wiley & Sons Asia, Singapore; Horii, K., Dakwah Movement and Socio-political Changes of Rural Community in 1970s and 80s (1987) Asian Economies (Ajia Keizai), 28 (2), pp. 84-105. , in Japanese; Khan, M.A.M., Mythology of Islamic Economics and Theology of East Asian Miracle (1999) American Journal of Islamic Social Sciences, 16 (4), pp. v-xvii; Kuran, T., (2004) Islam and Mammon: The Economic Predicaments oflslamism, , Princeton University Press, New Jersey; Lewis, M.K., Algaoud, L.M., (2001) Islamic Banking, , Edward Elgar, Cheltenham; Mason, R., Omar, A., The 'Bumiputera Policy': Dynamics and Dilemmas (2003) Kajian Malaysia, 21 (1 2), pp. 1-12; Mohamed, A., Islamic Banking (1988) Asia-Pacific Economic Literature, 2 (2), pp. 46-62; Nomani, F., Rahnema, A., (1994) Islamic Economic Systems, , Zed Books, London; Noorzoy, M.S., Islamic Laws on Riba (Interest) and Their Economic Implications (1982) International Journal of Middle East Studies, 14 (1), pp. 3-17; Rahman, F., Ribā and Interest (1964) Islamic Studies, 3 (1), pp. 1-43; Rashid, Salim, The Value of Time and Risk in Islamic Economics, 1983 (download from www.globalwebpost.com/farooqm/study res/i econfin/srashid tmv.pdf <last cited on March 11. 2008>); (2003) Annual Report 2003, , Securities Commission, Securities Commission, Kuala Lumpur; Shamsul, A.B., The Economic Dimension of Malay Nationalism: The Socio-Historical Roots of the New Economic Policy and Its Contemporary Implications (1997) Developing Economies, 35 (3), pp. 240-261; Torii, T., Development Policies and Islamization Policy under the Mahathir Government in Malaysia (2003) Asian Studies (Ajia Kenkyu), 49 (1), pp. 19-36. , in Japanese; Venardos, A.M., (2005) Islamic Banking and Finance in South-East Asia: Its Development and Future, , World Scientific Publishing Co. Pte. Ltd, Singapore; Man, Z., Islamic Banking: The Malaysian Experience (1988) Islamic Banking in Southeast Asia, pp. 67-102. , Mohamed Ariff ed, Institute of Southeast Asian Studies, Singapore, pp},
correspondence_address1={Nakagawa, R.; Institute of Developing EconomiesJapan},
issn={08927626},
language={English},
abbrev_source_title={J. Appl. Bus. Res.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Ebrahimi20031307,
author={Ebrahimi, S.N. and Khouzani, A.S.},
title={The Contractual Form of Iran's Buy-Back Contracts in Comparison with Production Sharing and Service Contract},
journal={Proceedings of the Middle East Oil Show},
year={2003},
volume={13},
pages={1307-1316},
doi={10.2523/81547-ms},
note={cited By 8; Conference of Proceedings - 13th Middle East Oil and Gas Show and Conference, Technology Solution for the Oil and Gas Business: New Middle East Focus, MEOS 2003 ; Conference Date: 9 June 2003 Through 12 June 2003;  Conference Code:62635},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-1842556302&doi=10.2523%2f81547-ms&partnerID=40&md5=c3f22d3f8b08124205db55f3fd281de0},
affiliation={National Iranian Oil Co., PEDEC, Iran; Department of Law, PEDEC, NIOC},
abstract={Since the Constitution of the Islamic Republic of Iran (1979) does not allow foreign companies to own equity stakes in hydrocarbon projects, Iran has developed a new mechanism in line with the Constitution to facilitate the engagement of foreign oil companies in development of oil/gas fields. Such a mechanism resembles a typical buy-back arrangement, under which a foreign company provides the funding for, and necessary equipment and services for the establishment, development or updating a project and agrees to purchase back a portion of the production such as those goods or services produced in that project. This mechanism, however, is a hybrid of a service contract and a production sharing agreement, although it is much closer to the former. Under this mechanism a foreign oil company provides the fund for, expertise, equipment and machinery for the development of a gas/oil field. In return, the petroleum costs, constituting Capital Costs, Non-Capital Costs, Operating Costs, Bank Charges (interests), and Remuneration Fee, will be recovered through the revenues generated from the filed as the result of the development operations carried out by the foreign oil company as contractor. Alternatively, the oil/gas produced as the result of the development operations may be sold to the oil company under the Crude Oil Sales Agreement at the prevailing market price against the expenses and costs charged to the Project Account by the contractor. The development operations are carried out under the control, supervision, inspection and audit of Iranian National Oil Company (a state oil company). Although this provides a degree of control over operations of the private contractor, development operations are carried out under the management of the risk-taking foreign oil company, Thus, for instance, the risk of any shortage of revenue shall be borne by such company. In this article, we provide a true picture of such a particular formula, distinguishing it from typical buy-back in industrial projects, service contracts and production sharing agreements in oil and gas business. To achieve that goal, a brief explanation of the basic elements of such arrangements is a prerequisite for our discussion.},
keywords={Contracts;  Costs;  Oil fields;  Petroleum prospecting;  Production engineering;  Project management;  Risk assessment, Capital cost;  Risk service contract, Petroleum engineering},
references={Service Contract singed between NIOC and Compagnie Francaise des Petroles on 27 July 1974; Service Contract singed between NIOC and DEMINEX on 30 July 1974 (ABADAN); Service Contract singed between NIOC and DEMINEX on 30 July 1974 (SHIRAZ); Service Contract singed between NIOC and Ultramar Company Limited on 7 August 1974; Service Contract singed between NIOC and ASHLAND GROUP on 20 August 1974; Service Contract singed between NIOC and AGIP S.P.A. on 25 August 1974; Service Contract between NIOC and TOTAL SIRRI singed on 13 July 1997 for Sirri A & E Projects; Service Contract between NIOC and SHELL EXPLORATION B.V. singed on 14 November 1999 for Soroosh and Norooz Integrated Projects; Service Contract between NIOC and ELF PETROLEUM IRAN & AGIP DOROOD B.V. singed on 1 March 1999 for Dorood Project; Service Contract between NIOC and ELF PETROLEUM IRAN & BOW Valley Energy Ltd. singed on 4 April 1999 For Balal Project; Service Contract between NIOC and AGIP IRAN B.V. & NAFTRINA INTERTRADE COMPANY singed on 31 June 2001 for Darquain Project; Pegado, A., (1989) World Crude Oil Trading Agreements and Procedures, , Barrows, New York, US; Countertrade Arrangements Feature Barter and Buy-backs (1982) Chemical Week, , June 2; Finns Use Countertrade to Finance Russian Industrial Clean Up (1992) International Trade Finance, , December 18, Section: Finance/ Business; available in Lexis-Nexis, News Library; Razavi, H., (1996) Financing Energy Projects in Emerging Economies, , Penn Well Book, Oklahoma, USA; (1988) Energy Law 88, , Graham and Trotman, London, UK; Bindemann, K., (1999) Production-sharing Agreements: An Economic Analysis, , Oxford Institute for Energy Studies, UK; Blinn, K.W., Duval, C., Leuch, H.L., Pertuzio, N., (1986) International Petroleum Exploration and Exploitation Agreements, , Barrows, New York, US; McVey, Countertrade and Barter: Alternative Trade Finance by Third World Nations (1980) 6 International Trade Law Journal, 197; (1981) East-West Trade: Recent Development in Countertrade, , OECD, France},
sponsors={Society of Petroleum Engineers (SPE)},
publisher={Society of Petroleum Engineers (SPE)},
address={Bahrain},
coden={PEOSE},
language={English},
abbrev_source_title={Proc Middle East Oil Show},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Chupradit202166575,
author={Chupradit, S. and Yannan, D. and Kamran, H.W. and Soudagar, S.S. and Shoukry, A.M. and Khader, J.A.},
title={Measuring technical efficiency associated with environmental investment: does market competition and risk matters in banking sector},
journal={Environmental Science and Pollution Research},
year={2021},
volume={28},
number={47},
pages={66575-66588},
doi={10.1007/s11356-021-14782-w},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85109373995&doi=10.1007%2fs11356-021-14782-w&partnerID=40&md5=cf9311004a72231ed3395f2b18c148db},
affiliation={Chiang Mai University, Chiang Mai, 50200, Thailand; School of Business, Soochow University, No. 50, Donghuan Road, Jiangsu Province, Suzhou City, 215000, China; Department of Business Administration, Iqra University, Karachi, Pakistan; College of Business Administration, King Saud University, Riyadh, Saudi Arabia; Arriyadh Community College, King Saud University, Riyadh, Saudi Arabia; Workers University Egypt, Nasr, Egypt; College of Business Administration, King Saud University, Muzahimiyah, Saudi Arabia},
abstract={This paper investigates the impact of several comprehensive risks such as credit risk, capital risk, liquidity risk, and insolvency risks on Pakistani banks’ technical efficiency to assess the nexus between environmental investments with technical efficiency of banks. It also probes into the effect of competition among the Pakistani banks on technical efficiency. The data envelopment analysis (DEA) CCR and BCC models are used to estimate technical, purely technical, and scale efficiencies of the Pakistani banks. The Lerner index measures the banking competition. For estimation, the bootstrap truncated regression is used as an econometric technique. The robustness of results is cross-checked by using an alternative econometric technique (fractional logit regression) and an alternative competition measure (Boone indicator). The study revealed that capital risk has a positive impact on scale efficiency and insolvency risk has a negative impact on technical and pure technical efficiencies. Similarly, there is a positive significant relationship between technical efficiency and environmental investment. Furthermore, the competition has a significant negative effect on Pakistani banks’ technical and pure technical efficiencies. The results suggest that the efficiency of the Pakistani banks is significantly affected by bank size, taxation, diversification, operational cost management, banking development, trade openness, and infrastructure development, which ultimately promotes environmental efficiency and protection. The comparative study indicates that the state-owned banks have higher technical, pure technical, and scale efficiencies than the private, foreign, and Islamic banks. © 2021, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.},
author_keywords={Competition;  Data envelopment analysis;  Environmental investment;  Risk;  Technical efficiency},
keywords={banking;  comparative study;  data envelopment analysis;  market conditions;  measurement method;  technical efficiency, Indicator indicator, investment;  productivity, Efficiency;  Investments},
funding_details={Deanship of Scientific Research, King Saud UniversityDeanship of Scientific Research, King Saud University, RG-1435-075},
funding_text 1={The authors received funding for this work from the Deanship of Scientific Research at King Saud University, through research group no. RG-1435-075.},
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correspondence_address1={Kamran, H.W.; Department of Business Administration, Pakistan; email: hafiz.waqas@iqra.edu.pk},
publisher={Springer Science and Business Media Deutschland GmbH},
issn={09441344},
coden={ESPLE},
pubmed_id={34235695},
language={English},
abbrev_source_title={Environ. Sci. Pollut. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Arshed20212813,
author={Arshed, N. and Kalim, R.},
title={Modelling demand and supply of Islamic banking deposits},
journal={International Journal of Finance and Economics},
year={2021},
volume={26},
number={2},
pages={2813-2831},
doi={10.1002/ijfe.1936},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85088592819&doi=10.1002%2fijfe.1936&partnerID=40&md5=3f369d586b92b6ececb5116b00fb596b},
affiliation={Institute of Islamic Banking, University of Management and Technology, Lahore, Pakistan; Department of Economics, University of Management and Technology, Lahore, Pakistan},
abstract={The purpose of the study is to assess the market of Islamic banking deposits. As banking intermediation ensures efficient allocation of excess capital, but stable availability of deposit resource helps banks to manage long-term capital structure portfolio. Unlike conventional banks, Islamic banks also have to meet the Shari'ah requirements. This study works under the domain of Islamic economics and intends to explore the demand and supply model of deposits of Islamic banks using data from financial statements, World Development Indicators and Thomson Reuters. The results using panel feasible generalized least squares model with two-way fixed effect showed that deposits are supply-elastic and demand-elastic with respect to returns to deposits. While other factors like inflation, money market rate and knowledge significantly affect supply of deposit and banking profitability and Islamic financial development significantly affect demand for deposits. This study concludes that the global Islamic banking deposit market is stable and converging hence, banks must ensure their relationship with price while devising a strategy to attract deposits. © 2020 John Wiley & Sons, Ltd.},
author_keywords={convergence;  deposit market equilibrium;  Islamic banks;  panel FGLS;  price elasticity},
keywords={banking;  convergence;  demand elasticity;  financial market;  general equilibrium analysis;  Islamism;  least squares method;  supply chain management},
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correspondence_address1={Arshed, N.; Institute of Islamic Banking, Pakistan; email: noman.arshed@umt.edu.pk},
publisher={John Wiley and Sons Ltd},
issn={10769307},
language={English},
abbrev_source_title={Int. J. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Battisti20201081,
author={Battisti, E. and Bollani, L. and Miglietta, N. and Salvi, A.},
title={The impact of leverage on the cost of capital and market value: Evidence from Sharīʿah-compliant firms},
journal={Management Research Review},
year={2020},
volume={43},
number={9},
pages={1081-1096},
doi={10.1108/MRR-01-2019-0007},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85081661988&doi=10.1108%2fMRR-01-2019-0007&partnerID=40&md5=d1dd309ce9b0323504c6e7840050f977},
affiliation={Department of Management, Università degli Studi di Torino, Torino, Italy; Department of Economic and Social Sciences, Mathematics and Statistics, Università degli Studi di Torino, Torino, Italy; SDA Bocconi School of Management, Bocconi University, Milan, Italy},
abstract={Purpose: This paper aims to investigate the impact of leverage on the cost of capital and market value in the Indonesia Stock Exchange (IDX), where there are Sharīʿah and non-Sharīʿah compliant firms. Design/methodology/approach: This study uses a mixed methods sequential exploratory design and is based on an empirical analysis undertaken with a sample of firms listed on the IDX. In particular, a qualitative analysis was conducted to identify the Sharīʿah-compliant firms and the qualitative study was designed to compare some financial elements in Sharīʿah and non-Sharīʿah compliant listed companies. The correlations among the main elements observed are considered and a principal component analysis describes the framework. Findings: First, the results of the analysis show that for the Sharīʿah-compliant companies, identified as those that apply Islamic principles, the lower level of leverage that it is typical of these type of firms implies a higher cost of capital [cost of equity and weighted average cost of capital (WACC)] than non-Sharīʿah ones. Secondly, for the Sharīʿah-compliant companies, the lower level of leverage entails a higher market value measured by the multiples method (price/earning and enterprise value/operating profit) than for non-Sharīʿah ones. Originality/value: This paper sheds new light on how leverage can affect the cost of capital and market value in the case of Sharīʿah and non-Sharīʿah compliant listed companies in the IDX. In particular, this research highlights the fact that Sharīʿah-compliant firms, despite having a higher WACC, create more market value compared to non-Sharīʿah compliant ones. © 2020, Emerald Publishing Limited.},
author_keywords={Cost of capital;  Indonesia stock exchange;  Leverage;  Market multiples;  Market value;  Sharīʿah-compliant company},
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correspondence_address1={Battisti, E.; Department of Management, Italy; email: enrico.battisti@unito.it},
publisher={Emerald Group Holdings Ltd.},
issn={20408269},
language={English},
abbrev_source_title={Manage. Res. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hanieh2020525,
author={Hanieh, A.},
title={New geographies of financial power: global Islamic finance and the Gulf},
journal={Third World Quarterly},
year={2020},
volume={41},
number={3},
pages={525-546},
doi={10.1080/01436597.2019.1675505},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85074823306&doi=10.1080%2f01436597.2019.1675505&partnerID=40&md5=6653643114228a1f67597e234ed73f78},
affiliation={SOAS, University of London, London, United Kingdom},
abstract={A growing body of critical scholarship has examined the recent growth of Islamic finance (IF), unpacking its ethical assertions and highlighting its close affinities with conventional financial instruments. Receiving less attention, however, is the relationship between the global expansion of IF and the emergence of new financial actors and zones of accumulation. This article situates the evolution of global Islamic circuits alongside processes of capital accumulation in the Gulf Cooperation Council (GCC), arguing that contemporary IF is deeply bound up with the internationalisation of capital groups headquartered in the GCC. This is evident in the internationalisation of GCC Islamic banks, which has given the Gulf a powerful foothold in new markets and a variety of sectors that are typically considered ‘non-financial’. Simultaneously, the expansion and geographical diversification of Islamic debt (sukuk) issuance is refashioning the Gulf’s relationships with other global spaces, a process that looks set to intensify given the widespread push to utilise IF in development financing. Seen from this perspective, the global growth of IF sits in a mutually constitutive relationship with patterns of capital accumulation in the Gulf, as well as the region’s burgeoning weight within (and new linkages to) the global economy. © 2019, © 2019 Global South Ltd.},
author_keywords={debt and finance;  Gulf Cooperation Council;  internationalisation;  Islamic finance},
keywords={capital;  debt;  global economy;  globalization;  Islamism},
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correspondence_address1={Hanieh, A.; SOAS, Thornhaugh Street, Russell Square, United Kingdom; email: ah92@soas.ac.uk},
publisher={Routledge},
issn={01436597},
language={English},
abbrev_source_title={Third World Q.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ajmi2019532,
author={Ajmi, H. and Abd Aziz, H. and Kassim, S. and Mansour, W.},
title={Adverse selection analysis for profit and loss sharing contracts},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2019},
volume={12},
number={4},
pages={532-552},
doi={10.1108/IMEFM-03-2018-0079},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85074286984&doi=10.1108%2fIMEFM-03-2018-0079&partnerID=40&md5=72d69648d2538d719e4c08b564c6121c},
affiliation={Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia; Saudi Arabian Monetary Agency, Riyadh, Saudi Arabia},
abstract={Purpose: The purpose of this paper is to determine the optimal profit-and-loss sharing (PLS)-based contract when market frictions occur. Design/methodology/approach: This paper opts for an adverse selection analysis and Monte Carlo simulation to assess the less risky contract for the principal and the agent when musharakah, mudarabah and venture capital financings are used in imperfect markets. Furthermore, this framework enables us to capture the level of market frictions that the principal can bear and the level of audit that he/she may undertake to mitigate bankruptcy. Findings: The simulation results reveal that Musharakah is the less risky contract for the principal compared to Mudarabah and venture capital when the shock is low and high. Furthermore, our findings indicate that the increase of market frictions engender higher audit cost and profit-sharing ratios. The increase of the safety index in the case of high shock is most likely attributed to the increase of the audit parameter for all contracts to mitigate the selfish behavior of the agent. Accordingly, the principal tends to require a higher profit-sharing ratio to compensate for the severer information asymmetry. Research limitations/implications: This paper has two main limits. First, the results were not compared to real data because the latter are not available. Second, this paper is a general framework to determine the less risky contract for the principal and does not consider the firm and sectoral characteristics. However, it can be extended in various ways where stress can be put on conflicts of interest between the principal and the agent with the aim to determine the contract that aligns their interests. In addition, the examination of firm dynamics in the case of equity and debt financing can provide further arguments for economic agents regarding the value of the firm, the growth rate and the lifetime of the project when information is asymmetrically distributed. Practical implications: The findings shed some light on the necessity of the Islamic finance experts to re-think of the promotion of Musharakah because it dominates the two other contracts when market frictions occur. Social implications: Although Maghrabi and Mirakhor (2015), Alanzi and Lone (2015) and Lone and Ahmad (2017) among others showed that profit and loss sharing can ensure economic growth, findings may motivate economic players to consider Musharakah financing with the aim to reach financial inclusion and social, which is in line with Shari’ah requirements and Islamic values. Originality/value: Although several papers highlighted the financial contracting theory from Shari’ah perspective, they ignored the financial issues that are associated to adverse selection. This paper provides theoretical evidence regarding the selection of the less risky financing mode in case of equity financing using Monte Carlo simulation. © 2019, Emerald Publishing Limited.},
author_keywords={Adverse selection analysis;  Market frictions;  Monte Carlo simulation;  PLS contracts},
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correspondence_address1={Ajmi, H.; Institute of Islamic Banking and Finance, Malaysia; email: hechemajmi@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Alshammari2019,
author={Alshammari, A.A. and Alhabshi, S.M. and Saiti, B.},
title={The impact of oil prices and the financial market on cost efficiency in the insurance and Takaful sectors: Evidence from a stochastic frontier analysis},
journal={Economic Systems},
year={2019},
volume={43},
number={3-4},
doi={10.1016/j.ecosys.2019.100716},
art_number={100716},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85071672364&doi=10.1016%2fj.ecosys.2019.100716&partnerID=40&md5=2a1845d88da39803fd73da96161de543},
affiliation={Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia; Istanbul Sabahattin Zaim University, Istanbul, Turkey},
abstract={The Gulf Cooperation Council's (GCC) insurance industry, including conventional insurance and Takaful, has witnessed remarkable growth during the last decade. However, the economies of this region rely on oil as the primary stream of revenue and lack development in financial markets. This could affect the insurance industry. For this reason, this paper examines the impact of oil prices and the financial market on the cost efficiency of the insurance and Takaful sectors in GCC countries using a stochastic frontier cost function with data from 2009–2016. The results show that the relationship between oil prices and efficiency changes from positive to negative when the prices increase, whereas the relationship between the financial market and efficiency is negative. No clear evidence of the impact of oil prices on efficiency arises from the differences between conventional insurance and Takaful. However, there are differences regarding the financial market, with a negative impact on conventional insurance and a positive one on the Takaful business. The results of this study have implications for regulators and management. The Takaful industry is rapidly growing compared to conventional insurance in the GCC and, therefore, the financial market may have added benefits for the GCC region. However, caution is required in relation to the impact of the financial market on conventional insurance. Furthermore, management may require the development of strategies to deal with the nature of GCC economies to avoid shocks to oil prices. © 2019},
author_keywords={Cost efficiency;  Financial capital development;  GCC;  Insurance;  Islamic Finance;  Oil price;  Takaful},
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correspondence_address1={Saiti, B.; Department of Islamic Economics and Finance, Turkey; email: buerhan.saiti@izu.edu.tr},
publisher={Elsevier B.V.},
issn={09393625},
language={English},
abbrev_source_title={Econ. Syst.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sulaiman201962,
author={Sulaiman, S. and Hasan, A. and Mohd Noor, A. and Ismail, M.I. and Noordin, N.H.},
title={Proposed models for unit trust waqf and the parameters for their application},
journal={ISRA International Journal of Islamic Finance},
year={2019},
volume={11},
number={1},
pages={62-81},
doi={10.1108/IJIF-02-2018-0019},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85068268971&doi=10.1108%2fIJIF-02-2018-0019&partnerID=40&md5=f6896313846c01e35c15c68bebf0df58},
affiliation={Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Nilai, Malaysia; Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia, Kuala Lumpur, Malaysia; International Centre for Education in Islamic Finance, Kuala Lumpur, Malaysia},
abstract={Purpose: This paper aims to present the viability of unit trust waqf (Islamic endowment) as an alternative asset class for waqf creation. Design/methodology/approach: This paper starts with the conceptual exploration of the literature in the areas of waqf. The sources of the literature cover authentic sources of the Qurʾān and ḥadīth, as well as secondary sources such as books, journal articles and online resources. Findings: This paper provides the conceptual framework of five models of unit trust waqf and their investment management parameters. Originality/value: The novelty of this paper lies in its attempt to highlight the importance of waqf investment strategy in ensuring sustainable returns for waqf. It does so by introducing the conceptual models of unit trust waqf as viable mechanisms to pool more cash waqf from individual investors. The sustainability of the capital waqf assets in the form of unit trusts is maintained through the parameters for its application proposed towards the end of the paper. © 2019, Syahnaz Sulaiman, Aznan Hasan, Azman Mohd Noor, Muhd Issyam Ismail and Nazrul Hazizi Noordin.},
author_keywords={Capital market;  Endowment;  Islamic finance;  Malaysia;  Unit trust;  Waqf},
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Ibn, A.-H., (1988) Sharḥ Fatḥ al-Qadīr, 6. , Dār al-Kutub al Ilmiyyah, Beirut; Ibn, Q., (1998) Al-Mughnī, , Dār al-Kitāb al-ʿArabī, Beirut; (2004) Resolution no. 140 (6/15), , www.iifa-aifi.org/2157.html, (accessed: 12 March 2019; (2009) Resolution no. 181 (7/19), , www.iifa-aifi.org/2307.html, (accessed: at 12 March 2019; Ismail, C.Z., (2012) Waqf land development: analysis from legal and application in Malaysia, , unpublished doctoral thesis, Department of Shari‘ah and Laws, Academy of Islamic Studies, University of Malaya, Kuala Lumpur; Kahf, M., Towards the revival of awqaf: new fiqhi issues to reconsider (1999) paper presented at the Harvard Forum on Islamic Finance and Economics, 1 October, , Harvard University, Cambridge; Kahf, M., The role of waqf in improving the ummah’s welfare (2003) paper presented at the International Seminar on Waqf as a Private Legal Body, 6-7 January, , Islamic University of North Sumatra, Medan, Indonesia; Khan, F., Waqf: an islamic instrument of poverty alleviation–Bangladesh perspective (2010) paper presented at the Seventh International Conference–The Tawhidi Epistemology: Zakat and Waqf Economy, 6-7 January, , Bangi, Selangor; Mahamood, S.M., (2006) Waqf in Malaysia: Legal and Administrative Perspective, , Penerbit Universiti Malaya, Kuala Lumpur; Mahamood, S.M., Waqf laws and some emerging issues (2006) National Waqf Convention 2006, 12-14 September, , paper presented at, Kuala Lumpur; Mohammed Noor, A., Ghazali, A.Z., Mat Rani, M.A., The management and development of waqf properties in the state of Kedah Darul Aman (2014) paper presented at the International Conference on Masjid, Zakat and Waqf (IMAF 2014), 1-2 December, , Kuala Lumpur; Mohd Ramli, A., Jalil, A., Model perbankan wakaf korporat: analisis wakaf Selangor muamalat (2014) Jurnal Pengurusan, 42, pp. 159-167; Mohd Salleh, S., Muḥammad, S., Waqf development in Malaysia: issues and challenges (2008) Jurnal Pengurusan JAWHAR, 2 (1), pp. 13-36; Mohsin, A., Mohammad, M.T.S., Weaknesses of current capital raising, financing, and investment methods of awqaf (Islamic trusts) (2011) Economics Development Research (IPEDR) No. 5, Proceedings of the International Conference on Social Science and Humanity, IACSIT Press, , Singapore; 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Sulaiman, S., Islamic legal ruling on the development of waqf khas land from the Sharīʿah perspective (2008) Jurnal Muamalat, 1, pp. 45-64; Sulaiman, S., Issues in developing waqf assets via Islamic real estate investment trusts structure in Malaysia: a review (2012) Jurnal Kanun, 2, pp. 149-177; Van Leeuwen, R., (1999) Waqfs and Urban Structures: The Case of Ottoman Damascus, , Brill, Leiden; Wildermuth, D., (2012) How the Smart Money Invests: Wise Money: Using the Endowment Investment Approach to Minimize Volatility and Increase Output, , McGraw Hill, New York, NY; (2013) Financial Report 2012-2013, , Yale University, New Haven; Yang, A., (2014) Pembangunan wakaf (perbadanan wakaf negeri Selangor), , paper presented at, Seminar Waqaf Antarabangsa, 7-10 December, Kuala Lumpur; (2016) Waqf Property Development Transformation Master Plan Study in Malaysia, , Yayasan Waqaf Malaysia, Putrajaya; Zarqa, M.A., Financing and investment in awqaf projects: a non-technical introduction (1994) Islamic Economic Studies, 1 (2), pp. 55-62},
correspondence_address1={Sulaiman, S.; Faculty of Economics and Muamalat, Malaysia; email: syahnaz@usim.edu.my},
publisher={Emerald Group Holdings Ltd.},
issn={01281976},
language={English},
abbrev_source_title={ISRA Int. J. Islamic Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Shaikh2019282,
author={Shaikh, S.A. and Ismail, M.A. and Ismail, A.G. and Shahimi, S. and Mohd. Shafiai, M.H.},
title={Cross section of stock returns on Shari’ah-compliant stocks: evidence from Pakistan},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2019},
volume={12},
number={2},
pages={282-302},
doi={10.1108/IMEFM-04-2017-0100},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85067054583&doi=10.1108%2fIMEFM-04-2017-0100&partnerID=40&md5=92e95f2cdfaae1613c87d90dc2a000f3},
affiliation={Department of Management Sciences, Shaheed Zulfikar Ali Bhutto Institute of Science and Technology, Karachi, Pakistan; Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Bangi, Malaysia; Department of Economics, Johor Islamic Studies College, Johor Bahru, Malaysia; Universiti Kebangsaan Malaysia Fakulti Ekonomi dan Pengurusan, Bangi, Malaysia},
abstract={Purpose: This paper aims to study the cross section of expected returns on Shari’ah-compliant stocks in Pakistan by using single- and multi-factor asset pricing models. Design/methodology/approach: To estimate cross section of expected returns of Shari’ah-compliant stocks, the study uses capital asset pricing model (CAPM), Fama-French three-factor model and Fama-French five-factor model. Data for the period 2001-2015 on 217 companies are used. For the market portfolio, PSX-100 and Dow Jones Islamic Index for Pakistan are used. Findings: The study could not find empirical support for CAPM using Lintner (1965), Black et al. (1972) and Fama and Macbeth (1973) approach. Nonetheless, the relation between beta and returns is positive in up-market and negative in down-market. The results of Fama-French three-factor and five-factor models suggest that size premium is positive and significant for explaining the cross section of stock returns of small size stocks, whereas value premium is positive and significant for explaining the cross section of returns of high value stocks. Practical implications: The results suggest that fund managers can use Shari’ah-compliant stocks for portfolio diversification and for offering specialized investments given the positive market excess returns and the existence of size and value premium on Shari’ah-compliant stocks. Originality/value: This is the first study on Fama-French (2015) five-factor model for Islamic capital markets in Pakistan. © 2019, Emerald Publishing Limited.},
author_keywords={Asset pricing;  CAPM;  Factor models;  Islamic capital markets;  Shari’ah-compliant stocks},
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correspondence_address1={Shaikh, S.A.; Department of Management Sciences, Pakistan; email: salman@siswa.ukm.edu.my},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bougatef2018704,
author={Bougatef, K. and Korbi, F.},
title={The determinants of intermediation margins in Islamic and conventional banks},
journal={Managerial Finance},
year={2018},
volume={44},
number={6},
pages={704-721},
doi={10.1108/MF-11-2016-0327},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046805662&doi=10.1108%2fMF-11-2016-0327&partnerID=40&md5=6fed07bb265332ae443fb57abb842b9f},
affiliation={University of Kairouan, Kairouan, Tunisia; Universite Paris 13 Nord, Paris, France},
abstract={Purpose: The distinctive feature of Islamic financial intermediation is its foundation on profit-and-loss sharing which reinforces solidarity and fraternity between partners. Thus, the bank margin and its determinants may differ between Islamic and conventional banks (CBs). The purpose of this paper is to empirically assess the main factors that explain the bank margin in a panel of Islamic and CBs operating in the Middle East and North Africa (MENA) region. This study will permit to identify the common and the specific determinants of the intermediation margins in dual banking systems. Design/methodology/approach: The authors use a dynamic panel approach. The empirical analysis is carried out for a sample of 50 Islamic banks (IBs) and 126 CBs from 14 MENA countries. Findings: The results reveal that net profit margins of IBs may be explained for the most part by risk aversion, inefficiency, diversification and economic conditions. With regard to CBs, their margins depend positively on market concentration and risk aversion and negatively on specialization, diversification, inefficiency and liquidity. Practical implications: The significant impact of the degree of diversification on margins suggests that any policy analysis of the pricing behavior of banks should rely on its whole output. The high levels of margins in Islamic and CBs based in the MENA region may represent an obstacle to these countries to pursue their development process. Thus, policy makers in these countries should consolidate the role of capital markets and nonbanking financial institutions to provide alternative sources of funding and stimulate more competition. Social implications: The positive relationship between concentration and net interest margins requires that policy makers should create competitive conditions if they want to lower the social cost of financial intermediation. The creation of competitive conditions may be achieved through encouraging the establishment of new domestic banks or the penetration of foreign banks. Originality/value: The present study aims to contribute to the existing literature on the determinants of bank margins in three ways. First, the authors identify the factors that most explain bank margins for both conventional and IBs. The majority of previous studies examine the determinants of the profitability or the overall performance of banks and in particular conventional ones. Second, this paper employs two generalized method of moments (GMM) approaches introduced by Arellano and Bover (1995) and Arellano and Bond (1991). It differs from Hutapea and Kasri (2010) who employed the co-integration technique to examine the long-run relationship between Islamic and CB margins and their determinants in Indonesia. Third, unlike previous studies focusing on MENA region that use a small number of countries and a short sample period, the period of study covers 16 years from 1999 to 2014 and a large sample of countries (14 countries). This paper differs from Lee and Isa (2017) who applied the dynamic two-step GMM estimator technique introduced by Arellano and Bond (1991) to study the determinants of intermediation margins of Islamic and CBs located in Malaysia. © 2018, Emerald Publishing Limited.},
author_keywords={Conventional banking;  Dynamic panel data;  Intermediation margin;  Islamic banking;  Mudharaba},
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correspondence_address1={Bougatef, K.; University of KairouanTunisia; email: khemaies_bougatef@yahoo.fr},
publisher={Emerald Group Holdings Ltd.},
issn={03074358},
language={English},
abbrev_source_title={Manag. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Amin2018255,
author={Amin, S.I.M. and Ali, M.H. and Nor, S.M.},
title={Cost efficiency and liquidity risk in banking: New evidence from oic countries},
journal={International Journal of Business and Management Science},
year={2018},
volume={8},
number={2},
pages={255-276},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063320144&partnerID=40&md5=e9d34c25642dba6303d87fac694325c5},
affiliation={Faculty of Economics and Management, Universiti Kebangsaan, Malaysia},
abstract={This paper aims to analyze the relationship between cost efficiency and liquidity risk of Islamic banks and conventional banks in 16 selected OIC countries from 1999 to 2013. The study undertakes two-stage analysis: Data Envelopment Analysis (DEA) to compute cost efficiency; and fixed effect model to examine liquidity risk determinants. The findings indicate that cost efficiency is positively related to liquidity risk. Other significant factors include capital, bank specialization, credit risk, profitability, size, inflation, market concentration and crisis while the impact of GDP is not significant. The notion that Islamic banks have higher liquidity risk than conventional banks is weakly evidenced. The findings also highlight the importance of money market as a platform to manage liquidity risk exposure in banking. @ 2017, Mohammad Safa.},
author_keywords={Cost Efficiency;  DEA;  Islamic Banking;  Liquidity Risk},
references={Abdul-Rahman, A., Sulaiman, A.A., Said, N.L.H.M., Does financing structure affects bank liquidity risk? (2017) Pacific-Basin Finance Journal, 52 (1), pp. 26-39; Abdul-Rahman, A., Said, N.L.H.M., Sulaiman, A.A., Financing structure and liquidity risk: Lesson from Malaysian experience (2017) Journal of Central Banking Theory and Practice, 6 (2), pp. 125-148; Alam, N., Efficiency and risk-taking in dual banking system: Evidence from emerging markets (2012) International Review of Business Research Papers, 8 (4), pp. 94-111; Alam, N., Risk-efficiency relationship in Islamic banking: Global evidence (2012) Journal of Islamic Economics, Banking and Finance, 8 (4), pp. 49-66; Alam, N., Impact of banking regulation on risk and efficiency in Islamic banking (2013) Journal of Financial Reporting and Accounting, 11 (1), pp. 29-50; Ali, S.S., State of liquidity management in Islamic financial institutions (2013) Islamic Economic Studies, 21 (1), pp. 63-98; Altunbas, Y., Carbo, S., Gardener, E.P.M., Molyneux, P., Examining the relationships between capital, risk and efficiency in European banking (2007) European Financial Management, 13 (1), pp. 49-70; Amin, S.I.M., Mohamad, S., Shah, M.E., Do cost efficiency affects liquidity risk in banking? 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Lewis, Cheltenham, UK: Edward Elgar; Hasan, M., Dridi, J., The effects of the global crisis on Islamic and conventional banks: A comparative study (2011) Journal of International Commerce, Economics and Policy, 2 (2), pp. 163-200; Horváth, R., Seidler, J., Weill, L., Bank capital and liquidity creation: Granger-causality evidence (2014) Journal of Financial Services Research, 45 (3), pp. 341-361; Horvath, R., Seidler, J., Weill, L., How bank competition influences liquidity creation (2016) Economic Modelling, 52 (1), pp. 155-161; Iqbal, A., Liquidity risk management: A comparative (2012) Global Journal of Management and Business Research, 12 (5), pp. 54-64; Johnes, J., Izzeldin, M., Pappas, V., A comparison of performance of Islamic and conventional banks 2004-2009 (2014) Journal of Economic Behavior and Organization, 103 (1), pp. 93-107; Khalib, M., Abdul-Rahman, A., Janor, H., The Impact of Cost Efficiency on Liquidity Risk in Malaysian Banking Institutions (2016) UKM Journal of Management, 47 (1), pp. 67-79; Kochubey, T., Kowalczyk, D., The relationship between capital, liquidity and risk in commercial banks (2014) Paper Presented at the Ninth Young Economists’ Seminar, , Dubrovnik, Croatia; Lei, A.C.H., Song, Z., Liquidity creation and bank capital structure in China (2013) Global Finance Journal, 24 (3), pp. 188-202; Miah, M.D., Sharmeen, K., Relationship between risk and efficiciency: Comparative analysis between Islamic and conventional banks of Bangladesh (2015) Nternational Journal of Islamic and Middle Eastern Finance and Management, 8 (2), pp. 203-221; Mohammad, S., Liquidity risk management in Islamic banks: A survey (2013) Afro Eurasian Studies, 1 (2), pp. 215-230; Munteanu, I., Bank liquidity and its determinants in Romania (2012) Procedia Economics and Finance, 3 (12), pp. 993-998; Nafti, O., Boumediene, S.L., Khouaja, S., Ayed, W.B., The determinants of world Islamic banks efficiency: Empirical analysis using a non-parametric approach (2017) Journal of Applied Business Research, 33 (2), pp. 363-374; Radic, N., Fiordelisi, F., Girardone, C., Efficiency and risk-taking in pre-crisis investment banks (2012) Journal Financial Services Research, 41 (1-2), pp. 81-101; Roman, A., Sargu, A.C., The Impact of bank-specific factors on the commercial banks liquidity: Empirical evidence from CEE countries (2015) Procedia Economics and Finance, 20 (15), pp. 571-579; Rozzani, N., Rahman, R.A., Camels and performance evaluation of banks in Malaysia: Conventional versus Islamic (2013) Journal of Islamic Finance and Business Research, 2 (1), pp. 36-45; Said, A., Risks and efficiency in the islamic banking systems: The case of selected Islamic banks in MENA region (2013) International Journal of Economics and Financial Issues, 3 (1), pp. 66-73; Sarmiento, M., Galan, J.E., The influence of risk-taking on bank efficiency: Evidence from Colombia (2017) Emerging Markets Review, 32 (1), pp. 52-73; Sealey, C., Lindley, J.T., Inputs, outputs, and a theory of production cost a depository financial institutions (1977) Journal of Finance, 32 (1), pp. 1251-1266; Sufian, F., The efficiency of Islamic banking industry in Malaysia: Foreign vs. domestic banks (2007) Humanomics, 23 (3), pp. 174-192; Sufian, F., The efficiency of Islamic banking industry: A non-parametric analysis with non-discretionary input variable (2007) Islamic Economic Studies, 14 (12), pp. 53-86; Sufian, F., Benchmarking the efficiency of the Korean banking sector: A DEA approach (2011) Benchmarking: An International Journal, 18 (1), pp. 107-127; Sufian, F., Kamarudin, F., Determinants of efficiency in the Malaysian banking sector: Does bank origins matter? 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correspondence_address1={Amin, S.I.M.; Faculty of Economics and Management, Malaysia; email: imna@ukm.edu.my},
publisher={Society for Alliance, Fidelity and Advancement (SAFA)},
issn={18376614},
language={English},
abbrev_source_title={Int. J. Bus. Manage. Sci.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ghosh2017208,
author={Ghosh, S.},
title={Capital buffers in Middle East and North Africa (MENA) banks: is market discipline important?},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2017},
volume={10},
number={2},
pages={208-228},
doi={10.1108/IMEFM-08-2016-0101},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85023644145&doi=10.1108%2fIMEFM-08-2016-0101&partnerID=40&md5=2eb0162269cc1bb5820054764e720cfa},
affiliation={Centre for Advanced Financial Research and Learning, Reserve Bank of India, Mumbai, India},
abstract={Purpose: The role of market discipline in influencing capital buffers has been debated in literature. Limited evidence on this score is available for Middle East and North Africa (MENA) countries. In this context, using data for 2001-2012, the paper aims to examine the role and relevance of market discipline in affecting capital buffer for MENA banks. Design/methodology/approach: Given the longitudinal nature of the data, the paper employs dynamic panel data techniques that take on board the potential endogeneity between the dependent and independent variables. Findings: The analysis indicates that the disciplining effect of depositors in MENA banks on capital buffer occurs primarily through the quantity channel, although this behaviour differs for banks with high versus those with low buffers. In particular, bigger banks which typically have thin capital cushion are much less subject to market discipline, presumably owing to their too-big-to-fail status. Originality/value: The analysis differs from the extant literature in three distinct ways. First, the paper examines the differential response of Islamic banks on capital buffers via market discipline. Second, several of these countries are primarily commodity exporters. Accordingly, the paper examines the behaviour of these countries with regard to market discipline. Third, how far did the global financial crisis impact bank capital buffer had not been explored in prior empirical research, an aspect that is addressed in this study. © 2017, © Emerald Publishing Limited.},
author_keywords={Bank solvency;  Conventional and Islamic banks;  Islamic banking},
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correspondence_address1={Ghosh, S.; Centre for Advanced Financial Research and Learning, India; email: emailsaibal@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Noor2015283,
author={Noor, F.A.},
title={Popular religiosity in Indonesia today: The next step after 'Islam Kultural'?},
journal={Al-Jami'ah},
year={2015},
volume={53},
number={2},
pages={283-302},
doi={10.14421/ajis.2015.532.283-302},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84959227527&doi=10.14421%2fajis.2015.532.283-302&partnerID=40&md5=9fbd809c1ef3b6471ee27272cfcc9e73},
affiliation={S Rajaratnam School of International Studies (RSIS), Nanyang Technological University (NTU), Singapore},
abstract={The phenomenon of popular Islam is seen everywhere in the Muslim world today, and expresses itself via a host of means ranging from fashion to architecture as well as new cultural norms that are deemed Islamic. In the case of Indonesia, the expansive growth of the 'halal market'--pioneered by Islamic fashion and cosmetics--has been a powerful variable factor, accounting for the emergence of a new Indonesian Muslim middle-class that has aspirations for upward social mobility as well as social capital. This paper locates the phenomenon of Indonesian pop Islam in the longer and broader history of Indonesia since the time of Suharto to the post-reformasi era of the present, and argues that pop Islam in Indonesia is a serious phenomenon worthy of study; as well as a good indicator of the trajectory of social development in the country. Though not everything that comes under this category may be classified as truly or wholly Islamic, the phenomenon nonetheless points to a growing sense of religious consciousness among the new urban Muslim middle-classes who see themselves as agents of change as well as religio-economic entrepreneurs.},
author_keywords={Capitalism;  Middle class;  Popular culture;  Popular islam},
references={Benda, H.J., (1985) The Crescent and the Rising Sun: Indonesian Islam under the Japanese Occupation 1942-1945, , Leiden: Foris Publications; Geertz, C., (1976) The Religion of Java, , Chicago: University of Chicago Press; Hefner, R.W., (2000) Civil Islam: Muslims and Democratization in Indonesia, , New York: Princeton University Press; Hefner, R.W., Horvatich, P., (1997) Islam in an Era of Nation-States: Politics and Religious Renewal in Muslim Southeast Asia, , Hawaii: University of Hawaii Press; Hodgson, M.G.S., (1974) The Venture of Islam: Conscience and History in a World Civilisation, , Chicago: University of Chicago Press; Lubeck, P.M., (1986) Islam and Urban Labour in Northern Nigeria: The Making of a Muslim Working Class, , New York: Cambridge University Press; Lubeck, P.M., Britts, B., Muslim Civil Society in Urban Public Spaces: Globalization, Discursive Shifts, and Social Movements (2002) Understanding the City: Urban Studies: Contemporary and Future Perspectives, , ed. by John Eade and Christopher Mele, London: Blackwell Publishers Ltd; Madjid, N., Democracy and the Universalism of Islam (2002) New Voices of Islam, , ed. by Farish A. Noor, Leiden: International Institute for the Study of Islam in the Modern World (ISIM); Maryanov, G.S., (1958) Decentralization in Indonesia as a Political Problem, , Ithaca: Cornell University Press; Müller, D., Post-Islamism or Pop-Islamism? Ethnographic Observations of Muslim Youth Politics in Malaysia (2013) Paideuma: Mitteilungen zur Kulturkunde, 59, pp. 261-284; Müller, D., (2014) Islam, Politics and Youth in Malaysia: The Pop-Islamist Reinvention of PAS, , Contemporary Southeast Asia Series, London: Routledge; Müller, D., An Internationalist National Islamic Struggle? Narratives of 'Brothers Abroad' in the Discursive Practices of the Islamic Party of Malaysia (PAS) (2010) South East Asia Research, 18 (4), pp. 757-791. , http://dx.doi.org/10.5367/sear.2010.0017; Sayyid, B.S., (1997) A Fundamental Fear: Eurocentrism and the Emergence of Islamism, , London: Zed Books},
correspondence_address1={Noor, F.A.; S Rajaratnam School of International Studies (RSIS), Singapore; email: farish.noor@theglobalexperts.org},
publisher={UIN Sunan Kalijaga},
issn={0126012X},
language={English},
abbrev_source_title={Al-Jami'ah},
document_type={Article},
source={Scopus},
}

@ARTICLE{Arshad2014224,
author={Arshad, S. and Rizvi, S.A.R. and Ibrahim, M.H.},
title={Tripartite analysis across business cycles in Turkey: A multi-timescale inquiry of efficiency, volatility and integration},
journal={Borsa Istanbul Review},
year={2014},
volume={14},
number={4},
pages={224-235},
doi={10.1016/j.bir.2014.09.001},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84941747904&doi=10.1016%2fj.bir.2014.09.001&partnerID=40&md5=5f658e85e42772e5ac9d9989f6a568c2},
affiliation={International Islamic University Malaysia, Kuala Lumpur, Malaysia; Nottingham University Business School, University of Nottingham Malaysia Campus, Malaysia; International Centre for Education in Islamic Finance, Lorong Universiti A, Kuala Lumpur, 59100, Malaysia},
abstract={In the current era of globalization, deregulation and liberalization of markets have led to financial integration amongst developing and developed countries. The sudden massive inflow of capital into developing country's stock markets begs the question of whether or not the markets are sufficiently efficient to handle the increasing integration of markets. Furthermore, the relationship between the integration and efficiency of stock markets tends to be of greater importance during economic downturns. Taking Turkey as a case study owing to its economic growth and importance in two successful blocs, i.e. the EU and the OIC, we attempt to analyse the linkages between stock market efficiency and integration during the different phases of the economy. The findings of our study provide an interesting insight into the relative improvement in volatility, efficiency and integration across business cycles, in a multi time scale analysis. © 2014 Borsa Istanbul Anonim Şirketi. Production and hosting by Elsevier B.V.},
author_keywords={Islamic finance;  Multifractal;  Stock market efficiency},
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(2011) Review of Financial Studies, 24, pp. 3841-3890; Bekaert, G., Harvey, C.R., Ng, A., Market integration and contagion (2005) Journal of Business, 78 (1), pp. 39-70; Benli, Y., Basci, S., Degirmen, S., Common stochastic trend and co-integration in the stock exchange markets: European countries and Turkey (2012) African Journal of Business Management, 6 (7), pp. 2565-2577; Bollerslev, T., Modelling the coherence in short-run nominal exchange rates: A multivariate generalized ARCH model (1990) Review of Economic & Statistics, 72 (3), pp. 498-505; Branes, P., Thin trading and stock market efficiency: The case of the Kuala Lumpur stock exchange (1986) Journal of Business Finance and Accounting, 13 (4), pp. 609-617; Buguk, C., Brorsen, B.W., Testing weak-form market efficiency: Evidence from ISE (2003) International Review of Financial Analysis, 12, pp. 579-590; Cajueiro, D.O., Gogas, P., Tabak, B.M., Does financial market liberalization increase the degree of market efficiency? the case of the Athens stock exchange (2009) International Review of Financial Analysis, 18 (1), pp. 50-57; Capobianco, E., Multiscale analysis of stock index return volatility (2004) Computational Economics, 23, pp. 219-237; Carrieri, F., Chaieb, I., Errunza, V.R., Do implicit barriers matter for globalization? (2013) Review of Financial Studies, 26 (7), pp. 1694-1739; Carrieri, F., Errunza, V.R., Hogan, K., Characterizing world market integration through time (2007) Journal of Financial and Quantitative Analysis, 42, pp. 915-940; Chan, K., Gup, B., Pan, M., International stock market efficiency and integration: A study of eighteen nations (1997) Journal of Business Finance and Accounting, 24 (6), pp. 803-813; Cheung, A.L., Wong, K.A., Ho, Y.K., The pricing of risky assets in two earnings Asian markets - Korea and Taiwan (1993) Applied Financial Economics, 3 (1), pp. 315-324; Christiano, L.J., Fitzgerald, T.J., "the band pass filter (2003) International Economic Review, 44 (2), pp. 435-465; Claessens, S., Dasgupta, S., Glen, J., Return behaviour in emerging stock market (1995) The World Bank Economic Review, 9 (1), pp. 131-151; Dewandaru, G., Rizvi, S.A.R., Bacha, O.I., Masih, M., What factors explain stock market Retardation (2014) Emerging Market Review, 19 (2), pp. 106-127; Dickinson, J.P., Muragu, K., Market efficiency in developing countries: A case study of Nairobi stock exchange (1994) Journal of Business Finance & Accounting, 21 (1), pp. 133-150; Durnev, A., Randall, M., Bernard, Y., Value enhancing capital budgeting and firm-specific stock return valuation (2004) The Journal of Finance, LIX (1), pp. 65-105; Edison, H.J., Klein, M.W., Ricci, L.A., SlEk, T., Capital account liberalization and economic performance: Survey and synthesis (2004) IMF Staff Papers, 51 (2), pp. 220-256; Engle, R., Dynamic conditional correlation: A simple class of multivariate generalized autoregressive conditional heteroskedasticity models (2002) Journal of Business & Economic Statistics, 20 (3), pp. 339-350; Fama, E.F., The behavior of stock-market prices (1965) The Journal of Business, 38, pp. 34-105; Gençay, R., Selçuk, F., Volatility-return dynamics across different timescales (2004) Econometric Society World Congress 2005, Congress Paper; Gokcen, S., Ozturkmen, A., Integration versus segmentation: The Istanbul stock exchange (1997) Borsa Istanbul Review, 1 (1), pp. 97-106; Harvey Campbell, R., (1994) Conditional Asset Allocation in Emerging Markets, , Working Paper, No.4623, Cambridge, MA; Henry, P.B., Capital account liberalization: Theory, evidence, and speculation (2007) Journal of Economic Literature, 45, pp. 887-935; Imf, (2013) Turkey: Staff Report for the 2013 Article IV Consultation, , International Monetary Fund Washington, D.C; Islamaj, E., Industrial specialization, financial integration and international consumption risk sharing (2014) The B.E. Journal of Macroeconomics-Contributions; Jiang, Z.-Q., Zhou, W.-Z., Scale invariant distribution and multifractality of volatility multipliers in stock markets (2007) Physica A, 381, pp. 343-350; Kababa, N., Behavior of stock prices in the Saudi Arabian financial market: Empirical research findings (1998) Journal of Financial Management & Analysis, 11 (1), pp. 48-55; Kantelhardt, J.W., Zschiengerm, S.A., Koscienly-Bunde, E., Havlin, S., Bunde, A., Stanley, H.E., Multifractal detrended fluctuation analysis of nonstationary time series (2002) Physica A, 316, pp. 87-114; Kendall, M.G., The analysis of economic time-series (1953) The Journal of the Royal Statistical Society, 116, pp. 11-25; Kose, M.A., Prasad, E., Rogoff, K., Wei, S.J., Financial globalization: A reappraisal (2009) IMF Staff Papers, 56, pp. 8-62; Lim, K., Lee, H., Liew, K., (2003) International Diversification Benefits in ASEAN Stock Markets: A Revisit, , Economics Working paper University Putra Malaysia; Mallat, S.G., Zhang, Z., Matching pursuits with time-frequency dictionaries (1993) IEEE Transactions of Signal Processing, 41 (12). , pp. 3997-3415; Nazlioglu, S., Erdem, E., Impacts of Turkey's integration into the European Union on agricultural markets and income distribution (2010) Agricultural Economics Review, 11 (1), pp. 33-43; Neaime, S., (2002) Liberalization and Financial Integration of MENA Stock Markets, , Presented at the ERF's 9th Annual Conference on Finance & Banking at Industrial Specialization, Financial Integration and International Consumption Risk Sharing; Nelson, D.B., Conditional heteroskedasticity in asset returns: A new approach (1991) Econometrica, 59, pp. 347-370; Nicolaas, G., Share market efficiency: Tests using daily data for Australia and New Zealand (1997) Applied Financial Economics, 7, pp. 645-657; Ojah, K., Karemera, D., Random walks and market efficiency tests of Latin American emerging equity markets: A revisit (1999) The Financial Review, 34, pp. 57-72; Oskam, A., Burrell, A., (2004) Turkey in the European Union: Consequences for Agriculture, Food, Rural Areas and Structural Policy, , Wageningen University Netherland; Ozcan, B., Yilanci, V., "turk Hisse Senedi PiyasasInIn ZayIf Formda Etkinliʇinin Testi (2009) Journal of Iktisat Isletme and Finans, 24 (274), pp. 100-115; Podobnik, B., Fu, D., Jagric, T., Grosse, I., Stanley, H.E., Fractionally Integrated Process for Transition Economics (2006) Physica A, 362, pp. 465-470; Poshakwale, S., Evidence on the weak-form efficiency and the day of the week effect in the Indian stock market (1996) Finance India, 10 (3), pp. 605-616; Ramsey, J.B., (2002) Wavelets in Economics and Finance: Past and Future, , Working Papers 02-02 C.V. Starr Center for Applied Economics, New York University; Rizvi, S.A.R., Dewandaru, G., Bacha, O.I., Masih, M., An analysis of stock market efficiency: Developed vs Islamic stock markets using MF-DFA (2014) Physica A: Statistical Mechanics and Its Applications, 407, pp. 86-99; Samaratunga, D., Stock market efficiency and integration: A study of eight economies in the Asia-Pacific region (2008) Staff Studies, 38 (1-2), pp. 95-117; Schwert, G.W., Why does stock market volatility change over time? (1989) Journal of Finance, 44 (5), pp. 1115-1153; Selçuk, F., Financial earthquakes, aftershocks and scaling in emerging stock markets (2004) Physica A: Statistical Mechanics and Its Applications, 333 (C), pp. 306-316; Steffen, C., (2012) Business Cycles and Financial Intermediation in Emerging Economies, , German Institute for Economic Research; Wong, W.K., Agarwal, A., Du, J., Financial integration for Indian stock market: A fractional co-integration approach (2004) Finance India, XVIII (4), pp. 1581-1604; Worthington, A., Higgs, H., (2003) Weak-form Market Efficiency in European Emerging and Developed Stock Markets, , Discussion Paper No. 159 Queensland University of Technology Australia; Worthington, A., Higgs, H., (2005) Weak-form Market Efficiency in Asian Emerging and Developed Equity Markets: Comparative Tests of Random Walk Behaviour, , Working paper series (05/03) University of Wollongong; Wurgler, J., Financial markets and the allocation of capital (2000) Journal of Financial Economics, 58 (1-2), pp. 187-214; Yentuk, N., Short-term capital inflows and their impact on macroeconomic structure: Turkey in the 1990s (1999) The Developing Economies, 37 (1), pp. 89-113; Zengin, H., Kurt, S., IMKB'nin Zayif ve Yari Guclu Formda Etkinliginin Ekonometrik Analizi (2004) Journal of Oneri, 21 (6), pp. 145-152; Zhou, W.X., Sornette, D., Yuan, W.K., Inverse statistics and multifractality of exit distances in 3D fully developed turbulence (2006) Physica D, 214, pp. 55-62; Zychowicz, E.J., Binbasioglu, M., Kazancioglu, N., The behaviour of prices on the Istanbul stock exchange (1995) Journal of International Financial Markets, Institutions and Money, 5 (4), pp. 61-71},
correspondence_address1={Rizvi, S.A.R.; Nottingham University Business School, University of Nottingham Malaysia Campus, Malaysia; email: aun@rizvis.net},
publisher={Borsa Istanbul Anonim Sirketi},
issn={22148450},
language={English},
abbrev_source_title={Borsa Istanb. Rev.},
document_type={Article},
source={Scopus},
}

@BOOK{Oseni2014394,
author={Oseni, U.A. and Hassan, M.K.},
title={The regulation and supervision of sukuk in global capital markets},
journal={Handbook on Islam and Economic Life},
year={2014},
pages={394-416},
doi={10.4337/9781783479825.00029},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84930764357&doi=10.4337%2f9781783479825.00029&partnerID=40&md5=524f73af621dd3a3cfdb11d3456dce20},
affiliation={International Islamic University, Malaysia; University of New Orleans, United States},
abstract={There is no doubt that the rate at which sukuk financing has been accepted in different jurisdictions outside the usual Muslim-majority countries is encouraging. This seemingly considerable feat comes with much responsibility and a proactive role for Shar_‘ah scholars and regulators. The chapter examines prevailing practices in the market and the need to enhance the Shar_‘ah compliance of the processes through proper regulation and follow-up supervision of sukuk transactions, particularly the underlying contracts. To this end, law and Shar_‘ah should complement each other with a view to ensuring compliance with the laid-down rules. A number of fundamental legal issues that are important in the ICM and consequently applicable to sukuk transactions have been raised. Some of these legal issues are either taken for granted during the drafting stage or assumed to be effective even though the philosophy underlying such issues differs from the original value proposition of Islamic economics. Therefore, it is incumbent on the stakeholders not only to promote a commercially viable industry but also to ensure that Shar_‘ah principles are observed at all stages of sukuk transactions. This is where regulation and supervision intercept in the general framework of Islamic finance. © M. Kabir Hassan and Mervyn K. Lewis 2014.},
references={(2008) Accounting and Auditing Organization for Islamic Financial Institutions, pp. 13-14. , www.aaoifi.com/aaoifi_sb_sukuk_Feb2008_Eng.pdf, February, accessed 1 May 2012; Al-Baharna, H.M., The enforcement of foreign judgments and arbitral awards in the gcc countries with particular reference to bahrain (1989) Arab Law Quarterly, 4 (4), pp. 332-344; Al Mulla, H.M., Conventions of enforcement of foreign judgments in the arab states (1999) Arab Law Quarterly, 14 (1), pp. 33-56; Balz, K., (2010) Islamic Finance Litigation, in Islamic Finance: Instruments and Markets, pp. 49-53. , London: Bloomsbury Information; Blanke, G., Enforcement of new york convention awards in the uae (Part i): Quo vadis? (2012) Kluwer Arbitration Blog, 26. , http://kluwerarbitrationblog.com/blog/2012/07/26/enforcement-of-new-york-convention-awards-in-the-uae-part-i-quo-vadis/, Wolters Kluwer Law and Business, July, accessed 1 October 2012; Cakir, S., Raei, F., (2007) Sukuk, , IMF Working Paper Wp/07/237, Washington, DC: International Monetary Fund; Childs, L.B., Shaky foundations: Criticism of reciprocity and the distinction between public and private international law (2005) International Law and Politics, 38, pp. 221-279; Colón, J.C., Choice of law and islamic finance (2011) Texas International Law Journal, 46, pp. 411-435; England, A., Wigglesworth, R., Hard times test legal system to its limits (2003) Financial Times, 3. , http://www.ft.com/intl/cms/s/0/215c0502-e038-11de-8494-00144feab49a.html#axzz29IX9X6U8, December, accessed 12 October 2012; Foster, N.H., Encounters between legal systems: Recent cases concerning islamic commercial law in secular courts (2006) Amicus Curiae, 68, pp. 2-9; Hassan, K.A., Kholid, M., Bankruptcy resolution and investor protection in sukuk markets (2010) Islamic Finance: Instruments and Markets, pp. 73-77. , London: Bloomsbury Information; (2013) Sukuk Report: A Comprehensive Study of the Global Sukuk Market, , IIFM (International Islamic Financial Market), Manama, Bahrain: IIFM; Jamaldeen, F., (2012) Islamic Finance for Dummies, , Hoboken, NJ: John Wiley & Sons; Lenhoff, A., Reciprocity: The legal aspect of a perennial idea (1955) Northwestern University Law Review, 49, pp. 619-753; Lenhoff, A., Reciprocity and the law of foreign judgments: A historical-critical analysis (1955) Louisiana Law Review, 16, p. 465; McMillen, M.J., Islamic capital markets: Developments and issues (2006) Capital Markets Law Journal, 1 (2), pp. 136-172; Markom, R., Pitchay, S.A., Enforcement of islamic banking and finance laws in the civil courts of malaysia (2010) Shariah Law Reports, 3, pp. 42-78; Miller, N.D., Challoner, J., Atta, A., Uk welcomes the sukuk (2007) International Financial Law Review, 26 (5), pp. 24-25; Moghul, U.F., Ahmed, A.A., Contractual forms in islamic finance law and islamic inv. Co. Of the gulf (bahamas) ltd. V. Symphony gems n.V. And ors.: A first impression of islamic finance (2003) Fordham International Law Journal, 27, pp. 150-194; Mohamad, A.H., Trakic, A., (2012) Enforceability of Islamic Financial Contracts in Secular Jurisdictions: Malaysia Law as the Law of Reference and Malaysian Courts as the Forum for Settlement of Disputes, , Kuala Lumpur: International Shari’ah Research Academy for Islamic Finance; Oseni, U.A., Introduction (2012) Building Bridges across Financial Communities: Faith-Based Finance, Social Responsibility, and the Global Financial Crisis, pp. 1-16. , S.N. Ali (ed.), Cambridge: Islamic Finance Project; Oseni, U.A., Hassan, M.K., The dispute resolution framework for the islamic capital market in malaysia: Legal obstacles and options (2011) Islamic Capital Markets: Products and Strategies, p. 4. , M. Kabir Hassan and Michael Mahlknecht, London: John Wiley & Sons, chap; Oseni, U.A., Kadouf, H.A., Ansari, A.H., Olayemi, A.A.M., The value proposition of islamic financial intermediation: Some current legal and regulatory challenges (2012) Australian Journal of Basic and Applied Sciences, 6 (11), pp. 239-245; Paulsson, J., Convention of the arab league on the enforcement of judgments and arbitral awards 1952 (1994) International Handbook on Commercial Arbitration, p. 17. , J. Paulsson (ed.), Alphen aan den Rijn, Netherlands: Kluwer Law International; Rashid, S.K., Some contentious issues in international commercial arbitration (2005) International Islamic University Malaysia Law Journal, 13 (147), p. 148; Ryan, D., Elmalki, F., The untested waters of default in islamic finance (2010) Islamic Finance News, 7 (3); Usmani, M.T., (2007) ‘Sukuk, , trans. S.Y. DeLorenzo, AAOIFI Shari’a Council Meeting, Saudi Arabia; Vizcaino, B., Oman plans islamic finance rules before year-end (2012) Reuters, 27. , http://in.reuters.com/article/2012/06/27/islamic-finance-regulation-idINL6E8EU1VI20120627, June, accessed 1 October 2012; Zadkovich, J.G., (2012) Saudi Arabia: Saudi Arabia’s New Arbitration Law, 20. , http://www.mondaq.com/x/197592/International+Courts+Tribunals/Saudi+Arabias+New+Arbitration+Law+2012, September, accessed 30 September 2012},
publisher={Edward Elgar Publishing Ltd.},
isbn={9781783479825; 9781783479818},
language={English},
abbrev_source_title={Handb. on Islam and Economic Life},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Rusgianto201393,
author={Rusgianto, S. and Ahmad, N.},
title={Volatility behavior of sukuk market: An empirical analysis of the dow jones citigroup sukuk index},
journal={Middle East Journal of Scientific Research},
year={2013},
volume={13},
number={SPLISSUE},
pages={93-97},
doi={10.5829/idosi.mejsr.2013.13.1887},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84879480479&doi=10.5829%2fidosi.mejsr.2013.13.1887&partnerID=40&md5=39e786813dd524d8ee9d3c2369d27135},
affiliation={Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Negeri Sembilan, Malaysia; Islamic Finance and Wealth Management Institute (IFWMI), Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Negeri Sembilan, Malaysia},
abstract={The aim of the study is to examine the volatility behavior of sukuk market under consideration of structural breaks. The Dow Jones Citigroup Sukuk Index (DJCSI) for the period 2007-2011 is used as a proxy of global sukuk market. The main finding indicates that structural breaks significantly alter the volatility behavior of sukuk. It indicates that the volatility during pre-crisis and contemporaneous period is more sensitive to market events compared to the post-crisis period. The findings imply that in order to realize more rational and efficient sukuk market, the needed policies are greater transparency, information disclosure and better incentives to attract investors to increase their trading activities in the secondary market. Future research might develop a risk-return forecasting model incorporating the volatility behavior of sukuk market.},
author_keywords={DJCSI;  Islamic capital market;  Structural breaks;  Sukuk;  Volatility},
references={Perron, P., The great crash, the oil price shock and the unit root hypothesis (1989) Econometrica, 57 (6), pp. 1361-1401; Kramer, W., Ploberger, W., Alt, R., Testing for structural change in dynamic models (1988) Econometrica, 56 (6), pp. 1355-1369; Andrew, D.W.K., Lee, I., Ploberger, W., Optimal change point test for normal linear regression (1996) Journal of Econometrics, 70 (1), pp. 9-38; Bai, J., Perron, P., Estimating and testing linear models with multiple structural changes (1998) Econometrica, 66 (1), pp. 47-78; Bai, J., Perron, P., Computation and analysis of multiple structural change models (2003) Journal of Applied Econometrics, 18 (1), pp. 1-22; Nelson, D.B., Conditional heteroskedasticity in asset returns: a new approach (1991) Econometrica, 59 (2), pp. 347-370; Batra, A., (2004) Stock return volatility patterns in India., , Indian Council for Research on International Economic Relations, Working Paper No. 124; Cunado, J., Biscarri, J.G., Gracia, F.P., Structural changes in volatility and stock market development: Evidence for Spain (2004) Journal of Banking and Finance, 28 (7), pp. 1745-1773; Nguyen, D., An empirical analysis of structural changes in emerging market volatility (2008) Economics Bulletin, 6 (19), pp. 1-19; Su, C., (2019) Application of EGARCH model to estimate financial volatility of daily returns: the empirical case of China., , Unpublished Master's Thesis, University of Gothenburg, Sweden; (2011), http://www.djindexes.com/sukuk/?go=literature, The Dow Jones Citigroup Sukuk Index: Factsheets and Methodology, [Accessed on 15th March 2011]; Zeileis, A., Kleiber, C., Kramer, W., Hornik, K., Testing and dating of structural changes in practice (2003) Computational Statistics and Data Analysis, 44 (1-2), pp. 199-123; Yaakub, N.I., Shah, H., Mujani, W.K., Jusoff, K., Abdul Hamid, M., Asset ownership and investor's protection under sukuk ijarah (2011) Middle-East Journal of Scientific Research (Special Issue of Diversity of Knowledge on Middle East), 7, pp. 22-30; Non-Conformance Report., , http://www.nasdaqdubai.com/resources/2009/12/1/9111f99a-888f-4a5d-924a-71ffcc8c79ff/Dubai%20World%20Statement.pdf, Press Release: Statement from Dubai World, NASDAQ Dubai, Available from, [Accessed on 15th April 2011]},
correspondence_address1={Rusgianto, S.; Faculty of Economics and Muamalat, 71800 Bandar Baru Nilai, Negeri Sembilan, Malaysia},
issn={19909233},
language={English},
abbrev_source_title={Middle East J. Sci. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Tugal201185,
author={Tugal, C.},
title={The Islamic Making of a Capitalist Habitus},
journal={Research in the Sociology of Work},
year={2011},
volume={22},
number={PART 1},
pages={85-112},
doi={10.1108/S0277-2833(2011)0000022006},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84857206090&doi=10.1108%2fS0277-2833%282011%290000022006&partnerID=40&md5=4c3fa6800c9909ed087e9899960b4cc0},
abstract={Purpose - Turkey has undergone a major market transformation during the recent decades. This chapter seeks to explore the role of religious politics in some Turkish informal workers' pro-capitalistic change of heart as a response to that transformation.Methodology/approach - The study is based on participant observation and interviews in a squatter district in Istanbul, Sultanbeyli. This is a two-phase ethnography, consisting of first-hand observations first during 2000-2002, and then in 2006. The fieldnotes are supplemented by 90 interviews.Findings - Islamic mobilization eases the transformation of habitus in a liberalizing society and the transition from the predominance of social capital to the predominance of economic capital. I contend that the sub-proletariat's dispositions depend on (urban as well as national) historical context and articulation to political and religious movements.Originality/value of paper - I discuss Bourdieu's study of the transition from subsistence-driven economies to market economies. The chapter points out that Bourdieu's approach to the problem of transition is more satisfactory in comparison to modernization theory and resistance studies. However, I will show that the problems Bourdieu identifies in Kabylia and Béarn (such as "fatalism of despair") are less salient in Istanbul because of a sociopolitical movement (Islamism) that garners consent among the sub-proletarians by using religion as a disciplining force.},
correspondence_address1={Tugal, C.},
issn={02772833},
language={English},
abbrev_source_title={Res. Sociol. Work},
document_type={Article},
source={Scopus},
}

@ARTICLE{Anaman2006797,
author={Anaman, K.A. and Kassim, H.M.},
title={Marriage and female labour supply in Brunei Darussalam: A case study of urban women in Bandar Seri Begawan},
journal={Journal of Socio-Economics},
year={2006},
volume={35},
number={5},
pages={797-812},
doi={10.1016/j.socec.2005.11.038},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-33748168326&doi=10.1016%2fj.socec.2005.11.038&partnerID=40&md5=16375456c81a25901046cf7e7c3abae9},
affiliation={Institute of Economic Affairs, Osu, Accra, Ghana; The Graduate School of the Environment, Macquarie University, Sydney, Australia; Brunei Islamic Trust Fund, Bandar Seri Begawan, Brunei Darussalam},
abstract={We analyse the relationships between marriage and female labour supply for urban householders in Bandar Seri Begawan, capital city of Brunei Darussalam in Southeast Asia. This analysis is based on a survey of 151 adult women. We establish that age, total number of career work position(s) held, expressing the degree of labour mobility, and the level of educational attainment influence participation of women (both married and single) in formal labour markets. A major factor influencing the likelihood of married women working is the number of their children below the age of 18. Higher propensity to work occurs with decreasing number of children. Wage incomes of working women are largely determined by the level of educational attainment, work experience and social class status. Married women are more likely to work than unmarried women and on average earn about 53% more than unmarried women assuming other things constant. The main factors influencing the value of time in marriage of currently married women are the income of husband, their work experience, educational attainment and age. This value decreases with increasing age of the woman spouse but it increases with higher levels of work experience and educational attainment of the woman, and higher income of her husband. © 2006 Elsevier Inc. All rights reserved.},
author_keywords={Brunei;  Economics of marriage;  Economics of the family;  Islamic societies;  Labour supply;  Marriage decisions;  Muslim societies;  Southeast Asia},
references={Anaman, K.A., Jair, R.M., Contingent valuation of solid waste collection services in Brunei Darussalam (2000) Singapore Economic Review, 45, pp. 223-240; Becker, G.S., A theory of marriage. Part 1 (1973) Journal of Political Economy, pp. 813-846; Becker, G.S., A theory of marriage. Part 2 (1974) Journal of Political Economy, pp. 511-526; De Vaus, D.A., (1996) Surveys in Social Research. 4th ed., , University College London Press, London; Filer, R.K., Hamermesh, D.S., Rees, A.E., (1996) The Economics of Work and Pay. 6th ed., , HarperCollins, London; Government of Brunei Darussalam, (2001) Brunei Darussalam: Eight National Development Plan 2001-2005, , Department of Economic Planning and Development, Bandar Seri Begawan; Government of Brunei Darussalam, (2003) Brunei Darussalam Statistical Yearbook 2002, , Department of Economic Planning and Development, Bandar Seri Begawan; Gronau, R., The interfamily allocation of time: the value of housewives' time (1973) American Economic Review, 63, pp. 643-651; Grossbard-Shechtman, S., Neuman, S., The extra burden of Moslem wives: clues from Israeli women's labor supply (1998) Economic Development and Cultural Change, 46, pp. 491-517; Heckman, J.J., Sample selection bias as a specification error (1974) Econometrica, 47, pp. 153-162; Jones, G.W., (1994) Marriage and Divorce in Islamic South-East Asia, , Oxford University Press, London; Mincer, J., Labor Force Participation of Married Women: A Study of Labor Supply (1962) Aspects of Labor Economics, , Lewis H.G. (Ed), Princeton University Press, Princeton, New Jersey; Mincer, J., (1993) Studies in Labour Supply: Collected Essays of Jacob Mincer, 2. , Cambridge University Press, Cambridge; Tiefenthaler, J., The productivity gains of marriage: effects of spousal education on own productivity across market sectors in Brazil (1997) Economic Development and Cultural Change, 45, pp. 633-650; Tobin, J., Estimation of Relationships for Limited Dependent Variables (1958) Econometrica, 31, pp. 24-36; Van der Klaauw, W., Female labour supply and marital status decisions: A life-cycle model (1996) Review of Economic Studies, 63, pp. 199-235},
correspondence_address1={Anaman, K.A.; Institute of Economic Affairs, Osu, Accra, Ghana; email: kwabenaasomanin@hotmail.com},
issn={10535357},
coden={JSECF},
language={English},
abbrev_source_title={J. Socio-Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hassan20227,
author={Hassan, M.K. and Aliyu, S. and Hussain, M.},
title={A Contemporary review of islamic finance and accounting literature},
journal={Singapore Economic Review},
year={2022},
volume={67},
number={1},
pages={7-44},
doi={10.1142/S0217590819420013},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85070787669&doi=10.1142%2fS0217590819420013&partnerID=40&md5=a160f234fe4e2a63bed9078d5e5215ea},
affiliation={Department of Economics and Finance, University of New Orleans, New Orleans, LA  70148, United States; Department of Banking and Finance, Rm 20 Annex New Building-School of Business Studies, Federal Polytechnic, Bauchi, Nigeria; Policy Development and Review Department International Monetary Fund (IMF), 700 19th St. NW, Washington, DC  20431, United States},
abstract={This paper reviews empirical studies with a particular interest in Islamic finance literature and highlights future research directions. The earlier literature on Islamic finance was built on the Islamic economic foundation of social justice and fairness, which was formed theoretically from the primary sources of Sharia coupled with some analytical frameworks. Subsequent studies emphasized the empirical investigations without including far-reaching analytical and theoretical postulations in the area. Although empirical studies on Islamic banking are plenty, there is a new body of emerging empirical literature on Islamic finance focusing on corporate finance and Takaful, whereas Islamic accounting studies are mostly qualitative. The literature provides a mixed picture of Islamic financial markets and instruments, showing that the Islamic ones perform better most of the time but also perform worse at times than their conventional counterparts. This paper discusses issues that are relevant to Islamic finance and identifies avenues for future research and policy implications. © 2022 World Scientific Publishing Company.},
author_keywords={Insurance;  Islamic Accounting;  Islamic Capital Markets;  Islamic Corporate Finance},
keywords={capital market;  corporate strategy;  financial market;  financial services;  financial system;  future prospect;  insurance industry;  literature review},
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West Sussex, England: ohn Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, Retrieved from; Azmi, CA, Ab Aziz, N, Non, N, Muhamad, R, Sharia disclosures (2016) Journal of Islamic Accounting and Business Research, 7 (3), pp. 237-252. , http://doi.org/10.1108/JIABR-03-2016-0029; Azmi, CA, Hanifa, MH, The Sharia-compliance of financial reporting practices: A case study on waqf (2015) Journal of Islamic Accounting and Business Research, 6 (1), pp. 55-72. , http://doi.org/10.1108/JIABR-10-2012-0069; Bashir, A-HM, Darrat, AF, Equity participation contracts and investment some theoretical and empirical result (1992) The American Journal of Islamic Social Sciences, 9 (2), pp. 219-232; Bashir, A, Darrat, AF, Suliman, MO, Equity capital, profit sharing contracts, and investment: Theory and evidence (1993) Journal of Business Finance & Accounting, 20 (5), pp. 639-651. , http://doi.org/10.1111/j.1468-5957.1993.tb00281.x; Bashir, BA, Portfolio management of islamic banks (1983) Journal of Banking & Finance, 7 (3), pp. 339-354. , http://doi.org/10.1016/0378-4266(83)90043-2; Boulanouar, Z, Alqahtani, F, IPO underpricing in the insurance industry and the effect of Sharia compliance (2016) International Journal of Islamic and Middle Eastern Finance and Management, 9 (3), pp. 314-332. , http://doi.org/10.1108/IMEFM-12-2014-0118; Chapra, MU, The looming international financial crisis: Can the introduction of risk sharing in the financial system as required by Islamic finance, play a positive role in reducing its severity? 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Kuala Lumpur, Malaysia: International Shari ah Research Academy for Islamic Finance (ISRA); Ebrahim, M-S, Safadi, A, Behavioral norms in the Islamic doctrine of economics: A comment (1995) Journal of Economic Behavior & Organization, 27 (1), pp. 151-157. , http://doi.org/10.1016/0167-2681(94)00029-E; Ebrahim, MS, Jaafar, A, Omar, FA, Salleh, MO, Can Islamic injunctions indemnify the structural flaws of securitized debt? (2016) Journal of Corporate Finance, 37, pp. 271-286. , http://doi.org/10.1016/j.jcorpfin.2016.01.002; El-Gamal, MA, (2006) Islamic Finance. Islamic Finance: Law, Economics, and Practice, , www.cambridge.org/9780521864145, New York, United State of America: Cambridge University Press. 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Washington, D.C. USA. Retrieved from},
correspondence_address1={Aliyu, S.; Department of Banking and Finance, Nigeria; email: sirajoaliyu@yahoo.com},
publisher={World Scientific},
issn={02175908},
language={English},
abbrev_source_title={Singap. Econ. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{HacineGherbi2021,
author={Hacine Gherbi, E.A. and Alsedrah, I.T.},
title={Does stock market development and COVID-19 pandemic lead to financial crisis: the case of largest Islamic stock exchange market?},
journal={Journal of Sustainable Finance and Investment},
year={2021},
doi={10.1080/20430795.2021.1896987},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85102686079&doi=10.1080%2f20430795.2021.1896987&partnerID=40&md5=771b71ea9ef6a6f7fbb866053229f1c3},
affiliation={College of Business Administration, Imam Abdulrahman Bin Faisal University, Dammam, Saudi Arabia},
abstract={This research investigates the short- and long-term effect of COVID-19 pandemic period and the largest Islamic stock market development (SMD) in term of size and market activity (turnover) on financial crises (FCs) indicator and identifies the Granger–causality relationship exist between them. We apply an autoregressive distributed lag technique analysis method in estimating short- and long-run models of this relationship, using 34 monthly observations, from 2018M1 to 2020M10 Islamic stock market of Kingdom of Saudi Arabia (KSA). The short-term result implies that the FC indicator had significant positively affected by the COVID-19 pandemic. However, the long-run model result shows that market size indicator leads to a major FC, while market trade value indicator has negative impact on FC indicator in KSA Tadawul market. In addition, the results show that the only market capital indicator Granger–causes FCs. We concluded that the Saudi policymakers should make new regulations to avoid the negative effect of FC, in order for the growth of its stock market size and trade, for the stability of financial economic in Saudi Arabia. They should add more support to stock market trading to eliminate the potential threat of FC. We believe this is the first empirical study that investigates the short- and long-term effect of SMD, in terms of size and activity development on the FCs volatility in largest Islamic stock exchange market without ignoring the potential effect of COVID-19 pandemic. Also, this research is novel in terms of studying a market that was previously closed to outsiders and has implemented various financial sector reforms in recent years. © 2021 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={ARDL;  causality;  COVID-19 pandemic;  crisis;  Financial market;  market capital;  trade value},
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correspondence_address1={Hacine Gherbi, E.A.; College of Business Administration, Saudi Arabia; email: eagherbi@iau.edu.sa},
publisher={Taylor and Francis Ltd.},
issn={20430795},
language={English},
abbrev_source_title={Journal of Sustain. Finance Invest.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Al-Harbi20201619,
author={Al-Harbi, A.},
title={Determinates of Islamic banks liquidity},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={8},
pages={1619-1632},
doi={10.1108/JIABR-08-2016-0096},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85079805044&doi=10.1108%2fJIABR-08-2016-0096&partnerID=40&md5=8f37bf018e804700826e3bd9dae7a853},
affiliation={Department of Finance, Ministry of Economy and Planning, Riyadh, Saudi Arabia},
abstract={Purpose: The purpose of this paper is to investigate the determinants of Islam banks (IBs) liquidity. Design/methodology/approach: In this paper, the author uses a generalized least square fixed effect model on an unbalanced panel data set of all IBs operating in the Organization of Islamic Cooperation countries over the period 1989-2008. Findings: The estimation results show that all the determinants have statistically significant relationships with IBs’ liquidity but with different signs. On the one hand, foreign ownership, credit risk, profitability, inflation rate, monetary policy and deposit insurance negatively affected IBs liquidity. On the other hand, capital ratio, size gross domestic product growth and concentration have a positive nexus with IBs’ liquidity. Originality/value: According to the best of the author’s knowledge, this is the first empirical study to investigate the determinants of IBs liquidity using cross-country data with a large sample of IBs (110 banks) and over a long period (19 years). Also, the paper included variables that had not been discussed on the previous studies, which used cross-country data, such as efficiency, deposit insurance, monetary policy, concentration and market capitalization. © 2020, Emerald Publishing Limited.},
author_keywords={Islamic banks;  Liquidity;  Macroeconomic factors;  Microeconomic factors},
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correspondence_address1={Al-Harbi, A.; Department of Finance, Saudi Arabia; email: atalharbi@yahoo.com.au},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hanieh2020572,
author={Hanieh, A.},
title={Variegated Finance Capital and the Political Economy of Islamic Banking in the Gulf},
journal={New Political Economy},
year={2020},
volume={25},
number={4},
pages={572-589},
doi={10.1080/13563467.2019.1613354},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065760348&doi=10.1080%2f13563467.2019.1613354&partnerID=40&md5=8cf8876f43b18a81ae29dad360bfe36a},
affiliation={SOAS, University of London, London, United Kingdom},
abstract={The significant expansion of Islamic Finance (IF) over recent years provides a useful vantage point for examining the variegated nature of global finance. Nonetheless, within the substantial political economy literature on IF, there has been surprisingly little reflection on the concrete forms of class and capital accumulation underlying IF in particular national contexts. Against a methodological tendency to divorce Islamic financial markets from the wider circuit of capital, this article employs a Marxian conception of ‘finance capital’ to examine the class composition of Islamic banking in the six Arab states of the Gulf Cooperation Council (GCC). The core argument is that the expansion of GCC Islamic financial markets reflects the growth of a distinct class-fraction of privately-controlled finance capital in the Gulf. The specificity of this process in the Gulf involves a set of privately-controlled conglomerates whose interests are uniquely interlocked with the ownership of Islamic banks but extend beyond these to a range of other moments of capital accumulation–most prominently those connected to the transformation of the built environment. These class relations differ from conventional banking in the Gulf, and highlight the importance of critical political economy in developing alternative interpretations to the dominant, industry-linked literature. © 2019, © 2019 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={class formation;  finance capital;  Gulf Cooperation Council;  Islamic Finance},
keywords={Arab world;  banking;  capital market;  financial market;  Islamism;  political economy, Bahrain;  Kuwait [Middle East];  Oman;  Qatar;  Saudi Arabia;  United Arab Emirates},
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correspondence_address1={Hanieh, A.; SOAS, United Kingdom; email: ah92@soas.ac.uk},
publisher={Routledge},
issn={13563467},
language={English},
abbrev_source_title={New Polit. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Basrowi2020747,
author={Basrowi and Utami, P.},
title={Building strategic planning models based on digital technology in the sharia capital market},
journal={Journal of Advanced Research in Law and Economics},
year={2020},
volume={11},
number={3},
pages={747-754},
doi={10.14505/jarle.v11.3(49).06},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85087616420&doi=10.14505%2fjarle.v11.3%2849%29.06&partnerID=40&md5=4baf15144f3b3f77eb48edfa0a2c0928},
affiliation={Public Administration, Faculty of Social and Political Sciences, Universitas Muhammadiyah, Jakarta, Indonesia; Universitas Islam Negeri (UIN) Raden IntanLampung, Indonesia},
abstract={Digital technology is able to give a new face to the development of the capital market industry in Indonesia. Licensing process, wider reach and ease in transactions (financial technology) become faster, more efficient, cheaper, and transparent. However, the development of digital or scripless systems is still constrained by various factors. The purpose of this study is to try to dig deeper into the basic concepts of digital planning for issuers in the list of Islamic securities. A development model based on the results of the literature review is expected to contribute to the acceleration of digital technology in the capital market. The results of the study suggest that it is important for digital planning so that organizations have planning standards with special characteristics to create a 'positioning' that is in accordance with Islamic principles. The novelty in this research is that social cognitive theory and technology adoption can also be applied to sharia-based digital planners in the capital market. Sharia-based digital technology will have a positive impact on the empowerment of issuers, prospective issuers, and investors in the list of sharia securities. © 2020, by ASERS® Publishing. All rights reserved.},
author_keywords={Capital market;  Digital;  Issuer;  Planning;  Sharia},
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Com; Torsten, W., Meissner, P., Stubner, S., A Scenario-Based Approach to Strategic Planning – Integrating Planning and Process Perspective of Strategy (2010) Management, 32; Utami, P., Digital Banking Reflection and Zakat Accoutability Sharia Banking in Indonesia (2019) Eastern Journal of Economics and Finance, 4, pp. 31-40. , https://doi.org/10.20448/809.4.1.31.40; Vecchiato, R., Strategic Planning and Organizational Flexibility in Turbulent Environments (2015) Foresight, 17, pp. 257-273. , https://doi.org/10.1108/FS-05-2014-0032; Weill, P., Olson, M.H., Managing Investment in Information Technology: Mini Case Examples and Implications (1989) MIS Quarterly: Management Information Systems, 13, pp. 3-17. , https://doi.org/10.2307/248694; Yuan, B.J.C., An Application of a Foresight-Based New Product Planning Model: A Case Study of a Large Household Appliance Manufacturer in China (2012) Chinese Management Studies, 6, pp. 444-461. , https://doi.org/10.1108/17506141211259131; Zhu, H., Li, Jing, Research on Three-Dimensional Digital Process Planning Based on MBD (2018) Kybernetes, 47, pp. 816-830. , https://doi.org/10.1108/K-05-2017-0170},
publisher={ASERS Publishing House},
issn={2068696X},
language={English},
abbrev_source_title={J. Adv. Res. Law Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hariyanto20201910,
author={Hariyanto, E. and Taufiq, M. and Abidin, Z. and Ulum, M. and Maimun},
title={Effectiveness of the economic system to Zakat and Waqf for empowerment of the Ummah in Indonesia},
journal={International Journal of Advanced Science and Technology},
year={2020},
volume={29},
number={6},
pages={1910-1916},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85084458992&partnerID=40&md5=0501fb0047a2b2e49506ce6bbe59546c},
affiliation={IAIN MaduraEast Java, Indonesia; STAI Syaichona Moh. Cholil, BangkalanEast Java, Indonesia},
abstract={The distribution of waqf and zakat is known only to consumptive objects, but in its development, the distribution of waqf and zakat is directed at more productive things, for example in the form of capital assistance aimed at improving the quality of goods production to meet the needs of the wider community, so they can compete with a market share of capitalists who deify interest (usury). This article describes the solution to economic problems by applying the Islamic economic system correctly, through the distribution of more productive waqf and zakat aimed at the welfare of the people. Endowments and zakat basically have the same principle as the Islamic economic system because in both economic activities the purpose of economic justice is based on the unity of God to Allah, which is one of the principles of Islamic economics. The Islamic economic system itself is an economic system that succeeded in shifting the capitalist economic paradigm that brought destruction to the world economy. © 2020 SERSC.},
author_keywords={Empowerment of the Ummah;  Islamic economic;  Waqf;  Zakat},
funding_details={Ministry of FinanceMinistry of Finance, MOF},
funding_text 1={Acknowledgement: The authors would like to thank our sponsors. The first author is sponsored by Ministry of Religion Affair, Republic of Indonesia, The second author is sponsored by Indonesia Endowment Fund for Education, Ministry of Finance, Republic of Indonesia.},
references={Abadi, A.-F., (1998) Al-Qamus Al-Muhit, , Beirut: Dar al-Fikr; Al-Mardawy, A., (1995) M. Al-Inshaf Fi Ma’rifati Al-Rajih Min Al-Khilaf, , Cairo: Hijrah Li Al-Thaba’ah wa al-Nasr wa al-Tawzi’ wa al-I’lan; Al-Gadiry, A.I.A., 1410 H. Al-Islam Wa Dharurati Al-Hayah, p. II.. , Jeddah: Dar el-Mujtama’; Al-Ghazaly, A.H.M.A.-T., (1993) Al-Mustashfa, Beirut: Dar Al-Kotob Al-Ilmiyah, I.; Al-Hajjah Sa’ad, Fiqh al-Ibadat ‘ala al-Madzhab al-Hambaly; Ali ibn Abi Bakar al-Farghany, Al-Hidayah fi Syarh Bidayati al-Mubtadi, Beirut: Dar Ihya al-Turats al-Araby; Al-Syirbiny, A.-K., (1994) Mughni Al-Muhtaj Ila Ma’rifati Ma’ani Alfadzi Al-Minhaj, , Beirut: Dar al-Kutub al-Imliyah; Al-Mawardy, A.A.-H.A., (1999) Al-Hawy Al-Kabir, Beirut: Dar El-Kotob, Ist Edition.; Al-Nadwy, A.A.-H.A.A.-H., (1999) Al-Arkan al-Arba’ah, , Demasqus: Dar al-Qalam; Al-Nawawy, Abu Zakariya Muhyiddin, Al-Majmu’ Syarh al-Muhadzdzab ma’a Takmilah al-Subky wa al-Muthi’iey, Beirut: Dar el-Fikr; Umar, A.-S.M.A., (2007) M. Syarh Al-Yaqut Al-Nafis (Beirut: Dar Al-Minhaj; Al-Shatiby, Abu Ishaq Ibrahim Musa al-Granady, Al-Muwafaqat fi Ushul Fiqh, Egypt: al-Maktaba al-Tejaria al-Kubra; Al-Shawy, Abu Abbas Ahmad, Hasyiyah al-Shawy ‘ala al-Syarh al-Shaghir, Dar al-Ma’arif; Al-Youby, M.S.A.M., H. Maqashid Al-Shariah Al-Islamiyah Wa ‘alaqatuha Bi Al-Adillah al-Syar’iyyah, p. VI. , Saudi Arabia Kingdom: Dar Ibn al-Jauzy; Nasutionmustafa, E., (2006) Pengenalan Ekslusif Ekonomi Islam, , Jakarta: Kencana; Hasan, T., (2009) Perkembangan Kebijakan Wakaf Di Indonesia, , dalam Republika, Rabu22 April; Abidin, I., (1992) M. Rad Al-Mukhtar Ala Al-Dur Al-Mukhtar, Beirut: Dar Al-Fikr; Mushtafa, I., Al-Mu’jam Al-Wasith, , Alexandria: Dar al-Da’wah; Iqbal, Z.A.M., (2008) Pengantar Keuangan Islam Teori Dan Praktik, , Jakarta: Prenadamedia Group; (2002) Fatwa Tentang Wakaf Uang; (2007) Aspek Hukum Dalam Muamalat, , Yogyakarta: Graha Ilmu; Al-Maliky, M.A.A., (1989) Minahu Al-Jalil Syarh Mukhtashar Khalil, , Beirut: Dar al-Fikr; Muhammad Jamaluddin ibn Mundzir al-Anshari. 1414 H. Lisanu al-arab, Beirut:Dar al-Shadiq; Rivai, V.A.N.U., (2012) Islamic Economics Dan Finance Ekonomi Dan Keuangan Islam Bukan Alternatif Tetapi Solusi, , Jakarta: Gramedia Pustaka Utama; Saeed, A., (1996) Islamic Banking and Interest, a Study of Prohibition of Riba and Its Contemporary Interpretation, , Leiden: E.J. Brill; Ulum, M., “Understanding The Philoshophical Basis of Islamic Economic Law” (2017) ‘Anil Islam Jurnal Kebudayaan Dan Ilmu Keislaman, 10 (1). , Vol., Nomor, Juni; Ulum, M., “Fikih Organisasi (Reaktualisasi Sejarah Nahdlatul Ulama di Indonesia)” (2019) Al-Insyiroh Jurnal Studi Keislaman, 5 (2). , Vol., Nomor, September; Ulum, M., “The Concept of Maslahah By Al-Imam Malik And Al-Imam Al-Tufi (Comparatif Study of Maslahah Al-Imam Malik and Al-Imam Najm al-Din Al-Tufi)” (2018) Journal of Veteran Law Review, 2 (1). , November},
publisher={Science and Engineering Research Support Society},
issn={20054238},
language={English},
abbrev_source_title={Int. J. Adv. Sci. Technol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Razak2019S21,
author={Razak, S.S. and Saiti, B. and Dinç, Y.},
title={The contracts, structures and pricing mechanisms of sukuk: A critical assessment},
journal={Borsa Istanbul Review},
year={2019},
volume={19},
pages={S21-S33},
doi={10.1016/j.bir.2018.10.001},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055520842&doi=10.1016%2fj.bir.2018.10.001&partnerID=40&md5=e90729a5cb922110ab32a35b164c6bf6},
affiliation={Institute of Islamic Banking and Finance, International Islamic University Malaysia, Malaysia; Istanbul Sabahattin Zaim University, Istanbul, Turkey},
abstract={The existing literature focuses only on the contacts and structures of sukuk, but the pricing of sukuk is largely ignored. This paper examines the contracts, structures and pricing mechanism of sukuk. More specifically, this study examines several sukuk instruments, reviews the existing structures, demonstrates sukuk pricing mechanisms and discusses critical issues of each type of sukuk. The paper also considers possible solutions for those issues discussed in this study. By doing so, the readers are able to understand the important technical elements of sukuk and can differentiate sukuk from the conventional bonds and appreciate the spirit of Islamic finance. © 2018 The Authors},
author_keywords={Islamic capital market instrument;  Islamic finance;  Pricing of sukuk;  Structure of sukuk;  Sukuk},
references={Abbasher Hassan, K., Comparison between sukuk and conventional bonds: Value at risk approach (2012), https://ssrn.com/abstract=2215194, Available at: SSRN; Alam, N., Hassan, M.K., Haque, M.A., Are Islamic bonds different from conventional bonds? International evidence from capital market tests (2013) Borsa Istanbul Review, 13 (3), pp. 22-29; Bacha, O.I., Mirakhor, A., Islamic capital markets: A comparative approach (2013), Wiley Singapore; Bhuiyan, R.A., Rahman, M.P., Saiti, B., Ghani, G.B.M., Financial Integration between sukuk and bond Indices of emerging markets: Insights from wavelet coherence and multivariate-GARCH analysis (2018) Borsa Istanbul Review, 18 (3), pp. 218-230; Bo, D., Engku, E.R.A., Saiti, B., Sukuk issuance in China: Trends and positive expectations (2016) International Review of Management and Marketing, 6 (4), pp. 1020-1025; El Mosaid, F., Boutti, R., Sukuk and bond performance in Malaysia (2014) International Journal of Economics and Finance, 6 (2), p. 226; Fathurahman, H.R.F., Comparative analysis of return on Sukuk and conventional bonds (2013) American Journal of Economics, 3, pp. 159-163; Goud, B., Ijarah, mudharabah and Musyarakah sukuk: A critical perspective. United state of America (2010); Hanif, M., Economic substance or legal form: An evaluation of Islamic finance practice (2016) International Journal of Islamic and Middle Eastern Finance and Management, 9 (2), pp. 277-295; Hassan, M.K., Paltrinieri, A., Dreassi, A., Miani, S., Sclip, A., The determinants of co-movement dynamics between sukuk and conventional bonds (2018) The Quarterly Review of Economics and Finance, 68, pp. 73-84; IIFM Sukuk Report, A Comprehensive study of the global sukuk market (2013), 3rd ed. International Islamic Financial Market Bahrain; IIFM Sukuk Report, A comprehensive study of the global sukuk market (2016), 5th ed. International Islamic Financial Market Bahrain; IIFM Sukuk Report, A Comprehensive study of the global sukuk market (2018), 6th ed. International Islamic Financial Market Bahrain; Krichene, N., Islamic capital markets: Theory and practice. John Wiley & Sons (2013), John Wiley& Sons Singapore Pte. Ltd Singapore; Mohamed, H.H., Masih, M., Bacha, O.I., Why do issuers issue sukuk or conventional bond? Evidence from malaysian listed firms using partial adjustment models (2015) Pacific Basin Finance Journal, 34, pp. 233-252; Naifar, N., Modeling dependence structure between stock market volatility and sukuk yields: A nonlinear study in the case of Saudi Arabia (2016) Borsa Istanbul Review, 16 (3), pp. 157-166; Naim, A., All about Islamic banking and finance, Islamic capital markets, Takaful, Shariah auditing accounting for Islamic finance, Taxation and Zakat (2010), http://arzim.blogspot.ae/2010/02/issues-in-bay-al-inah-and-bay-al-dayn.html, Retrieved from Arzim.Blogspot ae; Naim, A., Issues in bay al-inah bay al-dayn and proposal for other concepts available in Islamic commercial law to be employed as alternatives in contemporary Islamic finance. Kajang, Selangor, Malaysia (2010); Najeeb, S.F., Bacha, O., Masih, M., Does a held-to-maturity strategy impede effective portfolio diversification for Islamic bond (sukuk) portfolios? A multi-scale continuous wavelet correlation analysis (2017) Emerging Markets Finance and Trade, 53 (10), pp. 2377-2393; Nienhaus, V., Karatas, A., Market perceptions of liquid sovereign sukūk: A new asset class? (2016) International Journal of Islamic and Middle Eastern Finance and Management, 9 (1), pp. 87-108; Oseni, U.A., The legal and beneficial ownership conundrum in Sovereign Sukūk structuring. Al-Shajarah (2015); Oseni, U.A., Ahmad, A.U.F., Hassan, M.K., The legal implications of ‘Fatwā shopping'in the Islamic finance industry: Problems, perceptions and prospects (2016) Arab Law Quarterly, 30 (2), pp. 107-137; Oseni, U.A., Hassan, M.K., (2014) The regulation and supervision of sukuk in global capital markets, 20, p. 394. , Handbook on Islam and economic life; Oseni, U.A., Hassan, M.K., Regulating the governing law clauses in Sukuk transactions (2015) Journal of Banking Regulation, 16 (3), pp. 220-249; Reboredo, J.C., Naifar, N., Do Islamic bond (sukuk) prices reflect financial and policy uncertainty? A quantile regression approach (2017) Emerging Markets Finance and Trade, 53 (7), pp. 1535-1546; Saad, A.A., Ibrahim, U.B., Napiah, M.D.M., Murabahah sukuk structure: The Shariah challenges and the way Forward (2016) European Journal of Islamic Finance, 4, pp. 1-4; Saiti, B., Abdullah, A., The legal maxims of Islamic law (excluding five leading legal maxims) and their applications in Islamic finance (2016) Journal of King Abdulaziz University - Islamic Economics, 29 (2), pp. 139-215; Saiti, B., Hasan, A., Ali, E.R.A.E., Islamic Interbank money market: Contracts, instruments and their pricing (2016) Islamic capital markets, pp. 67-100. , Palgrave Macmillan Cham; Shahar, W.S.S., Jamlus, N., Islamic investment:critics on sukuk and bonds (2014) International conference on managment and muamalah, pp. 139-150. , Kuala Lumpur; Smaoui, H., Khawaja, M., The determinants of Sukuk market development (2017) Emerging Markets Finance and Trade, 53 (7), pp. 1501-1518; Zulkhibri, M., A synthesis of theoretical and empirical research on sukuk (2015) Borsa Istanbul Review, 15 (4), pp. 237-248},
correspondence_address1={Saiti, B.; Department of Islamic Economics and Finance, Turkey; email: buerhan.saiti@izu.edu.tr},
publisher={Borsa Istanbul Anonim Sirketi},
issn={22148450},
language={English},
abbrev_source_title={Borsa Istanb. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Robiyanto2019117,
author={Robiyanto, R. and Hadiyatno, D. and Sudjinan, S. and Ernayani, R.},
title={Gold and capital market in Indonesia: A preview on strategy of hedging and diversification},
journal={Journal of International Studies},
year={2019},
volume={12},
number={2},
pages={117-128},
doi={10.14254/2071-8330.2019/12-2/7},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85069813279&doi=10.14254%2f2071-8330.2019%2f12-2%2f7&partnerID=40&md5=70f479d50ee3a816d7e746d23f087f45},
affiliation={Faculty of Economics and Business, Satya Wacana Christian University, Indonesia; Faculty of Economics, University of Balikpapan, Indonesia},
abstract={This study examines the establishment of a portfolio among sharia stocks represented by the Jakarta Islamic Index (JII) with gold (gold futures contracts). Gold price used in this research was the gold price in the international market which was in USD denomination and also converted into Rupiah (IDR), by considering commodity futures instruments in Indonesia using fixed rate or floating rate option. The data analysis technique used in this research was the dynamic portfolio formulation by using Dynamic Conditional Correlation – Generalized Autoregressive Conditional Heteroscedasticity (DCC-GARCH), so that the portfolio produced was an active portfolio and it could change its composition over time. The results of this study indicate that gold is able to provide hedging effectiveness as well as to reduce the volatility of sharia stocks included in the JII in the Indonesia Stock Exchange. This research is also able to prove that including gold instruments into a sharia-based stock portfolio can improve portfolio performance. Unfortunately, such strategies could not be counted as a sharia-based investment strategy, although stocks used in this portfolios were sharia compliant since futures contract was not considered as a sharia compliant instrument as it can be considered as haram (prohibited) in Islam. © Foundation of International Studies, 2019.},
author_keywords={DCC-GARCH;  Gold;  Indonesian capital market;  Jakarta Islamic Index (JII)},
references={Arouri, M.E.H., Lahiani, A., Nguyen, D.K., World Gold Proces and Stock Return in China: Insights for Hedging and Diversification Strategies (2014) Working Paper; Baur, D.G., Lucey, B.M., Is Gold a Hedge or a Safe Haven? (2010) An Analysis of Stocks, Bonds and Gold. The Financial Review, 45, pp. 217-229. , https://doi.org/10.1111/j.1540-6288.2010.00244.x; Baur, D.G., McDermott, T.K., Is Gold a Safe Haven?: International Evidence (2009) Institute for International Integration Studies (IIIS) Discussion Paper, (310); Baur, D.G., McDermott, T.K.J., Safe Haven Assets and Investor Behaviour under Uncertainty (2012) Working Paper. UTS, School of Business, Finance Discipline Group. Sydney; Bollerslev, T., Generalized autoregressive conditional heteroscedasticity (1986) Journal of Econometrics, 31, pp. 307-327. , https://doi.org/10.1016/0304-4076(86)90063-1; Chua, J.H., Sick, G., Woodward, R.S., Diversifying with Gold Stocks (1990) Financial Analysts Journal, 46 (4), pp. 76-79. , https://doi.org/10.2469/faj.v46.n4.76; Ciner, C., Gurdgiev, C., Lucey, B.M., Hedges and Safe Havens – An Examination of Stocks (2012) Bonds, Oil, Gold and the Dollar Working Paper; Cvitanic, J., Lazrak, A., Wang, T., (2007) Implications of Sharpe Ratio as a Performance Measure in Multi-Period Settings Working Paper; Engle, R.F., Dynamic Conditional Correlation: A Simple Class of Multivariate Generalized Autoregressive Conditional Heteroskedasticity Models (2002) Journal of Business & Economic Statistics, 20 (3), pp. 339-350. , http://dx.doi.org/10.1198/073500102288618487; Faubert, V., Is Gold Still a Safe Haven? (2012) Tresor-Economics, Ministere De L'economie Des Finances Et De L'industrie, (101), p. 2012. , April; (2018) Capital Market Statistik 2017, , F. S. A. Indonesia (Ed.); Herbst, A., Gold versus U.S. Common Stocks: Some Evidence on Inflation Hedge Performance and Cyclical Behavior (1983) Financial Analysts Journal, pp. 66-74; Hillier, D., Draper, P., Faff, R., Do Precious Metals Shine? An Investment Perspective (2006) Financial Analysts Journal, 62 (3-4), pp. 98-106. , https://doi.org/10.2469/faj.v62.n2.4085; Hoang, T.-H.-V., Lean, H.H., Wong, W.-K., Is Gold Good for Portfolio Diversification? A Stochastic Dominance Analysis of the Paris Stock Exchange (2015) International Review of Financial Analysis, , https://doi.org/10.1016/j.irfa.2014.11.020; Hood, M., Malik, F., Is Gold the Best Hedge and a Safe Haven Under Changing Stock Market Volatility (2013) Review of Financial Economic, 22 (2), pp. 47-52. , https://doi.org/10.1016/j.rfe.2013.03.001; Hussin, M.Y.M., Muhammad, F., Razak, A.A., Tha, G.P., Marwan, N., The Link between Gold Price, Oil Price and Islamic Stock Market: Experience from Malaysia (2013) Journal of Studies in Social Sciences, 4 (2), pp. 161-182; Ibrahim, M.H., Financial market risk and gold investment in an emerging market: The case of Malaysia (2010) Paper Presented at the PERKEM, p. V; Ibrahim, M.H., Financial Risk Market and Gold Investment in an Emerging Market: The Case of Malaysia (2012) International Journal of Islamic and Middle Eastern Finance and Management Research News, 5 (1), pp. 25-34. , https://doi.org/10.1108/17538391211216802; Ibrahim, M.H., Baharom, A.H., The Role of Gold in Financial Market: A Malaysian Perspective (2012) Economic Computation & Economic Cybernetics Studies & Research; Jensen, M.C., The performance of mutual funds in the period 1945–1964 (1967) Journal of Finance, 23 (2), pp. 389-416. , http://dx.doi.org/10.2139/ssrn.244153; Kidd, D., The Sharpe Ratio and the Information Ratio (2011) Investment Performance Measurement Feature Articles, 1, pp. 1-4; Kroner, K.F., Ng, V.K., Modelling Asymmetric Comovements of Assets Returns (1998) Review of Financial Studies, 11 (4), pp. 817-844; Kroner, K.F., Sultan, J., Time-Varying Distributions and Dynamic Hedging with Foreign Currency Futures (1993) Journal of Financial and Quantitative Analysis, 28 (4), pp. 535-551; Ku, Y.-H.H., Chen, H.-C., Chen, K.-H., On the Application of the Dynamic Conditional Correlation Model in Estimating Optimal Time-varying Hedge Ratios (2007) Applied Economics Letters, 14 (7), pp. 503-509. , https://doi.org/10.1080/13504850500447331; Kumar, D., Return and Volatility Transmission Between Gold and Stock Sectors: Application of Portfolio Management and Hedging Effectiveness (2014) IIMB Management Review, 26 (1), pp. 5-16. , https://doi.org/10.1016/j.iimb.2013.12.002; Ratner, M., Klein, S., The portfolio implications of gold investment (2008) Journal of Investing, 17 (1), pp. 77-87. , https://doi.org/10.3905/joi.2008.701958; Robiyanto, R., Performance evaluation and risk aversion rate for several stock indices in Indonesia Stock Exchange (2017) Jurnal Manajemen Dan Kewirausahaan, 19 (1), pp. 60-64. , https://doi.org/10.9744/jmk.19.1.60-64; Robiyanto, R., Indonesian Stock Market’s Dynamic Integration with Asian Stock Markets and World Stock Markets (2018) Jurnal Pengurusan, 52, pp. 181-192. , https://doi.org/10.17576/pengurusan-2018-52-15; Robiyanto, R., Testing of the Gold's Role as a Safe Haven and Hedge for Sharia Stocks in Indonesia (2018) Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 10 (2), pp. 255-266. , https://doi.org/10.15408/aiq.v10i2.6527; Robiyanto, R., Wahyudi, S., Pangestuti, I.R.D., Testing Commodities as Safe Haven and Hedging Instrument on ASEAN's Five Stock Markets (2017) Jurnal Ekonomi Kuantitatif Terapan, 10 (2), pp. 231-238. , https://doi.org/10.24843/JEKT.2017.v10.i02.p11; Robiyanto, R., Wahyudi, S., Pangestuti, I.R.D., The volatility–variability hypotheses testing and hedging effectiveness of precious metals for the Indonesian and Malaysian capital markets (2017) Gadjah Mada International Journal of Business, 19 (2), pp. 167-192. , https://doi.org/10.22146/gamaijb.26260; Sharpe, W.F., Mutual Fund Performance (1966) Journal of Business, 39 (1), pp. 119-138; Sortino, F.A., Price, L.N., Performance Measurement in a Downside Risk Framework (1994) Journal of Investing, 3 (3), pp. 59-64. , https://doi.org/10.3905/joi.3.3.59; Treynor, J.L., How to Rate Management of Investment Funds (1965) Harvard Business Review, 43 (1), pp. 63-75; Wahyudi, S., Nofendi, D., Robiyanto, R., Hersugondo, H., Factors affecting return on deposit (ROD) of sharia banks in Indonesia Business (2018) Theory and Practice, 19, pp. 166-176. , https://doi.org/10.3846/btp.2018.17; Zulkafli, A.H., Ahmad, Z., The Performance of Socially Responsible Investments in Indonesia: A Study of the Sri Kehati Index (SKI) (2017) Gadjah Mada International Journal of Business, 19 (1), pp. 59-76. , https://doi.org/10.22146/gamaijb.17959},
publisher={Centre of Sociological Research},
issn={20718330},
language={English},
abbrev_source_title={J. Intl. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Naqvi20185,
author={Naqvi, B. and Rizvi, S.K.A. and Uqaili, H.A. and Chaudhry, S.M.},
title={What enables Islamic banks to contribute in global financial reintermediation?},
journal={Pacific Basin Finance Journal},
year={2018},
volume={52},
pages={5-25},
doi={10.1016/j.pacfin.2017.12.001},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85040375102&doi=10.1016%2fj.pacfin.2017.12.001&partnerID=40&md5=720185423c9542053f556380c70cd647},
affiliation={Suleman Dawood School of Business, Lahore University of Management Sciences, Lahore, Pakistan; Department of Finance, Lahore School of Economics, Lahore, Pakistan; The Department of Finance, University of Birmingham, United Kingdom},
abstract={Conventional banks which once were competing with non-banking financial institutions and capital markets today face the new challenge of being reintermediated by Islamic banks. Earlier academic research has been debating over disintermediation and reintermediation of conventional banks, but consistently failed to address reintermediation through Islamic banks as a possibility. This study, however, fills the void by addressing the novel possibility of reintermediation “within” the banking sector and is the first attempt to analyze and compare Islamic and conventional banks from the perspective of reintermediated financial markets. After identifying the reintermediation trends led by Islamic banks we investigate several bank specific financial and non-financial characteristics that might have enabled Islamic banks to emerge as an important player in reintermediated financial markets. By keeping our focus on slightly modified version of CAMELS framework where 's’ represents “Service Quality” we find that along with better capitalization (C) and improved liquidity (L), better service quality (S) is another distinguished feature of Islamic banks that might be linked with their high degree of intermediation. © 2017 Elsevier B.V.},
author_keywords={Camels;  Intermediation;  Islamic banks;  Reintermediation;  Service quality},
funding_details={Chang Gung Memorial HospitalChang Gung Memorial Hospital, CGMH, CMRPG1B0132, CMRPG1E0021},
funding_details={Ministry of Science and Technology, TaiwanMinistry of Science and Technology, Taiwan, MOST, 104-2314-B-182A-138, 104-2410-H-038-006-SSS, MOST 105-2410-H-038-011-SSS},
funding_text 1={This study was supported by research grants from Chang Gung Memorial Hospital (CMRPG1E0021 and CMRPG1B0132) and the Ministry of Science and Technology (MOST 104-2314-B-182A-138-, MOST 104-2410-H-038-006-SSS, and MOST 105-2410-H-038-011-SSS), Taiwan.},
references={Abdul-Majid, M., Saal, D.S., Battisti, G., Efficiency in Islamic and conventional banking: an international comparison (2010) J. Prod. Anal., 34, pp. 25-43; Abdul-Majid, M., Saal, D.S., Battisti, G., Efficiency and total factor productivity change of Malaysian commercial banks (2011) Serv. Ind. J., 31 (13), pp. 2117-2143; Abdul-Majid, M., Saal, D.S., Battisti, G., The impact of Islamic banking on the cost efficiency and productivity change of Malaysian commercial banks (2011) Appl. Econ., 43 (16), pp. 2033-3054; Abedifar, P., Ebrahim, S., Molyneux, P., Tarazi, A., Islamic Banking and Finance: Recent Empirical Literature and Directions for Future Research (2015), Cent. Responsible Bank Financ; Allen, F., Gale, D., Financial markets, intermediaries, and intertemporal smoothing (1997) J. Polit. Econ., 105, pp. 523-546; Allen, F., Santomero, A.M., On the theory of financial intermediation (1998) J. Bank. Financ., 21, pp. 1461-1485; Bader, M.K., Mohamad, S., Ariff, M., Hassan, T., Cost, revenue, and profit efficiency of Islamic versus conventional banks: international evidence using data envelopment analysis (2008) Islam. Econ. Stud., 15; Baele, L., Farooq, M., Ongena, S., Of religion and redemption: evidence from default on Islamic loans (2014) J. Bank. Financ., 44, pp. 141-159; Beck, T., Demirgüç-Kunt, A., Levine, R., Financial Institutions and markets across countries and over time: Data and analysis (2009) Policy Research Working Paper 4943, , The World Bank; Beck, T., Demirgüç-Kunt, A., Merrouche, O., Islamic vs. conventional banking: business model, efficiency and stability (2013) J. Bank. Financ., 37, pp. 433-447; Belás, J., The Impact of the Financial Crisis on Business Ethics in the Banking Sector: A Case Study from Slovakia. Review of Economic Perspectives (2013), 13, pp. 111-131; Bernanke, B.S., Monetary policy transmission through money or credit? (1988) Fed. Reserv. Bank Philadelphia Bus. Rev., pp. 3-11; Betz, F., Opricǎ, S., Peltonen, T.A., Sarlin, P., Predicting distress in European banks (2014) J. Bank. Financ., 45, pp. 225-241; Chong, B.S., Liu, M.H., Islamic banking: interest-free or interest-based? (2009) Pac. Basin Financ. J., 17 (1), pp. 125-144; Cole, R.A., Gunther, J.W., A CAMEL rating's shelf life (1995) Fed. Reserv. Bank Dallas Rev., pp. 13-20; Cole, R.A., Cornyn, B.G., Gunther, J.W., FIMS: A New Financial Institutions Monitoring System for Banking Organizations (1993); Deidda, L., Fattouh, B., Banks, financial markets and growth (2008) J. Financ. Intermed., 17, pp. 6-36; Demirgüç-Kunt, A., Huizinga, H., Bank activity and funding strategies: the impact on risk and returns (2010) J. Financ. Econ., 98, pp. 626-650; DeYoung, R., Torna, G., Nontraditional banking activities and bank failures during the financial crisis (2013) J. Financ. Intermed., 22, pp. 397-421; Domowitz, I., Liquidity, transaction costs, and reintermediation in electronic markets (2002) J. Financ. Serv. Res., 22, pp. 141-157; Doumpos, M., Zopounidis, C., A multicriteria decision support system for bank rating (2010) Decis. Support. Syst., 50, pp. 55-63; El-Gamal, M.A., Mutuality as an antidote to rent-seeking Shariah arbitrage in Islamic finance (2007) Thunderbird Int. Bus. Rev., 49 (2), pp. 187-202; El-Gamal, M.A., Inanoglu, H., Inefficiency and heterogeneity in Turkish banking: 1990–2000 (2005) J. Appl. Econ., 20, pp. 641-664; EY, World Islamic Banking Competitiveness Report (2016), http://www.ey.com/Publication/vwLUAssets/ey-world-islamic-banking-competitiveness-report-2016/$FILE/ey-world-islamic-banking-competitiveness-report-2016.pdf; Fang, L., Ivashina, V., Lerner, J., The disintermediation of financial markets: direct investing in private equity (2015) J. Financ. 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Stud., 12 (1), pp. 1-19; Zhao, H., Sinha, A.P., Ge, W., Effects of feature construction on classification performance: an empirical study in bank failure prediction (2009) Expert Syst. Appl., 36, pp. 2633-2644},
correspondence_address1={Naqvi, B.; Suleman Dawood School of Business, Pakistan; email: bushra.naqvi@lums.edu.pk},
publisher={Elsevier B.V.},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{OuatikEl-Alaoui2018160,
author={Ouatik El-Alaoui, A. and Ismath Bacha, O. and Masih, M. and Asutay, M.},
title={Does low leverage minimise the impact of financial shocks? New optimisation strategies using Islamic stock screening for European portfolios},
journal={Journal of International Financial Markets, Institutions and Money},
year={2018},
volume={57},
pages={160-184},
doi={10.1016/j.intfin.2018.07.007},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85051377089&doi=10.1016%2fj.intfin.2018.07.007&partnerID=40&md5=4f0565fa528ccfe903f58d67613a8989},
affiliation={ESCA – School of Management, Casablanca, Morocco; INCEIF, Malaysia; Durham University Business School, United Kingdom},
abstract={This study embodies a preliminary endeavour at analysing the impact of leverage on portfolio behaviour, with specific reference to return and volatility, in the European stock markets, using the debt ratio as one of the important benchmarks for Islamic stock screening. Given the focus of Islamic stock screening on the debt ratio, we use data from 320 firms for eight European countries which were classified according to their level of debt and size. For this, the portfolio optimisation based Mean-Variance Efficient Frontier (MVEF), the Sharpe Ratio and the Capital Market Line (CML) were employed. Our findings tend to demonstrate that, under shocks, high leverage worsens the portfolio return, volatility, and value at risk. The results further point out that optimal portfolio composition is obtained through a high proportion of low debt funds in the case of two separate equity funds, of low debt and high debt portfolios respectively. The systematic risk of several portfolio strategies is further explored with regards to a benchmark of European index and market-wide, return and volatility shocks. © 2018 Elsevier B.V.},
author_keywords={European stock market;  Islamic stock screening;  Mean variance efficient frontier;  Portfolio leverage;  Return;  Volatility},
references={AAOIFI — Accounting and Auditing Organization for Islamic Financial Institutions (No. 21, 2010). Accounting Auditing and Governance Standards for Islamic Financial Institutions. AAOIFI, Bahrain; Adler, T., Kritzman, M., Mean–variance versus full-scale optimisation: in and out of sample (2007) J. Asset Manage., 7 (5), pp. 302-311; Al-Suwailem, S., Risk in a turbulent world: insights from islamic finance (2013) Islamic Finance: The New Regulatory Challenge, , Rifaat Ahmed Abdel Karim Simon Archer John Wiley & Sons (Asia); Amenc, N., Martellini, L., Vaissié, M., (2003), Indexing hedge fund indexes. EDHEC Risk and Research Centre, December; Amin, G., Kat, H., Hedge fund performance 1990–2000: do the money machines really add value? (2003) J. Financ. Quant. Anal., 38 (2), pp. 251-274; Aragon, G.O., Ferson, W.E., Portfolio Performance Evaluation (2007), Now Publishers Inc The Netherlands; Asutay, M., Conceptualising and locating the social failure of Islamic finance: aspirations of Islamic moral economy vs. the realities of Islamic finance (2012) J. Asian Afr. Stud., 11 (2), pp. 93-113; Asutay, M., Hendranastiti, N., Comparison of portfolio selection and performance: Shari'ah-compliant and socially responsible investment portfolios (2015) Indonesian Capital Market Rev., 7 (1), pp. 46-55; Back, K.E., Asset Pricing and Portfolio Theory (2010), Oxford University Press Oxford; Baker, M., Wurgler, J., Yuan, Y., Global, local, and contagious investor sentiment (2012) J. Financ. Econ., 104 (2), pp. 272-287; Benartzi, S., Thaler, R.H., Naive diversification strategies in defined contribution saving plans (2001) Am. Econ. Rev., pp. 79-98; Caporale, G.M., Gil-Alana, L.A., Orlando, J.C., Linkages between the US and European stock markets: a fractional cointegration approach (2016) Int. J. Financ. Econ., 21 (2), pp. 143-153; Carlson, R.S., Aggregate performance of mutual funds, 1948–1967 (1970) J. Financ. Quant. Anal., 5 (1), pp. 1-32; Causse, G., Introduction au dossier La finance islamique: «une autre finance» (2010) La Revue du Financier, 182-183, pp. 6-7; Causse-Broquet, G., La Finance Islamique, Edition de la Revue Banque (2009), Marchés Finance Paris; Chopra, V.K., Ziemba, W.T., The effect of errors in means, variances, and covariances on optimal portfolio choice (1993) J. Portfolio Manage., 19 (2). , (Winter, ABI/INFORM Global); Choueifaty, Y., Coignard, Y., Towards maximum diversification (2008) J. Portfolio Manage., 34 (4), pp. 40-51; Coleman, M., Mansour, A., Real estate in the real world: dealing with non-normality and risk in an asset allocation model (2005) J. Real Estate Portfolio Manage., 11 (1), pp. 37-53; Derigs, U., Marzban, S., Review and analysis of current islamic-compliant equity screening practices (2008) Int. J. Islamic Middle Eastern Financ. Manage., 1 (4), pp. 285-303; Estrada, J., (2006), Fundamental indexation and international diversification. Available at SSRN 949162; Fischer, D.E., Jordan, R.J., Security Analysis and Portfolio Management (1991), Prentice Hall Englewood Cliffs; (2007), FTSE International Limited FTSE Shariah Global Equity Index Series, London; Gholamreza, M., Shamsher, M., Taufiq, H., The behavior of MENA oil and non-oil producing countries in international portfolio optimization (2010) Q. Rev. Econ. Financ., 50 (4), pp. 415-423; Grootveld, H., Hallerbach, W., Variance versus downside risk: is there really that much difference? (1999) Eur. J. Oper. Res., 114 (2), pp. 304-319; Hamada, R.S., The effect of the firm's capital structure on the systematic risk of common stocks (1972) J. 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Markets, 9 (2), pp. 127-140; Lazzarato, M., The Making of Indebted Man: Essay on the Neoliberal Condition (2012), Semiotexte Los Angeles CA; Madrick, J., Seven Bad Idea: How Mainstream Economists Have Damaged America and the World (2014), Alfred A. Knopf New York; Maillard, S., Roncalli, T., Teiletche, J., On the properties of equally-weighted risk contribution portfolios (2010) J. Portfolio Manage., 36 (4), pp. 60-70; Markowitz, H., Portfolio selection (1952) J. Financ., 7 (1), pp. 77-91; Markowitz, H., Portfolio Selection, Efficient Diversification of Investments (1959), J. Wiley; Mink, M., De Haan, J., Contagion during the Greek sovereign debt crisis (2013) J. Int. Money Financ., 34, pp. 102-113; Mohl, P., Sondermann, D., Has political communication during the crisis impacted sovereign bond spreads in the euro area? (2013) Appl. Econ. Lett., 20 (1), pp. 48-61; (2007), https://www.msci.com/eqb/methodology/meth_docs/MSCI_April15_Islamic_Indexes_Methodology.pdf, MSCI MSCI Islamic Index Series Methodology. Available at: <>; Obaidullah, M., Teaching Corporate Finance from an Islamic Perspective (2007), Islamic Economics Research Centre, KAU Jeddah, KSA; Polasek, W., Pojarliev, M., Global European Portfolio Construction: Does a Changing Volatility Structure Matter? (2004) Appl. Stochastic Models Bus. Ind., 20 (3), pp. 265-280; Sharpe, W.F., Mutual fund performance (1966) J. Bus., 39 (1), pp. 119-138; Sharpe, W.F., The Sharpe ratio (1994) J. Portfolio Manage., 21 (1), pp. 49-58; Tag el-Din, S.I., Risk-aversion, moral hazard and the financial islamization policy (1991) Rev. Islamic Econ., 1 (1), pp. 49-66; Vercher, E., Bermúdez, J.D., Segura, J.V., Fuzzy portfolio optimization under downside risk measures (2007) Fuzzy Sets Syst., 158 (7), pp. 769-782},
correspondence_address1={Masih, M.; INCEIF, Lorong University A, Malaysia; email: mansurmasih@gmail.com},
publisher={Elsevier Ltd},
issn={10424431},
language={English},
abbrev_source_title={J. Int. Financ. Mark. Inst. Money},
document_type={Article},
source={Scopus},
}

@ARTICLE{Wahab2018466,
author={Wahab, H.A.},
title={Revisiting the role of bank's capital, loan loss provisioning and risky assets to credit risk in Malaysia: An application of dynamic heterogenous panel technique},
journal={Journal of Social Sciences Research},
year={2018},
volume={2018},
number={Special Issue 6},
pages={466-471},
doi={10.32861/jssr.spi6.466.471},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85071608273&doi=10.32861%2fjssr.spi6.466.471&partnerID=40&md5=e9bc351fa17a05ff290065c2806fe6e2},
affiliation={Faculty of Science and Technology, Universiti Sains Islam Malaysia, Bandar Baru Nilai, N.Sembilan, 71800, Malaysia},
abstract={The issue of credit risk among financial institutions has become de rigueur matter for many years particularly among risk managers, market players, regulators and academia in Malaysia. The negligence over specific credit risk factors in credit risk management could herald to the balance sheet loss as what happened in the US mortgage prime crisis. This paper is presented primarily to investigate the long run and short run relationship between credit risk and bank specific factors such as capital adequacy(CAR), loan loss provisioning(PROV) and risky assets (RWA) across different types of banks comprising Islamic banks, Islamic banking windows, commercial banks and investment banks in Malaysia. The application of heterogeneous panel model namely Pooled mean group (PMG) will allow for heterogeneity effect across non-homogenous banking operations. From our findings, it is evident that an increase in capital level reduces default problem for Islamic banking windows. Further, we find positive association between RWA and NPL and also between PROV and NPL which implies that loan loss provisioning could be important signal of risk taking behaviour. Besides that, our results also suggest that the nature of credit risk among Islamic banks in Malaysia are still following market force given by the fact that their credit risk management routines still follow the conventional practices. © 2018 Academic Research Publishing Group.},
author_keywords={Credit risk;  Pooled mean group},
references={Abdul Wahab, H., Chapter 6-An overview of islamic finance the integration of naqli & aqli curriculum, an application to actuarial science (2017) Financial Mathematics & Risk Management, Penerbit USIM, pp. 61-73; Abdul Wahab, H., Saiti, B., Azhar, R.S., Masih, A.M.M., Risk-taking behavior and capital adequacy in a mixed banking system, New evidence from malaysia using dynamic ols and two-step dynamic system gmm estimators (2017) Emerging Markets Finance and Trade, 51 (1), pp. 180-198; Abid, L., Ouertani, M.N., Zouari-Ghorbel, S., Macroeconomic and bank-specific determinants of household's non-performing loans in Tunisia, A dynamic panel data (2014) Procedia Economics & Finance, 13, pp. 58-68; Ahmad, N.H., Ariff, M., Multi country study of bank credit risk determinants (2007) International Journal of Banking and Finance, 5 (1), pp. 135-152; Bikker, J.A., Metzemakers, P.A.J., (2002) Bank provisioning behavior and procyclicity, , Research Series Supervision, De Nederlandsche Bank, (50):; Blackburne, E.F., Frank, M.W., Estimation of nonstationary heterogenous panels (2007) The Stata Journal, 7 (2), pp. 197-208; Blum, J., Do capital adequacy requirements reduce risks in banking? (1999) Journal of Banking & Finance, 23 (5), pp. 755-771; Chaibi, H., Ftiti, Z., Credit risk determinants, Evidence from a cross-country study (2015) Research in International Business and Finance, 33, pp. 1-16; Dewatripont, M., Tirole, J., A theory of debt and equity, Diversity of securities and manager shareholders congruence (1994) Quarterly Journal of Economics, 109 (4), pp. 1027-1054; Fisher, K.P., Gueyie, J.P., Ortiz, E., Risk-taking and charter value of commercial banks, From the nafta countries (2000) In In 1st International Banking & Finance Conference; Masih, R.M.M.A.M., Stock-watson dynamic ols (dols) and error correction modeling approaches to estimating long-and short-run elasticities in a demand function, New evidence and methodological implications from an application to the demand for coal in mainland China (1996) The Energy Economics, 18 (4), pp. 315-334; Messai, A.S., Jouini, F., Micro and macro determinants of non-performing loans (2012) International Journal of Economics and Financial Issues, 3 (4), pp. 852-860; Nikolaidou, E., Vogiazas, S.D., Credit risk determinants for the bulgarian banking system (2014) International Advanced Economic Research, 20 (1), pp. 87-102; Pesaran, M.H., Shin, Y., Smith, R., Pooled mean group estimation of dynamic heterogenous panels (1999) Journals of the American Statistical Association, 94 (446), pp. 621-634; Rime, B., Capital requirements and bank behavior, Empirical evidence for Switzerland (2001) Journal of Banking and Finance, 25 (4), pp. 789-805; Shrieves, R.E., Dahl, D., The relationship between risk and capital in commercial banks (1992) Journal of Banking and Finance, 16 (2), pp. 439-457; Waemustafa, W., Sukri, S., Bank specific and macroeconomics dynamic determinants of credit risk in islamic banks and conventional banks (2015) International Journal of Economics and Financial Issues, 5 (2), pp. 476-481; Zheng, C., Sarker, N., Naha, S., Factors affecting bank credit risk, An empirical insight (2018) Journal of Applied Finance & Banking, 8 (2), pp. 1792-6599},
correspondence_address1={Wahab, H.A.; Faculty of Science and Technology, Malaysia},
publisher={Academic Research Publishing Group},
issn={24136670},
language={English},
abbrev_source_title={J. Soc. Sci. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Derbali2017527,
author={Derbali, A. and El Khaldi, A. and Jouini, F.},
title={Shariah-compliant Capital Asset Pricing Model: New mathematical modeling},
journal={Journal of Asset Management},
year={2017},
volume={18},
number={7},
pages={527-537},
doi={10.1057/s41260-017-0051-x},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85019025966&doi=10.1057%2fs41260-017-0051-x&partnerID=40&md5=e9ac6aca0eb03582a074f1edb4a85e1f},
affiliation={Higher Institute of Management of Sousse, University of Sousse, Sousse, Tunisia; Faculty of Economic Sciences and Management of Sousse, University of Sousse, Sousse, Tunisia; Faculty of Economic and Management of Sousse, Sousse University, Sousse, Tunisia},
abstract={The main objective of our paper is to propose a novel approach in pricing Islamic financial assets in accordance with shariah, advocated by contemporary investment theories of Markowitz's Mean-Variance Analysis and CAPM. The shariah-compliant Capital Asset Pricing Model that we developed with a few changing's of the traditional Capital Asset Pricing Model is integrating zakat, purification of return and exclusion of short sales. Then, we utilize a sample composed of 10 shariah-compliant public-listed companies in Bursa Malaysia. The empirical results find that the proposed Islamic CAPM is appropriate and applicable in investigating the linkage among risk and return in the Islamic stock market. Our investigation contributes to existing body of knowledge by presenting an algorithm and mathematical modeling of the shariah-compliant CAPM which has been lacking in the literature of Islamic finance. © 2017 Macmillan Publishers Ltd.},
author_keywords={CAPM;  Islamic finance;  Purification;  Shariah;  Zakat},
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M. Jensen. New York: Praeger Publishers; Carhart, M.M., On persistence in mutual fund performance (1997) Journal of Finance, 52 (1), pp. 57-82; Chapra, U., Innovation and authenticity in Islamic finance (2008) Proceeding of the 8th Harvard University Forum on Islamic Finance: Innovation and Authenticity, , April 19-20, Cambridge; DeLorenzo, Y., Shariah supervision of Islamic mutual funds (2000) Proceedings of the Fourth Harvard University Forum on Islamic Finance, , Cambridge, MA; Derigs, U., Marzban, S., Review and analysis of current Shariah-compliant equity screening practices (2008) International Journal of Islamic and Middle Eastern Finance An Management, 1 (4), pp. 285-303; Dusuki, A., Abozaid, A., Fiqh issues in short selling as implemented in the Islamic Capital Market in Malaysia (2008) Journal of King Abdulaziz University, 21 (2), pp. 63-78; El-Ashker, A., (1987) The Islamic Business Enterprise, , London: Croom Helm; Elgari, M., Purification of islamic equity funds: Methodology and shariah foundation (2000) Proceedings of the Fourth Harvard University Forum on Islamic Finance, , Cambridge, MA: Harvard University; Elton, E., Gruber Brown S, M., Goetzmann, W., (2014) Modern Portfolio Theory and Investment Analysis, , 9th ed New Jersey: John Wiley and Sons; Fama, E.F., French, K.R., The cross-section of expected stock returns (1992) Journal of Finance, 47 (2), pp. 427-465; Fama, E.F., French, K.R., Common risk factors in the returns on stocks and bonds (1993) Journal of Financial Economics, 33 (1), pp. 3-56; Hanif, M., Risk and return under Shari'a framework: An attempt to develop Shari'a (2011) Pakistan Journal of Commerce and Social, 5 (2); Hassan, A., Antoniou, A., Paudyal, K., Impact of ethical screening on investment performance: The case of the Dow Jones Islamic Index (2005) Islamic Economic Studies, 12 (1), pp. 67-97; Iqbal, Z., Islamic Financial systems (1997) Finance and Development, 32 (2), pp. 42-45; Islahi, A., (1988) Economic Concepts of Ibn Taimiyah, , Leicester: The Islamic Foundation; Kamil, N., Bacha, O., Masih, M., Is there a diversification! 'cost' o shari'ah compliance? (2014) Empirical Evidence from Malaysian Equities. in 4th Islamic Banking and Finance Conference, , Lancaster University, United Kingdom; Kok, S., Giorgioni, G., Laws, J., Performance of Shariahcompliant indices in London and NY stock markets and their potential for diversification (2009) International Journal of Monetary Economics and Finance, 2 (3), pp. 398-408; Lewis, M., Algaoud, L., (2001) Islamic Banking, , Cheltenham: Edward Elgar Publication; Lintner, J., The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets (1965) The Review of Economics and Statistics, 47 (1), pp. 13-37; Markowitz, H., Portfolio selection (1952) The Journal of Finance, 7 (1), pp. 77-91; Mossin, J., Equilibrium in a Capital Asset Market (1966) Econometrica, 34 (4), pp. 768-783; Noor, A., A Shari'ah compliance review on investment linked takaful in Malaysia (2009) Journal of the Islamic Research and Training Institute, 17 (1), pp. 1-20; Omar, M., Noor, A., Meera, A., Manap, T., Majid, M., Zain, S., (2010) Research Paper: Islamic Pricing Benchmark, p. 17. , International Shari'ah Reserach Academy for Islamic Finance (ISRA); Roll, R., A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory (1977) Journal of Financial Economics, 4 (2), pp. 129-176; Rosly, S., (2005) Critical Issues on Islamic Banking and Financial Markets, , Kuala Lumpur: Dinamas Publishing; Ross, S.A., The arbitrage theory of capital asset pricing (1976) Journal of Economic Theory, 13 (3), pp. 341-360; Selim, T., An Islamic capital asset pricing model (2008) Humanomics, 24 (2), pp. 122-129; Shaikh, S., (2010) Proposal for A New Economic Framework Based on Islamic Principles, , Karachi: Institute of Business Administration; Sharpe, W., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) Journal of Finance, 19 (3), pp. 425-442; Sharpe, W.F., A simplified model for portfolio analysis (1963) Management Science, 9 (2), pp. 277-293; Steinbach, M., Markowitz revisited: Mean-variance models in financial portfolio analysis (2001) SIAM Review, 43 (1), pp. 31-85; Treynor, J.L., How to rate management of investment funds (1965) Harvard Business Review, 43 (1), pp. 63-75; Usmani, M., (2007) An Introduction to Islamic Finance, , Pakistan: Quranic Studies Publishers},
correspondence_address1={Derbali, A.; Higher Institute of Management of Sousse, Tunisia; email: derbaliabdelkader@outlook.fr},
publisher={Palgrave Macmillan Ltd.},
issn={14708272},
language={English},
abbrev_source_title={J. Asset Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Md.Hashim201727,
author={Md. Hashim, A. and Habib, F. and Isaacs, Z. and Gadhoum, M.A.},
title={ISRA-Bloomberg Sharīʿah stock screening and income cleansing methodologies: a conceptual paper},
journal={ISRA International Journal of Islamic Finance},
year={2017},
volume={9},
number={1},
pages={27-42},
doi={10.1108/IJIF-07-2017-004},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050952407&doi=10.1108%2fIJIF-07-2017-004&partnerID=40&md5=9eed729c00e70014d148b7e231b7ad78},
affiliation={ISRA, Kuala Lumpur, Malaysia; Research Affairs Department, International Shari’ah Research Academy for Islamic Finance, Kuala Lumpur, Malaysia; Ethis Africa Pty Ltd, Cape Town, South Africa; Zitouna Tamkeen, Islamic Micro Finance, La Goulette, Tunisia},
abstract={Purpose: The purpose of this paper is to explain and critically analyse the Sharīʿah screening criteria and cleansing process for income generated from stocks with a special focus on a newly developed ISRA-Bloomberg methodology. Design/methodology/approach: The paper focuses on the methodology of ISRA-Bloomberg in terms of Sharīʿah screening of stocks and the income cleansing process. To achieve this objective, this paper adopts a descriptive approach. Findings: The methodology of ISRA-Bloomberg is unique in terms of its criterion for screening stocks, the cleansing process and coverage of the universe of stocks. It facilitates the investors by offering a novel colour-coding scheme to indicate the Sharīʿah compliance of a stock. It also provides the exact ratios of the Sharīʿah-compliance criteria to the investors so they can closely observe changes in the trend of ratios and decide beforehand whether or not a company is likely to remain within the Sharīʿah-compliant list. The paper further discusses the issues in the screening and cleansing practices faced by the industry. Research limitations/implications: This research is limited to the criteria of screening and income purification of stocks which have been used by ISRA-Bloomberg from a Sharīʿah perspective. Practical/implications: The robust screening criteria and comprehensive analysis of the stocks will enhance the confidence of Islamic capital market participants. The investors, regulators and index providers will be equally able to benefit from this initiative. Originality/value: The paper focuses on the recently established methodology of ISRA-Bloomberg, which has not been discussed in the literature until now. The methodology, because of its exceptionality, may add a new dimension to Sharīʿah screening and cleansing of stocks. © 2017, Ashraf Md. Hashim, Farrukh Habib, Ziyaat Isaacs and Mohamed Anouar Gadhoum.},
author_keywords={Income purification;  Islamic equity;  Islamic finance;  Screening criteria;  Sharīʿah-compliant shares},
references={(2015) Sharīʿah Standards, , Accounting and Auditing Organization for Islamic Financial Institutions, Manama; Abdel Haleem, M.A.S., (2004) The Qur’an, , Oxford University Press, New York, NY; Al-Sābūnī, M.A., (1997) Safwah al-tafaseer, , Dar Al-Saboni Li Al-Tabaʾah Wa Al-Nashr Wa Al-Tauzeeʾ, Cairo; Al-Tirmidhi, M., (1975) Sunan al-tirmidhi, , Sharikah Maktabah Wa Matba’ah Mustafa Al-Babi Al-Halabi, Cairo; Al-Zuhayli, M.M., (2006) Al-Qawa’id al-fiqhiyyah wa tatbiqaatuha fi al-madhahib al-arba’a, , 1st ed., Dar Al-Fikr, Damascus; Hashim, A.M., Habib, F., Income purification methodology for Shariah-compliant stocks (2017) Islamic Commercial Law Report 2017, pp. 66-69. , ISRA & Thomson Reuters, Kuala Lumpur; (2000) Resolutions and Recommendations of the Council of the Islamic Fiqh Academy 1985-2000, , Islamic Development Bank, Jeddah; (2006) Resolutions of Islamic Fiqh Council Makkah Mukarramah, , http://themwl.org/downloads/Resolutions-of-Islamic-Fiqh-Council-1.pdf, (accessed: 27 March 2017; (2016) Shares, , www.investopedia.com/terms/s/shares.asp, (accessed: 27 December 2016; (2006) Resolutions of the Securities Commission Shariah Advisory Council, , 2nd ed., Securities Commission, Kuala Lumpur; (2017) Frequently-Asked Questions on Revised Shariah Screening Methodology, , www.sc.com.my/frequently-asked-questions-on-revised-shariah-screening-methodology/, (accessed: 22 March 2017; Usmani, M.T., (2002) An Introduction to Islamic Finance, , Kluwer Law International, The Hague},
correspondence_address1={Habib, F.; Research Affairs Department, Malaysia; email: FARRUKH@ISRA.MY},
publisher={Emerald Group Publishing Ltd.},
issn={01281976},
language={English},
abbrev_source_title={ISRA Int. J. Islamic Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nawaz2017330,
author={Nawaz, T.},
title={Conventional vs. Islamic banks in dual-banking systems: Business model, outlay stratagems and economic performance},
journal={International Journal of Business Governance and Ethics},
year={2017},
volume={12},
number={4},
pages={330-348},
doi={10.1504/IJBGE.2017.090215},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85043237087&doi=10.1504%2fIJBGE.2017.090215&partnerID=40&md5=11e9c2080ad9502d1f32a027683c7499},
affiliation={Plymouth Business School, University of Plymouth, United Kingdom},
abstract={Islamic banking and finance is a multitrillion-dollar industry, which offers interest-free banking arrangements that entail risk sharing and cater to all sections of society, thereby bringing about stability, equality and prosperity. Although the ethical underpinnings of the Islamic banking business model, guided by Shariah law, have enabled Islamic banks to compete successfully with conventional banks, there remains a paucity of work that examines the contributing factors to the corporate performance of Islamic and conventional banks operating in dual banking systems. This paper investigates the relative importance of the Islamic banking business model, alongside its conventional counterparts, in relation to financial and market-based performance. Based on empirical data gathered from Islamic and conventional banks operating in five Gulf Cooperation Council (GCC) member states with dual banking systems, the study reveals that human capital exerts a significant positive impact upon the financial performance (measured by ROAA) of both Islamic and conventional banks. Copyright © 2017 Inderscience Enterprises Ltd.},
author_keywords={Dual banking systems;  Ethical worldview;  Financial inclusion;  ISLAMIC banking business model;  Organisational resources},
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Ltd., Singapore; Islam, M.M., Development and performance of domestic and foreign banks in GCC countries (2003) Managerial Finance, 29 (2-3), pp. 42-72; Johnes, J., Izzeldin, M., Pappas, V., A comparison of performance of Islamic and conventional banks 2004-2009 (2014) Journal of Economic Behavior & Organization, 103 (1), pp. S93-S107; Jordan, D.J., Rice, D., Sanchez, J., Wort, D.H., Explaining bank market-to-book ratios: Evidence from 2006 to 2009 (2011) Journal of Banking & Finance, 35 (8), pp. 2047-2055; Kang, S.C., Snell, S.A., Intellectual capital architectures and ambidextrous learning: A framework for human resource management (2009) Journal of Management Studies, 46 (1), pp. 65-92; Khan, M.M., Bhatti, I.M., Islamic banking and finance: On its way to globalization (2008) Managerial Finance, 34 (10), pp. 708-725; Kim, H., Gong, Y., The roles of tacit knowledge and OCB in the relationship between group-based pay and firm performance (2009) Human Resource Management Journal, 19 (2), pp. 120-139; Lajili, K., Zeghal, D., Market performance impacts of human capital disclosures (2006) Journal of Accounting and Public Policy, 25 (2), pp. 171-194; Levine, R., Loayza, N., Beck, T., Financial intermediation and growth: Causality and causes (2000) Journal of Monetary Economics, 46 (1), pp. 31-77; Majid, A.M., Saal, D.S., Battisti, G., Efficiency in Islamic and conventional banking: An international comparison (2010) Journal of Productivity Analysis, 34 (1), pp. 25-43; Mention, A.-L., Bontis, N., Intellectual capital and performance within the banking sector of Luxembourg and Belgium (2013) Journal of Intellectual Capital, 14 (2), pp. 286-309; Murjan, W., Ruza, C., The competitive nature of the Arab Middle Eastern banking markets (2002) International Advances in Economic Research, 8 (4), pp. 267-274; Nawaz, T., How serious is the Erudite Shariah-compliant business in Europe? Evolution, pivotal challenges and the way forward (2013) European Journal of Management and Management, 4 (6), pp. 226-235; Nawaz, T., Blind-trust - A pave stone for Islamic financial institutions (2013) Research Journal of Finance and Accounting, 4 (6), pp. 226-235; Nawaz, T., (2015) Ethical Banking in the Land of Redistributive Policies, , Scholars Press, Saarbruchen, Germany; Nawaz, T., Expatriation in the age of austerity: An analysis of capital mobilization strategies of self-initiated expatriates (2016) Handbook of Research on Human Resources Strategies for the New Millennial Workforce, pp. 177-199. , IGI Global, USA; Nawaz, T., Momentum investment strategies, corporate governance, and firm performance: An analysis of Islamic banks (2017) Corporate Governance: The International Journal of Business in Society, 17 (2), pp. 192-211; Nawaz, T., Intellectual capital, financial crisis and performance of Islamic banks: Does Shariah governance matter? (2017) International Journal of Business and Society, 18 (1), pp. 211-226; Nawaz, T., Islamic banking: An ultimate source of financial inclusion (2017) International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 11 (8), pp. 2047-2050; Nawaz, T., Human capital development in socio-economic malaise: Evidence from the UK (2017) International Journal of Learning and Intellectual Capital, 14 (1), pp. 24-46; Nawaz, T., Exploring the nexus between human capital, corporate governance and performance: Evidence from Islamic banks Journal of Business Ethics, , forthcoming; Nawaz, T., Goj, T., Intellectual capital: A synthesis of current research with special reference to Islamic banking and finance', International (2013) Journal of Business and Management Studies, 2 (1), pp. 303-317; Nawaz, T., Haniffa, R., Determinants of financial performance of Islamic banks: An intellectual capital perspective (2017) Journal of Islamic Accounting and Business Research, 8 (2), pp. 130-142; Nolan, R., Note on estimating the value of the IT asset (1994) Harvard Business School, 9 (1), pp. 195-197; Nonaka, I., Takeuchi, H., (1995) The Knowledge-Creating Company: How Japanese Companies Create the Dynamics of Innovation, , Oxford University Press, Inc., New York; Olson, D., Zoubi, T.A., Using accounting ratios to distinguish between Islamic and conventional banks in the GCC region (2008) The International Journal of Accounting, 43 (1), pp. 45-65; Ongena, S., Smith, D.C., The duration of bank relationships (2001) Journal of Financial Economics, 61 (3), pp. 449-475; Peteraf, M.A., The cornerstones of competitive advantage: A resource-based view (1993) Strategic Management Journal, 14 (3), pp. 179-191; Rafiki, A., AlKhalifa, K.M., Buchari, I., Islamic human capital and firm performance: An evidence of small and medium enterprises in Bahrain (2014) International Journal of Business and Management, 9 (4), p. 173; Schoon, N., (2016) Modern Islamic Banking Products and Processes in Practice, , John Wiley & Sons Ltd., Chichester, UK; Spender, J.C., Grant, R.M., Knowledge and the firm: Overview (1996) Strategic Management Journal, 17 (2), pp. 5-9; Subramaniam, M., Youndt, M.A., The influence of intellectual capital on the types of innovative capabilities (2005) Academy of Management Journal, 48 (3), pp. 450-463; Swart, J., Intellectual capital: Disentangling an enigmatic concept (2006) Journal of Intellectual Capital, 7 (2), pp. 136-159; Swart, J., Kinnie, N., Managing multidimensional knowledge assets: HR configurations in professional service firms (2013) Human Resource Management Journal, 23 (2), pp. 160-179; Sydler, R., Haefliger, S., Pruksa, R., Measuring intellectual capital with financial figures: Can we predict firm profitability? (2014) European Management Journal, 32 (2), pp. 244-259; Watson, R., Holland, J., Banks, knowledge and crisis: A case of knowledge and learning failure (2010) Journal of Financial Regulation and Compliance, 18 (2), pp. 87-105; Wernerfelt, B., A resource-based view of the firm (1984) Strategic Management Journal, 5 (2), pp. 171-180; Wyatt, A., Frick, H., Accounting for investments in human capital: A review (2010) Australian Accounting Review, 20 (3), pp. 199-220; Youndt, M.A., Snell, S.A., Human resource configurations, intellectual capital, and organizational performance (2004) Journal of Managerial Issues, 16 (3), pp. 337-360},
correspondence_address1={Nawaz, T.; Plymouth Business School, United Kingdom; email: tnawaz@plymouth.ac.uk},
publisher={Inderscience Publishers},
issn={14779048},
language={English},
abbrev_source_title={Int. J. Bus. Gov. Ethics},
document_type={Article},
source={Scopus},
}

@ARTICLE{Zarqa201763,
author={Zarqa, M.A.},
title={Allocation of investment in an islamic zero-interest-rate economy},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2017},
volume={30},
number={1},
pages={63-72},
doi={10.4197/Islec.30-1.4},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85011299449&doi=10.4197%2fIslec.30-1.4&partnerID=40&md5=0a73bc5fd4dd9190b61d03613baf48b6},
affiliation={Shura Sharia Consultancy, Kuwait},
abstract={This paper answers briefly basic questions on how an Islamic zerointerest- rate economy (ZIRE) allocates, through the market, real and financial investments. Questions addressed include: What is the meaning and scope of the zerointerest imperative? Wouldn't zero-interest regime deprive an economy of the price signal essential for efficient market allocation of real and financial investment, hence require central planning to maintain efficiency? The overall conclusion is that disallowing the charging of interest on loans and debts in such an economy is balanced by its clear respect of private ownership, free markets, and the price signals generated by voluntary exchanges among economic agents as well as its approval of credit sales and rentals. It is a feasible system that permits efficient market allocation of financial and real investable resources.},
author_keywords={Allocation of Investment;  Capital Allocation;  Discounting;  Interest Rate;  Zero Interest Rate Economy},
references={Abu-Ali, M.S., (1978) "Foreword", , (in Arabic), in Mohammad Saqr, al-Iqtisad al Islami, (Arabic), Cairo, Dar al-Nahda al-Arabiyya, 1978; Arrow, K.J., (1996) "Discounting, , Morality, and Gaming", EMF-RFF Conference on Discounting, 24 Dec; Baumol, W.J., (1979) Economic Theory and Operations Analysis, , 4th ed., Prentice-Hall; Boulding, K.E., Economic Analysis (1966) Macroeconomics, 2. , 4th ed., N.Y.: Harper and Row; Bromwich, M., (1976) The Economics of Capital Budgeting, , Penguin Books; Chapra, M.U., (1985) Towards a Just Monetary System, , Leicester, U.K.: The Islamic Foundation; Dorfman, R., (1972) Prices and Markets, , 2nd ed., N.J.: Prentice-Hall; Eckaus, R.S., (1972) Basic Economics, , Boston, Little Brown and Co; Hicks, J.R., (1965) Capital and Growth, , Oxford University Press; Homer, S., Sylla, R., (2005) A History of Interest Rates, , 4th edition, N.J.: John Wiley &amp; Sons; (2008) "Economic Solutions From Islamic Finance", , www.iaie.net, The International Association For Islamic Economics, position statement issued on 17-Nov; Keirstead, B.S., (1959) Capital, , Interest and Profits, Oxford: Blackwell; Khan, M.S., (1986) "Islamic interest-free banking", , IMF Staff Papers, March; Khan, M.S., Mirakhor, A., (1992) "Islamic Banking", 1992 The New Palgrave Dictionary of Money and Finance, , Peter Newman, Murray Milgate and John Eatwell,( Eds.), London: Macmillan Press Ltd; Knight, F.H., "Diminishing Returns to Investment" (1944) Journal of Political Economy, 52, pp. 26-47; Lamberton, D.M., (1965) The Theory of Profit, , Oxford: Blackwell; Lewellen, W.G., (1976) The Cost of Capital, , Iowa: Kendall/Hunt Publishing Co; Mirakhor, A., Zaidi, I., (1991) "Stabilization and growth in an open Islamic economy", , Review of Islamic Economics, July; Mossin, J., (1973) Theory of Financial Markets, , N.J.: Prentice Hall; Naqvi, S.N.H., (1981) Ethics and Economics, , an Islamic Synthesis, Leicester, U.K.: The Islamic Foundation; Naqvi, S.N.H., (1982) "Interest Rate and Intertemporal Allocative Efficiency in an Islamic ", , paper presented at a seminar in Makkah, 1398H/1978G, and published in Mohammed Ariff, ed., Monetary and Fiscal Economics of Islam, International Centre for Research in Islamic Economics, King Abdulaziz Univ., Jeddah, Saudi Arabia; Patinkin, D., "Interest" (1968) International Encyclopedia of the Social Sciences, , D.L. Sills (Ed.), N.Y.: Macmillan Free Press; Prest, A.R., Turvey, R., (1966) "Cost-Benefit Analysis: A Survey", Surveys of Economic Theory, 3. , London: Macmillan; Robinson, J., Eatwell, J., (1973) Introduction To Modern Economics, , rev. edition, UK: McGraw-Hill Book Company; Robinson, J., (1952) The Generalization of the General Theory, , [reprint 1979], London: Macmillan; Samuelson, P.A., (1980) Economics, , 11th ed., N.Y.: McGraw-Hill; Samuelson, P.A., (1976) Economics, , 10th ed., N.Y.: McGraw-Hill; Samuelson, P.A., "A Modern Treatment of the Ricardian Economy: II. Capital and Interest Aspects of the Pricing Process" (1959) The Quarterly Journal of Economics, 73 (2). , (May); Samuelson, P.A., "Schumpeter as a Teacher and Economic Theorist" (1951) The Review of Economics and Statistics, 33 (2). , May, reprinted in Stiglitz J.E., The Collected Scientific Papers of P.A. Samuelson, MIT Press, 1966, pp. 1151-6 1951; Siddiqi, M.N., (2004) Riba, Bank Interest and the Rationale of Its Prohibition, , Jeddah: IRTI, Islamic Development Bank; Siddiqi, M.N., (1981) Muslim Economic Thinking: A Survey of Contemporary Literature, , Leicester, U.K.: The Islamic Foundation; Solow, R.M., (1963) Capital Theory and the Rate of Return, , North-Holland Publishing Co. al-Suwailem, Sami, (1427 H/2006 G), Hedging in Islamic Finance. Jeddah, IRTI; (1973) (P. Dasgupta. A. Sen and S. Marglin), Guidelines for Project Evaluation, , New York: U.N; Wilczynski, J., (1973) Profit, , Risk, and Incentives Under Socialist Economic Planning, London: Macmillan Press; Zarka, M.A., "Monopoly and Monopolistic Markets" (2009) Encyclopaedia of Islamic Economics, 2, pp. 97-105. , Abdelhamid Brahimi, and Khurshid Ahmad,(eds.), London: Encyclopedia of Islamic Economics},
correspondence_address1={Zarqa, M.A.; Shura Sharia ConsultancyKuwait; email: anaszarka@gmail.com},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={English},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Dah2015348,
author={Dah, M. and Hoque, M. and Wang, S.},
title={Constrained investments and opportunity cost – evidence from Islamic funds},
journal={Managerial Finance},
year={2015},
volume={41},
number={4},
pages={348-367},
doi={10.1108/MF-06-2014-0179},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84996482916&doi=10.1108%2fMF-06-2014-0179&partnerID=40&md5=4df704f8ddcdbb4f8f4f0a73a69d8c31},
affiliation={Department of Finance, Lebanese American University, Lebanon, Lebanon; Department of Economics and Finance, Saint Xavier University, Chicago, IL, United States},
abstract={Purpose – The purpose of this paper is to examine the impact of Shariah guidelines on the performance of the Dow Jones Islamic Index (DJIM-US). Shariah or Islamic law is a set of rules that determines Islamic allowed activities including socially and ethically acceptable investments. Design/methodology/approach – The authors apply four risk-adjusted methodologies and co-integration analysis to investigate whether limited asset universe Shariah investments limit investment opportunities and impose an opportunity cost on investors given the prediction of conventional portfolio theories. Findings – In contrast to the prediction of conventional portfolio theories, the findings suggest no apparent opportunity cost for Shariah compatible investments. In particular, Dow Jones Islamic Mutual Funds do not under-perform the broader market US benchmarks nor do they have any co-integration with the broader indexes. Moreover, the authors find similar evidence in the studies of Islamic mutual funds in Saudi Arabia, Malaysia and Kuwait. Research limitations/implications – The findings will be reinforced when the authors will look into long run performance of Shariah compliant funds in future. Using non-linear approach will add further clarity to the findings. Practical implications – The results provide an insight suggesting that successful mutual fund managers are able to overcome Shariah restrictions and constraints through creative investment strategies. In the data set, the Amana Trust Growth fund and the Amana Trust Income fund were always the best performers with a highly significant abnormal return, no matter what the methodology was. Social implications – The performance of Islamic funds during the approximately seven-year period covered by the study is very promising. Popularity of Islamic Investment is expected to grow as Muslim population represents about 25 percent of the world population and the possibility for the Muslim funds to be considered as viable alternative by non-Shariah abiding or non-Muslim investors. The empirical results in the paper provide evidence that lack in diversification did not constrain the performance of Islamic funds. Originality/value – This paper applied comprehensive risk-adjusted methodologies and co-integration analysis to Islamic Funds for a seven-year period for multiple countries. The findings confirm previously obtained results and highlight the fact that constrained Islamic Funds may not under-perform as per conventional portfolio theories. © 2015, © Emerald Group Publishing Limited.},
author_keywords={Autoregressive processes;  Capital Asset Pricing Model;  Investment funds;  Islam;  Performance measurement;  Portfolio investment},
references={Abderrezak, F., (2008) The Performance of Islamic Equity Funds: A Comparison to Conventional, Islamic, and Ethical Benchmarks, , University of Maastricht, Maastrich; Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Malaysian Islamic unit trust funds (2007) Managerial Finance, 33 (2), pp. 142-153; Bauer, R., Koedijk, K., Otten, R., International evidence on ethical mutual fund performance and investment style (2005) Journal of Banking and Finance, 29, pp. 1751-1767; Chong, J., Her, M., Phillips, G.M., To sin or not to sin? Now that’s the question (2006) Journal of Asset Management, 6 (6), pp. 406-417; Elfakhani, S., Hassan, M.K., (2005) Performance of Islamic mutual funds, , The 12th Annual Conference, Grand Hyatt Hotel, Cairo, December 19-21; Engle, R.F., Granger, C.W.J., Co-integration and error correction: representation, estimation, and testing (1987) Econometrica, 55 (2), pp. 251-276; Fama, E.F., French, K.R., Common risk factors in the returns on stocks and bonds (1993) Journal of Financial Economics, 33, pp. 3-56; Goldreyer, F., Ahmed, P., Diltz, J., , “The performance of socially responsible mutual funds: incorporating socio-political information in portfolio selectio (1999) Managerial Finance, 25, pp. 23-36; Gregory, A.J., Matatko, M., Luther, R., Ethical unit trust financial performance: company effects and fund size effect (1997) Journal of Business Finance and Accounting, 24 (5), pp. 705-725; Guerard, J.B., , “Additional evidence on the cost of being socially responsible in investing (1997) Journal of Investing, 6, pp. 31-36; Hakim, S., Rashidian, M., (2004) Risk and return of Islamic stock market indexes, , Proceedings of the International Seminar of Nonbank Financial Institutions: Islamic Alternatives, Kuala Lumpur, March 1-3; Hamilton, S., Jo, H., Statman, M., Doing well while doing good? The investment performance of socially responsible mutual funds (1993) Financial Analysts Journal, 49 (6), pp. 62-66; Hassan, M.K., Nuances of Islamic mutual funds (2001) Islamic Horizons, 30 (3), pp. 16-18; Hoepner, A.G.F., Rammal, H.G., Rezec, M., Islamic Mutual Fund’s financial performance and international investment style: evidence from 20 countries (2011) European Journal of Finance, 17 (9-10), pp. 829-850; Hussein, K., Omran, M., Ethical investment revisited evidence from Dow Jones Islamic Indexes (2005) The Journal of Investing Fall, 14 (3), pp. 105-126; Jensen, M., The performance of mutual funds in the period 1945-64 (1968) Journal of Finance, 23 (May), pp. 389-416; Johansen, S., Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models (1991) Econometrica, 59 (6), pp. 1551-1580; Kurtz, L., No effects or no net effects? Studies on socially responsible investing (1997) The Journal of Investing, 6 (4), pp. 37-49; Luther, R., Matatko, J., Corner, D., The investment performance of UK ‘ethical’ unit trusts (1992) Accounting Auditing & Accountability Journal, 5 (4); Mansor, F., Bhatti, I.M., , “Risk and return analysis on performance of the Islamic Mutual Funds: evidence from Malaysia (2011) Global Economy and Finance Journal, 4 (1), pp. 19-31; Miglietta, F., Forte, G., (2007) Islamic Mutual Funds As Faith Based Funds in a Socially Responsible Context, , Bocconi University, Mila; M’Zali, B., Turcotte, M.F., (1998) The financial performance of Canadian and American environmental and social mutual funds, , Proceedings of 7th International Meeting of the Greening of Industry Network Research and Policy for a Sustainable Future, Rome, November 15-18; Naughton, S., Naughton, T., Religion, ethics and stock trading: the case of an Islamic equities market (2000) Journal of Business Ethics, 23 (2), pp. 145-159; Sharpe, W.F., Mutual fund performance (1966) The Journal of Business, 39 (1), pp. 119-138. , Part 2: Supplement on Security Price; Johansen, S., (1995) Likelihood-Based Inference in Cointegrated Vector Autoregressive Models, , Oxford University Press, New York, N; Failaka, F., (2007) Islamic Funds Report 2006: A Comprehensive Review of Islamic Equity Funds, , April, Failaka International, Chicago, I; Johansen, S., Statistical analysis of cointegration vectors (1988) Journal of Economic Dynamics and Control, 12 (2-3), pp. 231-254},
correspondence_address1={Hoque, M.; Department of Economics and Finance, United States; email: hoque@sxu.edu},
publisher={Emerald Group Publishing Ltd.},
issn={03074358},
language={English},
abbrev_source_title={Manag. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Muhamed2014120,
author={Muhamed, N.A. and Ramli, N.M. and Aziz, S.A. and Yaakub, N.A.},
title={Integrating islamic financing and halal industry: A survey on current practices of the selected Malaysian authority bodies},
journal={Asian Social Science},
year={2014},
volume={10},
number={17},
pages={120-126},
doi={10.5539/ass.v10n17p120},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84906731903&doi=10.5539%2fass.v10n17p120&partnerID=40&md5=55ae40481aabbb0c93f1b182c396a8cf},
affiliation={Universiti Sains Islam Malaysia (USIM), Malaysia},
abstract={Halal industry is a vast industry that consists of several sectors; ranging from food, pharmaceutical and cosmetic products, services (i.e. transportation and logistics) and, banking and finance. All these various sectors in the actual state of practices are currently positioned separately. This paper expands the proposal of integrating halal industries with the Islamic funds. Principally, these sectors should not be deemed separately as they are under the same umbrella of Shariah. The collaboration of the industry can lead to harmonious system that can support each other. In this case, the Islamic financial system through Islamic banking and capital market instruments will channel their long term funding to other Halal industry. As the start, it is important to look at the current practices of authority bodies in the sectors of Halal industry (except for Islamic banking and finance) and Islamic capital market. This outlook is prioritized given that the authority bodies will influence the behavior of the players. This paper focuses on Halal industry in Malaysia. Specifically, the main selected documents of the related authority bodies in this industry were assessed to grasp their approaches regarding Shariah compliance approval or Halal recognition. This will contribute to an initiative that can integrate this industry from the policy makers and supervisors' perspective. Finding shows that there are different angles of Halal aspects focused by these authority bodies, and there is a room for adjustment towards integration.},
author_keywords={Halal industry;  Integration of halal industry;  Islamic finance},
references={Bohari, A.M., Cheng, W.H., Fuad, N., An analysis on the competitiveness of halal food industry in Malaysia: An approach of SWOT and ICT strategy (2013) Geografia: Malaysian Journal of Society and Space, 9 (1); Evans, A., (2010) Natural Allies: Halal Food and Islamic Finance, , http://halalmedia.my, Retrieved from; Ahmad, K.A., Financing halal business: Islamic solutions for Muslim entrepreneurs in Malaysia (2008) International Conference On Entrepreneurship; (2012) Halal Food Middle East - Advantages Aplenty, , http://www.daganghalal.com/HalalNews/HalalNewsDtl.aspx?id=2062, DagangHalal.com, Retrieved from; (2009) Guiding Principles On Shariah Governance Systems For Institutions Offering Islamic Financial Services, , IFSB, Kuala Lumpur: Islamic Financial Services Board; Ishak, F.I., Man, Y.C., Halal Economy: Proof from Al-Quran and As-Sunnah and Demands to Utilize It in Parallel (2011) International Islamic Banking, Finance and Investment Conference; (2013) Industry Sectors, , http://www.hdcglobal.com/publisher/bhi_industry_sectors, Halal Industry Development Corporation, Retrieved from; (2005) Manual Prosedur Pensijilan Halal Malaysia (MPPHM), , Jabatan Kemajuan Islam Malaysia, Putrajaya: Jabatan Kemajuan Islam Malaysia; (2012) Premis Jadi Sasaran, p. 3. , Kosmo 1,900 January 1; Laldin, M.A., Islamic Law: An Introduction (2006) Shariah Screening Methodology: Adopting a Two-tier Quantitative Approach, , http://www.mifc.com/, Kuala Lumpur: International Islamic University Malaysia. Malaysia International Islamic Financial Centre. (MIFC). (2013), Retrieved from; Supporting Further Growth of Islamic Finance, A (1). , Malaysian Islamic Capital Market, Kuala Lumpur: Securities Commission; (2005) Quality Management Standard: Requirement From Islamic Perspectives, , Departments of Standard Malaysia; (2004) Improving Business Behaviour: Why We Need Corporate Governance, , http://oecd.org, Organisation for Economic Co-operation and Development (OECD, Retrieved from; Commission, S., (2013) Malaysia. Senarai Sekuriti Patuh Syariah Oleh Majlis Penasihat Syariah Suruhanjaya Sekuriti Malaysia, , http://www.sc.com.my/wpcontent/uploads/eng/html/icm/sas/sc_syariahcompliant_310513.pdf, Retrieved from; Zain, S.M.M.D., (2011) Is the Halal Issue In Malaysia Resolved? Utusan Malaysia Online, , http://ww2.utusan.com.my/, Retrieved from; (2011) Halal Industry Should Work With Islamic Finance, , http://biz.thestar.com.my, The Star Online, Retrieved from; Turnbull, S., Corporate governance: Its scope, concerns and theories (1997) Corporate Governance: An International Review, 5 (4), p. 180. , http://dx.doi.org/10.1111/1467-8683.00061; Mohamed, Z.A., Rezai, G., Shamsudin, M.N., Eddie, C.F.C., Halal logo and consumers' confidence: What are the important factors? (2008) Economic and Technology Management Review, 3, pp. 37-45},
correspondence_address1={Muhamed, N. A.; Universiti Sains Islam Malaysia (USIM), 71700 Nilai, Malaysia; email: nurulaini@usim.edu.my},
publisher={Canadian Center of Science and Education},
issn={19112017},
language={English},
abbrev_source_title={Asian Soc. Sci.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mseddi2013262,
author={Mseddi, S. and Naifar, N.},
title={Rating methodology and evaluating the issuer of sukuk},
journal={International Journal of Management Science and Engineering Management},
year={2013},
volume={8},
number={4},
pages={262-275},
doi={10.1080/17509653.2013.829629},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85024062930&doi=10.1080%2f17509653.2013.829629&partnerID=40&md5=43bcc08b93d1423b4667cc7be5d2a393},
affiliation={Department of Finance and Investment, College of Economics and Administrative Sciences, Al Imam Mohammad Ibn Saud Islamic University (IMSIU), P.O. Box 5701, Riyadh, Saudi Arabia},
abstract={Islamic financial institutions have recently extended their activities in capital markets. Currently, sukuk are the most important tools of the Islamic capital market. They play a significant role in mobilizing resources. Islamic investors prefer that the money is repaid, managed in compliance with Shari'ah and generates an acceptable rate of return. The main objective of this paper is to develop and evaluate an appropriate rating methodology for the issuers of sukuk. First, this research begins with studying the differences between sukuk and conventional bonds. The key idea is to detect the real factors that affect the rating decision for the issuer of sukuk. Second, referring to the structure of sukuk and the international rating agencies (i.e. S&P, Moody's, Fitch, MARC, and IIRA) and using literature based on previous rating research for the issuers of conventional bonds (financial and operational risks) and fiduciary rating (systems failure risk, governance and quality of management), this study proposes an integrated methodology that combines sukuk rating and fiduciary rating that analyses a firm's ability to repay its debt, manage compliance with Shari'ah and provides acceptable performance compared to the market. It investigates major factors influencing an issuer of sukuk and offers a suitable rating methodology. Our research will try to provide a more comprehensive rating methodology suitable for the issuer of sukuk that can be used by investors, financial institutions and the financial market. © 2013 International Society of Management Science and Engineering Management.},
author_keywords={Business risk;  Default risk;  Fiduciary rating;  Financial risk;  Islamic finance;  Rating factors;  Risk sharing;  Sukuk},
references={http://www.aaoifi.com/aaoifi_sb_sukuk_Feb2008_Eng.pdf, AAOIFI. (2004–5). Shari'ah Standards for Financial Institutions. AAOIFI. Retrieved from; http://www.aaoifi.com/sharia-board.html, AAOIFI. (2008). Bahrain (13 and 14 February 2008), p. 1. Retrieved from Shari'ah Board Statement; Barbour, D., Norton, J., Slover, T., Asset securitization in emerging market economies: Fundamental consideration. Essays in International Finance & Economics Law No. 13, London Institute of International Banking (1998) Finance and Development Law Ltd; Beck, T., Demirguç-Kunt, A., Merrouche, O., Islamic vs. conventional banking: Business model, efficiency and stability (2010) Working Paper 5446, , http://www-wds.worldbank.org, World Bank Policy Research, Retrieved from; Cakir, S., Raei, F., Sukuk vs. eurobonds: Is there a difference in value-at-risk? (2007) International Monetary Fund Working Paper WP/07/237; Chapra, M.U., Khan, T., Regulation and supervision of Islamic bank (2000) Jeddah: RTI; Damak, M., (2008) Standards & Poor's approach to rating sukuk, Islamic finance outlook 2008, , London: Standards & Poor's; Elmalki, F., Dennis, R., (2010) Sukuk an evolution fawaz, , http://www.conyersdill.com/publication-files/109_10_01_04_Sukuk_An_Evolution.pdf, Conyers dill and pearman–legal firm, Retrieved from; El-Quqa, O.M., Hasan, F., Rout, B., Joubaili, A., (2008) Sukuks–a new dawn of Islamic finance era, , Global Investment House. Retrieved from http://www.gulfbase.com/ScheduleReports/sukuk-170108.pdf; Fabozzi, F.J., Drake, P.P., (2009) Finance capital markets, financial management and investment management, , Hoboken, NJ: John Wiley & Sons; Fabozzi, F.J., Kothari, V., (2008) Introduction to securitization, , Hoboken, NJ: John Wiley & Sons; Godlewski, C.J., Turk-Ariss, R., Weill, L., Do markets perceive sukuk and conventional bonds as different financing instruments? (2011) BOFIT Discussion Papers 6/2011, , http://www.suomenpankki.fi/bofit/tutkimus/tutkimusjulkaisut/dp/Documents/DP0611.pdf, Bank of Finland, Retrieved from; Goergen, M., (2012) International corporate governance, , Harlow, UK: Prentice-Hall; Hassoune, A., (2007) Standard & Poor's approach to rating sukuk, , S&P Ratings Direct, September; Heffernan, S., (2003) Modern banking in theory and practice, , Chichester, UK: Wiley; Howladar, K., (2006) Shari'ah and sukuk: A Moody's primer, , http://www.moodys.com, Moody's Investors Service, Retrieved from; Howladar, K., The future of sukuk: Substance over form: Understanding Islamic securitization (2009) Asset-backed and AAOIFI principles, , http://www.moodys.com, Moody's Investor Services, Retrieved from; Hymas, J., Bond characteristics (2009) Canadian Money Saver, , February; Kaplan, R.S., Urwitz, G., Statistical models of bond ratings: A methodological inquiry (1979) The Journal of Business, 52, pp. 231-261. , I; Khan, T., Ahmed, H., (2001) Risk management: An analysis of issues in the Islamic financial industry, , Jeddah: IRTI; Kothari, V., (2006) Securitization the financial instrument of the future, , 2nd ed., John Wiley & Sons: Hoboken, NJ; Leong, M., (2006) Islamic financial institutions enhancing current methodologies, , http://www.marc.com.my, Malaysian Rating Corporation Berhad, Retrieved from; Leong, M., (2008) Rating approach to sukuk: A MARC perspective, , http://www.marc.com.my, Malaysian Rating Corporation Berhad, Retrieved from; Loviscek, A.L., Crowley, F.D., (1990) What is in a municipal bond rating?, 25, pp. 25-53. , Financial Review; McMillen, M.J.T., Asset securitization sukuk and Islamic capital markets: Structural issues in these formative years (2008) Wisconsin International Law Journal, 25, pp. 703-772; Miller, N.D., Challoner, J., Atta, A., UK Welcomes the Sukuk (2007) International Financial Law Review, 26 (5), pp. 24-25; Mirakhor, A., Islamic finance and globalization: A Convergence? Journal of Islamic Economics (2006) Banking and Finance (JIEBF), 13, pp. 11-72; Nathif, J.A., Abdulkader, T., (2004) Islamic bonds: Your guide to issuing, structuring and investing in sukuk, , Euromoney Books. : http://www.euromoneybooks.com; Pogue, T., Sodofsky, R., What's in a Bond Rating? (1969) Journal of Financial and Quantitative Analysis, 4, pp. 201-228; (2003) Risk rating of asset managers: The investor's measure of trust, , Report, RCP and Partners GmbH; Shaikh, S., Shan, S., Sukuk bond: The global Islamic financial instrument (2010) MPRA Paper 26700, , University Library of Munich, Germany; (1982), Boston, MA: Houghton Mifflin; Tichy, G., Credit rating agencies: Part of the solution or part of the problem? (2011) Intereconomics–Review of European Economic Policy, 46, pp. 232-262; Trone, D.B., Lynch, J.R., Rickloff, M.A., Frommeyer, A.T., (2003) Prudent investment practices, , Foundation for Fiduciary Studies, American Institute of Certified Public Accountants (Editor; Usmani, M.T., Most sukuk ‘not Islamic (2007) Body claims, , http://www.arabianbusiness.com, As reported by Reuters, Retrieved from; Usmani, M.T., Sukuk and their contemporary applications. Working paper (2008) Bahrain, , http://www.kantakji.com/fiqh/Files/Markets/f213.pdf, AAOIFI Shari'ah Council, Retrieved from; Wilson, R., (2004) Overview of the sukuk market, pp. 3-17. , Adam N.J., Abdulkader T., (eds), London: euromoney books, Islamic bonds: Your guide to issuing, structuring and investing in sukuk; Wilson, R., Innovation in the structuring of Islamic sukuk securities (2008) Humanomics, 24, pp. 170-181; Woodruff, J., (2007) Sukuk and Islamic banking ratings, , http://www.fitchratings.com/, Islamic finance reports by Fitch, Retrieved from; Yean, T.W., Sukuk: Issues and the way forward (2009) International Legal News, 6 (2); Yosri, A.A., (2010) The experience of sukuk in the balance of Shari'ah and its purposes, , http://www.al-mirsal.com/2013/01/29/the-emergence-of-egyptian-sukuk/, Working paper, Retrieved from; Zaidi, J.A., Sukuk: A global trend (2007) Chartered Financial Analyst, 35, pp. 35-39; Zaidi, J.A., (2008) Workshop on Financial Institutions Analysis, , http://www.iirating.com/, Islamic International Rating Agency, Retrieved from; Sukuk Quarterly Bulletin, issue 16–4Q2012 (2012) Retrieved from, , http://www.zawya.com/newsletter_bulletin/Sukuk-Report-4Q12.pdf; Sukuk Quarterly Bulletin, issue 14–2Q2012 (2012) Retrieved from, , http://www.zawya.com/newsletter_bulletin/Sukuk-Report-3Q12.pdf; Sukuk Quarterly Bulletin, issue 15–3Q2012 (2012) Retrieved from, , http://www.iefpedia.com/english/wp-content/uploads/2012/07/E5929d01.pdf; Zongur, Y., Comparison between Islamic and conventional securitization: A survey (2010) Review of Islamic Economics, 13, pp. 81-118},
correspondence_address1={Mseddi, S.; Department of Finance and Investment, P.O. Box 5701, Riyadh, Saudi Arabia; email: slim_mseddi@yahoo.fr},
issn={17509653},
language={English},
abbrev_source_title={Int. J. Manage. Sci. Eng. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Redman1983355,
author={Redman, C.L.},
title={Comparative urbanism in the Islamic Far West},
journal={World Archaeology},
year={1983},
volume={14},
number={3},
pages={355-377},
doi={10.1080/00438243.1983.9979875},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0021023489&doi=10.1080%2f00438243.1983.9979875&partnerID=40&md5=aac80966f5acf3aa56ccb0cbabd28bca},
affiliation={Department of Anthropology, State University of New York, Binghamton, NY, United States},
abstract={During the past ten years, archeological research into the nature of medieval Islamic cities has been conducted in northern Morocco. The majority of this research has centered at the small port‐fortress of Qsar es‐Seghir on the Strait of Gibraltar. In the 13th century the town was enclosed within a circular fortification wall with twenty‐nine evenly spaced defensive towers and three double‐bent‐axis entry gates. By means of a systematic sampling program, we have located examples of the major social institutions: the congregational mosque, a public bath and the central market area. Evidence from portions of twenty houses we have excavated reveal a uniformity in certain design principles juxtaposed against a diversity of decorative and layout details. Quantitative analyses are being conducted to characterize the assemblage, refine the chronology, and elucidate the community structure. During the past few years the research focus of the project has been expanded to a regional level through test excavations at five other sites. The most important of these is the 9th to 11th century Idrisid regional capital of al‐Basra. A systematic program of test excavations has brought to light the first exposure of Idrisid‐period architecture and artifacts in Morocco. Noteworthy among our discoveries are two well‐preserved ceramic kilns of the updraft variety. Investigations to characterize this community and to understand the changes it experienced are currently being pursued. © 1983 Taylor & Francis Group, LLC.},
keywords={archaelogical research;  medieval Islamic cities;  Morocco;  Qsar es Seghir},
references={Boone, J.L., Redman, C.L., Alternate pathways to urbanism in the medieval Maghreb Comparative Urban Research; Redman, C.L., Description and inference with the late medieval pottery from Qsar es-Seghir, Morocco (1979) Medieval Ceramics, 3, pp. 66-79; Redman, C.L., La céramique de Moyen-Âge tardif à Qsar es-Seghir (1980) Bulletin d’archéologie Marocaine, 12, pp. 291-305; Redman, C.L., Late medieval ceramics from Qsar es-Seghir (1980) La Céramique médiévale En Méditerranée Occidentale Xe-Xve siècles, pp. 251-263. , (ed. Demains d'Archambaud and Picon). Paris: CNRS; Redman, C.L., An Archaeological View of Medieval Life: Qsar Es-Seghir, Morocco, , New York: Academie Press; Redman, C.L., Survey and test excavation of six medieval Islamic sites in northern Morocco Bulletin d’Archëologie Marocaine, p. 14; Redman, C.L., Anzalone, R.D., Rubertone, P.E., Qsar es-Seghir: Three seasons of excavation (1978) Bulletin d’Archéologie Marocaine, 11, pp. 151-195; Redman, C.L., Anzalone, R.D., Rubertone, P.E., Medieval archaeology at Qsar es-Seghir, Morocco (1979) Journal of Field Archaeology, 6 (1), pp. 1-16; Redman, C.L., Boone, J.L., Myers, J.E., Fourth season of excavations at Qsar es-Seghir (1980) Bulletin d’Archéologie Marocaine, 12, pp. 263-290},
correspondence_address1={Redman, C.L.; Department of Anthropology, , Binghamton, NY, United States},
issn={00438243},
language={English},
abbrev_source_title={World Archaeol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Yoon2022481,
author={Yoon, D.-E. and Choudhury, T. and Saha, A.K. and Rashid, M.},
title={Contagion risk: cases of Islamic and emerging market banks},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2022},
volume={15},
number={3},
pages={481-505},
doi={10.1108/IMEFM-11-2020-0555},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85110365796&doi=10.1108%2fIMEFM-11-2020-0555&partnerID=40&md5=07b80b9ee8524049cd2b9262f9e01cfd},
affiliation={School of Business and Law, Edith Cowan University, Perth, Australia; Edith Cowan University, Perth, Australia; Department of Accounting and Information Systems, University of Dhaka, Dhaka, Bangladesh; School of Business and Economics, Universiti Brunei Darussalam, Bandar Seri Begawan, Brunei Darussalam},
abstract={Purpose: Globally influential Islamic banks from the Middle East and Southeast Asia carry voluminous correspondence banking with banks from China and India, leading to potential spillover effect of contagion among the banks from these regions. This study aims to investigate the Islamic banks systemic risk contagion with major banks from China and India. Design/methodology/approach: Having the option pricing theory in the backdrop, the authors calculated three different distance to risk measurements (default, insolvency and capital). The authors have included top six listed globally influential Islamic banks, top seven Indian banks and top eight Chinese banks based on their net asset value. They then measured the banks’ extreme shocks based on the extreme value theory by using the logistic regression model. These extreme shocks helped the authors to map the spillover among the selected banks from multiple regions. Findings: The authors have found strong evidences of directional risk spillover among the banks in this sample. Islamic banks are receiving a significant risk spillover from the other sample banks but transmitting less toward the other banks from India and China. Hence, there is strong one-directional risk contagion toward the Islamic banks in the study sample. Practical implications: This research would be particularly useful to the regulators and bankers from emerging and Islamic markets to understand the conniving nature of the crisis by effectively mapping the source, destination and implementation of the shock transmission mechanism of the potential financial contagion. Originality/value: Even though the corresponding banking among the top Islamic banks from the Middle East and Southeast Asian countries, and banks from India and China, is on the rise, the assessment of risk among these banks has been limited. In particular, the authors extended on the extreme value theory to focus on the wider impact of spillover, including significant direction of contagion from non-Islamic banks to Islamic banks. © 2021, Emerald Publishing Limited.},
author_keywords={Distance to capital;  Distance to default;  Emerging market banks;  Extreme value theory;  Islamic banks},
references={Acharya, V., Prompt corrective action: an essential element of financial stability framework (2018) RBI Bulletin, pp. 1-19; Aggarwal, R., Jacques, K.T., The impact of FDICIA and prompt corrective action on bank capital and risk: estimates using a simultaneous equations model (2001) Journal of Banking and Finance, 25 (6), pp. 1139-1160; Ahnert, T., Georg, C.-P., Information contagion and systemic risk (2018) Journal of Financial Stability, 35, pp. 159-171; Akhter, S., Daly, K., Contagion risk for Australian banks from global systemically important banks: evidence from extreme events (2017) Economic Modelling, 63, pp. 191-205; Allegret, J.-P., Raymond, H., Rharrabti, H., The impact of the European sovereign debt crisis on banks stocks. Some evidence of shift contagion in Europe (2017) Journal of Banking and Finance, 74, pp. 24-37; Ameur, H.B., Jawadi, F., Jawadi, N., Cheffou, A.I., Assessing downside and upside risk spillovers across conventional and socially responsible stock markets (2019) Economic Modelling, 88, pp. 200-210; Anginer, D., Cerutti, E., Peria, M.S.M., Foreign bank subsidiaries' default risk during the global crisis: what factors help insulate affiliates from their parents? (2017) Journal of Financial Intermediation, 29, pp. 19-31; Atkeson, A.G., Eisfeldt, A.L., Weill, P.O., Measuring the financial soundness of US firms, 1926–2012 (2017) Research in Economics, 71 (3), pp. 613-635; Auboin, M., Blengini, I., The impact of basel III on trade finance: the potential unintended consequences of the leverage ratio (2019) Journal of Banking Regulation, 20 (2), pp. 115-123; Avellaneda, M., Zhu, J., Distance to default (2001) Risk, 14 (12), pp. 125-129; Boo, Y.L., Ee, M.S., Li, B., Rashid, M., Islamic or conventional mutual funds: who has the upper hand? (2017) Pacific-Basin Finance Journal, 42, pp. 183-192; Cham, T., Does Islamic banking favors price stability? An empirical evidence from the GCC, Iran and Sudan (2019) Journal of Economic Cooperation and Development, 40 (2), pp. 123-167; Chang, C.-L., McAleer, M., Wong, W.-K., Risk and financial management of COVID-19 in business, economics and finance (2020) Journal of Risk and Financial Management, 13 (5), p. 102; Cheung, Y.-W., Fatum, R., Yamamoto, Y., The exchange rate effects of macro news after the global financial crisis (2019) Journal of International Money and Finance, 95, pp. 424-443; Coccorese, P., Santucci, L., The role of downward assets volatility in assessing the book-value distance to default (2019) Journal of Financial Economic Policy, 11 (4); Daly, K., Batten, J.A., Mishra, A.V., Choudhury, T., Contagion risk in global banking sector (2019) Journal of International Financial Markets, Institutions and Money, 63, p. 101136; Dash, S.R., Maitra, D., Does Shariah index hedge against sentiment risk? 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A quantile regression approach (2016) The Quarterly Review of Economics and Finance, 61, pp. 29-39; Rahman, M.M., Chowdhury, M.A.F., Haque, M.M., Rashid, M., Middle-income customers and their perception of Islamic banking in Sylhet: one of Bangladesh’s most pious cities (2021) International Journal of Islamic and Middle Eastern Finance and Management, 14 (2), pp. 230-246; Robinson, T.R., (2020) International Financial Statement Analysis, , John Wiley and Sons; Saiti, B., Bacha, O.I., Masih, M., Testing the conventional and Islamic financial market contagion: evidence from wavelet analysis (2016) Emerging Markets Finance and Trade, 52 (8), pp. 1832-1849; Tiwari, A.K., Trabelsi, N., Alqahtani, F., Raheem, I.D., Systemic risk spillovers between crude oil and stock index returns of G7 economies: conditional value-at-risk and marginal expected shortfall approaches (2020) Energy Economics, 86, p. 104646; Tran, L.T.H., Hoang, T.T.P., Tran, H.X., Stock liquidity and ownership structure during and after the 2008 global financial crisis: empirical evidence from an emerging market (2018) Emerging Markets Review, 37, pp. 114-133; Trevino, I., Informational channels of financial contagion (2020) Econometrica, 88 (1), pp. 297-335; Wang, G.-J., Xie, C., Zhao, L., Jiang, Z.-Q., Volatility connectedness in the Chinese banking system: do state-owned commercial banks contribute more? (2018) Journal of International Financial Markets, Institutions and Money, 57, pp. 205-230; Wang, L., Ma, F., Liu, G., Forecasting stock volatility in the presence of extreme shocks: short‐term and long‐term effects (2020) Journal of Forecasting, 39 (5), pp. 797-810; Wang, L., Ma, F., Niu, T., He, C., Crude oil and BRICS stock markets under extreme shocks: new evidence (2020) Economic Modelling, 86, pp. 54-68; Wang, X., Liu, H., Huang, S., Lucey, B., Identifying the multiscale financial contagion in precious metal markets (2019) International Review of Financial Analysis, 63, pp. 209-219},
correspondence_address1={Choudhury, T.; Edith Cowan UniversityAustralia; email: t.choudhury@ecu.edu.au},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Salehi2022,
author={Salehi, M. and Ali Mohammed Al-Msafir, H. and Homayoun, S. and Zimon, G.},
title={The effect of social and intellectual capital on fraud and money laundering in Iraq},
journal={Journal of Money Laundering Control},
year={2022},
doi={10.1108/JMLC-12-2021-0142},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85125106594&doi=10.1108%2fJMLC-12-2021-0142&partnerID=40&md5=e288636e8a672c300f3bfe0b157a2dfa},
affiliation={Department of Economics and Management, Ferdowsi University of Mashhad, Mashhad, Iran; Ferdowsi University of Mashhad, Mashhad, Iran; University of Gavle, Gävle, Sweden; Department of Banking and Finance, Rzeszów University of Technology, Rzeszów, Poland},
abstract={Purpose: This study aims to assess the relationship between intellectual and social capital and financial statement fraud and money laundering of Iraqi firms before and after the emergence of the Islamic State of Iraq and Syria (ISIS). In other words, this paper seeks to answer the question of “whether the intellectual and social capital can contribute favourably to fraud in financial statements and money laundering or not.” Design/methodology/approach: For the study, the multivariate regression model is used for hypothesis testing. Research hypotheses have also been examined using a sample of 35 listed firms on the Iraqi Stock Exchange during 2012–2018, using the panel data technique-based multivariate regression pattern and fixed-effect model. Findings: The results show a negative and significant relationship between social capital and intellectual capital, fraud in financial statements and money laundering. Besides, the results indicate a positive and significant effect of the interactive variable of ISIS on the relationship between social and intellectual capital and fraud in financial statements and money laundering. Originality/value: Since this paper is the first study on such a topic in the emergent markets, it provides helpful information for the users, analysts and legal institutions about intellectual capital and social capital that contributes significantly to fraud and money laundering of business units. Moreover, the study results help the development of science and knowledge in this field and fill the existing gap in the literature. © 2022, Emerald Publishing Limited.},
author_keywords={Fraud in financial statements;  Intellectual capital;  Money laundering;  Social capital},
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correspondence_address1={Salehi, M.; Department of Economics and Management, Iran; email: mehdi.salehi@um.ac.ir},
publisher={Emerald Group Holdings Ltd.},
issn={13685201},
language={English},
abbrev_source_title={J. Money Laund. Control},
document_type={Article},
source={Scopus},
}

@ARTICLE{Budagaga2020847,
author={Budagaga, A.R.},
title={Determinants of banks’ dividend payment decisions: evidence from MENA countries},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2020},
volume={13},
number={5},
pages={847-871},
doi={10.1108/IMEFM-09-2019-0404},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85088036843&doi=10.1108%2fIMEFM-09-2019-0404&partnerID=40&md5=ad176814b536cb57c00061ed7e2ec654},
affiliation={Department of Accounting, Jumhouria Bank, Tripoli, State of Libya},
abstract={Purpose: This paper aims to investigate bank-specific determinants affecting the dividend policy of commercial banks listed in the Middle East and North Africa (MENA) region countries. Design/methodology/approach: The study uses pooled and panel tobit and logit regression analyses based on 16-year unbalanced data with 1,593 firm-year observations collecting from 117 commercial banks listed in 11 MENA countries. Findings: The results indicated that the main bank-specific factors affecting dividend payment decisions are bank size, profitability, capital adequacy, credit risk and bank age in the context of the MENA emerging markets. In addition, the analysis showed that the yearly dummy for the global financial crisis (2008–2009) has a significant negative effect, while the yearly dummy for the Arabic spring crisis (2010–2011) has no significant effect on the dividend payment decision of banks listed in the MENA region. Furthermore, the growth opportunity is not one of the key factors affecting dividend policies by banks in MENA emerging markets. Considering this information, it is reasonable to conclude that MENA region banks’ dividend decisions follow investment decisions. In other words, the dividend decisions and investment decisions are independent of each other. The findings support theories (hypotheses) of dividends such as residual, signalling, regulatory pressures, transaction cost and lifecycle. Research limitations/implications: This study is restricted to a sample of one type of financial firm, conventional commercial banks listed in the MENA markets because of the problem of missing data and limited information on other financial firms for the same period, particularly Islamic banks. Moreover, the focus of this study was on factors that are considered bank fundamentals. However, ownership variables were not included in the study because of unavailability. Practical implications: The results of this study have several important implications for banks’ dividend policymakers, regulators, analysts and investors. Dividend policymakers in MENA emerging markets seem to use residual dividend policy, in which they distribute dividends according to what is left over after all acceptable investment opportunities have been undertaken. These inconsistent, unstable dividend policy trends make it difficult for investors to predict future dividend decisions. Further, this practise may convey information to shareholders about a lack of positive future investment opportunities. This may negatively affect the share value of banks. Acquiring a broad understanding of the dividend behaviour of MENA banks enables regulators to take more effective regulatory actions to protect shareholders and depositors. Finally, the results of this study can help analysts and investors build their dividends predictions and investment strategies. Originality/value: The banking sector plays a disproportionately large role in the development of emerging economies. Therefore, this study is one of the first to examine a large cross-country sample of MENA banks (117) for an extensive period (2000–2015). The study includes both the Global financial crisis and Arab uprising periods, including after the liberalization and recent economic reforms and structural changes in financial sectors across MENA countries. © 2020, Emerald Publishing Limited.},
author_keywords={Commercial banks;  Dividends;  MENA countries},
funding_text 1={The author would like to acknowledge the editor of the journal and anonymous reviewers for their critical reading and valuable insightful suggestions/comments that have remarkably improved the quality of the manuscript.},
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correspondence_address1={Budagaga, A.R.; Department of Accounting, State of Libya; email: ab63115@doktorant.sgh.waw.pl},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{AbdulHalim2020,
author={Abdul Halim, Z. and How, J. and Verhoeven, P. and Hassan, M.K.},
title={Asymmetric information and securitization design in Islamic capital markets},
journal={Pacific Basin Finance Journal},
year={2020},
volume={62},
doi={10.1016/j.pacfin.2019.101189},
art_number={101189},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85070916979&doi=10.1016%2fj.pacfin.2019.101189&partnerID=40&md5=5ef7b400e74903ffa18d9afba1419c94},
affiliation={School of Social and Economic Development, Universiti Malaysia Terengganu, Kuala Nerus, Terengganu  21030, Malaysia; School of Economics and Finance, Queensland University of Technology, Gardens Point Campus, 2 George St., Brisbane, Queensland  4000, Australia; Department of Economics and Finance, University of New Orleans, New Orleans, LA  70148, United States},
abstract={Motivated by religious prescriptions and severe informational problems in the corporate sukuk market, we investigate how capital market imperfections influence sukuk securitization design, focusing on tranching and subordination practices. Employing negative binomial regressions and a 2SLS regression framework for a sample of 335 corporate sukuk offerings in Malaysia between 2001 and 2014, we find Islamic finance principles matter to sukuk securitization design. For private firms, lease-based sukuk have less tranching, consistent with the significance of collateral value resilience (asset tangibility) in reducing investment risk. Contrary to expectations, equity-based sukuk have fewer tranches and lower levels of subordination – findings which we attribute to the principal and profit guarantee under this structure. We also find support for the stylized view that securitization stems from asymmetric information and market segmentation arguments. An implication of our research is that investors should pay attention to how sukuk structure, information asymmetry, and credit risk impact subordination to avoid deals with poor credit enhancement. © 2019 Elsevier B.V.},
author_keywords={Adverse selection;  Asymmetric information;  Market segmentation;  Securitization;  Subordination;  Sukuk;  Tranching},
funding_details={Universiti Malaysia TerengganuUniversiti Malaysia Terengganu, UMT, 55184},
funding_text 1={Earlier version of this research was presented at the 20th Malaysian Finance Association Conference, and won the PBFJ Best Paper Award. The paper was previously titled “Asymmetric Information and Securitization Design in Islamic Finance”. This research is financially supported by Universiti Malaysia Terengganu , Grant Number 55184 . Co-authors of this research have no competing interest to declare.},
funding_text 2={We thank Afifah Husin and Najib Samsudin for their research assistance. We are grateful for constructive comments given by Dr. Hassilah Salleh and participants at the 20th Malaysian Finance Association Conference, August 1–2, 2018. This research is supported financially by Universiti Malaysia Terenganu , Malaysia Grant Number 55184 .},
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Stud., 18, pp. 1-35; Demiroglu, C., James, C., How important is having skin in the game? Originator-sponsor affiliation and losses on mortgage-backed securities (2012) Rev. Financ. Stud., 25, pp. 3217-3258; Downing, C., Wallace, N., Commercial Mortgage Backed Securities: How Much Subordination Is Enough? (2005), http://fmwww.bc.edu/repec/sce2005/up.5341.1104940788.pdf, University of California at Berkeley Mimeo Retrieved on 28 December 2018 from; Dusuki, A., Do equity-based sukuk structures in Islamic capital markets manifest the objectives of Shariah (2010) J. Financ. Serv. Mark., 15, pp. 203-214; Ebrahim, M., Jaafar, A., Omar, F., Salleh, M., Can Islamic injunctions indemnify the structural flaws of securitized debt? (2016) J. Corp. 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(2005) EFA 2005 Moscow Meetings Paper, , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=676730, Retrieved on 22 December 2018 from; Franke, G., Weber, T., Optimal tranching in CDO-transactions (2009) SSRN Working Paper Series 2011–21, , https://kops.uni-konstanz.de/bitstream/handle/123456789/29787/Franke_0-270924.pdf?sequence=3&isAllowed=y, Department of Economics, University of Konstanz Retrieved on 22 December 2018 from; Franke, G., Herrmann, M., Weber, T., Information Asymmetries and Securitization Design (2007), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1107877, Department of Economics, University of Konstanz Retrieved on 22 December 2018 from; Franke, G., Weber, T., Tranching and Pricing in CDO-Transactions (2011) Working Paper Series of the Department of Economics, University of Konstanz 2011-21, , Department of Economics, University of Konstanz; Fraser, D., Zhang, H., Derashid, C., Capital structure and political patronage: the case of Malaysia (2006) J. Bank. Financ., 30, pp. 1291-1308; Gan, Y., Mayer, C., Agency conflicts, asset substitution and securitization (2006) NBER Working Paper No. 12359, , https://www.nber.org/papers/w12359, Retrieved on 22 December 2018 from; Godlewski, C., Turk-Ariss, R., Weill, L., Sukuk vs. conventional bonds: a stock market perspective (2013) J. Comp. Econ., 41, pp. 745-761; Gomez, E., Jomo, K., Malaysia's Political Economy: Politics, Patronage and Profits (1999), Cambridge University Press New York; Gorton, G., Pennacchi, G., Financial intermediaries and liquidity creation (1990) J. Financ., 45, pp. 49-71; He, J., Qian, J., Strahan, P., Credit ratings and the evolution of the mortgage-backed securities market (2010) Am. Econ. Rev., 101, pp. 131-135; Holthausen, R., Watts, R., The relevance of the value-relevance literature for financial accounting standard setting (2001) J. Account. 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Econ., 22, pp. 111-116; Plantin, G., Tranching (2003) Discussion Paper 449, , http://eprints.lse.ac.uk/24849/, Financial Markets Group, London School of Economics and Political Science London, UK Retrieved on 15 March 2018 from; Ramsey, J.B., Tests for specification errors in classical least-squares regression analysis (1969) Journal of the Royal Statistical Society, Series B, 31, pp. 350-371; Riddiough, T., Optimal design and governance of asset-backed securities (1997) J. Financ. Intermed., 6, pp. 121-152; Schaber, A., Combination notes: Market segmentation and equity transfer (2008) Discussion Papers in Business Administration 2008–6, , https://epub.ub.uni-muenchen.de/7956/, Munich School of Management Retrieved on 22 December 2018 from; Scott, R., The truth about secured financing (1997) Cornell Law Review, 82, pp. 1436-1465; Vink, D., Thibeault, A., ABS, MBS and CDO compared: An empirical analysis (2008) J. Struct. Financ., 14, pp. 27-45; Vuong, Q., Likelihood ratio tests for model selection and non-nested hypotheses (1989) Econometrica, 57, pp. 307-333; Wang, F., Wei, X., Li, L., Investors' heterogeneity and tranching (2016) Appl. Econ., 48, pp. 3679-3684; van Wijnbergen, S., Zaheer, S., Sukuk defaults: On distress resolution in Islamic finance (2013) Tinbergen Institute Discussion Paper TI 13-087/VI/DSF 57, , https://papers.tinbergen.nl/13087.pdf, Duisenberg School of Finance Retrieved on 22 December 2018 from; Williamson, O.E., Corporate finance and corporate governance (1988) J. Financ., 43, pp. 567-592; Zada, N., Third-Party Guarantee in Equity-Based Sukuk (2017), https://www.researchgate.net/publication/311431571_THIRD-PARTY_GUARANTEE_IN_EQUITY-BASED_SUKUK, Islamia College University Peshawar Retrieved on 22 December 2018 from},
correspondence_address1={Abdul Halim, Z.; School of Social and Economic Development, Malaysia; email: zairihan@umt.edu.my},
publisher={Elsevier B.V.},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Al-Hunnayan2020745,
author={Al-Hunnayan, S.H.},
title={The capital structure decisions of Islamic banks in the GCC},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={3},
pages={745-764},
doi={10.1108/JIABR-02-2017-0026},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85081630842&doi=10.1108%2fJIABR-02-2017-0026&partnerID=40&md5=ecd743e7cfc266b94536d171cd98e3e2},
affiliation={Faculty of Business Studies, Arab Open University, Al-Farwaniya, Kuwait},
abstract={Purpose: This study aims to find the determinants of the capital structure of Islamic banks in the Gulf Cooperation Council countries (GCC). The uniqueness of the case of Islamic banks stems from the fact that they are not only subject to the supervision of financial regulatory bodies that organize the banking sector (e.g. central banks) but also subject to the guidelines of Shari’ah law governing their financial transactions, products and contracts. Such characteristics are expected to have an impact on the capital structure decisions of Islamic banks compared to their conventional counterparts. Design/methodology/approach: To achieve the research purpose, an empirical model was constructed to describe the relationship between leverage and the independent variables. The empirical model was tested through multivariate regression analysis using a panel data approach of 12 Islamic banks in the GCC for the period 2005-2014. Three types of regression analysis were used as follows: ordinary least squares (OLS), fixed-effect and random-effect regressions on panel data. Findings: The research findings show that the leverage of Islamic banks in the GCC is positively related to size of the firm (SIZE) and growth opportunity (GROWTH); and it is negatively related to profitability of the firm (ROA), tangibility of the firm’s assets (TANG) and financial market development (MRKT). The results indicate that larger Islamic banks tend to be relatively more diversified with higher credit ratings, which lower their cost of funding and relatively increase its profitability and the bank’s customer/depositor base. The results also show that higher profitability ratios indicate relatively more internal funds to cover future investments, which leads to less reliance on external funds in the form of debt and/or equity. However, the higher the growth opportunities of Islamic banks, the faster the depletion rate of internal funding, and the more external debt financing is acquired to cover the expansion plans. In addition, the results show that in developed financial markets, savers tend to purchase less traditional depository products, and they prefer to invest directly in the financial markets to avoid higher commissions. The results are in line with the pecking order theory, which states that Islamic banks in the GCC tend to prefer sources of funds that have the least transaction cost and reveal minimal information to competitors. Hence, bank management resort to internally generated funds by its operations rather than acquiring external funds. Furthermore, the results are weakly explained by the agency theory, which states that as the firm assets become more tangible, the required monitoring cost is reduced; and hence, shareholders will have less tendency to raise more debt for the purpose of sharing the monitoring cost with debt holders. Research limitations/implications: This research study contributes to the theory of capital structure in re-validating the findings of a previous theoretical and empirical study on capital structure in the GCC and abroad. It helps understand the capital structure of Islamic banks in comparison with financial and non-financial firms. Future research is recommended in several areas. In terms of the methodology, it is recommended to conduct the research topic surveying management and financial executives of Islamic banks in the GCC; this will validate the results using a triangular approach supported by the findings of this paper. It is also recommended to apply the research methodology in other parts of the world where Islamic banking exists. Finally, as studies on the capital structure of financial institutions and other regulated sectors are rare, it is recommended to intensify research effort in these sectors to strengthen our knowledge of capital structure. Practical implications: From a practical perspective, this research bridges the gap between theory and practice in many aspects. The findings can serve Islamic bank executives as guidelines to understand the market and competitive reaction in response to capital structure decisions. On the other hand, research analysts and equity holders can use the findings in their debt and equity research valuations, assessment of the size of dividends and profit distributions, and to make more informed decisions to buy/sell financial securities. Furthermore, the findings help regulatory bodies to issue informed regulations in relation to capital adequacy ratios, reserve requirements, provisions and payout decisions to achieve policy intended purpose. In addition, organizations that are responsible for setting accounting and audit standards for Islamic banks will learn more about the industry practice; and hence, be able to pass practical standards. Moreover, the findings realize the recommendations of international financial regulatory bodies, such as the International Monetary Fund (IMF), the World Bank (WB) and other concerned organizations that emphasize the importance of further understanding of financial institution practices, to enable more effective formulation of risk management techniques, which may prevent future financial crisis. Originality/value: This paper was amongst the few research studies conducted on determinants of capital structure in the GCC and specifically on the Islamic banking sector. © 2020, Emerald Publishing Limited.},
author_keywords={Agency theory;  Capital structure;  GCC banks;  Islamic banks;  Payout policy;  Pecking order hypothesis;  Trade-off theory},
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correspondence_address1={Al-Hunnayan, S.H.; Faculty of Business Studies, Kuwait; email: sayed@aou.edu.kw},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Qizam2020811,
author={Qizam, I. and Ardiansyah, M. and Qoyum, A.},
title={Integration of Islamic capital market in ASEAN-5 countries: Preliminary evidence for broader benefits from the post-global financial crisis},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={3},
pages={811-825},
doi={10.1108/JIABR-08-2019-0149},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85078895176&doi=10.1108%2fJIABR-08-2019-0149&partnerID=40&md5=f54e04bb0c7169fe2151c0cf02e9c044},
affiliation={Department of Islamic Economics, Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga, Yogyakarta, Indonesia; Department of Islamic Finance, Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga, Yogyakarta, Indonesia},
abstract={Purpose: The purpose of this study is to investigate the nature and integration of Islamic stock markets across the Association of Southeast Asian Nations (ASEAN-5) countries for economic community (AEC) development. Design/methodology/approach: Using samples of daily closing prices from 2009 to 2014 across ASEAN-5 countries, co-integration and Granger-causality tests were applied. Findings: This research finds that Islamic capital markets across ASEAN-5 countries remain highly integrated despite the global financial crisis of 2008, and it also finds the integration strength between Jakarta Islamic Index -Indonesia and Bursa Malaysia Emas Sharia-Malaysia Islamic capital markets to be the most influential across ASEAN-5 countries, while MSCI-Philippine Islamic capital market is the most vulnerable across ASEAN-5 Islamic capital markets. Research limitations/implications: The overwhelming benefit of Islamic stock market integration across ASEAN-5 countries, and, even in a broader context, awaits further inquiry. Originality/value: Islamic capital markets across ASEAN-5 countries are integrated regardless of the post-global financial crisis. This contributes to confirming cross-border integration policies, especially for AEC development. © 2020, Emerald Publishing Limited.},
author_keywords={Cointegration-Granger causality;  Global financial crisis;  Islamic capital market integration},
funding_details={Lembaga Penelitian dan Pengabdian Kepada MasyarakatLembaga Penelitian dan Pengabdian Kepada Masyarakat, LPPM},
funding_text 1={The administrative and financial support from State Islamic University (UIN) Sunan Kalijaga Yogyakarta, Yogyakarta, Indonesia, especially from the Research and Community-Engagement Center (LPPM) 2015-2016, is gratefully acknowledged. Many thanks are sincerely due to the editors, anonymous reviewers, and also our colleagues at the Faculty of Islamic Economics and Business, UIN Sunan Kalijaga Yogyakarta, for their reviews and suggestions.},
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correspondence_address1={Qizam, I.; Department of Islamic Economics, Indonesia; email: qzami68@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hazny202090,
author={Hazny, M.H. and Mohamad Hasim, H. and Yusof, A.Y.},
title={Mathematical modelling of a shariah-compliant capital asset pricing model},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={1},
pages={90-109},
doi={10.1108/JIABR-07-2016-0083},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85077604767&doi=10.1108%2fJIABR-07-2016-0083&partnerID=40&md5=07ebe0c0b7fd1843f9206e4dcd6ca270},
affiliation={Faculty Computer and Mathematical Sciences, Universiti Teknologi MARA, Shah Alam, Malaysia; Department of Mathematical Sciences, University of Essex, Colchester, United Kingdom},
abstract={Purpose: The capital asset pricing model (CAPM) is the most widely used asset pricing model that measures risk–return relationship. The CAPM is based on Markowitz’s mean variance analysis. The advancement of Islamic finance leads to the question whether or not the practice of modern investment theories and analyses such as the Markowitz’s mean variance analysis and CAPM are in accordance to shariah and could be used in pricing Islamic financial assets. Therefore, this paper aims to present a review of the CAPM and to discourse the set of assumptions underlying the model in terms of shariah compliance. Design/methodology/approach: Although most of the assumptions are not contradictory to shariah principles, there are Islamic variables such as prohibition of short selling, purification and zakat that should be taken into consideration when pricing Islamic financial assets. We then develop a mathematical model which is a modification of the traditional CAPM that incorporates principles of Islamic finance and integrating zakat, purification of return and exclusion of short sales. Findings: As a proof-of-concept, this paper presents the results of an empirical study on the proposed shariah-compliant CAPM in comparison to the traditional CAPM. The results show that the proposed Islamic CAPM is appropriate and applicable in examining the relationship between risk and return in the Islamic stock market. Originality/value: This study contributes to existing body of knowledge by presenting an algorithm and mathematical derivation of the shariah-compliant CAPM which has been lacking in the literature of Islamic finance. The paper offers a novel approach in pricing Islamic financial assets in accordance to shariah, advocated by modern investment theories of Markowitz’s mean variance analysis and CAPM. © 2020, Emerald Publishing Limited.},
author_keywords={Asset pricing;  Capital asset pricing model (CAPM);  Islamic CAPM;  Mean variance analysis},
references={Abbes, M., Risk and return of Islamic and conventional indices (2012) International Journal of Euro-Mediterranean Studies, 5 (1), pp. 1-23; Abd Majid, S., Kassim, S., Potential diversification benefits across global Islamic (2010) Journal of Economic Cooperation and Development, 31 (4), pp. 103-126; Al-Qaradawi, Y., (1999) Fiqh az Zakat: A Comparative Study: The Rules, Regulations and Philosophy of Zakat in the Light of the Quran and Sunna, , Dar Al Taqwa, London; Basov, S., Bhatti, M., On sharia'a compliance, positive assoratative matching, and return to investment banking (2014) Journal of International Financial Markets, Institutions and Money, 30, pp. 191-195; Black, F., Jensen, M., Scholes, M., The capital asset pricing model: some empirical tests (1972) Studies in the Theory of Capital Markets, pp. 79-121. , Jensen, M. (Ed.), Praeger Publishers, New York, NY; Chapra, U., Innovation and authenticity in Islamic finance (2008) Proceeding of the eight Harvard University forum on Islamic finance: Innovation and authenticity, April 19-20, , Cambridge; DeLorenzo, Y., Shariah supervision of Islamic mutual funds (2000) Proceedings of the Fourth Harvard University Forum on Islamic Finance, , Cambridge, MA; Derigs, U., Marzban, S., Review and analysis of current shariah-compliant equity screening practices (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303; Dusuki, A., Abozaid, A., Fiqh issues in short selling as omplemented in the Islamic capital market in Malaysia (2008) Journal of King Abdulaziz University-Islamic Economics, 21 (2), pp. 63-78; El-Ashker, A., (1987) The Islamic Business Enterprise, , Croom Helm, London; Elgari, M., (2000) Purification of Islamic Equity Funds: Methodology and Shariah Foundation. Proceedings of the Fourth Harvard University Forum on Islamic Finance, , Cambridge, MA: Harvard University; Elton, E., Gruber, M., Brown, S., Goetzmann, W., (2014) Modern Portfolio Theory and Investment Analysis, , 9th ed, John Wiley and Sons, New York, NY; Fama, E., French, K., The cross-section of expected stock returns (1992) The Journal of Finance, 47 (2), pp. 427-465; Fama, E., French, K., Common risk factors in the returns on stocks and bonds (1993) Journal of Financial Economics, 33 (1), pp. 3-56; Fama, E., French, K., Multifactor explanations of asset pricing anomalies (1996) The Journal of Finance, 51 (1), pp. 55-84; Fama, E., MacBeth, J., Risk, return, and equilibrium: empirical tests (1973) Journal of Political Economy, 81 (3), pp. 607-636; Febrianto, I., Rachman, A., Islamic capital asset pricing model: a comparative analysis (2016) Jurnal Ilmiah ESAI, 10 (1), pp. 14-33; Fuller, W., (1996) Introduction to Statistical Time Series, , 2nd ed., John Wiley and Sons, New York, NY; Hakim, A.S., Hamid, Z., Meera, M.A., Capital asset pricing model and pricing of Islamic financial instruments (2016) Journal of King Abdulaziz University: Islamic Economics, 29 (1), pp. 21-39; Hammami, Y., Oueslati, A., Measuring skill in the Islamic mutual fund industry: evidence from GCC countries (2017) Journal of International Financial Markets, Institutions and Money, 49, pp. 15-31; Hanif, M., Risk and return under shari'a framework: an attempt to develop shari'a (2011) Pakistan Journal of Commerce and Social, 5 (2); Hassan, A., Antoniou, A., Paudyal, K., Impact of ethical screening on investment performance: the case of the dow jones Islamic index (2005) Islamic Economic Studies, 12 (1), pp. 67-97; Iqbal, Z., Islamic financial systems (1997) Finance and Development, 32 (2), pp. 42-45; Islahi, A., (1988) Economic Concepts of Ibn Taimiyah, , The Islamic Foundation, Leicester; Kamil, N., Bacha, O., Is there a diversification ‘cost’ of shari'ah compliance? Empirical evidence from Malaysian equities (2014) 4th Islamic Banking and Finance Conference, , Lancaster University, Lancaster; Kok, S., Giorgioni, G., Laws, J., Performance of shariah-compliant indices in London and NY stock markets and their potential for diversification (2009) International Journal of Monetary Economics and Finance, 2 (3-4), pp. 398-408; Lee, H.-S., Cheng, F.-F., Chong, S.-C., Markowitz portfolio theory and capital asset pricing model for Kuala Lumpur stock exchange: a case revisited (2016) International Journal of Economics and Financial Issues, 6 (3), pp. 59-65; Lewis, M., Algaoud, L., (2001) Islamic Banking, , Edward Elgar Publication, Cheltenham; Lintner, J., The valuation of risk assets and the selection of risky investments in stock portfolios and Capital budgets (1965) The Review of Economics and Statistics, 47 (1), pp. 13-37; Markowitz, H., Portfolio selection (1952) The Journal of Finance, 7 (1), pp. 77-91; Mossin, J., Equilibrium in a capital asset market (1966) Econometrica, 34 (4), pp. 768-783; Noor, A., A shari'ah compliance review on investment linked takaful in Malaysia (2009) Journal of the Islamic Research and Training Institute, 17 (1), pp. 1-20; Omar, M., Noor, A., Meera, A., Manap, T., Majid, M., Zain, S., Research paper: Islamic pricing benchmark (2010) International Shari'ah Research Academy for Islamic Finance (ISRA), 17; Roll, R., A critique of the asset pricing theory's tests part I: on the past and potential testability of the theory (1977) Journal of Financial Economics, 4 (2), pp. 129-176; Rosly, S., (2005) Critical Issues in Islamic Banking and Financial Markets, , Dinamas Publishing, Kuala Lumpur; Ross, S., The arbitrage theory of capital asset pricing (1976) Journal of Economic Theory, 13 (3), pp. 341-360; Selim, T., An Islamic capital asset pricing model (2008) Humanomics, 24 (2), pp. 122-129; Shaikh, S., (2010) Proposal for a New Economic Framework Based on Islamic Principles, , Institute of Business Administration, Karachi; Sharpe, W., Capital asset prices: a theory of market equilibrium under conditions of risk (1964) Journal of Finance, 19 (3), pp. 425-442; Steinbach, M., Markowitz revisited: Mean-variance models in financial portfolio analysis (2001) SIAM Review, 43 (1), pp. 31-85; Usmani, M., (2007) An Introduction to Islamic Finance, , Quranic Studies Publishers, karachi},
correspondence_address1={Mohamad Hasim, H.; Department of Mathematical Sciences, United Kingdom; email: hhashim@essex.ac.uk},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Wong20199,
author={Wong, M.C.S. and Bhatti, W.M.},
title={Developing international sukuk in East Asia: Implications from Hong Kong sukuk},
journal={Journal of Asian Finance, Economics and Business},
year={2019},
volume={6},
number={4},
pages={9-17},
doi={10.13106/jafeb.2019.vol6.no4.9},
art_number={9},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85081929097&doi=10.13106%2fjafeb.2019.vol6.no4.9&partnerID=40&md5=d9b0758153a478e903b7eeed37bf87c3},
affiliation={Department of Economics and Finance, College of Business, City University of Hong Kong, Tat Chee Avenue, Kowloon, Hong Kong; Department of Economics and Finance, College of Business, City University of Hong Kong, Hong Kong},
abstract={The purpose of this research is to review historical development of Islamic finance in individual East Asian economies, including China. Japan. South Korea and Hong Kong, and examine the success factors of the Hong Kong Sukuk issuances in 2014-2017. The research is a qualitative smdy applying case smdy method. It is found that the East Asian economies do play efforts to develop their Islamic capital markets although they have very limited size of Muslim population. Their progress on this development generally remains to be slow. The Hong Kong Sukuk is a breakthrough, carrying a total issuance value of US$3 billion. The Sukuk issuances, treated as a kind of asset-backed securities with restrictions on financing purposes, are distributed to international investors by investment banks from Hong Kong. Middle East and Malaysia. Success factors of these issuances include involvement of an issuer with high credit quality, recognition by central bank for using the Sukuk in its discount facility for commercial banks, centralized clearing services for the Sukuk and alobal bankina network for underwriting the Sukuk. The lessons from the Hong Kong Sukuk are good references for other economies to develop their regional Islamic capital markets and to integrate the markets into the global capital market. © The Author(s).},
author_keywords={Capital market;  Financial instrument;  International investment;  Islamic finance;  Sukuk},
references={Abdullah, A., Examining US approvals of Islamic financing products and the Islamic theory of lawful profit (2016) International Journal of Islamic and Middle Eastern Finance and Management, 9 (4), pp. 532-550; Alam, N., Gupta, L., Shanmugam, B., (2017) Islamic finance: A practical perspective, , New York, NY: Springer; Allawala, A., (2018) Five reasons why Malaysia's Islamic banking sector is taking off, , https://www.sc.com/en/trade-beyond-borders/five-reasons-why-malaysias-islamic-banking-sector-is-taking-off, (April 27). Standard Chartered Bank. Retrieved September 17, 2019; Caudevilla, O., (2018) HK should aim to be a hub for Islamic finance, , http://www.chinadaily.com.cn/hkedition/2018-12/14/content_37405498.htm, (December 14). China Daily. Retrieved September 17, 2019; Chang, Y., (2015) Islamic finance in Korea: Is the timing right for it?, , http://www.eurekahedge.com/Research/News/1428/Islamic_Finance:News-Islamic_Finance:in_Korea_Is_the_Timing_Right_for_It, (July 15). Eurekahedge. Retrieved September 17, 2019; (2018) The role of Sukuk in Islamic capital markets. The Standing Committee on Economic and Commercial Cooperation of the Organization of Islamic Cooperation, , http://www.sbb.gov.tr/wp-content/uploads/2018/11/The_Role_of_Sukuk_in_Islamic_Capital_Markets.pdf, (February). Retrieved September 17, 2019; DeLorenzo, A.U., Building up an Islamic capital market: The Malaysian example (2011) Islamic capital markets: Products and strategies, pp. 221-234. , In K. Hassan, & M. Mahlknecht (Eds.). New York, NY: Wiley; Press release: HKSAR government's inaugural Sukuk offering (2014) Hong Kong Monetary Authority, , https://www.hkma.gov.hk/eng/key-information/press-releases/2014/20140911-3.shtml, Retrieved September 17, 2019; Press release: HKSAR government's Sukuk offering (2015) Hong Kong Monetary Authority, , https://www.info.gov.hk/gia/general/201505/28/P201505271108.htm, Retrieved September 17, 2019; Press release: HKSAR government's Sukuk offering (2017) Hong Kong Monetary Authority, , https://www.hkma.gov.hk/eng/key-information/press-releases/2017/20170222-3.shtml, Retrieved September 17, 2019; IIFM Sukuk reports: A comprehensive study of the global Sukuk market (2018) International Islamic Financial Market, , http://www.iifm.net/system/files/private/en/IIFM%20Sukuk%20Report%20%287th%20Edition%29_0.pdf, (7th Edition). Retrieved September 17, 2019; Lipka, M., Hackett, C., (2017) Why Muslims are the world's fastest growing religious group, , https://www.pewresearch.org/fact-tank/2017/04/06/why-muslims-are-the-worlds-fastest-growing-religious-group, Pew Research Center. Retrieved September 17, 2019; Ogino, Y., Developments of Sukuk (Islamic bond) market and challenges of Japanese market (2018) Newsletter, Institute of International Monetary Affairs, , https://www.iima.or.jp/en/docs/newsletter/2018/NL2018No_2_e.pdf, Retrieved September 17, 2019; Rakhmat, M.Z., The rise of Islamic finance on China's belt and road (2019) The Diplomat, , https://thediplomat.com/2019/02/the-rise-of-islamic-finance-on-chinas-belt-and-road, February. Retrieved September 17, 2019; Islamic finance and impact investing (2014) United Nations Development Programme, , https://www.undp.org/content/dam/istanbul/docs/Islamic_Finance:Impact.pdf, Retrieved September 17, 2019},
correspondence_address1={Wong, M.C.S.; Department of Economics and Finance, Hong Kong; email: efmcw103@cityu.edu.hk},
publisher={Korea Distribution Science Association (KODISA)},
issn={22884637},
language={English},
abbrev_source_title={J. Asian Financ. Econ. Bus.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hanif201923,
author={Hanif, M.},
title={Shariah screening process of capital markets: An evaluation of methodologies},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2019},
volume={32},
number={1},
pages={23-42},
doi={10.4197/Islec.32-1.2},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061269111&doi=10.4197%2fIslec.32-1.2&partnerID=40&md5=e9b33dcfb72a873b4734cc2d5aec35ce},
affiliation={College of Business Administration, Ajman University, United Arab Emirates},
abstract={م وفقا لمتطلبات يف الأس $ أساليب وعمليات تص ذه الدراسة الضوء ع سلط المستخلص. نية وشرعية. قمنا بتحليل نقدي لثمان مؤسسات م من ناحية م يف الأس $ عة الإسلامية لتص + الشر وجود العديد من I عة الإسلامية. خلصت نتائج الدراسة إ + لاختبار مدى التوافق مع مبادئ الشر أسس التقييم (قيمة OP عة الإسلامية، الاختلاف + و مخالف لأسس الشر ا: ما UV السلبيات العملية م الإسلامي، عدم وضوح _` الدخل وفقا للمن ]^ الأصول للقيمة السوقية)، عدم كفاية أساليب تط ل الإسلامي، e مواكبة نمو سوق التمو OP تطبيق نظم البيع، ضعف مراجعة حدود التفاوت، الفجوة ية وواقع j عض الممارسات البي l عدم التحقق من l وانب المتعلقة mn عض ا l OP وكذلك ا لإخفاق ح الدراسة نموذج ]o عمليات البيع. تق ً ا متوافق ً م الأسواق يف أس $ عة الإسلامية لتص + ا مع مبادئ الشر درجة الانحراف عن المبادئ الشرعية. ع qr إطار متفق عليھ ومب OP الإسلامية.
This study highlights the issues in the screening process of Sharīʿahcompliant stock universe from Sharīʿah and professional perspectives. We have critically analyzed Sharīʿah-compliance methodologies of selected (eight) institutions in the light of Islamic principles of business. The findings suggest multiple weaknesses in the process, including variations in tolerance limits (for harām-elements), variations in the use of calculation methods (total assets and market capitalization), insufficient income purification mechanism, and confusions about the application of bay' al-sarf and bay' al-dayn regulations. In addition, we find lack of revisions in the tolerance limits, corresponding to the expansion of the Islamic finance market. We also find that certain important areas, such as questionable marketing and sales practices and environmental damages, are ignored in filtration. This study proposes a Shariah-compliance rankings mechanism for Islamic stock markets, within agreed upon framework, based on the degree of violations. © 2019 King Abdulaziz University Scientific Publishing Center.},
author_keywords={Income purification;  Islamic Business;  Islamic capital market;  Islamic finance;  Islamic Indices;  Islamic stock Portfolio;  Sharah Screening;  التموOu د: سوق رأس المال الإسلامي، الفرز الشر الدخل. ]^ التجارة الإسلامية، محفظة الأوراق المالية الإسلامية، تط;  لمات ال الة ال ّ ل الإسلامي، المؤشرات الإسلامية، e},
references={Abdul R ahman, A., Yahya, M.A., Nasir, M.H.M., Islamic norms for stock screening: A comparison between the Kuala Lumpur Stock Exchange Islamic Index and the Dow Jones Islamic Market Index (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (3), pp. 228-240; (2015) Sharia Standards, , Manama, Bahrain: Author; Ayub, M., (2007) Understanding Islamic Finance, , Chichester, UK: John Wiley&Sons; al-Bukhari, M., (1997) The Translation of The Meanings of Sahih al-Bukhari, , (M. M. Khan, Trans.). Riyadh, Saudi Arabia: Darussalam publishers and distributers; Dar, H., Azmi, S., (2017) Global Islamic Finance Report [GIFR], , http://www.gifr.net/gifr_2017.htm, London, UK: Edbiz Consulting; Derigs, U., Marzban, S., Review and analysis of current Shariah-compliant equity screening practices (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303; (2017) FTSE Shariah Global Equity Index Series v2.9, , http://www.ftse.com/products/downloads/FTSE_Shariah_Global_Equity_Index_Series.pdf; (2016) Global Sustainable Investment Review, , http://www.gsi-alliance.org/wpcontent/uploads/2017/03/GSIR_Review2016.F.pdf, Retrieved from the Global Sustainable Investment Alliance; Hashim, A.M., Habib, F., Isaacs, Z., Gadhoum, M.A., ISRA-Bloomberg Shariah stock screening and income cleansing methodologies: a conceptual paper (2017) ISRA International Journal of Islamic Finance, 9 (1), pp. 27-42; Ho, C.S.F., Abdul Rahman, N.A., Yusuf, N.H.M., Zamzamirn, Z., Comparison of Quantitative Shariah-Compliant Screening Methods (2011) ISRA International Journal of Islamic Finance, 3 (2), pp. 91-110; Htay, S.N.N., Abedeen, Z., Salman, S.A., Towards Standardization of Shari'ah Screening Norms and Practices (2013) International Journal of Humanities and Social Science Invention, 2 (11), pp. 23-30; (1995) Ruling on buying shares of companies and banks if some of their transactions involve riba, , http://en.themwl.org/2012/05/23/resolutions-of-theislamic-fiqh-council-14th-session-1415h; Khatkhatay, M.H., Nisar, S., Shariah Compliant Equity Investments: An Assessment of Current Screening Norms (2007) Islamic Economic Studies, 15 (1), pp. 47-76; Mansoori, M.T., (2007) Shariah Maxims: Modern Applications in Islamic Finance, , Islamabad, Pakistan: Shariah Academy, International Islamic University; Mansoori, M.T., Khan, A., Investment in Equities: Shari'ah Appraisal of Screening Norms (2015) Journal of Islamic Business and Management, 5 (1), pp. 51-68; (2017) Investor Education-Shariah Methodology, , https://www.almeezangroup.com/investoreducation/shariah-methodology/; Modigliani, F., Miller, M.H., The Cost of Capital, Corporation Finance and the Theory of Investment (1958) The American Economic Review, 48 (3), pp. 261-297; (2011) MSCI Islamic Index Series Methodology, , https://www.msci.com/eqb/methodology/meth_docs/MSCI_May11_IslamicMethod.pdf; al-Munajjid, M.S., (2013) Ruling on buying and selling shares, , https://islamqa.info/en/112445, (May 28); Obaidullah, M., (2005) Rating of Islamic Financial Institutions: Some Methodological Suggestions, , Jeddah, Saudi Arabia: Scientific Publishing Centre, King Abdulaziz University; Obaidullah, M., Some Issues in Shariah Compliance and Regulation of Islamic Funds (2009) Journal of King Abdulaziz University: Islamic Economics, 22 (1), pp. 191-193; al-Osaimi, M.B.S., (2005) Hukm al-Mudarabah fi al-Ashum al-Mukhtalitah [The ruling on investment in mixed stock], , http://qa.halal2.com/1201, (Oct 30); al-Qaradawi, Y., (1960) The Lawful and The Prohibited in Islam, , Cairo, Egypt: Al-Falah Foundation for Translation Publication and Distribution; Rehman, S.S., Askari, H., An Economic Islamicity Index (EI2) (2010) Global Economy Journal, 10 (3), pp. 1-37; (2017) S&P Shariah Indices Methodology, , http://us.spindices.com/documents/methodologies/methodology-sp-shariahindices.pdf; (2017) Dow Jones Islamic Market Indices Methodology, , http://us.spindices.com/documents/methodologies/methodology-dj-islamic-market-indices.pdf; Saged, A.A.G., Alhaj, T.A.A., Bi, M.Y.Z., The role of the Maqasid al-Shariah in preserving the environment (2017) Humanomics, 33 (2), pp. 125-132; Sani, N.A., Othman, R., (2013) Revision of Shari'ah Screening Methodology: The Status of Shari'ah Compliant Companies in Malaysia, , http://nuradli.com/004_056_3rdICM2013_Proceeding_p051.pdf, (June). Paper presented at the 3rd International Conference on Management, Penang, Malaysia; (2008) Financial Statement Analysis of Companies (Non-financial) listed at Karachi Stock Exchange, , http://www.sbp.org.pk/publications/Pub-Ann.htm; Usmani, M.I.A., (2002) Meezan Bank's Guide to Islamic Banking, , Karachi, Pakistan: Maktaba Ma'ariful Quran; Zaidi, S.A.H., Shah, I.H., Ashraf, R.U., Ghauri, S.M.K., Hassan, I., Standardization of Islamic market indices (2015) International Journal of Commerce and Management, 25 (2), pp. 240-256; Zainudin, N.B., Miskam, S.B., Sulaiman, M.B., (2014) Revised Shariah Screening Methodology For Shariah-Compliant Securities: New Standard To Meet Global Expectation, , https://www.isfin.net/sites/isfin.com/files/revised_shariah_screening_methodology_for_shariah-compliant_securities-_new_standard_to_meet_global_expectation.pdf, Paper presented at the Conference on Management and Muamalah, International Islamic University College Selangor, Malaysia (May)},
correspondence_address1={Hanif, M.; College of Business Administration, United Arab Emirates; email: hanifacma@gmail.com},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={English},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Choudhury2018413,
author={Choudhury, M.A.},
title={The ontological law of Tawhid contra ‘Shari’ah-compliance’ in Islamic portfolio finance},
journal={International Journal of Law and Management},
year={2018},
volume={60},
number={2},
pages={413-434},
doi={10.1108/IJLMA-01-2017-0001},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047660646&doi=10.1108%2fIJLMA-01-2017-0001&partnerID=40&md5=87a453aee1205e4f8929877ed030128a},
affiliation={Department of Shari’ah and Economics, Academy of Islamic Studies, University of Malaya, Kuala Lumpur, Malaysia; Postgraduate Program in Islamic Economics and Finance, Faculty of Economics, Trisakti University, Jakarta, Indonesia},
abstract={Purpose: The purpose of this study/paper is the generalized ontological law of monotheism (unity of knowledge) and its functioning in the financial world system is summarized and contrasted with the recent conception of “shari’ah-compliance”. Thereby, some specific rulings of shari’ah-compliance in Islamic finance are critically annulled. The principal problem of the inability of shari’ah-compliance in the formalism of rate-setting and debt cancellation is pointed out in analytical ways. The alternative valuation models in the light of the Tawhidi ontological law are formalized. Many important issues are examined in analytical and Tawhidi authentic ways of Islamic law contra to shari’ah-compliance. Design/methodology/approach: The epistemological approach commencing from the Tawhidi ontological law is used as the premise of developing analytical formalism to counter the irrelevant rulings done by the field of shari’ah compliance. Thereby, endogenous moral and ethical foundations are studied in deriving analytical finance models of asset valuation, rate-determination and debt cancellation. Findings: Substantive analytical results are derived for intellection in the area of the primal ontological law of Tawhid that negates many of the rulings framed up in shari’ah-compliance area of Islamic law. These results can guide financial academia, practitioners and policymakers. Research limitations/implications: The paper can be expanded subsequently to the area of analytical Islamic finance in general by further investigating the Modigliani and Miller theorem on optimal debt-equity structure of corporate finance. An introduction to this study is provided in this paper as a starting point of dealing with the debt problem of shari’ah-compliance. Practical implications: The paper presents important guidance as input for the rulings of shari’ah-compliance idea held by shari’ah advisory boards and similar institutions presently operating at the financial level. Social implications: The paper presents a subtle transformation of the social and financial order in the light of the Tawhidi ontological law quite differently from the way that shari’ah-compliance envisions. Originality/value: The theoretical and projected applied perspectives in analytical finance presented in this paper provide a methodological worldview for all areas of social finance with ethical consciousness. Such analytical approach is much needed today in the reconstruction of global finance in the scale of ethics and away from the sole focus on capital market efficiency. © 2018, Emerald Publishing Limited.},
author_keywords={Critique of Islamic Shari’ah-compliance idea;  Islamic epistemology;  Islamic financial modeling},
references={Asad, M., (1987) This Law of Ours, p. 23. , p., Dar al-Andalus, Gibraltar; Azami, A.A., (1978) Studies in Early Hadith Literature, , American Trust Publication, Indianapolis; Auda, J., (2008) Maqasid Al-Shari’ah as Philosophy of Islamic Law, a Systems Approach, , The International Institute of Islamic Thought, London; Bruteau, B., (1997) God’ s Ecstasy, p. 179. , p., The Crossroad Publishing, New York, NY; Buchman, D., (1998) The Niche of Lights, p. 13. , p., Brigham Young University Press, Provo, Utah; Choudhury, M.A., Overlapping generation model for Islamic asset valuation: a phenomenological application (2011) Islamic Economics and Finance, an Epistemological Inquiry, , Chapter 8 of his, (Contributions to Economic Analysis), Emerald Group Publication, Bingley; Choudhury, M.A., Res extensa et res cogitans de maqasid as-shari’ah (2015) International Journal of Law and Management, 57 (6), pp. 662-693; Choudhury, M.A., Subjective probability in financial valuation: contrasting meanings (2015) Journal of Financial Research and Accounting, 13 (1), pp. 20-38; Choudhury, M.A., Tawhid, al-wasatiyyah, and maqasid as-shari’ah (2016) Absolute Reality in the Qur’an, , Chapter 5.,his, New Palgrave, New York; Coulson, N.J., (1984) Commercial Law in the Gulf States: The Islamic Legal Tradition, , Graham & Trotman, London; Dzolkarnaini, N., Minhat, M., (2016) In Search of a Theory of Corporate Financing and Islamic Financial Instruments, , paper presented at the 8th International ConferenceIslamic Economics and Finance, International Islamic University Malaysia, Kuala Lumpur: unpublished; Gel’fand, I.M., (1961) Lectures on Linear Algebra, , Interscience Publishers, New York, NY; Hassan, H., Contracts in Islamic law: the principles of commutative justice and liberality (2002) Journal of Islamic Studies, 13 (3), pp. 257-297; Hogg, R.V., Craig, A.T., (1965) Introduction to Mathematical Statistics, , Macmillan, New York, NY; Jeans, W.H., Borrowing and capital structure (1970) The Analytical Theory of Finance, , Chapter 6 of his, Holt, Rinehart and Winston, New York, NY; Kelley, C.T., Solving nonlinear equations with Newton’s method (2003) Fundamentals of Algorithms, , no 1 in, SIAM; Lawson, T., Pesaran, H., Methodological issues in Keynes’ economics: an introduction (1985) Keynes’ Economics, Methodological Issues, pp. 1-9. , their, Routledge, London; Masud, M.K., (1984) Islamic Legal Philosophy: A Study of Abu Ishaq Al-Shatibi’s Life and Work, , Islamic Research Institute, Islamabad; Misri, R., Masraf al-Tanmiyah al-Islami aw Muhawalah Jadidah fi al-Riba wa al-Faidah wa al-Bank (1987) Essay on Integration of a Development Bank in an Islamic Society: The Problems of the Islamic Conception of Interest, , Muassasah al-Risalah, Beirut; Nozick, R., Distributive justice (1974) Philosophy and Public Affairs, 3; O’Donnell, R.M., Some philosophical background (1989) Keynes: Philosophy, Economics & Politics, pp. 11-28. , his, Macmillan, London; Robinson, J., Prelude to a critique of economic theory (1961) Oxford Economic Papers, 13, pp. 7-14; Shackle, G.L.S., (1972) Epistemics and Economics, , Cambridge University Press, Cambridge; (2016), Report, Kuala Lumpur, Malaysia; Singh, A., Sheng, A., (2012) Islamic finance revisited: conceptual and analytical issues from the perspective of conventional economics, , https://mpra.ub.uni-muenchen.de/39007/, MPRA Paper 39007, posted 26 May 2012, visited 28 Dec. 2016; Von-Bawerk, E.B., (1890) Capital and Interest, , William Smart, London; Weeramantry, C.G., (2001) Islamic Jurisprudence, an International Perspective, , The Other Press, Kuala Lumpur; Wilson, E.O., (1998) Consilience, Unity of Knowledge, , Vantage Press, New York, NY; Zohar, D., Marshall, I., (2004) Spiritual Capital, , Berrett-Koehler Publishers, San Francisco, CA; Choudhury, M.A., Monetary and fiscal spending, complementarities to attain socioeconomic sustainability (2016) ACRN Journal of Finance and Risk Perspectives, 4 (3), pp. 63-80},
correspondence_address1={Choudhury, M.A.; Department of Shari’ah and Economics, Malaysia; email: masudc60@yahoo.ca},
publisher={Emerald Group Publishing Ltd.},
issn={1754243X},
language={English},
abbrev_source_title={Int. J. Law Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Amin201755,
author={Amin, S.I.M. and Mohamad, S. and Shah, M.E.},
title={Do cost efficiency affects liquidity risk in banking? Evidence from selected OIC countries},
journal={Jurnal Ekonomi Malaysia},
year={2017},
volume={51},
number={2},
pages={55-71},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85042554587&partnerID=40&md5=f614c313c0c35cf6ee4eaf79b006adc3},
affiliation={School of Management, Faculty of Economics and Management, Universiti Kebangsaan Malaysia, UKM, Bangi, Selangor, 43600, Malaysia; International Centre for Islamic Finance (INCEIF), Global University of Islamic Finance, Lorong University A, Kuala Lumpur, 59100, Malaysia},
abstract={Cost efficiency plays a significant role in bank risk taking behaviour. This paper examines the effect of cost efficiency on the liquidity risk of Islamic banks and conventional banks in 16 OIC countries from 1999 to 2013. The findings suggest that cost efficiency has a positive effect on liquidity risk. Other significant factors of liquidity risk include capital, bank specialization, credit risk, profitability, size, GDP and inflation whereas market concentration is not significant contributor to banking liquidity risk. There is weak evidence to support the notion that Islamic banks have higher level of liquidity risk than conventional banks. The findings imply the need to provide liquidity, probably through a well-functioning money market to lower liquidity risk in banking. © 2017 Penerbit Universiti Kebangsaan Malaysia. All rights resreved.},
author_keywords={Cost efficiency;  Islamic banking;  Liquidity risk},
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correspondence_address1={Amin, S.I.M.; School of Management, Malaysia; email: imna@ukm.edu.my},
publisher={Penerbit Universiti Kebangsaan Malaysia},
issn={01271962},
language={English},
abbrev_source_title={Jurnal Ekon. Malays.},
document_type={Article},
source={Scopus},
}

@BOOK{Alraouf2016151,
author={Alraouf, A.A.},
title={Museums as a catalyst for a new urban and cultural identity in Qatar: Interrogating the case of the museum of islamic art},
journal={Museums in Arabia: Transnational Practices and Regional Processes},
year={2016},
pages={151-166},
doi={10.4324/9781315596525-21},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85077784479&doi=10.4324%2f9781315596525-21&partnerID=40&md5=468871b8b5a1ce1fc75045d1faa5dfc0},
affiliation={Research and Development Unit, Ministry of Urban Planning, Qatar},
abstract={Introduction As a result of Qatar’s position in the global energy market, the country is going through massive expansion and has the resources to support this growth. Considering Qatar’s development into a post-oil paradigm, where a knowledge-based economy might be the generative force for development, an examination of how the state’s new museums contribute to Qatar’s new vision becomes relevant to discussion about the nation’s future. The vision of the Father Emir Sheikh Hamad bin Khalifa Al Thani was to mold Qatar into a capital of culture. The Father Emir introduced significant cultural changes during his reign (1995-2013). Central to his vision was the recognition that, as plentiful as Qatar’s natural resources may be, their value will one day be significantly diminished by the emergence of sustainable forms of energy production (Woodman, 2008). The country is therefore seeking to diversify its economy and, to that end, is investing vast sums in the development of its human capital. The creation of a world-class set of cultural facilities was a key element of the Sheikh Hamad’s approach to this strategy, and included the hugely ambitious plan to build 10 completely new museums; some of these plans are now on hold as the new Emir, Sheikh Tamim bin Hamad bin Khalifa Al Thani, realigns his national priorities. © 2016 selection and editorial matter, Karen Exell and Sarina Wakefield; individual chapters, the contributors.},
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Erskine-Loftus, ed, Edinburgh and Boston: MuseumsEtc; Wakefield, S., Heritage, cosmopolitanism, and identity in Abu Dhabi (2014) Cultural heritage in the Arabian Peninsula: Debates, discourses and practices, pp. 99-116. , In: K. Exell and T. Rico, eds, Farnham, Surrey and Burlington, VT: Ashgate; Wakefield, S., Museum development in the Gulf: Narrative and architecture (2015) UAE and the Gulf: Architecture and urbanism now, pp. 20-27. , In:K. Mitchell and G. Katodrytis, eds, London: Wiley; Wippel, S., (2014) Under construction: Logics of urbanism in the Gulf region, , Farnham, Surrey and Burlington, VT: Ashgate; Woodman, E., I. M. Pei’s MIA opens in Doha (2008) Building Design, , http://www.bdonline.co.uk/story.asp?storycode=3129204, [online] 5 December. Available at, [Accessed 28 March 2014]; Yigitcaular, T., Koray, V., (2008) Knowledge based urban development: Planning and application in the information era, , Hershey: IGI Global Publishing},
correspondence_address1={Alraouf, A.A.; Research and Development Unit, Qatar},
publisher={Taylor and Francis},
isbn={9781317092773; 9781472464620},
language={English},
abbrev_source_title={Museums in Arabia: Transnational Practices and Regional Processes},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{AbdulKhir2016435,
author={Abdul Khir, M.F.},
title={Bilateral rebate (ibra’ mutabadal) in Islamic banking operation: a critical appraisal},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2016},
volume={9},
number={3},
pages={435-452},
doi={10.1108/IMEFM-07-2015-0085},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84987994840&doi=10.1108%2fIMEFM-07-2015-0085&partnerID=40&md5=14c99c24579625afa9ed6a9f63f9892e},
affiliation={Islamic Banking Unit, International Shari’ah Research Academy for Islamic Finance, Kuala Lumpur, Malaysia},
abstract={Purpose: This study aims to examine the scholars’ views on the legality of bilateral rebate in Islamic financial transactions. It also aims to evaluate the contemporary application of bilateral rebate in Islamic banking operation as an alternative to the conventional mechanism in handling the events of early settlement of debt, early termination of debt facility and early withdrawal of term deposit. Design/methodology/approach: The study used deductive and inductive methods to analyze the juristic literature of all the major schools of law on the legality of both bilateral and unilateral rebate in a financial transaction. Findings: The study found bilateral rebate (ibra’ mutabadal), instead of unilateral rebate, to be the best and fairest Islamic mechanism to overcome injustice in several events that may impact the bank’s liquidity such as that of early settlement of debt facility and early withdrawal of term deposit in the sense that the interest (maslahah) of both transacting parties is equally secured. Research limitations/implications: This study has its limitation, as it only covers the applicability of bilateral rebate in Islamic banking operation. It does not include the applicability of bilateral rebate in other segments of Islamic finance such as Islamic capital markets and Islamic insurance (Takaful business). Practical implications: This paper has practical implication for Islamic banking industry particularly with regard to its liquidity management in the event of early settlement of a debt facility, early termination of an Islamic facility and early withdrawal of Islamic term deposit. It may also assume policy implication in the event that the regulator adopts the legality of bilateral rebate in its Islamic banking policy and guidelines. Originality/value: This paper offers an Islamic alternative to the conventional mechanism in handling the event of early settlement of a debt facility, early termination of an Islamic facility and early withdrawal of Islamic term deposit. Under conventional banking, there are certain fees and charges imposed on customers in the above events like early settlement charge and early withdrawal charge. Unlike its conventional counterpart, Islamic banks cannot opt for the conventional method that seems unjust to the customers as the charge is imposed without Sharīʿah basis. In this case, bilateral rebate serves as a fair mechanism to manage the bank’s liquidity in the aforementioned events. © 2016, © Emerald Group Publishing Limited.},
author_keywords={Bilateral rebate;  Islamic banking operation;  Liquidity management;  Unilateral rebate},
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correspondence_address1={Abdul Khir, M.F.; Islamic Banking Unit, Malaysia; email: fairooz@isra.my},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Omar201564,
author={Omar, R.F. and Jones, E.},
title={Critical evaluation of the compliance of online Islamic FOREX trading with Islamic principles},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2015},
volume={8},
number={1},
pages={64-84},
doi={10.1108/IMEFM-06-2014-0059},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84950318232&doi=10.1108%2fIMEFM-06-2014-0059&partnerID=40&md5=9b7f1e1ea7719b0c2e8a645823c5bd9b},
affiliation={School of Management, Cardiff Metropolitan University, Cardiff, United Kingdom},
abstract={Purpose – This study aims to evaluate the compliance of online Islamic FOREX products with Islamic jurisprudence principles and determines the degree of similarity or difference between Islamic and conventional FOREX products. Design/methodology/approach – This study involves the collection and analysis of secondary data from online sources (i.e. four Islamic FOREX Web sites selected on the basis that they appeared on two Islamic FOREX Web site lists) It also undertakes content analysis of the rulings of jurisprudence scholars on one of the Web sites. Findings – There is no evidence to suggest that the technical processes underpinning current Islamic FOREX products are any different to those underpinning conventional FOREX products. Also there are major contradiction and ambiguities in the rulings offered by the jurisprudence scholars about the permissibility of the products. Research limitations/implications – The study relies on the analysis of secondary data. Further research that will involve interviews with banking industry employees in both conventional and Islamic banking sectors would provide a better understanding of: how financial products are created and managed and the role of bank regulations in creating and managing different financial products. Practical implications – It would seem that Islamic FOREX is simply rebranding of conventional FOREX. The paper calls for a modern-day definition of usury (riba). Social implications – The way Islamic FOREX is marketed today to online users as synonymous with gambling, and, although branded as Islamic, the actual technical processes that underpin Islamic FOREX products are the same as conventional FOREX products and therefore not compliant with Islamic principles. Originality/value – This research explores the marketing of Islamic FOREX products. © 2015, Emerald Group Publishing Limited.},
author_keywords={Bank-based financial intermediation;  Banking services;  Interest in Islam;  Islamic banking and finance;  Islamic banks practices;  Islamic capital market},
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A close look into the 2007-2009 financial crisis and stock market volatility (2010) Studies in Economics and Finance, 27 (2), pp. 110-134; Murphy, C., (2009) What does rollover mean in the context of the FOREX market?, 26. , www.investopedia.com/ask/answers/06/rollover.asp, )“”:(accessed 9 May 2014).February; Neal, P., Delfabbro, P., O’Neil, M., (2005) Problem gambling and harm: towards a national definition, , )“”Gambling Research Australia by the Office of Gaming Racing Victorian Government Department of Justice Melbourne Victoria Australia; Netzer, M.S., (2004) RIBA in Islamic jurisprudence: the role of ‘interest, ’ in discourse on law and state, , )“”Master of Arts in Law Diplomacy ThesisThe Fletcher SchoolTufts UniversityMA; (2014) Oxford English Dictionary, , www.oed.com/view/Entry/220740?rskey=05n03Y&result=1&isAdvanced=false, :#eid (accessed 24 November 2014).Oxford; (2014), www.qaradawi.net/new/seera/226-2014-01-26-18-28-17, ):(accessed 9 May 2014); Rowey, K., July, C., Fevre, M., (2006) Islamic Finance: Basic Principles and Structures; A Focus on Project Finance, , Freshfields Bruckhaus Deringe; Salcedo, Y., Futures the true 3-D world of options, options trends, trading options on currencies/FOREX (2006) Future Magazine, p. 30. , )“”p; (2011) Office of investor education and advocacy, investor Bulletin: Foreign Currency Exchange (FOREX) trading for individual investors, , www.investor.gov, )“”; Udovitch, A.L., (1970) Partnership and Profit in Medieval Islam, , Princeton University PressPrincetonNJ; Yacout, O.M., ElSahn, M.F., Sandıkcı, O., Rice, G., Customer-based brand equity of Islamic Banks in Bahrain: an empirical investigation (2011) Handbook of Islamic Marketing, , )“”i; Zerban, A., Elkady, E.H., Rafik, F., Omar, R.F., Islamic finance and global financial crises: how to keep finance on track? (2012) Topics in Middle Eastern and African Economies, 14. , )“”Septembe; Adamu, S., (2014), http://topFOREXbrokersonline.blogspot.co.uk/search?q=islamic, ):(accessed 25 November 2013); Al-Tamimi, H., Lafi, A., Uddin, M., Bank image in the UAE: comparing Islamic and conventional - banks (2009) Journal of Financial Services Marketing, 14 (3), pp. 232-244; (2015), www.dailyFOREX.com/islamic-FOREX, ):(accessed 25 November 2013); (2015), www.etoro.com/en/social-trading/islamic-account, ):/ (accessed 25 November 2013); (2015), www.FOREX-learning-site.com/blog/2008/5-cheapest-FOREX-brokers-with-islamic-swap-free-accounts, ):(accessed 25 November 2013); (2015), www.instaFOREX.com/open_live_account.php, ):(accessed 16 April 2014); (2015), www.invhouse.com/aboutus/supervisory.php, ):(accessed 9 May 2014); (2015), www.invhouse.com/index.php, ):(accessed 7 May 2014); (2015), www.islamicsupremecouncil.org/understanding-islam/legal-rulings/44-what-is-a-fatwa.html, ):(accessed 7 May 2014); (2013) Murabahah (Operational Requirements) concept paper, , )“”25 April; Elfakhani, S., Kabir, H.M., Fahel, M., An assessment of performance of Islamic mutual funds (2005) European Journal of Management and Public Policy, , )“”Forthcomin; Erol, C., El-Bdour, R., Attitudes, behaviour and patronage factors of bank customers towards - Islamic banks (1989) International Journal of Bank Marketing, 7 (6), pp. 31-37; Hamid, A., Nordin, N.A., A study on Islamic banking education and strategy for the new millennium - Malaysian experience (2001) Journal of Islamic Financial Services, 2 (4). , www.kantakji.com/fiqh/Files/Research/i%20banking.pdf, )“”:(accessed 9 December 2009); Mawdudi, S., (1969) First principles of Islamic economics, , )“”; Metawa, S., Al Mossawi, M., Banking behaviour of Islamic bank customers: perspectives and implications (1998) International Journal of Bank Marketing, 16 (7), pp. 299-315; Mitchell, R.P., (1993) The Society of the Muslim Brothers, , Oxford University PressLondon; Okumus, H., Interest-free banking in Turkey: a study of customer satisfaction and bank selection criteria (2005) Journal of Economic Cooperation, 26 (4), pp. 51-86; (2013) 17 CFR Part 240, Release No. 34-69964, File No. S7-30-11, RIN 3235-AL19, , )“”Securities exchange commission; Rosly, S., Abu Bakar, M., Performance of Islamic and mainstream banks in Malaysia (2003) International Journal of Social Economics, 30 (12), pp. 1249-1265; (2013) The inside B Buzz, , www.uj.ac.za/EN/TeachingAndLearning/ads/PsyCaD/English/careerservices/Documents/Buzz%20Guides/Investment_Banking_2013.pdf, )“”:(accessed 12 November 2013)},
correspondence_address1={Omar, R.F.; School of Management, United Kingdom; email: rafik.omar72@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Talib2014175,
author={Talib, M.A. and Abdullah, A. and Abdullah, A.A.},
title={Syari'ah-based accounting (sbA) : Awareness of accounting academicians in Malaysia},
journal={Pertanika Journal of Social Sciences and Humanities},
year={2014},
volume={22},
number={December},
pages={175-196},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84943223369&partnerID=40&md5=bb2f3e14baf478ecb7820404cd89db7b},
affiliation={Department of Accounting and Finance, Faculty of Economics and Management, Universiti Putra Malaysia, 43400 UPM Serdang, Selangor, Malaysia},
abstract={Financial reporting based on Syari'ah is very important to ensure reliability and usefulness of information. The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has developed various accounting and auditing standards to ensure the quality of financial reports produced by institutions involved in Islamic products. The Malaysian Accounting Standards Board (MASB) has also taken the effort to come out with FRS-i-1, Presentation of Financial Statements of Islamic Financial Institutions (formerly known as MASB-i-1), to follow in the footsteps of AAOIFI. The education sector could take part in this caravan by updating the curriculum to incorporate the changes that are happening to better prepare the future workforce. However, very few institutions of higher learning in Malaysia offer Syari'ah-based Accounting (SbA) courses in their accounting programmes. The purpose of this study is to identify the level of awareness and knowledge of accounting academicians on SbA and to determine whether there is a need to offer SbA courses in institutions of higher learning so as to equip future accountants with SbA knowledge. Therefore, the objective of this study is to examine the level of awareness of SbA amongst accounting academicians and to understand reasons for higher learning institutions in Malaysia to offer SbA courses in their accounting programmes in the future. The respondents of this study were 40 accounting lecturers from selected Malaysian public institutions of higher learning. This study showed that there was a high degree of awareness among the academicians who agreed that SbA is needed to account for Islamic products and the majority agreed that SbA should be offered at institutions of higher learning. This study has several implications for society, government policies and education sectors. The academicians foresee the future needs of SbA in order to meet the demand in the Islamic Capital Market. © Universiti Putra Malaysia Press.},
author_keywords={Academicians;  Level of awareness;  Syari'ah-based accounting},
references={(1966) A Statement of Basic Accounting Theory, , AAA Illinois, USA: Committee to prepare a statement of basic accounting theory, American Accounting Association; Abdel Karim, R.A., The nature and rationale of a conceptual framework for financial reporting by Islamic banks (1995) Accounting and Business Research, 25 (100), pp. 285-300; Abdel Karim, R.A., (1995) Islamic Financial Services Industry: The Challenges Ahead, , Keynote address at the 3rd International Islamic Banking and Finance Conference, 16-17 November, 2005, Mandarin Oriental, Kuala Lumpur, Malaysia; Abdullah, A., Maswati, A.T., Asna, A., The level of awareness of Syari'ah based Accounting among accounting practitioners in the Malaysian industries (2005) 3rd International Islamic Banking and Finance Conference, , Paper presented at the 16-17th Nov, 2005, Mandarin Oriental, Kuala Lumpur, Malaysia; Ahmad, N., Haron, S., Preceptions of Malaysian Corporate customers towards Islamic banking products and services (2002) International Journal of Islamic Financial Services, 3 (4), pp. 13-29; Altarawneh, G., Lucas, M., Understanding the dominance of Western accounting and neglect of Islamic accounting in Islamic countries (2012) Journal of Islamic Accounting and Business Research, 3 (2), pp. 99-120; Rahman, S., (2000) Islamic Accounting Standards, , www.islamic-finance.net/islamic-accounting/acctg.html, Retrieved June 21, 2005, from; Amin, H., Rahman, A.R.A., Ramayah, T., What makes undergraduate students enroll into an elective course?: The case of Islamic accounting (2009) International Journal of Islamic and Middle Eastern Finance and Management, 2 (4), pp. 289-304; Baydoun, N., Willet, R., Islamic corporate reports (2000) Abacus, 36 (1), pp. 71-90. , http://www.theborneopost.com/2012/12/27/islamic-banking-and-finance-to-continue-to-grow-in-2013/#ixzz36SgyVUwm, Retrieved July 04, 2014, from; (2013) 11 Reasons why Islamic Finance is Booming, , http://www.theborneopost.com/2013/12/29/11-reasons-why-islamic-finance-is-booming/, Borneo Post Online Retrieved from; Elgari, M.A., (1999) Futures Trading -Islamic Perspective; (1978) Statement of Financial Accounting Concepts No.1: Objectives of Financial Reporting by Business Enterprises, , FASB. Stamford, Connecticut: Financial Accounting Standards Board, Financial Accounting Foundation; (2001) Bank Negara Malaysia, , Financial Sector Master Plan; FRSi-1. Presentation of financial statements for financial institutions, MASB. Malaysian Accounting Standard Board; Gambling, T.E., Karim, R.A.A., Islam and social accounting (1986) Journal of Business Finance and Accountancy, 13 (1), pp. 39-50; Gambling, T., Islam and social accounting (1991) Business and Accounting Ethics in Islam, , & Karim Mansell; George, D., Mallery, P., (2001) SPSS for Windows Step by Step: A Simple Guide and Reference, 10. , 0 update. Third Edition. Allyn & Bacon. USA; Hameed, S., (2000) The Need for Islamic Accounting; Perception of its Objectives and Characteristics by Malaysian Muslim accountants and Accounting Academics, , (Doctoral dissertation, University of Dundee; Hameed, S., (2003) Islamic Accounting - A New Push., , January Akauntan Nasional, Kuala Lumpur; Hamid, A., Nordin, N., A study on Islamic banking education and strategy for the new millennium-Malaysian experience (2001) International Journal of Islamic Financial Services, 2 (4), pp. 3-11; Hamid, S., Craig, R., Clarke, F., Religion: A confounding cultural element in the international harmonisation of accounting? (1993) Abacus, 29 (2), pp. 131-148; Heritage, A., (2005) TheAmerican Heritage Dictionary of the English Language; Rahman, S., (2000) Islamic Accounting Standards, , www.islamic-finance.net/islamic-accounting/acctg.html, Retrieved June 21, 2005, from; Sarea, A.M., Hanefah, M.M., The need of accounting standards for Islamic financial institutions: Evidence from AAOIFI (2013) Journal of Islamic Accounting and Business Research, 4 (1), pp. 64-76; Velayutham, S., Conventional" accounting vs "Islamic" accounting: The debate revisited (2014) Journal of Islamic Accounting and Business Research, 5 (2), pp. 126-141; Yusof Ali, A., (1946) The Holy Qur'an: Text, Translation and Commentary, , RSA, Islamic Propagation Centre International, Durban},
correspondence_address1={Talib, M.A.; Department of Accounting and Finance, 43400 UPM Serdang, Malaysia; email: maswati@upm.edu.my},
publisher={Universiti Putra Malaysia},
issn={01287702},
language={English},
abbrev_source_title={Pertanika J. Soc. Sci. Humanit.},
document_type={Article},
source={Scopus},
}

@ARTICLE{ZubairFarook20118,
author={Zubair Farook, S. and Omar Farooq, M.},
title={Incentive-based regulation for Islamic banks},
journal={Journal of Islamic Accounting and Business Research},
year={2011},
volume={2},
number={1},
pages={8-21},
doi={10.1108/17590811111129481},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84891086265&doi=10.1108%2f17590811111129481&partnerID=40&md5=91f75fa223e5f925f5c52781d95539d0},
affiliation={Thomson Reuters, Manama, Bahrain; Center for Islamic Finance, Bahrain Institute of Banking and Finance, Manama, Bahrain},
abstract={Purpose – Recent calls by prominent Islamic scholars to shift the focus of Islamic finance away from bond-like sukuk have been met with great unease by bankers in the industry. Islamic Financial Institutions, which hold the majority of all sukuk issued, face deposit side constraints on the types of returns they distribute, due to a need to match returns to market-based deposit interest rates. Hence, it is in their interest to hold assets that provide stable benchmark-based returns. The purpose of this paper is to provide an outline of an incentive-based regulatory mechanism to encourage Islamic banks to reconcile their intended normative structure (profit and loss sharing) with the operational and pragmatic realities within which Islamic banks exist. Design/methodology/approach – The paper traces the regulatory infrastructure and in particular Islamic Financial Services Board regulations on Capital Adequacy for Islamic Banks and provides recommendations for technical improvements to particular aspects of the regulations. Findings – The paper provides practical regulatory recommendations on the capital adequacy regime implemented by central banks that could potentially align more effectively with the intended form of Islamic bank's operational structure, either as an investment bank or as a commercial bank. Practical implications – By aligning the activities of Islamic banks with their intended operational structure through the implementation of a system of regulatory incentives as recommended in this paper, may help in quelling the increasing tide of criticisms of the current Islamic banking model which has deviated from its intended form. More importantly, if such regulation is implemented, it could also lead to enhanced systemic stability, since Islamic banks will be more resistant to economic shocks that affect the system. Originality/value – While there are studies that research the effect of the capital adequacy ratio, none really provide practically implementable recommendations that align the Islamic bank business model with its intended objectives. © 2011, Emerald Group Publishing Limited.},
author_keywords={Banks;  Incentive schemes;  Islam;  Profit;  Regulation},
references={Shari'a board of AAOIFI issued resolutions on Sukuk (2008), www.aaoifi.com/aaoifi_sb_sukuk_Feb2008_Eng.pdf, February 2008. aaoifi.com; Alexakis, C., Tsikouras, A., Islamic finance: regulatory framework - challenges lying ahead (2009) International Journal of Middle Eastern Finance and Management, 2 (2), pp. 90-104; Allen, F., Gale, D., Capital adequacy ratio: in search of rationale (2003) Economics for an Imperfect World: Essays in Honor of Joseph E. Stiglitz, pp. 83-110. , in Stiglitz, J. and Arnott, R. (Eds) MIT Press, Cambridge, MA; Archer, S., Karim, R., On capital structure, risk sharing and capital adequacy in Islamic banks (2006) International Journal of Theoretical and Applied Finance, 9 (3), pp. 269-280; Archer, S., Karim, R., Sundararajan, V., Supervisory, regulatory, and capital adequacy implications of profit-sharing investment accounts in Islamic finance (2010) Journal of Islamic Accounting & Business Research, 1 (1), pp. 10-31; The issue of whether Tawarruq is haram has been reignited by a prominent scholar in Saudi (2007), http://asharqalawsat.com/details.asp?section=58&article=442439&issue=10556, Asharq Al-Awsat (In Arabic) 23 October 2007; Ayub, M., (2007) Understanding Islamic Finance, , Wiley, London; Chami, R., Cosimano, T., The nature of capital adequacy constraints under the Basel Accord (2003), http://papers.ssrn.com/sol3/papers.cfm?abstract_id=456981, working paper; Farooq, M.O., Partnership, equity-financing and Islamic finance: whither profit-loss sharing? (2007) Review of Islamic Economics, 11, pp. 67-88. , special issue; Farooq, M.O., Global financial crisis and the link between the monetary and the real sector: moving beyond the asset-backed Islamic finance (2009) Proceedings of the 20th Annual Islamic Banking Conference, , Tehran, Iran, 1-2 September; Francis, J., LeFond, R., Olsson, P.M., Schipper, K., Cost of equity and earnings attributes (2004) The Accounting Review, 79 (4), pp. 967-1010; Capital adequacy standard for institutions (other than insurance institutions) offering only Islamic Financial Services (2005), www.ifsb.org/standard/ifsb2.pdf; Guidance note on the practice of smoothing the profits payout to investment account holders (2010), www.ifsb.org/docs/GN-3%20Practice%20of%20Smoothing.pdf, March 2010; McMillen, M., Sukuk in its infancy: misstep and sequel (2008) Newsletter, 3. , www.djindexes.com/mdsidx/downloads/Islamic/articles/sukuk-in-its-infancy.pdf, Ddjindexes.com; Ryon, S., History of Bank Capital Adequacy Analysis (2008) FDIC Working Paper No. 69-4, , FDIC Division of Economic Research, Washington, DC; Siddiqi, M.N., (1983) Issues in Islamic Banking, , The Islamic Foundation, Markfield; Taktak, N., Zouari, S., Boudriga, A., Do Islamic banks use loan loss provisions to smooth their results (2010) Journal of Islamic Accounting & Business Research, 1 (2), pp. 114-127; Usmani, M.T., Sukuk and their contemporary applications (2007), http://islamicfinancepro.files.wordpress.com/2008/01/sukuk-and-their-contemporary-applications.pdf; Van Greuning, H., Iqbal, Z., (2008) Risk Analysis for Islamic Banks, , The World Bank, Washington, DC; El Gamal, M., Limits and dangers of Sharia arbitrage, Islamic Finance: Current Legal and Regulatory Issues (2005) Islamic Finance Project, Islamic Legal Studies Program, pp. 117-131. , Harvard University, Cambridge, MA; El Gamal, M., (2006) Islamic Finance: Law, Economics and Practice, , Cambridge University Press, New York, NY; Most sukuk ‘not Islamic’, body claims (2007), www.arabianbusiness.com/504577-most-sukuk-not-islamic-say-scholars, 22 November 2007; Sadiq, Z., Khan, M.R., An inquiry into the usage of real assets in Islamic transactions and their benchmarking: the implications for Islamic capital markets (2008) Islamic Capital Markets: Products, Regulation and Development, , in Ali, S.S. (Ed.) Islamic Capital Markets: Products, Regulation and Development. Islamic Research and Training Institute, Conference Proceeding published as part of IRTI publications, IDB, Jeddah},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Samah20117,
author={Samah, S.A.A. and Jusoff, K. and Nor, M.R.M. and Suliaman, I.},
title={Prophetic best practices in business for human capital development},
journal={Global Journal Al-Thaqafah},
year={2011},
volume={1},
number={1},
pages={7-14},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84904416468&partnerID=40&md5=bdc5942f6bb92a87b2a052e550482037},
affiliation={Department of English Language and Linguistics, Akademi Pengajian Bahasa, Universiti Teknologi MARA, 40450 UiTM Shah Alam, Selangor, Malaysia; Faculty of Forestry, Universiti Putra Malaysia, 43400 Serdang, Selangor, Malaysia; Department of Islamic History and Civilisation, Academy of Islamic Studies, Universiti Malaya, 50603 Kuala Lumpur, Malaysia; Department of Al-Qur'an and Hadith, Academy of Islamic Studies, Universiti Malaya, 50603 Kuala Lumpur, Malaysia},
abstract={Human capital has been the most crucial current topic of this modern life. Competition in business and industry requires human resource that spells excellence, knowledgeable, discipline and visionary. With the rise of conscious market-driven community, many have concluded that to achieve the highest stake in business is to simultaneously reconstruct the moral consciousness. Henceforth, learning from past leaders, their legacy has been left with much to be desired by shortcomings, conflicts of interest and at times, destructions. In promoting the virtuous awareness, education has to take the lead through human capital development. In the attempt to apply the landmark practices of Prophet Muhammad (pbuh), and his management principles, this discursive overview intends to provide the application of the prophetic tradition in the management field as the foundation for application in aspects of discipline which include business, law, education, just to state a few. Therefore, this paper intends to study the Islamic management elements of Prophet Muhammad (pbuh) by providing insights to the following questions. The first question is, how does human capital development raise moral consciousness in terms of business practices set forth by prophetic tradition? Can current situations apply such emulations of managing human capital and hence, enhance the quality of our life within the family, in the community and for the nation? With the increasingly diverse expectations, management practices and skills of Prophet Muhammad (pbuh) contribute to provide the pathway of managing the human capital development presented as answers to the above questions.},
author_keywords={Education;  Human capital;  Islamic business;  Management;  Muhammad (pbuh)},
references={Ary, G.A., Spiritual Company (1987), Arga Publishing, Jakarta, Indonesia; Ary, G.A., ESQ Emotional Spiritual Quotient The ESQ Way 165 (2009), Penerbit ARGA, Indonesia; Aburdeen, P., The Rise of Conscious Capitalism (2005), http://www.visionarylead.org/vl/aburdene.htm, Retrieved from, Retrieved on 20 September 2011; Beekun, R.I., Islamic Business Ethics (1996), International Institute of Islamic Thought, University of Nevada, USA; Beekun, R.I., Badawi, J.A., Balancing Ethical Resposibilty among Multiple Organizational Stakeholders: The Islamic Perspective (2005) Journal of Business Ethics, 60, pp. 131-145; Razak, D.A., In search of a world class university for tomorrow: The importance of the apex initiative (2009), Siti Akmar Abu Samah & Rohana Yusof (Eds.), Oxford Fajar Sdn. Bhd, Kuala Lumpur, Malaysia; Karakas, F., Spirituality and Performance in Organisations: A Literature Review (2010) Journal of Business Ethics, 94, pp. 89-106; Goleman, D.J., Emotional Intelligence Bantam Books (1995), USA; Jusoff, K., Samah, S.A.A., The Nexus of Islamic Insights and Environmental Economic Sustainability An invited keynote paper presented at ECER Regional Conference 2008 (2008), 15-17 December 2008, Grand Riverview Hotel, Kota Bharu, Kelantan, Malaysia; Sembuk, T.M., Yusoff, M., Zaman, H.B., Creation of Knowledge workers for the development of multimedia Super Corridor: A holistic approach (1999) The Asian Academy of Management Conference Proceedings, 2, pp. 341-348. , Reinventing Asian Management for Global Challenges 16-17 July 1999, Kuala Terengganu, Terengganu, Malaysia; Samah, S.A.A., Nor, M.R.M., Suliaman, I., Jusoff, K., Managing Human Capital Development: Prophetic Best Practices (2011), An oral paper presentation at the International Islamic Finance and Business Symposium and Carnival (IIBSC2011) on 6-8 October 2011, Dewan Agong Tuanku Canselor, Universiti Teknologi MARA, Shah Alam, Malaysia; Hamid, T.A.S.A., Dakwah and Islamic Management: The Malaysian Experience (2010), A keynote address at the International Conference on Dakwah and Islamic Management 23-25 November 2010, Palace of the Golden Horses, Seri Kembangan, Selangor, Malaysia; Wright, P., Organisational Behaviour in Islamic Firms Management International Review (MIR) (1981), 21 (2), pp. 86-94},
correspondence_address1={Samah, S.A.A.; Department of English Language and Linguistics, Akademi Pengajian Bahasa, Universiti Teknologi MARA, 40450 UiTM Shah Alam, Selangor, Malaysia; email: sitiakmar@salam.uitm.edu.my},
publisher={Kolej University Islam Sultan Azlan Shah},
issn={22320474},
language={English},
abbrev_source_title={Global J. Al-Thaqafah},
document_type={Article},
source={Scopus},
}

@ARTICLE{Vahabi2010503,
author={Vahabi, M.},
title={Contradictory orders and destructive coordination: The Iranian weakness [Ordres contradictoires et coordination destructive: Le malaise iranien]},
journal={Canadian Journal of Development Studies},
year={2010},
volume={30},
number={3-4},
pages={503-534},
doi={10.1080/02255189.2010.9669314},
note={cited By 5},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-77955118043&doi=10.1080%2f02255189.2010.9669314&partnerID=40&md5=1dec7c012c4007ca912362c2bc6af7e5},
abstract={Three main typical or ideal modes of social organization have been identified in the literature, namely the market, the redistribution, and the reciprocity (Polanyi 1944, 1968; Lindblom 1977; and Kornai, 1984, 1992). Our purpose is to introduce another type of social organization that we name the "destructive mode of coordination." It is social organisation by coercive means. This type of organization has almost entirely been neglected in the literature, although it has existed since ancient times in different forms and varieties. A typical recent illustration is the social order under the Islamic Republic of Iran, which will be the focus of the paper. © 2010 Revue canadienne d études du développement,. Tous droits réservés.},
keywords={social capital;  social development;  social organization, Iran},
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Tauris; Ansari, A., Berman, D., Rintoul, T., (2009) Preliminary Analysis of the Voting Figures in Iran's 2009 Presidential Election, , Chatham House et l'Institut des études iraniennes, Université de St-Andrews, 21 juin; Ashraf, A., Bazaar-mosque alliance: The social basis of revolts and revolution (1988) Politics, Culture and Society, 1 (4), pp. 538-569; Charisma, theocracy, and men of power in post-revolutionary Iran (1994) The Politics of Social Transformation in Afghanistan, Iran, and Pakistan, pp. 101-151. , dans Weiner M. et Banuazizi A. 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correspondence_address1={Vahabi, M.},
publisher={University of Ottawa},
issn={02255189},
language={French},
abbrev_source_title={Can. J. Dev. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Narayan2022,
author={Narayan, P.K. and Rizvi, S.A.R. and Sakti, A.},
title={Did green debt instruments aid diversification during the COVID-19 pandemic?},
journal={Financial Innovation},
year={2022},
volume={8},
number={1},
doi={10.1186/s40854-021-00331-4},
art_number={21},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85126032460&doi=10.1186%2fs40854-021-00331-4&partnerID=40&md5=b378db2d715c23f110a62377e178aa97},
affiliation={Monash University, Melbourne, Australia; Lahore University of Management Sciences, Lahore, Pakistan; Bank Indonesia, Jakarta, Indonesia},
abstract={Faced with a persistent pandemic, investors are concerned about portfolio diversification. While the literature on COVID-19 has evolved impressively, limited work remains on diversification opportunities. We contribute to the literature by exploring the volatility and co-movement of different sovereign debt instruments, including green sukuk, sukuk, bond and Islamic and conventional equity indices for Indonesia. Our results consistently point towards increased asset co-movement and weak profitability during the pandemic. Interestingly, sukuk and green sukuk have a 14% correlation with stocks, suggesting potential diversification prospects in times of extreme shocks. © 2022, The Author(s).},
author_keywords={COVID-19;  Green Sukuk;  Indonesia Capital market},
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(2019) Emerg Markets Rev, 40, p. 100623; Sharma, S., Sha, Y., Part A: special section on COVID-19 research (2020) Emerg Mark Financ Trade, 56 (15), pp. 3551-3553; Skintzi, V.D., Determinants of stock-bond market comovement in the Eurozone under model uncertainty (2019) Int Rev Financ Anal, 61, pp. 20-28; Visualising COVID-19 pandemic risk through network connectedness (2020) Int J Infect Dis, , In Press; Soylu, P.K., Güloğlu, B., Financial contagion and flight to quality between emerging markets and US bond market (2019) North Am J Econ Financ, 50, p. 100992; Tang, D.Y., Zhang, Y., Do shareholders benefit from green bonds? (2020) J Corp Financ, 61, p. 101427; Wei, Z., Luo, Y., Huang, Z., Guo, K., Spillover effects of RMB exchange rate among B&R countries: before and during COVID-19 event (2020) Financ Res Lett, 37, p. 101782; Xu, D., (2020) Canadian Stock Market Volatility under COVID-19 (No, p. 2001. , University of Waterloo, Department of Economics; Yan, L., Qian, Y., The impact of COVID-19 on the Chinese stock market: an event study based on the consumer industry (2020) Asian Econ Lett; Yousaf, I., Ali, S., Discovering interlinkages between major cryptocurrencies using high-frequency data: new evidence from COVID-19 pandemic (2020) Financ Innov, 6 (1), pp. 1-18},
correspondence_address1={Narayan, P.K.; Monash UniversityAustralia; email: paresh.narayan2014@gmail.com},
publisher={Springer Science and Business Media Deutschland GmbH},
issn={21994730},
language={English},
abbrev_source_title={Financial Innov.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bahloul2022372,
author={Bahloul, S. and Mroua, M. and Naifar, N. and naifar, N.},
title={Are Islamic indexes, Bitcoin and gold, still “safe-haven” assets during the COVID-19 pandemic crisis?},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2022},
volume={15},
number={2},
pages={372-385},
doi={10.1108/IMEFM-06-2020-0295},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85115324791&doi=10.1108%2fIMEFM-06-2020-0295&partnerID=40&md5=183fd26ea34584a0b98c36b24b35533e},
affiliation={University of Sfax Higher Institute of Business Administration of Sfax Sfax, Tunisia; Finance, University of Sfax, Faculty of Economics and Management of Sfax Sfax, Tunisia; Finance and investment, Imam Muhammad Ibn Saud Islamic University Riyadh, Riyadh, Saudi Arabia; Universite de Sfax Sfax, Finance, Tunisia},
abstract={Purpose: This paper aims to investigate whether Islamic indexes, Bitcoin and gold still act as hedges or/and “safe-haven” assets during the COVID-19 pandemic crisis. This paper examines the role of the Morgan Stanley Capital International all-country world index, Islamic index, gold and Bitcoin as a hedge or safe-haven asset for the world conventional stock market over the period from April 30, 2015 to March 27, 2020. Design/methodology/approach: In this paper, the authors re-evaluate the hedge and safe haven properties of Islamic indexes, gold and Bitcoin following Baur and Lucey’s (2010) and Baur and McDermott’s (2010) methodology. Findings: Empirical results show that the Islamic index is not a hedge or a safe haven asset for the world conventional stock market during the recent coronavirus crisis period. Different from the whole period, the authors find that gold is a strong hedge but only a weak safe or is not a safe haven during the coronavirus sub-period. Bitcoin reports distinctive properties, as it acts as a weak hedge and not a safe-haven asset. Originality/value: This paper is the first study that investigates whether the global Islamic index still acts as hedges or “safe-haven” assets during the new COVID-19 crisis period. The results can help investors make informed decisions when adding cryptocurrencies and Islamic indexes to their portfolios during the coronavirus crisis. © 2021, Emerald Publishing Limited.},
author_keywords={Bitcoin;  COVID-19;  COVID-19 pandemic crisis;  Diversification;  Gold;  Hedge;  Hedging;  Islamic index;  Islamic indices;  Safe haven},
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correspondence_address1={Naifar, N.; Finance and investment, Saudi Arabia; email: doctoratnader@yahoo.fr},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Alnori2022429,
author={Alnori, F. and Bugshan, A. and Bakry, W.},
title={The determinants of corporate cash holdings: evidence from Shariah-compliant and non-Shariah-compliant corporations},
journal={Managerial Finance},
year={2022},
volume={48},
number={3},
pages={429-450},
doi={10.1108/MF-02-2021-0085},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85122952557&doi=10.1108%2fMF-02-2021-0085&partnerID=40&md5=bdb8819841851ddf424925bbdf4407e0},
affiliation={King Abdulaziz University, Jeddah, Saudi Arabia; Western Sydney University, Parramatta City Campus, Parramatta, Australia; Imam Abdulrahman bin Faisal University, Dammam, Saudi Arabia},
abstract={Purpose: The purpose of this study is to investigate the difference between the determinants of cash holdings of Shariah-compliant and non-Shariah-compliant firms, for non-financial corporations in the Gulf Cooperation Council (GCC). Design/methodology/approach: The data include all non-financial firms listed in six GCC markets over a period 2005–2019. The IdealRatings database is used to identify Shariah-compliant firms in the GCC. To examine the determinants of cash holdings, a static model is used. To confirm the applicability of the method applied, the Breusch–Pagan Lagrange Multiplier (LM) and Hausman (1978) are used to choose the most efficient and consistent static panel regression. Findings: The results show that, for Shariah-compliant firms, the relevant determinants of cash holdings are leverage, profitability, capital expenditure, net working capital and operating cash flow. For non-Shariah-compliant firms, the only relevant determinants of cash holdings are leverage, net working capital and operating cash flow. The findings suggest that the cash holding decisions of Shariah-compliant firms can be best explained using the pecking order theory. This reveals that Shariah-compliant firms use liquid assets as their first financing option, due to the Shariah regulations. Research limitations/implications: Future studies may investigate the optimal levels of cash holdings and compare the adjustment speeds toward target cash holdings of both the Shariah-compliant firms and their conventional counterparts. Originality/value: This study is the first to investigate the difference between the determinants of cash holdings of Shariah-compliant and non-Shariah-compliant firms. © 2021, Emerald Publishing Limited.},
author_keywords={Cash holding;  Financial determinants;  Islamic finance;  Shariah compliance},
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correspondence_address1={Bugshan, A.; Imam Abdulrahman bin Faisal UniversitySaudi Arabia; email: asbugshan@iau.edu.sa},
publisher={Emerald Group Holdings Ltd.},
issn={03074358},
language={English},
abbrev_source_title={Manag. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Balli2022,
author={Balli, F. and Chowdhury, M.I.H. and de Bruin, A.},
title={Transition to Islamic equities: Systematic risk and Shari'ah compliance},
journal={Global Finance Journal},
year={2022},
volume={51},
doi={10.1016/j.gfj.2020.100552},
art_number={100552},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85087878635&doi=10.1016%2fj.gfj.2020.100552&partnerID=40&md5=7628045fff61d50dbd15cfce2c609e38},
affiliation={Higher School of Economics and Business, Al-Farabi Kazakh National University, Kazakhstan; School of Economics and Finance, Massey University, New Zealand},
abstract={This study examines the systematic risk exposure of a sample of equities, domiciled in the United States that have transitioned to ethically screened, Shari'ah compliant, Islamic equities. The conjecture is that the anterior and posterior risk exposures will be different. Our empirical results indicate that Shari'ah compliance initially creates a shock in systematic risk, but transitional behaviors subsequently diverge. Particular screening ratios also behave similarly. In effect, the capital market reinforces the risk position and increases systematic risk. However, this is essentially a transition effect. Over the entire period, we find a downward trend in systematic risk. Shari'ah compliance makes the adopted equities less risky over the long-term with improved market information. Our results hold even after controlling the screening ratios and conducting a number of robustness checks. © 2020},
author_keywords={Islamic equity;  Shari'ah compliance;  Systematic risk},
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correspondence_address1={Chowdhury, M.I.H.; School of Economics and Finance, New Zealand; email: I.Chowdhury@massey.ac.nz},
publisher={Elsevier B.V.},
issn={10440283},
language={English},
abbrev_source_title={Global Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Braiek20221321,
author={Braiek, S. and Bedoui, R. and Belkacem, L.},
title={Islamic portfolio optimization under systemic risk: Vine Copula-CoVaR based model},
journal={International Journal of Finance and Economics},
year={2022},
volume={27},
number={1},
pages={1321-1339},
doi={10.1002/ijfe.2217},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85089450160&doi=10.1002%2fijfe.2217&partnerID=40&md5=b1321acde215e27da1c27ba3ff0fbc08},
affiliation={Department of Economics and Quantitative Methods, University of Sousse-Laboratory Research for Economy Management and Quantitative Finance (LaREMFiQ), Sousse, Tunisia},
abstract={We propose a new methodology based on CoVaR to optimize Islamic portfolio. First, we generate the return distribution using the ARMA-FIAPARCH and ARMA-FIGARCH model. Then, we transform the standardized residuals onto copula scale using the empirical cumulative distribution function. Thereafter, using the best vine-copula fits, we computed downside and upside risk. We obtained CoVaR of the market (sectors), conditional on the VaR for sectors (market) returns. We find the optimized portfolio wt through mean-CoVaR optimization. The empirical results of Islamic industry show that the optimal allocation is influenced by the existence of systemic risk. Thus, when comparing the mean-CoVaR model with the mean–Variance model we find that mean-CoVaR more performant in optimization. The minimum risk portfolio allocation is influenced by the existence of systemic risk, the interdependence structure between sectors and the optimization model. Our findings offer a better understanding of the allocation during the crisis period which is very valuable for the international investors, multinational corporations and portfolio managers. © 2020 John Wiley & Sons Ltd},
keywords={capital market;  corporate strategy;  industrial enterprise;  investment;  Islamism;  optimization;  standardization},
references={Adrian, T., Brunnermeier, M.K., (2011) CoVaR, , New York Working paper., Federal Reserve Bank of New York; Baillie, R.T., Bollerslev, T., Mikkelsen, H.O., Fractionally integrated generalized autoregressive conditional Heteroskedasticity (1996) Journal of Econometrics, 74, pp. 3-30; Bedford, T., Cooke, R.M., Vines: A new graphical model for dependent random variables (2002) The Annals of Statistics, 30 (4), pp. 1031-1068; Chortareas, G., Girardone, C., Ventouri, A., Financial frictions, bank efficiency and risk: Evidence from the Eurozone (2011) Journal of Business Finance & Accounting, 38 (1-2), pp. 259-287; Cumova, D., Nawrocki, D., Portfolio optimization in an upside potential and downside risk framework (2014) Journal of Economics and Business, 71, pp. 68-89; Deng, L., Ma, C., Yang, W., Portfolio optimization via pair Copula-GARCH-EVT-CVaR model (2011) Systems Engineering, Procedia, 2, pp. 171-181; Girardi, G., Ergün, A., Systemic risk measurement: Multivariate garch estimation of CoVaR (2013) Journal of Banking & Finance, 37 (8), pp. 3169-3180; Hua, L., Joe, H., Second order regular variation and conditional tail expectation of multiple risks (2011) Insurance: Mathematics and Economics, 49 (3), pp. 537-546; Joe, H., (1997) Multivariate models and dependence concepts, , http://dx.doi.org/10.1201/b13150, Monographs in Statistics and Probability, London, Chapman and Hall; Kakouris, L., Rustem, B., Robust portfolio optimization with copulas (2014) European Journal of Operational Research, 235, pp. 28-37; Li, D., Ng, W.L., Optimal dynamic portfolio selection: Multiperiod mean-variance formulation (2000) Mathematical Finance, 10 (3), pp. 387-406; Markowitz, H., Portfolio selection (1952) Journal of Finance, 7 (1), pp. 77-91; Merton, R., Optimum consumption and portfolio rules in a continuous time model (1971) Journal of Economic Theory, 3 (1973), pp. 373-413. , Erratum 6, 213–214; Mossin, J., Security pricing and investment criteria in competitive markets (1969) American Economic Review, 59 (5), pp. 749-756; Rachel, C., Ronald, H., Kees, K., Optimal portfolio selection in a value-at-risk framework (2001) Journal of Banking and Finance, 25, pp. 1789-1804; Rahim, A.M., Masih, M., Portfolio diversification benefits of Islamic investors with their major trading partners: Evidence from Malaysia based on MGARCH-DCC and wavelet approaches (2016) Economic Modeling, 54, pp. 425-438; Reboredo, J.C., Ugolini, A., Systemic risk in European sovereign debt markets: A CoVaR-copula approach (2015) Journal of International Money and Finance, 51, pp. 214-244; Rockafellar, T.R., Uryasev, S., Optimization of conditional value-at risk (2000) Journal of Risk, 2, pp. 21-41; Rockafellar, T.R., Uryasev, S., Conditional value-at-risk for general loss distributions (2002) Journal of Banking and Finance, 26 (7), pp. 1443-1471; Sharpe, W.F., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) Journal of Finance, 19, pp. 425-442; Sklar, A., Fonctions de repartition a n dimensions et leurs marges (1959) Publications de l'Institut de statistique de l'Université de Paris, 8, pp. 229-231; Tse, Y.K., The conditional heteroscedasticity of the yen-dollar exchange rate (1998) Journal of Applied Econometrics, 13, pp. 49-55; Umar, Z., Islamic vs conventional equities in a strategic asset allocation framework (2017) Pacific-Basin Finance Journal, 42, pp. 1-10; Wei, Y., Rong, M., Shurong, L., Multi-period semi-variance portfolio selection: Model and numerical solution (2007) Applied Mathematics and Computation, 194, pp. 128-134; Yao, H., Li, Z., Chen, S., Continuous-time mean-variance portfolio selection with only risky assets (2014) Economic Modelling, 36, pp. 244-251; Zhou, X.Y., Li, D., Continuous-time mean-variance portfolio selection: A stochastic LQ framework (2000) Applied Mathematics and Optimization, 42 (1), pp. 19-33},
correspondence_address1={Braiek, S.; Department of Economics and Quantitative Methods, Tunisia; email: sanaihec@yahoo.fr},
publisher={John Wiley and Sons Ltd},
issn={10769307},
language={English},
abbrev_source_title={Int. J. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Busari20211,
author={Busari, S.A. and Aminu, S.O.},
title={Application of blockchain information technology in Ṣukūk trade},
journal={Journal of Islamic Accounting and Business Research},
year={2021},
volume={13},
number={1},
pages={1-15},
doi={10.1108/JIABR-10-2019-0197},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85114185464&doi=10.1108%2fJIABR-10-2019-0197&partnerID=40&md5=fa763182eca71e2bb2732b49b1eaca27},
affiliation={Fiqh and Usul al-Fiqh Department, IRKHS, International Islamic University Malaysia, Gombak, Malaysia; Centre for Islamic Social Finance, Unit 12a Alison Business Centre, Sheffield, United Kingdom},
abstract={Purpose: This study aims to explore the opportunities and challenges in activating a Smart Contract to enhance the efficiency and effectiveness of Ṣukūk offerings in the Islamic capital market. Design/methodology/approach: The study adopts a mono-method qualitative approach. Data were obtained from survey interviews of two issuances on the fusion of smart contracts in Ṣukūk structures that were Sharīʿah-compliant. A thematic approach was further used to analyze the interview data based on the onion research method while opportunities and challenges of activating the Smart Ṣukūk (SṢ) relied on doctrinal evidence. Findings: The results from the issuances across two jurisdictions showed that deployment of SṢ can resolve contractual ambiguities arising from Sharīʿah interpretations, jurisdictional policies and legal regime issues, which affect Ṣukūk origination and issuances especially on the right of investors in the event of Ṣukūk defaults. Although SṢ is automated, the third party’s presence is not eliminated as the blockchain platform still relies on the validators who are usually blockchain developers functioning as a third party in the Ṣukūk chain. Research limitations/implications: The study relies on doctrinal literature to explain the features and requirements of SṢ. The empirical approach is limited to interview data based on local SṢ issuances. Future studies need to explore regulators’ role and global standards in cross-border issuance of SṢ with multiple jurisdictions/laws. Practical implications: The paper concludes that the offering of SṢ using local currency has been successful in the two issuances because of the facilitative regulatory environment. However, addressing Ṣukūk’s challenges in cross-border offerings would require guidance from international standard-setters such as the Accounting and Auditing Organization for Islamic Financial Institutions and the Islamic Financial Services Board. Originality/value: This study is an advanced application of smart contracts to alleviate the related Ṣukūk challenges in the Islamic capital market. © 2021, Emerald Publishing Limited.},
author_keywords={Blockchain;  Sharīʿah-compliance;  Smart Ṣukūk;  Ṣukūk challenges},
references={Abdul-Rahman, A., Nor, S.M., (2016) Challenges of Profit-and-Loss Sharing Financing in Malaysian Islamic Banking, 2 (2), pp. 39-46; Abu-Bakar, M.M., (2017) Shariah analysis of bitcoin, cryptocurrency, and blockchain; Al-Ḥilmī, S.A., Al-Ṣukūk Al-Islāmiyyah Wa dawruha fī Al-Tanmiyah Al-Iqtiṣādiyah (2014) Al-Nahda, 15 (4), pp. 85-104; Al-Kasānī, A.D.A.B.B.M., (1986) Badāiʻu Al-Ṣanāi’u Tartīb Sharāiʻu, , Dar Al-Kutub Al-‘ilmiyah; Al-Qarahdāgī, A.M., (2018) Al-‘Umlāt Al-Raqamiyah Al-iliktūrniyah bayna Al-ḥali wa taḥrīm, baynah al-wāq’ wal mashad, dirāsat fiqhiyah iqtiṣādiyah ma badāilumaqbūla shar‘an, p. 29; Allison, I., (2019) Santander Settles Both Sides of a $20 Million Bond Trade on Ethereum, , Coindesk; Alswaidan, M.W., Daynes, A., Pasgas, P., Understanding and evaluation of risk in sukuk structures (2017) Journal of Islamic Accounting and Business Research, 8 (4), pp. 389-405; Busari, S.A., Juristic analysis of ṣukūk default: East cameron gas United States of america saheed abdullahi busari (2019) Al Hikmah Journal, 2 (1), pp. 109-127; Busari, S.A., Zakariyah, H., Analysis of sukuk cross-default clause: a fiqh perspective (2019) Journal of Islamic Finance, 8 (2), pp. 50-57; Buterin, V., (2016) The Business Blockchain, , www.wiley.com/go/permissions, John Wiley and Sons, Inc; (2018) The role of sukuk in islamic capital markets, , Issue February; Crosby, M., Pradhan Pattanayak, N., Verma, S., Kalyanaraman, V., BlockChain technology: beyond bitcoin (2015) Sutardja Center for Entrepreneurship and Technology Technical Report, p. 35. , p., Berkeley Engineering; Crosby, M., Pradhan Pattanayak, N., Verma, S., Kalyanaraman, V., (2016) Applied innovation review (issue 2); Dietz, M., Khanna, S., Olanrewaju, T., Rajgopal, K., (2016) The New Picture in Finance, , McKinsey and Company; Elasrag, H., Blockchains for islamic finance: obstacles and challenges (2019) Munich Personal RePEc Archive, 92676, p. 34; Faridi, O., (2019) Banking Giant Santander Conducts One of the Most Advanced Blockchain-Based Bond Transactions, , Crowdfunding Insider; Feig, E., (2018) A framework for Blockchain-Based applications a framework for blockchain-based applications; Sukuk issuance in 10 largest markets fell in 2018 (2018) The Star Online; Gilder, S., Blockchain and embodied AI, innovation labs, commonwealth bank: in collaboration with the world bank (2019) Project Bond-i: Bonds on Blockchain: Commonwealth Bank of Australia; (2016) Blurred lines: How FinTech is shaping financial services; Halabi, A.K., Barrett, R., Dyt, R., Understanding financial information used to assess small firm performance: an Australian qualitative study (2010) Qualitative Research in Accounting & Management, 7 (2), pp. 163-179; Hamzah, S.R., Ismath Bacha, O., Mirakhor, A., Abdul Kader Malim, N., Empirical evidence of risk shifting in bonds and debt-based sukuk: the case of malaysian corporations (2018) Journal of Islamic Accounting and Business Research, 9 (5), pp. 687-700; Hekmatyar, M.S., Parkar, E., An evaluation of dana gas ’ s mudarabah sukuk from shariah and legal perspectives (2018) European Journal of Islamic Finance, 9, pp. 1-10; Hölbl, M., Kompara, M., Kamišali, A., A systematic review of the use of blockchain in healthcare (2018) Symmetry MDPI, 10 (10), pp. 1-22; Huckle, S., Bhattacharya, R., White, M., Beloff, N., Internet of things (2016) Blockchain and Shared Economy Applications, 98 (98), pp. 461-466. , www.sciencedirect.com; (2009) Guiding principles on sharī`ah governance systems for institutions offering islamic financial services, , Issue December; (2015) Islamic commercial law report 2016 an annual publication assessing the key issues, , Issue January; Kelso, C.E., (2017) Turkey religious ministry: Bitcoin ‘not appropriate to buy or sell’ for islamic believers, , https://news.bitcoin.com/turkey-religious-ministry-bitcoin-not-appropriate-to-buy-or-sell-for-islamic-believers/#:∼:text=IslamicReligiousBodyofTurkeyForbidsCrypto&text=“Inorderforacurrencyauniquevaluelikegold; Khan, N., Kchouri, B., Ahmad, N., Patel, A., Tokenization of sukuk: Ethereum case study (2020) Global Finance Journal; Khotinskay, G.I., Fin tech: fundamental theory and empirical features (2019) Social and Behavioural Sciences GCPMED 2018 International Scientific Conference “ Global Challenges and Prospects of the Modern Economic Development, pp. 1-8; Kunhibava, S., Mustapha, Z., Muneeza, A., Sa’ad, A.A., Karim, M.E., Ṣukūk on blockchain: a legal, regulatory and sharī’ah review (2021) ISRA International Journal of Islamic Finance, 13 (1); Laila, N., Anshori, M., The development of Sovereign Sukuk in Indonesia (2020) International Journal of Innovation, Creativity and Change, 11 (11), pp. 636-648. , http://www.ijicc.netwww.ijicc.net; Lindman, J., Opportunities and risks of blockchain technologies in payments– a research agenda juho (2017) The 50th Hawaii International Conference on System Sciences, 35 (3), pp. 709-716; Melnikovas, A., Towards an explicit research methodology: adapting research onion model for futures studies (2019) Journal of Futures Studies, 23, pp. 33-58. , https://doi.org/10.14321/j.ctv128fp04.6, (December 2018; Muḥammad bin Ismāʻīl Al-Bukhārī, A.A., (2002) Saḥiḥu Al-Bukharī, , Dār ibn Al-Kathīr; Pegah, Z., (2017) An introduction to islamic securities (sukuk) (vol. 2), , www.jur.uu.se/digitalAssets/563/c_563862-l_3-k_wps2017-2.pdf; Radzi, R.M., Evolution in the sukuk (islamic bonds) structure: how do market demands and shariah (islamic law) solutions shape them? (2018) Journal of Islamic Banking and Finance, 6 (1), pp. 16-28. , https://doi.org/10.15640/jibf.v6n1a2; Saʽad, A.A., Smart sukuk structure from shari ‘ ah perspective: the application of mudarabah smart contract (2018) E-Proceedings of the Global Conference on Islamic Economics and Finance, October, pp. 387-394; Sairally, B.S., Habib, F., Furqani, H., Hissam Kamal Hassan, M.M., Zakariya Othman, M., Bahroddin Badri, M., Zada, N., Hasan, Y.A.A.B., (2017) Ṣukūk Principles and Practices, , M. Muhammad, B.S.S. (Ed.), 1st ed, International Shariah Research Academy for Islamic Finance; Sassen, S., (2015) An Intervention in Digital Economy, , Lovink, G., Tkacz, N. and De Vries, P.,(Eds), Institute of Network Cultures, Amsterdam; Suruhanjaya sekuriti annual report (2017) Annual Report, 218; Suruhanjaya Sekuriti annual report (2020) Annual Report, , www.sc.com.my/ar-2020; Shahida, S., Why do firms issue sukuk over bonds? Malaysian evidence (2013) Prosiding Persidangan Kebangsaan Ekonomi Malaysia Ke, 2, pp. 551-573; Sherif, M., Erkol, C.T., Sukuk and conventional bonds: shareholder wealth perspective (2017) Journal of Islamic Accounting and Business Research, 8 (4), pp. 347-374; Tawfeek, F., (2018) Egypt’s dar al-Iftaa deems bitcoin currency as forbidden in islam, , https://egyptindependent.com/egypts-dar-al-iftaa-deems-bitcoin-currency-forbidden-islam/#:∼:text=RepublicanmuftiCouncellorMagdyAshourbeingusedtofundterrorism.&text=Duetothisnotbeing,thecurrencyforbidden%2Chesays; Vives, X., The impact of fintech on banking (2021) European Economy, 2017, pp. 97-105; Wilson, H., (2013) Britain to become first non-Muslim country to launch sharia bond, , The Telegraph; (2018) Implementing the 2030 agenda; Zhang-Zhang, Y., Rohlfer, S., An eco-systematic view of cross-sector fintech: the case of alibaba and tencent (2020) Sustainability (MDPI), 12, pp. 1-25; Busari, S.A., Abdulaziz, A., Dana gas sukuk default: a juristic analysis of court judgement (2019) International Journal of Islamic and Middle Eastern Finance and Management, 12 (4), pp. 569-585; Al-ʻUmlāt Al-Raqamiyah Al-iliktūrniyah bayna Al-ḥali wa taḥrīm, baynah al-wāqʻ wal mashad (2018) dirāsat fiqhiyah iqtiṣādiyah ma badāilu maqbūla sharʻan, p. 29; A comprehensive study of the global sukuk market (2018) Labuan IBFC, pp. 1-206. , April},
correspondence_address1={Busari, S.A.; Fiqh and Usul al-Fiqh Department, Malaysia; email: mrbusarisaheed@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Faizulayev2021457,
author={Faizulayev, A. and Wada, I. and Kyzdarbekova, A.S. and Parmankulova, I.},
title={What drives the banking competition in Islamic finance oriented countries? Islamic vs conventional banks},
journal={Journal of Islamic Accounting and Business Research},
year={2021},
volume={12},
number={4},
pages={457-472},
doi={10.1108/JIABR-06-2020-0173},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85107825458&doi=10.1108%2fJIABR-06-2020-0173&partnerID=40&md5=70e6206c00c52b5173db07adbd79d7e7},
affiliation={BCB Faculty, Kimep University, Almaty, Kazakhstan; Department of Accounting and Finance, Institute of Social Sciences, University of Mediterranean Karpasia, Lefkosa, Cyprus and Department of Economics, Faculty of Economics, Administrative and Social Sciences, Turkey B. Nisantasi University, Istanbul, Turkey; Higher School of Business and Economics, Al-Farabi Kazakh National University, Almaty, Kazakhstan; Department of Finance, Almaty Management University, Almaty, Kazakhstan},
abstract={Purpose: This study aims to examine the dynamics of banking competition between Islamic banks (IBs) and conventional banks (CBs) in emerging finance-oriented Islamic economies, also known as the QISMUT + 3 (i.e. Qatar, Indonesia, Saudi Arabia, Malaysia, the United Arab Emirates, Turkey, Bahrein, Kuwait and Pakistan). The main aim was to conduct a comparative market power analysis between IBs and CBs in the 2006–2015 period. Design/methodology/approach: The study used bank-specific and macro-economic variables available in the Orbis Bank Focus and the World Bank databases. The study applied a dynamic approach to detect endogeneity problems and unobserved heterogeneity using the two-step system GMM estimate. Findings: The research shows that market power persists in both types of banks over time. It also demonstrates that capital adequacy does not explain the market power of banking in the studied countries. Unlike IBs, the scale of banking does not influence the market power CBs. Corruption undermines competition in the conventional banking system. However, because of the ideological orientation of IBs, corruption does not affect their competitiveness. IBs outperform CBs in QISMUT + 3 countries in terms of banking competitiveness. They also have higher persistency of market power in the region. Practical implications: This study is a very beneficial source of information that can provide effective guidelines for efficient productivity and improved competitiveness of IBs and CBs in finance-oriented Islamic countries. Originality/value: The study is the first to compare the market power of IBs and CBs in this country classification. In addition, the study examined a large number of IBs and CBs to carry out this research. © 2021, Emerald Publishing Limited.},
author_keywords={Banking competition determinants;  Conventional banking;  Emerging markets;  Islamic banking;  QISMUT+3;  Top nine Islamic finance-oriented countries},
references={Almarzoqi, R., Naceur, S., Ben, Scopelliti, A.D., How does bank competition affect solvency, liquidity and credit risk? (2015) Evidence from the MENA Countries, , doi:, International Monetary Fund; Arellano, M., Bover, O., Another look at the instrumental variable estimation of error-components models (1995) Journal of Econometrics, 68 (1), pp. 29-51; Ariss, R.T., Competitive conditions in Islamic and conventional banking: a global perspective (2010) Review of Financial Economics, 19 (3), pp. 101-108; Ashraf, B.N., Do trade and financial openness matter for financial development? Bank-level evidence from emerging market economies (2018) Research in International Business and Finance, 44; Baltagi, B., Econometric analysis of panel data (2005) Vasa, , In; Berger, A.N., DeYoung, R., Problem loans and cost efficiency in commercial banks (1997) Journal of Banking and Finance; Blundell, R., Bond, S., Initial conditions and moment restrictions in dynamic panel data models (1998) Journal of Econometrics, 87 (1), pp. 115-143; Boone, J., A new way to measure competition (2008) The Economic Journal, 118 (531), pp. 1245-1261; Claessens, S., Laeven, L., (2003) What Drives Bank Competition? Some International Evidence, , The World Bank; Cubillas, E., González, F., Financial liberalization and bank risk-taking: International evidence (2014) Journal of Financial Stability, 11, pp. 32-48; De Guevara, J.F., Maudos, J., Explanatory factors of market power in the banking system (2007) The Manchester School, 75 (3), pp. 275-296; De Haan, J., Poghosyan, T., Bank size, market concentration, and bank earnings volatility in the US (2012) Journal of International Financial Markets, Institutions and Money, 22 (1), pp. 35-54; Demsetz, H., Information and efficiency: Another viewpoint (1969) The Journal of Law and Economics, 12 (1), pp. 1-22; (2016) World Islamic Banking Competitiveness Report 2016, , In Ernst and Young; Faizulayev, A., Bektas, E., Ismail, A.G., Profitability and persistency in the service industry: the case of QISMUT+ 3 (2020) The Service Industries Journal, 40 (3-4), pp. 290-314; Farrell, M.J., The measurement of productive efficiency (1957) Journal of the Royal Statistical Society: Series A (General), 120 (3), pp. 253-281; Fungáčová, Z., Solanko, L., Weill, L., Market power in the Russian banking industry (2010) Economie Internationale, 4, pp. 127-145; Geroski, P.A., Pomroy, R., Innovation and the evolution of market structure (1990) The Journal of Industrial Economics, 38 (3), pp. 299-314; Hansen, L.P., Large sample properties of generalized method of moments estimators author (s): Lars Peter Hansen published by: the econometric society stable URL: (1982) Society, 50 (4), pp. 1029-1054. , www.jstor.org/stable/1912775; Hay, D.A., Liu, G.S., The efficiency of firms: What difference does competition make? (1997) Economic Journal; Horvath, R., Seidler, J., Weill, L., How bank competition influences liquidity creation (2016) Economic Modelling, 52; Jayaratne, J., Strahan, P.E., Entry restrictions, industry evolution, and dynamic efficiency: Evidence from commercial banking (1998) Journal of Law and Economics; Jiménez, G., Lopez, J.A., Saurina, J., How does competition affect bank risk-taking? (2013) Journal of Financial Stability, 9 (2); Koetter, M., Kolari, J.W., Spierdijk, L., (2012) Enjoying the Quiet Life under Deregulation? Evidence from Adjusted Lerner Indices for US banks. Review of Economics and Statistics; Lee, C.C., Hsieh, M.F., Bank reforms, foreign ownership, and financial stability (2014) Journal of International Money and Finance, 40, pp. 204-224; Mirzaei, A., Moore, T., What are the driving forces of bank competition across different income groups of countries? (2014) Journal of International Financial Markets, Institutions and Money, 32; Mirzaei, A., Moore, T., What are the driving forces of bank competition across different income groups of countries? (2014) Journal of International Financial Markets, Institutions and Money, 32; Montgomery, D.C., Peck, E.A., Vining, G.G., (2012) Introduction to Linear Regression Analysis, 821. , (, John Wiley and Sons; Olley, G.S., Pakes, A., The dynamics of productivity in the telecommunications equipment industry (1996) Econometrica, 64 (6), p. 1263; Rakshit, B., Bardhan, S., Bank competition and its determinants: Evidence from Indian banking (2019) International Journal of the Economics of Business, 26 (2), pp. 283-313; Roodman, D., How to do xtabond2: an introduction to difference and system GMM in stata. Stata journal (2009) The Stata Journal: Promoting Communications on Statistics and Stata, 9 (1), pp. 86-136; Schaeck, K., Cihák, M., Competition, efficiency, and stability in banking (2014) Financial Management, 43 (1), pp. 215-241; Smolo, E., Mirakhor, A., The global financial crisis and its implications for the Islamic financial industry (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (4), pp. 372-385; Stiroh, K.J., Strahan, P.E., Competitive dynamics of deregulation: Evidence from U.S. Banking (2003) Journal of Money, Credit, and Banking, 35 (5)},
correspondence_address1={Faizulayev, A.; BCB Faculty, Kazakhstan; email: a.faizulayev@kimep.kz},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Guermazi20201757,
author={Guermazi, I.},
title={Investment account holders’ market discipline in GCC countries},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={9},
pages={1757-1770},
doi={10.1108/JIABR-04-2019-0067},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85084309118&doi=10.1108%2fJIABR-04-2019-0067&partnerID=40&md5=ea750337c393dee943d67541addbf390},
affiliation={Department of Finance and Investment, Imam Muhammad ibn Saud Islamic University, Riyadh, Saudi Arabia},
abstract={Purpose: The purpose of this study is to investigate the two components of market discipline, investment account holder (IAH) monitoring and the consequent reaction of the Islamic banks in GCC countries for the 2004–2013 period, including the recent financial crisis of 2008. Design/methodology/approach: We address the research question that Investment Account holders (IAH) in GCC countries suc as Kingdom of Saudi Arabia (KSA), Bahrain and United Arab Emirates (UAE) monitor their banks. Regression analysis was used to examine the dependence level of profit-sharing investment account (PSIA) growth rate on bank risk characteristics (CAMEL variables). Then, the reaction of banks by regression influencing CAMEL variables of one-lagged period on PSIA growth rate was verified. Findings: The results provide evidence of the first component of market discipline, i.e. the IAH monitoring, in KSA, Bahrain and UAE. The common result to the three countries is that market actors are concerned with accounting information on capital adequacy. However, in UAE, they are also interested in assets performance, whereas they look more at earnings in Bahrain. The results show evidence of the second component in Bahrain; the bank reaction to IAH monitoring and subsequently IAH discipline in Bahrain. Finally, the results do not support any impact of the financial crisis. Research limitations/implications: The sample size is small although it is constituted by banks having a sufficient number of observations. Practical implications: This study highlights the importance of IAH discipline, which would help prudential bank monitoring by regulators and wealth development for both investors and managers. It should increase the disclosure of relevant information as for the part of effective accountability of Islamic banks’ governance. Originality/value: This study contributes to the literature on market discipline by dealing with Islamic banks. It is one of the very few studies to investigate IAH discipline in Islamic banks and the second component of market discipline, i.e. the influence of monitoring on banks. © 2020, Emerald Publishing Limited.},
author_keywords={CAMEL;  Financial crisis;  Investment Account Holders;  Market discipline;  PSIA},
funding_details={3600/B/H03/2014/40, N N113 360040},
funding_text 1={This research project was financially supported by Scientific Research Deanship of Imam Mohammad Bin Saud University (Project N N113 360040, Contract 3600/B/H03/2014/40).},
references={Abdul-Rahman, A., Abdul-Latiff, R., Muda, R., Abdullah, M.A., Failure and potential of profit-loss sharing contracts: a perspective of New Institutional Economics (NIE) theory (2014) Pacific-Basin Finance Journal, 28, pp. 136-151; Ahmad, A., (2012) Islamic banks in Asia, and their differences with their GCC counter, , https://asianbankingandfinance.net/islamic-banking/commentary/islamic-banks-in-asia-and-their-differences-their-gcc-counterparts; Ahmed, H., Astuay, M., Wilson, R., Reflecting on islamic banking and financial crisis: Risks, reputation and stability (2014) Islamic Banking and Financial Crisis, Reputation, Stability and Ris, , AhmedH., Asutay M. and Wilson R., and (Eds), Edinburgh University Press; Alaeddin, O., Archer, S., Rifaat Ahmed Abdel Karim, R.A., Eskandar, M., Do profit-sharing investment account holders provide market discipline in an islamic banking system? (2017) Journal of Financial Regulation, 3, pp. 210-232; AlShattarat, W.K., Atmeh, M.A., Profit-sharing investment accounts in islamic banks or mutualization, accounting perspective (2016) Journal of Financial Reporting and Accounting, 14 (1), pp. 30-48; Archer, S., Karim, R.A., Profit-sharing investment accounts in islamic banks: regulatory problems and possible solutions (2009) Journal of Banking Regulation, 10 (4), pp. 300-306; Arnold, E.A., Größl, I., Koziol, P., Market discipline across bank governance models: empirical evidence from German depositors (2016) The Quarterly Review of Economics and Finance, 61. , Press; Arshad, R., Ismail, F., Discretionary risk disclosure: a management perspective (2011) Asian Journal of Accounting and Governance, 2, pp. 67-77; Baer, H., Brewer, E., (1986) Uninsured deposits as a source of market discipline: Some new evidence, pp. 23-31. , Economic perspectives, Federal Reserve Bank of Chicago; Barjas, A., Steiner, R., (2000) Depositor behavior and market discipline in columbia, , working paper, IMF; Bennett, R.L., Hwa, V., Kwast, M.L., Market discipline by bank creditors during the 2008–2010 crisis (2015) Journal of Financial Stability, 20, pp. 51-69; Berger, A.N., Turk-Ariss, R., Do depositors discipline banks and did government actions during the recent crisis reduce this discipline? An international perspective (2015) Journal of Financial Services Research, 48 (2). , forthcoming; Birchler, U.W., Maechler, A.M., (2002) Do Depositors Discipline Swiss banks?”, , working paper, National Swiss Bank; Bliss, R., Flannery, M.J., Market discipline in the governance of U.S. Bank holding companies: Monitoring vs. Influencing (2002) European Finance Review, 6 (3); Cook, D.O., Spellman, L.C., Repudiation risk and restitution costs: toward understanding premiums on insured deposits (1994) Journal of Money, Credit and Banking, 26 (3), pp. 439-459; El-Shazly, A., Incentive-based regulations and bank restructuring in Egypt (2001) Annual conference of the Middle East Economic Association; Farooq, M., Zaheer, S., Are Islamic banks more resilient during financial panics? (2015) Pacific Economic Review, 20 (1), pp. 101-124; Flannery, M.J., (2001) Journal of Financial Services Research, 20 (2-3), pp. 107-119; Garten, H.A., Banking on the market: Relying on depositors to control bank risks (1986) The Yale Journal of Regulation, 4; (2011) Market discipline by depositors, impact of deposit insurance on the Indonesian banking sector, , working paper, Institut of Economic Devolopment; Hamalainen, P., Hall, M., Howcroft, B., A framework for market discipline in bank regulatory design (2014) Journal of Business Finance and Accounting, 32. , January-mars 2005; Hannan, T.H., Hanweck, G.A., Bank insolvency risk and the marketfor large certificates of deposit (1988) Journal of Money, Credit and Banking, 20 (2), pp. 203-211; Hasan, I., JackowiczKowalewski, K., Kozłowski, Market discipline during crisis: evidence from bank depositorsin transition countries (2013) Journal of Banking and Finance, 37 (12); Hasan, M., Dridi, J., (2010) The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study, , IMF working paper; Jedidia, K.B., Hamza, H., Profits and losses sharing paradigm in Islamic banks: constraints or solutions for liquidity management? (2014) Journal of Islamic Economics, Banking and Finance, p. 10; Jordan, S., (2000) Depositor discipline at failing banks, pp. 15-28. , New England Economic Review; Maechler, A.M., McDill, K.M., Dynamic depositor discipline in U.S. Banks (2006) Journal of Banking and Finance, 30; Napier, C., Other cultures, other accountings? Islamic accounting from past topresent (2007) in the 5thAccounting History International Conference, Banff, 9-11August; Omet, G., Saif, I., Yaseen, H., Market discipline and deposit insurance: evidence from some Middle Eastern banks (2007) Corporate Ownership and Control Journal, 6; Omet, G., Saif, I., Yaseen, H., Market discipline in banking: the Jordanian experience (2015) Journal of Business Economics and Finance, 4 (2); Othman, H., Mersni, H., The use of discretionary loan loss provisions by Islamic banks and conventional banks in the Middle east region: a comparative study (2014) Studies in Economics and Finance, 31 (1), pp. 106-128; Park, S., Peristiani, S., Market discipline by thrift depositors (1998) Journal of Money, Credit and Banking, 30 (3), pp. 347-364; Peria, M.S., Schmukler, S.L., Do depositors punish banks for bad behavior? Market discipline, deposit insurance, and banking crises (2001) The Journal of Finance, 56 (3), p. 3; Salem, R.A., Badreldin, A.M., Assessing the resilience of Islamic banks: an empirical analysis (2014) Islamic Banking and Financial Crisis, Reputation, Stability and Risk, , AhmedH., Asutay M. and Wilson R. and (Eds), Edinburgh University Press; Shawtari, F.A., Saiti, B., Abdul Razak, S.H., Ariff, M., The impact of efficiency on discretionary loans/finance loss provision: a comparative study of Islamic and conventional banks (2015) Borsa Istanbul Review, 15 (4), pp. 272-282; Taktak, N.B., Ben Slama, Z.S., Boudriga, A., Do Islamic banks use loan loss provisions to smooth their results? (2010) Journal of Islamic Accounting and Business Research, 1 (2), pp. 114-127; Ungan, E., Caner, S., Özyýldýrým, S., Depositors’ assessment of bank riskiness in the Russian Federation (2007) Journal of Financial Services Research, 33 (2); Wafaretta, V., Rosidi, A.F., Rahman, The impact of bank characteristics on profit distribution management of Islamic banks (2016) Procedia-Social and Behavioral Sciences, 219, pp. 769-776; Zoubi, T.A., Al‐Khazali, O., Empirical testing of the loss provisions of banks in the GCC region (2007) Managerial Finance, 33 (7), pp. 500-511; Abdul Karim, M., Hassan, M.K., Hassan, T., Mohamad, S., Capital adequacy and lending and deposit behavior of conventional and Islamic banks (2013) Pacific-Basin Finance Journal, 28; (1997) Islamic Financial Instruments for Public Sector Resource Mobilization, , Jeddah Islamic Research and Training Institute, Edited with Dr Tariqullah Khan); (2002) Islamic finance, an efficient and equitable option, , Islamic Research and Training Institute, Islamic Development Bank; BeckDemirgüç-Kunt, T., Merrouche, O., (2010) Islamic vs. Conventional banking business model, earnings and stability, , working paper, The World Bank Development Research Group Finance and Private Sector Development Team; Bliss, R., (2004) Market Discipline across Countries and Industries, , MIT press; Bliss, R., (2014) The Oxford Handbook of Banking, , Oxford University Press; Calomiris, C.H., Khan, C.M., The role of demandable debt in structuring optimal banking arrangements (1991) American Economic Review, 81 (3), pp. 497-513; Calomiris, C.W., Wilson, B., Bank capital and portfolio management: the 1930’s capital crunch and scramble to shed risk (2004) The Journal of Business, 77 (3), pp. 421-456; Cubillas, E., Fernandez, A.I., Gonzalez, F., How credible is a too-big-to-fail policy? International evidence from market discipline (2015) Journal of Financial Intermediation, 29; De Ceuster, M.J.K., Masschelein, N., Regulating banks through market discipline: a survey of the issues (2003) Journal of Economic Surveys, 17 (5), pp. 749-766; Demirgüç-Kunt, A., Huizinga, H., Market discipline and deposit insurance (2004) Journal of Monetary Economics, 51 (2); Demirgüç-Kunt, A., Karacaovali, B., Laeven, L., (2005) Deposit Insurance around the World: A Comprehensive Database, , Policy Research Working Paper #3628, World Bank, Washington, DC; Ellis, D.M., Flannery, M.J., Does the debt market assess large banks’ risk? Time series evidence from money center CDs (1992) Journal of Monetary Economics, 30 (3), pp. 481-502; (2014) World Islamic Banking Competitiveness Report 2014; Farook, S., Hasan, M., Clinch, G., Profit distribution management by Islamic banks: an empirical investigation (2012) The Quarterly Review of Economics and Finance, 52 (3), pp. 333-334; Gilbert, R.A., Market discipline of bank risk: theory and evidence (1990) Review, 72 (1), pp. 3-18; Goldberg, L.G., Hudgins, S.C., Response of uninsured depositors to impending S&L failures: evidence of depositor discipline (1996) The Quarterly Review of Economics and Finance, 36 (3), pp. 311-325; Goldberg, L.G., Hudgins, S.C., Depositor discipline and changing strategies for regulating thrift institutions (2002) Journal of Financial Economics, 63 (2), pp. 263-274; Hamdi, F.M., Zarai, M.A., Earnings management and investment account holders interests in Islamic banking institutions (2013) International Journal of Business and Management Invention, 2, pp. 22-35; Kamarudin, W.N., Ismail, A.G., (2013) Profit sharing and loss bearing in financial intermediation theory, p. 10. , p., Investment Management and Financial Innovation; Ramli, M.R., Shahida, S., Ismail, A.G., Do Malaysian Islamic banks manage earnings through profit equalization reserve? (2012) Capital Market Review, 20, pp. 1-20; (1985) Partnership and Profit Sharing, , The Islamic Foundation, Leicster; Islamic banking and finance in theory and practice: a survey of state of the art (2006) Islamic Economics Studies, 13 (2); Sijben, J.J., Regulation and market discipline in banking supervision: an overview – part 1 (2002) Journal of Banking Regulation, 3 (4), pp. 363-380; (2010) Survey on Islamic deposit insurance: results, , Bank of International Settlements},
correspondence_address1={Guermazi, I.; Department of Finance and Investment, Saudi Arabia; email: imeneguermazi@yahoo.fr},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hoque20201,
author={Hoque, A. and Rakhi, S. and Hassan, K. and Le, T.},
title={The performance of stock portfolios: Evidence from analysing malaysia case, and implication for open innovation},
journal={Journal of Open Innovation: Technology, Market, and Complexity},
year={2020},
volume={6},
number={4},
pages={1-13},
doi={10.3390/joitmc6040178},
art_number={178},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85098488195&doi=10.3390%2fjoitmc6040178&partnerID=40&md5=2b97726c726a6c881d55de411830d28d},
affiliation={Murdoch Business School, Murdoch University, Murdoch, WA  6150, Australia; School of Business and Law, Edith Cowan University, Joondalup, WA  6027, Australia},
abstract={This research examines the performance of the Islamic stock portfolio (ISP) and conventional stock portfolio (CSP) for the five industrial sectors and market in Malaysia. The capital asset pricing model statistics indicate that the ISP provides a higher return with a lower systematic risk compared to the CSP in different sectors; however, the ISP and CSP perform equally in the market. The non-parametric stochastic dominance approach reveals that the ISP is better than the CSP for portfolio return without considering the riskiness for all sectors except properties; further, the ISP outperforms the CSP under the market condition. Economic significance analysis identifies that the expected financial loss of the ISP is lower than that of the CSP in all sectors other than properties; the anticipated financial loss of the ISP is significantly less than that of the CSP in the market situation. The overall findings imply that the risk-sharing ISP is superior to the risk-bearing CSP for better returns at the sector as well as the market level. © 2020 by the authors. Licensee MDPI, Basel, Switzerland.},
author_keywords={Historical VaR;  Islamic portfolio;  Stochastic dominance},
references={Kassim, S., Islamic finance and economic growth: The Malaysian experience (2016) Glob. Financ. J, 30, pp. 66-76. , [CrossRef]; Majid, M., Kassim, S.H., Potential diversification benefits across global Islamic equity markets (2010) J. Econ. Coop. Dev, 31, pp. 103-126; Akhtar, S., Jahromi, M., Risk, return and mean-variance efficiency of Islamic and non-Islamic stocks: Evidence from a unique Malaysian data set (2015) Account. Financ, 57, pp. 3-46. , [CrossRef]; Umar, Z., Islamic vs. conventional equities in a strategic asset allocation framework (2017) Pac. Basin Financ. J, 42, pp. 1-10. , [CrossRef]; Cheema, M.A., Nartea, G.V., Cross-Sectional and Time-Series Momentum Returns and Market Dynamics: Are Islamic Stocks Different? (2017) SSRN Electron. J, 50, pp. 5830-5845. , [CrossRef]; Ahmad, Z., Ibrahim, H., A Study of Performance of the KLSE Syariah Index (2020) Malays. Manag. J, 6, pp. 25-34. , [CrossRef]; Al-Zoubi, H.A., Maghyereh, A.I., The relative risk performance of islamic finance: A new guide to less risky investments (2007) Int. J. Theor. Appl. Financ, 10, pp. 235-249. , [CrossRef]; Sukmana, R., Kolid, M., Impact of global financial crisis on Islamic and conventional stocks in emerging market: An application of ARCH and GARCH method (2012) Asian Acad. Man. J. Account. Financ, 31, pp. 357-370; Walkshäusl, C., Lobe, S., Islamic investing (2012) Rev. Financ. Econ, 21, pp. 53-62. , [CrossRef]; Arouri, M.E., Ben Ameur, H., Jawadi, N., Jawadi, F., Louhichi, W., Are Islamic finance innovations enough for investors to escape from a financial downturn? Further evidence from portfolio simulations (2013) Appl. Econ, 45, pp. 3412-3420. , [CrossRef]; Alkhazali, O.M., Lean, H.H., Samet, A., Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach (2014) Pac. Basin Financ. J, 28, pp. 29-46. , [CrossRef]; Ho, C.S.F., Rahman, N.A.A., Yusuf, N.H.M., Zamzamin, Z., Performance of global Islamic versus conventional share indices: International evidence (2014) Pac. Basin Financ. J, 28, pp. 110-121. , [CrossRef]; Hammoudeh, S., Mensi, W., Reboredo, J.C., Nguyen, D.K., Dynamic dependence of the global Islamic equity index with global conventional equity market indices and risk factors (2014) Pac. Basin Financ. J, 30, pp. 189-206. , [CrossRef]; Bahloul, S., Mroua, M., Naifar, N., Further evidence on international Islamic and conventional portfolios diversification under regime switching (2016) Appl. Econ, 49, pp. 3959-3978. , [CrossRef]; Morse, D., An Econometric Analysis of the Choice of Daily versus Monthly Returns in Tests of Information Content (1984) J. Account. Res, 22, p. 605. , [CrossRef]; Sharpe, W.F., The Sharpe Ratio (1994) J. Portf. Manag, 21, pp. 49-58. , [CrossRef]; Treynor, J.L., Mazuy, K.K., Can mutual funds outguess the market? (1966) Harv. Bus. Rev, 44, pp. 131-136; Elfakhani, S., Hassan, M.K., Sidani, Y., Comparative performance of Islamic versus secular mutual funds (2005) Proceedings of the 12th Economic Research Forum Conference, , Cairo, Egypt, 19–21 December; Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Malaysian Islamic unit trust funds (2007) Manag. Financ, 33, pp. 142-153. , [CrossRef]; Mohammad, N., Mokhtar, M., Islamic equity fund performance in Malaysia: Risk and return analysis (2008) Proceedings of the MFA 10th 2008 Conference, , Paris, France, 10–14 March; Alam, N., A comparative performance analysis of conventional and Islamic exchange-traded funds (2013) J. Asset Manag, 14, pp. 27-36. , [CrossRef]; Karim, B.A., Datip, E., Shukri, M.H.M., Islamic stock market versus conventional stock market (2014) Int. J. Econ. Commer. Manag, 2, pp. 1-9; Hassan, H.M.U., Razzaque, S., Tahir, M.S., Comparison of financial instruments in Islamic versus conventional banking system and liquidity management (2013) Afr. J. Bus. Manag, 7, pp. 1695-1700. , [CrossRef]; Mallin, C.A., Saadouni, B., Briston, R.J., The financial performance of ethical investment funds (1995) J. Bus. Financ. Account, 22, pp. 483-496. , [CrossRef]; Black, F., Jensen, M.C., Scholes, M., The capital asset pricing model: Some empirical tests (1972) Stud. Theory Cap. Mark, 81, pp. 79-121; Hematfar, M., Ehsani, S., What is Capital Asset Pricing Model? (2011) SSRN Electron. J, , [CrossRef]; Sharpe, W.F., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) J. Financ, 19, pp. 425-442; Sharpe, W.F., Mutual fund performance (1966) J. Bus, 39, pp. 119-138. , [CrossRef]; Treynor, J.L., How to rate management of investment funds (1965) Harv. Bus. Rev, 43, pp. 63-75; Vinod, H., Ranking mutual funds using unconventional utility theory and stochastic dominance (2004) J. Empir. Finance, 11, pp. 353-377. , [CrossRef]; Kimball, M., Precautionary Saving in the Small and in the Large (1989) Econometrica, 58, pp. 53-74. , [CrossRef]; Vinod, H.D., (2008) Hands-On Intermediate Econometrics Using R: Templates for Extending Dozens of Practical Examples, , World Scientific: Singapore, ISBN 10-981-281-885-5; Duffie, D., Pan, J., An Overview of Value at Risk (1997) J. Deriv, 4, pp. 7-49. , [CrossRef]; Linsmeier, T.J., Pearson, N.D., Value at Risk (2000) Financ. Anal. J, 56, pp. 47-67. , [CrossRef]; Rubera, G., Chandrasekaran, D., Ordanini, A., Open innovation, product portfolio innovativeness and firm performance: The dual role of new product development capabilities (2016) J. Acad. Mark. Sci, 44, pp. 166-184. , [CrossRef]; West, J., Gallagher, S., Challenges of open innovation: The paradox of firm investment in open-source software (2006) R&D Manag, 36, pp. 319-331. , [CrossRef]; Caputo, M., Lamberti, E., Cammarano, A., Michelino, F., Exploring the impact of open innovation on firm performances (2016) Manag. Decis, 54, pp. 1788-1812. , [CrossRef]; Bingham, A., Spradlin, D., (2011) The Open Innovation Marketplace: Creating Value in the Challenge Driven Enterprise, , 1st ed.; FT Press: Upper Saddle River, NJ, USA, ISBN 978-0-13-231183-0; Summerfield, R., (2017) Innovation in Islamic Finance, , https://www.financierworldwide.com/innovation-in-islamic-finance#.X7-WnWj7RPY, (accessed on 25 November 2020); Poon, J., Chow, Y.W., Ewers, M.C., Ramli, R., The Role of Skills in Islamic Financial Innovation: Evidence from Bahrain and Malaysia (2020) J. Open Innov. Technol. Mark. Complex, 6, p. 47. , [CrossRef]; Sinclair, T.J., Institutional Failure and the Global Financial Crisis (2012) The Consequences of the Global Financial Crisis, pp. 139-155. , Oxford University Press (OUP): Oxford, UK; Dharani, M., Seasonal Anomalies between S&P CNX Nifty Shariah Index and S&P CNX Nifty Index in India (2011) J. Educ. Vocat. Res, 1, pp. 101-108. , [CrossRef]; Jawadi, F., Jawadi, N., Louhichi, W., Conventional and Islamic stock price performance: An empirical investigation (2014) Int. Econ, 137, pp. 73-87. , [CrossRef]; Hayat, R., Kraeussl, R., Risk and return characteristics of Islamic equity funds (2011) Emerg. Mark. Rev, 12, pp. 189-203. , [CrossRef]},
correspondence_address1={Hoque, A.; Murdoch Business School, Australia; email: a.hoque@murdoch.edu.au},
publisher={MDPI AG},
issn={21998531},
language={English},
abbrev_source_title={J. Open Innov.: Technol. Mark. Complex.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Subekti2020,
author={Subekti, R. and Abdurakhman and Rosadi, D.},
title={Modified capital asset pricing model (CAPM) into sharia framework},
journal={Journal of Physics: Conference Series},
year={2020},
volume={1581},
number={1},
doi={10.1088/1742-6596/1581/1/012021},
art_number={012021},
note={cited By 4; Conference of 3rd International Seminar on Innovation in Mathematics and Mathematics Education, ISIMMED 2019 ; Conference Date: 3 October 2019 Through 4 October 2019;  Conference Code:161797},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85089090144&doi=10.1088%2f1742-6596%2f1581%2f1%2f012021&partnerID=40&md5=8251c9fd3ae5e834958f4786cacf5a8f},
affiliation={Universitas Negeri Yogyakarta, Yogyakarta, Indonesia; Universitas Gadjah Mada, Yogyakarta, Indonesia},
abstract={This study is to expose the sharia concept in the Islamic market, especially on the practice of the equilibrium model or the Capital Asset Pricing Model (CAPM). Islamic index and sharia market are introduced to answer the Islamic investment. However, we cannot apart from the interest rate, which is related to 'riba' and prohibited in Islam religion. Many references proposed the Islamic theory into the CAPM, so the model has been modified and adjusted to deliver the new solution on sharia investment. We provide a general illustration to explain how the sharia concept in CAPM as an equilibrium model and its implementation in Jakarta Islamic Index (JII). The result shows that the range of return is various, while the risk both beta and standard deviation have remained steady. The result shows that the Sharia version with the Sukuk rate performs better than the others from the expected return. © Published under licence by IOP Publishing Ltd.},
keywords={Commerce;  Costs;  Investments, Capital asset pricing model;  Equilibrium modeling;  Expected return;  Interest rates;  Jakarta;  Standard deviation, Financial markets},
references={Bodie, Z., Kane, A., Marcus, A.J., (2014) Investments; Salman, A., Nawaz, H., ScienceDirect Islamic financial system and conventional banking : A comparison (2018) Arab Econ. Bus. J., 13 (2), pp. 155-167; Parashar, S.P., Venkatesh, J., How Did Islamic Banks Do during Global Financial Crisis ? How did Islamic banks do during global financial crisis ? (2010) Banks Bank Syst., 4, pp. 54-62; Dridi, J., Hasan, M., The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study (2010) IMF Work. Pap., 10 (201), pp. 1-46; Hanif, M., Risk and Return under Shari'a Framework: An Attempt to Develop Shari'a Compliant Asset Pricing Model (SCAPM) (2011) Pakistan J. Commer. Soc. Sci., 5, pp. 283-292; Sadaf, R., Andleeb, S., Islamic Capital Asset Pricing Model (ICAPM) (2014) J. Islam. Bank. Financ., 2, pp. 187-195; Asgharpur, H., Kohnehshahri, L.A., Karami, A., The Relationships between Interest Rates and Inflation Changes : An Analysis of Long Term Interest Rate Dynamics in Developing Countries, pp. 1-8; Shaikh, S., Corporate finance in an interest free economy: An alternate approach to practiced Islamic Corporate Finance (2009) MPRA Pap., p. 19459; Hakim, S., Hamid, Z., Capital Asset Pricing Model and Pricing of Islamic Financial Instruments (2016) JKAU Islam. Econ, 29, pp. 21-39; Mustofa, L., The Substance of the Formal Prohibition of the Riba: Islamic Finance and the Tie with the Real Economy (2018) Int. J. Islam. Stud. Humanit., 1, pp. 57-68},
editor={Retnawati H., Kismiantini, Montesinos-Lopez O.A.},
publisher={Institute of Physics Publishing},
issn={17426588},
language={English},
abbrev_source_title={J. Phys. Conf. Ser.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Tajudin20201638,
author={Tajudin, M. and Omar, R. and Smedlund, A. and Aziz, R.P.},
title={Financing with heart and intelligence: augmenting intimacy and sustainability through islamic fintech},
journal={International Journal of Advanced Science and Technology},
year={2020},
volume={29},
number={9 Special Issue},
pages={1638-1664},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85084368157&partnerID=40&md5=c195213f22e8b1fa570194ac7037a627},
affiliation={Universiti Teknologi Malaysia, Malaysia; Aalto University, Finland; Mercy Malaysia Malaysia, Malaysia},
abstract={Efforts by global society to improve financial inclusion amongst the underprivileged have gained traction, but challenges abound to prevent a comprehensive success. Open innovation between critical stakeholders in the emerging fintech industry brings about positive results to improve financing needs of this huge segment of the market that ranges from those underserved by banks because of credit risk, to migrants and refugees. Despite the introduction of disruptive fintech services, the needs generated by unimproved conditions and protracted crises outstrip the resources available to meet them. Islamic fintech has the potential to solve this problem through its mandatory (zakat), voluntary (waqf and sadaqah) philanthropic principles, as well as its encouragement to fostering the culture of science, technology, and advancement, in forming a steady pool of resources to enable financial inclusion. This research employs literature review, conceptual analysis and qualitative case study methodology to provide an overview of how fintech start-ups in Finland and Malaysia facilitate financial inclusion through the illustration of two major fintech sectors, namely e-marketplace/payments and crowdfunding/peer-to-peer (P2P) financing. We synthesize that open innovation further enhances fintech services to elevate social finance from its current infrastructure to a more sustainable outcome-base funding, changing the way capital could be mobilized for social impact. Our findings also suggest that Islamic fintech offers an effective and efficient alternative to raising funds in the backdrop of financing the underserved individuals, while providing a knowledge-based platform that enhances customer-service provider intimacy to guide future social finance decisions. © 2020 SERSC.},
author_keywords={Financial inclusion;  Fintech;  Islamic fintech;  Open innovation},
funding_text 1={In Malaysia, regulators have played an important role in opening up the ecosystem to support the growth of local fintech start-ups. The Malaysian central bank facilitates businesses and create encouraging environments like sandboxes for fintech start-ups to come in and test their services. Prompted by clear message of its digitisation targets for the financial industry, regulators in Malaysia have liberalised areas like insurance, alternative trading assistance, robo advisory and peer-to-peer lending. Although it can be seen as a double-edged sword, the fact that regulation gives consumers confidence should overcome the negative aura attached to the costs incurred due to regulation. Still, there are rooms for improvement. Ethis’s Umar Munshi said: “The going for start-ups are still at a slow pace though there have been various efforts undertaken by the regulators and authorities. The current efforts are fragmented. We need a synchronised, focused and specific initiative led by a specific government entity, or perhaps a special committee to drive the move.” Some of the agencies involved in regulating fintech are the Securities Commission Malaysia (SC), Malaysia Digital Economy Corporation (MDEC), besides Malaysia’s central bank. Public sector funds should also be allocated for funding program so there will be innovation among Islamic fintech start-ups. Fintech has the potential to make Islamic finance a more attractive business as technology could generate better efficiency, reduce costs of operation and spur competitiveness.},
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Contesting Suri and Jack’s M-Pesa findings published in Science (2019) Review of African Political Economy, 46 (161), pp. 480-495; Berg, L., Naslund, B., (1988) Finansiella Innovationer, , (eds.), Stockholm; Brekke, T., Halal Money: Financial inclusion and demand for Islamic banking in Norway (2018) Research & Politics, 5 (1); Buckley, R., Arner, D., Barberis, J., The Evolution of Fintech: A New Post-Crisis Paradigm? 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correspondence_address1={Tajudin, M.; Universiti Teknologi MalaysiaMalaysia; email: misyer2@live.utm.my},
publisher={Science and Engineering Research Support Society},
issn={20054238},
language={English},
abbrev_source_title={Int. J. Adv. Sci. Technol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Rethel2020354,
author={Rethel, L.},
title={Governed Interdependence, Communities of Practice and the Production of Capital Market Knowledge in Southeast Asia},
journal={New Political Economy},
year={2020},
volume={25},
number={3},
pages={354-369},
doi={10.1080/13563467.2018.1563059},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85082922540&doi=10.1080%2f13563467.2018.1563059&partnerID=40&md5=19b3db85e8db85ecfc726e0b405b5042},
affiliation={Department of Politics and International Studies, University of Warwick, Coventry, United Kingdom},
abstract={This article revisits the notion of governed interdependence to examine the knowledge practices that have underpinned the expansion of debt capital markets in Southeast Asia, with a focus on Indonesia and Malaysia. It identifies two types of communities of practice – one of planners/policymakers, one of market practitioners – as central to the production of capital market knowledge and traces the emphasis placed on them by state actors through consecutive capital market development plans. The article then moves on to examining how both countries have sought to implement regimes for the training and licensing of capital market professionals in the wake of the financial crisis of the late 1990s. It argues that these knowledge practices bestow capital markets with legitimacy which makes the practices of investing in and borrowing from debt capital markets socially acceptable, if not even a key developmental objective. This is in the context of both the Asian crisis and more recent crises repeatedly showing the dangers of speculative portfolio investment as well as Islamic stipulations against speculative finance in these two Muslim-majority countries. © 2019, © 2019 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={Capital market development;  communities of practice;  Islamic finance;  professional expertise;  Southeast Asia},
keywords={capital market;  financial crisis;  governance approach;  investment;  knowledge economy;  market development, Southeast Asia},
funding_details={Leverhulme TrustLeverhulme Trust, RF-2018-452},
funding_text 1={This work was supported by Leverhulme Trust [Grant number RF-2018-452].},
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correspondence_address1={Rethel, L.; Department of Politics and International Studies, United Kingdom; email: L.Rethel@warwick.ac.uk},
publisher={Routledge},
issn={13563467},
language={English},
abbrev_source_title={New Polit. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Shabbir2020269,
author={Shabbir, M.S.},
title={Informal shariah pawnshop in the traditional markets of Surakarta},
journal={Journal of Islamic Marketing},
year={2020},
volume={11},
number={2},
pages={269-281},
doi={10.1108/JIMA-09-2017-0097},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064644300&doi=10.1108%2fJIMA-09-2017-0097&partnerID=40&md5=dac40dea44f464a700469c78a56c6377},
affiliation={University of Lahore, Lahore, Pakistan},
abstract={Purpose: This study aims to explore how informal pawnbrokers and informal pawners interpret the existence of the informal pawnshop in the traditional market in Surakarta, Indonesia, with the main focus to determine the applicability of informal pawnshop development model. Design/methodology/approach: The research used the qualitative method with the phenomenological approach using interview method to fully comprehend the informants’ views regarding the informal pawnshop existence in traditional markets in Surakarta, Indonesia. The applicability of informal pawnshop development model is required for Muslim market vendors. Charitable institutions shall participate in the development of the model by empowering (zakat, infaq, shadaqah and waqf) funds to help Muslims vendors in the traditional markets for additional capital in accordance with Islamic laws for a pawnshop. Findings: The result of the research shows that the existence of informal pawning in the traditional markets is difficult to avoid as both informal pawnbrokers and informal pawners need one another. Most vendors in the traditional markets are Muslims. Islam teaches that loan interest is categorized as forbidden riba. Meanwhile, in the informal pawning practices, the informal pawnbrokers charge loan interest to the informal pawners. Originality/value: The objective of this study is to investigate to what extent the Islamic pawn shops motivated the people through interest-free system. However, in past, tradition markets facilitate the people, but they charged a huge against it with interest (riba). © 2019, Emerald Publishing Limited.},
author_keywords={Indonesian society;  Informal pawnshop;  Informal shariah pawnshop;  Muslim market vendors;  Pawning;  Traditional market},
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correspondence_address1={Shabbir, M.S.; University of LahorePakistan; email: mshahzad786.pk11@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17590833},
language={English},
abbrev_source_title={J. Islam. Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nirzalin2020210,
author={Nirzalin, Nirzalin@unimal.ac.id and Febriandi, Y.},
title={Teungku dayah agency and religious social capital on drug eradication in aceh, Indonesia},
journal={Jurnal Ilmu Sosial dan Ilmu Politik},
year={2020},
volume={23},
number={3},
pages={210-222},
doi={10.22146/jsp.51061},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85088392628&doi=10.22146%2fjsp.51061&partnerID=40&md5=653200bbefacbd6fe2caa941e10f4fae},
affiliation={Faculty of Social and Political Sciences, Universitas Malikussaleh, Indonesia; Faculty of Syariah, Iain, Langsa, Indonesia},
abstract={This article examines the success of religious social capital and the agency of teungku dayah (Islamic scholars who belong to traditional religious school) in the collective drug eradication movement in Ujong Pacu, Lhokseumawe-Aceh, Indonesia. The role of religious social capital in combating the drugs market in global drug policy has been less studied. This study provides a quite different view from most scholars who work for combating drug dealers by engaging participation of religious communities in rural society. The agency of teungku dayah succeeded in mobilizing the villagers due to the social capital that bonded the community based on religious ties. The article used live-in method, observation, in-depth and interviews to build a sociological imagination about the patterns of social practice of the people who become the subject of the research. The researchers lived in one of the villager's houses, participated in their discussions, listened to the gossip, worshipped with them and were involved in certain jobs carried out by the community members who targeted informants. Using religious social capital, this article argues that teungku dayah effectively used the social and religious capital of the Ujong Pacu community to conduct drug eradication. Religious social capital has strong ties in unifying elements of the people in the same religion, moreover it becomes an energy that keeps motivating the community to run anti-drugs movement and driving out the drug addicts in Ujong Pacu, Lhokseumawe-Aceh. © RADCLIFFE CARDIOLOGY 2020.},
author_keywords={Aceh;  Drug eradication;  Islamic traditionalist scholars;  Religious social capital},
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correspondence_address1={Febriandi, Y.; Faculty of Syariah, Indonesia; email: yogifebriandi@iainlangsa.ac.id},
publisher={Universitas Gadjah Mada - Faculty of Social and Political Sciences},
issn={14104946},
language={English},
abbrev_source_title={J. Ilmu Sos. Ilmu Politik},
document_type={Article},
source={Scopus},
}

@ARTICLE{Abdul-Rahim2019756,
author={Abdul-Rahim, R. and A. Wahab, A. and Yusoff, N.A.},
title={Impact of shariah-compliant status on firms’ decision to practice forex hedging},
journal={Journal of Islamic Accounting and Business Research},
year={2019},
volume={10},
number={5},
pages={756-769},
doi={10.1108/JIABR-06-2016-0076},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85075140526&doi=10.1108%2fJIABR-06-2016-0076&partnerID=40&md5=3cda533b4c724e28c66757d8e24b0839},
affiliation={School of Management, Faculty of Economics and Management, National University of Malaysia, Bangi, Malaysia; Graduate School of Business, National University of Malaysia, Bangi, Malaysia},
abstract={Purpose: The purpose of this paper is to investigate whether the shariah-compliant status of the firms negatively influences their use of foreign exchange hedging instruments. Design/methodology/approach: This paper uses a logit panel regression on 350 firm-year observations from 70 nonfinancial listed firms over the period from 2010 to 2014. Shariah-compliant companies account for about 84 per cent of the sample firms. Findings: Preliminarily, the results show that none of the samples of the shariah-compliant firms report any use of Islamic hedging instrument, either in the form of wa’d or tawarruq. The results of the study’s logit panel regression contradict the authors’ prediction that the shariah-compliant status negatively influences firms’ decision to hedge. In contrast, shariah-compliant companies are twice as likely as their conventional counterparts in adopting forex hedging. Research limitations/implications: This study is limited to information disclosed in the items 31, 36 and 37 of financial management policies in the annual report. However, given that shariah-compliant firms must abide by the limit of 5 per cent profits before tax from clearly prohibited activities (including riba’), the need for exclusive disclosure on the adoption of Islamic or conventional hedging appears to be imperative for the viability of the Malaysian Islamic capital market. Practical implications: In evaluating the shariah compliance of a company, investors (individual or institutional) must look further than just interest-based riba’ in mixed-business companies to ensure that they comply with the 5 per cent maximum requirement on the non-halal business contribution to profit. This is because the finding of this study indicates that shariah-compliant companies are twice as likely to adopt forex hedging, when none of them reports the use of Islamic hedging tools. Investors must therefore give ample allowance to riba’ that can be induced through the use of conventional forex hedging instruments. This is until the security market regulator imposes a requirement on shariah-compliant companies an explicit disclosure of the use of Islamic versus conventional hedging tools, as they had done in the case of Islamic versus conventional debt instruments. Social implications: Muslim and socially responsible investors rely on the Shariah-compliant status of the company in ensuring that their wealth grows according to the Shariah principles. To sustain and develop the Islamic capital market which the firms have been relying on for external capital, Shariah-compliant firms and the authority awarding the status are equally responsible for honoring the trust that these investors by ensuring the permissibility (halal) of the business and the conduct of their business. Originality/value: Conventional forex hedging instruments are criticized for violating as-sarf, a shariah principle, which requires the exchanges of particular assets (gold, silver and currency) to be delivered on the spot, and thereby infusing riba’ al-fadhl. Although Islamic (wa’d- or tawarruq-based) hedging instruments are widely available by Islamic banks in this country since they were introduced by Bank Negara Malaysia in 2010, paradoxically, the authors’ observation indicates that none of the studied firms reports the adoption of these instruments in their annual reports. © 2019, Emerald Publishing Limited.},
author_keywords={Foreign exchange exposure;  Forex hedging;  Malaysian Islamic capital market;  Shariah-compliant companies;  Tawarruq;  Wa’d},
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correspondence_address1={Abdul-Rahim, R.; School of Management, Malaysia; email: ruzitaar@ukm.edu.my},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Anwer2019848,
author={Anwer, Z.},
title={Islamic venture capital investment style – opportunities and challenges},
journal={Journal of Islamic Marketing},
year={2019},
volume={10},
number={3},
pages={848-859},
doi={10.1108/JIMA-02-2018-0046},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85067080783&doi=10.1108%2fJIMA-02-2018-0046&partnerID=40&md5=30c3a3c1ab3261947c7f749b1d132e9f},
affiliation={Lahore Centre of Excellence in Islamic Banking and Finance, University of Lahore, Lahore, Pakistan},
abstract={Purpose: This study aims to explore how Islamic venture capital (IVC) structure can be established by introducing modifications in traditional venture capital (VC) structure. The motivation stems from the criticism on the existing Islamic finance products, that are said to be Shariah-compliant in form but do not fulfil objectives of Shariah whereas IVC is portrayed by existing literature as an ideal risk sharing based product. Design/methodology/approach: This study uses a questionnaire method to understand IVC philosophy, structure and operational approach and asked the respondents to identify how IVC differs in respect of these traits from conventional VC. The authors collected 50 questionnaires from IVC practitioners, regulators, academicians and Islamic finance (IF) consultants in three countries, namely, Malaysia, Pakistan and Turkey. Findings: IVC can be incorporated by introducing some modifications in traditional VC structure. They need to appoint a full-time Shariah scholar, to ensure compliance to Shariah principles. IVCs should refrain from dealing in impermissible business activities. They can choose any prevailing method for valuation and investment mode, provided it follows principles of Shariah. IVCs are exposed to unique risks such as Shariah non-compliance risk and equity investment risk and they need additional measures to safeguard against these risks. They can adopt any exit strategy, provided funds are procured from halal sources. Finally, IVC is found to hold the potential to achieve the desired objectives of IF. Originality/value: This study fills the gap in the existing literature related to IVC investments as no study, to the best of the author’s knowledge, has evaluated the dynamics of IVC by using responses from industry, academia and regulators. © 2019, Emerald Publishing Limited.},
author_keywords={Islamic business ethics;  Islamic financial services marketing;  Islamic markets;  Islamization of commerce},
references={Abbas, S., (2015) Islamic Financial Engineering a Critical Investigation into Product Development Process in the Islamic Financial Industry, , Durham University, Durham; Ahmad, A.R.Y., Role of finance in achieving maqasid al-Shariah (2011) Islamic Economic Studies, 19 (2); Ahmed, H., Maqasid al-Shari’ah and Islamic financial products: a framework for assessment (2011) ISRA International Journal of Islamic Finance, 3 (1), pp. 149-160; Al-Suwailem, S., Venture capital: a potential model of Musharakah (1998) Journal of King Abdulaziz University: Islamic Economics, 10 (1); Alias, T.A., Venture capital strategies in waqf fund investment and spending (2012) ISRA International Journal of Islamic Finance, 195 (1013), pp. 1-54; Black, B.S., Gilson, R.J., Venture capital and the structure of capital markets: banks versus stock markets1 (1998) Journal of Financial Economics, 47 (3), pp. 243-277; Choudhury, M.A., Islamic venture capital – a critical examination (2001) Journal of Economic Studies, 28 (1), pp. 14-33; Çizakça, M., (1996) A Comparative Evolution of Business Partnerships: The Islamic World and Europe, with Specific Reference to the Ottoman Archives, , Brill, Karachi; Dusuki, A.W., Abozaid, A., A critical appraisal on the challenges of realizing Maqasid Al-Shariah in Islamic banking and finance (2007) IIUM Journal of Economics and Management, 15 (2), pp. 143-165; Elsiefy, E., Towards a model for Islamic venture capital (2013) Business Journal for Entrepreneurs, 2013 (4); Elsiefy, E., Fundamental requirements for building an Islamic venture capital model (2014) Accounting and Finance Research, 3 (1), p. 55; Farid, F.M.A., (2012) Shari’ah Compliant Private Equity and Islamic Venture Capital, , 1st ed, Edinburgh University Press, Edinburgh; Kahf, M., (2006) Maqasid Al Shari’ah in the prohibition of Riba and their implications for modern Islamic finance, , Presented Paper at IIUM International Conference on Maqasid Al-Shari’ah; Khan, F., How ‘Islamic’ is Islamic banking? (2010) Journal of Economic Behavior and Organization, 76 (3), pp. 805-820; (2018) Venture pulse Q3 2018, , https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2018/10/kpmg-venture-pulse-q3-2018.pdf; Metrick, A., Yasuda, A., (2010) Venture Capital and the Finance of Innovation, , 2nd ed, John Wiley and Sons, Hoboken, NJ; Mollah, S., Zaman, M., Shari’ah supervision, corporate governance and performance: conventional vs Islamic banks (2015) Journal of Banking and Finance, 58, pp. 418-435; Murat, C., The relevance of the ottoman cash Waqfs (Awqaf Al-Nuqud) for modern Islamic economics (1992) Seminar Proceeding on Financing Development in Islam (3rd International Conference on Islamic Economics), pp. 393-414; Omran, M.F., Islamic venture capital as a solution for economic coordination failures in the Arab world’ (2015) International Journal of Islamic Marketing and Branding, 1 (2), pp. 142-148; Pepin, J., Venture capitalists and entrepreneurs become venture philanthropists’ (2005) International Journal of Nonprofit and Voluntary Sector Marketing, 10 (3), pp. 165-173; Pradhan, R.P., Maradana, R.P., Dash, S., Zaki, D.B., Gaurav, K., Jayakumar, M., Venture capital, innovation activities, and economic growth: are feedback effects at work?’ (2017) Innovation, 19 (2), pp. 189-207; (2008) Guidelines and Best Practices on Islamic Venture Capital, , 1st ed, SC, Kuala Lumpur; Suzuki, Y., Miah, M.D., Altruism, reciprocity and Islamic equity finance’ (2016) International Journal of Islamic and Middle Eastern Finance and Management, 9 (2), pp. 205-221; Usmani, M.T., (2002) An Introduction to Islamic Finance, , 1st ed, Brill, Karachi; Wilson, R., Islamic finance and ethical investment’ (1997) International Journal of Social Economics, 24 (11), pp. 1325-1342; Wilson, R., Shariah compliant private equity finance (2009) Islamic Wealth Management: A Catalyst for Global Change and Innovation, , Jaffer, S. (Ed.), 1st ed, Euromoney Institutional Investor PLC, London},
correspondence_address1={Anwer, Z.; Lahore Centre of Excellence in Islamic Banking and Finance, Pakistan; email: zmanwar@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17590833},
language={English},
abbrev_source_title={J. Islam. Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Antonio2019,
author={Antonio, M.S. and Laela, S.F. and Darmawan, R.R.},
title={Corporate Governance, earnings quality and market response: Comparison of Islamic And Non-Islamic Stock in the Indonesian Capital Market},
journal={Academy of Accounting and Financial Studies Journal},
year={2019},
volume={23},
number={Special Issue 1},
page_count={22},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85074155218&partnerID=40&md5=d1679939c4269913745a0673a5163ac3},
affiliation={Sekolah Tinggi Ekonomi Islam TAZKIA, Bogor, Indonesia; Strategic Actions Indonesia Consulting, Jakarta, Indonesia},
abstract={We analyze the role of earnings quality in mediating the relationship between corporate governance and market response. We also observe the relative impact of earnings quality of Islamic and non-Islamic stocks on market response, using 138 firm-years of data from listed companies registered in the Indonesian Institute of Corporate Governance Award from 2008 to 2016. To test the mediating role of earnings quality, we use path analysis, and we use moderated regression analysis to examine the impact of earnings quality on the market for both Islamic and non-Islamic stock. The results show that corporate governance does not directly have a significant impact on market response. However, corporate governance indirectly has a significant influence on market response mediated by earnings quality. The evidence also demonstrates that the better the quality of corporate governance, the better the quality of earnings. The lower the quality of earnings as indicated by the high accrual values, the higher the value of Tobins' Q as a proxy of market response. These findings suggest the existence of an accrual anomaly in the Indonesian capital market. Finally, this study finds evidence of a higher positive market response to the earnings quality of Islamic stocks than of non-Islamic stocks. © 2019, Allied Academies.},
author_keywords={Accounting;  Corporate Governance;  Earnings quality;  Islamic Capital Market;  Market response},
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publisher={Allied Business Academies},
issn={10963685},
language={English},
abbrev_source_title={Acad. Account. Financ. Stud. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nor201917,
author={Nor, F.M. and Shaharuddin, A. and Marzuki, A. and Ramli, N.A.},
title={Revised Malaysian Shariah screening: Its impact on Islamic capital market},
journal={Research in World Economy},
year={2019},
volume={10},
number={1},
pages={17-30},
doi={10.5430/rwe.v10n1p17},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85071195320&doi=10.5430%2frwe.v10n1p17&partnerID=40&md5=d7563115b092a48497744c259f2eee07},
affiliation={Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, Negeri Sembilan, Malaysia},
abstract={Shariah Advisory Council (SAC) of Securities Commission (SC) formulated a new revised Shariah screening methodology of two-tier quantitative assessment for activity-based screening benchmarks and the newly- formulated financial ratio benchmarks, while the qualitative assessment remains the same. The revised methodology is an effort to expand the Islamic capital market's (ICM) international reach which is in line with the SC objectives. The objective of this paper is to examine the impact of the recent announcement of new changes in the Shariah screening methodology by the Malaysian Securities Commission on the share prices of the affected companies and Islamic capital market. We use an event study method to see if the changes have a significant reaction from the market, specifically, from investors and fund managers. On the announcement date, that is, on 29 November 2013, 158 non-Shariah compliant stocks were removed from the previous list of Shariah compliant stock that was issued in May 2013 and 16 stocks were added to the approved list. Out of 158 non-Shariah compliant stocks, only 137 stocks are available for the analysis. For the new Shariah compliant stocks, only 16 stocks are included in the sample. We find an immediate but short lived negative impact on the stock returns towards the deletion, but none towards the addition of new stocks to the Shariah index. However, the announcement has no significant impact on the overall return of the FBM Emas Shariah index. © Sciedu Press.},
author_keywords={Islamic capital market;  Islamic finance;  Shariah screening},
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correspondence_address1={Ramli, N.A.; Faculty of Economics and Muamalat, Malaysia},
publisher={Sciedu Press},
issn={19233981},
language={English},
abbrev_source_title={Res. World Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ahmad2018113,
author={Ahmad, A.U.F. and Muneeza, A. and Farooq, M.O. and Hasan, R.},
title={POST-DEFAULT SUKUK RESTRUCTURING: AN APPRAISAL OF SHARI’AH ISSUES},
journal={International Finance Review},
year={2018},
volume={19},
pages={113-128},
doi={10.1108/S1569-376720180000019006},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85073264880&doi=10.1108%2fS1569-376720180000019006&partnerID=40&md5=2d27dbf4cd919e2159e1ac691268c36e},
abstract={Sukuk restructuring primarily aims at offering a debtor more latitude, in form and time, to settle his obligations. To meet Shari’ah requirements of trans-ferring assets to Sukuk holders in asset-based Sukuk, the originator usually transfers the beneficial ownership to the issuer special purpose vehicles (SPV). However, in asset-backed Sukuk, the originator sells the underlying asset to an SPV and Sukuk holders do not have recourse to the originator in the event of defaults. Among some key unresolved Shari’ah issues in this regard is whether a change of contract necessitates entering a new contract. Other related issues that conflict with the tenets of Shari’ah are: (1) Sukuk structuring on tangible assets and debts; (2) receiving the full title by the Sukuk holders to the underlying assets in the event of default in case of securities that are publicized as asset backed; (3) Sukuk’s similarity with interest bearing conventional bonds: (a) capital guarantee by the originator or third party, (b) the originators’ promise to repurchase Sukuk at face value upon their redemption, and (c) pro-viding internal and external credit enhancement. The Shari’ah-compliance of the above-mentioned clauses and structures of Sukuk remain debated among the Shari’ah scholars. Based on some specific cases, this study examines the Shari’ah viewpoint on sukuk restructuring and potential solutions to these unresolved Shari’ah issues in light of the past and recent declaration of some Sukuk defaults as non-Shari’ah complaints. Undoubtedly, resolution of these and other unresolved issues pertaining to Sukuk defaults can help strengthen the confidence of investors in Islamic capital market structures. © 2019 by Emerald Publishing Limited.},
author_keywords={asset-backed;  asset-based;  default;  ownership;  Shari’ah;  Sukuk;  Sukuk restructuring},
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(2009) Malaysian ICM Quarterly Bulletin, , http://www.sc.com.my, Retrieved from; (2012) Guidelines on Sukuk, , http://www.sc.com.my/eng/html/resources/guidelines/bondmkt/SukukGuidelines_201212.pdf; Shaikh, O., (2012) UK Bids to Remain west’s Top Islamic Finance Hub, , http://www.zawya.com/story/zawya20120221043935/, Retrieved from, Accessed on April 30, 2012; Siddiqui, M., Form and substance (2012) New Horizon, 187, pp. 36-39. , http://www.islamic-banking.com/resources/14/NH%20187/NewHorizon_June.pdf, April–June, Retrieved from; Snaije, B., Can finance and credit enable economic growth and democracy? 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publisher={Emerald Publishing},
issn={15693767},
language={English},
abbrev_source_title={Int. Financ. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mahmood2018787,
author={Mahmood, H. and Gan, C. and Nguyen, C.},
title={Maturity transformation risk factors in Islamic banking: Implication of Basel III liquidity regulations},
journal={Managerial Finance},
year={2018},
volume={44},
number={6},
pages={787-808},
doi={10.1108/MF-07-2017-0259},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046752564&doi=10.1108%2fMF-07-2017-0259&partnerID=40&md5=615fe3c0ecf8ba346e6b35ca80696899},
affiliation={Department of Financial and Business Systems, Lincoln University, Lincoln, New Zealand; Department of Business and Finance, Lincoln University, Lincoln, New Zealand},
abstract={Purpose: Maturity transformation risk is one of the leading causes of the global financial crisis. While endorsing the new Basel III liquidity reforms, the Islamic Financial Services Board has suggested a modified NSFR ratio as a structural measure for the maturity transformation function of Islamic banks, allowing for their unique balance sheet structure. The purpose of this paper is to analyze various firm-specific and macroeconomic factors that may significantly affect the maturity transformation risk of these banks. Design/methodology/approach: Using an annual data set of 55 full-fledged Islamic banks from 11 different countries over a period from 2006-2015, this study utilizes a two-step system generalized method of moments estimation technique on an unbalanced panel data. Findings: The empirical results reveal bank size, capital, less-risky liquid assets, risky liquid assets, external funding dependence and market power as significant bank-specific factors in determining maturity transformation risk. However, the authors find no evidence for the effect of bank credit risk on maturity transformation risk in Islamic banking system. Originality/value: This is the first study that focuses on the measurement of maturity transformation risk and its determinants in Islamic banks in a cross-country context, with regards to new liquidity regulatory requirements as proposed by Islamic Financial Services Board (IFSB) in conjunction with Basel III. © 2018, Emerald Publishing Limited.},
author_keywords={Basel III;  IFSB;  Islamic banking;  Maturity transformation risk;  Net stable funding ratio},
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Kosmidou, K., Tanna, S., Pasiouras, F., (2005) Determinants of profitability of domestic UK commercial banks: panel evidence from the period 1995-2002, , Federal Reserve Bank of St Louis, St Louis; Lee, C.-C., Hsieh, M.-F., The impact of bank capital on profitability and risk in Asian banking (2013) Journal of International Money and Finance, 32, pp. 251-281. , https://doi.org/10.1016/j.jimonfin.2012.04.013; Munteanu, I., Bank liquidity and its determinants in Romania (2012) Procedia Economics and Finance, 3, pp. 993-998. , https://doi.org/10.1016/S2212-5671(12)00263-8; Nguyen, M., Skully, M., Perera, S., (2013) The relation between bank liquidity and stability: does market power matter?, , 6th Financial Risks International Forum, Prix académique de la Recherche en Management, Paris; Painceira, P.J., The role of banks in the Korean financial crisis of 1997: an interpretation based on the financial instability hypothesis (2010) Minsky, Crisis and Development, pp. 302-317. , Tavasci, D. and Toporowski, J.,(Eds; Pasiouras, F., Kosmidou, K., Factors influencing the profitability of domestic and foreign commercial banks in the European Union (2007) Research in International Business and Finance, 21 (2), pp. 222-237; Petersen, M.A., Rajan, R.G., The effect of credit market competition on lending relationships (1995) The Quarterly Journal of Economics, 110 (2), pp. 407-443; Powell, D., (2016) Quantile treatment effects in the presence of covariates, , https://works.bepress.com/david_powell/4, (accessed, July 2, 2017; Rauch, C., Steffen, S., Hackethal, A., Tyrell, M., (2009) Savings banks, liquidity creation and monetary policy, , http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1343595, working paper, Goethe University; Repullo, R., Capital requirements, market power, and risk-taking in banking (2004) Journal of Financial Intermediation, 13 (2), pp. 156-182; Roulet, C., (2011) Empirical essays on bank liquidity creation and maturity transformation risk: implications for prudential regulation, , Université de Limoges; Saunders, A., Cornett, M.M., (2007) Financial Markets and Institutions: An Introduction to the Risk Management Approach, , McGraw-Hill, New York City; Shen, C.-H., Chen, Y.-K., Kao, L.-F., Yeh, C.-Y., (2009) Bank liquidity risk and performance, , paper presented at the 17th Conference on the Theories and Practices of Securities and Financial Markets, Hsi-Tze Bay, Kaohsiung; Vodová, P., Liquidity of Czech commercial banks and its determinants (2011) International Journal of Mathematical Models and Methods in Applied Sciences, 5 (6), pp. 1060-1067; Vodová, P., Determinants of commercial bank liquidity in Hungary (2013) Finansowy Kwartalnik Internetowy E-Finanse, 9 (3), pp. 64-71; Von Thadden, E.-L., Liquidity creation through banks and markets: multiple insurance and limited market access (1999) European Economic Review, 43 (4), pp. 991-1006; Windmeijer, F., A finite sample correction for the variance of linear efficient two-step GMM estimators (2005) Journal of Econometrics, 126 (1), pp. 25-51},
correspondence_address1={Mahmood, H.; Department of Financial and Business Systems, New Zealand; email: haroon.mahmood@lincolnuni.ac.nz},
publisher={Emerald Group Holdings Ltd.},
issn={03074358},
language={English},
abbrev_source_title={Manag. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mazri2018169,
author={Mazri, K.F. and Ismail, R.F. and Arshad, R. and Kamaruzaman, S.A.},
title={Corporate governance attributes as determinants of the Islamic Social Reporting of Shariah-compliant companies in Malaysia},
journal={International Journal of Economics and Management},
year={2018},
volume={12},
number={Special Issue 1},
pages={169-180},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060544509&partnerID=40&md5=7b399df084695f78640e472ad4dcb57f},
affiliation={City University, Selangor, Malaysia; Faculty of Accountancy, Universiti Teknologi Mara (UiTM), Puncak Alam, Malaysia; Accounting Research Institute, Universiti Teknologi Mara (UiTM), Shah Alam, Malaysia},
abstract={An increase in the number of Shariah-compliant companies in Malaysia has greatly contributed to stabilising the Islamic Capital Market (ICM). The aim of this study is to examine the nature and extent of Islamic Social Reporting (ISR) practices among Shariah-compliant companies listed on the ACE Market in Malaysia. The study also examines the potential existence of a relationship between corporate governance attributes and ISR. The study focuses on four attributes of corporate governance: Shariah supervisory board size, Audit quality, Audit committee and Muslim ownership. A sample was selected comprising 53 Shariah-compliant companies listed on the ACE Market of Bursa Malaysia during the three-year period of 2015-2017. The study uses content analysis, with ISR coded according to a modified Islamic Social Disclosure Index. The results show significant relationships between the corporate governance attributes of board size, audit quality and audit committee, and ISR. This may reflect the benefits of having more board members with a range of expertise and experience in terms of the ability to make better reporting decisions. The appointment of auditors from the Big 4 firms indicates more transparent reporting practices, while an audit committee, serving as a management watchdog, may encourage more transparent reporting in annual reports. The findings may help to strengthen the understanding of parties such as regulators, practitioners and potential investors of the attributes of effective governance among growing companies in Malaysia. © 2018 Universita Putra Malaysia.},
author_keywords={Annual report;  Islamic;  Shariah-compliant;  Social Reporting},
funding_details={Universiti Teknologi MARAUniversiti Teknologi MARA, UiTM},
funding_text 1={We would like to thank the Accounting Research Institute (ARI) of Malaysia and Universiti Teknologi MARA for the financial and research funding support under the ARI Grant (Ref. No. 600-RMI/ARI_IRES5/3(0037/2016)).},
references={Ahmed, H.A., Mohd Ghazali, N.A., "The quality and determinants of voluntary disclosures in annual reports of Shari'ah compliant companies in Malaysia" (2013) Humanomics, 29 (1), pp. 24-42; Akhtaruddin, M., Hossain, M.A., Hossain, M., Yao, L., "Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms" (2009) Journal of Applied Management Accounting Research, 7 (1); Al-Shammari, B., Corporate Governance and Islamic Social Responsibility Disclosure In Kuwaiti Shariah Compliant Financial Institutions (2011) Studies in Business and Economics, 16 (2), pp. 5-36; Al-Shammari, B., An investigation of voluntary disclosure by Kuwaiti Shariah-compliant companies (2013) Journal of Economic and Administrative Sciences, 29 (1), pp. 21-41; Al-Shammari, B., Kuwait Corporate Characteristics and Level of Risk Disclosure: A Content Analysis Approach (2014) Journal of Contemporary Issues in Business Research, 3 (3), pp. 128-153; Albawwat, A.H., Basah, M.Y.A., The impact of Shariah Approved Companies on the Relationship between Corporate Governance Structure and Voluntary Disclosure of Interim Financial Reporting in Jordan (2015) International Journal of Academic Research in Accounting, Finance and Management Sciences, 5 (2), pp. 66-85; Aman, Z., Corporate sustainability reporting from Islamic perspectives (2016) Proceeding of the 2nd International Conference on Economics & Banking 2016, pp. 1-8. , 2nd ICEB(May); Astami, E.W., Rusmin, R., Hartadi, B., Evans, J., "The role of audit quality and culture influence on earnings management in companies with excessive free cash flow" (2017) International Journal of Accounting & Information Management, 25 (1), pp. 21-42; Baydoun, N., Willett, R., Islamic Corporate Reports (2000) ABACUS, 36 (1); Ben, A.E.A.R., Knowledge of Islamic accounting among professionals: evidence from the Tunisian context (2017) Journal of Islamic Accounting and Business Research, 8 (3), pp. 304-325; Bradbury, M., Mak, Y.T., Tan, S.M., Board Characteristics, Audit Committee Characteristics and Abnormal Accruals (2006) Pacific Accounting Review, 18 (2), pp. 47-68; Che Azmi, A., Ab Aziz, N., Non, N., Muhamad, R., Sharia disclosures: An exploratory study from the perspective of Sharia-compliant companies and professional users (2016) Journal of Islamic Accounting and Business Research, 7 (3), pp. 237-252; Chow, C.W., Wong-Boren, A., Voluntary Financial Disclosure by Mexican Corporations (1987) The Accounting Review, 62 (3), pp. 533-541; Clarkson, P.M., Ferguson, C., Hall, J., Auditor conservatism and voluntary disclosure: evidence from the year 2000 systems issue (2003) Accounting & Finance, 43 (1), pp. 21-40; El-Halaby, S., Hussainey, K., The determinants of social accountability disclosure: evidence from Islamic banks around the world (2015) International Journal of Business, 20 (3), pp. 202-223; Goh, B.W., "Audit committees, boards of directors, and remediation of material weaknesses in internal control (2009) "Contemporary Accounting Research", 26 (2), pp. 549-579; Habbash, M., Hussainey, K., Ibrahim, A., The determinants of voluntary disclosure in Saudi Arabia: An empirical study (2016) International Journal of Accounting, Auditing and Performance Evaluation, 12 (3), pp. 213-236; Haniffa, R., Hudaib, M.A., "A theoretical framework for the development of the Islamic perspective of accounting" (2002) Accounting, Commerce and Finance: The Islamic Perspective Journal, 6, pp. 1-71; Haniffa, R.M., Cooke, T.E., Culture, Corporate Governance and Disclosure in Malaysian Corporations (2002) ABACUS, 38 (3), pp. 317-349; Haniffa, R.M., Cooke, T.E., "The impact of culture and governance on corporate social reporting" (2005) Journal of Accounting and Public Policy, 24, pp. 391-430; Hasan, M.S., Hossain, S.Z., Swieringa, R.J., "Corporate Governance and Financial Reporting Disclosures: Bangladesh Perspective" (2010) European Journal of Developing Country Studies, 9, pp. 20-47. , (July); Ho, P., Mathews, M.R., (2002) "Comprehensiveness of disclosure of non-financial companies: some empirical evidence from annual reports (2000) of companies listed in KLSE", , Working Paper, No. 26.02, Chales Sturt University; Huafang, X., Jianguo, Y., Ownership structure, board composition and corporate voluntary disclosure: Evidence from listed companies in China (2007) Managerial Auditing Journal, 22 (6), pp. 604-619; Issalih, F.M.A., Amran, A., Darus, F., Yusoff, H., Zain, M.M., Islamic Corporate Social Reporting: Perspective of Makasid Al Shariah (2015) Journal of Islamic Economics, Banking and Finance, 11 (1), pp. 93-121; Juhmani, O., Determinants of corporate social and environmental disclosure on websites: the case of Bahrain (2014) Universal Journal of Accounting and Finance, 2 (4), pp. 77-87; Kamla, R., Gallhofer, S., Haslam, J., Islam, nature and accounting: Islamic principles and the notion of accounting for the environment (2006) Accounting Forum, 30 (3), pp. 245-265; Kent, P., Stewart, J., Corporate governance and disclosures on the transition to international financial reporting standards (2008) Accounting & Finance, 48 (4), pp. 649-671; Kim, J.B., Chung, R., Firth, M., Auditor conservatism, asymmetric monitoring, and earnings management (2003) Contemporary Accounting Research, 20 (2), pp. 323-359; Krishnan, J., Audit committee quality and internal control: An empirical analysis (2005) The accounting review, 80 (2), pp. 649-675; Krishnan, G.V., "Does Big 6 auditor industry expertise constrain earnings management?" (2003) Accounting horizons, 17, pp. 1-16; Luo, S., Courtenay, S.M., Hossain, M., "The effect of voluntary disclosure, ownership structure and proprietary cost on the return-future earnings relation" (2006) Pacific-Basin Finance Journal, 14, pp. 501-521; Marsidi, A., Annuar, H.A., Abdul Rahman, A.R., Disclosures and perceptions of practitioners on items of financial and social reporting index developed for Malaysian Islamic banks (2017) International Journal of Business and Society, 18 (3), pp. 563-578; Mohd Shatari, A.G., Muhd, K.I., Mohamed Zain, M., An investigation of voluntary disclosure in annual reports: The Malaysian evidence (2004) Financial reporting in Malaysia: some empirical evidence, pp. 52-76. , Ins. Khairul, A.K., Muhd, K.I. and Mohamed Zain, M. (1st.edition)., Kuala Lumpur, Utusan Publications & Distributors Sdn Bhd; Nuragheni, P., Voluntary Disclosure in Indonesia: Comparison of Shariah and Non-Shariah Compliant Companies (2011) Jurnal Akutansi & Auditing Indonesia, 15 (1), pp. 53-64; Othman, R., Determinants of Islamic Social Reporting Among Top Shariah-Approved Companies in Bursa Malaysia (2009) Research Journal of International Studies, 12 (12), pp. 4-20; Othman, R., Thani, A.M., Islamic Social Reporting Of Listed Companies In Malaysia (2010) International Business & Economics Research Journal, 9 (4), pp. 135-144; Ousama, A.A., Fatima, A.H., "Factors Influencing Voluntary Disclosure: Empirical Evidence From Shariah Approved Companies" (2010) Malaysian Accounting Review, 9 (1), pp. 85-103; Ousama, A.A., Fatimaa, H., Voluntary disclosure by Shari'ah approved companies: an exploratory study (2010) Journal of Financial Reporting and Accounting, 8 (1), pp. 35-49; Rahman, S., Yusoff, R., Mohamed, W., "Environmental disclosures and financial performance: an empirical study of Malaysia, Thailand, and Singapore" (2010) Social and Environmental Accountability Journal, 29 (2), pp. 46-58; (2009) Sustaining Trust and Confidence in Our Capital Market, , The Edge., December 28; Zheng, X., Cullinan, C.P., Compensation/audit committee overlap and the design of compensation systems (2010) International Journal of Disclosure and Governance, 7 (2), pp. 136-152},
correspondence_address1={Ismail, R.F.; Faculty of Accountancy, Malaysia; email: rinafadhilah@puncakalam.uitm.edu.my},
publisher={Universita Putra Malaysia},
issn={1823836X},
language={English},
abbrev_source_title={Int. J. Econ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Modan2018662,
author={Modan, C. and Hassan, R.},
title={The possible inclusion of legal provisions in Islamic banking and finance: The case study of the Mozambican regulatory framework},
journal={International Journal of Law and Management},
year={2018},
volume={60},
number={2},
pages={662-680},
doi={10.1108/IJLMA-10-2016-0097},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047666253&doi=10.1108%2fIJLMA-10-2016-0097&partnerID=40&md5=f8ab67e0bd7df0e5d1f59df1bf470501},
affiliation={IIUM Institute of Islamic Banking and Finance International Islamic University Malaysia, Malaysia},
abstract={Purpose: This paper aims to thoroughly examine the extent to which the current legal and regulatory framework is inclusive towards Islamic banking and finance (IBF) practices in the attempts to introduce IBF as a significant component in the Mozambique’s financial system. This is achieved by providing a critical review on the Mozambican current legal and regulatory framework including the court and arbitration system, as well as the country’s financial institutions law and regulations. Design/methodology/approach: The methodology used in this study is the qualitative approach. The analysis made is based on descriptive and analytical approach whereby the study examined and critically analysed the banking regulations in Mozambique with the purpose of finding the legal gap in the existing legal and regulatory framework that allows the introduction of IBF in the country. Findings: This study finds that whilst some legal provisions in the current legal and regulatory framework are conflicting with the Sharï’ah principles such as the definition of loans and the concept of interest, there is also a certain number of enabling features that can be immediately explored, including deposits (with no interest), leasing operations, investment funds or venture capital. Research limitations/implications: At present, to the best of the authors’ knowledge, this is the first attempt ever made to assess the compatibility of the existing Mozambican commercial laws with the Islamic principles hence identifying the challenges that might arise due to the implementation of IBF practices in Mozambique. Practical implications: This paper has several practical implications in the sense that it helps the financial market authorities in Mozambique to be able to foresee possible inclusion of provisions on Islamic transactions in the country’s existing financial regulations. Social implications: The contributions of this paper lie in the valuable recommendations made on the insertion of Islamic principles in the current regulatory framework as well as assisting in overcoming some of the conflicting aspects in medium to long term. Mozambique should explore and benefit from the experience and lessons learned by the neighbouring countries that have successfully adopted the IBF practice. It is recommended that the Central Bank should establish a “task force team”, comprising of multi-skilled professionals and experts in Islamic finance from various internal areas ranging from licensing to supervision together with Sharï’ah scholars and representatives from the Muslim Community, to study the required process for adoption of IBF in the country. Originality/value: There is no other study on IBF in Mozambique, particularly on legal and regulatory aspects. © 2018, Emerald Publishing Limited.},
author_keywords={Islamic banking and finance;  Legal and regulatory framework;  Mozambique;  Potential adoption},
references={Almeida-Santos, A., (2014) Africa Economic Outlook: Mozambique 2014, , www.africaeconomicoutlook.org, (accessed: 3 July 2016; (2014) Dispute Resolution in Mozambique:The Rise of Arbitration, , https://www.cliffordchance.com/briefings/2014/03/dispute_resolutioninmozambiquetheriseo.html, Clifford Chance Briefing Note-April 2014; Colón, J.C., Choice of law and Islamic finance (2011) Texas Journal, 45, pp. 419-420; Doi, Y., (2010) Financial Inclusion, Poverty Reduction and Economic Growth, , http://go.worldbank.org/S9UZNQ7QO0, (accessed: 2 February 2015; Desai, I.E., (2016) Islamic Finance – Opportunities and Challenges, Journal of Islamic Banking and Finance, 33 (1), pp. 86-90. , Jan-Mar 2016; (2014) World Islamic banking competitiveness report 2013-14 – the transitions begins, , www.ey.com/mena, (accessed: 30 March 2015; Gelbard, E., (2014) Islamic Finance in Sub-Saharan Africa: Status and Prospects, , WP/14/149, IMF, WA; Grassa, R., Gazdar, K., How legal origins affect Islamic finance development? (2014) Borsa Istambul Review, 14 (3), pp. 158-166; (2013) IMF Country Report N.14/20, , IMF, WA; (2014) IMF Country Report N.14/148, , IMF, WA; (2014) World Economic Outlook – Legacies, Clouds, Uncertainties, , IMF, WA; Laldin, A., (2014) Legal, Regulatory and Enabling Framework Prospects and Challenges in the Development of Islamic Finance for Bangladesh, , IFSB, Kuala Lumpur; Muneeza, A., Wisham, I., Hassan, R., The paradox struggle between the Islamic and conventional banking systems (2010) Journal of Asia Pacific Studies, 1 (2), pp. 188-224; Saleem, M.Y., (2013) Islamic Commercial Law, , Jonh Wiley & Sons, Singapore Pte; Subtil, A.R., (2013) Legislação Do Sistema Financeiro De Moçambique, , Vida Economica Editorial, Porto; (1973), 1, pp. 139-140. , Al-Ghazälï; Chance, C., (2014) Dispute Resolution in Mozambique: The Rise of Arbitration, , Clifford Chance & Couto Graça e Associados, London; Chedza, S., (2015) Botswana: FNB Launch Islamic Finance, , http://allafrica.com/stories/200703060696.html, (accessed: 2 February 2015; (2014), www.cia.gov/library/publications/the-world-factbook/geos/sf.html, (accessed: 4 March 2015; Desai, I.E., Islamic Finance in South Africa: Key Challenges and Innovative solutions, , http://daruliftaa.net/index.php/news-events/press-release/594-islamic-finance-in-south-africa-key-challenges-and-innovative-solutions; Gondwe, M., (2013) Opening Remarks At The Islamic Commerce And Finance Workshop, , www.boz.zm, (accessed: 24 March 2013; (2015) IDB Approvals, , www.idb-40.org/portal/default.aspx?id=79, (accessed: 24 April 2015; (2014) Population 2007 census, , www.ine.gov.mz, (accessed: 19 December 2014; Natural Resources and the Environment, , https://issafrica.org/country-file-zimbabwe/natural-resources-and-environment, (accessed: 20 December 2015; (2018) Natural Resources and the Environment, , www.issafrica.org/AF/profiles/Mozambique/NatRes.html, (accessed: 19 December 2014; (2006) Mozambique: Justice Sector and the Rule of Law, , Open Society Initiative for Southern Africa, London; (2013) Africa investment – From FDI to AIA: Africans investing in Africa, , www.reuters.com, (accessed: 14 February 2015; (2013) Zimbabwe to introduce Islamic banking, , www.theafricareport.com/Southern-Africa/zimbabwe-to-introduce-islamic-banking.html, (accessed: 20 November 2014; http://data.worldbank.org/country/mozambique, (accessed, Mozambique Economic Update: 12 December 2015; (2018), http://data.worldbank.org/country/mozambique, (accessed: 14 April 2015; (1999) Mozambique Government Debt to GDP, , www.tradingeconomics.com/mozambique/government-debt-to-gdp, (accessed: 1 February 2015},
correspondence_address1={Hassan, R.; IIUM Institute of Islamic Banking and Finance International Islamic University MalaysiaMalaysia; email: hrusni@iium.edu.my},
publisher={Emerald Group Publishing Ltd.},
issn={1754243X},
language={English},
abbrev_source_title={Int. J. Law Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mohamed201789,
author={Mohamed, M. and Yahya, N.C. and Ishak, N.A.},
title={Market reactions towards the announcement of sukuk issuance: Evidence from Malaysian market},
journal={Jurnal Pengurusan},
year={2017},
volume={49},
pages={89-102},
doi={10.17576/pengurusan-2017-49-08},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85026910489&doi=10.17576%2fpengurusan-2017-49-08&partnerID=40&md5=b18fbcca442666ce2c7be340e491c0d4},
affiliation={Faculty of Accountancy, Universiti Teknologi MARA (Puncak Alam Campus), Bandar Puncak Alam, Selangor, 42300, Malaysia; Faculty of Business and Management, Universiti Teknologi MARA (Puncak Alam Campus), Bandar Puncak Alam, Selangor, 42300, Malaysia},
abstract={Drawing from the significance and implication that investors can use to properly comprehend the trend in market reaction from the new issuance of information, this study aims to investigate the market's reaction toward the announcement of Islamic bond or sukuk. The Islamic bond market provides not only an avenue for more dynamic capital trades and portfolio diversification but also functions as an engine that accelerates the growth of the Islamic capital market. This study specifically aims to investigate whether the announcements of sukuk issuance that carry any new information can create impact on the market's reactions. The overall sample time frame for this study is divided into three event windows; before, during and after the financial crisis in order to ascertain any unusual impact on the market's return during the 2007-2008 financial crises. The stock market return is measured via the FTSE and Bursa Malaysia's KLCI. In order to offer a more robust finding on the returns, this study re-measured the market return using Bursa Malaysia's FTSE EMAS Index as it is a better representation of the sample population. The data collected from Bursa Malaysia, Bloomberg and DataStream database will be then analysed using Brown and Warner's standard event study methodology of Brown and Warner (1985). Based on the 115 sukuk issuances between 2002 and 2013 (a period of 12 years), this study reveals that the effect of the announcement is significantly negative a day before and on the announcement date. On top of that, the result finds that there is a significantly positive reaction 30 days after the announcement of sukuk issuance which indicates that investors take a longer time to absorb the information from the sukuk announcement. The existence of a significantly positive reaction of stock markets during the financial crisis periods could be attributed to the conditions where the Islamic debt issuance might have sent an incredible signal about the financial position of the company, which have helped in solving the financial problem, especially during the economic downturn. However, the EMAS Index shows none of these significant results. The significant findings in this study (i.e., when uses the KLCI) are expecting to contribute clearer evidence and strategies concerning whether the information regarding sukuk can help investors to form a better investment strategy.},
author_keywords={Islamic bond;  Islamic finance;  Market reactions;  Stock market return;  Sukuk},
references={Abdul-Rahim, R., Yusof, M.Z., Sapian, R.Z.Z., Janor, H., International transmission of stock market movement: Evidence from the Islamic equity markets (2008) Jurnal Pengurusan, 27, pp. 49-68; Ameer, R., Othman, R., Stock market reaction to bonds issuance: Evidence from Malaysian banking sector (2010) International Research Journal of Finance and Economics, 45, pp. 161-169; Ashhari, M.Z., Chun, L.S., Nassir, A.M., Conventional vs Islamic bond announcemnets: The effects on shareholders' wealth (2009) International Journal of Business and Management, 4 (6), pp. 105-111; (2013) Expo 2020 to Win to Boost Dubai Sukuk on Spending: Islamic Finance, , Bloomberg Businessweek; Brown, S.J., Warner, J.B., Using daily stock returns: The case of event studies (1985) Journal of Fianncial Economics, 14, pp. 3-31; Eckbo, B.E., Valuation effects of corporate debt offerings (1986) Journal of Financial Economics, 15, pp. 119-151; Fama, E.F., Efficient capital markets: A review of theory and empirical work (1970) The Journal of Finance, 25 (2), pp. 383-417; Godlewski, C.J., Turk-Ariss, R., Weill, L., Are Sukuk Really Special ? (2010) Evidence from the Malaysian Stock Exchange, pp. 1-33; Hong, H., Stein, J., A unified theory of underreaction, momentum trading, and overreaction in asset markets (1999) Journal of Finance, 54, pp. 2143-2184; Ibrahim, Y., Minai, M.S., Islamic bonds and the wealth effects: Evidence from Malaysia (2009) Investment Management and Financial Innovations, 6 (1), pp. 184-191; Jensen, M.C., Agency cost of free cash flow, corporate finance and takeovers (1986) American Economic Review, 76 (2), pp. 323-329; Jensen, M.C., Meckling, W.H., Theory of the firm: Managerial behavior, agency costs and ownership structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360; Kaestner, M., Investors' misreaction to unexpected earnings: Evidence of simultaneous overreaction and underreaction (2006) Journal of Behavioral Finance, p. 3; (2009) A Guide for Issuer and Invetsor, , Malaysian Debt Securities and Sukuk, A joint publication by Central Bank of Malaysia and Securities Commission Malaysia; Michayluk, D., Neshauser, K.L., Investor overreaction during market declines: Evidence from the Asian Fianncial Crisis (2006) The Journal of Financial Research, 29 (2), pp. 217-234; Mikkelson, W.H., Partch, M.M., Valuation effects of security offerings and the issuance process (1986) The Journal of Financial Economics, 15, pp. 31-60; Modigliani, F., Miller, M., The cost of capital, corporation finance and the theory of investment (1963) American Economic Review, 48, pp. 261-297; Modirzadehbami, S., Mansourfar, G., Information content of Islamic Private Debt announcement: Evidence from Malaysia (2011) International Journal of Social, Human Science and Engineering, 5, pp. 69-75; Nursilah, A., Syazwani, A.R., Investigating stock market reactions on sukuk issuance based on ratings (2013) 4th International Conference on Business and Economic Reaserch Proceeding, , Bandung, Indonesia; Otchere, I., Chan, J., Short-term overreaction in Hong Kong Stock Market: Can a Contrarian strategy beat the market (2003) Journal of Behavioral Finance, 4 (3), pp. 157-171; (2011) Sukuk Guidelines 2011, , https://www.sc.com.my; Shamsher, M.A., Taufiq, H., (2009) Political Events and Share Price of Politically-connected Firms, , Working Paper; Spyrou, S., Kassimatis, K., Galariotis, E., Short-term overreaction, underreaction and efficient reaction: Evidence from London Stock Exchange (2007) Applied Financial Economics, 17 (3), pp. 221-235; Young, E., (2012) Global Demand for Sukuk to Reach US$900b by 2017, , http://www.ey.com/SG/en/Newsroom/News-releases/News-release_20120910EY-Global-demand-for-Sukuk-to-reach-US900b-by-2017; (2013) Outstanding Global Sukuk Reaches $240bn on Back of $140bn Sold in 2012, , http://www.zawya.com/story/Outstanding_global_sukuk_reaches_240bn_on_back_of_140bn-sold-in-2012-ZAWYA20130115134002},
correspondence_address1={Mohamed, M.; Faculty of Accountancy, Malaysia; email: muzrifah@puncakalam.uitm.edu.my},
publisher={Penerbit Universiti Kebangsaan Malaysia},
issn={01272713},
language={English},
abbrev_source_title={Jurnal Pengurusan},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hanif2017122,
author={Hanif, M. and Iqbal, A.M.},
title={An evaluation of takaful insurance: Case of Pakistan},
journal={Journal of Islamic Economics, Banking and Finance},
year={2017},
volume={13},
number={1},
pages={122-146},
doi={10.12816/0051159},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032734403&doi=10.12816%2f0051159&partnerID=40&md5=da98fd4b7f1390f0e192ec2751b26b86},
affiliation={College of Business Administration, AU, United Arab Emirates; Kent Business School, United Kingdom},
abstract={Islamic finance being a relatively new business segment, however, have shown promising results so far. In addition to banking services, Islamic finance has started penetrating in other sectors including capital markets and insurance. This study aims to evaluate the newly emerging Takaful sector in Pakistani market. The study covers an overview of insurance sector including Takaful; comparative financial analysis of Takaful industry with conventional insurance; an insight into the accounting and legal framework for Takaful; a customer survey to document the perception about Takaful business; and an insight and documentation of challenges to Takaful operations. Findings suggest Takaful business has low market share, although growing at a faster pace. The past financial performance appears to be poor, though with singnificant potential depicted by healthy growth. A reasonably good regulatory framework is also in place. Overall, market sentiments are very positive about Takaful insurance in Pakistan.},
author_keywords={Financial analysis;  Market perception;  Pakistan;  Regulatory framework;  Takaful},
references={Accounting, Auditing and Governance Standards, , P.O.Box 1176, Manama, Bahrain. [Accounting and Auditing Organization for Islamic Financial Institutions]; (2010) Shari'a Standards, , P.O.Box 1176, Manama, Bahrain. [Accounting and Auditing Organization for Islamic Financial Institutions]; Akhter, W., Hussain, T., Takaful standards and customer perceptions affecting takaful practices in Pakistan: a survey (2012) International Journal of Islamic and Middle Eastern Finance and Management, 5 (3), pp. 229-240; Ayub, M., (2007) Understanding Islamic Finance, , John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex PO19 8SQ, England; Report on Elimination of Riba from Economy, Council of Islamic Ideology Islamabad, Pakistan; Coolen Maturi, T., Islamic insurance (takaful): demand and supply in the UK (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6 (2), pp. 87-104; (2017) Global Islamic Finance Report, , www.edbizconsulting.com, accessed on January 9; Hidayat, S.E., Abdulla, A.M., A Comparative Analysis on the Financial Performance between Takaful and Conventional Insurance Companies in Bahrain during 2006-2011 (2015) Journal of Islamic Economics, Banking and Finance, 11 (2), pp. 149-163; International Financial Reporting Standards, , 30 Cannon Street, London EC4M 6XH, United Kingdom; (2017) Islamic Financial Services Board Stability Report 2016, , http://www.ifsb.org/docs/IFSI%20Stability%20Report%202016%20(final).pdf, accessed on March 7; (2017) Annual Report 2016. Mutual Funds Association of Pakistan, , http://www.mufap.com.pk/, accessed on January 1; (2014) Constitution of the Islamic Republic of Pakistan, , http://www.na.gov.pk/uploads/documents/1308922472_189.pdf, National Assembly of Pakistan, accessed on September 24; (2017) Financial statements of financial sector, , www.sbp.gov.pk, accessed on Feb 4; (2017) Islamic Banking Bulletin, , www.sbp.gov.pk, accessed on March 7; Insurance Ordinance 2000, , http://www.secp.gov.pk/corporatelaws/pdf/InsuranceOrdAmended-Nov2011.pdf, [updated November 2011], available, accessed on 13-01-2014; Insurance Guidebook: incorporation, registration, licensing, , http://www.secp.gov.pk/Guides/InsuranceGuidebook-IncorporationRegistrationLicensing.pdf, accessed on 13-01-2014; (2014) Companies (Issue of Capital) Rules-1996, , http://www.secp.gov.pk/Capital-Issues-&-Public-Offerings/Equity_Market/The-Companies(Issue-of-Capital)Rules-1996.pdf, accessed on September 24; (1984) Companies Ordinance, , http://www.fmu.gov.pk/docs/laws/CompaniesOrdinance1984(amended).pdf, accessed on September 24 2014; Insurance Rules, , http://www.secp.gov.pk/corporatelaws/pdf/Insurance:Rules_2002%20_NotifiedbyMinistryofCommerce.pdf, accessed on September 24, 2014; (2014) Takaful Rules, , http://www.secp.gov.pk/corporatelaws/pdf/Takaful_Rules_2005.pdf, accessed on January 1; (2014) Insurance Companies (Sound & Prudent Management) Regulations 2012, , http://www.secp.gov.pk/notificationpdf/2012/InsuranceCompaniesSoundandPrudentManagementRegulations2012.pdf, accessed on September 24; (2014), http://www.secp.gov.pk/notification/pdf/2012/Takaful-Rules-2012.pdf, accessed on January 1; Yusuf, T.O., Babalola, A.R., Takaful in Nigeria: Penetration Challenges and Way Forward (2015) Journal of Islamic Economics, Banking and Finance, 11 (2), pp. 133-148; (2014), http://www.zawya.com/files/islamic-reports/tr-sukuk-perceptions-andforecast-2014.pdf, accessed on January 15 2014},
publisher={Islamic Bank Training and Research Academy},
issn={20704658},
language={English},
abbrev_source_title={J. Islam. Econ. Bank. Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nienhaus201687,
author={Nienhaus, V. and Karatas, A.},
title={Market perceptions of liquid sovereign Sukūk: a new asset class?},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2016},
volume={9},
number={1},
pages={87-108},
doi={10.1108/IMEFM-03-2015-0027},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85010333172&doi=10.1108%2fIMEFM-03-2015-0027&partnerID=40&md5=79762f65f262f3edc09401c831dd5d47},
affiliation={International Centre for Education in Islamic Finance, Kuala Lampur, Malaysia; Treasury Department, Islamic Development Bank, Jeddah, Saudi Arabia},
abstract={Purpose: This paper aims to explore whether the market perceives liquid international sovereign sukūk as distinct from comparable bonds and as an asset class of their own that could shield investors against turbulences in the bond markets. Design/methodology/approach: If sukūk and bonds belong to the same asset class, then basically the same supply and demand factors determine inverstors’ activities in both markets. This should lead to matching patterns of yield curves for sukūk and bonds comparable in terms of issuers, maturity, currency, size, liquidity and rating. Only a rough analysis of holding and trading patterns of conventional and Islamic sukūk investors was possible, as most sukūk market transactions are “over-the-counter” and not registered in the Bloomberg database. However, price information could be used for an analysis of yield curves of liquid sovereign sukūk and comparable bonds. Findings: Conventional investors participate in the sukūk market, but their influence on prices is rather small, as they act primarily as intermediaries (i.e. market makers) as opposed to price setters. The yield curves of the selected bonds and sukūk widely match. This suggests that bonds and liquid sovereign sukūk belong to the same asset class. Furthermore, as turbulences in conventional markets are also reflected in the sukūk markets, Islamic investors themselves play a role in the transmission. Research limitations/implications: The study of holding patterns and of the market perception of sovereign sukūk and bonds required a focus on four countries with deep and (potentially) liquid sukūk markets (Malaysia, Turkey, Indonesia and Hong Kong) and US$-denominated international securities. Some suitable combinations of sukūk and bonds are relatively young issuances with time series data for two to three years only. Data on holding patterns are sketchy and require interpretations based on market knowledge. Practical implications: Parallel yield curves indicate that conventional investors do not perceive international sovereign sukūk as an asset class of their own distinct from conventional government bonds. This market perception of liquid international sovereign sukūk could have an impact on other types of sukūk (e.g. on international corporate sukūk) if sovereign sukūk are taken as pricing and performance benchmarks. Originality/value: The paper sheds light on institutional investor behavior in the bond and sukūk markets and outlines data availability issues that constrain quantitative analyses in over-the-counter markets. © 2016, © Emerald Group Publishing Limited.},
author_keywords={Capital markets;  Conventional bonds;  Sukūk},
references={Abdel-Khaleq, A.H., Crosby, T., Musharakah Sukūk: structure, legal framework and opportunities (2009) Sukūk, pp. 187-222. , Thomas, A.and (Ed.), Sweet & Maxwell Asia, Petaling Jaya; Adam, N.J., Thomas, A.S., (2005) Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukūk, , Euromoney, London; Ariff, M., Iqbal, M., Mohamad, S., (2012) The Islamic Debt Market for Sukūk Securities: The Theory and Practice of Profit Sharing Investment, , (Eds) (, Edward Elgar, Cheltenham and Northampton, MA; Ariff, M., Safari, M., Are Sukūk securities the same as conventional bonds? (2012) Afro Eurasian Studies, 1 (1), pp. 101-125; Ariff, M., Safari, M., Mohamed, S., Sukūk securities and conventional bonds: evidence of significant differences (2013) Pertanika Journal of Social Sciences and Humanities, 21 (2), pp. 621-638; Azmat, S., Skully, M., Brown, K., Issuer’s choice of Islamic bond type (2014) Pacific-Basin Finance Journal, 28 (C), pp. 122-135; Godlewski, C.J., Turk Ariss, R., Weill, L., (2011) Do markets perceive sukūk and conventional bonds as different financing instruments?, , BOFIT Discussion Papers 6/2011, Bank of Finland, Helsinki; (2014) Sukūk Report 2014, , 4th ed., IIFM, Bahrain; Jobst, A., Kunzel, P., Mills, P., Sy, A., Islamic bond issuance: what sovereign debt managers need to know (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 330-344; Kapetanovic, H., Becic, M., Mudharabah Sukūk: essential Islamic contract, applications and way forward (2009) Sukūk, pp. 223-247. , Thomas, A.and (Ed.), Sweet & Maxwell Asia, Petaling Jaya; Mokhtar, S., Application of Wa’ad in equity based sukūk: empirical evidence (2011) ISRA Research Paper, , ISRA, Kuala Lumpur; Muhammad, M., Sairally, B.S., Habib, F., (2015) Islamic Capital Markets: Principles and Practices, , (Eds) (, ISRA and Securities Commission Malaysia, Kuala Lumpur; Saeed, A., Salah, O., History of Sukūk: pragmatic and idealist approaches to structuring Sukūk (2012) The Islamic Debt Market for Sukūk Securities: The Theory and Practice of Profit Sharing Investment, pp. 42-66. , Ariff, M., Iqbal, M. and Mohamed, S.and (Eds), Edward Elgar, Northampton, MA; Safari, M., Ariff, M., Mohamad, S., (2014) Sukūk Securities: New Ways of Debt Contracting, , Wiley, Hoboken, NJ; Thomas, A., (2009) Sukūk, , (Ed.) (, Sweet & Maxwell Asia, Petaling Jaya; (2014) Thomson Reuters Sukūk Perceptions & Forecast 2015: Beyond Traditional Markets, , Thomson Reuters, Mumbai},
correspondence_address1={Nienhaus, V.; International Centre for Education in Islamic FinanceMalaysia; email: volker.nienhaus@gmx.net},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{MohdSidek20164670,
author={Mohd Sidek, N.Z. and Ahmad, N.},
title={Social capital in islamic finance: The case of sukuk},
journal={International Business Management},
year={2016},
volume={10},
number={19},
pages={4670-4678},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84995518863&partnerID=40&md5=1f1092c10935bd081c423e0b7cebc2e3},
affiliation={Department of Economics, Universiti Teknologi MARA (UiTM), Malaysia; Department of Economics, Universiti Sains Islam (USIM), Malaysia},
abstract={The impact of social capital on financial development is a longstanding issue. Empirical evidences suggest that social capital has an important effect on economic growth. Given this relationship, we hypothesize the same impact on the financial market. In this study, we examine the impact of social capital on the development of Islamic finance with a special focus on sukuk issuance. A sample of sukuk issuance from 2000-2014 from sixteen countries is examined. Results suggest that social capital promotes greater sukuk issuance, especially in the presence of a more democratic and financially liberalized environment. An important policy implication is that government should strengthen and enhance both political and economic institutions as they are the basis for social capital development. © Medwell Journals, 2016.},
author_keywords={Network;  Norms;  Social capital;  Social structure;  Sukuk issuance;  Trusts},
references={Acemoglu, D., Oligarchic versus democratic societies (2008) J. Eur. Econ. Assoc, 6, pp. 1-44; Acemoglu, D., Johnson, S., Robinson, J.A., (2004) Institutions as the fundamental cause of long-run growth, , http://www.nber.org/papers/wl0481.pdf?new_window=l, Working Paper No. 10481. National Bureau of Economic Research: Cambridge Mass; Aisen, A., Veiga, F.J., How does political instability affect economic growth? (2013) Eur. J. Political Economy, 29, pp. 151-167; Alesina, A., Ozler, S., Roubini, N., Swagel, P., Political instability and economic growth (1996) J. Econ. Growth, 1, pp. 189-211; Algan, Y., Cahuc, P., (2008) Inherited trust and growth, , http://econ.sciences-po.fr/sites/default/files/file/yann%20algan/Inhented%20Trust%20and%20Growth_AER.pdf; Bjornskov, C., Determinants of generalized trust: A cross-country comparison (2007) Public Choice, 130, pp. 1-21; Brehm, J., Rahn, W., Individual-level evidence for the causes and consequences of social capital (1997) Am. J. Political Sci, 41, pp. 999-1023; Butkiewicz, J.L., Yanikkaya, H., Institutional quality and economic growth: Maintenance of the rule of law or democratic institutions, or both? Econ (2006) Model, 23, pp. 648-661; Chen, P.F., Liu, P.C., Bank ownership and performance and the politics: Evidence from Taiwan (2013) Econ. Mod, 31, pp. 578-585; Darby, J., Li, C.W., Muscatelli, V.A., Political uncertainty, public expenditure and growth (2004) Eur. J. Political Econ, 20, pp. 153-179; Devereux, M.B., Wen, J.F., Political instability, capital taxation and growth (1998) Eur. Econ. Rev, 42, pp. 1635-1651; Eichler, S., The political determinants of sovereign bond yield spreads (2014) J. Int. Money Finance, 46, pp. 82-103; Feng, Y., Political stability and economic growth (1997) Br. J. Political Sci, 27, pp. 391-418; Flachaire, E., Penalosa, G.C., Konte, M., Political versus economic institutions in the growth process (2014) J. Comp. Econ, 42, pp. 212-229; Frees, E.W., (2004) Longitudinal and Panel Data: Analysis and Applications in the Social Sciences, p. 449. , Cambridge University Press, Cambridge, England; Fukuyama, F., (1999) Social capital and civil society, , International Monetary Fund; Galor, O., From Stagnation to Growth: Unified Growth Theory (2005) Handbook of Economic Growth, pp. 171-293. , Aghion, P. and S. Durlauf, (Eds.), Elsevier, Amsterdam, Netherlands; Guiso, L., Sapienza, P., Zingales, L., (2000) The role of social capital in financial development, , NBER Working Paper No. 7563; Ha, E., Kang, M.K., Government policy responses to financial crises: Identifying patterns and policy origin in developing countries (2015) World Dev, 68, pp. 264-281; Hutington, S.P., Dominguez, J.I., Political Development (1975) Handbook of Political Science, pp. 1-114. , Greenstein, I. and N.W. Polsby (Eds.). Addis on-Wesley, Boston, Massachusetts; Letter, M., Volatility and growth: Governments are key (2014) Eur. J. Political Econ, 36, pp. 71-88; Jong, A.P.R., On measurement of political instability and its impact on economic growth (2009) Eur. J. Political Econ, 25, pp. 15-29; Knack, S., Keefer, P., Does social capital have an economic payoff? A cross-country investigation (1997) Q. J. Econ, 2, pp. 1251-1288; Kohli, A., Democracy and Development (1986) Development Strategies Reconsidered, pp. 153-182. , Lewis, J.P. and V. Kallab (Eds.). Transaction Publishers, New Brunwick, Canada; La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., Trust in large organizations (1997) Am. Econ. Rev. Pap. Proc, 87, pp. 333-338; Lee, D., Jeoung, K.Y., Chae, S., Measuring social capital in east asia and other world regions: Index of social capital for 72 countries (2011) Global Econ. Rev, 40, pp. 385-407; Lochner, K.A., Kawachi, I., Brennan, R.T., Buka, S.L., Social capital and neighbourhood mortality rates in Chicago (2003) Soc. Sci. Med, 56, pp. 1797-1805; Marsh, R.M., Sociological explanations of economic growth (1988) Stud. Comparative Int. Dev, 23, pp. 41-76; North, D.C., (1981) Structure and Change in Economic History, p. 228. , Norton and Co., New York, USA; North, D.C., (1990) Institutions, Institutional Change and Economic Performance, p. 159. , Cambridge University Press, Cambridge, UK; (2011) Hows Life: Measuring Well-being, p. 284. , OECD Publishing, Paris, France; Pesaran, M.H., General diagnostic tests for cross section dependence in panels (2004) PhD. Thesis, , University of Cambridge, Cambridge, England; Pourgerami, A., The political economy of development: A cross-national causality test of development-democracy-growth hypothesis (1988) Public Choice, 58, pp. 123-141; Pourgerami, A., The political economy of development an empirical examination of the wealth theory of democracy (1991) J. Theor. Politics, 3, pp. 189-211; Przeworski, A., Party systems and economic development (1966) PhD. Thesis, , Northwest University, Washington, USA; Rothstein, B., Stolle, D., The state and social capital: An institutional theory of generalized trust (2008) Comp. Politics, 40, pp. 441-459; Sarafidis, V., Yamagata, T., Robertson, D., A test of cross section dependence for a linear dynamic panel model with regressors (2009) J. Econ, 148, pp. 149-161; Sobel, J., Can we trust social capital? J (2002) Econ. Lit, 15, pp. 139-154; Tavares, J., Wacziarg, R., How democracy affects growth (2001) Eur. Econ. Rev, 45, pp. 1341-1378; Weede, E., The impact of democracy on economic growth: Some evidence from cross-national nalysis (1983) Kyklos, 36, pp. 21-39},
correspondence_address1={Mohd Sidek, N.Z.; Department of Economics, Malaysia},
publisher={Medwell Journals},
issn={19935250},
language={English},
abbrev_source_title={Int. Bus. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Alharthi2016470,
author={Alharthi, M.},
title={A comparative study of efficiency and its determinants in islamic, conventional, and socially responsible banks},
journal={Corporate Ownership and Control},
year={2016},
volume={13},
number={4Cont3},
pages={470-482},
doi={10.22495/cocv13i4c3p6},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84988431106&doi=10.22495%2fcocv13i4c3p6&partnerID=40&md5=7c22620bb561a693f60cd923d6db3a74},
affiliation={Department of Finance, King Abdul Aziz University, Rabigh, Saudi Arabia},
abstract={This study empirically estimates efficiency and its determinants in 190 Islamic (IBs), conventional (CBs), and socially responsible banks (SRBs) in 22 countries during the period 2005- 2012. The study first uses non-parametric approaches to estimate the efficiency measures (scale efficiency (SE), technical efficiency-constant returns to scale (CRS), and technical efficiency-variable returns to scale (VRS)) and second employs ordinary least squares, fixed effects, random effects, and TOBIT models to get the efficiency determinants. The findings indicate that the average efficiency is 0.966, 0.952, and 0.983 for the SE, CRS, and VRS, respectively. However, efficiency measures show that the SRBs are most efficient banks whereas, the least efficiency scores archived by Islamic banks. Islamic bank efficiency is positively correlated with size, loan intensity, ROA, inflation rates, market capitalization and financial crisis. However, conventional banks’ TE and CRS efficiency are positively and significantly correlated with size, ROA, and market capitalization, while their VRS efficiency is negatively and significantly related to capital ratio, age and GDP. In addition, SRBs’ efficiency is increased by size, capital ratio, loan intensity, ROA, foreign ownership, domestic ownership, inflation and financial crisis. Furthermore, the financial crisis affects the SE and CRS efficiency measures in Islamic banks while socially responsible banks SE efficiency measure is positively affected by the financial crisis, which means that socially responsible banks were stabled and resisted during the crisis period. Finally, there is no significant correlation between financial crisis and efficiency indictors in conventional banks during the period. © 2016 Virtus Interpress. All rights reserved.},
author_keywords={Bank’s Efficiency;  Conventional Banks;  Data Envelopment Analysis;  Ethical Banks;  Global Financial Crisis;  Islamic Banks;  Socially Responsible Banks},
references={Abu Alkhail, A.M., Burghof, H., Khan, W.A., Islamic commercial banking in Europe: A cross country and interbank analysis of efficiency performance (2012) International Business and Economics Research Journal, 11 (6), pp. 647-676; Aikaeli, J., (2006) Commercial Banks Efficiency in Tanzania. Dar Es Salaam, Tanzania, pp. 1-26. , Department of Economics, University of Dar es Salaam; Al-Farisi, A.S., Hendrawan, R., Effect of Capital Structure on Banks Performance: A Profit Efficiency Approach Islamic and Conventional Banks Case in Indonesia (2012) International Research Journal of Finance & Economics, 86 (86), pp. 6-19; Al-Jarrah, I., Molyneux, P., Cost Efficiency, Scale Elasticity and Scale Economies in Arab Banking (2006) Banks and Bank Systems, 1 (3), pp. 60-89; http://http://www.alrayanbank.co.uk, Formerly Islamic Bank of Britain; Ariss, R.T., Rezvanian, R., Mehdian, S.M., Cost Efficiency, Technological Progress and Productivity Growth of Banks in GCC Countries (2007) International Journal of Business, 12 (4), pp. 471-491; Assaf, G.A., Carlos, P.B., Matousek, R., Technical Efficiency in Saudi Banks (2011) Expert Systems with Applications, 38 (5), pp. 5781-5786; https://bankscope2.bvdep.com, Last accessed: 15/11/2015; Berger, A.N., Humphrey, D.B., Efficiency of financial institutions: International survey and directions for future research (1997) European Journal of Operational Research, 98 (2), pp. 175-212; Bhagavath, V., Technical Efficiency Measurement by Data Envelopment Analysis : An Application in Transportation (2008) Alliance Journal of Business Research, 60, pp. 60-72; Casu, B., Molyneux, P., A Comparative Study of Efficiency in European Banking (2003) Applied Economics, 35 (17), pp. 1865-1876; Chiu, Y.-H., Chen, Y.-C., Bai, X.-J., Efficiency and Risk in Taiwan Banking: SBM super-DEA Estimation (2011) Applied Economics, 43 (5), pp. 587-602; Delis, M.D., (2009) Evaluating Cost and Profit Efficiency: A Comparison of Parametric and Non Parametric Methodologies, pp. 1-27. , Athens University, Economics and Business; Elmoussawi, C., Obeid, H., Evaluating the Productive Efficiency of Islamic Banking in GCC: A Non-Parametric Approach (2011) International Management Review, 7 (1), pp. 10-22; Fang, Y., Hasan, I., Marton, K., Bank efficiency in South-Eastern Europe: The role of ownership, market power and institutional development (2011) Economics of Transition, 19 (3), pp. 495-520; Feng, G., Serletis, A., Efficiency, Technical Change, and Returns to Scale in Large US Banks: Panel Data Evidence from an Output Distance Function Satisfying Theoretical Regularity (2010) Journal of Banking & Finance, 34 (1), pp. 127-138; Fries, F., Taci, A., Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries (2005) Journal of Banking and Finance, 29, pp. 55-81; Gardener, E., Molyneux, P., Nguyen Linh, H., Determinants of efficiency in South East Asian banking (2012) The Service Industries Journal, 31 (16), pp. 2693-2719; Garza García, J.G., Determinants of bank efficiency in Mexico: A two stage analysis (2012) Applied Economics Letters, 19 (17), pp. 37-41; Girardone, C., Molyneux, P., Gardener, E., Analysing the determinants of bank efficiency: The case of Italian banks (2004) Applied Economics, 36, pp. 215-227; http://www.gabv.org, Last accessed: 16/09/2015; Grigorian, D.A., Manole, V., Determinants of commercial bank performance in transition: An application of data envelopment analysis (2006) Comparative Economic Studies, 48, pp. 497-522; Han, Y., Kim, H.M., Kim, W.J., Determinants of profit efficiency: Evidence from Korean savings banks (2012) Applied Financial Economics, 22 (12), pp. 1003-1016; Hasan, I., Marton, K., Development and Efficiency of the Banking Sector in a Transitional Economy: Hungarian Experience (2003) Journal of Banking and Finance, 27 (12), pp. 2249-2271; Hassan, M., The X-efficiency of Islamic Banks (2006) Islamic Economic Studies, 13 (2), pp. 49-78; Havrylchyk, O., (2004) Efficiency of the Polish Banking Industry: Foreign versus Domestic Banks, pp. 1-31; Hermes, N., Nhung, T.H., The impact of financial liberalization on bank efficiency: Evidence from Latin America and Asia (2010) Applied Economics, 42 (26), pp. 3351-3365; Hibbard, J., Stockard, J., Tusler, M., Does publicizing hospital performance stimulate quality improvement efforts? 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Profitability in MENA Countries (2011) Emerging Markets Review, 12 (2), pp. 94-110; Onour, I.A., Abdalla, A.M., Technical Efficiency Analysis of Banks in Major Oil Exporting 55. Middle East Countries (2012) Journal of Business, 4 (13), pp. 1-26; Pasiouras, F., (2006) Estimating The Technical and Scale Efficiency of Greek Commercial Banks: The 56. Impact of Credit Risk, off Balance Sheet Activities, and International Operations, pp. 1-35. , University of Bath, School of Management; Pramuka, B.A., Assessing Profit Efficiency of Islamic Banks In Indonesia: An Intermediation Approach (2011) Journal of Economics, Business and 58. Accountancy Ventura, 14 (1), pp. 79-88; Qureshi, M.A., Shaikh, M., Efficiency of Islamic and Conventional Banks in Pakistan: A Non parametric Approach (2012) International Journal of Business and Management, 7 (7), pp. 40-50; Rahman, M.M., Islam, A.N., Stochastic frontier approach to estimate branch wise cost and profit efficiency of Islamic Bank Bangladesh Limited (IBBL). Journal of Islamic Economics (2011) Banking and Finance, 7 (2), pp. 45-70. 61; Ray, S.C., Das, A., Distribution of Cost and Profit Efficiency: Evidence from Indian Banking (2010) European Journal of Operational Research, 201 (1), pp. 297-307; Řepková, I., Efficiency of the Czech banking sector employing the DEA window analysis approach (2014) Procedia Economics and Finance, 12, pp. 587-596; Rosman, R., Abd Wahab, N., Zainol, Z., Efficiency of Islamic banks during the financial crisis: An analysis of Middle Eastern and Asian countries (2014) Pacific Basin Finance Journal, 28, pp. 76-90; Rozzani, N., Rahman, R.A., Determinants of Bank Efficiency: Conventional versus Islamic (2013) International Journal of Business and Management, 8 (14), pp. 98-109; Saad, W., El Moussawi, C., Evaluating the productive efficiency of Lebanese commercial banks: Parametric and non-parametric approaches (2009) International Management Review, 5 (1), pp. 5-20; Said, A., Efficiency in Islamic Banking During a Financial Crisis-an Empirical Analysis of Forty-Seven Banks (2012) Journal of Applied Finance & Banking, 2 (3), pp. 163-197; Shamsuddin, A., Xiang, D., Does bank efficiency matter? Market value relevance of bank efficiency in Australia (2012) Applied Economics, 44 (27), pp. 3563-3572; Spulbar, C., Nitoi, M., Determinants of bank cost efficiency in transition economies: Evidence for Latin America, Central and Eastern Europe and South East Asia (2014) Applied Economics, 46 (16), pp. 1940-1952; Staat, M., The effect of sample size on the mean efficiency in DEA: A comment (2001) Journal of Productivity Analysis, 15, pp. 129-137; Sturm, J.E., Williams, B., Foreign bank entry, deregulation and bank efficiency: Lessons from the Australian experience (2004) Journal of Banking and Finance, 28 (7), pp. 1775-1799; Sufian, F., Trends in the Efficiency of Singapore’s Commercial Banking Groups: A Non-stochastic Frontier DEA Window Analysis Approach (2007) International Journal of Productivity and Performance Management, 56 (2), pp. 99-136; Sufian, F., Determinants of bank efficiency during unstable macroeconomic environment: Empirical evidence from Malaysia (2009) Research in International Business and Finance, 23, pp. 54-77; Sufian, F., Habibullah, M., Asian Financial Crisis and the Evolution of Korean Banks Efficiency: A DEA Approach (2009) Global Economic Review, 38 (4), pp. 335-369; Svitalkova, Z., Comparison and evaluation of bank efficiency in selected countries in EU (2014) Procedia Economics and Finance, 12, pp. 644-653; Vu, H., Nahm, D., The determinants of profit efficiency of banks in Vietnam (2013) Journal of the Asia Pacific Economy, 18 (4), pp. 615-631; Wang, K., Huang, W., Liu, Y., Efficiency measure of the Chinese commercial banking system using an additive two-stage DEA (2014) Omega, 44, pp. 5-20; http://www.worldbank.org, Last accessed: 08/09/2015; Zhang, J., Wang, P., Qu, B., Bank Risk Taking, Efficiency, and Law Enforcement: Evidence from Chinese City Commercial Banks (2012) China Economic Review, 23 (2), pp. 284-295; Zhang, T., Matthews, K., Efficiency convergence properties of Indonesian banks 1992 -2007 (2012) Applied Financial Economics, 22 (17), pp. 1465-1478},
correspondence_address1={Alharthi, M.; Department of Finance, Saudi Arabia},
publisher={Virtus Interpress},
issn={17279232},
language={English},
abbrev_source_title={Corp. Ownersh. Control},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Kasim20161326,
author={Kasim, N. and Htay, S.N.N. and Salman, S.A.},
title={Achieving effective Waqf management through compliance with Shari'ah Governance Practices},
journal={Proceedings of the 27th International Business Information Management Association Conference - Innovation Management and Education Excellence Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2016},
year={2016},
pages={1326-1329},
note={cited By 4; Conference of 27th International Business Information Management Association Conference - Innovation Management and Education Excellence Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2016 ; Conference Date: 4 May 2016 Through 5 May 2016;  Conference Code:123005},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84984657072&partnerID=40&md5=87f4c79be54e13d79d3d8e83731fda0d},
affiliation={Accounting Research Institute, Faculty of Accountancy, Universiti Teknologi MARA, Shah Alam, Malaysia; Business School, Humber College, Toronto, Canada; Institute of Islamic Banking and Finance, International Islamic University, Malaysia},
abstract={The renaissance of Islamic finance indicates that people are increasingly concerned with the Shari'ah-complaint nature of commercial and non-commercial activities. Conventional financial institutions are immersed in elements of interest, uncertainty, and gambling, all of which are forbidden in Quran and Sunnah. Shari'ah-complaint finance is thus at the core of Islamic financial institutions; it is the distinguishing factor between Islamic and conventional finance. With due diligence, international organisations such as the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), Islamic Financial Services Board (IFSB), and Bank Negara Malaysia (BNM) have formulated a Shari'ah governance framework; Malaysia is thus positioned at the centre of the global Islamic finance and takaful industries. The Shari'ah governance framework monitors Islamic financial institutions with regards to their functioning within the framework of the Shari'ah. Current research on Shari'ah governance mainly focuses on financial practices within profit-oriented organisations (i.e. Islamic banks, takaful, and Islamic capital markets). There is limited research on governance practices within non-profit organisations, especially in Waqf (Islamic endowment) institutions. The practice of Waqf is encouraged in Islam, and the establishment of the Prophet's mosque in Madinah set the precedent for such deeds. Waqf can play a significant role in improving a country's economy and in uplifting the living standards of Muslims. However, the effectiveness of the management of Waqf assets has deteriorated over time due to several factors. Two of the major factors for this are lack of Shari'ah governance guidelines and lack of a framework for Waqf institutions. This paper proposes to introduce Shari'ah-based governance for Waqf institutions with the expectation that the proposed governance system will structure the management of Waqf assets so as to comply with Shari'ah requirements related to Waqf assets, and to foster accountability and transparency in practices and disclosures. Copyright © 2016 International Business Information Management Association},
author_keywords={Accountability;  Islamic financial institutions;  Management;  Shari'ah governance;  Waqf},
keywords={Economics;  Finance;  Information management;  Innovation;  Management;  Profitability;  Regional planning;  Sustainable development, Accountability;  Financial institution;  Financial service;  Governance systems;  Islamic finances;  Living standards;  Shari'ah governance;  Waqf, Societies and institutions},
references={Abdullah, M.S., Malaysia needs transformation of waqf management (2010) Travelodge PhD Wakaf @ Mohamad Salleh Abdullah, Blog Entry, Malaysia Needs Transformation of Waqf Management, , http//sallehabdullah.blogspot.com/2010/01/Artikalmalaysia-perlukantransformasi.html; Accounting, Auditing and Governance Standards for Islamic Financial Institutions, (2010) Accounting and Auditing Organization for Islamic Financial Institutions, , Bahrain; (2010) Shari'ah Governance Framework for Islamic Financial Institutions, , Kuala Lumpur, Bank Negara Malaysia; Chowdhury, M.S.R., Chowdhury, I.A., Muhammad, M.Z., Yasoa, M.R., Problems of waqf administration and proposals for improvement: A study in Malaysia (2012) Journal of Internet Banking and Commerce, 17 (1), p. 1; Daud, D., Rahman, R.A., Sulaiman, Z., Waqf reporting to fulfil stakeholder attribution in waqf islamic councils (2011) Business Management Quarterly Review, 2 (1), pp. 38-53; Hasan, A.B., Laws, A.I.K.O., Optimal shari'ah governance in islamic finance (2007) Islamic Finance News, 4 (14), p. 7; Hasan, Z., Regulatory framework of shari'ah governance system in Malaysia (2010) GCC Countries and the UK. Kyoto Bulletin of Islamic Area Studies, 3 (2), pp. 82-115; Ihsan, H., Adnan, M.A., Waqf accounting and the construction of accountability (2009) International Conference in Waqf Laws and Management: Reality and Prospects, , Kuala Lumpur; (2009) Guiding Principles on Shari'ah Governance System in Institutions Offering Islamic Financial Services, , Kuala Lumpur: IFSB; Kahf, M., Towards the revival of awqaf: A few fiqhi issues to reconsider (1999) Harvard Forum on Islamic Finance and Economics, 1; Mohamad, N.A., Kader, S.A., Zubaidah, S., Ali, Z., Waqf lands and challenges from the legal perspectives in Malaysia (2012) IIUM-Toyo Joint Symposium, Sustainable Built Environment: Lesson Learned from Malaysia and Japan; Puad, N.A.B.M., Rafdi, N.B.J., Shahar, W.S.S.B., Issues and challenges of waqf instrument: A case study in Mais (2014) E-proceedings of the Conference on Management and Muamalah, , (CoMM 2014), 26-27 May 2014 Synergizing Knowledge on Management and Muamalah E; Osman, A.Z., (2010) Accountability of Waqf Management: Insight from Praxis of Nongovernmental Organization (NGO), p. 153. , Abdul Ghafar Ismail Mohd Ezani Mat Hassan Norazman Ismail Shahida Shahimi; Ramli, N.M., Muhamed, N.A., Good governance framework for corporate waqf: Towards accountability enhancement (2013) Paper Accepted for Proceedings of World Universities' Islamic Philanthropy Conference; Sulaiman, M., Zakari, M.A., (2015) Efficiency and Effectiveness of Waqf Institutions in Malaysia: Toward Financial Sustainability, p. 43. , Access to Finance and Human Development-Essays on Zakah, Awqaf and Microfinance; Sulaiman, M., Adnan, M.A., Nor, M.M., Suad, P.N., Trust me! A case study of the international islamic university Malaysia's waqf fund (2009) Review of Islamic Economics, 13 (1), pp. 69-88},
editor={Soliman K.S.},
sponsors={},
publisher={International Business Information Management Association, IBIMA},
isbn={9780986041969},
language={English},
abbrev_source_title={Proc. Int. Bus. Inf. Manag. Assoc. Conf. - Innov. Vis.: Reg. Dev. Sustain. Glob. Econ. Growth, IBIMA},
document_type={Conference Paper},
source={Scopus},
}

@BOOK{Akyeampong2014233,
author={Akyeampong, E.},
title={Commerce, credit, and mobility in late nineteenth-century gold coast: Changing dynamics in Euro-African trade},
journal={Africa's Development in Historical Perspective},
year={2014},
pages={233-263},
doi={10.1017/CBO9781139644594.010},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84953885594&doi=10.1017%2fCBO9781139644594.010&partnerID=40&md5=011ea6f4a5c4a389f0b1531ca67ccf0a},
affiliation={Harvard University, United States},
abstract={h e nineteenth century represents one of the most fascinating and dynamic centuries in the history of West Africa in the second millennium in terms of West Africa’s relations with the wider world. h e century began with the abolition of the export slave trade and the substitution (a return to in some cases) of an export trade in primary products such as palm oil and groundnut oil. h e simple technology behind African agriculture – the hoe, cutlass, and pick – and the centrality of the family as the social and economic basis of production and reproduction expanded the ranks of the economically active with the abolition of the slave trade. Chiefs and “big men,” who dominated the slave trade as they had monopoly over the means of capture, remained major players in the era of “legitimate trade,” deploying their capital and labor resources in new ways. It was a century of political revolution with Islamic jihads in the West African sahel and savanna and political experimentation along the coast based on the fusion of African and European ideas. In the social sphere, Christian missionary work and Western education from the 1820s created “new men and women,” while kin and clan systems responded to the new opportunities of trade during the eighteenth and nineteenth centuries through social engineering in structures such as the “house system” in the Niger Delta. Technological advances added to the excitement of the century, and in mid-century, the introduction of the steamship and the demonstrated utility of quinine opened up West Africato European traders and adventurers. Banks and commercial credit linked West African merchants with European merchant houses, and European commission houses served as brokers for West African traders, selling West African produce and purchasing European manufactured goods on their behalf. 1 Palm oil, palm kernel, and rubber from West Africa underpinned this buoyant trade during the nineteenth century. h e enormous opportunities for social mobility these economic factors presented received a severe setback from the 1870s with a glut in the world market of fats and oils, the onset of economic crisis, and the constriction in credit facilities. h e scramble for and partition of Africa would end a remarkable era of socioeconomic opportunity, and British imperial historian David Hargreaves noted with irony how European military force had been summoned to contain the socioeconomic revolution in West Africa that free trade had unleashed (Hargreaves 1986). © Emmanuel Akyeampong, Robert H. Bates, Nathan Nunn, and James A. Robinson 2014.},
references={Akyeampong, E., (2001) Between the Sea and the Lagoon: An Eco-Social History of the Anlo of Southeastern Ghana C.1850 to Recent Times, , Oxford: James Currey; Akyeampong, E., Race, Identity and Citizenship in Black Africa: The Case of the Lebanese in Ghana (2006) Africa, 76 (3), pp. 297-323; Anstey, R., (1975) The Atlantic Slave Trade and British Abolition, 1760-1810, , Atlantic Highlands, NJ: Humanities Press; Austen, R.A., (1987) African Economic History: Internal Development and External Dependency, , London: James Currey; Bierwith, C., The Lebanese Communities of Cote dIvoire.” (1999) African Affairs, 98 (390), pp. 79-99; Boumedouha, S., Adjustment to West African Realities: The Lebanese in Senegal (1990) Africa, 60 (4), pp. 538-549; Brown, C.L., (2006) Moral Capital: Foundations of British Abolitionism, , Chapel Hill: University of North Carolina Press; Davies, P.N., The Impact of the Expatriate Shipping Lines on the Economic Development of British West Africa (1977) Business History, 19 (1), pp. 3-17; Drescher, S., (1977) Econocide: British Slavery in the Era of Abolition, , Pittsburgh: University of Pittsburgh Press; Duke, A., The Diary of Antera Duke, an Efik Slave Trading Chief of the Eighteenth Century (1956) Efik Traders of Old Calabar, pp. 27-78. , edited by Darryl Forde, London: Oxford University Press; Dumett, R.E., The Rubber Trade of the Gold Coast and Asante in the Nineteenth Century: African innovation and Market Responsiveness (1971) Journal of African History, 12 (1), pp. 79-101; Dumett, R.E., Compilation of African Merchant and Traders Agents of Major Towns in Ghana.” (1972) Transactions of the Historical Society of Ghana, 13, pp. 260-264; Dumett, R.E., John Sarbah, the Elder, and African Mercantile Entrepreneurship in the Gold Coast in the Late Nineteenth Century (1973) Journal of African History, 14 (4), pp. 653-679; Dumett, R.E., African Merchants of the Gold Coast, 1860-1905 - Dynamics of Indigenous Entrepreneurship (1983) Comparative Studies in Society and History, 25 (4), pp. 661-693; Edward, (1887) Liverpool, to Messrs William N. Ocansey, p. 17; Eltis, D., (1987) Economic Growth and the Ending of the Transatlantic Slave Trade; Falola, T., Lebanese Traders in Southwestern Nigeria, 1900-1960 (1990) African Affairs, 89 (359), pp. 523-553; SC, 8. , Accra; SC, 8. , Schedule of Ocansey Papers; SC, 8 (64). , Accra; SC, 8 (64). , AccraLetter Book; SC, 13 (11). , Radcliffe and Durant to Messrs. J.H. Caesar and Sons, Liverpool; SC, 14 (3). , Christian Jacobson Papers, Accra; Gourevitch, P., (1986) Politics in Hard Times: Comparative Responses to International Economic Crises, , Ithaca, NY: Cornell University Press; Hargreaves, J., The European Partition of West Africa (1986) History of West Africa, pp. 408-428. , edited by J. E A. Ajayi and Michael Crowder, Essex: Longmans, 2nd edition; Headrick, D.R., (1981) Tools of Empire: Technology and European Imperialism in the Nineteenth Century, , New York: Oxford University Press; Hopkins, A.G., (1973) Economic History of West Africa, , London: Longman; Jaja, S.O., (1991) Opobo since 1870, , A Documentary Record with an Introduction. Ibadan: University of Ibadan Press; Jasanotf, M., (2011) Liberty's Exiles: American Loyalists in the Revolutionary World, , New York: Alfred A. Knopf; Lovejoy, P.E., Richardson, D., Trust, Pawnship and Atlantic History: The Institutional Foundations of the Old Calabar Slave Trade (1999) American Historical Review, 1049 (2), pp. 333-355; Lovejoy, P.E., Richardson, D., The Business of Slaving: Pawnship in Western Nigeria, c.1600-1810 (2001) Journal of African History, 42 (1), pp. 67-89; Lovejoy, P.E., Richardson, D., This Horrid Hole’: Royal Authority, Commerce and Credit at Bonny, 1690-1840.” (2004) Journal of African History, 45 (3), pp. 363-392; Lynn, M., From Sail to Steam: The Impact of the Steamship Services on the British Palm Oil Trade with West Africa, 1850-1890 (1989) Journal of African History, 30 (2), pp. 227-245; Lynn, M., (1998) Commerce and Economic Change in West Africa: The Palm Oil Trade in The Nineteenth Century, , Cambridge: Cambridge University Press; Marsters, K.F., (2000) Travels in the Interior Districts Africa by Mungo Park. Durham, , NC: Duke University Press; (1861) FO 2/20. Dr. Balfour Baikie to the Secretary of the Cotton Suppliers’ Association of Manchester, 3p. , Lukoja, April; London, FO 2/47. Consul Charles Livingstone to Lord Stanley, 1866p. , Fernando Po, October; (1884) London, FO 84/1660. FO Note by Lister, 3p. , December; London, FO 97/434. Niger Expedition, pp. 1862-1864; Norregard, G., (1966) Danish Settlements in West Africa, 1658-1850, , Trans., Sigurd Mammen. Boston, MA: Boston University Press; Ocansey, J.E., Arhin, K., (1989) An African Trading; Or the Trials of William Narh Ocansey of Addah, West Coast of Africa, River Volta, , 3rd ed. Accra: Ghana Academy of Arts and Sciences; First edition 1881, with Robert Hickson, Liverpool: J. Looney; Oyo, A., (1989) The White Cap Chieftaincy Institution of Lagos: A Historical Survey, , BA Thesis, Department of History, University of Ibadan; Parker, J., (2000) Making the Town: Ga State Society in Early Colonial Accra, , Portsmouth, NH: Heinemann; Phillips, C., (2001) The Atlantic Sound, , London: Vintage; Pomeranz, K., Topik, S., The World that Trade Created: Society, Culture (2006) And the World Economy 1400 to the Present, , New York: M. E. Sharpe; Popkin, S.L., Public Choice and Rural Development - Free Riders, Lemons, and Institutional Design (1981) Public Choice and Rural Development, pp. 43-80. , edited by Clifford S. Russell and Norman K. Nicholson, Washington, DC: Resources for the Future, INC; Sutton, I., Law, Chieftaincy and Conflict in Colonial Ghana: The Ada Case (1984) African Affairs, 83 (330), pp. 41-62; Company, U.A., Archives, U., (1870), Liverpool, UAC/2/33/AG/1/2/3, F. and A. Swanzy Papers, Alfred Triggs to Andrew Swanzy, Cape Coast, March 29; Van Der Laan, H.L., (1975) The Lebanese Traders in Sierra Leone, , The Hague: Mouton Publishers},
correspondence_address1={Akyeampong, E.; Harvard UniversityUnited States},
publisher={Cambridge University Press},
isbn={9781139644594; 9781107691209},
language={English},
abbrev_source_title={Africa's Development in Historical Perspective},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Yazid2014342,
author={Yazid, A.S. and Abdullah, A.A. and Hussin, M.R.},
title={A review of infrastructure project risk management},
journal={International Business Management},
year={2014},
volume={8},
number={6},
pages={342-347},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84905450073&partnerID=40&md5=b0ad88fb2f4f685036ace5df35a32b81},
affiliation={Research Institute for Islamic Products and Civilisation, University Sultan Zainal Abidin, Gong Badak Campus, Terengganu, Malaysia; Faculty of Business Management and Accountancy, University Sultan Zainal Abidin, Gong Badak Campus, Terengganu, Malaysia; School of Economics, Finance and Banking, College of Business, Universiti Utara Malaysia, Kedah, Malaysia},
abstract={Every successful project is highly dependent on the effective management of related risk exposures. The challenge is obviously the task of identifying and assessing the potential risks for projects to ensure that such risks could possibly be mitigated effectively with managerial efficiency. This study provides, a discussion of the various types of potential risks encountered during and throughout the entire course of project management. For that matter, managing infrastructure projects on a large scale, especially those projects which are being funded by Sukuk (Islamic Bond) can be rather complex primarily when dealing with both the project and Sukuk risks during the implementation of these projects. Rigorous review on earlier literature on risk-related were conducted to identify the different types of risk exposures. The types of risk can be identical and possibly encountered when managing infrastructure projects. With the identification of the various types of risk, the stakeholders (owners, joint venture partners, consultants, clients, sponsors and the financiers) could possibly have a much better understanding of the various types of risk involved in managing infrastructure projects, especially at the intiation stage of the projects and also during the preparation of the project charter for infrastructure projects which are being funded by the Islamic capital market. © Medwell Journals, 2014.},
author_keywords={Infrastructure project;  Islamic capital market;  Literature;  Project management;  Risk management},
funding_details={Unisza/FRGS/1(2011)},
references={Anthony, M., A systematic approach to risk management for construction (2001) Struct. Surv., 19, pp. 245-252; Beidleman, C.R., Fletcher, D., Veshosky, D., On allocating risk: The essence of project finance (1990) Sloan Manage. Rev., 31, pp. 47-55; Bent, F., From nobel prize to project management: Getting risks right (2006) Project Manage. J., 37, pp. 5-15; Bing, L., Tiong, R.L.K., Fan, W.W., Chew, D.A.S., Risk management in international construction joint ventures (1999) J. Constr. Eng. Manage., 125, pp. 277-284; Cervone, H.F., Project risk management (2006) OCLC Syst. Serv., 22, pp. 256-262; Chapman, C.B., Cooper, D.F., Risk analysis: Testing some prejudices (1983) Eur. J. Opera. Res., 14, pp. 238-247; Chapman, C.B., Ward, S.C., (1997) Project Risk Management: Processes, Techniques and Insights, , lohn Wiley and Sons, Chichester, UK; Charette, R., (1989) Software Engineering Risk Analysis and Management, p. 325. , McGraw Hill Co., New York, USA., ISBN-13: 9780070106611; Cooper, M.D., Exploratory analyses of the effects of managerial support and feedback consequences on behavioral safety maintenance (2005) J. Organ. Behav. Manage., 26, pp. 1-41; Craciun, M., A new type of risk in infrastructure projects (2011) Mod. Econ., 2, pp. 479-482; Earl, M.I., The risk of outsourcing IT (1996) Sloan Manage. Rev., 37, pp. 26-32; Elkington, P., Smallman, C., Managing project risks: A case study from the utilities sector (2002) Int. J. Project Manage., 20, pp. 49-57; Fulmer, I., What in the world is infrastructure? (2009), pp. 30-32. , PEI Infrastructure Investor luly/August; Grant, K., Witness, K., Measuring project risk management process for construction contractors with statement indicators linked to numerical scores (2010) Eng. Constr. Arch. Manage., 17, pp. 336-351; Hobbs, B., Aubry, M., Desribing and analysing project management offices (2006) Proceeding of 20th IPMA Aorld Congress on Project Management, 1, pp. 588-593. , October 15-17, 2006, Shanghai, China; (2009) World first risk management standard, , ISO-31000, ISO, Geneva, Switzerland; Iha, K.N., Devaya, M.N., Modelling the risks faced by indian construction companies assessing international projects (2008) Constr. Manage. Econ., 26, pp. 337-348; Keil, M., Cule, P.E., Lyytinen, K., Schmidt, R.C., Identifying (1998) Commun. ACM, 41, pp. 76-83; Khumpalsal, S., Risks in the construction project procurement process and the mitigation methods (2007) J. Architect. Plann. Res. Stud., 5, pp. 135-145; Kwak, Y.H., Ibbs, C.W., Project management Process Maturity (PM)2 model (2002) J. Manage. Eng, 18, pp. 150-155; Lu, S.T., Kuo, Y.C., Yu, S.H., Risk assessment model for the railway reconstruction project in Taiwan (2010) Proceedings of the 9th International Conference on Machine Learning and Cybernetics, pp. 1017-1022. , July 11-14, 2010, Qingdao; Miller, R., Lessard, D., Understanding and managing risks in large engineering projects (2001) Int. J. Proiect Manase., 19, pp. 437-443; Nguyen, V., Thuyet, S.O.O., Prasanta, K.D., Risk management in oil and gas construction projects in Vietnam (2007) Int. J. Energy Sect. Manage., 1, pp. 175-194; O'Sullivan, S.M.S., (2003) Economics: Principles in Action, p. 592. , Pearson Prentice Hall, New Jersey, ISBN-13: 9780130634504; Olofsson, A., Ohman, S., Views of risk in Sweden: Global fatalism and local control: An empirical investigation of ulrich beck's theory of new risks (2007) J. Risk Res, 10, pp. 177-196; (2004) A Guide to the Project Management Body of Knowledge (PMBOK Guide), , PMI, 3rd Edn., Project Management Institute, Newton; Perminova, S., Perminova, O., Gustafsson, M., Wikstrom, K., Defining uncertainty in projects: A new perspective (2008) Int. J. Project Manage., 2, pp. 73-79; Shen, L.Y., Wu, G.W.C., Catherine, S.K.N., Risk assessment for construction joint ventures in China (2001) J. Construct. Eng. Manage., 127, pp. 76-81; Sorge, M., The nature of credit risk in project finance (2004) BIS Q. Rev., 6, pp. 91-101; Tah, J.H.M., Carr, V., A proposal for construction project risk assessment using fuzzy logic (2000) J. Construct. Manage. Econ., 18, pp. 491-500; Timothy, J.K., (2009) Project Management: A Contemporary Approach: Organize, p. 449. , Plan, Perform. Thomson Learning EMEA, Limited, Southwest, WV, USA, ISBN-13: 9780324657975; Webb, A., (1994) Managing Innovative Projects, , Chapman and Hall, London; Williams, T., A classified bibliography of recent research relating to project risk management (1995) Eur. J. Oper. Res., 85, pp. 18-38},
correspondence_address1={Yazid, A.S.; Research Institute for Islamic Products and Civilisation, Faculty of Business Management and Accountancy, University Sultan Zainal Abidin, Gong Badak Campus, Terengganu, Malaysia},
publisher={Medwell Journals},
issn={19935250},
language={English},
abbrev_source_title={Int. Bus. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Saripudin2012160,
author={Saripudin, K.N. and Mohamad, S. and Razif, N.F.M. and Rosli, S.J. and Ahmad, B.},
title={Application of promise in Sukuk musharakah structure},
journal={Middle East Journal of Scientific Research},
year={2012},
volume={12},
number={2},
pages={160-167},
doi={10.5829/idosi.mejsr.2012.12.2.1680},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84870802274&doi=10.5829%2fidosi.mejsr.2012.12.2.1680&partnerID=40&md5=2641a9826d6e2e13785c559d33468830},
affiliation={Department of Fiqh and Usul, Academy of Islamic Studies, University of Malaya, 50603, Kuala Lumpur, Malaysia; Centre for Islamic Thought and Understanding, MARA University of Technology (UiTM), Jengka, Pahang, Malaysia},
abstract={Sukuk musharakah is an instrument of Islamic Capital Market (ICM). It is a preferred sukuk to be issued internationally or locally especially since the year 2005. In Malaysia, various Shariah principles and concepts i.e wa'd, wa'dan and muwa'dah had been used in sukuk structure to make the product more competitive than the conventional bond. This study therefore aims to analyse the application of promise in structuring sukuk in Malaysia. The study has identified that the concepts of promise in which concists of wa'd, wa'danand muwa'adah are valid and recognized by Islamic jurisprudence to be implemented in sukuk musharakah. © IDOSI Publications, 2012.},
author_keywords={Musharakah;  Muwa'adah;  Purchase undertaking;  Sukuk;  Wa'd;  Wa'dan},
references={Manzur, N.D.I., Al-'arab, L., , 51, pp. 48-71. , Cairo: Dar al-Ma'arif; Al-fayumi, A.M., (1987) Beirut: Maktabah Lubnan, p. 255. , al-Misbah al-Munir fi Gharib al-Syarh al-Kabir; Zakaria, A.A., (1979), 6, p. 125. , Mu'jam Maqayis al-Lughat. Beirut: Dar al-Fikr; Hammad, N., (2008), p. 473. , Mu'jam al-Mustalahat al-Maliyyah wa al-Iqtisadiyyah fi Lughat al-Fuqaha'. Damsyiq: Dar al-Qalam; Hasan, A., (2008), p. 1. , Pengertian Al-Wa'd, Al-Wa'dan dan Al-Muwa'dah. Paper presented at Muzakarah Cendekiawan Syariah Nusantara (Shariah Scholars' Conference of South East Asia). 27-28 February; http://www.bnm.gov.my/guidelines/01_banking/04_prudential_stds/07_shariah_resolution.pdf, Bank Negara Malaysia, N.D. Resolutions of Shariah Advisory Council of Bank Negara Malaysia, Islamic Banking and Takaful Department". Retrieved July 1st, 2012 from; Ayub, M., (2007) Understanding Islamic Finance, p. 115. , England: John Wiley and Sons Ltd; Abadi, M.A.F., (1987), p. 416. , al-Qamus al-Muhit. Beirut: Mu'assasah al-Risalah; Al-sarakhsi, M., Kitab al-Mabsut. Beirut: Dar al-Ma'rifah (1989), 11, p. 109; Taymiyyah, I., (1987), 3, pp. 278-482. , al-Fatawa al-Kubra. Beirut: Dar al-Ma'rifah; Al-qaradawi, Y., (2001), pp. 65-67. , Bay' al-Murabahah lil Amr bi al-Syira'. Beirut: Mu'assasah al-Risalah; Lukman, B., (2008) Penggunaan Wa'd Dalam Kontrak Buyu', Ijarah Dan Syirkah: Adakah Aplikasi Wa'd Boleh Menjejaskan Kontrak Kewangan, pp. 21-23. , Paper presented at Muzakarah Cendekiawan Syariah Nusantara (Shariah Scholars' Conference of South East Asia). 27-28 February; Al-'asqalani, A., (1986), 5, pp. 341-343. , Fath al-Bari bi Syarh Sahih al-Bukhari. Cairo: Dar al-Rayyan; Al-jawziyyah, I.Q., (1991), 1, pp. 260-263. , I'lam al-Muwaqi'in 'an Rabb al-Alamin. Beirut: Dar al-Kutub al-'Ilmiyyah; Al-qarafi, A.I., (1998), 1, pp. 144-146. , al-Furuq Anwar al-Buruq fi Anwa' al-Furuq. Beirut: Dar al-Kutub al-'Ilmiyyah; Al-syanqiti, M.A., (1995), 4, pp. 204-205. , Adwa' al-Bayan fiIdah al-Quran bi al-Quran. Beirut: Dar al-Fikr; Hazm, A.A.I., Al-muhalla, N.D., , 8, p. 28. , Beirut: Dar al-Fikr; Al-qaradawi, Y., al-Wafa bi al-Wa'd. Majallah Majmak al-Fiqh al-Islami (1989), 5 (2), pp. 842-843; Ulaysy, M.A., Al-'aliy, N.D.F., al-Malik fi al-Fatwa 'Ala Mazhab al-Imam Malik. Beirut: Dar al-Fikr , 1, pp. 255-256; Al-qurtubi, M., (1987), 18, pp. 79-80. , Al-Jami' li Ahkam al-Qur'an. Cairo: Al-Hai'ah al-Misriyyah al-Ammah li al-Kitab; Kathir, A.I.I., (1999), 8, p. 105. , Tafsir al-Quran al-'Azim. Riyadh: Dar Tayyibah lil Nasyr wa al-Tauzi'; Ghuddah, A.S.A., (1998), p. 113. , al-Dalilal-Syar'i li al-Murabahah. Jeddah: Dallah al-Barakah; Al-islami, M.M.A.F., (1989), 2, p. 845. , Munaqasyah Buhuth al-Wafa' bi al-Wa'd. Majallah al-Majma' al-Fiqh al-Islami; Abidin, M.A.I., (2003), 7, pp. 281-282. , Radd Al-Muhtar 'Ala al-Dar Al-Mukhtar Syarh Tanwir Al-Absar. Riyadh: Dar 'Alim al-Kutub; Al-nawawi, A.Z., (2003), 4, p. 451. , Raudah al-Talibin. Riyadh: Dar 'Alim al-Kutub; Al-buhuti, M.Y., (2003), 5, pp. 16-43. , Kasysyafu al-Qina' 'an Matn al-'Iqna'. Riyadh: Dar 'Alim al-Kutub; Muflih, I.M.I., (2003), 9, p. 303. , al-Mabda' syarh al-muqna'. Riyadh: Dar 'Alim al-Kutub; Al-ash'ath, A.D.S., Daud, N.D.S.A., Al-adab, K., , p. 903. , No. 4995. al-Riyad: Maktabah al-Ma'arif li al-Nasyr wa al-Tawzi'; Al-masri, R.Y., The Binding Unilateral Promise (Wa'd) in Islamic Banking Operations: Is it Permissible for a Unilateral Promise (Wa'd) to be Binding as an Alternative to a Proscribed Contract (2002) Islamic Economics, 15, pp. 29-33; Muhammad, M., Yaacob, H., Hasan, S., (2011) The Bindingness and Enforceability of A Uniteral Promise (wa'd): An Analysis From Islamic Law and Legal Perspectives, pp. 27-30. , ISRA Research Paper (No.30/2011). Kuala Lumpur: International Shari'ah Research Academy for Islamic Finance; Uthmani, M.T., (2000), 12, p. 316. , Uqud al-Tawrid wa al-Munaqasat. Majallah al-Majma' al-Fiqh al-Islami; Al-baz, A.A.M., (1998), p. 130. , Ahkam Sarf al-Nuqud wa al-'Umulat fi al-fiqh al-Islami wa Tatbiqatihi al-mu'asarah. Jordan: Dar al-Nafa'is; Al-islami, M.M.A.F., Resolution No. 157 of the 17th Conference of the Islamic Fiqh Academy; (2010) Accounting and Auditing Organization for Islamic Institutions (AAOIFI), , Al-Ma'ayir al-Syar'iyyah, Bahrain: AAOIFI; (2010) Shariah Resolution in Islamic Finance, p. 139. , Bank Negara Malaysia, Kuala Lumpur: Bank Negara; Mohamad, S., Muhamad, R., (2010) Produk Perbendaharaan Islam: Isu Syariah, p. 8. , Paper presented at Muzakarah Penasihat Syariah Kewangan Islam 2010, 2nd August 2010, Hotel Nikko, Kuala Lumpur; Sukuk Back On Track (2010) Kuwait Finance House, p. 36. , KFH Research Ltd; Principle, Terms and Conditions (PTC) Projek Lebuhraya Utara-Selatan Berhad, , http://www.sc.com.my/SC/download.asp?, Retrieved July 5, 2012 from, hdDocId=786 and hdDocType=PTC and hdFileName=PLUS+Senior+Sukuk%2DPTC%2Epdf; PTC Haluan Gigih Sdn Bhd, p. 5. , http://www.sc.com.my/SC/download1.asp?, Retrieved July 5, 2012 from, docId=851 and docType=PTC; PTC Lingkaran Trans Kota Sdn Bhd, p. 6. , http://www.sc.com.my/SC/download1.asp?, Retrieved July 5, 2012 from, doc Id=748 and docType=PTC; (2012) PTC Hong Leong Industries Berhad, p. 23. , http://www.sc.com.my/SC/download1.asp?, Retrieved July 5, 2012 from, and doc Type=PTC, access on 5 July, docId=752; Laws of Malaysia (2007) Capital Markets And Services Act Act 671, p. 21},
correspondence_address1={Mohamad, S.; Department of Fiqh and Usul, Academy of Islamic Studies, , 50603, Kuala Lumpur, Malaysia},
issn={19909233},
language={English},
abbrev_source_title={Middle East J. Sci. Res.},
document_type={Article},
source={Scopus},
}

@BOOK{NoAuthor2012145,
title={Reforming The Capital Market: Islamic Concept of Money},
journal={Reforming Muslim World},
year={2012},
pages={145-164},
doi={10.4324/9780203039045-11},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85071573877&doi=10.4324%2f9780203039045-11&partnerID=40&md5=f70e1741013a42d78624b0756b48f9d0},
abstract={To introduce the idea of money in Islamic political economy we ask the following questions at the outset: Is money a financial contravention or a commodity in economic activity? If money is a financial contravention to promote economic activity, then what is the real output against which money must be measured and valued? If money is a commodity, then what is the real price of money? In all of these cases, what are the functions of money? Answers to these questions will suffice to explain the meaning of money in Islamic political economy. In this chapter we will introduce and explain the meaning of money in Islamic political economy in light of the knowledge-based interactive methodology that we have throughout developed. © Masudul Alam Choudhury 1998. All rights reserved.},
references={Akkas, S.M.A., Towards establishing an islamic common market (1993) Thoughts on Economics, 3 (3-4), pp. 49-77; Barker, E., (1959) The Political Thought of Plato and Aristotle, p. 9. , New York, NY: Dover Publications) Chapter; Barro, R.J., (1993) Macroeconomics, , New York, NY: John Wiley & Sons) Chapter 5; Chapra, M.U., (1985) Towards a Just Monetary System, , (Leicester, Eng.: The Islamic Foundation); Choudhury, M.A., A generalized theory of islamic development financing (1993) Topics in Development Finance (Hull, pp. 47-69. , Choudhury, M.A. ed., England: MCB University Press; Choudhury, M.A., (1992) The Principles of Islamic Political Economy: A Methodological Enquiry, , (London, Eng.: Macmillan & New York, NY: St. Martin’s Press); Choudhury, M.A., The endogenous theory of money and capital markets (1991) Journal of Islamic Economic Cooperation, 12 (3-4), pp. 75-96; Desai, M., Endogenous and exogenous money (1989) The New Palgrave: Money, pp. 146-150. , J. Eatwell, M. Milgate & P. Newman eds., New York, NY: W.W. Norton; Fisher, I., (1911) The Purchasing Power of Money, , New York, NY: Macmillan Press Ltd.); Friedman, M., Quantity theory of money (1989) New Palgrave Money, pp. 1-40. , New York, NY: W.W. Norton; Grandmont, J.-M., (1989) Temporary Equilibrium, pp. 297-304. , J. Eatwell, M. Milgate & P. Newman eds. The New Palgrave: General Equilibrium (New York, NY: W.W. Norton; Hume, D., Of money, “of interest�? and “of the balance of trade�? (1963) In Political Discourses Reprinted in Essays Moral, Political and Literary, , (London, Eng.: Oxford University Press); Laidler, D., The quantity theory is always and everywhere controversial -why? (1990) Atlantic Canada Economic Association Papers, 18; Mandell, E., Perfecting the theory of value, the theory of surplus value and the theory of money (1971) The Formation of the Economic Thought of Karl Marx 1843 to Capital, , New York, NY: Monthly Review Press); Tobin, J., (1958) Liquidity Preference as Behavior Towards Risk, the Review of Economic Studies, 16 (1), pp. 65-86. , Feb; Zimbalist, A., Sherman, H.J., Brown, S., (1984) Comparing Economic Systems, a Political-Economic Approach, , (New York, NY: Harcourt, Brace Jovanovich, Publishers) Chapter 6},
publisher={Taylor and Francis},
isbn={9781136171505; 0710305753; 9780710305756},
language={English},
abbrev_source_title={Reforming Muslim World},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Jobst2009348,
author={Jobst, A.A.},
title={Islamic securitisation: An ethical remedy to incentive problems?},
journal={International Journal of Monetary Economics and Finance},
year={2009},
volume={2},
number={3-4},
pages={348-365},
doi={10.1504/IJMEF.2009.029068},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84951715976&doi=10.1504%2fIJMEF.2009.029068&partnerID=40&md5=c91fc48b0cf27895c761f30c36403783},
affiliation={International Monetary Fund (IMF), Monetary and Capital Markets Department (MCM), 700 19th Street NW, Washington, DC 20431, United States},
abstract={Islamic securitisation in the form of sukuk has grown into a notable segment of global structured finance over the recent past. This paper surveys the unique structural features of the sukuk market and assesses the resilience of shari’ah compliance to the adverse effects of conflicts of interest that became apparent in the US subprime mortgage crisis and the subsequent fallout in global financial markets. This examination also considers recent regulatory changes to the definition of sukuk and current policy considerations of alternative forms of capital-market based refinancing techniques, such as covered mortgage bonds, and the way they relate to Islamic securitisation. The paper concludes with a brief outlook on future challenges and developments in the sukuk market. © 2009 Inderscience Enterprises Ltd.},
author_keywords={asset-backed;  asset-based;  covered bonds;  ijara;  Islamic finance;  Islamic securitisation;  risk management;  shari’ah compliance;  structured finance;  sukuk},
references={Akerlof, G.A., The market for lemons: quality uncertainty and the market mechanism (1970) Quarterly Journal of Economics, 84, pp. 488-500; Ashcraft, A.B., Schuermann, T., (2008) Understanding the Securitization of Subprime Mortgage Credit, , mimeo, Federal Reserve Bank of New York; Gesell, S., (1958) The Natural Economic Order, , Revised Edition, Peter Owen, London; Hesse, H., Jobst, A.A., Solé, J., Trends and challenges in Islamic finance (2008) World Economics, 9 (2), pp. 175-193; Hesse, H., Jobst, A.A., Solé, J., Trends and challenges in Islamic finance (2008) Islamica, September, pp. 28-33; Hesse, H., Jobst, A.A., Solé, J., Quo Vadis Islamic finance? (2008) RGE Monitor, pp. 28-33. , http://www.rgemonitor.com/us-monitor/254573/quo_vadis_islamic_finance, 27 November; IOSCO, (2008) Analysis of the Application of IOSCO’s Objectives and Principles of Securities Regulation for Islamic Securities Products, , International Organization of Securities Commissions (IOSCO), September, Paris; Jobst, A.A., The economics of Islamic finance and securitization (2007) Journal of Structured Finance, 13 (1), pp. 1-22. , Spring Also Published as IMF Working Paper 07/117, Washington, DC., International Monetary Fund (IMF)); Jobst, A.A., Kunzel, P., Mills, P., Amadou, S., Islamic bond issuance - What sovereign debt managers need to know (2008) International Journal of Islamic and Middle East Finance and Management, 1 (4). , Published also in IMF Survey Magazine, International Monetary Fund (MF), Washington, DC, 19 September 2007; Moody’s, Focus on the Middle East (2007) Inside Moody’s, Winter, p. 4; Moody’s, Focus on the Middle East (2008) Inside Moody’s, Spring, p. 4; In February 2008, the Shari’ah committee of the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI) issued recommendations regarding the role of asset ownership, investment guarantees, and the Shari’ah advisory and approval process in sukuk origination and trading. These recommendations led to a critical re-assessment of outstanding sukuk issues and lengthened the approval process of new issues in 2008; In efficient markets, risk-neutral managers do not benefit from dynamic asset allocation (ignoring transaction costs) by substituting badly performing assets, because the ability to weed out certain reference assets comes at a premium. Under worsening credit conditions, better asset performance is generally harder to come by, making managers no better off than before once they divert funds to safer but highly coveted and more costly territory (or accept higher hedging costs); This definition refers to any positive and pre-determined return that is tied to the maturity and the amount of principal, resulting in wealth creation regardless of the outcome of asset performance (or the success of the business operations of the borrower); Stripped of its religious elements, this concept parallels the free-money theory of interest (‘Freiwirtschaft’), which postulates an economic system where the most talented people would have the highest income, without forgery by interest and rent charge (Gesell, 1958); Besides interest earnings, Islamic law also prohibits the direct or indirect association of contracts with (and investment in) lines of business involving alcohol, pork products, firearms, tobacco, and adult entertainment betting and gambling (maisir), including the speculative trade, rescheduling, interest discounting or exchange of money for debt without an underlying asset transfer the trading of the same object between buyer and seller (bay’al-inah) if it creates indebtedness, as well as preventable uncertainty and risk with delusion (gharar); According to the latest recommendations by the Accounting and Auditing Organization of Islamic Finance Institutions (AAIOFI), sukuk is equivalent in form to ABS, which would also hold out the possibility of investor subordination through co-participation schemes (see Figure 3); In conventional securitisation, a SPV is set up solely for the purpose of the securitisation and might be a trust, limited liability company, partnership, or a corporation. In Islamic securitisation, the objectives set out in the constitutional documents of the SPV also must not infringe on the prohibition of riba and haram under Islamic law; Instead, commodities could serve as religiously acceptable, short-term investments; Wakala defines a principal-agent relationship in which a fund manager acts as the agent of investors in accordance with pre-agreed investment parameters. The primary fee is fixed, for instance, as a percentage of assets under management. There may also be a performance-based fee but not a simple sharing of profits},
issn={17520479},
language={English},
abbrev_source_title={Int. J. Monet. Econ. Financ.},
document_type={Article},
source={Scopus},
}

@BOOK{Corm2006291,
author={Corm, G.},
title={The arab experience},
journal={Regional Financial Cooperation},
year={2006},
pages={291-328},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84901099175&partnerID=40&md5=8b44ba8477f8514fb679bbccb4f9c6ee},
affiliation={Saint Joseph University, Beirut, Lebanon},
abstract={The Arab region has a rich and diversified experience of regional economic cooperation, beginning in 1944 with the creation of the League of Arab States (Arab League). The league was among the first official regional institutions to be created after World War II. The aim of the league was to develop cooperation between Arab countries in all fields, including trade, finance, and defense. Unfortunately, the league was not very successful in securing a common Arab position in international affairs, owing to various political and economic factors that are not studied here. It also failed in a number of endeavors to develop Arab economic integration. Although some Arab subregional economic cooperation and integration agreements were signed, only the Gulf Cooperation Council (GCC), created in 1981 by the oil-rich Arabian Peninsula countries of Saudi Arabia, Kuwait, Oman, the United Arab Emirates, Bahrain, and Qatar, was successful. The Union of Arab Maghreb, which was created in 1989 by Tunisia, Algeria, Morocco, Libya, and Mauritania, has been weakened by political tensions between some of its member countries, while the Arab Cooperation Council, founded the same year by Egypt, Jordan, Iraq, and Yemen, was dissolved in 1991. While many inter-Arab agreements on economic and financial arrangements have been signed by Arab League member countries, the implementation of these agreements has been very limited. Since the early 1970s, however, substantial progress has been made in the field of regional financial cooperation through the creation of various financial institutions to provide needy Arab countries with low-cost official regional lending. This successful experience was quickly extended to countries outside the region through the creation in 1974 of both the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA), together with the Special Arab Aid Fund for Africa (SAAFA). Low-cost official financing was also made available to Arab and non-Arab countries in the developing world by national financial institutions created by the Arab oil-exporting countries. As this chapter describes, much of the financing originating from the region has come from pan-Arab institutions and the Islamic Development Bank, and has been made available primarily to Arab countries, but also to developing countries belonging to the Organization of the Islamic Conference and others. In fact, since the oil-price boom of the 1970s, financial institutions in the Arab region have mushroomed, including large commercial banking and finance institutions created by Arab governments or Arab government-owned banks (Arab Banking Corporation [ABC]; Gulf Investment Bank [GIB]; Arab Investment Company [AIC]; and Gulf Investment Corporation [GIC]), in addition to numerous private Islamic banking and financial institutions. Banking institutions were also created as consortium banks by the main Arab banks (private and government) and large banks in Europe or in other countries (Union of French and Arab Banks and Banque Arabe et Internationale d'Investissement in Paris; European Arab Bank in Brussels; Arab Malaysian Bank in Kuala Lumpur).1 Some of these banks are no longer in existence, like some other large consortium banks that were created on international capital markets during the 1970s. This chapter is concerned only with official financial institutions and arrangements in the Arab region that supply concessional financing or facilities and grants. Owing to particular regional economic and financial circumstances, most of these institutions provide development finance facilities to countries outside the region. Another specific feature of these institutions is that none of their shareholders are member countries of the Organization for Economic Cooperation and Development (OECD), and none tap international financial markets or domestic Arab capital markets to finance their operations. Their activities are funded exclusively from the contributions of shareholder countries, with the bulk of such contributions coming from the Arab Peninsula oil-exporting countries. In fact, Arab regional official funding flourished in the highly specific circumstances of the oil-price boom in the early 1970s. It survived the sharp downturn in oil prices during the 1980s and 1990s, and operations continued, albeit at lower levels than in the 1970s. Although the sharp upturn in oil prices beginning in 2000 led to an increase in funding, funding did not return to the levels of the second half of the 1970s and early 1980s. Today a large pool of expertise in development finance has accumulated in the region, and most institutions have geared their operations to their countries' emerging needs (equity investment, microcredit, aid to small and medium-sized enterprises (SMEs), technical assistance grants, and others). However, available resources are still being used primarily to finance infrastructure. Available statistical aggregates are not always sufficiently detailed or are not presented in a way that facilitates proper analysis. However, the annual reports produced by some of these institutions are quite detailed. Aggregate figures from Arab sources differ from the statistics in the Development Assistance Committee (DAC) annual report. Although OECD statistics do not seem to adequately cover all Arab institutions and financial arrangements, both statistical sources are used to analyze the different official development assistance (ODA) flows originating from the region, in which Arab countries play a major role. It is also worth noting that the region's institutional setup suffers from the fact that, as defined by the United Nations system, the Arab countries, as well as other Middle Eastern countries, belong to different regions. The UN system recognizes no Arab region as such. Thus the Economic and Social Commission for Western Asia (ESCWA) includes only some of the Arab countries (Arabian Peninsula countries, as well as Iraq, Jordan, Egypt, Lebanon, Syria, and Palestine); other Arab countries in Africa (Morocco, Algeria, Mauritania, Tunisia, Libya, and Sudan, in addition to Egypt, which is a member of both commissions) are members of the United Nations Economic Commission for Africa (ECA). Turkey belongs to the United Nations Economic Commission for Europe (ECE). Large multilateral funding institutions, such as the World Bank and the International Monetary Fund (IMF), also do not recognize an Arab region, but rather a Middle East and North Africa (MENA) region that includes all the Arab countries except Sudan and Mauritania, together with Iran, Afghanistan, and Pakistan. The United Nations and other sister institutions always include Turkey in European regional groups, even though it is a key Middle Eastern country. This designation represents an additional complication when one looks at the Arab region. © 2006 United Nations Economic Commission for Latin America and the Caribbean.},
references={Al Imam, M.M., (2004) International Experiences in Economic Integration and Lessons for Arab Integration, , Arabic, Beirut: Center for Arab Unity Studies; (1999) Arab Unified Economic Report, , Arab League, Arab Fund for Economic and Social Development (AFESD), Arab Monetary Fund, and the Organization of Arab Petroleum Exporting Countries (OAPEC), Abu Dhabi, United Arab Emirates; (2003) Arab Monetary Fund, Annual Report, , Abu Dhabi; (2005) Arab Economic Integration: Challenges and Horizons, , Arab Monetary Fund, (in Arabic). Abu Dhabi; (2002) Arab Cooperation Horizons between Regionalism and Globalization, , Arab Thought Forum, (in Arabic), Amman; Corm, G., (1988) The Fragmentation of the Middle East, , London: Unwin Hyman-Hutchinson; Corm, G., Challenges for human development in the Arab region (2003) The First Arab Conference on Human Development, , (in Arabic), Paper presented, held by the Arab League in Cairo, February 24-26, 2003; Corm, G., (2003) Cooperation and Mobilization of Financial Resources for Sustainable Development in the Mediterranean Region, , www.planbleu.org, United Nations Environment Program (UNEP), Regional Activity Center, Sophia Antipolis, France; Corm, G., The private sector's role in the development of Mashreq countries (2003) A Seminar on the Private Sector's Role in the Development of Arab Economies, , (in Arabic), Paper presented, held by the Islamic Development Bank in Cairo, May 2003; (2003) Analysis of Performances and Assessment of Growth and Productivity in the ESCWA Region, (1). , Economic and Social Commission for Western Asia (ESCWA), New York; (2004) Analysis of Performances and Assessment of Growth and Productivity in the ESCWA Region, (2). , Economic and Social Commission for Western Asia (ESCWA), New York; (2005) Inter-Arab Investment Guarantee Corporation, Annual Report 2004, , Kuwait; (2004) Annual Report for Year 1424 H (2003-2004), , Islamic Development Bank, Jeddah, Saudi Arabia; (2005) Thirty-One Years in the Service of Development Economic Policy and Strategic Planning Department, Islamic Fund Report, , Islamic Development Bank, June; Mattione, R.P., (1985) OPEC's Investments and the International Financial System, , Brookings; (2004) Arab National and Regional Development Institutions, 2004 (And 2003): A Profile, , OPEC Fund for International Development, Vienna; Geographical Distribution of Financial Flows to Developing Countries, , www.oecd.org/cad/stats/sdienligne; Shihata, I.F.I., (1982) The other Face of OPEC: Financial Assistance to the Third World, , London: Longman; (2003) The Arab World Competitiveness Report, 2002-2003, , World Economic Forum, Oxford University Press},
correspondence_address1={Corm, G.; Saint Joseph University, Beirut, Lebanon},
publisher={Brookings Institution Press},
isbn={0815764197; 9780815764199},
language={English},
abbrev_source_title={Reg. Fin. Coop.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Akkas2022943,
author={Akkas, E. and Asutay, M.},
title={Intellectual capital disclosure and financial performance nexus in Islamic and conventional banks in the GCC countries},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2022},
volume={15},
number={5},
pages={943-966},
doi={10.1108/IMEFM-01-2021-0015},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85123371165&doi=10.1108%2fIMEFM-01-2021-0015&partnerID=40&md5=64ba93473215497cea9642e026a01129},
affiliation={Durham Centre for Islamic Economics and Finance, Durham University Business School, Durham University, Durham, United Kingdom; Durham Centre for Islamic Economics and Finance, Durham University Business School, Durham University, Durham, United Kingdom; Faculty of Economics and Administrative Sciences, Agri Ibrahim Cecen University, Agri, Turkey},
abstract={Purpose: This paper aims to comparatively examine the impact of the intellectual capital performance on the financial performance of Islamic and conventional banks in the Gulf Cooperation Council (GCC) countries by classifying intellectual capital as human capital, knowledge creation and innovation processes. Design/methodology/approach: Along with the theoretical discussion in essentialising the rationale for intellectual capital formation through Islamic norms, the empirical analysis is formulated through the data generated by disclosure analysis using a panel of five GCC countries examining 408 annual reports from 19 Islamic and 23 conventional banks covering 2010–2019 period. In the analysis of the generated data, both fixed and random effects regression models are used. Findings: The findings of this paper suggest that Islamic banks perform better than conventional banks in creating intellectual capital through knowledge creation, human capital and intellectual contribution. While the intellectual capital disclosure index and its pillars are significant for Islamic banks, these variables are not significant for the conventional banks in the GCC countries. Research limitations/implications: Considering that disclosed information may not reflect actual experience and performance, factual data could also be used to overcome potential shortcomings of disclosure generated data. Practical implications: This paper demonstrates that Islamic banks in the GCC have been successful in their intellectual capital performance, whereby they seem to be performing in line with the Islamic ontology. In addition, the disclosure items used in this paper may guide the Islamic and conventional banks in the process of preparing their annual reports. Importantly, they may use these items as benchmarks in further developing their intellectual capital performance for better financial performance. Originality/value: This paper essentialises knowledge development and innovation for Islamic banks through the Islamic cognitive system rather than as a requirement of the market mechanism. Secondly, a comparative analysis between Islamic and conventional banks is presented by acknowledging the peculiarities of Islamic banks in the methodology and disclosure index. © 2022, Emerald Publishing Limited.},
author_keywords={Financial performance;  Intellectual capital disclosure;  Islamic banks;  The GCC},
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correspondence_address1={Asutay, M.; Durham Centre for Islamic Economics and Finance, United Kingdom; email: Mehmet.Asutay@durham.ac.uk},
publisher={Emerald Publishing},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mateev2022,
author={Mateev, M. and Moudud-Ul-Huq, S. and Sahyouni, A. and Tariq, M.U.},
title={Capital regulation, competition and risk-taking: Policy implications for banking sector stability in the MENA region},
journal={Research in International Business and Finance},
year={2022},
volume={60},
doi={10.1016/j.ribaf.2021.101579},
art_number={101579},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85119418805&doi=10.1016%2fj.ribaf.2021.101579&partnerID=40&md5=180683d5a073792530d029e6d4becc4e},
affiliation={Abu Dhabi School of Management, Abu Dhabi, United Arab Emirates; Mawlana Bhashani Science and Technology University, Bangladesh; Higher Institute for Administrative Development, Damascus University, Damascus, Syrian Arab Republic},
abstract={This paper investigates how capital requirements and bank competition affect banks' financial soundness in the Middle East and North Africa (MENA) region. We test the hypothesis that regulatory capital positively impacts the risk-taking behavior of Islamic and conventional banks in the MENA region. The analysis indicates that the capital adequacy ratio has no significant influence on the credit risk of Islamic banks; however, market competition does play a significant role in shaping the risk behavior of these institutions. We report the opposite result for conventional banks – an increase in the minimum capital requirements is associated with an increase in their risk level. We also find that Islamic and conventional banks experience a non-linear relationship between market concentration and bank risk. Our findings inform regulatory authorities concerned with improving banking sector's stability in the MENA region to strengthen their policies to force banks to better align with capital requirements which is highly important during the COVID-19 pandemic. © 2021 Elsevier B.V.},
author_keywords={Credit and insolvency risk;  Financial stability;  Market competition;  Regulation},
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correspondence_address1={Mateev, M.; Abu Dhabi School of Management, 31st & Salam Street, United Arab Emirates; email: m.mateev@adsm.ac.ae},
publisher={Elsevier Ltd},
issn={02755319},
language={English},
abbrev_source_title={Res. Int. Bus. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Uddin20222210,
author={Uddin, M.H. and Kabir, S.H. and Kabir Hassan, M. and Hossain, M.S. and Liu, J.},
title={Why do sukuks (Islamic bonds) need a different pricing model?},
journal={International Journal of Finance and Economics},
year={2022},
volume={27},
number={2},
pages={2210-2234},
doi={10.1002/ijfe.2269},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85090996070&doi=10.1002%2fijfe.2269&partnerID=40&md5=0cdcd8edf4a0c6a7e3cd577d5e17f54c},
affiliation={Business School, University of Southampton - Malaysia Campus, Gelang Patah, Malaysia; School of Economics, Finance and Accounting, Coventry University, Coventry, United Kingdom; Economics and Finance, University of New Orleans, New Orleans, LA, United States; Taylor's Business School, Taylor's University, Subang Jaya, Malaysia; Salford Business School, University of Salford, Manchester, United Kingdom},
abstract={The global interest in sukuk, an Islamic alternative to bond financing, has grown rapidly, particularly after the 2008 global financial crisis, due to its distinctive features and investment quality. Sukuk were first launched in Malaysia and are presently available in 29 countries, including the United Kingdom, United States, Singapore, Hong Kong, and Luxembourg. Despite the global market prevalence of sukuk, asset pricing literature has not yet addressed the pricing mechanism of sukuk, which is inherently different from bonds and equity due to the contractual differences. However, analysts use LIBOR, or the Islamic interbank benchmark rate, as the ad-hoc benchmark to evaluate sukuk performance. In this study, we develop a basic pricing model that captures the common risks in sukuk returns. We identify two risk factors for sukuk that require risk premiums: (a) sukuk market risk and (b) information asymmetry risk. Using these two common sukuk risks factors, investment analysts can estimate the fair value of sukuk more precisely than other ad hoc measures available. © 2020 John Wiley & Sons Ltd.},
author_keywords={reference rate;  sukuk pricing;  systematic risk factors;  two factor model},
keywords={benchmarking;  capital market;  factor analysis;  financial crisis;  financial market;  investment;  price dynamics, Belgium;  China;  Hong Kong;  Luxembourg [Belgium];  Malaysia;  Singapore [Southeast Asia];  United Kingdom;  United States},
funding_text 1={We thankfully acknowledge the funding received from Taylor's University, Malaysia for this study. We thank the participants who attended our presentation at the British Accounting and Finance Association conference, 10–11 April 2018 and provided useful comments. We are also thankful to the discussant and participants at the Malaysian Finance Association meeting on 1–2 August 2018 and Taylor's University research colloquium, 12 March 2018 for sharing their comments.},
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correspondence_address1={Kabir, S.H.; School of Economics, United Kingdom; email: ac5892@coventry.ac.uk},
publisher={John Wiley and Sons Ltd},
issn={10769307},
language={English},
abbrev_source_title={Int. J. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Elbadri20222153,
author={Elbadri, M. and Bektaş, E.},
title={Dynamic relationship among the bank stability, oil, and gold prices: Evidence from the Islamic banks operating in the Gulf Cooperation Council countries},
journal={International Journal of Finance and Economics},
year={2022},
volume={27},
number={2},
pages={2153-2168},
doi={10.1002/ijfe.2265},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85090956050&doi=10.1002%2fijfe.2265&partnerID=40&md5=8f528608952cb37d09efbce3f78435e6},
affiliation={Department of Banking and Finance, Eastern Mediterranean University, North Cyprus, Turkey},
abstract={This study uses quarterly time series data to investigate the relationship between oil and gold prices, and the financial stability of Islamic banks operating in the Gulf Cooperation Council countries for the period of 2005Q1 to 2018Q1. For this purpose, first it uses Johansen cointegration and VECM methodologies, and then it employs the newly-developed Bayer–Hanck, Gregory–Hansen, Toda–Yamamato, and DOLS methodologies to test the robustness of the findings. Results reveal a cointegrating relationship and equilibrium-correcting mechanism between the two commodities prices and the bank stability. Both commodities prices have positive effects on bank stability in the short run. However, oil price has a positive effect in the long run, while gold price has a negative effect in the long run. The causality results confirm unidirectional causality from oil and gold prices to bank stability in the short run, and oil price to bank stability in the long run. © 2020 John Wiley & Sons Ltd.},
author_keywords={bank stability;  causality;  cointegration;  GCC;  gold price;  oil price},
keywords={banking;  capital market;  cointegration analysis;  financial market;  financial system;  time series analysis},
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correspondence_address1={Elbadri, M.; Department of Banking and Finance, Turkey; email: elbadrimarei@yahoo.com},
publisher={John Wiley and Sons Ltd},
issn={10769307},
language={English},
abbrev_source_title={Int. J. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Siddique2022993,
author={Siddique, M.Z.},
title={Modern money and Islamic banking in the light of Islamic law of riba},
journal={International Journal of Finance and Economics},
year={2022},
volume={27},
number={1},
pages={993-1008},
doi={10.1002/ijfe.2196},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85089726758&doi=10.1002%2fijfe.2196&partnerID=40&md5=db1cea39362d3fddf30d4619944d0992},
affiliation={Department of Economics, School of Social Sciences and Humanities (S3H), National University of Sciences and Technology, Islamabad, Pakistan},
abstract={Theory of Islamic banking is based on neoclassical theory of money and banking which assumes that money is a neutral lubricant that facilitates exchange while bank is an intermediary institution that equates savings and investments in the economy. Endogenous money supply has demonstrated the fallacy of these assumptions by showing that it is not the deposits that create loans, rather the other way round. Unlike commodity money, modern money is credit, generated by the central and commercial banks in the process of advancing reserves and loans. When this correct version of money and banking is evaluated in the light of the correct understanding of riba, it becomes evident that modern money involves riba and this result is equally valid for Islamic banking. Genuine Islamic monetary and banking systems require commodity money, which may include gold and silver, such that its face value is equal to its intrinsic value and it does not represent credit. Riba is not merely a matter of eliminating the institution of interest from economic system, it is about eliminating credit-based monetary or financial system because credit creation is as much riba as is charging interest. © 2020 John Wiley & Sons Ltd},
keywords={banking;  capital market;  commodity market;  credit provision;  financial services;  financial system;  institutional framework;  Islamism},
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correspondence_address1={Siddique, M.Z.; Department of Economics, Pakistan; email: zahid.siddique@s3h.nust.edu.pk},
publisher={John Wiley and Sons Ltd},
issn={10769307},
language={English},
abbrev_source_title={Int. J. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ridzuan2021260,
author={Ridzuan, A.R. and Zakaria, S. and Fianto, B.A. and Yusoff, N.Y.M. and Sulaiman, N.F.C. and Razak, M.I.M. and Siswantini and Lestari, A.},
title={Nexus between financial development and income inequality before pandemic covid-19: Does financial kuznets curve exist in malaysia, indonesia, thailand and philippines?},
journal={International Journal of Energy Economics and Policy},
year={2021},
volume={11},
number={2},
pages={260-271},
doi={10.32479/ijeep.10616},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85100343722&doi=10.32479%2fijeep.10616&partnerID=40&md5=551b836a86bf70fc53603e520501acde},
affiliation={Faculty of Business and Management, Universiti Teknologi MARA, Melaka Campus, Malaysia; Faculty of Business and Management, Universiti Teknologi MARA, Shah Alam Campus, Malaysia; Faculty of Economics and Business, Universitas Airlangga, Surabaya, Indonesia; College of Energy Business and Economics, Universiti Tenaga Nasional, Malaysia; School of Social and Economic development, Universiti Malaysia Terengganu, Malaysia; Faculty of Economic and Communication, Bina Nusantara University, Alam Sutera Campus, Indonesia; Faculty of Economic and Communication, Bina Nusantara University, Kemanggisan Campus, Indonesia},
abstract={This study offers new insights for policymakers to reduce income inequality, thus ensuring economic growth which greatly benefits the poor segment of population and directing financial sector to provide easy access to financial resources for lower income group at cheaper cost. Bound test was applied to examine the long-run and short-run relationships based on the sample period beginning from 1970 until 2016. The results confirmed the existence of a long-run relationship between the variables. Financial development in Malaysia, Indonesia and Thailand had successfully reduced income inequality, however, a different effect was recorded in the Philippines where income distribution was worsened. Furthermore, economic growth brought positive effect to income distribution in Malaysia and Indonesia, but not for Thailand and the Philippines. Inflation, trade openness and foreign direct investment, provided mixed results for all countries. Among the policies recommendation for this paper are there should be more easy accessibility for entrepreneurs to reach the wide range of financial services including conventional and Islamic financial products, the expansion of capital market, as well as giving proper attention to the financial sector. Besides, granting the access to capital markets for low income groups or underprivileged individuals might be helpful to them either by developing entrepreneurial skill or involvement in productive activities and receive better salaries. This policy will give insight to the policymakers to strengthen their financial institutions, especially during the pandemic of Covid-19 . © 2021, Econjournals. All rights reserved.},
author_keywords={ASEAN-4;  Financial Development;  Financial Kuznets Curve;  Income Inequality},
funding_details={GSAT2020-12},
funding_details={Universiti Teknologi MARAUniversiti Teknologi MARA, UiTM},
funding_details={Binus UniversityBinus University},
funding_text 1={This research is financed under international matching grant, TEJA (GSAT2020-12) between Universiti Teknologi MARA, Melaka Campus, Malaysia and Universitas Binus, Indonesia.},
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correspondence_address1={Ridzuan, A.R.; Faculty of Business and Management, Melaka Campus, Malaysia; email: Rahim670@staf.uitm.edu.my},
publisher={Econjournals},
issn={21464553},
language={English},
abbrev_source_title={Int. J. Energy Econ. Policy},
document_type={Article},
source={Scopus},
}

@ARTICLE{Weaver2021552,
author={Weaver, D. and Tang, C. and Lawton, L. and Liu, Y.},
title={Cultivating the Chinese market through destination loyalty: enhancing resilience in the Maldives},
journal={Tourism Geographies},
year={2021},
volume={23},
number={3},
pages={552-572},
doi={10.1080/14616688.2019.1623300},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066851849&doi=10.1080%2f14616688.2019.1623300&partnerID=40&md5=0df75e97f4da2442838a351a8a6290a0},
affiliation={Dongbei University of Finance and Economics, Dalian, China; School of Engineering and Built Environment, Griffith University, Brisbane, Australia},
abstract={Market diversification, one critical means by which tourism-dependent small island states can maintain sector resilience and destination life cycle stability, requires understanding of the destination loyalty of strategic new inbound markets such as China. An online survey of 1260 Chinese adults with previous travel experience to the Maldives identified positive proclivities with respect to revisitation and recommendation intentions as well as agreement that Chinese visitors were well catered for. Sample diversity, however, was demonstrated by cluster analysis, which revealed dominant ‘highly loyal’ (31.2%) and ‘loyal’ (37.1%) segments along with specialized clusters ambivalent about the catering (14.3%) or the revisitation intent (17.4%). Loyalty was strongly associated with older, married and higher income visitors who were aware that the Maldives is an Islamic country and who included the capital city of Male in their itinerary. Such information is invaluable for assisting target marketing and product development strategies, but situates in a context of bilateral asymmetry in which the Chinese government can destabilize small island tourism through decisions that curtail visitation by otherwise loyal residents. © 2019 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={China;  destination life cycle;  destination loyalty;  Small island resilience;  the Maldives;  中国},
keywords={marketing;  small island state;  tourism market;  tourist destination, China;  Maldives},
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Opportunities for sustainable tourism innovation in Timor-Leste, an early stage destination (2018) Tourism Recreation Research, 43 (1), pp. 118-128; Weaver, D., Lawton, L., Visitor loyalty at a private South Carolina protected area (2011) Journal of Travel Research, 50 (3), pp. 335-346; Weaver, D., Lawton, L., (2014) Tourism management, , 2nd ed, Milton, Qld: Wiley; Wu, C., Destination loyalty modeling of the global tourism (2016) Journal of Business Research, 69 (6), pp. 2213-2219; Xiang, Y., The characteristics of independent Chinese outbound tourists (2013) Tourism Planning & Development, 10, pp. 134-148; Xu, F., Wang, S., China’s outbound tourism–Emerging trends and features in the second decade of the 21st century (2014) Perspectives in Asian Leisure and Tourism, 2. , Article 2; Xu, Z., Zhang, J., Antecedents and consequences of place attachment: A comparison of Chinese and Western urban tourists in Hangzhou, China (2016) Journal of Destination Marketing & Management, 5, pp. 86-96; Yoon, Y., Uysal, M., An examination of the effects of motivation and satisfaction on destination loyalty: A structural model (2005) Tourism Management, 26 (1), pp. 45-56; Yuksel, A., Yuksel, F., Bilim, Y., Destination attachment: Effects on customer satisfaction and cognitive, affective and conative loyalty (2010) Tourism Management, 31 (2), pp. 274-284; Zhang, H., Fu, X., Cai, L., Lu, L., Destination image and tourist loyalty: A meta-analysis (2014) Tourism Management, 40, pp. 213-223},
correspondence_address1={Tang, C.; Dongbei University of Finance and EconomicsChina},
publisher={Routledge},
issn={14616688},
language={English},
abbrev_source_title={Tour. Geogr.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Karimov2020,
author={Karimov, J. and Balli, F. and Balli, H.O. and de Bruin, A.},
title={Shari'ah compliance requirements and the cost of equity capital},
journal={Pacific Basin Finance Journal},
year={2020},
volume={62},
doi={10.1016/j.pacfin.2020.101349},
art_number={101349},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85098192603&doi=10.1016%2fj.pacfin.2020.101349&partnerID=40&md5=02b70663c2212f3a759e51a8f2bc38fe},
affiliation={School of Economics and Finance, Massey University, New Zealand; Higher School of Economics and Business, Al-Farabi Kazakh National University, Kazakhstan},
abstract={This study examines if adoption of Shari'ah Compliance Requirements (SCR) effects on the cost of equity capital of the firms. We estimate the cost of equity capital implied by market prices and analyst forecasts, and account for changes in growth expectations around adoption of SCR. Our results show that transitional implications of Shari'ah compliance can diverge depending on the information spread. The findings reveal that getting a Shari'ah compliance certificate initially increases the cost of equity for a firm, potentially due to higher financial constraints and other burdens associated with Shari'ah requirements. However, with greater exposure and awareness in Islamic markets, Shari'ah compliance eventually leads to a fall in the cost of equity. We also find that at the industry-level, SCR adoption effects are stronger in relatively tangible sectors. In our analysis to measure the impact of Shai'ah compliance on COE, we employed a treatment/control study, (difference in differences analysis) of both Shari'ah and conventional firms to conduct robustness checks. Our robustness analyses confirm that becoming Sharia compliant increases the stock liquidity of SCR adopted firms, which in turn impacts the cost of equity negatively. © 2020 Elsevier B.V.},
author_keywords={Capital structure;  Cost of equity capital;  Shari'ah compliance;  Stock market liquidity},
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correspondence_address1={Balli, H.O.; School of Economics and Finance, New Zealand; email: h.ozer-balli@massey.ac.nz},
publisher={Elsevier B.V.},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sukor2020131,
author={Sukor, M.E.A. and Sujak, Z.A. and Noordin, K.},
title={Conventional REITs, Islamic REITs and macroeconomic variables in Malaysia: a review},
journal={ISRA International Journal of Islamic Finance},
year={2020},
volume={12},
number={1},
pages={131-143},
doi={10.1108/IJIF-08-2018-0089},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85086791530&doi=10.1108%2fIJIF-08-2018-0089&partnerID=40&md5=388ca584b4160e2db2d3e015e3c03247},
affiliation={Department of Finance and Banking, Faculty of Business and Accountancy, University of Malaya, Kuala Lumpur, Malaysia; Department of Shariah and Management, Academy of Islamic Studies, University of Malaya, Kuala Lumpur, Malaysia},
abstract={Purpose: The purpose of this paper is to empirically examine the return and dividend characteristics of two different types of Malaysian real estate investment trust (REIT) series, namely, conventional and Islamic, against macroeconomic variables over the period 2011-2017. Design/methodology/approach: The required data are derived from Datastream database. Multiple regression analysis is used to determine the impact of macroeconomic variables on financial performance of 13 Malaysian REIT series. Findings: Results show that the macroeconomic variables are able to predict future returns and dividends of Malaysian REITs. The analysis also suggests that Islamic REITs are seen to be less sensitive to macroeconomic variables and display better portfolio diversification benefits as compared to their conventional counterpart. The ongoing implications for large-cap and small-cap REITs are also highlighted. Research limitations/implications: The main limitation of the study is the small percentage of Islamic REITs sample due to limited period of observation available. However, the two Islamic REITs included are representative of Islamic REITs in Malaysia as both of them are listed in the Bursa Malaysia with asset size and market capitalization values more than RM1bn. Practical implications: The results of this study may serve as a useful input for financial market players on making strategic business decisions especially with regards to differences between conventional and Islamic REITs characteristics. Originality/value: The main contribution of this paper is to explore the relationship between REITs and macroeconomic factors on a unique capital market (Malaysia) that allows comparison between conventional and its Islamic counterpart. © 2020, Mohd Edil Abd Sukor, Zahida Abu Sujak and Kamaruzaman Noordin.},
author_keywords={Dividend yield;  Islamic REIT;  Macroeconomic variables;  Malaysia;  REIT},
funding_details={MO008-2016},
funding_details={Ministry of Higher Education, MalaysiaMinistry of Higher Education, Malaysia, MOHE},
funding_details={Universiti MalayaUniversiti Malaya, UM},
funding_text 1={This study would like to acknowledge the financial support of the University of Malaya and Ministry of Higher Education Malaysia under the MOHE-UM-INCEIF Research Grant MO008-2016.},
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correspondence_address1={Sukor, M.E.A.; Department of Finance and Banking, Malaysia; email: mohdedil@um.edu.my},
publisher={Emerald Group Holdings Ltd.},
issn={01281976},
language={English},
abbrev_source_title={ISRA Int. J. Islamic Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hanif2020905,
author={Hanif, M.},
title={Portfolio selection in Asia/Pacific region-Islamic markets},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={3},
pages={905-928},
doi={10.1108/JIABR-02-2018-0022},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85078878719&doi=10.1108%2fJIABR-02-2018-0022&partnerID=40&md5=0924c7bef537237ec8cd0321ea1c20a7},
affiliation={College of Business Administration, Ajman University, Ajman, United Arab Emirates},
abstract={Purpose: Islamic capital markets, i.e. ICMs, featured as socially responsible investments, less levered and more reflective of the real sector, are a recent development in financial markets showing an impressive growth and offering the potential for portfolio diversification benefits. The purpose of this study is to understand the long-run integration of ICMs in the Asia/Pacific region. Design/methodology/approach: This sample includes ICMs of Asia/Pacific region (such as Pakistan, India, China, Japan, Thailand, Malaysia and Indonesia) for 280 weeks between 2011 and 2016. Selected indexes are FTSE Islamic except for Pakistan and Indonesia. Evidence was obtained through the application of correlation, unit root, Johansen cointegration and Granger causality tests. Findings: This study documents the results of the integration of ICMs based on developmental stage, geographic location, economic cooperation and shared religious beliefs/civilization. Partial support was observed for all hypotheses: integration of markets based on economic grouping, location, economic treaties and shared civilization. The Japanese market was the most integrated, while the Indian and Malaysian markets are the least. Evidence supports the shift of leadership role from advanced markets to emerging markets. Practical implications: Selected diversification opportunities are available for global Islamic as well as conventional investors. This study recommends closer cooperation among Muslim majority countries of the region, as well as the effective use of economic cooperation treaties for joint economic growth and prosperity. Originality/value: This study contributes to the literature by providing evidence on the integration of ICMs in an economically important region (Asia/Pacific) that is witnessing an increasing role in the global gross domestic product and international trade. © 2020, Emerald Publishing Limited.},
author_keywords={Asia-Pacific;  Cointegration;  Granger causality;  Islamic capital market;  Pakistan},
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correspondence_address1={Hanif, M.; College of Business Administration, United Arab Emirates; email: hanifacma@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hussain2020,
author={Hussain, H.I. and Ali, M. and Hassan, M.K. and El-Khatib, R.},
title={Asymmetric capital structure speed of adjustment, equity mispricing and Shari'ah compliance of Malaysian firms},
journal={International Review of Economics and Finance},
year={2020},
doi={10.1016/j.iref.2020.10.017},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85096147691&doi=10.1016%2fj.iref.2020.10.017&partnerID=40&md5=0ffa2c1bdf2ef7d986c58dfdc652ae43},
affiliation={Taylor's Business School (TBS), Taylor's University Lakeside Campus, 1, Jalan Taylors, Subang Jaya, Selangor  47500, Malaysia; Visiting Professor at University of Economics and Human Sciences, Warsaw, Poland; Professor of Finance and Hibernia Professor of Economics and Finance and Bank One Professor in Business, Department of Economics and Finance University of New Orleans, New Orleans, LA  70148, United States; Al Dhaheri Chair in Islamic Finance College of Business Zayed University, P.O. BOX, Dubai, 19282, United Arab Emirates},
abstract={Traditionally, equity mispricing has been documented as an important determinant of speed of adjustment to target leverage levels. More recently, the impact of Shari'ah compliance has been shown to significantly affect capital structure decisions. In this paper, we explore the effect of equity mispricing in Shari'ah compliant (vs. non-compliant) firms. We conduct our study on a comprehensive sample of Malaysian firms from year 1998–2016. We show that established findings in the dynamic trade-off theory do not hold for Shari'ah compliant firms. Shari'ah compliant firms increase their reliance on equity financing at greater levels than non-compliant firms when they are above target levels and equities are overpriced. In contrast, for Shari'ah compliant firms below target levels and where equity is under-priced, the rate of adjustment is slower than non-compliant firms. Our findings suggest that managers of Shari'ah compliant firms are inclined to time the equity market when above target levels to capture the impact of lower costs of equity during periods of over-valuation of equity. However, those managers tend to be reluctant to resort to debt financing when below target leverage even in the presence of equity under-pricing. © 2020 Elsevier Inc.},
author_keywords={Capital structure;  Dynamic trade-off theory;  Equity mispricing;  Islamic capital markets;  Malaysian firms;  Shari'ah compliance;  Speed of adjustment},
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correspondence_address1={Ali, M.; Taylor's Business School (TBS), 1, Jalan Taylors, Malaysia; email: mohsin.ali@taylors.edu.my},
publisher={Elsevier Inc.},
issn={10590560},
language={English},
abbrev_source_title={Int. Rev. Econ. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{AlBalushi2019369,
author={Al Balushi, Y. and Locke, S. and Boulanouar, Z.},
title={Omani SME perceptions towards Islamic financing systems},
journal={Qualitative Research in Financial Markets},
year={2019},
volume={11},
number={4},
pages={369-386},
doi={10.1108/QRFM-06-2018-0078},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066980254&doi=10.1108%2fQRFM-06-2018-0078&partnerID=40&md5=b28bae89576a1c32e333d0d191039485},
affiliation={School of Management, University of Waikato, Hamilton, New Zealand; Department of Finance, School of Management, University of Waikato, Hamilton, New Zealand; Department of Business Administration, Umm Al-Qura University, Makkah, Saudi Arabia},
abstract={Purpose: This paper aims to investigate small and medium enterprises’ (SMEs) owner–managers’ awareness, willingness and perceptions concerning Islamic financing instruments as an alternative sourcing decision in SMEs’ businesses. Design/methodology/approach: The research employed mixed methods to gather data. A questionnaire survey was conducted via face-to-face interviews with 385 SME owner–managers operating in Muscat, Oman’s capital city, along with face-to-face discussion on Islamic finance with 86 SME owner–managers. Descriptive and thematic analysis were used to analyse the data. Findings: The findings indicate that SME owner–managers are aware of Islamic banking principles and have knowledge of Islamic financial instruments, despite Islamic finance being new to Oman. Interestingly, although the majority of the participants indicated their intention to adopt this new finance method, they were motivated by special requirements other than finance. Their positive perception of Islamic financing methods could play a significant role in developing the Islamic banking industry. Research limitations/implications: The research is limited in that its data came only from Omani SME owner–managers in Muscat. Future research could investigate wider samples. Secondly, the study’s findings lack generalisability to larger and public enterprises, because only SME owner–managers were surveyed. Practical implications: This study will be important for policy makers concerned about SMEs’ financing, Islamic financial institutions and new entrants into the Islamic banking industry, as it provides empirically evidence of Omanis’ views, and more specifically those of Omani SME owner–managers, on the recent introduction of Islamic finance into the country. The insights this study offers should help them to develop the strategies required to attract SMEs and to construct policies and regulations to improve Oman’s Islamic banking industry. Originality/value: The research is significant, as it is the first study to investigate the awareness, willingness and perceptions of Omani SMEs regarding Islamic banking in Oman. Even though all Omanis are Muslims, Oman was the last of the six-nation Gulf Cooperation Council countries to introduce Islamic finance. Thus, this emerging market provides an important basis from which to extend future research on Islamic finance to other potential Islamic finance markets. © 2019, Emerald Publishing Limited.},
author_keywords={Awareness;  Islamic finance;  Oman;  Perception;  SMEs;  Willingness},
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correspondence_address1={Al Balushi, Y.; School of Management, New Zealand; email: yawba1@students.waikato.ac.nz},
publisher={Emerald Group Holdings Ltd.},
issn={17554179},
language={English},
abbrev_source_title={Qual. Res. Financ. Markets},
document_type={Article},
source={Scopus},
}

@ARTICLE{Farooqi2019216,
author={Farooqi, M.F. and O’Brien, J.},
title={A comparison of the impact of the Basel standards upon Islamic and conventional bank risks in the Gulf state region},
journal={Journal of Islamic Accounting and Business Research},
year={2019},
volume={10},
number={2},
pages={216-235},
doi={10.1108/JIABR-10-2016-0125},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065843312&doi=10.1108%2fJIABR-10-2016-0125&partnerID=40&md5=26e71178a309d3745979ca39b9eb35ed},
affiliation={Carnegie Mellon University in Qatar, Doha, Qatar; Carnegie Mellon University, Pittsburgh, United States},
abstract={Purpose: This paper aims to provide a comparative study of the Islamic versus conventional banking sector risk by using market data generated from the sample of publicly listed Islamic and conventional banks in the Gulf Cooperation Council (GCC) region. Design/methodology/approach: The authors introduce a market-based measure of bank stress and test this indicator against the Tier 1 Capital Ratio using Granger causality tests. Findings: The authors find that the market-based measure is a leading indicator of banking stress when compared to the accounting-based Tier 1 ratio and thus is relevant to the Basel regulation’s Pillar 3. Research limitations/implications: This paper only looks at Islamic vs conventional banks in the Gulf region, and the authors would like to extend this analysis to a broader range of financial institutions, especially in the European and North American markets. Social implications: Developing a measure that signals bank stress ahead of typically used measures can help regulators, bank management and investors identify oncoming problems and issues before these become too big to manage. Originality/value: The results from this analysis provides insight into the offsetting impact from two drivers (beta and book-to-market ratio) of the cost of equity capital for the conventional vs Islamic banking sectors. © 2019, Emerald Publishing Limited.},
author_keywords={Basel;  Beta;  Conventional bank;  Fama French;  Islamic bank;  Tier 1 Capital ratio},
references={Bodie, Z., Kane, A., Marcus, A., (2013), Investments (McGraw-Hill/Irwin SeriesFinance, Insurance, and Real Est) Hardcover; Dridi, J., Hasan, M., The effects of the global crisis on Islamic and conventional banks: a comparative study (2010) IMF Working Papers, 10 (201); Fama, E.F., French, K.R., Common risk factors in the returns on stocks and bonds (1993) Journal of Financial Economics, 33 (1), pp. 3-56; Fama, E.F., French, K.R., (1988), Dividend yields and expected stock ret; Haldane, A.G., (2011), Capital Discipline, Speech American Economic Association, Denver, CO: 9 January 2011 by Executive Director of the Bank of England BIS central bankers’ speeches; Harzi, A., (2012) The impact of Basel III on Islamic banks: a theoretical study and comparison with conventional banks, , paper presented first time at the research chair Ethics and Financial Norms of University Paris 1 La Sorbonne and the King Abdul University, Jeddah; Hasan, Z., Dubai financial crisis: causes, bailout and after a case study (2010) Journal of Islamic Banking and Finance July-September, pp. 47-55; MacLean, L.C., Thorp, E.O., Ziemba, W.T., (2010) Good and Bad Properties of the Kelly Criterion, , 1 January; Basel, I.I.I., A global regulatory framework for more resilient banks and banking systems, , Basel Committee on Banking Supervision December 2010 (rev June 2011) Bank of International Settlements; Basel, I.I.I., The Liquidity Coverage Ratio and liquidity risk monitoring tools, , Basel Committee on Banking Supervision, January 2013 Bank of International Settlements; Fama, E.F., Efficient markets: 11 (1991) Journal of Finance, 46 (5), pp. 1575-1617; Knifer, M., (2014) The challenges of structuring CoCo sukuk” Thomson Reuters Zawya},
correspondence_address1={O’Brien, J.; Carnegie Mellon UniversityUnited States; email: jobrien@cmu.edu},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mulawarman2018629,
author={Mulawarman, A.D. and Kamayanti, A.},
title={Towards Islamic Accounting Anthropology: How secular anthropology reshaped accounting in Indonesia},
journal={Journal of Islamic Accounting and Business Research},
year={2018},
volume={9},
number={4},
pages={629-647},
doi={10.1108/JIABR-02-2015-0004},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85051291027&doi=10.1108%2fJIABR-02-2015-0004&partnerID=40&md5=139ea67852c3a2af478a71e30b8d29d1},
affiliation={Department of Accounting, Faculty of Economics and Business, Universitas Brawijaya, Malang, Indonesia; Department of Accounting, Politeknik Negeri Malang, Indonesia},
abstract={Purpose: The purpose of this study is to shed light on how accounting, which has been recognised as a contributor to the modernity problem, has been influenced by secular anthropology, which hinges on the concept of “self”. Based on Akbar S. Ahmed’s concept of Islamic Anthropology, Islamic Accounting Anthropology (IAA) is proposed as an answer to shift the accounting paradigm. Design/methodology/approach: A case study in Indonesia was conducted by studying the development of the nation’s Shariah accounting from the perspective of diffusionism as an approach to anthropology. Following the constructivist tradition, IAA, which rejects the Social Darwinism notion of the superiority of the West over the East as the basis of the evolution of civilisation, is used as tool to realise Islamic norms through synchronic-diachronic study, constructing an accounting concept and invoking accounting transformation through accounting education. Findings: This study finds that accounting has been greatly affected by secular Western culture through education and educators as agents that find their legitimation in country policies. Standard setters have also taken the same stance by siding with the capital market. By proposing IAA, it is hoped that Islam will replace the concept of “self-interest” as the faith of accounting and promote welfare for the ummah. Research limitations/implications: The problem of modernisation lies in the newfound faith of self-interest. In accounting, self-interest is ingrained in accounting theories such as Positive Accounting Theory, Entity Theory and Agency Theory, and thus accounting has become a tool to support neoliberal society. IAA will help produce accounting that is rooted in local wisdom and necessity yet very much embedded in Islamic values. Practical implications: IAA suggests that accounting education must be geared towards anthropology detached from the Orientalism-secularism concept. This shift can be accomplished by integrating IAA into the accounting education curriculum. Social implications: Based on IAA, accounting practices can be designed under the guidance of the Quran and result using a synchronic-diachronic approach. By changing the ontological view through accounting education, accounting can drive societal consciousness towards the welfare of society instead of self-happiness. Originality/value: Islamic accounting and anthropology are two subjects that are rarely discussed concurrently. © 2018, Emerald Publishing Limited.},
author_keywords={Islamic Accounting Athropology;  Orientalism;  Secular;  Ummah;  Welfare},
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(2009) Critical Perspectives on Accounting, 20 (8), pp. 875-883. , http://doi.org/10.1016/j.cpa.2009.06.004; Beaver, W.H., (1987) Accounting Education: Challenges and Opportunities, , Presidential Address, American Accounting Association, Lakewood Ranch, FL; Bell, D., (1978) The Cultural Contradictions of Capitalism, , Paperback edition, Basic Books, New York, NY; Birx, H.J., (2011) 21st Century Anthropology: A Reference Handbook, , Sage Publication, Mexico; (2005) A Handbook of Economics Anthropology, , Carrier, J.G. (Ed.) (, Edward Elgar, Northampton, MA; Christie, N., Dyck, B., Morrill, J., Stewart, R., Escaping the materialistic- individualistic iron cage: a weberian agenda for alternative radical accounting (2004) Fourth Asia Pacific Interdisciplinary Research in Accounting Conferences, , 4-6 July; Chwastiac, M., Young, J., Silences in annual reports (2003) Critical Perspectives on Accounting, 14 (5), pp. 533-552; Collison, D., Dey, C., Hannah, G., Stevenson, L., Anglo-American capitalism: the role and potential role of social accounting (2010) Accounting, Auditing & Accountability Journal, 23 (8), pp. 956-981; Fathoni, A., (2006) Antropologi Sosial Budaya: Suatu Pengantar, , Penerbit Rineka Cipta, Jakarta; Fontrodonna, J., Sison, A.J.G., The nature of the firm, agency theory and stakeholders theory: a critique from philosophical anthropology (2006) Journal of Business Ethics, 66 (1), pp. 33-42; Ford, H., (2006) The International Jew: Membongkar Makar Zionisme International, , Penerbit Hikmah (Mizan Publika), Jakarta Selatan; Friedman, M., The social responsibility of business is to increase its profit (1970) The New York Times Magazine, 13 September; Funnell, W., Distortions of history, accounting and the paradox of werner sombart (2001) ABACUS: a Journal of Accounting, Finance and Business Study, 37 (1), pp. 55-78. , https://doi.org/10.1111/1467-6281.00074; Gambling, T., Karim, R.A.A., (1991) Business and Accounting Ethics in Islam, , Biddles, Guidford and King’s Lynn; Graham, C., Neu, D., Accounting for globalization (2003) Accounting Forum, 27 (4), pp. 449-471; Gramsci, A., (1971) Selections from the Prison Notebooks of Antonio Gramsci, , Lawrence and Wishart, London; Hardiman, F.B., (2012) Humanisme dan Sesudahnya: Meninjau Ulang Gagasan Besar Tentang Manusia, , Kepustakaan Gramedia, Jakarta; Jensen, M.C., Self-interest, altruism, incentives and agency theory (1994) Journal of Applied Corporate Finance, 7 (2), pp. 40-45; Jensen, M.C., Meckling, W.H., The nature of man (1994) Journal of Applied Corporate Finance, 7 (2), pp. 4-19; Kamayanti, A., Remarrying the rational and the myth: an investigation by Baudrillard order of Simulacra (2011) Jurnal Riset Akuntansi Dan Keuangan, 1 (1), pp. 9-19; Kamla, R., Critical insights into contemporary Islamic accounting (2009) Critical Perspective on Accounting, 20 (8), pp. 921-932; Karim, R.A.A., Accounting and auditing standards for Islamic institution (1999) Proceedings of the Second Harvard University Forum on Islamic Finance: Islamic Finance into the 21st Century Cambridge, Massachusetts, Center for Middle Eastern Studies, Harvard University, pp. 239-241; (1987) Sejarah Teori Antropologi, , Penerbit Universitas Indonesia, Jakarta; Latifah, I.N., Asfadillah, C., Sukmana, R., Theories and development of IFRS and AAOIFI and their future challenge (2012) Cambridge Business and Economics Conference, , 27-28 June; Mallarangeng, R., (2004) Mendobrak Sentralisme Ekonomi Indonesia 1986-199, , Kepustakaan Populer Gramedia, Jakarta; Marzali, A., (2005) Antropologi Terapan Dan Pembangunan Indonesia, , ed., 1st, PreMedia, Jakarta; Moore, W., Indoctrination as normative conception (1966) Studies in Philosophy and Education, 4 (4), pp. 396-403; Mulawarman, A.D., (2011) Akuntansi Syariah: Teori, Konsep Dan Laporan Keuangan, , E Publishing Company, Jakarta; Mulawarman, A.D., Elimination of riba through Tazkiyah (Purification) of the cash flow concept: a study from the Indonesian Islamic business habitus (2011) Proceeding of the 9th Annual International Conference on Accounting, , 4-7 July, Athens; Mulawarman, A.D., Kamayanti, A., Islamic accounting anthropology: a constructivist methodological alternative (2016) Proceeding of Qualitative Research Conference (QRC), , Penang; Perkins, J., (2006) Confessions of an Economic Hit Man, , Penguin Books, London; Rais, M.A., (2008) Agenda Mendesak Bangsa: Selamatkan Indonesia!, , PPSK Press, Yogyakarta; Raubisko, I., Proper ‘traditional’ versus dangerous ‘new’ religious ideology and idisyncratic Islamic practices in post-soviet Chechnya (2009) JASO Online, 1 (1), pp. 70-93; (2012) Antropologi Agama: Wacana-Wacana Mutakhir Dalam Kajian Religi Dan Budaya, , Rudyansjah, T. (Ed.) (, Penerbit Universitas Indonesia, Jakarta; Said, E., (2003) Orientalism, , Penguin Classics, London; Stamp, E., Why can accounting not become a science like physics? (1981) ABACUS, 17 (1), pp. 13-27; Sterling, R., Toward a science of accounting (1975) Financial Analyst Journal, 31 (5), pp. 28-36; Supadjar, D., (2005) Ketuhanan yang Maha Esa dan Rukun Ihsan, , Pidato Pengukuhan Jabatan Guru Besar Fakutas Filsafat, Universitas Gadjah Mada; Tinker, T., Puxty, T., (1995) Policing Accounting Knowledge: The Market Issues Affair, , Paul Chapman Publishing, London; Watts, R.L., Corporate financial statements, a product of the market and political process (1992) Australian Journal of Management, 2 (1); Watts, R.L., Zimmerman, J.L., (1986) Positive Accounting Theory, , Prentice-Hall Inc; Weber, M., (1930) The Protestant Ethics and the Spirit of Capitalism, , Routledge, London, New York, NY; Yamey, B., Scientific bookkeeping and the rise of capitalism (2009) The Economic History Review, 1 (2-3), pp. 99-113; Yong, K.H., There are ponoks, and there are ponoks: traditional religious boarding schools in Thailand’s far-south (2012) Advances in Anthropology, 2 (3), pp. 161-168. , http://dx.doi.org/10.4236/aa.2012.23019; Al Faruqi, I., (1986) Al Tawhid: Its Implications for Thought and Life, , ed., 4th, International Institute of Islamic Thought, Virginia; Amir, V., Mulawarman, A.D.M., Irianto, G., Kamayanti, A., (2013) Perang Laba Pertanian Nasional: Episode Gugurnya Petani Rakyat Di Indonesia, , UB Press, Malang; Bathuthah, M.B.A., (2009) Rihlah Ibnu Bathuthah: Memoar Perjalanan Keliling Dunia Di Abad Pertengahan, , Pustaka Al Kautsar, Jakarta Timur; Burrell, G., Morgan, G., (1979) Sociological Paradigm and Organisational Analysis: Elements of the Sociology of Corporate Life, , Ashgate Publishing Company, Vermont; (2005) Critical and Historical Studies in Accounting, , Funnell, W. and Williams, R. (Ed.) (, Pearson Education Australia, Melbourne; Geertz, C., (1976) The Religion of Java, , The University of Chicago Press, Chicago, IL; Inoue, Y., Umezaki, M., Watanabe, C., Emergence of income inequality and its impact on subjective quality of life in an ethnic minority community in Hainan Island, China (2012) Anthropological Science, 120 (1), pp. 51-60; Irianto, G., Triyuwono, I., Sukoharsono, E.G., Kamayanti, A., Delivering multiparadigm research perspective: managing diversity and sustainability (2012) USM-AUT International Conference, , 17-18 November, Malaysia; Kamayanti, A., (2012) Liberating Accounting Education through Beauty and Beyond, , Lambert Publishing, Saarbrücken; Malcolm, C., Social anthropology, business studies and cultural issues (1997) International Studies of Business and Management Organization, 26 (4), pp. 3-29; Ma’ruf, M., (1989) Western anthropology: a critique of evolutionism, , Islamization of Knowledge Series 6, The International Institute of Islamic Thought; Mulawarman, A.D., Shariah accounting in the madness vortex of neoliberal IFRS and IPSAS: a criticism on IAS 41 and IPSAS 27 on agriculture (2012) Proceeding of The Annual International Seminar on Sixth Hasanuddin Accounting Days, , Makassar: 29 January; Rosenau, P.M., (1992) Post-Modernism and the Social Science: Insight, Inroads and Intrusions, , Princeton University Press, New Jersey},
correspondence_address1={Kamayanti, A.; Department of Accounting, Indonesia; email: ari.kamayanti@polinema.ac.id},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{SalmanIragAl-Najaf2018111,
author={Salman Irag Al-Najaf, F.A. and Salehi, M. and Nimr Al-Maliki, H.S.},
title={The effect of Islamic sacred months on stock prices in Iran and Iraq Stock Exchanges},
journal={ISRA International Journal of Islamic Finance},
year={2018},
volume={10},
number={1},
pages={111-119},
doi={10.1108/IJIF-10-2017-0034},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050825235&doi=10.1108%2fIJIF-10-2017-0034&partnerID=40&md5=29af937ff4a4aaf1efd21519b0dd4419},
affiliation={Department of Accounting, Ferdowsi University of Mashhad, Mashhad, Iran},
abstract={Purpose: The present study aims to examine the effects of the Islamic sacred months, namely, Muḥarram, Rajab, Dhu al-Qaʿdah and Dhu al-Ḥijjah, on stock prices on the Iran and Iraq Stock Exchanges. Design/methodology/approach: Using the infrastructure models of the capital market, the daily stock prices were calculated for the sacred and non-sacred months. As the data of this study are non-stationary, the AMIRA time-series model was used for better understanding of the model or future projections. The dependent variables of this study are the daily stock indexes for Iranian and Iraqi Stock Exchanges, and independent ones are the sacred and non-sacred months of a lunar year. Data were gathered daily from the financial statements of Iranian and Iraqi Stock Exchanges websites. To test the hypotheses under study, a five-year period from 2012 to 2016 was considered for both Iraqi and Iranian Stock Exchanges, which corresponds with the lunar calendar from 1433-1437AH. Findings: The obtained results indicated that there is no significant difference in stock prices between the sacred months of Muḥarram, Rajab, Dhu al-Qaʿdah and Dhu al-Ḥijjah and other non-sacred months. However, the stock price in the Iranian Stock Exchange has a significant difference in Rajab and Dhu al-Qaʿdah with other non-sacred months. Originality/value: The results of this study will reveal more than ever the role of Islamic sacred months for society and users of financial statements to make better financial decisions especially in Islamic emerging markets. © 2018, Faisal Abduleh Salman Irag Al-Najaf, Mahdi Salehi and Hind Shafeeq Nimr Al-Maliki.},
author_keywords={Calendar anomalies;  Non-calendar anomalies;  Sacred months;  Stock price},
references={Aflatooni, A., Sohrabi, R., The effect of calendar anomaly of religious time on use of private information in stock trading (2015) Financial Accounting Research, 7 (2), pp. 1-15; Al-Atiyat, M., (2014) Ramadan effect on UAE stock market banks sector, , http://dx.doi.org/10.2139/ssrn.2449967, (accessed: 10 March 2018; Al-Hajieh, H., Redhead, K., Rodgers, T., Investor sentiment and calendar anomaly effects: a case study of the impact of Ramadan on Islamic Middle Eastern markets (2011) Research in International Business and Finance, 25 (3), pp. 345-356; Alexakis, P., Xanthakis, M., Day of the week effect on the Greek stock market (1995) Applied Financial Economics, 5 (1), pp. 43-50; Bahloul, S., Mroua, M., Naifar, N., The impact of macroeconomic and conventional stock market variables on Islamic index returns under regime switching (2017) Borsa Istanbul Review, 17 (1), pp. 62-74; Bazazan, F., Masouleh, S.B., Safavi, S., Day of the week effect in stock returns by using bootstrapping fuzzy-GARCH regression (2014) Financial Knowledge of Security Analysis (Financial Studies), 5 (13), pp. 99-110. , www.sid.ir/En/Journal/ViewPaper.aspx?ID=269565; Bialkowski, J., Etebari, A., Wisniewski, T.P., Fast profits: investor sentiment and stock returns during Ramadan (2012) Journal of Banking & Finance, 36 (3), pp. 835-845; Bialkowski, J.P., Bohl, M.T., Kaufmann, P., Wisniewski, T.P., Do mutual fund managers exploit the Ramadan anomaly? Evidence from Turkey (2012) Emerging Markets Review, 15, pp. 211-232; Borowski, K., Moon phases and rates of return of wig index on the Warsaw stock exchange (2015) International Journal of Economics and Finance, 7 (8), pp. 256-264; Coutts, J.A., Sheikh, M.A., The anomalies that aren’t there: the weekend, January and pre-holiday effects on the all gold index on the Johannesburg stock exchange 1987-1997 (2002) Applied Financial Economics, 12 (12), pp. 863-871; Fadaei Nejad, M.E., Kamelnia, M., Market response to seasonal profit declarations in Tehran stock exchange (2013) Accounting Studies, 5 (4), pp. 71-90; Fama, E.F., The behavior of stock-market prices (1965) The Journal of Business, 38 (1), pp. 34-105; Fama, E.F., Efficient capital markets: a review of theory and empirical work (1970) The Journal of Finance, 25 (2), pp. 383-417; Fama, E.F., Blume, M.E., Filter rules and stock-market trading (1966) The Journal of Business, 39 (1), pp. 226-241; Foroghi, D., Dastjouri, A.R.R., The relationship between price break and desired stock return (2015) International Journal of Accounting and Financial Reporting, 1 (1), pp. 17-36; Hashemi, A., Kiani, G.H.H., Rouh al-Lahi, V., Evaluating the behavioral approaches and logical expectations in describing the anomalies of discretionary accruals (2014) Financial Accounting Studies, 6 (4), pp. 37-54; Iqbal, M.M., Roy, J.K., An analysis of day-of-the-week effects in Bangladesh stock market: evidence from Dhaka stock exchange (2015) Daffodil International University Journal of Business and Economics, 9 (1), pp. 13-25; Khediri, K.B., Daadaa, W., Stock trading and capital structure in Tunisian stock exchange (2011) Journal of Business Studies Quarterly, 3 (2), pp. 10-24; Rogalski, R., New findings regarding day of the week returns over trading and non-trading periods: a note (1984) The Journal of Finance, 39 (5), pp. 1603-1614; Shahverdiani, S., Goudarzi, A., Vahdat, Z.S., Research in effect of lunar calendar events on stock returns and daily trading volume in Tehran stock exchange (2013) Journal Management System, 2 (6), pp. 195-212; Sinaei, H.A., Mohammadi, M., Evaluating the effect of Ramadan on Tehran stock exchange (2012) Islamic Financial Studies, 2 (3), pp. 175-199},
correspondence_address1={Salehi, M.; Department of Accounting, Iran; email: mehdi.salehi@um.ac.ir},
publisher={Emerald Group Publishing Ltd.},
issn={01281976},
language={English},
abbrev_source_title={ISRA Int. J. Islamic Finance},
document_type={Article},
source={Scopus},
}

@BOOK{DeAnca201847,
author={De Anca, C.},
title={Fintech in Islamic finance: From collaborative finance to community-based finance},
journal={Fintech in Islamic Finance: Theory and Practice},
year={2018},
pages={47-65},
doi={10.4324/9781351025584-4},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85139627291&doi=10.4324%2f9781351025584-4&partnerID=40&md5=8eb74be7070be1c4435b844306f8c20a},
affiliation={Saudi-Spanish Centre for Islamic Economics and Finance, IE Business School, Spain},
abstract={This chapter analyses several fundamental aspects of fintech solutions in Islamic finance. It discusses the new collaborative economy and the sociological elements behind this new form of collective economic relationships. The chapter explores collaborative fintech and new forms of technology-driven financial intermediation solutions being launched in the market between capital holders and capital seekers. It explains the opportunities and challenges for Islamic finance. The Islamic financial industry is young, highly technological and with the excess liquidity required to finance innovation. The Islamic finance industry has reacted more quickly than its conventional counterparts, in two fundamental areas; developing innovation in its own capacity and partnering with new Shari‘ah-compliant fintech ventures. Fintech offers a way whereby new technologies can help channel Islamic principles to create a new generation of financial products that can satisfy the demands of future generations. Fintech is revolutionising the financial world through automated complex reasoning mechanisms and new technologies able to make more efficient decision-making procedures. © 2019 selection and editorial matter, Umar A. Oseni and S. Nazim Ali; individual chapters, the contributors.},
references={(2017) Al Rajhi Bank Home Page (Online)., , www.alrajhibank.com.sa/en/pages/default.aspx, Accessed 27 December 2017; (2017) Arabesque Home Page (Online)., , https://arabesque.com, Accessed 26 December 2017; Bajpal, P., (2016) The Rise of Peer to Peer (P2P) Lending. 27 September 2016, , www.nasdaq.com/article/the-rise-of-peertopeer-p2p-lending-cm685513, Accessed 27 December 2017; Barnes, S., (2016) The Rapid Growth of Alternative Finance. International Banker, , https://internationalbanker.com/finance/rapid-growth-alternative-finance, (online). (1 December 2016). Available from, Accessed 27 December 2017; Bauman, Z., (2008) Community: Seeking Safety in an Insecure World, , 7th ed. Cambridge, UK: Polity Press; (2017) Beehive Home Page, , www.beehive.ae, Accessed 27 December 2017; Bensar, Z., Rodriguez, G., Islamic fintech and the paradigm shift in the financial landscape (2018) Islamic Social Finance: Entrepreneurship, Cooperation and the Sharing Economy, pp. 145-159. , V. Cattalan, ed., Abingdon, UK: Routledge; Bimb investment home page (Online) (2017) Bimb investment home page (Online), , www.bimbinvestment.com.my, Accessed 20 December 2017; (2017) Bahrain Islamic Bank (Online)., , https://bisb.com/, Accessed 27 December 2017; Castells, M., (2004) The Power of Identity: The Information Age: Economy, Society and Culture Vol. II, , 2nd ed. Oxford, UK: Blackwell; (2014) Unleashing the Potential of Crowdfunding in the European Union, , http://ec.europa.eu/internal_market/finances/docs/crowdfunding/140327-communication_en.pdf, Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. COM (2014) 172 Final. (online) Available from, Accessed 27 December 2017; (2016) European Agenda for the Collaborative Economy - Supporting Analysis, , www.eesc.europa.eu/resources/docs/com2016-356-final.pdf, Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. Brussels, 2.6.2016, COM (2016) 356 final. (online) Available from, Accessed 27 December 2017; De Anca, C., (2012) Beyond Tribalism, , Houndmills, UK: Palgrave Macmillan; De La Torre, I., Torralba, L., Technological disruption is already here. Arcano october 2017 (online) (2017) Available From:, , https://research.arcanopartners.com/documentos/economic-research-770818/english-771018/technological-disruption-is-already-here-771018/, Accessed 27 December 2017; (2017) Farringdon Group Home Page (Online)., , www.farringdongroup.com/, Available from, Accessed 27 December 2017; (2017) Finocracy Home Page (Online)., , http://finocracy.com/, Accessed 27 December 2017; Hamari, J., Sjoklint, M., Ukkonen, A., The sharing economy: Why people participate in collaborative consumption (2015) Journal of the Association for Information Science and Technology, , https://doi.org/10.1002/asi.23552, (online) Available from, Accessed 27 December 2017; (2017) Ifnfintech Home Page (Online)., , www.ifnFintech.com/about-us, Accessed 27 December 2017; (2017) Ifnfintech Vol.1 Issue 9, Ifnfintech December 2017 (Online)., , www.ifnfintech.com/secure/admin/uploadedFiles/2017-q4-1545307576.pdf, Accessed 27 December 2017; (2017) Ifnfintech Vol.1 Issue 8, Ifnfintech November 2017, , file:///C:/Users/usuario/Dropbox/sharia%20law/islamic%20FinTech/v1i9%20(1).pdf, Accessed 19 December 2017; (2017) Ifnfintech Vol.1 Issue 7, Ifnfintech October 2017, , file:///C:/Users/usuario/Dropbox/sharia%20law/islamic%20FinTech/v1i7.pdf, Accessed 20 November 2017; (2017) Ifnfintech Vol.1 Issue 2, Ifnfintech May 2017, , www.ifnFintech.com/issue/volume-1-issue-2, (online). Available from, Accessed 27 December 2017; (2016) Islamic Fintech Alliance Home Page, , http://islamicFintechalliance.com, (online). Available from, Accessed 27 December 2017; Maffesoli, M., (1988) Le Temps Des Tribus: Le déclin De l’individualisme Dans Les sociétés De Masse, , Paris: Méridiens Klincksieck; (2017) Meethaq Home Page (Online)., , www.meethaq.om/, Accessed 27 December 2017; Milne, A., Parboteeah, P., (2016) The Business Models and Economics of Peer-To-Peer Lending, , www.ecri.eu, European Credit Research Institute, No. 17 May 2016 (online), Accessed 27 December 2017; Mises, L.V., (1949) Human Action: A Treatise on Economics, , Auburn, AL: Ludwig Von Mises Institute; (2017) Now Money Home Page (Online)., , http://nowmoney.me/, Accessed 27 December 2017; (2017) Onegram Home Page (Online)., , https://onegram.org/, Accessed 27 December 2017; (2017) Global Fintech Report 2017, , www.pwc.com/gx/en/industries/financial-services/assets/pwc-global-Fintech-report-2017.pdf, online, Accessed 27 December 2017; (2012) World Development Report, World Bank (Online)., , https://siteresources.worldbank.org/INTWDR2012/Resources/7778105-1299699968583/7786210-1315936222006/Complete-Report.pdf, Accessed 27 December 2017; Yaraghi, N., Ravi, S., (2017) The Current and Future State of the Sharing Economy. Brookings India IMPACT Series No. 032017. March 2017 (Online)., , www.brookings.edu/wp-content/uploads/2016/12/sharingeconomy_032017final.pdf, Accessed 27 December 2017; (2017) Yielders Home Page (Online)., , www.yielders.co.uk/, Accessed 27 December 2017},
correspondence_address1={De Anca, C.; Saudi-Spanish Centre for Islamic Economics and Finance, Spain},
publisher={Taylor and Francis},
isbn={9781351025577; 9781138494800},
language={English},
abbrev_source_title={Fintech in Islamic Finance: Theory and Practice},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Hazman2018,
author={Hazman, S. and Nasir, N.M. and Zairihan, A.H. and Said Ahmad Syahmi, Md.},
title={Financial performance evaluation of Islamic banking system: A comparative study among Malaysia's banks},
journal={Jurnal Ekonomi Malaysia},
year={2018},
volume={52},
number={2},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057456594&partnerID=40&md5=130ba1e2f128b6bc5a42c3a673ab97a4},
affiliation={School of Social and Economic Development, Universiti Malaysia Terengganu, Kuala Terengganu Terengganu, 21300, Malaysia},
abstract={The promotion of Islamic banking is parallel with the aim of Malaysia to be the pioneer of Islamic financial hub in the region. With the recent commitment, it is timely to further examine the performance of the industry constituents. Therefore, this study aims to investigate the performance of Islamic banking system in comparison to its conventional counterpart in Malaysia using CAMEL model. For that purpose, annual financial data collected from ten conventional and Islamic banks in Malaysia since 2004 until is used in the analysis. Both Dynamic Ordinary Least Square (DOLS) and Fully Modified Ordinary Least Square (FMOLS) estimations technique as suggested by Pedroni (2001) are employed. We find that conventional banking system performed better than its counterpart. The maturity of conventional banks which has treads Malaysia's financial market earlier could plausibly dominate the results. Our evidence suggests that the regulators should strengthen Islamic banking system through more reforms and mergers to improve its capital, assets, management, earnings and liquidity. © 2018 Penerbit Universiti Kebangsaan Malaysia All rights reserved.},
author_keywords={Banking performance;  CAMEL;  Dynamic ordinary least square (DOLS);  Fully modified ordinary least square (FMOLS);  Islamic banking},
references={Aghion, P., Bachetta, P., Banerjee, A., Capital markets and the instability of open economies (2004) Journal of Monetary Economics, 51 (6), pp. 1077-1106; Ariss, R.T., Competitive conditions in islamic and conventional banking: A global perspective (2010) Review of Financial Economics, 19 (3), pp. 101-108; Barr, R., Killgo, K.A., Siems, T.F., Zimmel, S., Evaluating the productive efficiency and performance of U.S. Commercial banks (2002) Managerial Finance, 28 (8), pp. 3-25; Beck, T., Demirguc-Kunt, A., Merrouche, O., Islamic vs. Conventional banking: Business model, efficiency and stability (2013) Journal of Banking & Finance, 37 (2), pp. 433-447; Chen, N., Liang, H.-Y., Yu, M.-T., Asset diversification and bank performance: Evidence from three Asian countries with a dual banking system (2018) Pacific-Basin Finance Journal, , https://doi.org/10.1016/j.pacfin.2018.02.007; Dash, M., Das, A., Performance appraisal of Indian banks using camels rating (2013) IUP Journal of Bank Management, 12 (2), pp. 31-42; Daud, N.A., Prestasi Perbankan di Malaysia: Analisis CAMEL (2013) Persidangan Kebangsaan Ekonomi Malaysia VIII, , Paper Johor Bahru; Grira, J., Hassan, M.K., Labidi, C., Soumare, I., Equity pricing in Islamic banks: International evidence (2018) Emerging Markets Finance and Trade, , https://doi-org.ezproxy.uaeu.ac.ae/10.1080/1540496X.2018.1451323; Hazman, S., Can greater openness and deeper financial development drag ASEAN-5 into another series of economic crises? (2016) Asian Social Science, 12 (8), pp. 125-140; Kao, C., Spurious regression and residual-based tests for cointegration in panel data (1999) Journal of Econometrics, 90 (1999), pp. 1-40; Kao, C., Chiang, M.-H., On the estimation and inference of a cointegrated regression in panel data (2001) Nonstationary Panels, Panel Cointegration, and Dynamic Panels (Advances in Econometrics, 15, pp. 179-222. , Badi H. Baltagi, Thomas B. Fomby, R. Carter Hill ed Emerald Group Publishing Limited; Kim, D.H., Lin, S.C., Suen, Y.B., Dynamic effects of trade openness on financial development (2009) Economic Modelling, 27 (1), pp. 254-261; Klomp, J., De Haan, J., Banking risk and regulation: Does one size fit all? (2011) DNB Working Paper No.323, , http://papers.ssrn.com/sol3/papers.cfm?abstract_id=197723; Kose, M.A., Prasad, E.S., Terrones, M.E., How do trade and financial integration affect the relationship between growth and volatility? (2006) Journal of International Economics, 69 (1), pp. 176-202; Louati, S., Capital adequacy implications on Islamic and non-Islamic bank's behaviour: Does market power matter? (2015) Borsa Istanbul Review, 15 (3), pp. 192-204; Mastura Abdul Karim, M.K.H., Hassan, T., Mohamad, S., Capital adequacy and lending and deposit behaviours of conventional and Islamic banks (2014) Pacific-Basin Finance Journal, 28, pp. 58-75; Misra, S.K., Aspal, P.K., A camel model analysis of state bank group Misra & Aspal (2013) World Journal of Social Sciences, 3 (4), pp. 36-55; Mohammad Taqiuddin Mohamad, A.A.S.M., Analisis Pengaruh Risiko terhadap prestasi keuntungan perbankan islam di Malaysia (2010) The Persidangan Kebangsaan Ekonomi Malaysia Ke V, , Paper Port Dickson, Negeri Sembilan; Mohd Hassan, N., Mat Rahim, S.R., Islamic vs conventional bank stability: 'A case Study of Malaysia (2012) Persidangan Kebangsaan Ekonomi Malaysia, , Paper Ipoh, Perak; Muhamad Lukman Samsudin, M.R.A.H., Mohamad, M.T., Sulaiman, A.A., Pengurusan Kecairan Berasaskan Aset dan Liabiliti Perbankan Islam di Malaysia (2012) Persidangan Kebangsaan Ekonomi Malaysia Ke VII Ipoh Perak, , Paper; Neyapti, B., Central bank independence and economic performance in Eastern Europe (2001) Economic Systems, 25 (4), pp. 381-399; Njoku, J., Inanga, E.L., Underlying nature of the 2008-2009 banking crises (2012) African Journal of Accounting, Auditing and Finance, 1 (2), pp. 190-208; Panzar, J.C.J.N., (1982) Structure, Conduct and Comparative Statistics: Bell Laboratories Economic Discussion Paper; Panzar, J.C.J.N., Testing for monopoly equilibrium (1987) Journal of Industrial Economics, 35, pp. 443-456; Pedroni, P., Critical values for cointegration tests in heterogeneous panels with multiple regressors (1999) Oxford Bulletin of Economics and Statistics, 61, pp. 653-670; Pedroni, P., Purchasing power parity tests in cointegrated panels (2001) The Review of Economics and Statistics, 83 (4), pp. 727-731; Rahman, N.R.R.A., Determinants of bank performance: Coventional vs Islamic (2014) Jurnal Pengurusan, 39 (2013), pp. 129-139; Romzie Rosman, N.A.W.Z., Efficiency of Islamic banks during the financial crisis: An analysis of middle Eastern and Asian countries (2014) Pacific-Basin Finance Journal, 28, pp. 76-90; Sahajwala, R., Van Der Bergh, P., (2000) Supervisory Risk Assessment and Early Warning Systems, (4). , Basel Committee on Banking Supervision Working Papers,. Bank of International Settlements; Silva, G.F., The impact of financial system development on business cycles volatility: Cross-country evidence (2002) Journal of Macroeconomics, 24 (2), pp. 233-253; Suhaily Hasnan, R.A.R.S., Management motive, weak governance, earnings management and fraudulent financial reporting: Malaysian evidence (2013) Journal of International Accounting Research, 12 (1), pp. 1-27; Wahid, M.A., Dar, H., Stability of Islamic versus Conventional Banks: A Malaysian case (2016) Jurnal Ekonomi Malaysia, 50 (1), pp. 111-132},
correspondence_address1={Hazman, S.; School of Social and Economic Development, Malaysia; email: hazman.s@umt.edu.my},
publisher={Penerbit Universiti Kebangsaan Malaysia},
issn={01271962},
language={English},
abbrev_source_title={Jurnal Ekon. Malays.},
document_type={Article},
source={Scopus},
}

@BOOK{Yas2018213,
author={Yas, M. and Aslan, H. and Ozdemir, M.},
title={Modern history of Islamic finance and a strategic roadmap for its development in Turkey},
journal={Turkish Economy: Between Middle Income Trap and High Income Status},
year={2018},
pages={213-238},
doi={10.1007/978-3-319-70380-0_10},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046924889&doi=10.1007%2f978-3-319-70380-0_10&partnerID=40&md5=67742b737ba76d4ecedbc69332929dc5},
affiliation={Islamic Finance, INCEIF, Kuala Lumpur, Malaysia; Research Center for Islamic Economics and Finance (ISEFAM), Sakarya University, Sakarya, Turkey},
abstract={With total assets of around US$2 trillion and ongoing double-digit growth-despite the global financial crisis-many financial centres have announced further initiatives to raise their profile in the Islamic financial market. Although opportunities in Islamic finance have recently attracted the attention of many financial centres, Turkey has been providing Islamic financial services for more than 30 years. However, although Turkey is ranked second in terms of GDP among Muslim majority countries, its share of total Islamic assets is around 3 per cent. This chapter will discuss the challenges that the Islamic finance industry has encountered and provide a general framework for designing Islamic financial services industry development initiatives and integrating these in their national financial sector development policies for Turkey. © The Author(s) 2018.},
author_keywords={G15;  G21;  G22;  G23;  G28;  Islamic banking;  Islamic capital markets;  Islamic finance;  N25;  Takaful;  Turkey},
references={(2016), http://www.anadoluhayat.com.tr/bireysel-emeklilik/emeklilik-yatirim-fonlari/orta-riskli-fonlar/ageahe-alternatif-kazanc-fonu, Accessed 18 Feb 2017; Aysan, F.A., Dolgun, M.H., Turhan, I.M., Assessment of the Participation Banks and Their Role in Financial Inclusion in Turkey (2013) Emerging Markets Finance and Trade, 49 (s5), pp. 99-111. , https://doi.org/10.2753/ree1540-496x4905s506; Aysan, A.F., Disli, M., Adam, N., Ozturk, H., Is Small the New Big? Islamic Banking for Smes in Turkey (2016) Economic Modelling, 54, pp. 187-194. , https://doi.org/10.1016/j.econmod.2015.12.031; Regulation, B., Agency, S., (2016) Announcement on the Revocation of the Banking Licence of Bank Asya, , http://www.bddk.org.tr/WebSitesi/turkce/Duyurular/BDDK_Kurul_Kararlari/153626947.pdf, online, Accessed 1 Jun 2017; (2017) Monthly Statistical Bulletin APRIL 2017, , Monthly Statistical Bulletin. CMBT; Çizakça, M., Tekerlegin Yeniden Kesfi: Mikro Finansman Kuruluslari Yasa Tasarisi [Re-Inventing the Wheel: The Micro-Finance Institutions Bill] (2003) Zaman, , March 16; (2015) State Incentives Have Discernible Effect on Private Pension System, , January 7; Ernst, Y., (2014) EY Global Takaful Insights 2014, , http://www.ey.com/Publication/vwLUAssets/EY_Global_Takaful_Insights_2014/$FILE/EY-global-takaful-insights-2014.pdf, online, Ernst & Young, Accessed 1 July 2017; Karaman: GEŚler devlet tahvilinden farksız (2018) Karaman: RIB’S Are No Different from Government Bonds, , http://www.finanstrend.com/haber/97465/karaman-ges-ler-devlettahvilinden-farksiz/1, online, Accessed 3 July 2017; Grossman, H., (2006) Demand Study for Micro-Finance in Turkey, , http://www.tr.undp.org/content/dam/turkey/docs/Publications/PovRed/MFDEMANDShortReport.pdf, Frankfurt: Bankakademie International, Accessed 15 Dec 2016; Güngör, Z., Faizsiz bankalar izin için sırada bekliyor [Interest-Free Banks Are in Queue for License] (1996) Milliyet, , August 15; Yeni Hazine Müsteşarı Osman Çelik Oldu (2016) Osman Çelik Was Appointed as New Undersecretary of Turkish Treasury, , June 28; (2003) Sukuk İcara Ile 10 Milyar Dolar Gelecek, , 10 Billion Dollar Will Come with Sukuk Al-Ijarah, June 30; (2005) 4,7 Milyar Dolarlık Baraj Senedi Geliyor, , 4.7 Billion Barrage Bond Is Coming, March 4; (2016) Sukuk Report: A Comprehensive Study of the Global Sukuk Market, , http://www.iifm.net/system/files/private/en/IIFM%20Sukuk%20Report%20%285th%20Edition%29%20A%20Comprehensive%20study%20of%20the%20Global%20Sukuk%20Market_0.pdf, 5th ed. Sukuk Report [online]. IIFM, Accessed 29 July 2017; (2015) Islamic Financial Services Industry Stability Report 2015, , http://www.ifsb.org/docs/IFSB%20Islamic%20Financial%20Services%20Industry%20Stability%20Report%202015_final.pdf, online, Kuala Lumpur: IFSB, Accessed 1 Jul 2017; (2016) Islamic Financial Services Industry Stability Report 2016, , http://www.ifsb.org/docs/IFSI%20Stability%20Report%202016%20(final).pdf, online, Kuala Lumpur, Accessed 1 Jul 2017; Profit Sharing Financial Security Insurance (2016) Türkiye Finans, , http://www.turkiyefinans.com.tr/tr-tr/bireysel/sigortacilik-hizmetleri/Sayfalar/Kar-Paylasimli-Finansman-Guvence-Sigortasi.aspx, Türkiye Finans, Accessed 12 Jan 2017; Karaman, H., Devletin Borç Senetleri [Government Debt Securities] (2012) Yeni Şafak, , February 19; [Participation Insurance] -Ziraat Sigorta A.Ş (2016) Ziraatsigorta.Com.Tr, , Accessed 15 Feb 2017; (2016) World Takaful Report 2016, , http://www.takafulprimer.com/main/downloads/ms_5860.pdf, online, ME Global Advisors, Accessed 2 July 2017; Köprü Senetleri Piyasada (1984) Bridge Certificates in the Market, , December 3; Barajlar “Az” Sattı (1985) Barrages Were Sold Low, , July 11; Faizsiz bankalar 7 trilyon toplar (1991) Interest-Free Banks Can Collect TL7 Trillion, , August 8; İslami Finans Tarih oluyor (1999) Islamic Finance Will Disappear, , December 4; Enver Ören İhlas holding hissesini sattı (2000) Enver Ören Sold His Stocks of Ihlas Finans, , October 25; Kamu bankaları da islami bankacılık yapacak (2003) State-Owned Banks Will Start Islamic Banking, , March 31; (2003) Faizsiz Tahvil Eylülde Geliyor, , Interest Free Bond Comes in September, July 22; Katılım Bankacılığı Müşterilerine BES Imkânı (2010) PPS Opportunity for Clients of Participation Banks, , August 18; Türkıyede İlk Kez İslami Sigorta Hizmete Sunuldu (2015) First Islamic Insurance Have Been Introduced, , June 5; 13 Milyon Çalışan, Aylık 100 Lira Kesintiyle Zorunlu BES’E Girecek (2016) 13 Million Employees Will Be Registered To Mandatory PPS by 100TL Fee, , June 15; (2010) Principles Regarding Lease Certificates and Asset Lease Companies, , Capital Market Board of Turkey; (2011) A Bill Related To Baking Amendments On Some Regulations, , Council of Ministers; (2013) Lease Certificates Communique, , Capital Market Boards of Turkey; Özgentürk, J., Kriz, İslami Bankacılığı da vurdu [Crisis Hit the Islamic Banking] (1994) Milliyet, , February 18; Pir, C., Müslüman bankacılık üç aylarda [Islamic Banking in Holy Months] (1988) Milliyet, , September 17; Barajlar Para Basacak (2003) Barrages Will Print Money, , May 2; Gelir Ortaklığı Senedi Yolda (2003) Revenue Sharing Bond on Way, , March 27; (2014) Microfinance Market Outlook 2015, , ResponsAbility; (2017) Treasury.Gov.Tr, , http://www.treasury.gov.tr/en-US/Undesigned-General-Content/REVENUE-INDEXEDBONDS, Accessed 26 Feb 2017; Faizsiz bankacılığa sıkıyönetim geliyor (1998) Strict regulations are coming for Interest-free banks, , March 25; Ziraat ve Halk’a Katılım Talimatı (2013) Order to Establish Ziraat and Halk Participation, , March 29; Legislation of Promotion of Savings and Acceleration of Public Investment (1984) Tasarrufların Teşviki ve Kamu Yatırımlarının Hızlandırılması Hakkında Kanun, , 18335, 29 Feb 1984; Şafak, Y., Faizsiz finansa garanti çatısı geldi (2001) Interest-free Finance Now Has Deposit Guarantee, , October 27; Şafak, Y., Çağlar: Özel Finans Kurumları atakta (2002) Çağlar: Special Financial Institutions Penetrate the Market, , April 14; Yusuf, M.F., Brief Outline of the Concept and Operational System of Takaful Business (Islamic Insurance) (1996) 1. Uluslararasi İslam Ticaret Hukukunun Günümüzdeki Meseleleri Kongresi, pp. 931-944. , 1St International Congress of Modern Issues of Islamic Law in Business, Konya: KOMBAD},
correspondence_address1={Yas, M.; Islamic Finance, Malaysia},
publisher={Palgrave Macmillan},
isbn={9783319703800; 9783319703794},
language={English},
abbrev_source_title={Turkish Economy: Between Middle Income Trap and High Income Status},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{KabirHassan2018102,
author={Kabir Hassan, M. and Fazlul Karim, M. and Sydul Karim, M.},
title={Experiences and lessons of cash Waqf in Bangladesh and other countries},
journal={Journal of Islamic Economics, Banking and Finance},
year={2018},
volume={14},
number={1},
pages={102-123},
doi={10.12816/0051170},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045294347&doi=10.12816%2f0051170&partnerID=40&md5=51126c7588edd609fc27be77a95c0772},
affiliation={University of New Orleans, United States; University of Toronto, Canada},
abstract={Islam guides us in poverty alleviation based on the principles of justice and equitable distribution of wealth. Islam provides practical guidelines for economic problems through both market and non-market mechanisms. Islamic finance provides a model that identifies individual differences among people not only from the perspective of equitable opportunities for all but also from providing other means for addressing economic problems. This presentation takes a deep dive into "Waqf" as a rewarding economic system. I present an alternative view of Waqf integrating it as a component of the traditional economic system. I explain how Waqf increases aggregate consumption, expenditure, and expand national income. A cross-country review of current state of Waqf practices is included for comparative analysis. It helps to grasp a complete understanding of challenges and issues in Waqf globally. Lack of trust in Waqf managers and institutions is the key factor why, despite being the best social capital model, the practice of Waqf is relatively low in Muslim majority countries. Evidence is there that in many cases financial greed takes over the financial objective creating a fear of permanent loss among the endowers. Moreover, investments of Waqf fund are not well diversified and not invested properly to generate income to support waqf assets. To get the most out of Waqf asset, strategic alignments of Waqf funds and stakeholders are necessary at the institutional level. In the final section of this presentation, I suggest a comprehensive legal framework that adequately addresses major financial, agency, and governance issues pertaining to Waqf. A Waqf friendly legal environment coupled with preferential tax treatment for the endowed funds is crucial in achieving the intended goal of Islamic finance through Waqf as its vehicle. © 2018, Islamic Bank Training and Research Academy.},
funding_text 1={Providing low-cost or free medical supports to the poor people who cannot afford to pay medical bills. The medical assistance to the poor is provided through specialized hospitals and community clinics established with cash Waqf. Sanitation is a key concern for spreading many life-threatening diseases in rural areas and urban slams. Cash Waqf fund provides financial support for proper sanitation and for the research in sanitation-related diseases.},
references={Alani, A., Algodah, Alshwaiyat, (2016) Role of Waqf (Endowment) Funds in Financing Small Projects, , Global Business and Management Research: An International Journal; (2009) Incorporated Cash Waqfs: Islamic Non-Banking Financial Instruments form the Past to the Future, , INCIEF; Cizakça, M., (2004) Incorporated Cash Waqfs and Mudaraba, Islamic Non-bank Financial Instruments from the Past to the Future, , Turkey: Bahcesehir University; Cizakca, M., Incorporated Cash Waqfs: Islamic Non-Banking Financial Instruments form the Past to the Future (2009) INCIEF, p. 16; Cizakca, M., (2004), IBBL Circular No. BCD/836. Dhaka: Islami Bank Bangladesh Limited; Cizakca, M., (2004), IBBL Circular No. BCD/836. Dhaka: Islami Bank Bangladesh Limited; Islahi, A.A., Cash waqf: Is it a usurious piety? (2007) Hiwar al-Arba`a', pp. 27-30; Johari Alias, H., Shukor Wahab Aziz, R.A., Ahmad, I., Factors that influence repeat contribution of cash Waqf in Islamic philanthropy (2015) Malaysian Accounting Review.; Magda, Cash Waqf: A New Financial Product (2009) Prentice Hall Pearson Malaysia, p. 4; Mahamood Mashitoh, S., Waqf in Malaysia: Legal and Administrative Perspective (2006) Penerbit Universiti Malaya, p. 36; Mahamood Mashitoh, S., Pembentukan Dana Wakaf Menurut Perspektif Syariah Undang Undang Serta Aplikasinya di Malaysia (2007) Jurnal Syariah, pp. 61-83; Mohsin, M., Cash Waqf a new financial product (2009) Petaling Jaya, p. 16; Mohsin, M., (2004) Ottoman Cash Waqf Revisited: The Case of Bursa, , Founddation of Science Technology and Civilization, FSTC Limited; Salleh, S., Muhammad, S., Waqf Development in Malaysia Issues and Challenges (2008) Jurnal Pengurusan Jawhar, pp. 13-37; Sanusi, S., Shafiai, M.H., The Management of Cash Waqf: Toward Socio- Economic Development of Muslims in Malaysia (2015) Jurnal Pengurusan, pp. 3-12; Sayyin, B., Suyurno, S., Pengenalan Kepada Konsep Wakaf dalam Islam. 46. (2006) Ampang Press Sdn Bhd, p. 46; Stencel, S., Useem, A., Miller, T., Tisdale, S., (2009) Mapping the Global Muslim Population, , Washington, D.C: Pew Research Center; Thaker, T., Mohammed, O., Duasa Abdullah, A., The Behavioral Intention of Micro Enterprises to Use the Integrated Cash Waqf Micro Enterprise Investment (ICWME-I) Model as a Source of Financing (2016) Gadjah Mada International Journal of Business, pp. 111-130; The Holy Quran, Surah Ar-Rahman, p. 25},
publisher={Islamic Bank Training and Research Academy},
issn={20704658},
language={English},
abbrev_source_title={J. Islam. Econ. Bank. Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kurniawansyah20178530,
author={Kurniawansyah, D. and Agustia, D.},
title={A parallel Ba’i As-Salam financing mechanism for banana farmers, micro enterprises, and medium enterprises},
journal={Advanced Science Letters},
year={2017},
volume={23},
number={9},
pages={8530-8534},
doi={10.1166/asl.2017.9923},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032968340&doi=10.1166%2fasl.2017.9923&partnerID=40&md5=2c95ce80bf2e37b58e654f2f5348426a},
affiliation={Department of Accounting, Airlangga University, Surabaya, Indonesia},
abstract={This study aims to identify and analyze (1) problems faced by banana farmers, Islamic financial institutions, micro enterprises and medium enterprises in conducting the ba’i as-salam financing mechanism (2) factors trigger the failure and success of implementing the ba’i as-salam financing mechanism to the banana farmers, islamic financial institutions, and micro enterprises and medium enterprises (3) formulate the right ba’i as-salam parallel financing mechanism on banana farmers, islamic financial institutions, micro enterprises, and medium enterprises. The type of research which was conducted in Banyuwangi regency was qualitative exploratory. The data was primary and secondary which were analyzed by using the triangulation method. The results show that banana farmers have not received any salam financing either from the micro enterprises and medium enterprises nor the islamic financial institutions. The problems faced by banana farmers are lack of capital, difficult market, low quality of bananas during the rainy season, pest attacks, time supply, price fluctuations and the duration of production period from planting to harvesting. Mean while the problems in implementing the salam financing mechanism are no capital used as down payment in up front cash, the risk of capital loss, the bad character of selling bananas to other parties due to an increasing price. Furthermore, the parallel ba’i as-salam financing mechanism is appropriate, applicable, bankable, and marketable. As it has become an integrated partnership the problems are resolved. Indeed this mechanism contributes to stimulate the agricultural sector micro enterprises and medium enterprises so that it has a positive impact on economic growth in Banyuwangi. © 2017 American Scientific Publishers. All rights reserved.},
author_keywords={Ba’i as-salam;  Ba’i as-salam parallel;  Islamic finance;  Transaction mechanism},
funding_details={Universitas AirlanggaUniversitas Airlangga, UNAIR},
funding_text 1={Acknowledgments: The authors would like to express heartfelt thanks to the Prof. Dian Agustia from Airlangga University. Mrs. ErniAstuti, Mr. Handoko, and Mrs. Norita for their helpful discussions. We also appreciate the Govermant Banyuwangi and Airlangga University for providing financial support.},
references={Adiwarman, K., (2011) Islamic Bank “Anlysis of Fiqh, and Finance, , PT. Rajagrafindo Persada, Jakarta; Affandi, A., (2014) Student Scientifict Journal, 2, p. 12; Ahmed, A.G., (2007) Shariah Opinion (Fatwa) on Istisna, pp. 1-166. , Contracting and Salam, Al-Baraka Banking Group Department of Research and Development; Al-Zaabi, (2010) Review of Islamic Economics, 14, p. 154; Antonio, M.S., (2006) Islamic Bank from Theory to Practice, , Gema Insani Press, Jakarta; Ashari, S., (2005) Agro Economics Reseacrh Forum, 23, p. 3; Ehsan, A., Shahzad, M.A., (2015) Business and Economics Review, 7, p. 67; Ascarya, (2007) The Contract and Islamic Banking Products, , PT Rajagrafindo Persada, Jakarta; Asif, (2003) Salam as a Mode of Financing, , Marshall Ketchum University; (2011) Statistik Bank Indonesia, , www.bi.go.id; Chariri, A., (2008) Economics and Business Journal, 16, p. 1; Choudhury, M.A., (2001) Journal of Islamic Economic Studies, 9, p. 17; Ebrahim, M.S., Tan, K.J., (2011) International Journal of Social Economics, 28, p. 314; Gait, A., Worthington, A.C., (2008) International Journal of Social Economics, 35, p. 783; Ash-Shawi, M., Shalah, M., (2008) The Investment Problems on Islamic Banking and Solution of Economic Islam, , Migunani, Jakarta; Sarker, A.A., (1999) International Journal of Islamic Financial Services, 1, p. 12; Shehata, (2007) Islamic Economic Studies, 15, p. 1; Subandi, (2012) Journal Al-Tahrir, 12, p. 1; Tijani, (2006) Salam Legitimate Alternative to Bank Financing Contemporary (Financial and Investment look)” (Arabic), , Version II, The initial edition, The Ministry of Finance and National Economy Supreme Advisory Committee of government instruments, the Republic of Sudan; Umar, M.A.H., Shari’ah, Economic and Accounting Framework of Bay’ Al Salam in The Light of Contemporary Application (1995) The Islamic Research and Teaching Institute (IRTI), 34, pp. 27-44; Yusof, S.A., Mohammad, R.A., (2007) J. KAU: Islamic Econ, 20, p. 3; Zaabi, S.O., (2010) Review of Islamic Economics, 14, p. 19},
correspondence_address1={Agustia, D.; Department of Accounting, Indonesia},
publisher={American Scientific Publishers},
issn={19366612},
language={English},
abbrev_source_title={Adv. Sci. Lett.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Miftahurrohmah2017,
author={Miftahurrohmah, B. and Iriawan, N. and Fithriasari, K.},
title={On the Value at Risk Using Bayesian Mixture Laplace Autoregressive Approach for Modelling the Islamic Stock Risk Investment},
journal={Journal of Physics: Conference Series},
year={2017},
volume={855},
number={1},
doi={10.1088/1742-6596/855/1/012026},
art_number={012026},
note={cited By 3; Conference of 1st International Conference on Mathematics: Education, Theory, and Application, ICMETA 2016 ; Conference Date: 6 December 2016 Through 7 December 2016;  Conference Code:128467},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85023601360&doi=10.1088%2f1742-6596%2f855%2f1%2f012026&partnerID=40&md5=e0c47d094a6a8425eea1f1dcf8e1516e},
affiliation={Statistics Department of Mathematics and Natural Sciences, Faculty of Institut Teknologi Sepuluh Nopember, Indonesia},
abstract={Stocks are known as the financial instruments traded in the capital market which have a high level of risk. Their risks are indicated by their uncertainty of their return which have to be accepted by investors in the future. The higher the risk to be faced, the higher the return would be gained. Therefore, the measurements need to be made against the risk. Value at Risk (VaR) as the most popular risk measurement method, is frequently ignore when the pattern of return is not uni-modal Normal. The calculation of the risks using VaR method with the Normal Mixture Autoregressive (MNAR) approach has been considered. This paper proposes VaR method couple with the Mixture Laplace Autoregressive (MLAR) that would be implemented for analysing the first three biggest capitalization Islamic stock return in JII, namely PT. Astra International Tbk (ASII), PT. Telekomunikasi Indonesia Tbk (TLMK), and PT. Unilever Indonesia Tbk (UNVR). Parameter estimation is performed by employing Bayesian Markov Chain Monte Carlo (MCMC) approaches. © Published under licence by IOP Publishing Ltd.},
keywords={Commerce;  Investments;  Laplace transforms;  Markov processes;  Mixtures;  Risks;  Value engineering, Auto-regressive;  Bayesian markov chain monte carlo;  Bayesian mixture;  Normal mixtures;  Risk investment;  Risk measurement;  Stock returns;  Value at Risk, Risk assessment},
references={Wong, C.S., Li, W.K., On a Mixture Autoregressive (2000) Journal of the Royal Statistical Society Series B, pp. 95-115; Le, N.D., Martin, R.D., Raftery, A.E., Modelling Flat Stretches. Burst. and Outlier Time Series in Exponential Variable (1996) J. Am. Statist. Ass., pp. 1504-1514; Nguyen, H.D., McLachlan, G.J., Laplace mixture of linear experts (2016) Computational Statistics and Data Analysis, 93, pp. 177-191; Nguyen, H.D., Geoffrey, M.J., Ullmann, J.F., Janke, A.L., Laplace mixture autoregressive models (2016) Statistics and Probability Letters, 110, pp. 18-24; Kotz, S., Kozubowski, T.J., Podgorski, K., (2001) The Laplace Distribution and Generalizations: A Revisit with Applications to Communications. Economics. Engineering. and Finance, , (New York: Springer Science+Business Media. LLC); Dempster, A.P., The Direct Use of Likelihood for Significance Testing (1974) Proceedings of Conference on Foundational Questions in Statistical, pp. 335-352; Spiegelhalter, D.J., Best, N.G., Carlin, B.P., Van Der Linde, A., Bayesian Measures of Model Complexity and Fit" (with discussion) (2002) Journal of the Royal Statistical Society, 64 (4), pp. 583-639; Butler, C., (1999) Mastering Value at Risk, , (New York: Pretice Hall); Alexander, C., (2008) Market Risk Analysis, 4. , (West Sussex: John Wiley amp; Sons Ltd); Putri, U.M., (2016) Analisis Risiko Investasi Saham Syariah Menggunakan Metode Value at Risk Dengan Pendekatan Mixture Normal Autoregressive, , (Surabaya: Institut Teknologi Sepuluh Nopember)},
correspondence_address1={Miftahurrohmah, B.; Statistics Department of Mathematics and Natural Sciences, Indonesia; email: brina.bm@gmail.com},
sponsors={},
publisher={Institute of Physics Publishing},
issn={17426588},
language={English},
abbrev_source_title={J. Phys. Conf. Ser.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Chen2017133,
author={Chen, V.},
title={Law and Society in the Evolution of Malaysia's Islamic Capital Market Regulation},
journal={Asian Journal of Law and Society},
year={2017},
volume={4},
number={1},
pages={133-156},
doi={10.1017/als.2016.20},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85018638823&doi=10.1017%2fals.2016.20&partnerID=40&md5=1981fd93eb7a3dd348251f8b97accea1},
affiliation={Monash Business School, Monash University, PO Box 197, Caulfield East, VIC  3145, Australia},
abstract={The strong growth of Islamic capital markets internationally has seen the corresponding development of regulatory frameworks incorporating sharia law. Malaysia has been at the forefront of Islamic capital market regulatory development, merging corporate law drawn from its common-law heritage with sharia principles. This article examines the interaction of law with political economy and sociocultural influences in Malaysia which has underpinned the evolution of hybrid Islamic capital market regulation. It analyses the evolution of Malaysian Islamic capital market regulation against theories of legal origin and legal evolution. The analysis suggests that the sharia and common-law components of Islamic capital market regulation have evolved along two separate and seemingly inconsistent trajectories. While the secular corporate law component continues to evolve in tandem with its common-law tradition, development of the sharia component represents a distinct shift away from common-law traditions. © Cambridge University Press and KoGuan Law School, Shanghai Jiao Tong University.},
author_keywords={common law;  culture;  Malaysia;  political economy;  sharia},
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correspondence_address1={Chen, V.; Monash Business School, PO Box 197, Australia; email: chen.v@unimelb.edu.au},
publisher={Cambridge University Press},
issn={20529015},
language={English},
abbrev_source_title={Asian J. Law Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Shaikh201752,
author={Shaikh, S.A.},
title={Estimating economy wide potential Zakat collection in Pakistan},
journal={Journal of Islamic Economics, Banking and Finance},
year={2017},
volume={13},
number={1},
pages={52-70},
doi={10.12816/0051155},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032721293&doi=10.12816%2f0051155&partnerID=40&md5=1590e7c49d48f2a9f680922bf6c9b980},
affiliation={National University of Malaysia, Malaysia},
abstract={Islamic economics literature is rich in highlighting the welfare potential of Zakat, but very few empirical studies have undertaken the quantitative estimation of potential Zakat collection. In this study, we attempt to estimate potential Zakat collection at economy wide level to explore the welfare potential of the institution of Zakat in Pakistan. We attempt to estimate economy wide Zakat collection by including heads like Zakat on agriculture produce, value of livestock, tradable inventory, currency in circulation, foreign exchange reserves, estimated gold and silver deposits and financial assets like investments in National Savings Scheme (NSS), mutual funds, stock market capitalization, pension schemes and remunerative bank deposits. Our estimates suggest that approximately Zakat collection in Pakistan could reach up to 7.25% of GDP depending upon which approach is used to institutionalize Zakat in the economy. We argue that the Zakat collectible can be adequate in effectively dealing with poverty gap funding deficit in Pakistan. We also discuss that the institution of Zakat system can also have positive effects on capital formation and economic stabilization.},
author_keywords={Fiscal policy;  Public finance;  Welfare;  Zakat},
references={Ahmad, A., Income Determination in an Islamic Economy (1987), Jeddah: Scientifi c Publishing Centre, KAAU; Abo Baker, N.B., Rahman, A., Rahim, A., A Comparative Study of Zakat and Modern Taxation (2007) Journal of King Abdul Aziz University: Islamic Economics, 20 (1), pp. 25-40; Ahmed, H., Role of Zakat and Awqaf in Poverty Alleviation (2004) Islamic Research and Training Institute, , Islamic Development Bank Group, Jeddah. (Occasional Paper No. 8); Azam, M., Iqbal, N., Tayyab, M., Zakat and Economic Development: Micro and Macro Level Evidence from Pakistan (2014) Bulletin of Business and Economics, 3 (2), pp. 85-95; Carroll, C.D., Kimball, M.S., On the Concavity of the Consumption Function (1996) Econometrica, 64 (4), pp. 981-992; Debnath, S.C., Islam, M.T., Mahmud, K.T., The Potential of Zakat Scheme as an Alternative of Microcredit to Alleviate Poverty in Bangladesh (2013), 9th International Conference on Islamic Economics and Finance, QFIS, Doha, Qatar; Hassan, M.K., Jauanyed, M.K., Zakat, External Debt and Poverty Reduction Strategy in Bangladesh (2007) Journal of Economic Cooperation, 28 (4), pp. 1-38; Hassan, M.K., An Integrated Poverty Alleviation Model Combining Zakat, Awqaf and Microfi nance (2010), in Seventh International Conference-The Tawhidi Epistemology: Zakat and Waqf Economy, Bangi, Malaysia; Ibrahim, P., Economic Role of Zakat in Reducing Income Inequality and Poverty in Selangor (2006), PhD Thesis, Universiti Putra Malaysia; Jappelli, T., Pistaferri, L., Fiscal policy and MPC heterogeneity (2014) American Economic Journal: Macroeconomics, 6 (4), pp. 107-136; Keynes, J.M., The General Theory of Employment, Interest, and Money (1935), San Diego, New York, London: Harvest/HBJ, 1964; Khan, M.A., Comments on A. Azim Islahi & M. Obaidullah: Zakat on Stocks: Some Unsettled Issues (2005) Journal of King Abdul Aziz University: Islamic Economics, 18 (1), pp. 41-42; Kuran, T., Islamic Redistribution through Zakat: Historical Record and Modern Realities (2003) Poverty and Charity in Middle Eastern Contexts, pp. 275-293; Laffer, A.B., The Laffer Curve: Past, Present, and Future (2004) Heritage Foundation Backgrounder, p. 1765; Lusardi, A., Permanent Income, Current Income, and Consumption: Evidence from Panel Data (1992), Manuscript, Dartmouth College; Akram, M., Afzal, M., Dynamic Role of Zakat in Alleviating Poverty: A Case Study of Pakistan (2014), University Library of Munich, Germany; Malik, S.J., Hussain, M., Shirazi, N.S., Role of Infaq in Poverty Alleviation in Pakistan (1994) The Pakistan Development Review, 33 (4), pp. 935-952; Maududi, S.A.A., (1970) Ma'ashiyat-e Islam [Economic System of Islam], , Lahore: Islamic Publications; Metwally, M.M., Fiscal Policy & Resource Allocation in Islam (1983), Islamabad: Institute of Policy Studies; Murugasu, D., Ang, J.W., Tng, B.H., Marginal Propensity to Consume Across Household Income Groups (2013), Bank Negara Malaysia, Working Paper No.WP2/2013; Nadvi, S.M., Taareekh-e-Islam [History of Islam] (1996), Lahore: Maktaba-e-Rehmania; Nadzri, F.A.A., Rehman, R.A., Omar, N., Zakat and Poverty Alleviation: Roles of Zakat Institutions in Malaysia (2012) International Journal of Arts and Commerce, 1 (7), pp. 61-72; Naveed, A., Ali, N., (2012) Clustered Deprivation-District Profi le of Poverty in Pakistan, , Social Development Policy Institute; (2013) Individual Philanthropy in the Sindh, , Pakistan Center for Philanthropy; (2010) Individual Philanthropy in the Punjab, , Pakistan Center for Philanthropy; (2017) Pakistan Peace Collective Project, , Federal Ministry of Information and Broadcast; Powell, R., Zakat: Drawing Insights for Legal Theory and Economic Policy from Islamic Jurisprudence (2009) Pittsburgh Tax Review, 7 (43), pp. 10-17; Qaradawi, Y.A., Fiqh az-Zakat: A Comparative Study-The Rules, Regulations and Philosophy of Zakat in the Light of the Qur'an and Sunnah (1999), Dar Al Taqwa Ltd: London; Sadeq, A.H.M., Ethico-Economic Institution of Zakat: An Instrument of Self Reliance and Sustainable Grassroots Development (1996) IIUM Journal of Economics and Management, 12 (2), pp. 47-69; Shirazi, N.S., Integrating Zakat and Waqf into the Poverty Reduction Strategy of the IDB Member Countries (2014) Islamic Economic Studies, 22 (1), pp. 79-108; Shirazi, N.S., Amin, M.F., Poverty Elimination through Potential Zakat Collection in the OIC-member Countries: Revisited (2009) The Pakistan Development Review, 48 (4), pp. 739-754; Siddiqui, S.A., Public Finance in Islam (1982), New Delhi: Adnan Publishers & Distributors; Souleles, N.S., The Response of Household Consumption to Income Tax Refunds (1995), Manuscript, Massachusetts Institute of Technology; (2016) Multi-Dimensional Poverty in Pakistan, , UNDP Pakistan; Wahid, A.N.M., The Economic Implications of Zakat (1986) Contemporary Review, 248 (1440), p. 10; Yusoff, M.B., Zakat Expenditure, School Enrollment, and Economic Growth in Malaysia (2011) International Journal of Business and Social Science, 2 (6), pp. 175-181; Yusoff, M.B., An Analysis of Zakat Expenditure and Real Output: Theory and Evidence (2010) Management and Accounting, 18 (2), pp. 139-160},
correspondence_address1={Shaikh, S.A.; National University of MalaysiaMalaysia; email: salman@siswa.ukm.edu.my},
publisher={Islamic Bank Training and Research Academy},
issn={20704658},
language={English},
abbrev_source_title={J. Islam. Econ. Bank. Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Habib2017151,
author={Habib, F. and Ahmad, A.U.F.},
title={Revisiting the AAOIFI Shariah standards’ stock screening criteria},
journal={International Journal of Business and Society},
year={2017},
volume={18},
pages={151-166},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85030694573&partnerID=40&md5=66bc9ab59557967eceb21be7ee5bfc01},
affiliation={International Shari’ah Research Academy for Islamic Finance, Malaysia; Universiti Brunei Darussalam, Brunei Darussalam},
abstract={A vigorous and vibrant equity market being an integral part of a resilient and sustainable Islamic financial system, plays a vital role in the overall economic developments of a country. However, the contribution of Muslim investors to the equity market requires the availability of Shari’ah compliant stocks for them to invest, which must pass a certain set of Shari’ah screening criteria prior to any investment. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) offers a criterion for screening stocks to include them in the Shari’ah compliant list, which consists of total five filters. The objectives of this study are three-fold: 1) critically analyse AAOIFI’s criterion and providing the Shari’ah justification behind these filters; 2) develop and introduce a unique filter to be included in the criterion as a replacement of one of the current filters; and 3) suggest to re-examine one of the existing filters, and proposes the removal of two filters from the criterion. To sum up, this paper advocates major changes in AAOIFI’s criterion based on stronger Shari’ah justifications a. It is expected that the findings of this study would not only provide an efficient and practically sustainable solution, it would also enable more companies to become Shari’ah compliant, and provide Muslim investors a wider universe of Shari’ah compliant stocks to choose from for their investment. © 2017, Universiti Malaysia Sarawak. All rights reserved.},
author_keywords={Company;  Corporation;  Islamic capital markets;  Screening methodology;  Shari’ah compliant shares},
references={Aal Al-Sheikh, M., (1979) Fatāwā Wa Rasail, , Riyadh: The Government of Saudi Arabia; (2015) Shari’ah Standards, , AAOIFI, Manama: Accounting and Auditing Organization for Islamic Financial Institutions; Abbasi, M.Z., Legal analysis of agency theory: An inquiry into the nature of corporation (2009) International Journal of Law and Management, 51 (6), pp. 401-420; Abdul Haleem, M.A.S., (2004) The Qur’an, , New York: Oxford University Press Inc; Al-Hababisah, H.H.Q., Al-Qillah Wa Al-Kathrah Fi Fiqh Al-Shāfiʿī (2013) Majallah Al-Jami`Ah Al-Islamiyah Li Al-Dirasat Al-Islamiyah, 21 (2), pp. 249-276; Al-Kasani, A.A., (1986) Badāʾiʿ Al-Ṣanāʾiʿ Fi Tartib Al-Shara`I, , (2nd ed). Beirut: Dar al-Kotob al-Ilmiyah; Al-Manea, A., (1996) Buhuth Fi Al-Iqtisad Al-Islami, , Beirut: Al-Maktab Al-Islami; Al-Mazhari, M.S., (1991) Al-Tafseer Al-Mazhari, , Pakistan: Maktabah Al-Rushdiyyah; Al-Nadwi, A., Qa’idah Al-Taba’yyah Fi Al-`Uqud Wa Atharuha Fi Al-Tarakhusaat Al-Shar`iyyah (2006) Proceedings of 1St Fiqh Conference for Islamic Finance Institutions, pp. 39-70. , Kuwait: Shura Sharia Consultancy; Al-Qurahdaghi, A., (2003) Athar Duyun Wa Nuqud Al-Sharikah Aw Al-Mihfazhah ‘Ala Hukm Tadawul Al-Ashum Wa Al-Ṣukūk Wa Al-Wahdat Al-Istithmāriyyah (Al-Mushkilah Wa Al-Hulul)-Dirasah Fiqhiyyah Iqtisaadiyyah, , (First Eds.). Jeddah: Islamic Institute for Research and Training (IIRT), Islamic development bank (IDB); Al-Zuhayli, M.M., (2006) Al-Qawa’id Al-Fiqhiyyah Wa Tatbieqaatuhaa Fi Al-Mathaahib Al-Arba’a, , (First Eds). Damascus, Syria: Dar Al-Fikr; Al-Zuhayli, W., (2001) Al-Fiqh Al-Islami Wa Adillatuh, , Damascus, Syria: Dar Al-Fikr; Bukhari, M., (2001) Sahih Al-Bukhari, , Beirut, Lebanon: Dar Tauq Al-Nijah; Delorenzo, Y.T., The Religious Foundations of Islamic Finance (2004) Islamic Finance: Innovation and Growth, pp. 9-27. , In S. Archer & R. A. Abdel-Karim (Eds.), London: Euromoney Books; El-Gari, M.A., (2015) Al-Takyīf Al-Fiqhī Li Ashum Sharikat Al-Musahamah, , Paper presented at 6th Shura Fiqh Conference, November 16-17, 2015, Salmiya, Kuwait; El-Gari, M.A., (2017) Al-Shakhsiyyah Al-I’tibariyyah that Al-Masuliyyah Al-Mahdoudah, , http://www.kantakji.com/media/7852/525.rar, July 1; Goulding, S., (1996) Principles of Company Law, , London, UK: Cavendish Publishing Limited. Ibn; Majah, M.Q., Sunan Ibn Majah, , Cairo, Egypt: Dar Ihya Al-Kutub Al-Arabiyyah; (2006) Resolutions of Islamic Fiqh Council Makkah Mukarramah, , IFC-MWL, Kingdom of Saudi Arabia: IFC; (2000) Resolutions and Recommendations of the Council of the Islamic Fiqh Academy 1985-2000, , IIFA-OIC, Jeddah, Saudi Arabia: Islamic Development Bank; (2016) Islamic Financial System: Principles and Operations, , ISRA, (2nd Eds.). Kuala Lumpur, Malaysia: International Shar’ah Research Academy for Islamic Finance; Khatkhatay, M.H., Nisar, S., Shariah Compliant Equity Investment: An Assessment of Current Screening Norms (2007) Islamic Economic Studies, 15 (1), pp. 47-76; Macaura Vs. Northern Assurance Co. Ltd (1925, AC 619); Manjoo, F.A., (2017) Reviewing the Concept of Shares: Towards a Dynamic Legal Perspective, , http://www.kantakji.com/media/163525/file519.pdf, July 1; Sahih Muslim, , Muslim, Beirut, Lebanon: Dar Ihya Al-Turath al-Arab; Philippou, R.V.S., (1989 89 Cr App R 290)},
correspondence_address1={Ahmad, A.U.F.; UBD School of Business and Economics, Jalan Tungku Link, Brunei Darussalam; email: aufahmad@gmail.com},
publisher={Universiti Malaysia Sarawak},
issn={15116670},
language={English},
abbrev_source_title={Int. J. Bus. Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Abd.Majid2016,
author={Abd. Majid, M.S. and Vakhira, Z.A. and Kassim, S.},
title={Do conventional and Islamic stock markets subject to different market anomalies? Empirical evidences from Indonesia and Malaysia},
journal={Journal of Applied Economic Sciences},
year={2016},
volume={11},
number={5},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84991730802&partnerID=40&md5=4e59038b1057e1a2306ab07c13b2f4fa},
affiliation={Faculty of Economics and Business, Syiah Kuala University, Darussalam, Banda Aceh, Indonesia; Institute of Islamic Banking and Finance, International Islamic University, Malaysia},
abstract={This study aims to investigate whether the conventional and Islamic stock returns are subject to different calendar anomalies by testing the monthly calendar effects on stock returns in both markets. Focusing on the Indonesian and Malaysian Stock Markets, the closing monthly prices of the Jakarta Stock Exchange Index (JKSE), Kuala Lumpur Stock Exchange Index (KLSE), Jakarta Islamic Index (JII) and FTSE Bursa Malaysia Hijrah Shariah Index (FBMHS) were considered covering the period from 2004 to 2015. An independent sample of t-test is adopted to explore the differences between the conventional and Islamic stock returns in both countries, while the calendar effects of the stock returns is then tested using the multiple regression. The study finds that there were no differences between the conventional and Islamic stock returns, and the calendar anomaly is only existed in the Indonesian stock markets. This implies that although both the conventional and Islamic stock markets have been well integrated in both markets, the stock markets of Malaysia have been more efficient than the Indonesian counterpart. © 2016, ASERS Publishing House. All rights reserved.},
author_keywords={Anomaly;  Conventional capital market;  Islamic capital market;  Islamic finance;  Monthly effect;  Stock returns},
references={Al-Jarrah, M.I., Basheer, A.K., Turn of the Month Anomaly in Amman Stock Exchange: Evidence and Implications, Journal of Money (2011) Investment and Banking, 21, pp. 1-11; Ambarwati, S.D.A., Pengujian Week-Four, Monday, Friday dan Earnings Management Effect Terhadap Return Saham (2009) Jurnal Keuangan Dan Perbankan, 13 (1); As’Adah, L., (2009) Pengaruh January Effect Terhadap Abnormal Return Dan Saham Pada Jakarta Islamic Indeks, , Alfabeta, Yogyakarta; Chia, J.R.C., Khim, L.S.V., Month-of-the-Year and Symmetrical Effects in the Nikkei 225 (2012) Journal of Business and Management, 3 (2), pp. 68-72; Choudhry, T., Month of the Year Effect and January Effect in Pre-WWI Stock Returns: Evidence from a Non-Linear GARCH Model (2001) International Journal of Finance & Economics, 6 (1), pp. 1-11; Debasish, S.S.D., An Empirical Study on Month of the Year Effect in Gas, Oil and Refineries Sectors in Indian Stock Market (2012) International Journal of Management and Strategy (Ijmws), 3, pp. 1-18; Fama, E.F., Efficient Capital Markets: A Review of Theory and Empirical Work (1970) The Journal of Finance, 25 (2), pp. 383-417; Fama, E.F., Efficient Capital Markets: II (1991) Journal of Finance, 16 (4), pp. 345-354; Giovanis, E., The Month of the Year Effect: Evidence from GARCH Models in Fifty-Five Stock Markets (2009) Munich Personal Repec Archive (MPRA), 1 (2), pp. 75-98; Gujarati, D.N., (2009) Basic Econometrics, , McGraw-Hill Education; Gultekin, M.N., Gultekin, N.B., Stock Market Seasonality: International Evidence (1983) Journal of Financial Economics, 12, pp. 81-469; Jogiyanto, H.M., (2009) Teori Portofoliodan Analisis Investasi, BPFE, , Yogyakarta; Karim, B.A., Majid, M.S.A., International Linkages among Stock Markets of Malaysia and its Major Trading Partners (2009) Journal of Asia-Pacific Business, 10 (4), pp. 326-351; Kassim, S.H., Majid, M.S.A., Impact of Financial Shocks on Islamic Banks: Malaysian Evidence during 1997 and 2007 Financial Crises (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (4), pp. 291-305. , http://dx.doi.org/10.1108/17538391011093243; Kendall, M.G., Hill, A.B., The Analysis of Economic Time-Series Part 1: Price (1953) Journal of the Royal Statistical Society. Series a (General), 116 (1), pp. 11-34; Keong, L.B., Yat, D.N.C., Ling, C.H., Month of the year effects in Asian countries: A 20-year study 1990-2009 (2010) African Journal of Business Management, 4 (7), pp. 1351-1362; Levy, H.S., (2002) Fundamentals of Investments, , Pearson Education, England; Lim, K.P., Hock-Ann, L., Khim-Sen, L., International Diversification Benefits in ASEAN Stock Markets: A Revisit (2003) Labuan School of International Business and Finance, 4 (2), pp. 23-48; Majid, M.S.A., Kassim, S.H., Potential Diversification Benefits across Global Islamic Equity Markets (2010) Journal of Economic Cooperation and Development, 31 (4), pp. 103-126; Malkiel, B.G., The Efficient Market Hypothesis and Its Critics (2003) Journal of Economic Perspectives, pp. 59-82; Manurung, A.H., Permana, P.N., Gejala Overreaction pada saham-saham LQ45 di BEJ periode 2002-2005 (2005) Majalah Usahawan, 4 (8), pp. 17-27; Manurung, A., Ke Arah Mana Bursa akan Dibawa? 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Semarang; Smith, C.J.W., The Theory of Corporate Finance: A Historical Overview (1990) 1990: The Modern Theory of Corporate Finance, , Smith, C.W.J., New York, McGraw-Hill Publishing Company; Subaweh, I., Analisa Perbandingan Kinerja Keuangan Bank Syariah dan Bank Konvensional Periode 2003-2007 (2008) Jurnal Ekonomi Bisnis, 13 (2), pp. 112-121; Sulaiman, W., (2004) Analisis Regresi Menggunakan SPSS, , Yogyakarta (ID): PT. Andi; Tjahjo, E.H., Dan Handono, E., (2003) Analysis Anomali Price to Earnings Ratio Dan Beta Saham Serta Pengaruhnya Terhadap Return Saham, , Institutional Repository; Wiksuana, I.G.B., Eksistensi Anomali Winner-Loser Saham Individual dan Saham Industri di Pasar Modal Indonesia (2008) Finance and Banking Journal, 10 (1), pp. 34-45; Worthington, A., The Month-of-the-year Effect in the Australian Stock Market: A Short Technical Note on the Market, Industry and Firm Size Impacts (2012) Australasian Accounting Business and Finance Journal, 5 (1), pp. 117-123; Yusof, R.M., Majid, M.S.A., Macroeconomic Variables and Stock Returns in Malaysia: An Application of the ARDL Bound Testing Approach (2007) Savings and Development, 31 (4), pp. 449-469; Yusof, R.M., Majid, M.S.A., Towards an Islamic International Financial Hub: The Role of Islamic Capital Market in Malaysia (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 313-329. , http://dx.doi.org/10.1108/17538390810919628; Yusof, R.M., Kassim, S.H., Majid, M.S.A., Hamid, Z., Determining the Viability of Rental Price to Benchmark Islamic Home Financing Products: Evidence from Malaysia (2011) Benchmarking: An International Journal, 18 (1), pp. 69-85. , http://dx.doi.org/10.1108/14635771111109823},
correspondence_address1={Abd. Majid, M.S.; Faculty of Economics and Business, Darussalam, Indonesia; email: mshabri@unsyiah.ac.id},
publisher={ASERS Publishing House},
issn={18436110},
language={English},
abbrev_source_title={J. Appl. Econ. Sci.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nawaz2016403,
author={Nawaz, T.},
title={Determinants of sustainable growth: A comparative analysis of conventional and islamic banks},
journal={Corporate Ownership and Control},
year={2016},
volume={14},
number={1 continued 3},
pages={403-413},
doi={10.22495/cocv14i1c3p1},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85011020058&doi=10.22495%2fcocv14i1c3p1&partnerID=40&md5=29d92637a8455466fb4f46770f08912a},
affiliation={Plymouth Business School, University of Plymouth, United Kingdom},
abstract={The purpose of this paper is to empirically examine the effect of intangible and financial resources on accounting- and market-based performance of two bank business models i.e. conventional and Islamic banks operating in fourteen different countries worldwide for two periods referred as pre (2006-2007) and post (2009-2010) financial crisis (568 observations). The required data to calculate different constituents of intangible (i.e. intellectual capital (IC)) and financial resources is derived from Bankscope database. The results reveal that both IC and financial capital resources are necessary for banks being conventional or Islamic to create value at all times i.e. pre- and post-crisis period. The results further indicate a positive relationship between IC, financial capital and accounting performance of both sets of banking; however IC and financial capital are only significantly associated with the market value of Islamic banks. © 2016, Virtus Interpress. All rights reserved.},
author_keywords={Bank Business Model;  Financial Crisis;  Financial Performance;  Intangible Resources;  Market Value},
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(2012) Journal of Financial Economics, 105 (1), pp. 1-17; Berger, A.N., Bouwman, C.H., How does capital affect bank performance during financial crises? (2013) Journal of Financial Economics, 109 (1), pp. 146-176; Bharadwaj, A.S., A resource-based perspective on information technology capability and firm performance: An empirical investigation (2000) MIS Quarterly, 24 (1), pp. 169-196; Biondi, Y., Rebérioux, A., Accounting Forum (2012) Elsevier; Carvallo, O., Kasman, A., Cost efficiency in the Latin American and Caribbean banking systems (2005) Journal of International Financial Markets, Institutions and Money, 15 (1), pp. 55-72; Chen, L., Danbolt, J., Holland, J., Rethinking bank business models: The role of intangibles (2014) Accounting, Auditing & Accountability Journal, 27 (3), pp. 563-589; Čihák, M., Hesse, H., Islamic banks and financial stability: An empirical analysis (2010) Journal of Financial Services Research, 38 (2-3), pp. 95-113; Colombo, M.G., Grilli, L., Founders human capital and the growth of new technologybased firms: A competence-based view” (2005) Research Policy, 34 (6), pp. 795-816; De Brentani, U., Kleinschmidt, E.J., Corporate culture and commitment: Impact on performance of international new product development programs (2004) Journal of Product Innovation Management, 21 (5), pp. 309-333; De Castro, G.M., Sáez, P.L., Intellectual capital in high-tech firms: The case of Spain (2008) Journal of Intellectual Capital, 9 (1), pp. 25-36; Dotzel, T., Shankar, V., Berry, L.L., Service innovativeness and firm value (2013) Journal of Marketing Research, 50 (2), pp. 259-276; Edvinsson, L., Malone, M.S., (1997) Intellectual Capital: Realizing Your Company’s True Value by Finding Its Hidden Roots., , New York: HarperCollins Publishers, Inc; Eisenhardt, K.M., Agency theory: An assessment and review (1989) Academy of Management Review, 14 (1), pp. 57-74; (2013) Ernst and Young, , The World Islamic Competitiveness Report 2012–2013; Florin, J., Lubatkin, M., Schulze, W., A social capital model of high-growth ventures (2003) Academy of Management Journal, 46 (3), pp. 374-384; Hasan, M., Dridi, J., The effects of the global crisis on Islamic and conventional banks: A comparative study (2010) International Monetary Fund; Hassan, M.K., Bashir, A.-H.M., (2003) 10Th ERF Annual Conference, Morocco; Hirschey, M., Wichern, D.W., Accounting and market-value measures of profitability: Consistency, determinants, and uses (1984) Journal of Business & Economic Statistics, 2 (4), pp. 375-383; Ho, C.-A., Williams, S.M., International comparative analysis of the association between board structure and the efficiency of value added by a firm from its physical capital and intellectual capital resources (2003) The International Journal of Accounting, 38 (4), pp. 465-491; Hsu, D.H., Experienced entrepreneurial founders, organizational capital, and venture capital funding (2007) Research Policy, 36 (5), pp. 722-741; Hsu, L.C., Wang, C.H., Clarifying the effect of intellectual capital on performance: The mediating role of dynamic capability (2012) British Journal of Management, 23 (2), pp. 179-205; Hudaib, M., Haniffa, R., Exploring auditor independence: An interpretive approach (2009) Accounting, Auditing & Accountability Journal, 22 (2), pp. 221-246; Hussein, K.A., (2004) Banking Efficiency in Bahrain: Islamic Vs. Conventional Banks, , Islamic Development Bank, Islamic Research and Training Institute; Ittner, C.D., Does measuring intangibles for management purposes improve performance? 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A review of the evidence (2008) Accounting and Business Research, 38 (3), pp. 217-256; Yudistira, D., Efficiency in Islamic banking: An empirical analysis of eighteen banks (2004) Islamic Economic Studies, 12 (1), pp. 1-19},
correspondence_address1={Nawaz, T.; Plymouth Business School, United Kingdom},
publisher={Virtus Interpress},
issn={17279232},
language={English},
abbrev_source_title={Corp. Ownersh. Control},
document_type={Article},
source={Scopus},
}

@ARTICLE{AlRahahleh201648,
author={Al Rahahleh, N. and Adeinat, I. and Bhatti, I.},
title={On ethnicity of idiosyncratic risk and stock returns puzzle},
journal={Humanomics},
year={2016},
volume={32},
number={1},
pages={48-68},
doi={10.1108/H-06-2015-0043},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84956609143&doi=10.1108%2fH-06-2015-0043&partnerID=40&md5=20c82925177e2e7f544a9c0577bc2440},
affiliation={Department of Finance, King Abdulaziz University, Jeddah, Saudi Arabia; Department of Business Administration, King Abdulaziz University, Jeddah, Saudi Arabia; La Trobe University, Melbourne, Australia},
abstract={Purpose – The purpose of this paper is to understand the controversial issue of whether stock returns and idiosyncratic risks are related positively or negatively in case of Singaporean ethically poor screened stocks. Design/methodology/approach – To achieve the major objectives of this paper, it uses a multiple regression to explore the relationship between expected stock returns and idiosyncratic risk. The paper replicates the Lee and Faff’s (2009) three-factor capital asset-pricing model (CAPM) model in creating the six size/book-to-market portfolios from which it constructs the small minus big (SMB) and high minus low (HML) portfolios that capture the size and book-to-market equity factors, respectively. Findings – The basic finding of the paper is that there is a strong relation between idiosyncratic risk and the expected stock returns. In more details, we observe that the portfolio of stocks with the highest idiosyncratic volatility generates higher average returns (4.36 per cent) than the portfolio of stocks with the lowest idiosyncratic volatility (0.79 per cent) over the sample period. The paper observes that the stock’s idiosyncratic volatility is inversely correlated with the size of the underlying firm. Moreover, there is a pattern of relationships nearer the periods of financial crises: Asian and global financial crises. Research limitations/implications – This paper uses only a three-factor model on a single country. So it cannot be generalized to a multi-country level in the Association of Southeast Asian Nations (ASEAN) region, as the structure of each member country is different. Practical implications – This paper provides guidelines for policymakers and foreign investors in Singapore about the relationship. This research can also be extended to other ASEAN countries to understand this puzzle. Social implications – Ethically sensitive and faithful investors with small investment can benefit from the findings of this paper. Originality/value – The work reported in this paper is original, unpublished and is also not under consideration for publication elsewhere. © 2016, © Emerald Group Publishing Limited.},
author_keywords={C32, G01, G12, G14, G15;  CAPM model;  Crises periods;  Ethnicity;  Idiosyncratic risk;  Islamic finance;  Stock return},
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(2005) Journal of Finance, 60 (2), pp. 905-929. , )“”; Bhatti, M.I., Nguyen, C.C., Diversification evidence from international equity markets using extreme values and stochastic copulas (2012) Journal of International Financial Markets, Institutions and Money, 22 (3), pp. 622-646. , )“”; Brigham, E.F., Ehrhardt, M.C., (2008) Financial Management: Theory and Practice, , Thomson South-WesternMasonOH:; Brown, D.P., Ferreira, M.A., Idiosyncratic volatility of small public firms and entrepreneurial risk (2015) Quarterly Journal of Finance, 5 (4). , )“”; Cakici, N., Erol, I., Tirtiroglu, D., Tracking the evolution of idiosyncratic risk and cross-sectional expected returns for US REITs (2014) The Journal of Real Estate Finance and Economics, 48 (3), pp. 415-440. , )“”; Campbell, J.Y., Lettau, M., Malkiel, B.G., Xu, Y., Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk (2001) Journal of Finance, 56 (1), pp. 1-43. , )“”; Chen, L., Jiang, G.J., Xu, D., Yao, T., (2012) Dissecting the idiosyncratic volatility anomaly, , )“” 2023883; Choudhury, M.A., Islamic critique and alternative to financial engineering issues (2009) Islamic Economics, 22 (2), pp. 205-244. , )“”; Choudhury, M.A., Hoque, M.Z., (2004) An Advanced Exposition of Islamic Economics and Finance, , The Edwin Mellen PressLewistonNew YorkNY:; Drew, M.E., Marsden, A., Veeraraghavan, M., Does idiosyncratic volatility matter? 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correspondence_address1={Al Rahahleh, N.; Department of Finance, Saudi Arabia; email: nalrahahleh@kau.edu.sa},
publisher={Emerald Group Publishing Ltd.},
issn={08288666},
language={English},
abbrev_source_title={Humanomics},
document_type={Article},
source={Scopus},
}

@ARTICLE{Haron201667,
author={Haron, R. and Adeyemi, A.A.},
title={Islamic capital market and debt financing of shariah-compliant firms in Indonesia},
journal={Al-Shajarah},
year={2016},
volume={21},
number={Specialissue},
pages={67-86},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85028658920&partnerID=40&md5=6b7b52739ad83b045209c0578fb31a94},
affiliation={IIUM Institute of Islamic Banking and Finance (IIiBF), Malaysia},
abstract={Islamic Capital Market (ICM) is expanding rapidly worldwide and Indonesia is following very closely. Examining 290 shariah-compliant Indonesian firms, we found that certain firm and industry level determinants do influence the debt financing without ignoring the shariah principles governing the decisions. The ICM accelerating growth is very much reflected in the findings, thus contributing significantly in the literature and to the policymakers as well. Being shariah-compliant does not hinder them from engaging in higher debt with Islamic debt instruments employed as alternatives.},
author_keywords={Debt Financing;  Indonesia;  Islamic Capital Market;  Islamic Finance;  Shariah-compliant},
references={Haron, R., Ibrahim, K., Target Capital Structure and Speed of Adjustment: Panel Data Evidence on Malaysia Shariah Compliant Securities (2012) International Journal of Economics, Management and Accounting, 20, p. 92; Rifqi, M., The Cost of Sharia Investing: Comparative Empirical Study in Indonesian Stock Market (2016) Journal of Emerging Economies and Islamic Research, 4 (1), p. 4; El-Gamal, M.A., (2006) Islamic Finance: Law, Economics, and Practice, p. 4. , Cambridge University Press; Gates, K.L., Indonesia's Next Steps in Islamic Finance (2016) Legal Insight, p. 1. , March; (2016) Islamic Finance in Indonesia, p. 2. , June; Indonesia's Next Steps, p. 1; Islamic Finance, p. 2; Simerly, R.L., Li, M., Environmental Dynamism, Capital Structure and Performance: A Theoritical Integration and an Empirical Test (2000) Strategic Management Journal, 21 (1); Kayo, E.K., Kimura, H., Hierarchical Determinants of Capital Structure (2011) Journal of Banking and Finance, 35 (1), p. 359; Listyaningsih, E., Krishnamurti, C., How Performance of Jakarta Islamic Index (JII) Stocks Relative to Other Stocks? (2015) Jurnal Dinamika Manajemen, 6 (2), p. 147; Wahyudi, I., Sani, G.A., Interdependence between Islamic Capital Market and Money Market: Evidence from Indonesia (2014) Borsa Istanbul Review, 14 (1), p. 34; Daftar Efek Syariah, Otoritas Jasa Keuangan, , http://www.ojk.go.id/, accessed 2016; Haron, R., Ibrahim, K., Target Capital Structure.., p. 93; Choudhury, M., Al-Sakran, S., Culture, Finance, and Markets in Saudi Arabia (2001) Managerial Finance, 27 (10-11), p. 27; Hourani, H., The Three Principles of Islamic Finance Explained (2004) International Financial Law Review, 23 (5), p. 46; Gunn, T., Shackman, J., A Comparative Analysis of the Implications of the Islamic Religion on Corporate Capital Structures of Firms in Emerging Market Countries (2014) International Journal of Islamic and Middle Eastern Finance and Management, 7 (3), p. 280; Bellalah, M., Rehman, A.A., Masood, O., Syariah Compliant Screening Practices (2013) (No. 2013-16). THEMA (Théorie Economique, Modélisation et Applications), p. 5. , Université de Cergy-Pontoise; Rifqi, M., The Cost of Shari'ah Investing: Comparative Empirical Study in Indonesian Stock Market (2016) Journal of Emerging Economies and Islamic Research, 4 (1), p. 6; Haron, R., Ibrahim, K., Target Capital Structure.., p. 102; Myers, S.C., Majluf, N.S., Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have (1984) Journal of Financial Economics, 13 (2), p. 190; Jensen, M.C., Meckling, W., Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure (1976) Journal of Financial Economics, 3 (4), p. 310; Ahmed, H., Corporate Finance: Capital Structure in Firms (2007) IRTI Research Paper Series, (70), p. 10; Haron, R., Ibrahim, K., Target Capital Structure and Speed of Adjustment: Panel Data Evidence on Malaysia Shar'iah Compliant Securities (2012) International Journal of Economics, Management and Accounting, 20 (2), p. 104; Ahmed, Corporate Finance: Capital Structure.., p. 12; Obaidullah, M., (2007) Teaching Corporate Finance from An Islamic Perspective, p. 76. , Islamic Economics Research Centre, King Abdul Aziz University; Myers, S.C., Majluf, N.S., Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have (1984) Journal of Financial Economics, 13 (2), p. 190; Bunkanwanicha, P., Gupta, J., Rokhim, R., Debt and Entrenchment: Evidence from Thailand and Indonesia (2008) European Journal of Operational Research, 185 (1), p. 1581; De Jong, A., Kabir, R., Nguyen, T.T., Capital Structure Around the World: The Roles of Firm and Country-Specific Determinants (2008) Journal of Banking and Finance, 32 (9), p. 1960; Ameer, R., Financial Liberalization and Firms' Capital Structure Adjustments Evidence from Southeast Asia and South America (2010) Journal of Economics and Finance, 37 (1), p. 5; Moosa, I., Li, L., Firm Specific Factors as Determinants of Capital Structure (2012) Review of Pacific Basin Financial Markets and Policies, 15 (2); Haron, R., Do Indonesian Firms Practice Target Capital Structure? A Dynamic Approach (2016) Journal of Asia Business Studies, 10 (3), p. 322; De Jong, A., Kabir, R., Nguyen, T.T., (1962) Capital Structure Around the World..; Ameer, Financial Liberalization.., p. 8; Haron, R., Do Indonesian Firms Practice.., p. 29; Myers, S.C., Majluf, N.S., Corporate Financing and Investment.., p. 193; De Jong, A., Kabir, R., Nguyen, T.T., Capital Structure Around the World.., p. 1963; Haron, R., Do Indonesian Firms Practice.., p. 323; Bunkanwanicha, P., Gupta, J., Rokhim, R., Debt and Entrenchment.., p. 1598; De Jong, A., Kabir, R., Nguyen, T.T., (1958) Capital Structure Around the World..; Moosa, I., Li, L., Firm Specific Factors.., p. 7; De Jong, A., Kabir, R., Nguyen, T.T., Capital Structure Around the World.., p. 1956; De Jong, A., Kabir, R., Nguyen, T.T., (1960) Capital Structure Around the World..; Ameer, Financial Liberalization.., p. 8; Haron, R., Do Indonesian Firms Practice.., p. 329; Obaidullah, M., Teaching Corporate Finance from an Islamic Perspective (2007) Islamic Economics Research Center, p. 14. , King Abdul Aziz University; Moosa, Li, L., Firm Specific Factors.., p. 11; Hall, G.C., Hutchinson, P.J., Michaelas, N., Determinants of the Capital Structures of European SMEs (2004) Journal of Business Finance and Accounting, 31 (5-6), p. 714; Chen, J., Strange, R., The Determinants of Capital Structure: Evidence from Chinese Listed Companies (2005) Economic Change and Restructuring, 38 (1), p. 18; Kayo, E.K., Kimura, H., Hierarchical Determinants of Capital Structure (2011) Journal of Banking and Finance, 35 (1), p. 359; Boyd, B.K., CEO Duality and Firm Performance. A Contingency Model (1995) Strategic Management Journal, 16 (1), p. 305; Kayo, E.K., Kimura, H., Hierarchical Determinants.., p. 361; Ferri, M.G., Jones, W.H., Determinants of Financial Structure: A New Methodological Approach (1979) The Journal of Finance, 34 (1), p. 636; Kayo, E.K., Kimura, H., Hierarchical Determinants.., p. 367; Boyd, B.K., CEO Duality and Firm.., p. 307; Kayo, E.K., Kimura, H., Hierarchical Determinants.., p. 361; Mackay, P., Phillips, G.M., How Does Industry Affect Firm Financial Structure"? (2005) The Review of Financial Studies, 18 (1), p. 1436; Kayo, E.K., Kimura, H., Hierarchical Determinants.., p. 368; Haron, R., Do Indonesian Firms Practice.., p. 324; Bunkanwanicha, P., Gupta, J., Rokhim, R., Debt and Entrenchment.., p. 1587; Bunkanwanicha, P., Gupta, J., Rokhim, R., Debt and Entrenchment.., p. 1589; De Jong, A., Kabir, R., Nguyen, T.T., Capital Structure Around the World.., p. 1965; Ameer, Financial Liberalization.., p. 28; Moosa, Li, L., Firm Specific Factors.., p. 14; Haron, R., Do Indonesian Firms Practice.., p. 330; De Jong, A., Kabir, R., Nguyen, T.T., Capital Structure Around the World.., p. 1965; Ameer, Financial Liberalization.., p. 29; Huang, G., The Determinants of Capital Structure: Evidence from China (2006) China Economic Review, 17 (1), p. 26; Myers, S.C., Majluf, N.S., Corporate Financing and Investment.., p. 190; Aggarwal, R., Yousef, T., Islamic Banks and Investment Financing (2000) Journal of Money, Credit and Banking, 32 (1), p. 97; Ernst, Young, (2009) Collaborative Sukuk Report: An Agenda Setting Study for the Growth and Development of the Global Sukuk Industry, p. 25. , Zawya, Dubai; Hall, G.C., Hutchinson, P.J., Michaelas, N., Determinants of the Capital Structures of European SMEs (2004) Journal of Business Finance and Accounting, 31 (5-6), p. 715; Kayo, E.K., Kimura, H., Hierarchical Determinants.., p. 369; Ferri, M.G., Jones, W.H., Determinants of Financial Structure.., p. 639; Kayo, E.K., Kimura, H., Hierarchical Determinants.., p. 367},
publisher={International Islamic University Malaysia},
issn={13946870},
language={English},
abbrev_source_title={Al-Shajarah},
document_type={Article},
source={Scopus},
}

@ARTICLE{Setyawati20161,
author={Setyawati, I.},
title={Determinants of growth and profitability by bank specific variable and market stucture in islamic banking in Indonesia},
journal={Academy of Strategic Management Journal},
year={2016},
volume={15},
number={Specialissue3},
pages={1-14},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85006165448&partnerID=40&md5=6df1f594440bd134d685c4d8753d0d9a},
affiliation={Institut Bisnis and Informatika Kosgoro 1957, Indonesia},
abstract={This study aims to assess bank specific variable (finance to deposit ratio, capital adequacy ratio, operating expenses to total assets ratio, non-financing income to total assets ratio, non performing financing and market share to profitability and growth of Islamic banking in Indonesia. This research is explanatory survey with seemingly unrelated regression methods by using data from financial reports from 2011 January until 2013 December. Overall, this research model can explain that the bank specific variables and market share increase the profitability and total assets growth of Islamic banks significantly. Finance to deposit ratio was not significantly and negative effect both to the return on assets and total assets growth. Capital adequacy ratio was not significantly and negative effect to return on assets but was significantly and negative effect to total assets growth. Operating expenses to total assets ratio was significantly and negative effect both to return on assets and total assets growth. Non-financing income to total assets ratio was not significantly and positive effect to return on assets and significantly and positive effect to total assets growth. Non-performing financing was significantly and negative effect both to return on assets and total assets growth. Market share was significantly and negative effect both to return on assets and total assets growth.},
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A panel regression analysis international (2012) Journal of Economics and Finance, 4 (7), pp. 79-87; Irma, S., Kartini, D., Rachman, S., Febrian, E., Assessing the Islamic banking financial performance in Indonesia (2015) International Journal of Education and Research, 3 (10), pp. 233-348; Jacobson, R., Distinguishing among competing theories of the market share effect (1988) Journal of Marketing, 52 (4), pp. 68-80; Kosmidou, K., Zopounidis, C., Measurement of bank performance in Greece (2008) South-Eastern Europe Journal of Economics, 1, pp. 79-95; Kumar, L., Malathy, D., Ganesh, L.S., Productivity growth and efficiency change in Indian banking technology effect vs catch-up effect (2010) Journal of Advances in Management Research, 7 (2), pp. 194-218; Loi, T.H., Khan, A.A., (2012) Determinants of firm growth: evidence from Belgian companies, , Faculteit Economie En Bedrijfskunde; Misman, F.N., Financing structures, bank specific variables and credit risk: Malaysian Islamic bank (2012) Journal of Business and Policy Research, 7 (1), pp. 102-114; Ningaye, P., Mathilde, M.Y., Ndeffo, L.N., Competition and banking efficiency in the CEMAC zone (2014) International Journal of Economics and Finance, 6 (6), pp. 127-139; O'Hara, M., A dynamic theory of the banking firm (1983) The Journal of Finance, 38 (1), pp. 127-140; Olweny, T., Shipho, T.M., Effect of banking sectoral factor on the profitability of commercial bank in Kenya (2011) Economic and Finance Review, 1 (5), pp. 1-30; Ongore, V.O., Kusa, G.B., Determinants of financial performance of commercial banks in Kenya (2013) International Journal of Economics and Financial, 3 (1), pp. 237-252; Petersen, J.M., Petersen, M.A., Optimizing asset and capital adequacy management in banking (2008) Journal Option Theory Appl, 137, pp. 205-230; Sanchez, B., Hassan, M.K., Bartkus, J.R., Efficiency determinants an dynamic efficiency changes in Latin American banking industries (2013) JCC: The Business and Economics Research Journal, 1, pp. 27-52; Sapuan, N.M., Ramli, A.A., Roly, M.R., A panel co integration analysis of bank profitability and bank-specific variables in Islamic banks (2013) Proceedings of 3rd Asia-Pacific Business Research Conference, , Kuala Lumpur, Malaysia; Sarker, M.A.A., Islamic Banking in Bangladesh: Performance, Problems and Prospects (1999) International Journal of Islamic Financial Services, p. 1; Schahwabach, J., Profitability and market share: a reflection on the functional relationship (1991) Strategic Manajemen Journal, 12, pp. 229-306; Shen, C.-H., Chen, Y.-K., Kao, L.-F., Yeh, C.-Y., (2009) Bank liquidity risk and performance, , http://www.finance.nsysu.edu.tw/SFM/17thSFM/program/FullPaper/083-231345511.pdf, Retrieved November 20, 2012; Sufian, F., Financial depression and the profitability of the banking sector of the Republic of Korea: panel evidence on bank-specific and macroeconomic determinants (2010) Asia-Pacific Development Journal, 17 (2), pp. 65-92; Sufian, F., Habibullah, M.S., Assessing the impact of financial crisis on bank performance (2010) ASEAN Economic Bulletin, 27 (3), pp. 245-262; Toby, A.J., Monetary policy, capital adequacy regulation and banking system soundness in Nigeria: empirical research finding (2008) Journal of Finance Management and Analysis, 21 (1), pp. 32-46; Wasiuzzaman, S., Tarmizi, H.-A.B.A., Profitability of Islamic bank in Malaysia: an empirical analysis (2010) Journal of Islamic Economics, Banking and Finance, 6 (4), pp. 53-68},
correspondence_address1={Setyawati, I.; Institut Bisnis and Informatika Kosgoro 1957Indonesia},
publisher={Allied Academies},
issn={15441458},
language={English},
abbrev_source_title={Acad. Strateg. Manage. J},
document_type={Article},
source={Scopus},
}

@ARTICLE{Katper20151028,
author={Katper, N.K. and Madun, A. and Syed, K.B.S.},
title={Does shariah compliance lead to managerial trustworthiness? Evidence from empirical analysis of capital structure of shariah and non-shariah firms in Pakistan},
journal={Journal of Applied Economic Sciences},
year={2015},
volume={10},
number={7},
pages={1028-1045},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84956672544&partnerID=40&md5=e1329ca150b982968824de727e9c2879},
affiliation={Department of Syriah and Management, Academy of Islamic Studies, University of Malaya, Malaysia; Institute of Business Administration, Commerce and Business Administration University of Sindh, Jamshoro, Pakistan; Department of Syriah and Management, Academy of Islamic Studies University of Malaya, Malaysia; Institute of Business Administration, Commerce and Business Administration University of Sindh, Jamshoro, Pakistan; Department of Finance and Banking, Business and Accountancy University of Malaya, Malaysia},
abstract={The Shariah law makes Amanah (trustworthiness) a fundamental obligation for all the contractual parties. From the agency theory perspective, we, thus, investigate managerial trustworthiness in capital structure decisions of Shariah firms and compare it with those of Non-Shariah firms, in the light of Islamic principle of Amanah (trustworthiness). Specifically, we examine whether capital structure of Shariah firms is partially influenced by managerial ownership under the motivation of self-interest. Using the data from Pakistan, our results show that, unlike Non-Shariah firms, leverage ratios in Shariah firms are insensitive to the varying degree of managerial ownership, indicating absence of managerial opportunism in financial decisions of these firms. For the Non-Shariah firms, on the other hand, our results confirm findings of previous research which reveal that managers manipulate leverage ratios in their own interestat the cost of firm value, indicating the severity of agency conflicts among these firms. Invoking agency theory, we argue that certain firm characteristics (such as lower free cash-flows and lesser liquidity), achieved through Shariah compliance, help Shariah firms mitigate agency conflicts. These features persuade managers to behave less opportunistically than their counterparts in Non-Shariah firms as shown from their financing choices. The results are important for understanding nature of the two types of firms studied and the cross-sectional differences between the capital structure choices of these firms. Besides, our findings have also implications for growing number of Shariah compliant firms and a new clientele of Islamic investors who have entered capital markets due to the Islamic image of Shariah firms in Muslim majority country like Pakistan. © 2015, ASERS Publishing House. All rights reserved.},
author_keywords={Capital structure;  Islamic finance;  Managerial opportunism;  Shariah firms},
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publisher={ASERS Publishing House},
issn={18436110},
language={English},
abbrev_source_title={J. Appl. Econ. Sci.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mongid201561,
author={Mongid, A.},
title={Liquidity risk management in the Islamic rural banking: Evidence from Indonesia},
journal={Banks and Bank Systems},
year={2015},
volume={10},
number={3},
pages={61-67},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84957098075&partnerID=40&md5=cb209de7a104ae3e2332c24e5aef5388},
affiliation={STIE Perbanas Surabaya, Indonesia},
abstract={As a financial intermediary, Islamic rural banks serve as maturity transformer such as transforming short term deposits into longer term financing. In serving this function, Islamic rural banks face risks, especially liquidity risk. Liquidity risk is regarded as a single risk that makes a bank experience difficulty in short term as it can generate reputation risk and insolvency. The author studies the determinant of liquidity risk position of Islamic rural banking using series of the data from Indonesia. ARIMAX regression methods are applied to study the behavior of liquidity risk in the industry. The result shows that liquidity risk is determined by asset management, leverage and capital adequacy. Asset size is also important as a growing asset improves bank liquidity position. Weaknesses in liquidity management in the Islamic rural banking market are detected. They set high liquidity ratio (up to 35%) as self insurance to anticipate liquidity risk. Further elaboration on this issue, especially on the manager's side should be done to provide better understanding on liquidity risk management. © Abdul Mongid, 2015.},
author_keywords={ARIMAX;  Asset management;  CAR;  Leverage;  Liquidity risk},
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correspondence_address1={Mongid, A.; STIE Perbanas SurabayaIndonesia},
publisher={LLC CPC Business Perspectives},
issn={18167403},
language={English},
abbrev_source_title={Banks Bank Syst.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Lee2014393,
author={Lee, H. and Biglaiser, G. and Staats, J.L.},
title={Legal system pathways to foreign direct investment in the developing world},
journal={Foreign Policy Analysis},
year={2014},
volume={10},
number={4},
pages={393-411},
doi={10.1111/fpa.12026},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84908029728&doi=10.1111%2ffpa.12026&partnerID=40&md5=59d95567f77a88a897e7a4edf0e20a22},
affiliation={Texas Tech University, United States; University of North Texas, United States; University of Minnesota, Duluth, United States},
abstract={Building on recent works showing the role that legal institutions can play in attracting foreign capital (Jensen 2003, 2006; Li and Resnick 2003; Li 2006; Biglaiser and Staats 2010; Staats and Biglaiser 2012), and drawing on insights obtained from Powell and Rickard (2010), we use panel data for 114 developing countries from 1970 to 2007 to demonstrate that developing countries with common law legal systems attract greater foreign direct investment (FDI) than countries that have civil law or Islamic legal systems because common law systems are more inclined to promote the rule of law and protect property rights and can be understood to provide more efficiency in the law, better contract enforcement, more judicial autonomy, and more market-oriented regulations. © 2013 International Studies Association.},
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Norton; Landes, W.M., Posner, R.A., The Independent Judiciary in an Interest-Group Perspective (1975) The Journal of Law and Economics, 18 (3), pp. 875-901; Lau, M., The Independence of Judges Under Islamic Law, International Law and the New Afghan Constitution (2004) Heidelberg Journal of International Law, 64, pp. 917-927; Levine, R., Law, Endowments and Property Rights (2005) Journal of Economic Perspectives, 3 (19), pp. 61-88; Li, Q., Democracy, Autocracy, and Tax Incentives to Foreign Direct Investors: A Cross-National Analysis (2006) Journal of Politics, 68 (1), pp. 62-74; Li, Q., Democracy, Autocracy, and Expropriation of Foreign Direct Investment (2009) Comparative Political Studies, 42 (8), pp. 1098-1127; Li, Q., Comment: Outlier, Measurement, and the Democracy-FDI Controversy (2009) Quarterly Journal of Political Science, 4, pp. 167-181; Li, Q., Resnick, A., Reversal of Fortunes: Democratic Institutions and Foreign Direct Investment Inflows to Developing Countries (2003) International Organization, 57 (1), pp. 175-211; Mahoney, P.G., The Common Law and Economic Growth: Hayek Might Be Right (2001) Journal of Legal Studies, 30, pp. 501-525; Marshall, M.G., (2009) Major Episodes of Political Violence, 1946-2009, , College Park: University of Maryland; Marshall, M.G., Jaggers, K., (2006) Polity IV Project: Political Regime Characteristics and Transitions, 1800-2004, , http://www.systemicpeace.org/polity/polity4.htm, College Park: University of Maryland. 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(2003) Conflict Management and Peace Science, 20, pp. 1-3; Schneiderman, D., Investment Rules and the Rule of Law (2001) Constellations, 8, pp. 521-537; Segal, J.A., Spaeth, H.J., (1993) The Supreme Court and the Attitudinal Model, , New York: Cambridge University Press; Segal, J.A., Spaeth, H.J., (2002) The Supreme Court and the Attitudinal Model Revisited, , New York: Cambridge University Press; Sherif, O.A., Brown, N.J., (2002) Judicial Independence in the Arab World, , United Nations Development Program, New York: United Nations; Staats, J.L., Biglaiser, G., Foreign Direct Investment in Latin America: The Importance of Judicial Strength and Rule of Law (2012) International Studies Quarterly, 56, pp. 193-202; Staats, J.L., Bowler, S., Hiskey, J.T., Measuring Judicial Independence in Latin America (2005) Latin American Politics and Society, 47 (4), pp. 77-106; Stone Sweet, A., (2000) Governing With Judges: Constitutional Politics in Europe, , New York: Oxford University Press; Tuman, J.P., Emmert, C.F., The Political Economy of U.S. Foreign Direct Investment in Latin America: A Reappraisal (2004) Latin American Research Review, 39, pp. 9-28; (2011), http://www.unctad.org/Templates/Page.asp?intItemID=2344&lang=1, Country-Specific Lists of BITs. Available at(Accessed August 14, 2013.); (2008) World Development Indicators, , Washington, DC: World Bank; Zywicki, T.J., The Rule of Law, Freedom, and Prosperity (2002) Supreme Court Economic Review, 10, pp. 1-26; Zywicki, T.J., Peter Stringham, E., Common Law and Economic Efficiency (2010), George Mason University Law and Economics Research Paper Series 10-43},
publisher={Wiley-Blackwell},
issn={17438586},
language={English},
abbrev_source_title={Foreign Policy Anal.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mudzhar20139,
author={Mudzhar, M.A.},
title={THE LEGAL REASONING AND SOCIO-LEGAL IMPACT OF THE FATWÃS OF THE COUNCIL OF INDONESIAN ULAMA ON ECONOMIC ISSUES [Argumen Hukum dan Implikasi Sosial-Yuridis Fatwa MUI tentang Ekonomi.]},
journal={Ahkam: Jurnal Ilmu Syariah},
year={2013},
volume={13},
number={1},
pages={9-20},
doi={10.15408/ajis.v13i1.946},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85073561390&doi=10.15408%2fajis.v13i1.946&partnerID=40&md5=5cef7280d33dc3c9e56dcaa6eac2b00d},
affiliation={Faculty of Sharia and Law State, Islamic University, Syarif Hidayatullah, Jakarta, Indonesia},
abstract={This article examines the economic fatwās of the Council of Indonesian Ulama (MUI) represented by the National Board of Sharia (DSN) at two levels: legal reasoning and socio-legal impact. Out 82 fatwās, some 17 are discussed covering: banking, insurance, capital market, and pawn issues. The study found that DSN’s fatwās are consistent in making references to the Quran and Hadith, and often to ijmā’, qiyās, and the views of ulama, but too anxious to offer “confirmation” to every conventional banking instrument through ḥīlah and multiple ‘aqds which are prohibited by Rasulullah. The study also found that the socio-legal impact of those fatwās on laws and government regulations are identifiable. © 2013, Syarif Hidayatullah State Islamic University (UIN) Jakarta. All rights reserved.},
author_keywords={fatwā;  islamic economy;  multiple ‘aqds;  national board of sharia (DSN)},
references={Amin, Ma’ruf, (2008) Fatwa dalam Sistem Hukum Islam, , Jakarta: Elsas Publishers; Amin, Ma’ruf, (2011) Era Baru Ekonomi Islam Indonesia: Dari Fikih ke Praktek Ekonomi Islami, , Jakarta: Elsas Publishers; (2012) Statistics Perbankan Syariah, , Jakarta: Januari; Barlinti, Yeni Salma, (2010) Kedudukan Fatwa Dewan Syariah Nasional Dalam Sistem Hukum Nasional di Indonesia, , Jakarta: Badan Litbang dan Diklat Kementerian Agama RI; Hasanuddin, (2008) Konsep dan Standard Multi Aqad dalam Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI), , Jakarta: Unpublished Doctoral Dissertation, Universitas Islam Negeri Syarif Hidayatullah; (2012) Qarārāt al-Majma’ al-Fiqh al-Islāmī 1977-2010, , Mecca: Rabīṭah al-‘Alam al-Islāmī, third edition; Maksum, Muhammad, Peran Fatwa DSN Dalam Menjawab Perkembangan Produk Keuangan Syriah (2011) Fatwa Majelis Ulama Indonesia dalam Sorotan, , Asrorun Niam Sholeh (ed), Jakarta: Majelis Ulama Indonesia; Mudzhar, M., Atho, K.H., (2012) Ma’ruf Amin Seorang Ulama yang Cemerlang dalam Ilmu Hukum Ekonomi Syariah dan Motor Penggerak Ekonomi Syariah Indonesia, , Jakarta: Fakultas Syariah dan Hukum Universitas Islam Negeri Syarif Hidayatullah; Sam, M. Ichwan, (2006) Himpunan Fatwa Dewan Syariah Nasional MUI, , (ed), Jakarta: MUI dan Bank Indonesia; Sam, M. Ichwan, (2010) Himpunan Fatwa Dewan Syariah Nasional Indonesia, II. , (ed), Jakarta: MUI dan Bank Indonesia; Sila, Muhammad Adlin, (2009) Institusionalisasi Syariah Pada Lembaga Keuangan Mikro (LKM): Studi Sosiologis BMT di Cipulir dan BQ di Banda Aceh, , Jakarta: Unpublished Doctoral Dissertation, Faculty of Social Sciences and Politics, University of Indonesia; Zuhaylī, al, (1984) Wahbah, al-Fiqh al-Islāmī wa Adillatuh, IV. , Damascus: Dār al-Fikr},
correspondence_address1={Mudzhar, M.A.; Faculty of Sharia and Law State, Syarif Hidayatullah, Indonesia; email: athomudzhar@yahoo.co.id},
publisher={Syarif Hidayatullah State Islamic University (UIN) Jakarta},
issn={14124734},
language={English},
abbrev_source_title={Ahkam. J. Ilmu. Syariah.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Saripudin2012168,
author={Saripudin, K.N. and Mohamad, S. and Mohd Razif, N.F. and Abdullah, L.H. and Rahman, N.N.A.},
title={Case study on Sukuk musharakah issued in Malaysia},
journal={Middle East Journal of Scientific Research},
year={2012},
volume={12},
number={2},
pages={168-175},
doi={10.5829/idosi.mejsr.2012.12.2.1681},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84870795968&doi=10.5829%2fidosi.mejsr.2012.12.2.1681&partnerID=40&md5=b421ddb8449124f8ede2ebee3a4ea845},
affiliation={Department of Fiqh and Usul, Academy of Islamic Studies, University of Malaya, 50603, Kuala Lumpur, Malaysia},
abstract={This paper aim to provide the theoretical concept of sukuk musharakah and also to examine and analyse the compliancy of sukuk musharakah issued by Kuala Lumpur Sentral Sdn. Bhd. (KLSSB) according to Shariah law. Documentation method is used in collecting the data. In order to analyse the data, the inductive, deductive and comparative methods are applied. The study confirms that the sukuk musharakah issued by KLSSB has fulfilled the principles and conditions that has been set under musharakah contract. © IDOSI Publications, 2012.},
author_keywords={Islamic bonds;  Islamic capital market;  Musharakah;  Sukuk},
references={Securities Commission, , http://www.sc.com.my/sub.asp?pageid=andmenuid=267andnewsid=andlinkid=andtype, Retrieved July 1, 2012 from; Noordin, K., Hussin, M.Y.M., Sarif, S., Realiti Dan Prospek Pasaran Modal Islam Di Malaysia: Kajian Khusus Terhadap Bon Islam (2004) Jurnal Syariah, 12, pp. 69-88; Sole, J., Prospects and Challenges for Developing Corporate Sukuk and Bond Markets (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (1), pp. 20-30; Zawya Research: Sukuk Quarterly Bulletin, , http://www.zawya.com/story/Zawya_Research_Sukuk_Quarterly_Bulletin_Q22012-pdf_180712055856/, Retrieved July 2, 2012 from; Malaysia International Islamic Financial Centre, , http://www.mifc.com/index.php?ch=menu_foc_sukandpg=menu_foc_suk_over, Retrieved July 2, 2012 from; Securities Commission, , http://www.sc.com.my/eng/html/icm/11_3Q_msianicm.pdf, Retrieved July 2, 2012 from; Manzur, N.D.I., Lisan Arab Cairo: Dar al-Ma'arif, p. 24; Al-jumuah, A.M., (2000), Mu'jam al-Mustalahat al-Iqtisadiah wa al-Islamiyyah. Riyadh: Maktabah al-Abikan; Al-bastawaisi, I.A., (2006), Ahkam Wadiah al-Sukuk Fi Fiqh Islami Wa al-Qanun Wad'i. Iskandariah: Dar al-Jama'ah al-Jadidah lil Nasyar; Ali, E.R.A.E., Islamic Debt Securities/Bonds (2005) Paper presented in Workshop on Islamic Bonds, Sukuk and Securitization, 6-7. , September 2005; Saripudin, K.N., Aplikasi Prinisp Musharakah dalam Penstrukturan Sukuk di Malaysia (2009) Degree's thesis, Academy of Islamic Studies, , University of Malaya; Accounting and Auditing Organization for Islamic Financial Institutions, , http://www.aaoifi.com/aaoifi_sb_sukuk_Feb2008_Eng.pdf, Retrieved July 2, 2012 from; Kamil, W.A.R., (2008) Introduction to Sukuk. In Malaysian Sukuk Market Handbook, , Kuala Lumpur: RAM Rating Services Berhad; Securities Commission, , http://www.sc.com.my/main.asp?pageid=256andmenuid=285andnewsid=andlinkid=andtype, Retrieved July 8, 2012 from; Al-zuhayli, W., (1989), p. 4. , al-Fiqh al-Islami wa Adillatuh. Damsyiq: Dar al-Fikr; Hummam, K.M.I., (1970), p. 6. , Fathul al-Qadir Sharh al-Hidayah ma'a Takmilah. Mesir: al-Matba'ah 'Amiriyyah; Al-Kasani, A.B., N.D. Badai' al-Sanai' fi Tartib al-Sharai', p. 6. , Cairo: Zakariya 'Ali Yusof; Abidin, M.A.I., (1966), p. 4. , Hashiyah Rad al-Muhtar 'ala al-Dar al-Mukhtar. Egypt: Sharikah Maktabah wa Mataba'ah Mustafa al-Babi al-Halabi wa Awladihi; Al-khayyat, A.A., (1983), Al-Shirkah fi al-Shari'ah al-Islamiyyah wa al-Qanun al-Wad'i. Beirut: Mu'assasah al-Risalah; Al-Dusuqi, M.A., n.d. Hashiyah al-Dusuqi 'ala al-Sharh al-Kabir. Tabia' Badr Ihya al-Kutub Al-Arabiyyah; Al-Qurtubi, A.R., , p. 2. , n.d. Bidayah al-Mujtahid wa Nihayah al-Muqtasid. Egypt: Sharikah Maktabah wa Mataba'ah Mustafa al-Babi al-Halabi wa Awladihi; Al-shirazi, I., (1976), p. 1. , Al-Muhadhdhab Fi Fiqh al-Imam al-Shafi'i. Egypt: Sharikah Maktabah wa Mataba'ah Mustafa al-Babi al-Halabi wa Awladihi; Al-ramli, M., (1967), p. 5. , Nihayah al-Muhtaj ila Sharh al-Minhaj. Egypt: Sharikah Maktabah wa Mataba'ah Mustafa al-Babi al-Halabi wa Awladihi; Al-buhuti, M.Y., (2003), p. 5. , Kashfu al-Qina' 'an Matan al-Iqna'. Riyadh: Dar 'Alam Al-Kutub; Qudamah, A.A.I., (1997), p. 7. , al-Mughni. Riyadh: Dar al-'Alam al-Kutub; Securities Commission Malaysia Islamic Securities Guidelines, (Sukuk Guidelines), , http://www.sc.com.my/eng/html/resources/guidelines/bondmkt/sukukGuidelines_110812.pdf, revised July 2011. Retrieved July 4, 2012 from; (2009) The Islamic Securities (Sukuk) Market, , Securities Commission Malaysia. Malaysia: LexisNexis Sdn. Bhd; Kotilaine, J.T., (2009) GCC Debt Capital Markets: an Emerging Opportunity, , March 2009. Riyadh: NCB Capita; Ismail, G., Arshad, C., Pasaran Struktur Sukuk (2008) Jurnal ILIM, 1 (2), pp. 25-30; Ngadimon, M.N., Perkembangan Harta Wakaf Menggunakan Instrumen Sukuk (2006) In the proceeding of Konvensyen Wakaf Kebangsaan 2006, , 12-14 September 2006, Kuala Lumpur; Mohamad, S., Razif, N.F.M., Instrumen Pasaran Modal Islam Di Malaysia: Tumpuan Kepada Sekuriti Patuh Syariah, Sukuk dan REITs Islam (2009), Paper presented at Seminar Ekonomi Islam Peringkat Kebangsaan, Universiti Malaya, 20-23 February 2009; Kamil, W.A.R., Shariah Rulings and Opinions on Ijarah, Musharakah and Mudharabah (2012) Selangor: Thomson Reuters Malaysia Sdn. Bhd, pp. 161-162; Mohamad, S., Yusoff, M.F., Key Shari'ah Ruling in Issuance of Sukuk (2008) Jeddah: Islamic Research and Training Institute, , In Islamic Capital Market: Products, Regulation and Development, Eds. Salman Syed; Securities Commission (2006) Resolution of the Securities Commission of Shariah Advisory Council, , Kuala Lumpur: Securities Commission; Accounting and Auditing Organization for Islamic Institutions (AAOIFI) (2010), Al-Ma'ayir al-Syar'iyyah, Bahrain: AAOIFI; (2010) Principal Terms and Conditions, KL Sentral Sdn Bhd, , http://www.sc.com.my/SC/download1.asp?docId=637anddocType=PTC, Securities Commission. Retrieved july 3, 2012 from; Al-Khafif, A., Cairo: Jami'at al-Duwal al-'Arabiyyah, , n.d. al-Sharikat fi al-Fiqh al-Islami; Al-sharbini, M., (1997), Mughni al-Muhtaj ila Ma'rifat Ma'ani Alfaz al-Minhaj. Beirut: Dar al-Ma'rifat; Kamil, W.A.R., Fiqh Issues And Operational Problems In Contemporary Product:Special Focus On Sukuk (2008) Colloquium On Islamic Finance: Shariah And Operational Issues In Implementing Contemporary Products, , 16-17 December 2008},
correspondence_address1={Mohamad, S.; Department of Fiqh and Usul, , 50603, Kuala Lumpur, Malaysia},
issn={19909233},
language={English},
abbrev_source_title={Middle East J. Sci. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Stadelbauer19871,
author={Stadelbauer, J.},
title={(Kolkhoz markets in large cities of the southern Soviet Union; from a farmers' market of private producers to an intra-urban retail centre). [Kolchozmarkte in Grossstadten der Sudlichen Sowjetunion (Vom Bauernmarket der Privatproduzenten zum innerstadtischen Handelszentrum).]},
journal={Erdkunde},
year={1987},
volume={41},
number={1},
pages={1-14},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0023508819&partnerID=40&md5=3404d2696e725d6229dab528a8766be0},
abstract={In the article, the analysis of kolkhoz markets starts from the unsatisfactory evaluation of scarce statistical data, goes on to an interpretation of town maps and comes to a more detailed study of a few examples. The central market of Ordzhonikidze (capital of the North Osetian Autonomous SSR) shows the characteristics of a centre with interregional relations in the north and south Caucasus. The market of Sochi (Black Sea coastal resort) profits by the demand coming from tourists. The market of Dushanbe (capital of the Tadzhik SSR) reveals some influences of the islamic tradition, and the central market of Ashkhabad (capital of the Turkmen SSR) represents new architectonic efforts which stress the fact that the kolkhoz market is considered a consolidated retail centre within the intra-urban pattern. -from English summary},
issn={00140015},
language={German},
document_type={Article},
source={Scopus},
}

@ARTICLE{Subekti20221150,
author={Subekti, R. and Abdurakhman and Rosadi, D.},
title={Toward the Black–Litterman with Shariah-compliant asset pricing model: a case study on the Indonesian stock market during the COVID-19 pandemic},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2022},
volume={15},
number={6},
pages={1150-1164},
doi={10.1108/IMEFM-12-2020-0633},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85126271213&doi=10.1108%2fIMEFM-12-2020-0633&partnerID=40&md5=a2772034369e127ab1b84a4147299a35},
affiliation={Department of Mathematics, Universitas Gadjah Mada, Yogyakarta, Indonesia; Department of Mathematics Education, Universitas Negeri Yogyakarta, Yogyakarta, Indonesia},
abstract={Purpose: This research aims to demonstrate portfolio modeling, which leads to Sharia compliance in encountering crises because of COVID-19. The authors proposed modifying the Black–Litterman (BL) model adapted to the Sharia principle. The implementation of BL on Shariah-compliant stock data with capital asset pricing model (CAPM) requires adjustment because of the interest rate in the calculation. Thus, the objective of this study is to develop and evaluate the modified BL for Shariah-compliant stock portfolios in the financial crisis caused by the COVID-19 pandemic. Design/methodology/approach: The Sharia-compliant asset pricing model (SCAPM) with the inflation rate was regarded as the new starting point in the BL model. This proposed model was implemented in Indonesia using monthly returns from the Jakarta Islamic Index (JII) list collected from February 2014 to June 2019. Furthermore, the portfolio performance of BL-SCAPM was compared with two reference portfolios, the mean-variance method and BL-CAPM. Findings: The result presents that the portfolio performance of BL-SCAPM outperformed the MV and BL-CAPM. The impact of the Sharpe ratio of BL-SCAPM was more significant than the reference portfolio. The equal benefit was procured from both portfolios in July and August 2019. After the COVID-19 outbreak was officially declared in January 2020, the performance of BL-SCAPM was still above the BL. Despite a decline in portfolio value before and during the outbreak, the reference portfolio losses were higher than those of BL-SCAPM. Hence, this study manifested that BL-SCAPM outperformed the reference portfolio. Practical implications: The results illustrate the empirical study which can be implemented for the Shariah-compliant stock market in Indonesia. By evaluating portfolio value on the COVID crisis for long investment, replacing CAPM with SCAPM in the BL model can transform the asset proportion. It decreased the portfolio loss during the crisis. Future research can be developed more from the open problems in this implementation to deliver the portfolio model into the Shariah framework with varied SCAPM in BL. Originality/value: The attention to BL studies on portfolio building with Sharia-compliant stocks is rarely focused on the Islamic perspective. Hence, the novelty of this research is the idea of modifying the BL model with a Shariah starting point. More generally, this research enriches Shariah financial literacy regarding the stock market and, specifically, its implementation in the Indonesian stock market. © 2022, Emerald Publishing Limited.},
author_keywords={Black–Litterman model;  COVID-19;  Islamic finance;  Portfolio optimization;  Shariah investment},
funding_details={Universitas Gadjah MadaUniversitas Gadjah Mada, UGM},
funding_text 1={The authors are deeply grateful to Prof Dr Kabir Hassan (the editor) and the anonymous reviewers for the suggestion and comments to improve the paper. Prof. Dedi Rosadi is the corresponding author of this paper. First author also thanks LPDP BUDI DN for the scholarship funding of her Doctoral Program at the Faculty of Mathematics and Natural Sciences of Universitas Gadjah Mada.},
references={Abdelaziz, F.B., Abed, M., Ethics in investment and portfolio selection: a review (2018) Financial Decision Aid Using Multiple Criteria, , Masri, H., Pérez-Gladish, B. and Zopounidis, C. and,(Eds), doi:, Springer, Cham; Alkhan, A.M., Hassan, M.K., Hasan, R., Conceptualising islamic credit cards based on mushāraka mutanāqisa (2020) Journal of Islamic Monetary Economics and Finance, 6 (4), pp. 747-766; Alshater, M.M., Hassan, M.K., Khan, A., Saba, I., Influential and intellectual structure of Islamic finance: a bibliometric review (2020) International Journal of Islamic and Middle Eastern Finance and Management, 14 (2), pp. 339-365; Asgharpur, H., Kohnehshahri, L.A., Karami, A., (2007) The relationships between interest rates and inflation changes: an analysis of long term interest rate dynamics in developing countries, pp. 1-8; Bayram, K., Abdullah, A., Meera, A.K., Identifying the optimal level of gold as a reserve asset using Black–Litterman model: the case for Malaysia, Turkey, KSA and Pakistan (2018) International Journal of Islamic and Middle Eastern Finance and Management, 11 (3), pp. 334-356; Bessler, W., Wolff, D., A theoretical and empirical analysis of the Black-Litterman model (2013) Algorithms from and for Nature and Life, pp. 377-386. , Springer, Cham; Bielstein, P., International asset allocation using the market implied cost of capital (2018) Financial Markets and Portfolio Management, 32 (1), pp. 17-51. , Springer US; Black, F., Litterman, R., Asset allocation: combining investor views with market equilibrium (1991) The Journal of Fixed Income, 1 (2), pp. 7-18; Black, F., Litterman, R., Global portfolio optimization (1992) Financial Analysts Journal, 48 (5), pp. 28-43; Bodie, Z., Kane, A., Marcus, A.J., (2014) Investments, , Mc Graw Hill, New York, NY; Boujlil, R., Hassan, M.K., Grassa, R., Sovereign debt issuance choice: Sukuk Vs conventional bonds (2020) Journal of Islamic Monetary Economics and Finance, 6 (2), pp. 275-294; Derbali, A., El Khaldi, A., Jouini, F., Shariah-compliant capital asset pricing model: new mathematical modeling (2017) Journal of Asset Management, 18 (7), pp. 527-537. , Palgrave Macmillan UK; El-Masry, A.A., de Mingo-López, D.V., Matallín-Sáez, J.C., Tortosa-Ausina, E., Environmental conditions, fund characteristics, and Islamic orientation: an analysis of mutual fund performance for the MENA region (2016) Journal of Economic Behavior and Organization, 132, pp. 174-197; Febrianto, I., Rachman, A.A., Islamic capital asset pricing model: a comparative analysis (2016) Jurnal Ilmiah ESAI, 10 (1), pp. 14-33; Gad, S., Andrikopoulos, P., Diversification benefits of Shari’ah compliant equity ETFs in emerging markets (2019) Pacific Basin Finance Journal, 53, pp. 133-144; Hanif, M., Risk and return under Shari’a framework: an attempt to develop Shari’a compliant asset pricing model (SCAPM) (2011) Pakistan Journal of Commerce and Social Sciences (PJCSS), 5 (2), pp. 283-292; Hassan, M.K., Rabbani, M.R., Ali, M.A., Challenges for the Islamic finance and banking in post COVID era and the role of Fintech (2020) Journal of Economic Cooperation and Development, 43 (3), pp. 93-116; Hassan, M.K., Rabbani, M.R., Abdulla, Y., Socioeconomic impact of COVID-19 in MENA region and the role of Islamic finance (2021) International Journal of Islamic Economics and Finance (IJIEF), 4 (1), pp. 51-78; 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Narayan, P.K., Phan, D.H.B., Liu, G., COVID-19 lockdowns, stimulus packages, travel bans, and stock returns (2020) Finance Research Letters, 38, p. 101732. , p., Elsevier, June; Nia, V.M., The effect of corona outbreak on the Indonesian stock market (2020) American Journal of Humanities and Social Sciences Research (AJHSSR), 4 (3), pp. 358-370; Nocera, S.E., (2016) Portfolio construction and global asset allocation: a practitioner solution to a Black-Litterman Flaw; Rusydiana, A., Sanrego, Y., Rahayu, S., Modeling Islamic economics and finance research: a bibliometric analysis (2021) International Journal of Islamic Economics and Finance (IJIEF), 4 (1), pp. 149-176; Subekti, R.A., Rosadi, D., Modified capital asset pricing model (CAPM) into sharia framework (2020) Journal of Physics: Conference Series, 1581 (1), p. 12021; Subekti, R.A., Rosadi, D., A short review over twenty years on the black-Litterman model in portfolio optimization (2021) Industrial Engineering and Management Systems, 20 (4), pp. 769-781; Supandi, E.D., Rosadi, D., Abdurakhman, A., Improved robust portfolio optimization (2017) Malaysian Journal of Mathematical Sciences, 11 (2), pp. 239-260; Wang, X., The study of BL asset allocation model based on inflation (2012) Communication in Information Science and Management Engineering, 2 (3), pp. 47-51; Widityani, S.F., Faturohman, T., Rahadi, R.A., Yulianti, Y., Do socio-demographic characteristics and Islamic financial literacy matter for selecting Islamic financial products among college students in Indonesia? (2020) Journal of Islamic Monetary Economics and Finance, 6 (1), pp. 51-76; Widodo, B.W., Achsani, N.A., Andati, T., An application of the Black-Litterman model with ARIMA-ARCH views for Islamic stock portfolio in Indonesian stock exchange (2017) Asian Journal of Business Management, 5 (4), pp. 133-140; Wutsqa, D.U., Subekti, R., Kusumawati, R., Radial basis function neural network for views prediction on Black-Litterman model (2016) Journal of Innovative Technology and Education, 3 (1), pp. 71-78},
correspondence_address1={Rosadi, D.; Department of Mathematics, Indonesia; email: dedirosadi@gadjahmada.edu},
publisher={Emerald Publishing},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ejaz2022,
author={Ejaz, R. and Ashraf, S. and Hassan, A. and Gupta, A.},
title={An empirical investigation of market risk, dependence structure, and portfolio management between green bonds and international financial markets},
journal={Journal of Cleaner Production},
year={2022},
volume={365},
doi={10.1016/j.jclepro.2022.132666},
art_number={132666},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85132914413&doi=10.1016%2fj.jclepro.2022.132666&partnerID=40&md5=1e0ab53fc78fe938b7392cdb6d0c5be0},
affiliation={ISAL, Higher Institute of Administration and Languages, Funchal, Portugal; CEFAGE- University of Évora, Portugal; Faculty of Management and Social Sciences, Capital University of Science and Technology, Islamabad, Pakistan; Interactive Technologies Institute/Larsys/Madeira Interactive Technologies Institute, Portugal},
abstract={The study aims to explore the market risk, dependence structure, and portfolio diversification benefits of green bonds with Islamic and conventional (equity, bonds, and energy) markets. We first examine the market risk dynamics and dependence structure between green bonds and the international financial markets by using value-at-risk (VaR), copula models, and the Copula-VaR approach over the period from July 2014 to August 2020. Findings reveal the existence of the symmetric upper (lower) tail dependence between green bonds and international financial markets, except for the conventional bonds market with zero dependence. Our empirical results suggest that international financial markets possess different risk profiles, and the investors should not treat them as homogenous assets to combine with green bonds. Moreover, we also explore the portfolio diversification benefits, using hedge ratios, optimal portfolio weights, and hedging effectiveness for all pairs of green bonds-international financial markets. The results suggest that Islamic bonds and the oil markets are best to hedge green bonds, followed by conventional bonds, conventional equity, and the Islamic equity market. These results provide implications for effective risk management and fund allocation to policymakers and socially responsible investors. The study's findings are critical for current and future investors for efficient capital allocation in the environmental and ethically responsible assets. © 2022 Elsevier Ltd},
author_keywords={Copula models;  Copula VaR;  Dependence structure;  Green bonds;  Hedging;  Hedging effectiveness;  Islamic bonds;  Islamic stock market;  Oil market;  Portfolio weights;  Stock market},
keywords={Commerce;  Financial data processing;  Investments;  Risk management;  Value engineering;  Wooden fences, Copula models;  Copula value-at-risk;  Dependence structures;  Green bond;  Hedging;  Hedging effectiveness;  Islamic bond;  Islamic stock market;  Oil market;  Portfolio weight;  Value at Risk, Financial markets},
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Middle E Finance Manag., 12, pp. 96-114; Xia, T., Ji, Q., Zhang, D., Han, J., Asymmetric and extreme influence of energy price changes on renewable energy stock performance (2019) J. Clean. Prod., 241; Yousaf, I., Ali, S., The COVID-19 outbreak and high frequency information transmission between major cryptocurrencies: evidence from the VAR-DCC-GARCH approach (2020) Borsa Istanbul Rev., 20, pp. S1-S10; Zhang, D., Energy finance: background, concept, and recent developments (2018) Emerg. Mark. Finance Trade},
correspondence_address1={Ashraf, S.Rua do Comboio, n.° 5, Portugal; email: sumaira.ashraf@isal.pt},
publisher={Elsevier Ltd},
issn={09596526},
coden={JCROE},
language={English},
abbrev_source_title={J. Clean. Prod.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Moeis2022177,
author={Moeis, F.R.},
title={Unraveling the myth of madrasah formal education quality in Indonesia: a labor quality approach},
journal={Educational Research for Policy and Practice},
year={2022},
volume={21},
number={2},
pages={177-200},
doi={10.1007/s10671-021-09298-6},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85106403252&doi=10.1007%2fs10671-021-09298-6&partnerID=40&md5=fc62fee1bcbac907c14706929f69dee2},
affiliation={Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia, DKI Jakarta, Indonesia},
abstract={Education is essential for developing labor in Indonesia. One type of formal education is madrasah education that has been historically significant in Indonesia which adds depth in Islamic subjects in addition to basic subjects. These graduates may become important as the Sharia industry continues to boom in Indonesia. However, madrasah education has shown weak labor market performances compared to general education, in terms of wages and unemployment. This may stem from a weak learning process in madrasahs which is against the 4th Sustainable Development Goals (SDGs) about equitable education. With limited studies on madrasah education performance in the labor market, using 2014 Indonesia Family Life Survey, we find: (1) madrasah education choice is influenced by parent’s education and appeals to low-income families, (2) madrasah graduates have lower probability of working compared to general education graduates, (3) return of madrasah education is lower compared to general education. Therefore, policies should improve madrasah education through improvement of teachers and institution quality, support and funding for private madrasahs, and supporting Madrasah Kejuruan. © 2021, The Author(s), under exclusive licence to Springer Nature Singapore Pte Ltd.},
author_keywords={Education;  Human capital;  Indonesia;  Indonesia Family Life Survey;  Labor market;  Madrasah},
funding_text 1={The writer is grateful for the help and advice by Jossy Prananta Moeis Ph.D., Askar Muhammad S.E., and Qisha Quarina Ph.D. for constructive advice and discussion to complete the manuscript. The writer would also like to thank Prof. Mohamad Ikhsan for giving constructive advice and motivation on the early development of the manuscript.},
references={Asadullah, M.N., Chaudhury, N., Religious schools, social values, and economic attitudes: Evidence from Bangladesh (2010) World Development; Asadullah, M.N., Chakrabarti, R., Chaudhury, N., What determines religious school choice? Theory and evidence from rural Bangladesh (2015) Bulletin of Economic Research.; (2006) Indonesia: Madrasah Education Development Project, (May.); Azra, A., Afrianty, D., Pesantren and Madrasa: Modrenization of Indonesian Muslim Society (2005) Workshop on Madrasa, Modernity and Islamic Education, 2005, pp. 1-31; Borjas, G.J., (2013) Labor Economics, , 6, McGraw Hill, New York; Cahyadi, N., Hanna, R.A., Olken, B., Adi Prima, R., Satriawan, E., Syamsulhakim, E., (2018) Cumulative Impacts of Conditional Cash Transfer Programs Experimental Evidence From Indonesia (Vol, 24670. , https://doi.org/10.1017/CBO9781107415324.004; Comola, M., de Mello, L., Salaried employment and earnings in Indonesia: New evidence on the selection bias (2013) Applied Economics, 45 (19), pp. 2808-2816; Ghozali, A.A.K.M., Hayati, M., (2013), https://www.adb.org/sites/default/files/publication/176611/ino-madrasah-education-financing.pdf, Madrasah Education Financing in Indonesia; Griliches, Z., Estimating the returns to schooling: Some econometric problems (1977) Econometrica; Hadna, A.H., Kartika, D., Evaluation of poverty alleviation policy: Can conditional cash transfers improve the academic performance of poor students in Indonesia? (2017) Cogent Social Sciences; Hashim, R., Rufai, S.A., Roslan, M., Nor, M., Traditional Islamic Education in Asia and Africa: A Comparative Study of Malaysia’s Pondok, Indonesia’s Pesantren and Nigeria’s Traditional Madrasah (2011) World Journal of Islamic History and Civilization; Taking advantage of the demographic dividend in Indonesia: A brief introduction to theory and practice., , 2015, April); (2018) Indonesia Education Statistics in Brief 2017/ 2018, , http://publikasi.data.kemdikbud.go.id/uploadDir/isi_FBB7E3E1-3F01-49E6-B1BC-E1DA8E608D33_.pdf; Magdalyn, A., (2013) August), , The rate of returns to education, The case of indonesia; Maluccio, J., (1998) Endogeneity of Schooling in the Wage Function: Evidence from the Rural Philippines. 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Community participation in Islamic Schooling (2011) Educational Management Administration and Leadership, 39 (6), pp. 712-732; Pasay, N.H.A., Quarina, Q., Rates of returns to vocational and general upper secondary education, and to experience in addressing the hollow Middle in Indonesia, 2007 (2015) Economics and Finance in Indonesia, 58 (3), pp. 239-267; Permani, R., Educational challenges with special reference to Islamic schooling (2011) Employment, Living Standards and Poverty in Contemporary Indonesia; Pohl, F., Islamic education and civil society: Reflections on the Pesantren tradition in contemporary Indonesia (2006) Comparative Education Review; Purnastuti, L., Miller, P., Salim, R., Economic returns to schooling in a less developed country: Evidence for Indonesia (2011) International Conference on Applied Economics, 11, pp. 495-502; Raihani, R., Curriculum rof in the Indonesian Madrasah: The position of madrasah in the post-independence education system (2017) Rethinking Madrasah Education in a Globalised World, pp. 1-275. , https://doi.org/10.4324/9781315184234; Raihani, R., Education for multicultural citizens in Indonesia: policies and practices (2018) Compare, 48 (6), pp. 992-1009; Ratya, M.P., (2017) Ketua MPR Ingin Kualitas Madrasah Sejajar Dengan Sekolah Unggulan, , April 6; Romer, P.M., Endogenous technological change (1990) Journal of Political Economy; Safitria, N.A., Marlina, R., Kebijakan Penyelenggaraan Madrasah Aliyah Kejuruan (2019) Journal of Islamic Educational Management, 2 (1), pp. 33-41; Sari, N., (2017) Anies Ingin Kualitas Pendidikan Di Madrasah Setara Sekolah Umum, , October 22; Sparrow, R., Protecting education for the poor in times of crisis: An evaluation of a scholarship programme in Indonesia (2007) Oxford Bulletin of Economics and Statistics; Suryana, W., (2016) Masukan Untuk Peningkatan Kualitas Madrasah, , December 18; Tan, C., Educative Tradition and Islamic Schools in Indonesia (2017) Journal of Arabic and Islamic Studies, 14, p. 47; Quality of Education in Madrasah: Main Study (2011) World; Thomas, R.M., The Islamic Revival and Indonesian Education (1988) Asian Survey, 28 (9), pp. 897-915; (2006) Analysis of the Current Situation of Islamic Formal Junior Secondary Education in Indonesia; (2010) Secondary School Madrasas in Bangladesh: Incidence, Quality, and Implications for Reform; (2012) Preparing Indonesia Youth for Transition: Issues and Policy Agenda for Senior Secondary Education, , Report No. 73763-ID; Wulandhari, R., (2016) Madrasah Mampu Bersaing Dengan Sekolah Umum, , March 16},
correspondence_address1={Moeis, F.R.; Institute for Economic and Social Research, Indonesia; email: Faizal_moeis@yahoo.com},
publisher={Springer},
issn={15702081},
language={English},
abbrev_source_title={Educ. Res. Policy Pract.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Raeni202238,
author={Raeni, R. and Thomson, I. and Frandsen, A.-C.},
title={Mobilising Islamic Funds for Climate Actions: From Transparency to Traceability},
journal={Social and Environmental Accountability Journal},
year={2022},
volume={42},
number={1-2},
pages={38-62},
doi={10.1080/0969160X.2022.2066553},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85128704784&doi=10.1080%2f0969160X.2022.2066553&partnerID=40&md5=ed268775df430b7dfdca2599be0f3193},
affiliation={Birmingham Business School, University of Birmingham, Birmingham, United Kingdom},
abstract={Mobilising sufficient financial resources for low carbon development has led to countries integrating green bonds into their sovereign bond portfolios. However, questions remain over the efficacy and integrity of these financial instruments. Climate bonds impose additional accountability requirements that connect the money raised with actions to reduce atmospheric greenhouse gases. These requirements are given further prominence in financial instruments intended to fund climate change while complying with core Islamic values, such as the green sukuk, a Sharia-compliant alternative to traditional fixed-income investments to fund environmental projects. Climate-related financial instruments require tracking the flow of money through chains of decisions within and between organisations. This research explores how the Indonesian government, as the first sovereign state issuer of green sukuk, attempted to connect money raised from Islamic capital markets to actual reductions in greenhouse gas emissions. This required the creation of new accounting objects that connected financial data with GHG accounting at a granular level. Our analysis demonstrates how the existing accounting systems were repurposed by constructing green sukuk accounting objects that sought to connect equivalent disbursements of money with social and environmental benefits, primarily represented by reduced GHG emissions. © 2022 Centre for Social and Environmental Accounting Research.},
author_keywords={climate change;  public accounting system;  sovereign green bonds and sukuk;  traceability;  Transparency},
funding_details={European Society of Contraception and Reproductive HealthEuropean Society of Contraception and Reproductive Health, ESC, S-285/LPDP.3/2018},
funding_text 1={The authors are grateful to Robert Charnock, the faculty members and the participants of the Emerging Scholars Colloquium (ESC) CSEAR UK for their helpful comments. The authors would also like to thank the editors and anonymous reviewers for their constructive feedback, which considerably improved the manuscript. Raeni acknowledges funding support from the Indonesia Endowment Fund for Education (Lembaga Pengelola Dana Pendidikan Republik Indonesia/LPDP RI) under grant number S-285/LPDP.3/2018.},
funding_text 2={The authors are grateful to Robert Charnock, the faculty members and the participants of the Emerging Scholars Colloquium (ESC) CSEAR UK for their helpful comments. The authors would also like to thank the editors and anonymous reviewers for their constructive feedback, which considerably improved the manuscript. Raeni acknowledges funding support from the Indonesia Endowment Fund for Education (Lembaga Pengelola Dana Pendidikan Republik Indonesia/LPDP RI) under grant number S-285/LPDP.3/2018.},
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correspondence_address1={Raeni, R.; Birmingham Business School, United Kingdom; email: r.raeni@pgr.bham.ac.uk},
publisher={Routledge},
issn={0969160X},
language={English},
abbrev_source_title={Soc. Environ. Account. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kalkavan2021982,
author={Kalkavan, H. and Dinçer, H. and Yüksel, S.},
title={Analysis of Islamic moral principles for sustainable economic development in developing society},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2021},
volume={14},
number={5},
pages={982-999},
doi={10.1108/IMEFM-07-2019-0271},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85106429088&doi=10.1108%2fIMEFM-07-2019-0271&partnerID=40&md5=bc37f02a3c84f9028955a0bd4d0d3033},
affiliation={Istanbul Medipol Universitesi, Istanbul, Turkey},
abstract={Purpose: Economic development is one of the primary goals of all countries. In this context, countries aim to determine effective and correct policies to achieve this goal. This situation is especially important for developing countries. These countries aim to grow their economies to reach the level of developed countries. This study aims to identify significant Islamic moral principles for sustainable economic growth of emerging seven (E7) countries. Design/methodology/approach: In this framework, eight different criteria are defined to improve the welfare in the society for these countries. Additionally, fuzzy decision-making trial and evaluation laboratory (DEMATEL) approach is taken into consideration in the analysis process. Findings: It is identified that Islamic moral values in economic activities, fair income distribution and taxation and prohibition of interest and securing business partnership are the most significant criteria. On the other side, it is found that preventing poverty and avoiding wastage are the influenced factors. Practical implications: The findings show that righteousness in commercial activities decreases uncertainty in the market so that trade volume can be increased which contributes sustainable economic improvement. For this purpose, public awareness about the issue should be improved in the media and necessary trainings should be given to the people in their educations related to the business ethics. Furthermore, legal system in these countries should be improved to have fair income distribution and taxation. Additionally, social responsibility activities should be encouraged, so people with good income will help poor people. Moreover, business partnership system should be improved in which companies can obtain capital from the public and make necessary payments to these people according to the profit amount. This issue positively affects sustainability in economic improvement and welfare society for developing countries. Originality/value: There are limited studies on sustainable economic development based on Islamic moral-based factors. © 2021, Emerald Publishing Limited.},
author_keywords={Economic growth;  Fuzzy logic;  Income inequality;  Islamic economics},
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correspondence_address1={Yüksel, S.; Istanbul Medipol UniversitesiTurkey; email: serhatyuksel@medipol.edu.tr},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Majumdar2021967,
author={Majumdar, S. and Puthiya, R.},
title={Role of signaling in issuance of sukuk versus conventional bonds – an empirical analysis of the bond market in the UAE},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2021},
volume={14},
number={5},
pages={967-981},
doi={10.1108/IMEFM-02-2020-0093},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85106307518&doi=10.1108%2fIMEFM-02-2020-0093&partnerID=40&md5=b14638a98804fce0e34381fd822eefdc},
affiliation={Middlesex University - Dubai Campus, Dubai, United Arab Emirates},
abstract={Purpose: The global sukuk market has seen widespread innovations in the last couple of decades, which helped sukuk develop into one of the most acceptable Islamic instruments for raising finance. According to the State of the Global Islamic Economy Report (2018–19), United Arab Emirates (UAE) is ranked second among Islamic economies and Nasdaq Dubai is credited to be the leading international center for sukuk listings (Thomson Reuters, 2018). However, there has been limited research studies on this financing option within the region. To the best of the authors’ knowledge, this study is the first to focus on the role of signaling theory driving the financing choice for listed entities in the UAE. The paper aims to make a significant contribution in light of the recent expansion of sukuk issuances and fills the lacuna in research carried out in the UAE bond market. Design/methodology/approach: This study empirically tested the hypotheses on a data set that covered a sample of 1,354 bond issuances over the period 2008–2019. The authors used logistic regression to distinguish between the issuance of sukuk versus conventional bond. Sukuk structuration leads to information asymmetry that prompts firms to send signals to the capital market. Information asymmetry has been studied in terms of issue-specific (maturity and issue size) and issuer-specific (firm size, growth, profitability, leverage) variables. Two control variables were included to capture the years under study and the macroeconomic effects of economic slowdown. Findings: The banking sector accounted for 93% of bond issuances but contributed only 63% of the bond market in the UAE in terms of issue size. The data evidenced that non-banking sukuk issuances expanded over the years, with participation from sectors like real estate, oil and gas, logistics and utilities and contributed 50% of issuances in the UAE sukuk market. Typically, firms with smaller asset sizes and higher financing requirements were found to favour sukuk. The banking sector revealed irrelevance of information asymmetry, as Islamic Banks were mandated to issue sukuk. Non-financial firms with high profits and high debts were prompted to prefer conventional bonds, in line with the adverse selection mechanism. Originality/value: Although UAE’s sukuk market has existed for more than a decade, scant research has been carried out. Few studies exist for the GCC region that either concentrated on stock market reactions to issuances of Islamic versus conventional bonds or studied capital market characteristics of non-financial entities alone. This is the first study to focus on signaling theory and information asymmetry playing a role in the capital structure of all listed firms (banking and non-banking) issuing bonds in the UAE. © 2020, Emerald Publishing Limited.},
author_keywords={Bond;  Conventional bonds;  Information asymmetry;  Signaling;  Sukuk;  United Arab Emirates},
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correspondence_address1={Majumdar, S.; Middlesex University - Dubai CampusUnited Arab Emirates; email: s.majumdar@mdx.ac.ae},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mohammadi2021680,
author={Mohammadi, N. and Hazeri, A.M.},
title={Two Different Narratives of Hijab in Iran: Burqa and Niqab},
journal={Sexuality and Culture},
year={2021},
volume={25},
number={2},
pages={680-699},
doi={10.1007/s12119-020-09789-3},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85095454054&doi=10.1007%2fs12119-020-09789-3&partnerID=40&md5=7d0bf26a4ea82d20ffd63d069557b8b8},
affiliation={Department of Law, Politics and International Studies, University of Padova, Padua, Italy; Department of Sociology, Tarbiat Modares University, Tehran, Iran},
abstract={Burqa and niqab are currently the two most challenging manifestations of face veil in the West. Developed based on an interpretive method, the present research is an attempt to study and analyze semantic implications of face veil among 24 Muslim Iranian women in Baluchestan Province and Qeshm Island in Iran. Semi-structured interviews and field observations were employed. The findings indicated that the connotation of niqab for the ethnic-religious minority women in Baluchestan was different from that of burqa for the religious minority women living on Qeshm Island. The Baluch women wear niqab as a sign of their collective identity and differentiation as well as maximal religious commitment vis-à-vis Shia-Persian majority; whereas burqa more than representing religious or ethnic identity, is an expressive language for native women to differentiate their personal identity. Burqa, produced in different colors and forms, is rich enough to show the marital status, social class, economic wellbeing and the age of women wearing it in a traditional patriarchal society; whereas all-black niqab prevents the identification and differentiation of the users. Burqa and niqab trade in both regions under study has led to the women-only employment in its manufacturing market, sewing and sales, although applying gold threads on some brands of burqa has turned them into capital goods, playing a more decisive role in socio-economic empowerment of women in Qeshm. Given the findings of this study, it may be concluded that various types of face veils in the world of Islam represent certain signs and symbols within ethnic-religious structures that need further deliberation before enactment of any law. © 2020, Springer Science+Business Media, LLC, part of Springer Nature.},
author_keywords={Burqa;  Face veil;  Islamic culture;  Muslim women;  Niqab},
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Oxford Islamic Studies Online, , http://papers.ssrn.co/sol3/papers.cfm?abstract_id=1981777, Available at; Ballard, R., Ferrari, A., Grillo, R., Hoekema, A.J., Maussen, M., Shah, P., Cultural diversity: Challenge and accommodation (2016) Legal practice and cultural diversity, pp. 23-44. , Grillo R, (ed), Routledge, London; Bartkowski, J.P., Read, J.N.G., Veiled submission: Gender, power, and identity among evangelical and Muslim women in the United States (2003) Qualitative Sociology, 26 (1), pp. 71-92; Bilge, S., Beyond subordination vs. resistance: An intersectional approach to the agency of veiled Muslim women (2010) Journal of Intercultural Studies, 31 (1), pp. 9-28; Byng, M.D., Symbolically Muslim: Media, hijab, and the West (2010) Critical Sociology, 36 (1), pp. 109-129; Carle, R., Hijab and the limits of French secular republicanism (2004) Society, 41 (6), pp. 63-68; Chesler, P., (2010) Ban the Burqa?, , The argument favor, Middle East Quarterly; Chowdhury, N.A., Bakar, H.S.A., Elmetwally, A.A., Probing Niqab wearing as an islamic identity, cultural piety and women’s empowerment: A phenomenological approach (2017) International Journal of Ethics in Social Sciences, 5 (1), pp. 57-76; Clarke, L., (2013) Women in niqab speak: A study of the niqab in Canada, , Canadian Council of Muslim Women, Gananoque; Conway, K., Quebec’s Bill 94: What’s “reasonable”? What’s “accommodation”? And what’s the meaning of the Muslim Veil? (2012) American Review of Canadian Studies, 42 (2), pp. 195-209; Crotty, M., (1998) The foundations of social research: Meaning and perspective in the research process, , Sage, Beverly Hills; Denny, F., (2016) Introduction to Islam, , Routledge, London; Droogsma, R.A., Redefining Hijab: American Muslim women’s standpoints on veiling (2007) Journal of Applied Communication Research, 35 (3), pp. 294-319; Hamdan, A., (2010) Deconstructing Euro-centric myths about muslim women, pp. 77-101. , Rethinking knowledge about global societies, Critical global perspectives; Herriot, P., (2008) Religious Fundamentalism: Global, Local and Personal, , New York, Routledge; Honneth, A., Markle, G., From struggles for recognition to a plural concept of justice: An interview with Axel Honneth (2004) Acta Sociologica, 47, pp. 383-391; Leet-Otley, J., (Mis) understanding the Hijab: The spirit and strength of Somali girls (2019) Diaspora, Indigenous, and Minority Education, 14, pp. 1-12; Lewis, R., Mills, S., (2003) Feminist Postcolonial Theory: A Reader, , New York, Routledge; Mahmood, S., (2011) Politics of Piety: The Islamic Revival and The Feminist Subject, , Princeton, Princeton University Press; Miller, J.I., Fashion and democratic relationships (2005) Polity, 37 (1), pp. 3-23; Moghadam, V.M., Islamic feminism and its discontents: Toward a resolution of the debate (2002) Signs: Journal of Women in Culture and Society, 27 (4), pp. 1135-1171; Moghadam, V.M., (2003) Modernizing women: Gender and social change in the Middle East, , Lynne Rienner Publishers, Boulder; Mohammadi, N., Rastegar, Y., The social and cultural construction of Burqa: The case of Gheshm Island in Iran (2018) Sexuality and Culture, 22 (3), pp. 962-979; Najmabadi, A., Islamic feminism or feminist challenges to Islam (2005) Women and Islam: Womens’s movements in Muslim societies, 3 (3), p. 216; Nistor, L., Hijab (Istas)—as fashion phenomenon. 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Its’ portrayal in three popular Hijab brands in Malaysia (2019) Journal of Modern Trends in Business Research (IJMTBR), 2 (7), pp. 58-65; Tarlo, E., Hijab in London: Metamorphosis, resonance and effects (2007) Journal of Material Culture, 12 (2), pp. 131-156; Wadud, A., (2007) Insight the gender Jihad: Women’s reform in Islam, , One World, Oxford; Wagner, W., Sen, R., Permanadeli, R., Howarth, C.S., The veil and Muslim women’s identity: Cultural pressures and resistance to stereotyping (2012) Culture & Psychology, 18 (4), pp. 521-541; Waninger, K., (2015) The veiled identity: Hijabistas, instagram and branding in the online Islamic fashion industry, , https://scholarworks.gsu.edu/wsi_theses/48, Ph.D Thesis, Georgia State University; Wing, A.K., Smith, M.N., Critical race feminism lifts the veil: Muslim women, France, and the headscarf ban (2005) UC Davis L. Rev., 39, p. 743; Wood, J.T., (2015) Interpersonal communication: Everyday encounters, , Nelson Education, Toronto; Yegenoglu, M., The return of the religious: Revisiting Europe and its Islamic others (2006) Culture and Religion, 7 (3), p. 245; Yotka, S., (2016) Dolce & Gabbana’s embellished Hijabs and Abayas are great news for Muslim Women-when will other brands follow suit?, , http://www.vogue.com/article/dolce-gabbana-hijab-abaya-collection, Vogue; Zempi, I., ‘It’s a part of me, I feel naked without it’: Choice, agency and identity for Muslim women who wear the niqab (2016) Ethnic and Racial Studies, 39 (10), pp. 1738-1754; Zempi, I., Veiled Muslim women’s views on law banning the wearing of the niqab (face veil) in public (2019) Ethnic and Racial Studies, 42 (15), pp. 2585-2602},
correspondence_address1={Mohammadi, N.; Department of Law, Italy; email: Naima.mohammadi@yahoo.com},
publisher={Springer},
issn={10955143},
language={English},
abbrev_source_title={Sex. Cult.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Suriani20211015,
author={Suriani, S. and Abd. Majid, M.S. and Masbar, R. and A. Wahid, N. and Ismail, A.G.},
title={Sukuk and monetary policy transmission in Indonesia: the role of asset price and exchange rate channels},
journal={Journal of Islamic Accounting and Business Research},
year={2021},
volume={12},
number={7},
pages={1015-1035},
doi={10.1108/JIABR-09-2019-0177},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85113760208&doi=10.1108%2fJIABR-09-2019-0177&partnerID=40&md5=2b8e748e53ee31c3199bc5d9bf4421fe},
affiliation={Department of Economics, Universitas Syiah Kuala, Banda Aceh, Indonesia; Department of Islamic Economics, Universitas Islam Negeri Ar-Raniry, Banda Aceh, Indonesia; Department of Islamic Financial Economics, Organization of Islamic Economic Studies and Thoughts, Bandar Baru, Bangi, Malaysia},
abstract={Purpose: The purpose of this study is to empirically analyze the role of sukuk in the monetary policy transmission mechanism through the asset price and exchange rate channels in the Indonesian economy. Design/methodology/approach: Using the monthly data from January 2003 to November 2017, this study uses a multivariate vector error correction model causality framework. To examine the role of sukuk in the monetary policy transmission mechanism through the asset price channel, this study uses the variables of consumption, inflation, interest rates, economic growth and the composite stock price index. Meanwhile, to examine the role of sukuk in the monetary policy transmission mechanism through the exchange rate channel, this study used variables of inflation, interest rates, economic growth, foreign investment and exchange rate. Findings: This study documented that sukuk has no causal relationship with inflation through asset price and exchange rate channels. Nevertheless, sukuk has a bidirectional causal relationship with economic growth through asset price and exchange rate channels. Sukuk is also documented to have a causal relationship with monetary policy variables of interest rate and stock prices through asset price and exchange rate channels. Finally, a unidirectional causality is recorded running from the exchange rate to sukuk in the exchange rate channel. Research limitations/implications: The finding of independence of the sukuk market from interest rates provides evidence that the trading of the sukuk in Indonesia has been in harmony with the Islamic tenets. Practical implications: The relevant Indonesian authorities need to enhance both domestic and global sukuk markets as part of efforts to promote the sustainability of Islamic capital market development in Indonesia. Originality/value: To the best of the authors’ knowledge, this study is among the first attempts to empirically investigate the role of sukuk in monetary policy transmission through asset price and exchange rate channels in the context of the Indonesian economy. © 2021, Emerald Publishing Limited.},
author_keywords={Asset pricing channel;  Economic growth;  Exchange rate channel;  Monetary policy transmission;  Sukuk},
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correspondence_address1={Abd. Majid, M.S.; Department of Economics, Indonesia; email: mshabri@unsyiah.ac.id},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bitar20216184,
author={Bitar, M. and Benlemlih, M. and Erragragui, E. and Peillex, J.},
title={Legal rules, information transparency and Islamic bank capital decisions},
journal={Applied Economics},
year={2021},
volume={53},
number={53},
pages={6184-6203},
doi={10.1080/00036846.2021.1937497},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85110726926&doi=10.1080%2f00036846.2021.1937497&partnerID=40&md5=7b20c3b4fc8c873874ed95cef52f1b9b},
affiliation={Nottingham University Business School, University of Nottingham, United Kingdom; Normandie Business School, Paris, France; Université de Picardie Jules Verne, Amiens, France; ICD Business School,12 rue Alexandre Parodi, Paris, France},
abstract={To what extent does the formal institutional environment influence Islamic bank capital decisions? We answer this question by assessing the effect of the legal rule index on a sample of 100 Islamic banks in 28 countries from 1999 to 2013. Our econometric analyses show that legal rule index positively and significantly influences capital ratios. The results can be explained by the idea that effective legal rules incentivize Islamic banks to hold higher capital ratios to signal better monitoring to depositors and regulators. In addition, we find that this positive association can be enhanced through strong information transparency channels, democratic and stable political institutions. These results provide insight into how a formal institutional environment can shape Islamic bank capital ratios. It further suggests that the formal institutional environment serves as a constraint on policymakers, as any given capital guideline may function very differently depending on the complexity of the formal institutional environment. © 2021 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={capital;  Islamic banks;  islamic finance;  journalist jailed;  legal rules},
keywords={banking;  capital market;  complexity;  cultural economy;  developing world;  econometrics;  financial system;  guideline;  information system;  institutional framework;  Islamism;  legislation},
references={Abedifar, P.P., Molyneuxtarazi, A., Risk in Islamic Banking (2013) Review of Finance, 17 (66), pp. 2035-2096; Anginer, D., Demirgüç-Kunt, A., Huizinga, H., Ma, K., Corporate Governance, and Bank Capitalization Strategies (2016) Journal of Financial Intermediation, 26, pp. 1-27; Baldwin, K.M., Alhalbonihusam Helmi, M., (2019) A Structural Model of “Alpha for the Capital Adequacy Ratios of Islamic Banks, 60, pp. 267-283; Beck, T.A., Demirgüç-Kuntmerrouche, O., (2013) “ Islamic Vs. Conventional Banking: Business Model, Efficiency and Stability, 37 (22), pp. 433-447; Bitar, M., Hassan, M.K., Walker, T., Political Systems and the Financial Soundness of Islamic Banks (2017) Journal of Financial Stability, 31, pp. 18-44; Bitarpeillex, M.J., Performance des banques islamiques v banques conventionnelles : Quelles exigences en matière de fonds propres réglementaires ? (2019) Revue économique, 70 (44), pp. 495-537; Bitar, M.W., Saadbenlemlih, M., (2016) “ Bank Risk and Performance in The MENA Region: The Importance of Capital Requirements, 40 (33), pp. 398-421; Bitar, M., Tarazi, A., Creditor Rights and Bank Capital Decisions: Conventional Vs. Islamic Banking (2019) Journal of Corporate Finance, 55, pp. 69-104; Cathcart, L., El-Jahel, L., Jabbour, R., Can Regulators Allow Banks to Set Their Own Capital Ratios? (2015) Journal of Banking & Finance, 53, pp. 112-123; Cho, S.S.S., El-Ghoul, O., Guedhamisuh, J., Creditor Rights and Capital Structure: Evidence from International Data (2014) Journal of Corporate Finance, 25, pp. 40-60; Daher, M., Creditor Control Rights, Capital Structure, and Legal Enforcement (2017) Journal of Corporate Finance, 44, pp. 308-330; de Jongheöztekin, O.O., (2015) “ Bank Capital Management: International Evidence, 24 (22), pp. 154-177; Djankov, S.R., la Porta, F., Lopez-De-silanesshleifer, A., Courts (2003) The Quarterly Journal of Economics, 118 (22), pp. 453-517; Djankov, S.C., McLieshshleifer, A., (2007) “ Private Credit in 129 Countries, 84 (2), pp. 299-329; Ergeçarslan, E.H.B.G., Impact of Interest Rates on Islamic and Conventional Banks: The Case of Turkey (2013) Applied Economics, 45 (1717), pp. 2381-2388; Famamacbeth, E.J., Risk, Return, and Equilibrium: Empirical Tests (1973) The Journal of Political Economy, 81 (33), pp. 607-636; Fiordelisi, F.D., Marques-Ibanezmolyneux, P., Efficiency and Risk in European Banking (2011) Journal of Banking & Finance, 35 (55), pp. 1315-1326; Houston, J.F.C., Lin, P., Linma, Y., Creditor Rights, Information Sharing, and Bank Risk Taking (2010) Journal of Financial Economics, 96 (33), pp. 485-512; (2011) Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alfa in the Capital Adequacy Ratio for Institutions Offering Only Financial Islamic Services, , Malaysia: Islamic Financial Services Board; Khan, F., How Islamic Is Islamic Banking? (2010) Journal of Economic Behavior & Organization, 76 (33), pp. 805-820; Mobarekkalonov, A.A., Comparative Performance Analysis between Conventional and Islamic Banks: Empirical Evidence from OIC Countries (2014) Applied Economics, 46 (33), pp. 253-270; Öztekin, Ö., Systemic Banking Crisis, Institutional Environment, and Corporate Leverage (2021) Journal of Financial and Quantitative Analysis Forthcoming; Political regime characteristics and transitions, 1800–2013 College Park: University of Maryland, Center for Systemic Peace, , http://www.systemicpeace.org; Rosenbaumrubin, P.R.D.B., The Central Role of the Propensity Score in Observational Studies for Causal Effects (1983) Biometrika, 70 (11), pp. 41-55; Schepens, G., Taxes and Bank Capital Structure (2016) Journal of Financial Economics, 120 (33), pp. 585-600; Smaoui, H.K., Mimounitemimi, A., The Impact of Sukuk on the Insolvency Risk of Conventional and Islamic Banks (2020) Applied Economics, 52 (88), pp. 806-824},
correspondence_address1={Bitar, M.; Nottingham University Business School, United Kingdom; email: mohammad.bitar@nottingham.ac.uk},
publisher={Routledge},
issn={00036846},
language={English},
abbrev_source_title={Appl. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Durak20213,
author={Durak, K.},
title={The commercial history of Trebizond and the region of Pontos from the seventh to the eleventh centuries: an international emporium},
journal={Mediterranean Historical Review},
year={2021},
volume={36},
number={1},
pages={3-41},
doi={10.1080/09518967.2021.1900161},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85109035573&doi=10.1080%2f09518967.2021.1900161&partnerID=40&md5=eb2b09f214133f7a3aa9c98876fd4733},
affiliation={Department of History, Boğaziçi University, Istanbul, Turkey},
abstract={This article examines the merchant and commodity networks of Trebizond as well as routes at the regional, interregional, and international levels that connected the city to Constantinople, the rest the Black Sea, Armenia, the Near East and the Caucuses in the early Middle Ages. After a brief survey of the commercial history of Trebizond from the late antique period to the eleventh century, the economy of the Pontic region and its commercial exchanges with various regions are investigated in detail. The available evidence shows that the list of commodities exchanged between Pontos and its neighbours were longer, and the networks of merchants and routes were more complex than assumed thus far. Trebizond’s advantage as a port town for landlocked territories to its south and east (especially the large Iranian and Iraqi markets at the end of the Silk/Spice Route), as well as its close ties with Constantinople and the rest of the Black Sea, established the Pontic capital as a vital emporium. Benefiting from the increasing economic development in Byzantium and its neighbours, the prosperity of the Pontic region and is main city Trebizond is most visible in the period from the mid-ninth to the mid-eleventh centuries. © 2021 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={Black Sea;  Byzantine trade;  Byzantine-Islamic relations;  Pontos;  Trebizond},
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correspondence_address1={Durak, K.; Department of History, Turkey; email: koray.durak@boun.edu.tr},
publisher={Routledge},
issn={09518967},
language={English},
abbrev_source_title={Mediterr. Hist. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nagimova202174,
author={Nagimova, A.Z.},
title={Islamic finance in Russia: Evidence from market participants},
journal={Voprosy Ekonomiki},
year={2021},
volume={2021},
number={5},
pages={74-90},
doi={10.32609/0042-8736-2021-5-74-90},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85107343105&doi=10.32609%2f0042-8736-2021-5-74-90&partnerID=40&md5=f1d11876d9f39c42c1314831914b45e4},
affiliation={Kazan Federal University, Kazan, Russian Federation; Ufa State Petroleum Technological University, Ufa, Russian Federation},
abstract={Based on expert interviews, the factors limiting the development of the Islamic finance market in Russia, the competitiveness and target audience of Islamic finance, as well as their future and dissemination model in the Russian economy are investigated. The interviews were conducted with the heads of banks, funds, Islamic finance and the managers of consulting companies. The paper focuses on how the participants and organizers of the Russian market themselves understand the phenomenon of Islamic finance. It is shown that the Islamic financial services in Russia are in demand and competitive. But the scaling of this business requires additional capital (liquidity). In turn, access to capital for the development of the sector can be provided by attracting a large strategic investor (principal) represented by a bank or financial-industrial group. © 2021, Russian Presidental Academy of National Economy and Public Administration. All rights reserved.},
author_keywords={Investment;  Islamic banks;  Islamic finance;  Murabaha;  Sukuk},
funding_details={Russian Foundation for Basic ResearchRussian Foundation for Basic Research, РФФИ, 19-310-60002},
funding_text 1={Funding: This study is funded by RFBR, project number 19-310-60002 “Islamic finance in the post-Soviet states: Challenges and opportunities for investment growth in the CIS countries”.},
references={Ayupov, A., On the importance and role of the masters program “Islamic finance” in forming a new economic order in Russia (2016) Innovative Development of Economy, (1), pp. 245-247. , (In Russian); Bekkin, R., Islamic economy: Between capitalism and socialism (2007) Voprosy Ekonomiki, (10), pp. 147-155. , https://doi.org/10.32609/0042-8736-2007-10-147-155, (In Russian); Bekkin, R., Development of Islamic insurance in Russia (2013) Problemy Sovremennoy Ekonomiki, (2), pp. 324-325. , (In Russian); Bekkin, R., Aliskerov, M., Peculiarities of the Islamic financial sector in Russia at the present stage and the perspectives for its development (2017) Actual Problems of Russian Law, (4), pp. 60-64. , https://doi.org/10.17803/1994-1471.2017.77.4.060-064, (In Russian); Zaripov, I., Islamic finance in Russia: Рroblems of formation and way of their decision (2016) The World of New Economy, (2), pp. 64-74. , (In Russian); Kalimullina, M., Sociocultural factors in the national model of Russian economy (based on sociological research on Islamic economics and finance among the citizens of Russia and CIS countries) (2010) Ekonomika. Predprinimatelstvo. Okruzhayushchaya Sreda, (2), pp. 13-20. , (In Russian); Kalimullina, M., Standardization of Islamic financial transactions (2017) Actual Problems of Russian Law, (3), pp. 122-126. , https://doi.org/10.17803/1994-1471.2017.76.3.122-126, (In Russian); Kalimullina, M., On the direc-tions of development of partner banking and finance (2018) Bankovskoe Delo, (3), pp. 23-27. , (In Russian); Musaev, R., Magomedova, Y., Islamic economic model: Еssence and perspectives of the development in Russia (2018) Russia and Asia, (2), pp. 75-80. , (In Russian); Nagimova, A., Raising Arab capital: Experiences of Russian regions (2018) Mirovaya Еkonomika i Mezhdunarodnye Otnosheniya, 62 (2), pp. 57-61. , https://doi.org/10.20542/0131-2227-2018-62-2-57-61, (In Russian); Nagimova, A., (2018) Mutual investments between CIS and Gulf countries, , Moscow: Infra-M. (In Russian); Soldatova, A., Islamic financial instruments: estimation of relevance to traditional financial markets (2018) Bankovskie Uslugi, (5), pp. 35-43. , (In Russian); Umarov, K., Formation of the method to adapt Islamic accounting to Russian accounting standards (2015) Auditor, 1 (4), pp. 58-63. , https://doi.org/10.12737/10926, (In Russian); Chokaev, B., Islamic finance: Opportunities for the Russian economy (2015) Voprosy Ekonomiki, (6), pp. 106-127. , https://doi.org/10.32609/0042-8736-2015-6-106-127, (In Russian); Shepelin, G., The implementation of Takaful insurance in Russia: Present state, problems and prospects (2016) Scientific Notes of the Russian Academy of Entrepreneurship, (49), pp. 377-385. , (In Russian); Axelrod, R., (1976) Structure of decision: The cognitive maps of political elites, , Princeton: Princeton University Press; di Mauro, F., Ongena, S., Caristi, P., Couderc, S., di Maria, A., Ho, L., Grewal, B. K., Zaher, S., (2013) Islamic finance in Europe, , (Occasional Paper No. 146). European Central Bank; Gait, A., Worthington, A. C., (2007) A primer on Islamic finance: Definitions, sources, principles and methods, , (Working Paper No. 07/05). University of Wollongong, School of Accounting and Finance; Hoggarth, D., The rise of Islamic finance: Рost-colonial market building in Central Asia and Russia (2016) International Affairs, 92 (1), pp. 115-136. , https://doi.org/10.1111/1468-2346.12508; (2018) Russia: Bridging new horizons, , ICD Islamic Corporation for the Development of the Private Sector; (2010) The effects of the global crisis on Islamic and conventional banks: A com-parative study, , https://doi.org/10.5089/9781455205318.001, IMF IMF Working Paper WP/10/201; Kalimullina, M., Islamic finance in Russia: A market review and the legal en-vironment (2020) Global Finance Journal, 46, p. 100534. , https://doi.org/10.1016/j.gfj.2020.100534; (2015) The future of world religions: Population, growth projec-tions, 2010—2050, , https://www.pewforum.org/2015/04/02/religious-projections-2010-2050/, Pew Research Center Pew Research Center, April 2; Warde, I., (2010) Islamic finance in the global economy. 2nd еd, , Edinburgh: Edinburgh University Press},
correspondence_address1={Nagimova, A.Z.; Kazan Federal UniversityRussian Federation; email: nagimova_almira@mail.ru},
publisher={Russian Presidental Academy of National Economy and Public Administration},
issn={00428736},
language={Russian},
abbrev_source_title={Vopr. Ekon.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mohammad2021517,
author={Mohammad, K.U. and Muhammad, A. and Muhammad, K.U.},
title={Post-Crisis Behavior of Banks in Asia: A Case of Chronic Over-Capitalization},
journal={Journal of Asian Finance, Economics and Business},
year={2021},
volume={8},
number={3},
pages={517-525},
doi={10.13106/jafeb.2021.vol8.no3.0517},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85102264396&doi=10.13106%2fjafeb.2021.vol8.no3.0517&partnerID=40&md5=968fd001ccf617d638fe959f2e3a217d},
affiliation={Bahria University, Islamabad, Pakistan; Pakistan Railways, Pakistan; Development Manager, National Rural Support Program (NRSP-UPAP), Pakistan},
abstract={The study investigates the behavior of Asian banks in response to the subprime mortgage crisis and examines how countries that have experimented with a mix of conventional and Islamic banking managed their balance sheet during that period. The study carries out an independent mean t-test comparing the difference of leverage of 464 conventional commercial Asian banks pre-and post-crisis from the largest twenty-five Asian economies based on GDP (2007). The analysis uses 10-year unbalanced panel data of conventional banks and employs the generalized least squares estimation using a dummy variable event window method to capture the response of Asian banks. The study finds evidence of a structural change in the capital structure of Asian commercial banks in response to the financial crisis. Findings suggest that conventional banks increased their capital position more in countries that have both Islamic and conventional banking than those countries without Islamic banking services. By having Islamic banking in their product portfolio, countries can exert market discipline on conventional banks. The study identifies a significant role of global macroeconomic shocks on banks liability structure decision-making. Evidence shows that this increase in capital positioning by banks was a permanent rather than a temporary response. © Copyright: The Author(s) This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (https://creativecommons.org/licenses/by-nc/4.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.},
author_keywords={Bank Risk;  Capital Structure;  Central Banking Regulation;  Financial Crisis;  Leverage},
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Shabri Abd., Impact of financial shocks on Islamic banks: Malaysian evidence during 1997 and 2007 financial crises (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (4), pp. 291-305; Sharpe, I. G., Determinants of capital structure of australian trading banks (1995) Asia Pacific Journal of Management, 12, pp. 97-121. , https://doi.org/10.1007/BF01734388; Sundaresan, S. M., Wang, Z., Bank Liability Structure (2014) In SSRN Electronic Journal, , https://doi.org/10.2139/ssrn.2495579},
correspondence_address1={Mohammad, K.U.Shangrilla Rd, E-8/1, Pakistan; email: Khalilullah.buic@bahria.edu.pk},
publisher={Korea Distribution Science Association (KODISA)},
issn={22884637},
language={English},
abbrev_source_title={J. Asian Financ. Econ. Bus.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Benaicha2020303,
author={Benaicha, M.},
title={An analysis of the normative parameters of reward and risk in Islamic finance},
journal={ISRA International Journal of Islamic Finance},
year={2020},
volume={12},
number={3},
pages={303-323},
doi={10.1108/IJIF-07-2019-0100},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85097835579&doi=10.1108%2fIJIF-07-2019-0100&partnerID=40&md5=e0d4e198e46c0a4042b4e81bb684fb6f},
affiliation={International Islamic University Malaysia, Kuala Lumpur, Malaysia},
abstract={Purpose: This study aims to define the parameters of the reward-risk principle in Islamic finance as established in the literature and discuss propositions that are presented on how such a principle is to be applied to Islamic banking products. Design/methodology/approach: A descriptive approach is used to explore the normative parameters and criticisms of the application of reward-risk in Islamic finance. Findings: The study finds that the principle of reward-risk is embodied in the multi-component concept of ʿiwaḍ (counter value) which must be evident in market transactions that involve commercial exchanges. The components include risk, costs, effort, value-adding and capital, all of which apply uniquely to different contractual forms of financing. Research limitations/implications: The study uses academic literature and industry documents along with modest contact with prominent practitioners who provided general feedback on prevalent Islamic finance industry practices. Practical implications: This study exposits the variety of approaches in applying the reward-risk principle and sheds light on the primary elements of the principle which will facilitate its greater consideration by the Islamic finance industry. Originality/value: This study is a meaningful attempt at conveniently summing up and applying the parameters that are considered when discussing the scope of the reward-risk principle in Islamic finance. © 2020, Mohamed Benaicha.},
author_keywords={AITAB;  Islamic banking products;  MMP;  MPO;  Reward-risk parameters},
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(Ed.), (, International Shari’ah Research Academy for Islamic Finance, Kuala Lumpur; Eid, A.A., (2011) Naẓariyat al-Ribḥ wa Taṭbīqatuhā fī Muʿamalat al-Maṣārif al-Islāmiyyah: Dirāsah Muqāranah, , Dār al-Fikr al-Jāmiʿī, Alexandria; El-Hawary, D., Grais, W., Iqbal, Z., Diversity in the regulation of Islamic financial institutions (2007) The Quarterly Review of Economics and Finance, 46 (5), pp. 778-800; Gulzar, R., Masih, M., (2015) Islamic banking: 40 years later, still interest-based? 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correspondence_address1={Benaicha, M.; International Islamic University MalaysiaMalaysia; email: mohamed.benaicha@hotmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={01281976},
language={English},
abbrev_source_title={ISRA Int. J. Islamic Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Jawadi20206448,
author={Jawadi, F. and Jawadi, N. and Idi Cheffou, A.},
title={Does investor attention to Islamic finance create spillover?},
journal={Applied Economics},
year={2020},
volume={52},
number={59},
pages={6448-6452},
doi={10.1080/00036846.2020.1796912},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85088932211&doi=10.1080%2f00036846.2020.1796912&partnerID=40&md5=5b2693ee04d85fc36c02c8b36424e12e},
affiliation={Finance, University of Lille, Lille, France; IPAG Business School, IPAG LAB, Paris, France; ISG Paris Business School, Paris, France},
abstract={This paper examines whether investor attention to Islamic finance creates spillover or not. The answer to this question is relevant to understanding whether the recent growth in Islamic Finance is due to an increase in fundamentals or is more to do with a market attention shock. We examine this question for three developed countries (France, the United Kingdom (the UK) and the United States of America (the USA)), four emerging countries (Saudi Arabia (SA)), the United Arab Emirates (the UAE), Pakistan and India), and the whole world. Our findings show that while the US and the UK lead investor attention to Islamic finance and spillover across the globe, India and Pakistan have experienced the greatest spillover from investor attention for both emerging and developed countries. Saudi Arabia and the UAE, on the other hand, play a somewhat minor role. © 2020 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={Investor attention;  Islamic finance;  spillover effects;  VAR modelling},
keywords={capital flow;  capital market;  financial system;  investment;  Islamism;  spillover effect, Saudi Arabia;  United Kingdom;  United States},
references={Akerlof, G., Shiller, R., (2009) Animal Spirits - How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, p. 293. , Pearson, and,. Princeton:,; p; Jawadi, F., Nammouri, H., Ftiti, Z., An Analysis of the Effect of Investor Sentiment in a Heterogeneous Switching Transition Model for G7 Stock Markets (2017) Journal of Economic Dynamics and Control, 91, pp. 469-484; Jawadi, F., Jawadi, N., Louhichi, W., Conventional and Islamic Stock Price Performance: An Empirical Investigation (2014) International Economics, 137, pp. 73-87; Jawadi, N., Jawadi, N., Idi Cheffou, K., Computing the Time-Varying Effects of Investor Attention in Islamic Stock Returns (2020) Computational Economics, 56 (1), pp. 131-143. , forthcoming, and; (2017), 50 (5), p. 559. , 573,. Threshold effect the relationship between investor sentiment and stock market returns: a PSTR specification. Applied Economics},
correspondence_address1={Jawadi, F.; University of LilleFrance; email: fredj.jawadi@univ-lille.fr},
publisher={Routledge},
issn={00036846},
language={English},
abbrev_source_title={Appl. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Anagnostopoulos20202087,
author={Anagnostopoulos, I. and Noikokyris, E. and Giannopoulos, G.},
title={A meta-crisis banking efficiency study in the MENA region},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={9},
pages={2087-2112},
doi={10.1108/JIABR-12-2019-0235},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85095700659&doi=10.1108%2fJIABR-12-2019-0235&partnerID=40&md5=44670cfb29274fc4caf73fa115ac050d},
affiliation={Department of Accounting and Financial Management, School of Business and Management, Royal Holloway University of London, London, United Kingdom; School of Economics and Finance, Queen Mary University of London, London, United Kingdom; Department of Accounting, Finance and Informatics, Kingston University Kingston Business School, Kingston-Upon-Thames, United Kingdom},
abstract={Purpose: The purpose of this paper is to comparatively examine the cost and the overlooked revenue efficiency of Islamic and commercial banks in the aftermath of the crisis, operating in nine MENA-based countries during the 2010-2017 financial period, where the established empirical work is relatively limited. The authors also update the research where they use recent data sets and they provide for a targeted, structured literature review pre- and post-crisis in the Gulf region. Design/methodology/approach: The authors examine cost and revenue efficiency of 25 major Islamic banks (IBs) and 25 major conventional banks (CBs). They conduct tests on the determinants of such variables. In the first stage of the analysis, they measure efficiency by using the data envelopment analysis (DEA) technique. The analysis performs regressions where these also reveal that the bank efficiency index is influenced by various bank type-specific attributes. It also seems that tighter restrictions on bank activities are negatively associated with bank efficiency. Second stage analysis, which accounts for banking environment and bank-level characteristics, confirms these results. Findings: Conventional banks are both more cost and revenue efficient than Islamic banks over the period under examination. The analysis also reveals that the bank efficiency index is influenced by bank-type attributes. Greater presence of fixed capital resources has positive effects on growth in both Islamic and conventional banking. The major constraints impeding Islamic banking growth include labour costs. The authors examine whether and how bank-type orientation affects the cost and revenue efficiency of conventional and Islamic banks. They find that post-crisis Islamic banks underperform their conventional counterparts on both accounts within a mixed banking system. Research limitations/implications: This study did not include comparative data before the 2008 financial crisis. There is also a great deal of heterogeneity among Islamic banks in the samples that have been examined here and by other researchers and the constructed efficiency scores should be interpreted cautiously as divergent Islamic banks are pooled in the same samples. Practical implications: This study identified factors that may help bank managers to improve their financial outlook by controlling revenue and cost efficiency profitability. These factors could as well help to understand how some indicators affect both cost and revenue efficiency, particularly in Islamic banking. It also seems that tighter restrictions on Islamic bank activities are negatively associated with bank efficiency. Islamic banks that directly compete with their conventional counterparts in the aftermath of the crisis are less efficient on both the cost and revenue frontiers. They are potentially hindered by the differential regulations of supervising authorities in dual banking systems. Social implications: The authors provide recommendations regarding regulatory and other issues that are relevant to Islamic banking and further research is suggested. Findings are relevant to a variety of stakeholders (managers, policymakers and regulators). Islamic banking authorities could re-examine the benefits of partially moving to a more standardized/conventional system of banking by lifting some trading restrictions. In addition, developing and maintaining managerial skills is an indispensable instrument for the long-term endurance of any system. A related aspect is thus an effort to determine the holistic efficiency (including managerial) of Islamic banks as a guide for policymakers to improve managerial performance. Originality/value: There is relatively limited empirical work that investigates the efficiency between Islamic and conventional banking in the aftermath of the crisis in the Gulf region despite the growing importance of this region on political and economic levels. The authors also examine the revenue efficiency measure often under-researched in the literature and particularly important for comparative studies. Overseas-owned banks have attained much higher infiltration levels in middle-eastern countries over the past decade. It has also been suggested that market penetration differences may also be related to bank efficiency concerns among countries and their financial systems as opposed to types of banks. © 2020, Emerald Publishing Limited.},
author_keywords={Cost efficiency;  Islamic banking;  MENA region;  Post-crisis efficiency;  Revenue efficiency},
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correspondence_address1={Anagnostopoulos, I.; Department of Accounting and Financial Management, United Kingdom; email: Yiannis.Anagnostopoulos@rhul.ac.uk},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Malim202049,
author={Malim, N.A.K. and Azizan, S.},
title={The determinants of islamic and conventional banking profitability in asian countries},
journal={Management and Accounting Review},
year={2020},
volume={19},
number={3},
pages={49-67},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85113257101&partnerID=40&md5=659437509323c60cf9e22562682438e8},
affiliation={Universiti Sains, Malaysia},
abstract={This paper aims to examine the determinants of Islamic and conventional banking profitability in Asian countries. We estimated an econometric model using the Generalized Method of Moments (GMM) from 2009 to 2013 based on 162 conventional banks and 65 Islamic banks operating in a dual banking system. This paper extends prior literature by examining the profitability of Islamic banks and conventional banks using the more comprehensive determinants, especially in Asian countries where studies are observably limited. The results show that the factors influencing the profitability of Islamic and conventional banks are different. The profitability of Islamic banks is significantly affected by the size, management efficiency, inflation, market concentration, the rule of law and monetary freedom. For conventional banks, the key determinants include capital, size, credit risk, management efficiency, monetary freedom and economic growth. The findings provide policy implications for enhancing the profitability in a dual banking system. © 2020, Universiti Teknologi Mara. All rights reserved.},
author_keywords={Asian countries;  Conventional banks;  GMM;  Islamic banks;  Return on assets},
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M., Determinants of profitability in Islamic banks: some evidence from the Middle East (2003) Islamic Economic Studies, 11 (1), pp. 31-57; Blundell, R., Bond, S., Initial conditions and moment restrictions in dynamic panel data models (1998) Journal of Econometrics, 87, pp. 115-143; Boone, J., Weigand, J., (2000) Measuring competition in the Dutch manufacturing sector: How are cost differentials mapped into profit differentials, , CPB Working Paper No. 131, Den Haag; Bourke, P., Concentration and other determinants of bank profitability in Europe, North America and Australia (1989) Journal of Banking & Finance, 13 (1), pp. 65-79. , https://doi.org/10.1016/0378-4266(89)90020-4; Bouzgarrou, H., Jouida, S., Louhichi, W., Bank profitability during and before the financial crisis: Domestic vs. foreign banks (2017) Research in International Business and Finance, , https://doi.org/10.1016/j.ribaf.2017.05.011; Demirguc-Kunt, a., Huizinga, H., Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence (1999) The World Bank Economic Review, 13 (2), pp. 379-408. , https://doi.org/10.1093/wber/13.2.379; Dietrich, A., Wanzenried, G., Determinants of bank profitability before and during the crisis: Evidence from Switzerland (2011) Journal of International Financial Markets, Institutions & Money, 21, pp. 307-327; Dietrich, A., Wanzenried, G., Determinants of bank profitability before and during the crisis: Evidence from Switzerland (2011) Journal of International Financial Markets, Institutions and Money, 21 (3), pp. 307-327. , https://doi.org/10.1016/j.intfin.2010.11.002; Dietrich, A., Wanzenried, G., The determinants of commercial banking profitability in low-, middle-, and high-income countries (2014) The Quarterly Review of Economics and Finance, 54 (3), pp. 337-354. , https://doi.org/10.1016/j.qref.2014.03.001; Djalilov, K., Piesse, J., Determinants of bank profitability in transition countries: What matters most? 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H., Mohamad, S., Ariff, M., Determinants driving bank performance: A comparison of two types of banks in the OIC (2017) Pacific Basin Finance Journal, 42, pp. 193-203. , https://doi.org/10.1016/j.pacfin.2016.02.007; Tan, Y., Journal of International Financial Markets, Institutions & Money The impacts of risk and competition on bank profitability in China (2016) Journal of International Financial Markets, Institutions & Money, 40, pp. 85-110. , https://doi.org/10.1016/j.intfin.2015.09.003; Yanikkaya, H., Gümüş, N., Pabuçcu, Y. U., How profitability differs between conventional and Islamic banks: A dynamic panel data approach (2018) Pacific Basin Finance Journal, 48, pp. 99-111. , https://doi.org/10.1016/j.pacfin.2018.01.006, (July 2017)},
correspondence_address1={Malim, N.A.K.; School of Management, Malaysia; email: fizanur@usm.my},
publisher={Universiti Teknologi Mara},
issn={26007975},
language={English},
abbrev_source_title={Manag. Account. Review},
document_type={Article},
source={Scopus},
}

@ARTICLE{Wahab202053,
author={Wahab, A.A. and Abdul-Rahim, R. and Janor, H.},
title={Impact of foreign exchange exposure and shariah-compliant status on Malaysian firms’ hedging practice [Kesan pendedahan matawang asing dan status patuh shariah terhadap amalan lindung nilai syarikat Malaysia]},
journal={Jurnal Pengurusan},
year={2020},
volume={58},
pages={53-65},
doi={10.17576/pengurusan-2020-58-05},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85091134038&doi=10.17576%2fpengurusan-2020-58-05&partnerID=40&md5=0a2bdc0324dae1fb2b8de4ba90484742},
affiliation={Faculty of Economics and Management, Universiti Kebangsaan Malaysia, UKM Bangi, Selangor, 43600, Malaysia},
abstract={This study investigates the impact of foreign exchange (forex) exposure and Shariah-compliant status on firms’ decision to practise hedging. It employs panel multiple and multinomial logistic regression on 702 firm-year observations from 117 non-financial listed firms over the period from 2010 to 2015. The sample consists of 70% Shariah-compliant firms, representative of the 74%-85% Shariah-compliant firms listed on Bursa Malaysia during the study period. From the multinomial logistic regression, this study finds total and net foreign currency exposures are significant in predicting hedging for firms that practice one and two hedging instruments. Moreover, the results also reveal that Shariah-compliant status always significantly and directly influence firms that hedge, except for firms that use four hedging instruments. This study contributes to the literature by introducing direct measurements of foreign currency exposure which prove to be significant indicators of forex exposure. Accurate measurement of forex exposure is crucial as it has implications on the firms’ ability to predict its cash flows, commit to future projects, and subsequently, increase its value. Since firms do not disclose whether the instruments used are conventional or Shariah-compliant, this study assumes that all instruments are conventional and therefore, being Shariah-compliant hinder the firms from practising hedging. However, the results reveal those firms that hedge are indeed Shariah-compliant. This finding should raise a great concern among the Islamic capital market regulators to require stricter rules and greater transparency among Shariah-compliant firms. © 2020 Penerbit Universiti Kebangsaan Malaysia. All rights reserved.},
author_keywords={Foreign cash flows;  Foreign currency exposure;  Foreign currency hedging;  Malaysia non-financial firms;  Shariah-compliant status},
funding_details={Universiti Kebangsaan MalaysiaUniversiti Kebangsaan Malaysia, GUP-2016-049},
funding_text 1={The authors wish to acknowledge that this paper is part of a research project funded under the Research University Scheme of the Universiti Kebangsaan Malaysia (GUP-2016-049).},
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Rahman, A., Oman, H.H., The Islamic hedging management: Paving the way for innovation in currency options (2014) International Journal of Management Studies (IJMS), 21 (1), pp. 23-37; Nydahl, S., Exchange rate exposure, foreign involvement and currency hedging of firms: Some Swedish evidence (1999) European Financial Management, 5 (2), pp. 241-257; Parsley, C.D., Popper, A.H., Exchange rate pegs and foreign exchange exposure in East and South East Asia (2006) Journal of International Money and Finance, 25, pp. 992-1009; Prasad, K., Suprabha, K.R., Measurement of exchange rate exposure: Capital market approach versus cash flow approach (2015) Procedia Economics and Finance, 25 (15), pp. 394-399; Rim, H., Mohidin, R., On the dynamic relationship between exchange rates and industry stock prices: Some empirical evidence from Malaysia (2005) Journal of Applied Business Research, 21, pp. 49-60; Salvary, W.S., The underinvestment problem, risk management, and corporate earnings retention (2005) Journal of Business & Economic Studies, 11 (2), pp. 87-102; Shapiro, C.A., (2014) Multinational Financial Management, , Wiley Asia Student Edition; Vural-Yavas, C., Determinants of corporate hedging: Evidence from emerging market (2016) International Journal of Economics and Finance, 8 (12), pp. 151-162; Wahyudi, S., Goklas, F., Rita, R. M., Hersugondo, H., Laksana, R., The determinants of corporate hedging policy: A case study from Indonesia (2019) International Journal of Economics and Business Administration, 6 (1), pp. 113-129. , E; Wong, F.H.M., The association between SFAS No. 119 derivatives disclosures and the foreign exchange risk exposure of manufacturing firms (2000) Journal of Accounting Research, 38, pp. 387-417; (2016) World Trade Organization (WTO), , https://www.wto.org/english/res_e/statis_e/wts2016_e/wts2016_e.pdf, World Trade Statistical Review; Zadeh, F.O., Eskandari, A., Looking forward to financial risk disclosure practices by Malaysian firms (2012) Australian Journal of Basic and Applied Sciences, 6 (8), pp. 208-214},
publisher={Penerbit Universiti Kebangsaan Malaysia},
issn={01272713},
language={English},
abbrev_source_title={Jurnal Pengurusan},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sukmana2020243,
author={Sukmana, R.},
title={A critical assessment of retail sovereign sukuk in Indonesia},
journal={Qualitative Research in Financial Markets},
year={2020},
volume={12},
number={2},
pages={243-262},
doi={10.1108/QRFM-10-2018-0109},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85070411644&doi=10.1108%2fQRFM-10-2018-0109&partnerID=40&md5=a7f92220eff0d6df7ce9f76931e7a8a1},
affiliation={Universitas Airlangga, Surabaya, Indonesia},
abstract={Purpose: The purpose of this paper is to critically evaluate the retail sovereign sukuk in Indonesia, which so far is not found elsewhere in the world and is an effective instrument to raise funds for covering government budget deficits. Design/methodology/approach: The paper adopts qualitative research combining literature studies, valid data from sukuk.com, government official documents and also in-depth interviews with relevant government officials to strengthen the arguments. Findings: Competitive rates, ability to be bought by individual and risk-free funding are some of the specific features of sukuk, while economic growth and large populations are some of the key success factors. Practical implications: This study will be the main reference for other governments which are keen to adopt similar instruments for their respective countries. Social implications: As individual is eligible to buy this sukuk, this may lead to a better wealth distributions Originality/value: To the best of the author’s knowledge, this paper is the first to comprehensively and critically evaluate the one and only retail sovereign sukuk as an alternative government instrument to raise funds. © 2019, Emerald Publishing Limited.},
author_keywords={Bonds;  Government;  Islam;  Islamic capital market;  Sukuk},
references={(2018) Statistik perbankan syariah, , www.bi.go.id/id/statistik/perbankan/syariah/Pages/sps_0615.aspx, (accessed: 24 May 2018; (2018) Statistic ekonomi dan keuangan Indonesia, , www.bi.go.id/id/statistik/seki/terkini/riil/Contents/Default.aspx; (2014) Rencana pembangunan jangka menengah nasional 2015-2019; (2017) Bonus demografi 2030-2040: Strategi Indonesia terkait ketenagakerjaan dan pendidikan, , www.bappenas.go.id/files/9215/0397/6050/Siaran_Pers_-_Peer_Learning_and_Knowledge_Sharing_Workshop.pdf; (2016) Training for trainers (official slides), , 29 October; (2017) Development of instrument aspect and infrastructure government sukuk market, , Directorate Islamic Financing, Ministry of Finance; (2018), www.djppr.kemenkeu.go.id/page/load/2080/resmi-luncurkan-sukuk-ritel-sr-010-pemerintah-ajak-masyarakat-berinvestasi-syariah, (accessed: 29 May 2018; Handayani, D., Surachman, E.N., Sukuk negara as financing strategy for Renewable Energy infrastructure: case study of Muara Laboh geothermal power project (2017) International Journal of Energy Economics and Policy, 7 (4), pp. 115-125; (2018) Official website, , www.ojk.go.id/id/kanal/syariah/data-dan-statistik/statistik-perbankan-syariah/Pages/Statistik-Perbankan-Syariah—Maret-2018.aspx, (accessed: 29 May 2018; (2018), www.sukuk.com, (accessed: 26 May 2018; Jobst, A., Amadou, N., Sy, R., Mills, P.S., Kunzel, P., Islamic bond issuance: what sovereign debt managers need to know (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 330-344; Mitsaliyandito, R.Q., Arundina, T., Kasri, R.A., Impact of sukuk market development on Indonesian Economic growth (2017) International Journal of Applied Business and Economic Research, 15 (24), pp. 537-549; Nienhaus, V., Karatas, A., Market perceptions of liquid sovereign Sukūk: a new asset class (2016) International Journal of Islamic and Middle Eastern Finance and Management, 9 (1), pp. 87-108; Sukmana, R., Ahlina, N., Islamic banks vs conventional Banks in Indonesia: an analysis on financial performances (2016) Jurnal Pengurusan, 47 (1), pp. 81-90; Sukmana, R., Kassim, S.H., Roles of the Islamic banks in the monetary transmission process in Malaysia (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (1), pp. 7-19; Sukmana, R., Kholid, M., An assessment of liquidity policies with respect to Islamic and conventional banks: a case study of Indonesia (2013) Qualitative Research in Financial Markets, 5 (2), pp. 126-138; Tariq, A.A., Dar, H., Risks of sukuk structures: implications for resource mobilization (2007) Thunderbird International Business Review, 49 (2), pp. 203-223; Wilson, R., Innovation in the structuring of Islamic sukuk securities (2008) Humanomics, 24 (3), pp. 170-181; (2018) Countries of donors to Indonesia, , www.djppr.kemenkeu.go.id/page/load/21, (accessed: 29 May 2018; (2018), https://data.worldbank.org/indicator/SP.POP.TOTL?year_high_desc=true},
correspondence_address1={Sukmana, R.; Universitas AirlanggaIndonesia; email: momyadit@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17554179},
language={English},
abbrev_source_title={Qual. Res. Financ. Markets},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ajmi2020111,
author={Ajmi, H. and Aziz, H.A. and Kassim, S.},
title={Does venture capital substitute Islamic profit and loss sharing contracts? Theoretical analysis on musharakah and venture capital},
journal={International Journal of Economics and Management},
year={2020},
volume={14},
number={1},
pages={111-127},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85084752962&partnerID=40&md5=ac0e575ddbdf35f068022760e88107f8},
affiliation={Institute of Islamic Banking and Finance, International Islamic University Malaysia IIUM, Malaysia; Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia IIUM, Malaysia},
abstract={This paper emphasizes on the conflicts of interest between agents in order to assess whether venture capital can be a potential model of musharakah in imperfect markets. To achieve this purpose, this study opts for the financial contracting enforceability approach and Monte-Carlo simulation to identify the contract that maximizes the value of the firm subject to the enforcement constraint for the agent and the participation constraint for the principal, taking into account market frictions, and the two levels of the industrial shocks. Findings reveal that musharakah is the optimal contract for agents, subject to their constraints when the shock is low and high. In addition, the simulation results indicate that the increase in market frictions engenders higher profit-sharing ratio for the financier when venture capital and musharakah financings are used. The increase in the value of the firm in case of high shock is attributed to the increase in the profit-sharing ratios for both contracts to mitigate the selfish behavior of the agent. Therefore, the financier tends to require a higher profit-sharing ratio as a compensation for the severer information asymmetry. © 2020, Universita Putra Malaysia.},
author_keywords={Conflicts of interest;  Market frictions;  Monte-Carlo simulation;  Optimal contract;  Profit-and loss sharing},
references={Adda, J., Cooper, R., Dynamic Economics Quantitative Methods and Applications Dynamic Economics: Quantitative Methods and Applications (2002) MIT press, USA; Ajmi, H., Aziz, H., Kassim, S., Mansour, W., Principal-Agent Preferences in Imperfect markets: Theoretical Analysis on Murabahah and Ijarah (2019) Journal of Islamic Monetary Economics and Finance, 5 (1), p. 117144; Ajmi, H., Aziz, H., Kassim, S., Mansour, W., Adverse Selection Analysis for Profit and Loss Sharing Contracts (2019) International Journal of Islamic and Middle Eastern Finance and Management, , (Furthcoming); Ajmi, H., Aziz, H., Kassim, S., Mansour, W., Financial Contracting Theory from the Islamic and the Conventional Overviews: Financial issues, Contributions, Gaps and Perspectives (2019) Journal of King Abdulaziz University: Islamic Economics, , (Furthcoming); Aghion, P., Bolton, P., A Theory of Trickle-Down Growth and Development (1997) Review of Economic Studies, 64 (2), pp. 151-172; Aghion, P., Hart, O., Moore, J., The economics of bankruptcy reform (1992) Journal of Law, Economics, and Organization, 2, pp. 215-244; Ahmed, H., Incentive-compatible profit-sharing contracts: A theoretical treatment (2002) Edward Elgar Publishing Limited, p. 4054. , Islamic Banking and Finance: New Perspective on Profit-Sharing and Risk, Publisher, Place; Akerlof, G.A., The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970) The Quarterly Journal of Economics, 84 (3), p. 488; Al-Suwailem, S., Optimal Sharing Contracts (2003) Work paper-Research & Development Al Rajhi Banking & Investment Corp Presented, pp. 1-57; Al-Suwailem, S., Venture Capital: A Potential Model of Musharakah (1998) Islam Econ, 10, pp. 3-20; Arrow, K., Essays in the Theory of Risk Bearing (1971) Markham Pub. Co; Atkeson, A., International Lending with Moral Hazard and Risk of Repudiation (1991) Econometrica, 59 (4), pp. 1069-1089; Atkeson, A., Kehoe, P., Modelling the Transition to a New Economy; Lessons from two technological Revolution (2007) American Economic Review, 97 (1), pp. 64-88; Ben Amar, A., An Old Wine in New Shari'a Compliant Bottles? A Time-frequency Wavelet Analysis of the Efficiency of Monetary Policy in Dual Financial Systems (2018) Economics Bulletin, 38 (1), pp. 558-564; Burtch, G., Benedetto, A., Mudambi, M., Leveraging information systems for enhanced product innovation (2014) Handbook of strategic e-business management, pp. 211-216. , F. J. Martinez-Lopez (Ed.), Berlin, Springer; Coase, R., The Nature of the Firm (1937) Economica, 4 (16), pp. 386-405; Cooley, Aggregate Consequences of Limited Contract Enforceability (2004) Journal of Political Economy, 112 (4), pp. 817-847; Dar, H., Presley, J., Lack of Profit Loss Sharing in Islamic Banking: Management and Control Imbalances (2000) International Journal of Islamic Financial Services, 2, pp. 9-12; Devigne, D., Manigart, S., Vanacker, T., Mulier, K., Venture capital Internationalization: Synthesis and Future Research Directions (2018) Journal of Economic Surveys, pp. 1-32; Drover, W., Busenitz, L., Matusik, S., Townsend, D., Anglin, A., Dushnitsky, G., A review and road map of entrepreneurial equity financing research: Venture capital, corporate venture capital, angel investment, crowdfunding, and accelerators (2017) Journal of Management, 43 (6), pp. 1820-1853; Ebrahim, M., Sheikh, M., Debt Instruments in Islamic Finance: A Critique (2016) Arab Law Quarterly; Elfakir, A., Tkiouat, M., Single or Menu Contracting: A Game Theory Application of the Hersanyi Model to Mudaraba Financing (2016) International Journal of Economics and Financial Issues, 6 (1), pp. 221-230; Elfakir, A., Tkiouat, M., An incentive game theory approach to musharakah contracts (2015) Asian Journal of Applied Sciences, 3 (4), pp. 736-752; Ernawati, E., Risk of profit loss financing: The case of Indonesia (2016) Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, (Journal of Islamic Economics), 8, pp. 101-116; Evans, D., Tests of Alternative Theories of Firm Growth (1987) Journal of Political Economics, 95 (1); Farooq, O., Partnership, Equity-Financing and Islamic Finance: Whither Profit-Loss Sharing ? (2007) International Association for Eslamic economics, 11, pp. 67-88; Gale, D., Hellwing, M., Incentive-Compatible Debt Contracts-The One-Period Problem (1985) Review of Economic Studies, pp. 647-663; Gierczak, M., Bretschneider, U., Leimeister, M., Is all that glitters gold? Exploring the effects of perceived risk on backing behavior in reward-based crowd-funding (2014) Paper presented at the International Conference on Information Systems (ICIS), Auckland, New Zealand; Hart, An Economist 's Perspective on the Theory of the Firm (1989) Columbia Law Review, 89 (7), p. 17571774; Hart, Firms, Contracts and Financial Structure (1995) 1st Editio. Calaredon Press OXFORD, ed; Hart, Incomplete Contracts and Public Ownership: Remarks and an Application to Public-Private partnerships (2003) The Economic Journal, 113 (486), pp. C69-C76; Hart, Incomplete Contracts and Control (2017) American Economic Review, 107 (7), pp. 1731-1752; Hart, O., Moore, J., A Theory of Debt Based on the Inalienability of Human Capital (1994) The Quarterly Journal of Economics, 109, pp. 841-879; Hasan, Z., Determination of Profit and Loss Sharing Ratios in Interest-Free Business Finance (1985) J. Res. Islamic Econ, 3, pp. 13-29; Jensen, M.C., Meckling, W.H., Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360; Kehoe, T., Levine, D., Debt-Constrained Asset Markets (1993) The Review of Economic Studies, 60 (4), pp. 865-888; Lone, A., Quadir, A., Incentive Structure of Financing a Project: An Islamic Finance Approach (2017) International Journal of Economics and Financial Issues, 7 (1), pp. 87-91; Maghrebi, N., Mirakhor, A., Risk Sharing and Shared Prosperity in Islamic Finance (2015) Islamic Economic Studies, 23 (2), pp. 85-115; Manigart, S., Wright, M., Venture capital investors and portfolio firms (2013) Foundations and Trends in Entrepreneurship, 9 (4-5), pp. 365-570; Mansour, W., Ben Abdelhamid, M., Heshmati, A., Recursive Profit and Loss sharing (2015) Journal of Risk, 17 (6), pp. 21-50; Marcet, A., Marimon, R., Communication, Commitment, and Growth (1992) Journal of Economic Theory, 58 (2), pp. 219-249; Mehri, M., Jouaber, K., Hassan, M., 'Profit-Sharing Ratio as a Screening device in Venture Capital', Edward Elgar Publishing (2017) Handbook of Empirical Research on Islam and Economic Life, pp. 579-601; Mollick, E., The dynamics of crowd-funding: An exploratory study (2014) Journal of Business Venturing, 29 (1), pp. 1-16; Muda, R., Ismail, A., Profit-Loss Sharing and Value Creation in Islamic Banks (2010) Journal of Business and Policy Research, 5 (2), pp. 262-281; Muhammad, M., Critical Analysis of Some of the Major Internal Hindrance Factors in the Application of Musharakah Financing by the Islamic Banks (2014) International Journal of Education and Research, 2 (9), pp. 125-142; Nabi, S., Profit Sharing, Income Inequality and Capital Accumulation (2012) IRTI working paper, , 21200; Hart, Profit Sharing and Debt Contracts in Presence of Moral Hazard (2013) IRTI Working Paper Series, , 49815; Ordanini, A., Miceli, L., Pizzetti, M., Parasuraman, A., Crowd-funding: Transforming customers into investors through innovative service platforms (2011) Journal of Service Management, 22 (4), pp. 443-470; Quintin, E., Limited Enforcement and the Organization of Production (2003) Journal of Macroeconomics, 30 (3), pp. 1222-1245; Ross, S., The Economic Theory of Agency: The Principal's Problem (1973) The American Economic Review, 63 (2), pp. 134-139; Sapuan, N., An Evolution of Mudarabah Contract: A Viewpoint From Classical and Contemporary Islamic Scholars (2016) Procedia Economics and Finance, 35, pp. 349-358; Schwienbacher, A., Larralde, B., (2012) Crowdfunding of Small Entrepreneurial Ventures, , Cumming, D., Ed., The Oxford Handbook of Entrepreneurial Finance, Chapter 13, Oxford University Press, Oxford; Smith, A., (1776) The Wealth of Nations; Stokey, N., Lucas, R., (1989) Recursive Methods in Economic Dynamics, , Harvard University Press, USA; Tauchen, G., Finite State Markov-chain Approximations to Univariate and Vector Autoregressions (1986) Economics Letters, 20 (2), pp. 177-181; Tirole, J., 'Incomplete Contracts: Where Do We Stand?' (1999) Econometrica, 67 (4), pp. 741-781; Vanacker, T., Manigart, S., Venture capital (2013) John Wiley & Sons, Inc, , Baker K.H. and Filbeck G. (Eds.), Alternative Investments: Instruments, Performance, Benchmarks, and Strategies, Hoboken, NJ; Williamson, O., Transaction-Cost Economics: The Governance of Contractual Relations (1979) The Journal of Law and Economics, 22 (2), pp. 233-261},
correspondence_address1={Ajmi, H.; Institute of Islamic Banking and Finance, Malaysia; email: hechemajmi@gmail.com},
publisher={Universita Putra Malaysia},
issn={1823836X},
language={English},
abbrev_source_title={Int. J. Econ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Dolgun202056,
author={Dolgun, M.H. and Ng, A. and Mirakhor, A.},
title={Need for calibration: applying a maximum threshold to liquidity ratio for Islamic banks},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2020},
volume={13},
number={1},
pages={56-74},
doi={10.1108/IMEFM-03-2018-0098},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85078058686&doi=10.1108%2fIMEFM-03-2018-0098&partnerID=40&md5=31d8b0fbf8f620a81a196194d7cba058},
affiliation={Central Bank of the Republic of Turkey, Ankara, Turkey; International Centre for Education in Islamic Finance, Kuala Lumpur, Malaysia},
abstract={Purpose: The purpose of this paper is to highlight the effects of liquidity regulations on Islamic banking using Turkey as a case study. It recommends an alternative mechanism using capital market standards for liquidity requirement of Islamic banks to mitigate certain risks. Design/methodology/approach: The paper evaluates the correlation between cash and profit and between liquidity coverage ratio and capital adequacy ratio of participating banks in Turkey. Findings: Islamic banks hold higher cash than they should. The paper suggests a maximum liquidity ratio for Islamic banks. Applying a cap to the liquidity coverage ratio will impose discipline on Islamic banks to manage their assets appropriately as well as to encourage their financial intermediation to the real sector. In addition, the authors argue that even if the cash outflows from investment account on the right side of Islamic banks’ balance sheets are included in the short-term projection, they should not be included in the denominator of the liquidity coverage ratio. Practical implications: The current Basel requirements and Islamic Financial Services Board standards are disincentives to Islamic banks to provide risk-sharing or partnership-based investments and services to their customers and depositors. Effective legal and regulatory framework and supervisory oversight need to take into account the difference between the risk profile of a typical Islamic bank and a conventional bank. Originality/value: Although it is well accepted that without adequate regulatory involvement it would not be possible to control and mitigate the risks related to Islamic banking financial intermediation, there should be a balance between the growth and stability of the industry. The regulatory involvement that satisfies this balance would be welcome. © 2020, Emerald Publishing Limited.},
author_keywords={Bank liquidity;  Basel III;  Islamic banking liquidity instruments;  Islamic banks;  Liquidity;  Liquidity risk management;  Regulation},
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(2004) Journal of Financial Intermediation, 13 (2), pp. 205-248; Barth, J.R., Lin, C., Mac, Y., Seade, J., Song, F.M., Do bank regulation, supervision and monitoring enhance or impede bank efficiency? (2013) Journal of Banking and Finance, 37 (8), pp. 2879-2892; (2014) Impact and implementation challenges of the Basel framework for emerging market, developing and small economies, , www.bis.org, Download: 6 March 2015; Bonner, C., Lelyvelda, I.V., Zymekd, R., (2013) Banks’ liquidity buffers and the role of liquidity regulation, , DNB Working Paper 393/September 2013; Boumediene, A., Financing government budget deficit as a liquidity risk mitigation tool for Islamic banks: a dynamic approach (2015) International Journal of Islamic and Middle Eastern Finance and Management, 8 (3), pp. 329-348; Calluzzo, P., Dong, G.N., Has the financial system become safer after the crisis? The changing nature of financial institution risk (2015) Journal of Banking and Finance, 53, pp. 233-248; Cathcart, L., El-Jahel, L., Jabbour, R., Can regulators allow banks to set their own capital ratios? 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(2016) Journal of Banking and Finance, 66, pp. 143-161; Drechsler, I., Drechsel, T., Marques-Ibanez, D., Schnabl, P., Who borrows from the lender of last resort? (2016) Journal of Finance, 71 (5). , First published: 14 September 2016; Dolgun, M.H., Mirakhor, A., Ng, A., A proposal designed for calibrating the liquidity coverage ratio for Islamic banks (2019) ISRA International Journal of Islamic Finance, 11 (1), pp. 82-97; Fuhrer, L.M., Müller, B., Steiner, L., The liquidity coverage ratio and security prices (2017) Journal of Banking and Finance, 75, pp. 292-311; Fukuyama, H., Matousek, R., Efficiency of Turkish banking: two-stage network system: variable returns to scale model (2011) Journal of International Financial Markets, Institutions and Money, 21 (1), pp. 75-91; Gorton, G., Winton, A., (2000) Liquidity Provision, Bank Capital, and the Macroeconomy, , University of MN, Minneapolis, MN; Hoque, H., Andriosopoulos, D., Andriosopoulos, K., Douady, R., Bank regulation, risk and return: evidence from the credit and sovereign debt crises (2015) Journal of Banking and Finance, 50, pp. 455-474; Hong, H., Huang, J.Z., Wu, D., The information content of Basel III liquidity risk measures (2014) Journal of Financial Stability, 15, pp. 91-111; (2012) Guiding principles on stress testing for institutions offering Islamic financial services: IFSB-13, , IFSB, March 2012; (2015) Islamic financial services industry stability report 2015, , IFSB, Kuala Lumpur; (2015) Guidance note on quantitative measures for liquidity risk management in institutions offering Islamic financial services: IFSB-15, , April 2015, Kuala Lumpur; Ismal, R., Assessment of liquidity management in Islamic banking industry (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (2), pp. 147-167; Leykun, F., Determinants of commercial banks’ liquidity risk: evidence from Ethiopia (2016) Research Journal of Finance and Accounting, 7 (15). , 2222-1697 (Paper) 2222-2847 (Online; Mohammad, S., Liquidity risk management in Islamic banks: a survey (2015) Afro Eurasian Studies, 1 (2), pp. 215-230; Morgan, P.J., Pontines, V., An Asian perspective on global financial reforms (2013) Adbi, , Working Paper Series, 433; Ng, A., Ibrahim, M., Mirakhor, A., On building social capital for Islamic finance (2015) International Journal of Islamic and Middle Eastern Finance and Management, 8 (1), pp. 2-19; Ogilo, F., Mugenyah, L.O., Determinants of liquidity risk of commercial banks in Kenya (2015) The International Journal of Business and Management, 3 (9). , 2321–8916; Praet, P., Herzberg, V., (2008) Market liquidity and banking liquidity: linkages, vulnerabilities and the role of disclosure, , Banque de France, Financial Stability Review, Special Issue on Liquidity, 11 February 2008; (2016) Turkey Islamic finance report, , www.concec.org; Valla, N., Saes-Escorbiac, B., Bank liquidity and financial stability (2006) Financial Stability Review, Banque de France, 9 (1), pp. 89-104; Vazquez, F., Federico, P., Bank funding structures and risk: evidence from the global financial crisis (2015) Journal of Banking and Finance, 61, pp. 1-14; Wagner, W., The liquidity of bank assets and banking stability (2007) Journal of Banking and Finance, 31 (1), pp. 121-139; Song, I., Oosthuizen, C., (2014) Islamic banking regulation and supervision: survey results and challenges, , IMF Working Paper, WP/14/220},
correspondence_address1={Ng, A.; International Centre for Education in Islamic FinanceMalaysia; email: ngboonka@yahoo.com},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Peranginangin20203230,
author={Peranginangin, J. and Bakar, U.A.},
title={Antecedents of developing entrepreneurial orientation among college students in Indonesia},
journal={International Journal of Scientific and Technology Research},
year={2020},
volume={9},
number={2},
pages={3230-3237},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85079644191&partnerID=40&md5=267ce28863554c1eeeb34a547d78c27f},
abstract={The objective of research is to construct a model that can investigate and develop entrepreneurial orientation among college students. By taking into consideration the concepts that previous studies have proposed, this research attempts to emphasize the importance of entrepreneurial orientation to the young generation. Research design is Structural Equation Modeling (SEM) and this design is operated with AMOS Version 22. Research object is college students in final semester. Data are collected through structured questionnaire given to 250 respondents. Research has several results. Social Capital affects Entrepreneurial Orientation, but does not affect Market Sensing Capability. Moreover, Market Sensing Capability does not have effect on Entrepreneurial Orientation. Islamic Relationship Value not onl y has great effect on Market Sensing Capability but also on Entrepreneurial Orientation. These results should be useful for the management of any colleges to develop policy to increase the number of entrepreneurs among college students, alumni, and society members. Young generation is expected to be familiar with entrepreneurship and then to develop new enterprises in their environment. These results are also the entry gate into the development of next model of entrepreneurship, and also have significant contribution to the body of knowledge about entrepreneurship. © IJSTR 2020.},
author_keywords={Entrepreneurial Orientation;  Islamic Relationship Value;  Market Sensing Capability;  Social Capital},
references={Ardyan, E., Market Sensing Capability, Entrepreneurial Orientation, Product innovativeness Succes, Speed to Market and SMEs Performance (2016) International Journal of Business Intellegence Research, 6 (2), pp. 18-32; Bentler, P.M., Chou, C.P., Practical Issues in Structural Modeling (1987) Sociological Methods and Research, 16 (1), pp. 78-117; Casanueva, C., Gallego, Á., Sancho, M., Network Resources and Social Capital in Airline Alliance Portfolios (2013) Tourism Management, 36, pp. 441-453; Chang, S.-C.C., Tein, S.-W., Lee, H.-M., Social Capital, Creativity, and New Product Advantage: An Empirical Study (2010) International Journal of Electronic Business Management, 8 (1), pp. 43-55; Coleman, J.S., Social capital in the creation of human capital (1988) American Journal of Sociology, 94 (1), pp. 95-120; Dakhli, M., de Clercq, D., Human capital, social capital, and innovation: A multi-country study (2004) Entrepreneurship & Regional Development, 16 (2), pp. 107-128; Ferdinand, A., (2005) Structural Equation Model Dalam Penelitian Manajemen., , Semarang: badan Penerbit Universitas Diponegoro; Ferry, P.J., Deakins, D., Whittam, G., The Measurement of Social Capital in The Entrepreneurial Context (2009) Journal of Enterprising Communities: People and Places in the Global Economy, 3 (2), pp. 138-151; Fornell, C., Larcker, D.F., Evaluating Structural Equation Modell With Unobservable Variables and Measurement Error (1981) Jounal of Marketing Research, 18 (1), pp. 39-50; Gao, S.S., Sung, M.C., Zhang, J., Risk management capability building in SMEs: A social capital perspective (2012) International Small Business Journal, 31 (6), pp. 677-700; Ghozali, I., (2007) Model Persamaan Struktural: Konsep Dan Aplikasi Dengan Program AMOS 16.0, , Semarang: Badan Penerbit Universitas Diponegoro; Hair, J.F., Black, W.C., Babin, B.J., Anderson, R.E., (2014) Multivariate Data Analysis, , (S. Edition Ed.). United State of America: Pearson Education Limited; Heusinkveld, S., Benders, J., van den Berg, R.-J., From market sensing to new concept development in consultancies: The role of information processing and organizational capabilities (2009) Technovation, 29 (8), pp. 509-516; Hoffman, J.J., Hoelscher, M.L., Sherif, K., Social capital, knowledge management, and sustained superior performance (2005) Journal of Knowledge Management, 9 (3), pp. 93-100; Jasmine, T., Sameer, P., Immigrant family businesses: Social capital, network benefits and business performance (2015) International Journal of Entrepreneurial Behavior & Research, 21 (6), pp. 842-866; Kwon, S.W., Adler, P.S., Social Capital: Maturation of a Field of Research (2014) Academy of Management Review, 39 (4), pp. 412-422; Li, Y., Wang, X., Huang, L., Bai, X., How Does Entrepreneurs' Social Capital Hinder New Business Development? A Relational Embeddedness Perspective (2013) Journal of Business Research, 66 (12), pp. 2418-2424; Lindblom, A.T., Olkkonen, R.M., Mitronen, L., Kajalo, S., (2008) Market-Sensing Capability and Business Performance of Retail; Contemporary Management Research, 4 (3), p. 17; Peranginangin, J., A Conceptual Mapping Resource Advantage Theory, Competitive Advantage Theory, and Transient Competitive Advantage (2015) Expert Journal of Business and Management, 3 (2), pp. 140-149; Peranginangin, J., (2018) Meningkatkan Kinerja Tenaga Penjualan Melalui Kapabilitas Dinamik Mengikat Pelanggan. (Ph.D in Marketing Ph. D Thesis, , Universitas Diponegoro, Semarang, Indonesia; Peranginangin, J., Kusumawardhani, A., Islamic Relationship Value, Adaptive Selling, and Relationship Quality Effect to Salesforce Performance (2018) Journal of Business and Retail Management Research, 12, pp. 37-42. , Issue 4); Rahman, M.K., Abdullah-Al-Mamun, K.H.M.A., (2014) Ethical Implications of Sales Promotion in Malaysia: Islamic Perspective. Journal of Business Law and Ethics, 2 (1), pp. 13-27; Roomi, M.A., Entrepreneurial capital, social values and Islamic traditions: Exploring the growth of women-owned enterprises in Pakistan (2011) International Small Business Journal, 31 (2), pp. 175-191; Samad, A., Market Analysis from an Islamic Perspective and the Contribution of Muslim Scholars (1999) Journal of Islamic Economics, , Banking and Finance; Soininen, J., Martikainen, M., Puumalainen, K., Kyläheiko, K., Entrepreneurial Orientation: Growth and Profitability of Finnish Small and Medium Sized Enterprises (2012) International Journal of Production Economics, 140 (2), pp. 614-621; Statistics Indonesia (2019) From Badan Pusat Statistik (Indonesia Central Bureau of Statistics, , www.bps.go.id; Still, K., Huhtamäki, J., Russell, M., (2013) 2013/10/Oct, p. 2013. , Relational Capital and Social Capital: One or two Fields of Research?, Kidmore End; Tabachnick, B.G., Fidell, L.S., (2013) Using Multivariate Statistics (Sixth Edition Ed.)., , United State of America: Pearson Education; Tang, J., Tang, Z., Zhang, Y., Li, Q., The Impact of Entrepreneurial Orientation and Ownership Type on Firm Performance in the Emerging Region of China (2007) Journal of Developmental Entrepreneurship, 12 (4), pp. 383-397; Uyar, A.S., Deniz, N., The Perceptions of Entrepreneurs on the Strategic Role of Human Resource Management (2012) Procedia-Social and Behavioral Sciences, 58, pp. 914-923; Wilson, J.A.J., The New Wave of Transformational Islamic Marketing Reflections and Definitions (2012) Journal of Islamic Marketing, 3 (1), pp. 5-11; York, J.G., Venkataraman, S., The Entrepreneur Environment Nexus: Uncertainty, Innovation, and Allocation (2010) Journal of Business Venturing, 25 (5), pp. 449-463; Zakaria, N., Talib, A.N.A., Applying Islamic Market Oriented Cultural Model to Sensitize Strategies Towards Global Customers, Competitors, and Environment (2010) Journal of Islamic Marketing, 1 (1), pp. 51-62},
publisher={International Journal of Scientific and Technology Research},
issn={22778616},
language={English},
abbrev_source_title={Int. J. Sci. Technol. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Almansour2019,
author={Almansour, A.},
title={Muslim investors and the capital market: The role of religious scholars},
journal={Pacific Basin Finance Journal},
year={2019},
volume={58},
doi={10.1016/j.pacfin.2019.101211},
art_number={101211},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85074443429&doi=10.1016%2fj.pacfin.2019.101211&partnerID=40&md5=b1d9b6ed21d374b4a5cf15d693365622},
affiliation={KFUPM Business School and the Center of Research Excellence for Islamic Banking and Finance, King Fahd University of Petroleum and Minerals (KFUPM), Saudi Arabia},
abstract={We demonstrate that religious scholars play a significant role in shaping investment preferences of Muslim investors. We hand-collect texts containing Shari'a compliance advises (SCAs) by influential Shari'a scholars about the status of firms that planned an initial public offering (IPO) in Saudi Arabia during the period from 2005 to 2017. We found that the number of individuals subscribing to an IPO, on average, drops by around 60% if all Shari'a scholars agree, in their SCAs, to reject the firm as a Shari'a-compliant firm during the subscription period. Interestingly, if the scholars disagree, individuals show no significant reaction to scholars whose SCAs rejected the IPO. © 2019},
author_keywords={Initial public offering (IPO);  Islamic finance;  Religion;  Saudi Arabia;  Social responsibility investments},
funding_text 1={Acknowledges the support, received from Capital Market Authority in Saudi Arabia.},
references={Al-Awadhi, A.M., Essays on Religious Beliefs and Stock Market Outcomes (2017), (Doctoral Dissertations) RMIT University; Alhomaidia, A., Hassana, M.K., Zireka, D., Alhassana, A., Commonality in Preferences and Stock Comovements. Working Paper (2017), Department of Economics and Finance at the University of New Orleans; Alqahtani, F., Boulanouar, Z., Sharia compliance status &amp; investor demand for ipos: evidence from Saudi Arabia (2017) Pac. Basin Financ. J., 46, pp. 258-268; Alzahrani, M., Megginson, W.L., Finance as Worship: A Survey of Islamic Finance Research. CEIF Discussion Paper (2017), King Fahd University of Petroleum and Minerals; Azmat, S., Jalil, M.N., Skully, M., Brown, K., Investor's choice of shariah compliant ‘replicas’ and original islamic instruments (2016) J. Econ. Behav. Organ., 132, pp. 4-22; Baker, H.K., Nofsinger, J.R., Socially Responsible Finance and Investing: Financial Institutions, Corporations, Investors, and Activists (2012), John Wiley and Sons; Barber, B.M., Odean, T., Zhu, N., Do retail trades move markets? (2008) Rev. Financ. Stud., 22 (1), pp. 151-186; Bialkowski, J., Etebari, A., Wisniewski, T.P., Fast profits: investor sentiment and stock returns during Ramadan (2012) J. Bank. Financ., 36 (3), pp. 835-845; Bollen, N.P., Mutual fund attributes and investor behavior (2007) J. Financ. Quant. Anal., 42 (3), pp. 683-708; Chen, Y., Murgulov, Z., Rhee, S.G., Veeraraghavan, M., Religious beliefs and local government financing, investment, and cash holding decisions (2016) J. Empir. Financ., 38, pp. 258-271; El-Gamal, M., Islamic Finance: Law, Economics, and Practice (2008), Cambridge University Press; Fama, E.F., French, K.R., Disagreement, tastes, and asset prices (2007) J. Financ. Econ., 83 (3), pp. 667-689; Godlewski, C.J., Turk, R., Weill, L., Do Markets Perceive Sukuk and Conventional Bonds as Different Financing Instruments? Working Paper (2011); Godlewski, C.J., Turk-Ariss, R., Weill, L., Do the type of sukuk and choice of shari'a scholar matter? (2016) J. Econ. Behav. Organ., 132, pp. 63-76; Grassa, R., Corporate governance and credit rating in islamic banks: does shariah governance matters? (2016) J. Manag. Gov., 20 (4), pp. 875-906; Hassan, M.K., Miglietta, F., Paltrinieri, A., Floreani, J., The effects of shariah board composition on islamic equity indices’ performance (2018) Bus. Ethics, 27 (3), pp. 248-259; Hilary, G., Hui, K.W., Does religion matter in corporate decision making in America? (2009) J. Financ. Econ., 93 (3), pp. 455-473; Iyer, S., The new economics of religion (2016) J. Econ. Lit., 54 (2), pp. 395-441; Kumar, A., Page, J.K., Spalt, O.G., Religious beliefs, gambling attitudes, and financial market outcomes (2011) J. Financ. Econ., 102 (3), pp. 671-708; Mollah, S., Zaman, M., Shari'ah supervision, corporate governance and performance: conventional vs. islamic banks (2015) J. Bank. Financ., 58, pp. 418-435; Shafron, E., Investor tastes: implications for asset pricing in the public debt market (2019) J. Corp. Financ., 55, pp. 6-27. , (Islamic corporate finance, financial markets, and institutions); Ünal, M., The Small World of Islamic Finance: Shariah Scholars and Governance–A Network Analytic Perspective, v. 6.0. Funds@ Work (2011); Uusmani, M., An Introduction to Islamic Finance. Arab and Islamic Laws Series (2002), Springer Netherlands},
correspondence_address1={Almansour, A.; KFUPM Business School and the Center of Research Excellence for Islamic Banking and Finance, Saudi Arabia; email: amansour@kfupm.edu.sa},
publisher={Elsevier B.V.},
issn={0927538X},
coden={PBFJE},
language={English},
abbrev_source_title={Pac. Basin Financ. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hanif2019967,
author={Hanif, M.},
title={Islamic mortgages: principles and practice},
journal={International Journal of Emerging Markets},
year={2019},
volume={14},
number={5},
pages={967-987},
doi={10.1108/IJOEM-02-2018-0088},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85070359578&doi=10.1108%2fIJOEM-02-2018-0088&partnerID=40&md5=0681dd5910ef566dece647dc800cec89},
affiliation={College of Business Administration, Ajman University, Ajman, United Arab Emirates},
abstract={Purpose: The purpose of this paper is to present an analysis of current practices of Islamic mortgages in the light of the principles of Islamic financial system, to document divergences – if any. A subsidiary goal is to develop an Islamic Mortgage Model (IMM) based on Musharakah principles. Design/methodology/approach: The author documents theoretical underpinnings of risk-return sharing from the Shari’ah perspective. A comparative study of conventional and Islamic mortgages is completed; existing practice of Islamic mortgages analyzed in the light of Musharakah principles and divergences identified. IMM is developed after taking divergences and Musharakah principles into considerations. A housing case is used to highlight differences (in financial terms) under multiple methods and scenarios. Findings: Study documents multiple divergences from Musharakah principles in the existing practice of Islamic mortgages including ignorance of market pricing in the negotiation of rentals and trading of equity units, and transfer of all ownership risks and rewards (vacancy, damage, destruction and market) to one partner (i.e. customer). Practice is divergent from principles in the area of economic substance. Modified IMM is developed by taking into account Musharakah principles; and differences highlighted by calculating financial figures – to determine financial rights and liabilities of the parties. Practical implications: Divergence from the principles of risk-return sharing leads to failure in the achievement of Islamic finance objective of equitable distribution of wealth. Moreover, protection of capital for financier reduces the market abilities to achieve financial stability by matching credit expansion with the rise in the real economy. Shari’ah boards and regulators, as well as, management of Islamic banking industry are expected to incorporate proposed changes in-practice for the realization of Islamic finance objectives. Originality/value: This study contributes to Islamic finance literature in the area of risk-return sharing. Based on important objectives of Islamic finance – equitable distribution of wealth and financial stability – divergences identified and a modified IMM in the light of Musharakah principles is presented. Descriptive rules are transformed into financial figures to document financial rights and liabilities of the concerned parties. © 2019, Emerald Publishing Limited.},
author_keywords={Diminishing Musharakah;  Islamic finance;  Islamic mortgages;  Profit and loss sharing;  Risk and return},
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Guan, L., Lin, F., Fang, W., Goal oriented earnings management: evidence from Taiwanese firms (2008) Emerging Market Finance and Trades, 44 (4), pp. 19-32; Hamid, A., Masood, O., Selection criteria for Islamic home financing: a case study of Pakistan (2011) Qualitative Research in Financial Markets, 3 (2), pp. 117-130. , https://doi.org/10.1108/17554171111155357; Hanif, M., Implications of earnings management for implementation of Sharia-based financial system (2010) Interdisciplinary Journal of Contemporary Research in Business, 2 (1), pp. 192-216; Hanif, M., Hijazi, S.T., Islamic house financing a critical analysis and comparison with conventional mortgage (2010) Middle Eastern Finance and Economics, (6), pp. 99-107; Hanif, M., Iqbal, A.M., Islamic financing and business framework: a survey (2010) European Journal of Social Sciences, 15 (4), pp. 475-489; Hasan, Z., Islamic home finance in the social mirror (2011) ISRA International Journal of Islamic Finance, 3 (7), pp. 7-24; Hasan, Z., (2012) Mortgage contracts in Islamic home finance: Musharakah Mutanaqisah program vs Zubair diminishing balance model, , https://mpra.ub.uni-muenchen.de/39067/, (accessed, June 12, 2018; Ibrahim, S.H.B.M., (2000) The need for Islamic accounting: perceptions of its objectives and characteristics by Malaysian Muslim accountants and accounting academics, , thesis for: PhDAccounting, University of Dundee, Nethergate, Dundee; (1995), Directory of Islamic Banks and Financial Institutions, IAIB, Jeddah; Iqbal, A., Espenlaub, S., Strong, N., Earnings management around UK open offers (2009) The European Journal of Finance, 15 (1), pp. 29-51; Iqbal, M., Ahmad, A., Khan, T., (1998) Challenges facing Islamic banking, , Islamic Research and Training Institute, Occasional Paper 1; Kashi, A., Mohamad, A., Does Musharakah Mutanaqisah converge with Bai Bithamin Ajil and conventional loans? (2017) International Journal of Law and Management, 59 (5), pp. 740-755. , https://doi.org/10.1108/IJLMA-04-2016-0044; Kasim, N., Sanusi, Z.M., Emerging issues for auditing in Islamic Financial Institutions: empirical evidence from Malaysia (2013) IOSR Journal of Business and Management, 8 (5), pp. 10-17; Khan, F., How ‘Islamic’ is Islamic banking (2010) Journal of Economic Behavior & Organization, 76 (3), pp. 805-820; Khan, M.A., (1989) Economic Teachings of Prophet Muhammad (PBUH): A Select Anthology of Hadith Literature on Economics, , International Institute of Islamic Economics, Islamabad; Khan, M.A., (1999) Financial Accounting: Managerial Perspective, , Anas Publishers, Islamabad; Meera, A.K.M., Abdulrazak, D., Islamic home financing through Musharakah Mutanaqisah and al-Bay’ Bithaman Ajil contracts: a comparative analysis (2005) Review of Islamic Economics, 9 (2), pp. 5-30; Meera, A.K.M., Abdulrazak, D., Home financing through the Musharakah Mutanaqisah contracts: some practical issues (2009) JKAU: Islamic Economics, 22 (1), pp. 121-143; Mowdoodi, S.A.A., (2000) Riba [Interest and Usury (Sood) in the Urdu Language], , Islamic Publications, Lahore; Omar, N., (2013) Islamic Financial Institutions and terrorism financing: a perceptional study, , www.researchgate.net/publication/255704162, (accessed, October 13, 2017; (2017) Muslims and Islam: Key Findings in the U.S. and around the World, , www.pewresearch.org/fact-tank/2017/08/09/muslims-and-islam-key-findings-in-the-u-s-and-around-the-world/, Pew Research Centre, Washington, DC: :, (accessed, December 20, 2017; Sarker, M.A.A., Islamic banking in Bangladesh: performance, problems & prospects (1999) International Journal of Islamic Financial Services, 1 (3), p. 7. , http://easymoneyhere.0fees.net/3.pdf, p.: (accessed, January 26, 2018; (2017) Islamic banking bulletin, , www.sbp.org.pk/ibd/bulletin/2017/Sep.pdf, State Bank of Pakistan, Karachi: (accessed, December 14, 2017; Shahar, W.S.S.W., Hassin, W.S.W., Zan, U.M.S.M., Shariah audit for Islamic Financial Institutions (IFI’s): issues and challenges (2018) Reports on Economics and Finance, 4 (4), pp. 151-158. , https://doi.org/10.12988/ref.2018.8114; Shahwan, S., Mohammad, M.O., Abdulrahman, Z., Home financing pricing issues in the Bay’ Bithaman Ajil (BBA) and Musharakah Mutanaqisah (MMP) (2013) Global Journal Al-Thaqafah, 3 (2), pp. 23-36. , www.gjat.my; Shaikh, I.A., Comparison of diminishing Musharaka and conventional house financing contracts (2006) Market Forces, 2 (3), pp. 116-127; Tahir, S., (2013) Alternative structures for financing by Islamic banks, , IRTI WP 1434-03, Islamic Research and Training Institute, Jeddah; Usmani, M.T., (1999) Pakistan Supreme court judgement on Riba, , www.albalagh.net/Islamic_economics/riba_judgement.pdf, (accessed, October 26, 2018; Visser, H., (2012) Islamic finance: aims, claims and the realities of the market place, , www.researchgate.net/publication/233413662_Islamic_finance_aims_claims_and_the_realities_of_the_market_place_23, paper presented at Arab Financial Forum on Ethical Investment Study, November: (accessed, February 3, 2018; Walker, R.G., Reporting entity concept: a case study of the failure of principles based regulation (2007) Abacus, 43 (1), pp. 49-70},
correspondence_address1={Hanif, M.; College of Business Administration, United Arab Emirates; email: hanifacma@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17468809},
language={English},
abbrev_source_title={Int. J. Emerg. Mark.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Smith2019523,
author={Smith, R.D.},
title={The business of human trafficking: slaves and money between Western Italy and the House of Islam before the crusades (c.900–c.1100)},
journal={Journal of Medieval History},
year={2019},
volume={45},
number={5},
pages={523-552},
doi={10.1080/03044181.2019.1669210},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85074896702&doi=10.1080%2f03044181.2019.1669210&partnerID=40&md5=619770ba9b20dd3dd43e5f569254b34f},
affiliation={854 William Street, London, ON  N5Y 2S3, Canada},
abstract={Before the First Crusade, the maritime cities of Italy imported precious objects from Islamic regions. The question of what they exported in return has long occupied historians. Due to the large economic disparity between Latin Italy and the wealthier House of Islam, human trafficking offered a strong profit opportunity to merchants from Amalfi, Pisa and other ports. This was because the price of a slave in Egypt or North Africa, at around 20 gold dinars, represented a large sum in the silver currency zones of Latin Europe, especially compared to low prices in Italy. Even moderate numbers of trafficked humans may therefore have provided the capital for further maritime economic expansion. Moreover, slaves offered a commodity with low infrastructure and transportation requirements, unlike bulk agricultural products, as well as unique advantages in market access, which suggests that slave trading preceded investment in other branches of commerce. © 2019, © 2019 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={Amalfi;  Egypt;  Islam;  Italy;  medieval;  Mediterranean;  Pisa;  slaves},
correspondence_address1={Smith, R.D.854 William Street, Canada; email: romneydavidsmith@gmail.com},
publisher={Routledge},
issn={03044181},
language={English},
abbrev_source_title={J. Mediev. Hist.},
document_type={Article},
source={Scopus},
}

@ARTICLE{MuhamadSori2019659,
author={Muhamad Sori, Z. and Mohamad, S. and Al Homsi, M.},
title={View from practice: Stock market reaction to sukuk credit rating changes in Malaysia},
journal={Thunderbird International Business Review},
year={2019},
volume={61},
number={5},
pages={659-667},
doi={10.1002/tie.22066},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065096936&doi=10.1002%2ftie.22066&partnerID=40&md5=fdef8149d28d2d0033e82fddec8ebfd0},
affiliation={INCEIF, Lorong Universiti A, Kuala Lumpur, Malaysia; Research Department, CIBAFI, Manama, Bahrain},
abstract={Documented evidence on conventional bond markets shows negative market reaction to bond credit rating downgrade and no reaction to credit rating upgrade. Despite the fact that sukuk issuances make up more than 58.8% of the value of outstanding bonds in the country and Malaysia issues at least half of the world's sukuk and is widely recognized as a leader in the sukuk space, there is no documented evidence on the stock market reaction to sukuk credit rating changes. This study analyzed the wealth effect of sukuk credit rating changes in Malaysia using 16 sukuk upgrades and 20 sukuk downgrades for the period 2000–2014. The evidence shows negative market reaction to downgrades and positive significant reaction to sukuk rating upgrade. This symmetrical market reaction to sukuk credit rating changes implies the market was indifferent between bonds and sukuk from the credit rating perspective. This finding supports the notion that the credit rating agencies are Shariah-neutral when rating these capital market instruments. © 2019 Wiley Periodicals, Inc.},
author_keywords={credit ratings;  Islamic finance;  market reaction;  sukuk;  wealth effect},
funding_details={RPIF05-16INCEIF},
funding_text 1={information MOHE-UM-INCEIF, Grant/Award Number: RPIF05-16INCEIF This work was supported by the MOHE-UM-INCEIF(RPIF05-16INCEIF).},
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Standard and Poor's Ratings Direct, , Paris, France, Author; Tariq, A.A., Dar, H., Risks of sukuk structures: Implications for resource mobilization (2007) Thunderbird International Review, 49 (2), pp. 203-223. , http://doi.org/10.1002/tie.20140; Wilson, R., Innovation in the structuring of Islamic sukuk securities (2008) Humanomics, 24 (3), pp. 170-181; Zariyawati, M.A., Loo, S.C., Annuar, M.N., Conventional versus Islamic bond announcements: The effects on shareholders’ wealth (2009) International Journal of Business and Management, 4 (6), pp. 105-111},
correspondence_address1={Muhamad Sori, Z.; INCEIF, Malaysia; email: zulkarnain@inceif.org},
publisher={Wiley-Liss Inc.},
issn={10964762},
language={English},
abbrev_source_title={Thunderbird Int. Bus. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Suteja2019,
author={Suteja, J. and Suryaningprang, A. and Zein, E.},
title={Greek crisis, co-integration, and contagion effect of sharia stock markets in Indonesia Malaysia and Singapore: Is there a problem for investors?},
journal={Journal of Entrepreneurship Education},
year={2019},
volume={22},
number={2},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066333853&partnerID=40&md5=e73357b86dffd1ec2e56dd49522d3f44},
affiliation={Universitas Pasundan, Indonesia},
abstract={The purpose of this study is to obtain empirical evidence of whether or not there is a co-integration of the Islamic stock market in Indonesia, Malaysia and Singapore, both before and during the crisis of Greek. This study also wants to find out which country is the most influential on the volatility of Islamic stock prices in the Jakarta Islamic Index (JII). In this study secondary data applied during the observation period is using weekly closing stock price data from 2007 to 2013. Furthermore, the data is divided into two categories of observation: pre-crisis data and crisis period data. The pre-crisis period began in May 2007 to April 2010, and the crisis period began in May 2010 to January 2013. The analytical method used was Vector Error Correction Model (VECM) with innovation accounting in the form of Impulse Response Function (IRF) and Forecasting Error Variance Decomposition (FEVD). The result shows that there is no co-integration in the capital market in the research sample. However, the results of the study prove that there is a contagion effect on sharia stock price movements in these three countries. This study also shows that Singapore’s sharia stock market dominates its influence on JII compared to Malaysia. © 2019, Association Ornitologica del Plata. All rights reserved.},
author_keywords={Co-integration;  Contagion effect;  Dow jones islamic market malaysia;  Greek crisis;  Jakarta islamic index},
references={Abdul, K.B., Akila, M.K.N., Affendy, A.M., The subprime crisis and Islamic stock markets integration (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (4), pp. 363-371; Abdul, K.B., Akila, M.K.N., Affendy, A.M., The subprime crisis and Islamic stock markets integration (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (4), pp. 363-371; Acharya, V., A theory of systemic risk and design of prudential bank regulation (2009) Journal of Financial Stability, 5, pp. 224-255; Bodie, Z., Alex, K., Marcus, A.J., (2005) Investment, , (6th Edition). Salemba Empat Publisher. Jakarta; Brooks, R., Del Negro, M., The rise in comovement across national stock markets: Market integration or IT bubble? (2002) International Momentary Fund.; Chowdhury, M.A.F., Haque, M.M., Islam, M.N., Contagion effects on stock market of Bangladesh: An empirical study on Dhaka stock exchange Shariah (DSES) index (2017) International Journal of Asian Business and Information Management, 8 (2), pp. 1-14; Darmadji, T., Fakhruddin, H.M., (2012) Capital market in Indonesia Issue, , Jakarta: Salemba Empat; Dash, P.K., Mallick, R.K., Accurate tracking of harmonic signals in VSC-HVDC systems using PSO based unscented transformation (2011) International Journal of Electrical Power & Energy Systems, 33 (7), pp. 1315-1325; Djedovic, I., Ergun, U., The impact of the volatility of the U.S. government bonds on the Islamic index return (2018) Journal Business and Economics, 11 (21), pp. 87-100; Dornbusch, R., Park, Y.C., Claessens, S., Contagion: Understanding how it spreads (2000) The World Bank Research Observer, 15 (2), pp. 97-177; Enders, W., (2004) Applied econometric time series., , Wiley Series in Probability and Statistics; Engle, R.F., Granger, C.W., Co-integration and error correction: Representation, estimation, and testing (1987) Econometrica, 55 (2), pp. 251-276; Haider, A.M.K., Asif, M.S., Shamila, H., Haider, S., The impact of stocks market performance of foreign portofolio investment in China (2017) Journal of Economics and Financial Issues, 7 (2), pp. 460-468; Hanafi, S.M., Comparison of shari’ah criteria on Indonesian, Malaysia, and Dow Jones syari’ah stock indexes (2011) Journal of Shari’ah and Law Journal, 45, pp. 1404-1430; Harjum, M., Co-integration and contagion effect between Islamic stock markets in Indonesia, Malaysia, Europe (2014) Journal of Management Dynamics; Hengchao, Z., Hamid, Z., The impact of subprime crisis on Asia-pacific Islamic stock markets (2012) International Conference on Islamic Economics and Finance; Horta, P., Mendes, C., Vieira, I., Contagion effects of the subprime crisis in the European NYSE Euronext markets (2010) Portuguese Economic Journal, 9 (2), pp. 115-140; Husnan, S., (2004) Basics of portfolio theory and securities analysis, (Revised Edition)., , UPP AMP YKPN Yogyakarta; Karim, B.A., Lee, W.S., Karim, Z.A., Jais, M., The impact of subprime mortgage crisis on Islamic banking and Islamic stock market (2012) Procedia-Social and Behavioral Sciences, 65, pp. 668-673; Kho, S., Analysis of the contagion effect of ASEAN-5 countries when the crisis of the United States stock exchange in 2008 (2013) Jurnal FINESTA, 1 (2), pp. 41-46; Latifa, B.M., Khoufi, W., (2018) Contagion between Islamic and conventional banks in Malaysia: Emprical investigation using a DCC-GARCH Model, , University of Sfax, Tunisia; Listyaningsih, E., Krishnamurti, C., How performance of Jakarta Islamic Index (JII) stocks relative to other stocks? (2015) Jurnal Dinamika Manajemen, 6 (2), pp. 145-164; Testing for the co-integrating rank of a VAR process with level shift at unknown time (2002) Econometrica, 72 (2), pp. 647-662; Marozva, G., Africa stock markets cross-market linkages: A time-varying dynamic conditional correlations (DCC-GARCH) approach (2017) Journal of Applied Business Research, 33 (2), p. 321; Moldovan, I., Medrega, C., Correlation of international stock markets before and during the subprime crisis (2011) The Romanian Economic Journal, 40, pp. 173-193; Onay, C., Cointegration Analysis of Bovespa and Istanbul Stock Exchanges (2007) Proceedings of Oxford Business and Economics Conference; Quadry, O.M., Adewale, A.A., Jaiyeoba, B., Alli, M.R., Effect of crude oil spot and future price volatility on South East Asia Islamic equity market (2016) Jurnal of Islamic Finance, 1 (2), pp. 016-027; Ramdhan, N.Z., Yousop, Z.A., Abdullah, N.M.H., Zabiz, A.Z., Malaysia stocks market integration: The effect of leader and emerging market (2016) Jurnal of Avanced Research in Business and Management Studies, 2 (1), pp. 1-10; Rigobon, R., (1999) Does contagion exist? The investment stratgey pack., , Bank for International Settlements, Banking Department; Sahabuddin, M., Muhammad, J., HjYahya, M.H.D., Shah, S.M., Rahman, M.M., The Co-movement between shariah compliant and sectorial stock indexes performance in bursa Malaysia (2018) Asian Economic and Financial Review, 8 (4), p. 515; Sanusi, A., Strategic alignment model between information system and technology strategy, empowerment and good governance on managerial performance (Study of Private Universities KOPERTIS Region II in South Sumatera) (2015) Universal Journal of Industrial and Business Management, 3, pp. 83-86; Siskawati, E., Islamic capital market interconnection: An evidence from jakarta islamic index to the regional Islamic market and global islamic market (2011) Jurnal Akuntansi & Manajemen, 6 (2), pp. 75-85; Sosa, M., Ortiz, E., (2016) Global financial crisis volatility impact and contagion effect on NAFTA equity markets; Sutedi, A., (2011) Sharia capital market: Financial investment facilities based on sharia principles., , Sinar Grafika; Tambunan, T., Will the Eurozone debt crisis impact the Indonesian economy? (2011) Policy Discussion Paper Series.; Tambunan, T., (2012) Understanding the crisis: A strategy to build economic policy., , LP3ES; Umirah, F., Masih, M., Should the Malaysia Islamic stocks market investors invest in regional and international equity markets to gain portfolio diversification benefits? (2018) EconPapers; Yang, T.S.C., Crisis, contagion, and East Asian stock markets (2002) Institute of Southeast Asian Studies},
publisher={Allied Business Academies},
issn={10988394},
language={English},
abbrev_source_title={J. Enterp. Educ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Powers201938,
author={Powers, C.},
title={Run the country like a business? The economics of Jordan’s Islamic action front},
journal={Critical Research on Religion},
year={2019},
volume={7},
number={1},
pages={38-57},
doi={10.1177/2050303218823244},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060575403&doi=10.1177%2f2050303218823244&partnerID=40&md5=fe94caca5de4573503c89fe59eec5a5f},
affiliation={Johns Hopkins School of Advanced International Studies, United States},
abstract={The moral economics of the Islamic Action Front, the partisan wing of the original Jordanian Muslim Brotherhood, is both defined and compromised by internal inconsistency. Similar to others that might be classified as a socially conservative, religiously-oriented political party, the Islamic Action Front pledges a paternalist commitment to the poor only to undermine the already limited prospects of such paternalism through the adoption of charity-based approaches to social welfare and through their more general advocacy for economic liberalization, free markets, capital mobility, and private initiative. How can one best explain both the contradictions constituting the Islamic Action Front’s economics and the political implications contained within such an economic agenda? This article will review the intersection of local class structure, party ideology, and history so to furnish an answer. © The Author(s) 2019.},
author_keywords={Islamic Economics;  Islamism;  Jordan;  Muslim Brotherhood;  pious neoliberalism},
references={Abu Rish, Z., (2012), http://www.jadaliyya.com/Details/26928/On-the-Nature-of-the-Hashemite-Regime-and-Jordanian-Politics-An-Interview-with-Tariq-Tell-Part-1, (,) On the nature of the Hashemite regime and Jordanian politics: An interview with Tariq Tell. In: Jadaliyya. :, (accessed 10 May 2018; Abu Rumman, M., Abu Hanieh, H., (2013), In, Amman: Friedrich Ebert Stiftung; Abu Rumman, M., Saif, I., (2012), (,) The economic agenda of the Islamist parties. Report, The Carnegie Middle East Center, Washington, May; Adely, F., The emergence of a new labor movement in Jordan (2012) Middle East Report, 264, pp. 34-37; Al-Naimat, T., (2014), (,) The Jordanian regime and the Muslim Brotherhood: A tug of war. Report, Wilson Center, July; Al-Sharif, O., (2018), https://www.al-monitor.com/pulse/originals/2018/05/jordan-engineers-association-islamists-civil-coalition.html, (,) Jordan’s political parties see uncertain future. In: Al-Monitor. :, (accessed 10 June 2018; Amawi, A.M., The consolidation of the merchant class in Transjordan during the second world war (1994) Village, Steppe, and State: The Social Origins of Modern Jordan, pp. 162-186. , Rogan E., Tell T., (eds), London, British Academic Press, In:, (eds; Andoni, L., Schwedler, J., Bread riots in Jordan (1996) Middle East Report, 201, pp. 40-42; Babb, S., The Washington Consensus as transnational policy paradigm: Its origins, trajectory and likely successor (2013) Review of International Political Economy, 20 (2), pp. 268-297; Ban, C., (2016) Ruling Ideas: How Global Neoliberalism Goes Local, , Oxford, Oxford University Press; Ban, C., Gallagher, K., Recalibrating policy orthodoxy: The IMF since the great recession (2015) Governance, 28 (2), pp. 131-146; Bani Salameh, M.T., El-Edwan, K.I., The identity crisis in Jordan: Historical pathways and contemporary debates (2016) Nationalities Papers, 44 (6), pp. 985-1002; Bar, S., (1998) The Muslim Brotherhood in Jordan, , Tel Aviv, Moshe Dayan Center for Middle Eastern and African Studies; Blaxter, L., (2018), https://www.acleddata.com/2018/05/10/recent-trends-in-jordanian-demonstrations/, (,) Recent trends Jordanian demonstrations. In: ACLED. :, (accessed 19 October 2018; Bogaert, K., Contextualizing the Arab revolts: The politics behind three decades of neoliberalism in the Arab world (2013) Middle East Critique, 22 (3), pp. 213-234; Bondokji, N., (2015), (,) The Muslim Brotherhood Jordan: Time to reform. Report, Brookings Doha Center, Doha, April; Boulby, M., (1996), PhD Thesis, University of Toronto, Canada; Boulby, M., (1999) The Muslim Brotherhood and the Kings of Jordan, 1945–1993, , Michigan, Scholars Press; Bush, R., (2007) Poverty and Neoliberalism: Persistence and Reproduction in the Global South, , London, Pluto Press; Clark, J.A., (2004) Islam, Charity, and Activism: Middle-class Networks and Social Welfare in Egypt, Jordan, and Yemen, , Indiana, Indiana University Press; Dalacoura, K., Islamism and neoliberalism in the aftermath of the 2011 Arab uprisings: The Freedom and Justice Party in Egypt and Nahda in Tunisia (2016) Neoliberal Governmentality and the Future of the State in the Middle East and North Africa, pp. 61-83. , Akcali E., (ed), New York, Palgrave Macmillan, In:, (ed; El-Sharif, A., Restoring pride in Jordanian national identity”: Framing the Jordanian national identity by the National Committee of Retired Army Veterans (2016) Studies in Literature and Language, 12 (5), pp. 40-53; (2017), http://www.jordantimes.com/news/local/house-endorses-budget-bill-amid-noticeable-abstentions, (,) House endorses budget bill amid noticeable abstentions., 31 December, 2017. :, (accessed 19 October 2018; Ferguson, J., (2015) Give a Man a Fish: Reflections on the New Politics of Distribution. Durham, , Duke University Press; Fischer, M.M., Islam and the revolt of the petit bourgeoisie (1982) Daedalus, 111, pp. 101-125; (2011), http://www.globallabourrights.org/alerts/china-factory-conditions-exported-to-jordan-the-case-of-the-ibgm-sweatshop-producing-for-foot-locker-and-qvc, (,) China factory conditions exported to Jordan—The case of IBGM sweatshops producing for Foot Locker and QVC. Report, The Institute for Global Labour and Human Rights, UK. :, (accessed 10 June 2018; Greenwood, S., Jordan's “new bargain”: The political economy of regime security (2003) The Middle East Journal, 57 (2), pp. 248-268; Guven, A.B., Rethinking development space in emerging countries: Turkey’s conservative countermovement (2016) Development and Change, 47 (5), pp. 995-1024; Hanieh, A., Shifting priorities or business as usual? Continuity and change in the post-2011 IMF and World Bank engagement with Tunisia, Morocco and Egypt (2015) British Journal of Middle Eastern Studies, 42 (1), pp. 119-134; Harman, C., (1999) The Prophet and the Proletariat: Islamic Fundamentalism, Class and Revolution, , London, Socialist Workers Party; Harmsen, E., (2010) Islam, Civil Society and Social Work: Muslim Voluntary Welfare Associations in Jordan between Patronage and Empowerment, , Amsterdam, Amsterdam University Press; Harrigan, J.R., El-Said, H., The economic impact of IMF and World Bank programs in the Middle East and North Africa: A case study of Jordan, Egypt, Morocco and Tunisia, 1983–2004 (2010) Review of Middle East Economics and Finance, 6 (2), pp. 1-25; Hazimeh, W., (2015), PhD Thesis, University of East Anglia, UK; Hourani, H., Schwedler, J., (1997) Islamic Movements in Jordan, , Amman, al-Urdun al-Jadid; Jabril, D., (2018), https://www.7iber.com/politics-economics/jordanian-government-lifts-subsidies-off-bread-basic-goods/, (,) Keef wasulna ila rafa’a al-da’em an al-khubz wa salae as-sassiya? In: 7iber. :, (accessed 20 July 2018; (2017), (,) Labor protests Jordan, 2016. Report, Phenix Center for Economic and Informatics Studies, Amman, May; Jung, D., Petersen, M., Sparre, S., (2014) Politics of Modern Muslim Subjectivities: Islam, Youth, and Social Activism in the Middle East, , New York, Springer; Karmel, E.J., (2014), http://identity-center.org/sites/default/files/How%20Revolutionary%20Was%20Jordan's%20Hirak__0.pdf, (,) How reutionary was Jordan’s Hirak? What the incognito participation of Palestinian-Jordanians Hirak tells us about the movements. Report, Identity Center, Amman, 2014. :, (accessed 20 May 2018; Köprülü, N., Is Jordan's Muslim Brotherhood still the loyal opposition? (2017) Middle East Quarterly, 24 (2). , https://www.meforum.org/articles/2017/is-jordan-s-muslim-brotherhood-still-the-loyal-opp, (accessed 15 December 2018; Kourgiotis, P., Understanding Egyptian capitalism through the Muslim Brotherhood’s eyes: The quest for an ‘Islamic economy’ in the 1940s and its ideological and social impact (2018) British Journal of Middle Eastern Studies, 45 (3), pp. 464-479; LoRusso, J.D., (2017) Spirituality, Corporate Culture, and American Business: The Neoliberal Ethic and the Spirit of Global Capital, , London, Bloomsbury Publishing; Lust-Okar, E., Elections under authoritarianism: Preliminary lessons from Jordan (2006) Democratization, 13 (3), pp. 456-471; Malley, M., Jordan: A case study of the relationship between Islamic banking and Islamistpolitics (2004) The Politics of Islamic Finance, pp. 191-215. , Clement H., Wilson R., (eds), Edinburgh, Edinburgh University Press, In:, (eds; Masoud, T., (2014) Counting Islam: Religion, Class, and Elections in Egypt, , Cambridge, Cambridge University Press; Moore, P., (2003), (,) The newest Jordan: Free trade, peace, and an ace the hole. Report, Middle East Research and Information Project, Washington, June; Omari, R., (2018), http://www.jordantimes.com/news/local/mulkis-gov%E2%80%99t-survives-no-confidence-vote, (,) Mulki’s gov’t survives no-confidence vote., 19 February 2018. :, (accessed 19 October 2018; Ozzano, L., The many faces of the political god: A typology of religiously oriented parties (2013) Democratization, 20 (5), pp. 807-830; Patel David, S., The communal fracturing of the Jordanian Muslim Brotherhood (2018) Middle East Brief, 113, pp. 1-10; Pellicer, M., Wegner, E., (2015), https://www.files.ethz.ch/isn/189975/gf_international_1501.pdf, (,) Who votes for Islamist parties–and why? Report, German Institute for Global and Area Studies, Hamburg. :, (accessed 19 October 2018; Peters, A.M., Moore, P.W., Beyond boom and bust: External rents, durable authoritarianism, and institutional adaptation in the Hashemite Kingdom of Jordan (2009) Studies in Comparative International Development, 44 (3), pp. 256-285; (2016), (,) Amman, Jordan; Rahemtulla, S., (2017) Qur'an of the Oppressed: Liberation Theology and Gender Justice in Islam, , Oxford, Oxford University Press; Rodinson, M., (1973), Translated by Brian Pearce. New York: Pantheon; Ryan, C.R., Peace, bread and riots: Jordan and the International Monetary Fund (1998) Middle East Policy, 6 (2), pp. 54-66; Ryan, C.R., Identity politics, reform, and protest in Jordan (2011) Studies in Ethnicity and Nationalism, 11 (3), pp. 564-578; Schwedler, J., (2006) Faith in Moderation: Islamist Parties in Jordan and Yemen, , Cambridge, Cambridge University Press; Shari’ati, A., (2011), http://www.shariati.com/english/redblack.html, (accessed 19 October 2018; Sibai, M., Islamic socialism (1982) Islam in Transition: Muslim Perspectives, , Donohue J., Esposito J., (eds), New York, Oxford University Press, In:, (eds; Tell, T., (2015), (,) Early spring Jordan: The ret of the military veterans. Report, Carnegie Middle East Center, Beirut, November; (2014), (trans.,), Amman; Tobin, S.A., Jordan's Arab spring: The middle class and anti‐revolution (2012) Middle East Policy, 19 (1), pp. 96-109; Tobin, S.A., (2016) Everyday Piety: Islam and Economy in Jordan, , Ithaca, Cornell University Press; Tugal, C., (2016) The Fall of the Turkish Model: How the Arab Uprisings Brought down Islamic Liberalism, , Brooklyn, Verso Books; Webb, E., Changing the player, not the game: Ennahda's homo islamicus (2014) Air & Space Power Journal-Africa and Francophonie, 5 (1), pp. 4-19; Yom, S.L., The new landscape of Jordanian politics: Social opposition, fiscal crisis, and the Arab Spring (2015) British Journal of Middle Eastern Studies, 42 (3), pp. 284-300},
correspondence_address1={Powers, C.; Johns Hopkins School of Advanced International StudiesUnited States; email: colin.powers11@gmail.com},
publisher={SAGE Publications Ltd},
issn={20503032},
language={English},
abbrev_source_title={Crit. Res. Relig.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hussain201989,
author={Hussain, T. and Khalil, M.N.},
title={Shari’ah issues in islamic capital markets of Pakistan: A case study of sukūk},
journal={Journal of Islamic Thought and Civilization},
year={2019},
volume={9},
number={1},
pages={89-105},
doi={10.32350/jitc.91.06},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85074013067&doi=10.32350%2fjitc.91.06&partnerID=40&md5=ef4a58cf0679901de841a82246d51507},
affiliation={Institute of Islamic Banking and Finance, University of Management and Technology, Lahore, Pakistan; Department of Management Sciences, Virtual University of Pakistan, Pakistan; Islamic Banking and Finance, University of Management and Technology, Lahore, Pakistan},
abstract={Islamic Capital Markets (ICM) are playing an important role in raising long term funds and thus playing their role in economic growth and development of a country. sukūk are important Islamic Capital Market instruments through which long term funds are obtained from general public. sukūk are certificates of equal value representing undivided shares in ownership of tangible assets, usufructs and services, or in the ownership of the assets of particular projects or special investment activities. sukūk market in Pakistan is regulated by the Securities and Exchange Commission of Pakistan (SECP). Despite the continuous growth of sukūk market in Pakistan, there are various Shari’ah issues which are still prevalent in the sukūk structures which need our attention in order to make the sukūk Shari’ah compliant in true spirit of Islam. The main objective of this paper to discuss and elaborate the various Shari’ah issues prevailing in Islamic Capital Markets of Pakistan, especially related to sukūk. It is argued that while structuring sukūk, the various features of conventional bonds are replicated while compromising the various Shari’ah injunctions. The current practices of various financial institutions are discussed and various Shari’ah issues related to different types of sukūk are identified and the point of view of various scholars on these issues is also discussed. The various Shari’ah issues related to sukūk which are identified in this article include purchase undertaking in equity based structures, late payment penalty upon default, ownership status in asset based transactions and trading of debt based sukūk. So this paper highlights the need for a balance between growth in the sukūk market and meeting the Shari’ah requirements while structuring sukūk. © 2019, University of Management and Technology. All rights reserved.},
author_keywords={Debt based sukūk;  Equity based structures;  Late payment penalty;  Purchase undertaking;  Shari’ah issues;  Sukūk},
references={(2017) AAOIFI Shari’ah Standard No.12, , http://aaoifi.com/Shari’aha-standards/?lang=en, Manama; (2017) AAOIFI Shari’ah Standard No.17, , http://aaoifi.com/Shari’aha-standards/?lang=en, Manama; Al-Amine, M.A.-B., (2008) Sukūk Market: Innovations and Challenges; Ayub, H., Kawish, B.S., Design and Use of Innovative Islamic Capital Market Products: Experience of Pakistan and Malaysia (2008) Islamic Capital Markets; Azhar Rosly, S., Shari’ah Parameters Reconsidered (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (2), pp. 132-146; (2019) Capital Markets - Data and Statistics | SECP, , https://www.secp.gov.pk/data-and-statistics/capital-markets/, Accessed May 8; Dusuki, A.W., Do Equity-Based Sukūk Structures in Islamic Capital Markets Manifest the Objectives of Shari’ah?? (2010) Journal of Financial Services Marketing, 15 (3), pp. 203-214; Dusuki, A.W., Mokhtar, S., (2010) Critical Appraisal of Shari’ah Issues on Ownership in Asset-Based Sukūk as Implemented in the Islamic Debt Market, , Kuala Lumpur: International Shari’ah Research Academy for Islamic Finance (ISRA); IIFM Sukūk Report 2018 (2018) IIFM Sukūk, , http://www.iifm.net/system/files/private/en/IIFM%20Sukuk%20Report%20%287th%20Edition%29_0.pdf, 2018. Manama: International Islamic Financial Market; K-Electric Sukūk Prospectus, , https://www.ke.com.pk/download/financial-data/AZM-Sukuk-Prospectus.pdf; (2000) Resolutions and Recommendations of the Council of the Islamic Fiqh Academy: Muqaradha Bonds and Investment Certificates, , http://zulkiflihasan.files.wordpress.com/2009/12/majma-fiqh.pdf, Majma’ al-Fiqh al-Islāmī (Organisation of Islamic Conference), and Islamic Research and Training Institute, Jeddah, Saudi Arabia: Islamic Development Bank; (2019) Maple Leaf Cement | Business Recorder, , https://fp.brecorder.com/2012/07/201207031208545/, Accessed May 6; Maurer, B., Form versus Substance: AAOIFI Projects and Islamic Fundamentals in the Case of Sukuk (2010) Journal of Islamic Accounting and Business Research, 1 (1), pp. 32-41; Muhammad, M., Sairally, B.S., Shari’ah Criticisms against Sukuk, w: Sukūk Perceptions and Forecast Study 2014, Red (2013) EA Alim, Thomson Reuters Zawya, pp. 112-116; (2019) Pakistan Stock Exchange Limited, , https://www.psx.com.pk/, Accessed May 5; Radzi, R.M., Lewis, M.K., Religion and the Clash of ‘Ideals’ and ‘Realities’ in Business: The Case of Islamic Bonds (Sukuk) (2015) Thunderbird International Business Review, 57 (4), pp. 295-310; Rosly, S.A., Sanusi, M., Some Issues of Bay’al-‘inah in Malaysian Islamic Financial Markets (2001) Arab Law Quarterly, 16 (3), pp. 263-280; (2018) Resolutions of the Shari’ah Advisory Council of the Securities Commission Malaysia: Kafalah in Sukūk Structuring, , https://www.sc.com.my/api/documentms/download.ashx?id=5f0c31dc-daa9-43c1-80ac-e7ecf70c8e44, Kuala Lumpur; (2019) Sukūk Issued by Maple Leaf Cement Factory Fully Redeemed: Rating Withdrawn | Pakistan Press International, , https://ppinewsagency.com/Sukuk-issued-by-maple-leaf-cement-factory-fully-redeemed-rating-withdrawn/, Accessed May 6; (2016) Prospectus of the Third Pakistan International Sukūk Company Limited, , https://www.Sukuk.com/Sukuk-new-profile/the-third-pakistan-international-Sukuk-co-ltd-5031/, Pakistan},
correspondence_address1={Hussain, T.; Institute of Islamic Banking and Finance, Pakistan; email: talat.hussain@umt.edu.pk},
publisher={University of Management and Technology},
issn={20750943},
language={English},
abbrev_source_title={J. Islam. Thought Civiliz.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kappen2019226,
author={Kappen, J. and Mitchell, M. and Chawla, K.},
title={Institutionalizing social impact investing: implications for Islamic finance},
journal={International Journal of Social Economics},
year={2019},
volume={46},
number={2},
pages={226-240},
doi={10.1108/IJSE-10-2017-0449},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053239355&doi=10.1108%2fIJSE-10-2017-0449&partnerID=40&md5=9a76e7870b6c5a00a4fbf7b46b69f40b},
affiliation={Department of Management and International Business, Drake University, Des Moines, IA, United States; Bâton Global, Des Moines, IA, United States},
abstract={Purpose: The purpose of this paper is to examine the institutionalization of screening and metrics in conventional finance and reflect upon the implications for Islamic finance. Design/methodology/approach: The study involves the analysis of archival data, interviews and fieldwork with current impact investors in North America and the European Union to trace the historical development of impact investing screening and metrics. Findings: First, the paper explores how conventional investors have applied positive and negative screens in the creation of their values/mission-based investment strategies. This is followed by a historical analysis of the development and implementation of impact metrics and regulatory frameworks that influenced the growth of conventional impact investing. The possible benefits of learning from these experiences for the Islamic finance industry are then considered. The paper concludes with an analysis of the potential value of mission/values-based investing for the economic development of the Middle East and North Africa region. Research limitations/implications: Though not a comprehensive study of institutionalization, this study supports recent calls for more intentional use of capital for blended returns within Islamic markets. To support these initiatives, it provides scholars and practitioners with multiple recommended points of entry into this growing market. Originality/value: There has been scant organizational research examining the development of best practices within the impact investment community and how these might be applied to other contexts such as Islamic finance. © 2018, Emerald Publishing Limited.},
author_keywords={Impact investing;  Institutions and institutional analysis;  Islamic finance},
keywords={capital;  economic development;  economic impact;  institutional framework;  investment;  Islamism;  social impact;  strategic approach, Middle East;  North Africa},
references={Ahmed, H., Maqasid al-Shari’ah and Islamic financial products: a framework for assessment (2011) International Journal of Islamic Finance, 3 (1), pp. 149-160; Alexakis, C., Pappas, V., Tsikouras, A., Hidden cointegration reveals hidden values in Islamic investments (2017) Journal of International Financial Markets, Institutions and Money, 46, pp. 70-83; Al-Omar, F.A., Abdel-Haq, M., (1996) Islamic Banking: Theory, Practice, and Challenges, , Zed Books, London; Ashraf, D., Mohammad, N., Matching perception with the reality-performance of Islamic equity investments (2014) Pacific Basin Finance Journal, 28, pp. 175-189; Aziz, M.N., Mohamad, O.B., Islamic social business to alleviate poverty and social inequality (2016) International Journal of Social Economics, 43 (6), pp. 573-592; Bennett, M.S., Iqbal, Z., How socially responsible investing can help bridge the gap between Islamic and conventional financial markets (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6 (3), pp. 211-225; Brandenburg, M., Making the case for social metrics and impact investing (2010) Community Development Investment Review, 6 (1), pp. 47-49; Brest, P., Born, K., When can impact investing create real impact? (2013) Stanford Social Innovation Review, 11 (4), pp. 22-31; Clark, C., Emerson, J., (2013) Impact Investing 2.0: The Way Forward, pp. 1-41. , Duke University, Durham, NC; Clark, C., Emerson, J., Thornley, B., (2014) Collaborative Capitalism and the Rise of Impact Investing, , John Wiley & Sons, San Francisco, CA; Combs, K., More than just a trend: the importance of impact investing (2014) Corporate Finance Review, 18 (6), pp. 12-18; Dash, S., (2017) Impact investing in the GCC, pp. 1-2. , Banker Middle East, September 30; de Colle, S., York, J.G., Why wine is not glue? The unresolved problem of negative screening in socially responsible investing (2008) Journal of Business Ethics, 85 (1), pp. 83-95; DiMaggio, P.J., Powell, W.W., The iron cage revisited: institutional isomorphism and collective rationality in organizational fields (1983) American Sociological Review, 48 (2), pp. 147-160; Duncan, A., Wong, G., Social metrics in investing: the future depends on financial outperformance and leadership (2010) Community Development Investment Review, 6 (1), pp. 59-63; El-Gamal, M.A., (2011) A Basic Guide to Contemporary Islamic Banking and Finance, , Rice University, Houston, TX; Freirich, J., Fulton, K., (2009) Investing for Social and Environmental Impact, pp. 1-86. , Monitor Institute, San Francisco, CA; Guest, G., Bunce, A., Johnson, L., How many interviews are enough? An experiment with data saturation and variability (2006) Field Methods, 18 (1), pp. 59-82; Jones, J.F., Social finance: commerce and community in developing countries (2010) International Journal of Social Economics, 37 (6), pp. 415-428; Louche, C., Arenas, D., Van Cranenburgh, K.C., From preaching to investing: attitudes of religious organizations towards responsible investment (2012) Journal of Business Ethics, 110 (3), pp. 301-320; Michelson, G., Wailes, N., Van der Laan, S., Frost, G., Ethical investment processes and outcomes (2004) Journal of Business Ethics, 52 (1), pp. 1-10; Morgan, S., (2017) Real Impact: The New Economics of Social Change, , Nation Books, New York, NY; Moseley, W.G., (2014) The limits of new social entrepreneurship, , www.aljazeera.com, Al Jazeera, December 22, 1-3: (accessed, June 13, 2018; Mudaliar, A., Bass, R., Dithrich, H., (2018) Annual Impact Investor Survey, , 8th ed., Global Impact Investing Network, London; Olsen, S., Galimidi, B., (2008) Catalog of Approaches to Impact Investment. 1.1, pp. 1-74. , Social Venture Technology Group, San Francisco, CA; Olsen, S., Galimidi, B., Managing social and environmental impact: a new discipline for a new economy (2009) The Brown Journal of World Affairs, 15 (2), pp. 43-56; Ormiston, J., Seymour, R., Understanding value creation in social entrepreneurship: the importance of aligning mission, strategy and impact measurement (2011) Journal of Social Entrepreneurship, 2 (2), pp. 125-150; Reeder, N., The effect of social value measurement on impact investment decisions (2014) Journal of Finance and Risk Perspectives, 3 (3), pp. 81-91; Ryan, P., Lyne, I., Social enterprise and the measurement of social value: methodological issues with the calculation and application of the social return on investment (2008) Education, Knowledge and Economy, 2 (3), pp. 223-237; Saltuk, Y., El Idrissi, A., (2014) Spotlight on the market: the GIIN impact investor survey, , Global Social Finance and J.P. Morgan Chase, New York, NY, 1-52; Scott, W.R., (2008) Institutions and Organizations: Ideas and Interests, , Sage Publications, Los Angeles, CA; Simon, J., Barmeier, J., (2010) More than Money: Impact Investing for Development, pp. 1-44. , Center for Global Development, Washington, DC; Sukmana, R., Kholid, M., (2012) Impact of the global financial crisis on Islamic and conventional stocks in emerging markets: an application of ARCH and GARCH methods, , paper presented at the Gulf Research Meeting, University of Cambridge, Cambridge, July 14; Viviers, S., Eccles, N.S., 35 years of socially responsible investing (SRI) research – general trends of time (2012) South African Journal of Business Management, 43 (4), pp. 1-16; Young, R., For what it is worth: social value and the future of social entrepreneurship (2006) Social Entrepreneurship: New Models of Sustainable Social Change, pp. 56-73. , Nicholls, A. (Ed.), Oxford University Press, Oxford; Bell, A., (2013) Why impact investing is an emerging paradigm shift in philanthropy, pp. 1-3. , Forbes, July 30; Burd-Sharps, S., Guyer, P., Lewis, K., Metrics matter: a human development approach to measuring social impact (2011) Community Development Investment Review, 7 (2), pp. 26-34; Byrne, B., Qualitative interviewing (2018) Researching Society and Culture, pp. 179-192. , Seale, C. (Ed.), 4th ed., Sage Publications, London; (2014) Measuring Impact, pp. 1-35. , UK Government, London; (2006) Social Entrepreneurship: New Models of Sustainable Social Change, , Nicholls, A. (Ed.) (, Oxford University Press, Oxford; Puttick, R., Ludlow, J., (2012) Standards of evidence for impact investing, , NESTA, London, 1-16; Reeder, N., Jones, G., Loder, J., Colantonio, A., (2014) Measuring Impact: Preliminary Insights from Interviews with Impact Investors, pp. 1-17. , London School of Economics and Political Science, London; Silverman, D., (2006) Interpreting Qualitative Data: Methods for Interpreting Talk, Text and Interaction, , 3rd ed., Sage Publications, London},
correspondence_address1={Kappen, J.; Department of Management and International Business, United States; email: jeffrey.kappen@drake.edu},
publisher={Emerald Group Holdings Ltd.},
issn={03068293},
language={English},
abbrev_source_title={Int. J. Soc. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Iqbal2019212,
author={Iqbal, S. and Iqbal, N. and Muneer, A.},
title={Islamic calendar anomalies reshaping investor behavior: A qualitative study},
journal={Journal of Islamic Thought and Civilization},
year={2019},
volume={9},
number={2},
pages={212-232},
doi={10.32350/jitc.92.11},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85081039746&doi=10.32350%2fjitc.92.11&partnerID=40&md5=1701995ce5d569262f94cc7d00585fe3},
affiliation={School of Business Administration and Management, Superior University, Lahore, Pakistan; Department of Business Administration, Ghazi University, DG. Khan, Pakistan; University of Gujrat, Gujrat, Pakistan},
abstract={Aim: The objective of this study is to explore how investors execute decisions in persistence of Islamic anomalies in context of Pakistan stock exchange. Applying interpretive approach, data was acquired from PSX investor by asking a series of questions through an interview protocol. Interviews were conducted by using semi-structured interview approach. The responses were explored using NVivo 10.0 plus software. The results of the study indicated Islamic anomalies are changing emotions and perceptions of investors due to their past experience and perceived market consequences, and biased behaviors. Due to Islamic anomalies investors decisions are found to be biased and depict a self-serving, anchoring and overconfident behavior. Moreover, various conventional market factors (e.g. market capitalization, price earning and capita market line fluctuation etc.) are constant and reshaping investor decisions. Promotion of corporate culture, controlling mispricing, conducting awareness/ training sessions on rationality, capital gain than price gain is seriously required in local context. This is the first qualitative study investigating Islamic Calendar anomalies and PSX investors, leading to the formulation of sound policy implications. © 2019, University of Management and Technology. All rights reserved.},
author_keywords={Behavioral biases;  Investor decision making;  Investor psychology;  Islamic calendar anomalies;  Thematic analysis},
references={Akmal, M., Abbasi, M.U., (2010) Ramadan Effect on Price Movements: Evidence from Pakistan, , State Bank of Pakistan, Research Department; Ali, I., Akhter, W., Ashraf, N., Impact of Muslim Holy Days on Asian Stock Markets: An Empirical Evidence (2017) Cogent Economics and Finance, 5 (1); Ariss, R.T., Rezvanian, R., Mehdian, S.M., Calendar Anomalies in the Gulf Cooperation Council Stock Markets (2011) Emerging Markets Review, 12 (3), pp. 293-307; Bialkowski, J.P., (2011) Do Mutual Fund Managers Exploit the Ramadan Anomaly.” Evidence from Turkey, , University of Canterbury, Christchurch NZ; Bialkowski, J., Do Mutual Fund Managers Exploit the Ramadan Anomaly? Evidence from Turkey (2013) Emerging Markets Review, 15, pp. 211-232; Debata, B., Dash, S.R., Mahakud, J., Investor Sentiment and Emerging Stock Market Liquidity (2018) Finance Research Letters, 26, pp. 15-31; Al-Hajieh, H., Redhead, K., Rodgers, T., Investor Sentiment and Calendar Anomaly Effects: A Case Study of the Impact of Ramadan on Islamic Middle Eastern Markets (2011) Research in International Business and Finance, 25 (3); Halari, A., Islamic Calendar Anomalies: Evidence from Pakistani Firm-Level Data (2015) The Quarterly Review of Economics and Finance, 58, pp. 64-73; Al-Ississ, M., The Holy Day Effect (2015) Journal of Behavioral and Experimental Finance, 5; Jaziri, M., Abdelhedi, M., Islamic Occasions and Investor Sentiment (2018) International Journal of Islamic and Middle Eastern Finance and Management, 11 (2), pp. 194-212; Kahneman, D., Tversky, A., Prospect Theory: An Analysis of Decision under Risk (1979) Econometrica, 47 (2), pp. 263-292; Khan, K., Nasir, M.A., Rossi, M., The Calendar Anomalies on Performance and Volatility of Stock Market: The Effects of Ramadan on Karachi Stock Exchange (2017) Global Business and Economics Review, 19 (1), pp. 54-69; Majeed, U., Islamic Calendar Events and Stock Market Reaction: Evidence from Pakistan (2015) Science International, 27 (3), pp. 2559-2567; Ramiah, V., A Behavioural Finance Approach to Working Capital Management (2016) The European Journal of Finance, 22 (8-9), pp. 662-687; Syed, F., U. Khan, N., Islamic Calendar Anomalies: Evidence from Pakistan (2017) Business and Economic Review, 9 (3), pp. 104-122; Wasiuzzaman, S., Religious Anomalies in Islamic Stock Markets: The Hajj Effect in Saudi Arabia (2017) Journal of Asset Management, 18 (3), pp. 157-162},
correspondence_address1={Iqbal, S.; School of Business Administration and Management, Pakistan; email: sajidiqbal.edu@gmail.com},
publisher={University of Management and Technology},
issn={20750943},
language={English},
abbrev_source_title={J. Islam. Thought Civiliz.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{İçellioǧlu2019964,
author={İçellioǧlu, C.Ş. and Engin Öztürk, M.B.},
title={The Contribution of Participation Banks to the International Trade in Turkey: A Panel Data Analysis},
journal={Procedia Computer Science},
year={2019},
volume={158},
pages={964-970},
doi={10.1016/j.procs.2019.09.137},
note={cited By 2; Conference of 3rd World Conference on Technology, Innovation and Entrepreneurship, WOCTINE 2019 ; Conference Date: 21 June 2019 Through 23 June 2019;  Conference Code:141488},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85076260901&doi=10.1016%2fj.procs.2019.09.137&partnerID=40&md5=19902e01a4a7d5cc9d7e1487ddd9d281},
affiliation={Istanbul University-Cerrahpasą, Sultangazi, Istanbul, 34265, Turkey},
abstract={Innovations in the financial sector contribute to development of money and capital markets. When the financial sector expands, the real sector is also affected positively. Country economies can grow faster with driving force of financial markets. In fact, if the real sector extends abroad and foreign exchange flows into the country, the pressure on exchange rates can be alleviated. The emergence and development of Islamic finance can be considered as one of the financial innovations. A large amount of Islamic funds which are under the mattress, enter to financial markets through Islamic products and services. Participation banks which are the representative of Islamic finance in Turkey meet the funds needs of the real sector with the supply of funds. The aim of the study is to investigate the effects of Islamic banks on real sector and international trade. In this context, export was defined as a proxy of international trade and the impact of provided funds by participation banks on export was examined by panel data analysis. The dataset contains in 44 quarterly period over the years of 2008-2018. According to the results, the funds canalized into real sector by participation banks increase the export in Turkey. Even if there are numerous studies on the relationship between Islamic banks and economic growth, the studies about the effects of Islamic banks on international trade is limited availability. Because of this reason, it is thought that the study will contribute to the literature. © 2019 The Authors. Published by Elsevier B.V.},
author_keywords={Export;  Financial sector;  International trade;  Islamic banks;  Panel data;  Participation banks},
keywords={Data handling;  Engineering research;  Financial markets;  Information analysis, Export;  Financial sectors;  Islamic banks;  Panel data;  Participation banks, International trade},
references={Muhammad, A., Azmi, O.M., Islamic banking and economic growth. (2012) International Journal of Islamic and Middle Eastern", 5 (1), pp. 35-47; Muhamad, A., Said, B., Azmi, O.M., A study on finance-growth nexus in dual financial system countries: Evidence from Bahrain. (2012) World Applied Sciences Journal, 20 (8), pp. 1166-1174; Pejman, A., Iftekhar, H., Amina, T., Finance growth nexus and dual banking systems: Relative importance of Islamic banks. (2016) Journal of Economic Behavior and Organisation, 132 (12), pp. 1-18; Nuri, A.O., Mustafa, Ö., Reel ekonomiye katkIlarI bakImIndan katIlIm bankalarInIn kullandIǧI fonlarIn analizi. (2011) Ekonomi Bilimleri Dergisi, 3 (2), pp. 167-179; Maria, C.G., Husam, H.M., Islamic banking, credit and economic growth: Some emprical evidence. (2018) International Journal of Finance & Economics, 23 (4), pp. 456-477; Ahmed, E.-G., Khiyar, K.A., Islamic banking and economic growth: A review. (2012) The Journal of Applied Business Research, 28 (5), pp. 943-956; Ghattis Nedal, E., Islamic banking's role in economic development" (2011) Future Outlook; El Hawary, D., Grais, W., Iqbal, Z., Regulating Islamic financial institutions: The nature of the regulated" (2004) World Bank Policy Research, , Working Paper 3227; Hafas, F., Ratna, M., Islamic banking and economic growth: Empirical evidence from Malaysia. (2009) Journal of Economic Cooperation and Development, 30 (2), pp. 59-74; Ghannadian, F.F., Gautam, G., Developing Economy: The case of Islamic banks. (2004) International Journal of Social Economics, 31 (8), pp. 740-752; Gujarati, D.N., (2005) Temel Ekonometri" Translated by Ümit Şenesen, Gülay Göktürk Şenesen, , İstanbul, Literatür Yayinlari; Hassan, M.K., Sanchez, B., Yu, J.S., Financial development and eonomic growth: New evidence from panel data. (2011) Quarterly Review of Economics and Finance, 51 (1), pp. 88-104; Hoyos, R.E.D., Sarafidis, V., Testing for cross-sectional dependence in panel data models (2006) The Stata Journal, 6 (4), pp. 482-496; Patrrick, I., Kangni, K., (2015) Is Islamic Banking Good for Growth?", , IMF Working Paper; Katerine, J., The role of Islamic banking in economic growth" (2013) Senior Thesis, , Claremont McKenna College; Mohsin, K., Abbas, M., The financial system and moneteray policy in an Islamic economy.", JKAU (1989) İslamic Economy, 1, pp. 39-57; Ibrahim, M.H., Alam, N., Islamic economics and Islamic finance in the World Economy. (2018) The World Economy, 41 (3), pp. 668-673; Participation Banks Association of Turkey, , http://www.tkbb.org.tr, [online], Accessed on April 2019; Ihsan, R., Junaina, M., The stock markets, banks and growth nexus: Asian Islamic countries. (2014) Economic Notes, 43 (2), pp. 137-165; Iqbal, Q.A., (1945) Islam and the Theory of Interest", , Shaikh Muhammad Ashraf (Ed), Lahore Pakistan; Safiullah, M.D., Superiority of conventional banks and Islamic banks of Bangladesh: A comperative study. (2010) International Journal of Economics and Finance, 2 (3), pp. 199-207; Siraj, K.K., Pillai, S., Coperative study on performance of Islamic banks and conventional banks in GCC Region. (2012) Journal of Applied Finance and Banking., 2 (3), pp. 123-161; Sami, T., Ismail, A., An empirical examination of the export led-growth hypothesis in Turkey (2005) First International Conference on Business Management and Economics, pp. 1535-1551. , İzmir: Yasąr Üniversitesi; Tabash, M.I., Dhankar, R.S., The flow of Islamic finance and economic growth: An empirical evidence of middle east. (2014) Journal of Finance and Accounting, 2 (1), pp. 11-19; Gholamreza, T., Mehdi, B., Noor, M.K., Islamic banking and economic growth: Evidence from Asia (2013) Journal of Modern Accounting and Auditing, 9 (4), pp. 542-546; Tatoǧlu, F.Y., (2016) Panel Veri Ekonometrisi, , İstanbul, Beta Basim A.Ş; The World Bank, , http://www.worldbank.org, [online], Accessed on April 2019; Turkish Statistical Institute, , http://www.turkstat.gov.tr, [online], Accessed on April 2019; Zirek, D., Füsun, Ç., Kabir, H.M., The Islamic banking and economic growth nexus: A panel var analysis for organisation of Islamic cooperation (OIC) countries. (2016) Journal of Economic Cooperation and Development, 37 (1), pp. 69-100},
correspondence_address1={Engin Öztürk, M.B.; Istanbul University-CerrahpasąTurkey; email: mbusra@istanbul.edu.tr},
editor={Sener S.},
publisher={Elsevier B.V.},
issn={18770509},
language={English},
abbrev_source_title={Procedia Comput. Sci.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Khokher20191577,
author={Khokher, Z.U.R. and Syed Jaafar Alhabshi, S.M.B.},
title={Determinants of capital structure decisions among publicly listed Islamic banks},
journal={Management Science Letters},
year={2019},
volume={9},
number={10},
pages={1577-1598},
doi={10.5267/j.msl.2019.5.028},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85069463790&doi=10.5267%2fj.msl.2019.5.028&partnerID=40&md5=08f4a3856deedbe0153d932a9715d4eb},
affiliation={Institute of Islamic Banking and Finance, International Islamic University Malaysia, Malaysia},
abstract={This research aims to examine bank specific, market and regulatory determinants of leverage and capital structure based on a panel data of publicly listed Islamic banks in 12 countries over the period 2008-2017. Apart from testing standard corporate finance parameters using both OLS and M-Estimators, this study adds several idiosyncratic and regulatory environment related determinants of leverage unique to Islamic banks. The significance of potential determinants is tested for market and book leverage as well as newly introduced ‘Islamic banking leverage’. Overall, the results show that Islamic banks with higher growth opportunities, tangibility, low profitability and low risk are likely to have a high leverage. Similarly, the findings suggest important role played by debt market conditions, share of investment accounts and regulatory environment in such decisions, providing an evidence of the significance of trade-off and pecking order theory in capital structure in Islamic banks. The results are more robust for market and Islamic banking leverage, rather than book leverage. The findings offer insights to regulators, standard setters and especially Islamic banks regarding parameters to strengthen their capital, enhance resilience and thus contribute to the stability of relevant financial. This paper is among the few extant studies that focus on listed Islamic banks and tests determinants based on stock market data. © 2019 by the authors; licensee Growing Science, Canada. All rights reserved.},
author_keywords={Bank Leverage;  Capital Market;  Capital Structure;  Deposit Insurance;  Emerging Markets;  Islamic Bank;  Regulation},
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The Rock Center for Corporate Governance at Stanford University Working Paper Series No, , http://ssrn.com/abstractM669704; Ahmed, H., Financial Crisis: Risks and Lessons for Islamic Finance (2009) ISRA International Journal of Islamic Finance, 7 (1), pp. 7-32. , http://kantakji.com/media/7513/c47.pdf; Al-Kayed, L., Raihan Syed Mohd Zain, S., Duasa, J., The relationship between capital structure and performance of Islamic banks (2014) Journal of Islamic Accounting and Business Research, 5 (2), pp. 158-181; Allen, F., Carletti, E., New theories to underpin financial reform (2013) Journal of Financial Stability, 9 (2), pp. 242-249; Allen, F., Carletti, E., Marquez, R., Credit market competition and capital regulation (2009) Review of Financial Studies, 24 (4), pp. 983-1018; Atiyet, B.A., The Pecking Order Theory and the Static Trade Off Theory: Comparison of the Alternative Explanatory Power in French Firms (2012) Journal of Business Studies Quaterly, 4 (1), pp. 1-14; Baker, M., Wurgler, J., Do strict capital requirements raise the cost of capital? 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Retrieved from; Thabet, O.B., Shawtari, F.A., Ayedh, A.M., Ali, F., Capital Structure of Malaysian Shan'ah-Compliant Firms (2017) JKAU: Islamic Economics, 30 (1), pp. 105-116; Titman, S., Wessels, R., The determinants of capital structure choice (1988) The Journal of Finance, 43 (1), pp. 1-19},
correspondence_address1={Syed Jaafar Alhabshi, S.M.B.; Institute of Islamic Banking and Finance, Malaysia; email: syedmusa@iium.edu.my},
publisher={Growing Science},
issn={19239335},
language={English},
abbrev_source_title={Manag. Sci. Letters},
document_type={Article},
source={Scopus},
}

@ARTICLE{Haloui2019299,
author={Haloui, M.E. and Aboulaich, R.},
title={Leveraged buyout booms and busts: Can Islamic finance help prevent and mitigate such market distortions?},
journal={Investment Management and Financial Innovations},
year={2019},
volume={16},
number={1},
pages={299-318},
doi={10.21511/imfi.16(1).2019.24},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063750696&doi=10.21511%2fimfi.16%281%29.2019.24&partnerID=40&md5=6467ebea2c92bee607804a70c247a0a8},
affiliation={Department of Financial Engineering, Mohammadia School of Engineering, Mohammed V University of Rabat, Morocco; Professor of Applied Mathematics, Department of Applied Mathematics, Mohammadia School of Engineering, Mohammed V University of Rabat, Morocco},
abstract={The industry of private equity and leveraged buyout has been, since its beginnings, subject to several chapters of bubbles and busts, the majority of whom are initiated under similar circumstances (excess of liquidity, junk debt and mimetic behavior). The Islamic finance is a financial system that complies with the rules of the Sharia Law, and which naturally allows the achievements of purposes of Sharia, such as protection of property and capital, fair wealth distribution, reduction of uncertainty and speculation, to name a few. From this perspective, this paper discusses the capacity of Islamic finance to help prevent some factors that trigger financial crises in the leveraged buyout market and to accomplish the intended purposes through this asset class. In the first part of this paper, the authors try to break down some of these common factors that trigger or catalyze the economic booms of the leverage buyout industry, and propose a framework to visualize their effects through an agent-based Simulation program. The second part of the paper describes how Islamic economic principles constitute brakes to some distortions and excesses in the market, in such a way that the probability of occurrence of a boom decreases drastically. Finally, these Islamic features are added up to the simulation to provide a comprehensive benchmark. © Mouad El Haloui, Rajae Aboulaich, 2019},
author_keywords={Auction;  Boom;  Bubble;  Chaos;  Complex systems;  Debt;  Islamic economics;  Leveraged buyout;  Private equity;  Sharia compliant},
funding_text 1={General context: we examine a universe of the agents, funds fi that invest in companies ci through LBO acquisition. Each fund fi has an initial commitment coi and acquires equity stakes in the companies, financed by equity from his commitment and debt from the bank. Each fund fi selects a set of companies, it will launch a due diligence on, and calculates a score depending on the performance of the company and the behavior of driver funds.},
references={Acharya, V.V., Franks, J., Servaes, H., Private equity: Boom and bust? (2007) Journal of Applied Corporate Finance, 19 (4), pp. 44-53. , https://doi.org/10.1111/j.17456622.2007.00158.x; Ahmed, A., Global financial crisis: An Islamic finance perspective (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (4), pp. 306-320. , https://doi.org/10.1108/17538391011093252; Alam, N., (2010) Resilience of Islamic Finance During Credit Crunch-Empirical Evidence from European Market (8th International Conference on Islamic Economics and Finance), , https://www.academia.edu/1396893/Re-silience_of_Islamic_Finance_Dur-ing_Credit_Crunch_Empirical_Ev-idence_from_European_Market, Retrieved from; Al-Suwailem, S.I., Islamic economics in a complex world: Explorations in Agent based Simulation (Research Paper) (2008) The Islamic Research and Teaching Institute (IRTI), , https://ideas.repec.org/p/ris/irtiop/0238.html, Retrieved from; Ang, J., Hutton, I., Majadillas, M.A., Manager divestment in leveraged buyouts (2014) European Financial Management, 20 (3), pp. 462-493. , https://doi.org/10.1111/j.1468036X.2013.12018.x; (2017) Global Private Equity Report 2017, , https://psik.org.pl/images/publikacje-i-raportypub-likacje/BAIN_REPORT_Global_Private_Equity_Report_2017.pdf, Retrieved from; Biancone, P., Radwan, M., European companies: Evaluation for sharia compliance “opportunities and challenges (2016) European Journal of Islamic Finance, 5, pp. 1-8. , http://dx.doi.org/10.13135/24212172/1803; Chu, F.J., The high-yield debt market: Trash or treasure? (1990) Journal of Business Strategy, 11 (4), pp. 42-47. , https://doi.org/10.1108/eb060074; Coad, A., Hölzl, W., On the autocorrelation of growth rates (2009) Journal of Industry, Competition and Trade, 9 (2), pp. 139-166. , https://link.springer.com/article/10.1007/s10842-009-0048-3, Retrieved from; Cochrane, J.H., The risk and return of venture capital (2005) Journal of Financial Economics, 75 (1), pp. 3-52. , https://doi.org/10.1016/j.jfineco.2004.03.006; Farid, F.M.A., (2012) Shari’Ah Compliant Private Equity and Islamic Venture Capital, , https://books.google.co.ma/books?hl=fr&lr=&id=1Z1vAAAAQBAJ&oi=fnd&pg=PP1&dq=Farid,+Fara+Madehah+Ahmad+(2012).+Shari%E2%80%99ah+compliant+private+equity+and+Islamic+venture+capital.+22+George+Square,+Edinburgh+EH8+9LF:+Edinbugh+University+Press&ots=h4Yw4oniFf&sig=ZA9S1Qv13p5-33XT0qDhOWzkdnM&redir_esc=y#v=onepage&q&f=false, 22 George Square, Edinburgh EH8 9LF: Edinbugh University Press; Fraser-Sampson, G., (2011) Private Equity as An Asset Class, , John Wiley & Sons; Hurduzeu, G., Popescu, M.-F., The history of junk bonds and leveraged buyouts (2015) Procedia Economics and Finance, 32, pp. 1268-1275. , https://doi.org/10.1016/S2212-5671(15)01504-X; Kaplan, S.N., Stromberg, P., Leveraged buyouts and private equity (2009) Journal of Economic Perspectives, 23 (1), pp. 121-146. , https://www.aeaweb.org/articles?id=10.1257/jep.23.1.121, Retrieved from; Lowenstein, L., Management buyouts (1985) Columbia Law Review, 85 (4), pp. 730-784. , https://heinonline.org/HOL/LandingPage?handle=hein.jour-nals/clr85&div=37&id=&page=, Retrieved from; Lustenberger, M., (2007) Risk Aspects in Private Equity Investments, , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1022280, Retrieved from; Meyer, T., (2014) Private Equity Unchained: Strategy Insights for The Institutional Investor, , https://books.google.fr/books?hl=fr&lr=&id=0RVvBAAAQBAJ&oi=fnd&pg=PP1&dq=Meyer,+Thomas+(2014).+Private+equity+unchained:+Strategy+insights+for+the+institutional+investor.+Springer&ots=sL4Y2wRXUU&sig=fCtUfXcVae3dj4ZsmRhoIfI4fi4#v=onepage&q&f=false, Springer; Olayemi, A.A.M., Hasan, A., Ibrahim, U., Mahamood, S.M., Modus operandi of the islamic money market: A proposal for holistic shariah adaptation (2015) Journal for Humanities and Social Sciences, 13, pp. 42-67. , https://www.researchgate.net/publication/319192547_Special_Issue_on_Islamic_Finance_Mo-dus_Operandi_of_the_Islamic_Money_Market_A_Proposal_for_Holistic_Shariah_Adaptation, Retrieved from; Phalippou, L., Gottschalg, O., The performance of private equity funds (2008) The Review of Financial Studies, 22 (4), pp. 1747-1776. , https://www.jstor.org/stable/30225708?seq=1#page_scan_tab_contents, Retrieved from; (2017) 2017 Preqin Global Private Equity Venture Capital Report, , http://docs.preqin.com/samples/2017-Preqin-Global-Private_Equity-and-Ven-ture-Capital-Report-Sample-Pages.pdf, Retrieved from; Vernimmen, P., Quiry, P., (2014) Corporate Finance: Theory and Practice, , https://www.goodreads.com/book/show/3365494-corporate-finance, John Wiley & Sons; Wouters, P., Islamic private equity funds (2008) Islamic Finance News, 17, pp. 1-16},
publisher={LLC CPC Business Perspectives},
issn={18104967},
language={English},
abbrev_source_title={Investm. Manange. Financ. Innov.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Aminah201914,
author={Aminah and Soewito and Erina, N. and Khairudin and Damayanti, T.},
title={Financial performance and market share in Indonesia Islamic Banking: Stakeholder theory perspective},
journal={International Journal of Scientific and Technology Research},
year={2019},
volume={8},
number={1},
pages={14-18},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062784383&partnerID=40&md5=698a44f35a21c01dd460df788cce3831},
affiliation={Accounting Department, Economics and Business Faculty, Bandar Lampung University, Indonesia; Administrative Department, Admi istrative and Politics Faculty, Bandar Lampung University, Indonesia; Management Department, Economics and Business Faculty, Bandar Lampung University, Indonesia},
abstract={This research aimed to examine the influence of financial performance on market share in Indonesia Islamic Banking. We use return on assets (ROA), capital adequacy ratio (CAR), non performing loan (NPL), operating expenses-operating income (OEOI/BOPO), and financing to deposit ratio (FDR) as proxies of financial performance. Also, we apply market share as the comparison of Islamic banking total asset on total asset of Indonesia banks. This study is using stakeholder perspective analysis. How market share is influenced by financial performance, since market share is the reflection of stakeholders perception. We collect 33 Islamic Banks financial report in 2013-2015 using times series model. The result shows that ROA has positive significant effect on market share. Meanwhile, NPL and BOPO have negative significant effect on market share. Otherwise, FDR has no significant effect on market share. Based on the research findings, this study confirms that in Indonesia Islamic banking provides good news in their financial performance. © 2019, International Journal of Scientific and Technology Research. All rights reserved.},
author_keywords={Ratio analysis;  Stakeholder interest;  Trust},
funding_details={Kementerian Riset Teknologi Dan Pendidikan Tinggi Republik IndonesiaKementerian Riset Teknologi Dan Pendidikan Tinggi Republik Indonesia},
funding_text 1={We thank to the Ministry of Research, Technology, and Higher Education of Indonesia (KEMNRISTEKDIKTI) for the research funding.},
references={Ahmed, I.E., The impact of corporate governance on Islamic Banking Performance: The Case of UAE Islamic Banks (2017) Journal of Banking & Finance, (9), pp. 1-10; Airout, R.M., Airout, R.M., Evaluation of Financial Performance of Islamic Banks in Jordan (2001-2010) ―A Comparative Study (2017) International Journal of Economics and Finance, 9 (9), pp. 166-174; Andriansyah, Y., Indonesia Islamic Bank Financial Performance (2009) Jurnal Ekonomi Islam, 3 (2), pp. 81-196; (2007) Bank Indonesia and Its Contribution on the National Development‖ Cetak Biru Pengembangan Perbankan Syariah Indonesia (Blue Print of the Development of Indonesia Islamic Bank), , www.perpustakaan.kemenkeu.go.id, Retrieved on September 23, 2016; Barney, J., (2011) Gaining and Sustaining Competitive Advantage, , 4th ed.). Upper Saddle River, NJ: Pearson Education, Inc; Ekeh, P.P., Social Exchange theory, p. 19. , Cambridge, MA: Harvard University Press; Freeman, R.E., (2017) Strategic Management: A Stakeholder approach, , Boston: Pitman; Harrison, J.S., Wicks, A.C., Stakeholder Theory, Value, and Firm Performance (2013) Business Ethics Quarterly, 23 (1), pp. 97-124; Jumingan, (2006) Financial Report Analyis, , Jakarta: PT. Bumi Aksara; Kasmir, Financial Report Analyis (2012) Jakarta: PT. Rajagrafindo Persada; Masood, O., Ghauri, S.M.K., Aktan, B., Predicting Islamic banks performance through CAMELS rating model (2016) Banks and Bank Systems, 11 (3), pp. 37-43; Mayer, R.C., Davis, J.H., Schoorman, F.D., An integrative model of organizational trust Academy of Management Review, 20, pp. 709-734; Mirzaei, A., Liu, G., Moore, T., Does market share matter on bank’s profitability and stability?: Emerging versus advances economies (2011) Bruney University, p. 1995; Obeidat, B.Y., El-Rimawi, S.Y., Masa’Deh, R., Mohammad, M., Al-Jarrah, I.M., Evaluating the Profitability of the Islamic Banks in Jordan (2013) European Journal of Economics, Finance and Administrative Sciences, 56, pp. 27-36; Keuangan, O.J., (2016) Islamic Banking Statistics, , http://www.ojk.go.id, January 2013-Juli 2016‖, Retrieved on September 23,2016; Phillips, R.A., Freeman, R.E., Wicks, A.C., What stakeholder theory is not (2003) Business Ethics Quarterly, 13, pp. 479-502; Purboastuti, N., Anwar, N., Suryahani, I., The Influence of Main Banking Indicator to Islamic Bank’s Market Share (2015) Journal of Economics and Policy, 8 (1), pp. 13-22; Rahman, A., Analysis of Factors That Influence The Islamic Bank’s Market Share (2016) Analytica Islamica, 5 (2), pp. 291-314; Sachs, S., Riihli, E., (2011) Stakeholders Matter: A New Paradigm for Strategy in Society, , Cambridge: Cambridge University Press; Williams, J., (1993) Narrow-Band Analyzer, , PhD dissertation, Dept. of Electrical Eng., Harvard Univ., Cambridge, Mass.,. (Thesis or dissertation); Reber, E.E., Michell, R.L., Carter, C.J., (1988) Oxygen Absorption in the Earth’s Atmosphere, , Technical Report TR-0200 (420-46)-3, Aerospace Corp., Los Angeles, Calif., Nov, Technical report with report number; Hubert, L., Arabie, P., Comparing Partitions J. Classification, 2 (4), pp. 193-218. , Apr. 1985. (Journal or magazine citation); Vidmar, R.J., On the Use of Atmospheric Plasmas as Electromagnetic Reflectors IEEE Trans. Plasma Science, 21 (3), pp. 876-880. , http://www.halcyon.com/pub/journals/21ps03-vidmar, Aug. 1992. (URL for Transaction, journal, or magzine); Martinez, J.M.P., Llavori, R.B., Cabo, M.J.A., Pedersen, T.B., Integrating Data Warehouses with Web Data: A Survey (2007) IEEE Trans. Knowledge and Data Eng., , preprint, 21 Dec, PrePrint},
publisher={International Journal of Scientific and Technology Research},
issn={22778616},
language={English},
abbrev_source_title={Int. J. Sci. Technol. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hamzah20181210,
author={Hamzah, S.R. and Ishak, N. and Rasedee, A.F.N.},
title={Risk shifting elimination and risk sharing exposure in equity-based financing – a theoretical exposition},
journal={Managerial Finance},
year={2018},
volume={44},
number={10},
pages={1210-1226},
doi={10.1108/MF-05-2017-0187},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053229385&doi=10.1108%2fMF-05-2017-0187&partnerID=40&md5=6c7652e2ee90044fe5b519b71e55cc41},
affiliation={Fakulti Sains dan Teknologi, Universiti Sains Islam Malaysia, Nilai, Malaysia; Oxford Centre for Islamic Studies, Oxford University, Oxford, United Kingdom; Fakulti Ekonomi dan Muamalat, Universiti Sains Islam Malaysia, Nilai, Malaysia},
abstract={Purpose: The purpose of this paper is to examine incentives for risk shifting in debt- and equity-based contracts based on the critiques of the similarities between sukuk and bonds. Design/methodology/approach: This paper uses a theoretical and mathematical model to investigate whether incentives for risk taking exist in: debt contracts; and equity contracts. Findings: Based on this theoretical model, it argues that risk shifting behaviour exists in debt contracts only because debt naturally gives rise to risk shifting behaviour when the transaction takes place. In contrast, equity contracts, by their very nature, involve sharing transactional risk and returns and are thus thought to make risk shifting behaviour undesirable. Nonetheless, previous researchers have found that equity-based financing also might carry risk shifting incentives. Even so, this paper argues that the amount of capital provided and the underlying assets must be considered, especially in the event of default. Through mathematical modelling, this element of equity financing can make risk shifting unattractive, thus making equity financing more distinct than debt financing. Research limitations/implications: Global awareness of the dangers of debt should be increased as a means of reducing the amount of debt outstanding globally. Although some regulators suggest that sukuk replaces debt, they must also be aware that imitative sukuk poses the same threat to efforts to avoid debt. In short, efforts to ensure future financial stability cannot address only debts or bonds but must also address those types of sukuk that mirrors bonds in their operation. In the wake of the global financial crisis, amid the frantic search for ways of protecting against future financial shocks, this analysis aims to help create future stability by encouraging market players to avoid debt-based activities and promoting equity-based instruments. Practical implications: This paper’s findings are relevant for countries that feature more than one type of financial market (e.g. Islamic and conventional) because risk shifting behaviour can degrade economic and financial stability. Originality/value: This paper differs from the previous literature in two important ways, viewing risk shifting behaviour not only in relation to debt or bonds but also when set against debt-based sukuk, which has been subjected to similar criticism. Indeed, to the extent that debts and bonds encourage risk shifting behaviour and threaten the entire financial system, so, too, can imitation sukuk or debt-based sukuk. Second, this paper is unique in exploring the ability of equity features to curb equityholders’ incentive to engage in risk shifting behaviour. Such an examination is necessary for the wake of the global financial crisis, for researchers and economists now agree that risk shifting must be controlled. © 2018, Emerald Publishing Limited.},
author_keywords={Bond;  Equity;  Risk sharing;  Risk shifting;  Sukuk},
references={Aziz, Z.A., (2013) Financial Stability, Economic Growth and Development, , Islamic Development Bank (IDB) Prize, Jeddah; Azmat, S., Skully, M., Brown, K., Can Islamic banking ever become Islamic? (2016) Pacific-Basin Finance Journal, 34, pp. 253-272; Bester, H., Screening vs rationing in credit markets with imperfect information (1985) American Economic Review, 75 (4), pp. 850-855; Black, F., Scholes, M., The pricing of options and corporate liabilities (1973) Journal of Financial Economics, 81, pp. 637-654; Brunnermeier, M.K., Oehmke, M., (2012) Bubbles, Financial Crises and Systematic Risk (W18398), , National Bureau of Economic Research, Cambridge, MA; Danielova, A.N., Sarkar, S., Hong, G., Empirical evidence on corporate risk-shifting (2013) Financial Review, 48, pp. 443-460; Diaw, A.K., (2011) Performance/commodity-linked sukuk for private and public sector funding: some proposed models (doctoral dissertation), , International Centre for EducationIslamic Finance (INCEIF), Kuala Lumpur; Dobbs, R., Lund, S., Woetzel, J., Mutafchieva, M., (2015) Debt and (not much) deleveraging, , www.mckinsey.com/global-themes/employment-and-growth/debt-and-not-much-deleveraging, (accessed, March 3, 2017; Fama, E.F., Miller, M.H., (1972) The Theory of Finance, , Holt, Rinehart & Winston, New York, NY; Fang, M., Zhong, R., (2004) Default risk, firm’s characteristics, and risk-shifting, , http://ssrn.com/abstract=550069, Yale ICF Working Paper 04-21, Yale International Center for Finance, New Haven, CT; Hakenes, H., Schnabel, I., Bank bonuses and bailouts (2014) Journal of Money, Credit and Banking, 46 (1), pp. 259-288; Harris, M., Raviv, A., The theory of capital structure (1991) Journal of Finance, 46, pp. 297-355; (2011) Islamic Financial Systems: Principles and Operations, , International Shariah Research Academy, Kuala Lumpur; Jensen, M.C., Meckling, W.H., Theory of the firm: managerial behaviour, agency costs and ownership structure (1976) Journal of Financial Economics, 3, pp. 305-360; John, K., John, T.A., Risk-shifting incentives of depository institutions: a new perspective on federal deposit insurance reform (2002) Journal of Banking & Finance, 15 (4-5), pp. 895-915; Kamil, K.M., Abdullah, M., Shahimi, S., Ghafar Ismail, A., The subprime mortgages crisis and Islamic securitization (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (4), pp. 386-401; Kemsley, D., Nissim, D., Valuation of the debt shield (2002) Journal of Finance, 57 (5), pp. 2045-2074; (2012) ISRA-IRTI-Durham University, Kuala Lumpur, Malaysia, , www.isra.my/srd/278-2nd-isra-irti-durham-university-strategic-roundtable-discussion.html, (accessed, January 1, 2017; Landier, A., Sraer, D., Thesmar, D., (2011) The risk-shifting hypothesis: Evidence from subprime mortgage originations (unpublished working paper), , Princeton University, Princeton, NJ; Langedijk, S., (2014) Debt Bias in Corporate Taxation and the Costs of Banking Crises in the EU, , https://ec.europa.eu/taxation_customs/sites/taxation/files/resources/documents/taxation/gen_info/economic_analysis/tax_papers/taxation_paper_50.pdf, European Commission: (accessed, November, 10, 2016; Larsen, P.T., (2006) Default risk, debt maturity and levered equity’s risk shifting incentives, , working paper, University of Aarhus; Lin, H.-C., (2006) The structural agency problem (doctoral dissertation), , UMI Microform 3234414, available from ProQuest Information and Learning Company; Loktionov, Y.V., (2010) Does accounting quality mitigate risk-shifting?, , doctoral dissertation, Massachusetts Institute of Technology, Cambridge, MA; Meredith, S., (2017) Global Financial Crisis Looms as New Bubbles Begin to Emerge, , www.cnbc.com/2017/10/09/global-financial-crisis-looms-as-new-bubbles-begin-to-emerge-says-outgoing-german-finance-minister.html; Mirakhor, A., (1987) Analysis of short-term asset concentration in Islamic banking, , IMF Working Paper WP/87/67; Mirakhor, A., Epistemological foundation of finance: Islamic and conventional (2011) Foundations of Islamic Finance Conference Series, , Kuala Lumpur: March 8-10; Mirakhor, A., Iqbal, Z., (2013) Economic Development and Islamic Finance, , The World Bank Series on DirectionsDevelopment, Washington, DC; Rizvi, S.A.R., Bacha, O.I., Mirakhor, A., (2016) Public Finance and Islamic Capital Markets. Theory and Application. Palgrave Studies in Islamic Banking, Finance and Economics, , Palgrave Macmillan, New York, NY; (2011) Islamic securities guidelines (sukuk guidelines), , www.sc.com.my/wp-content/uploads/eng/html/resources/guidelines/bondmkt/sukukGuidelines_110812.pdf, 12 August: (accessed, February 26, 2017; Seo, J., (2007) Pay equity in CEO compensation and agency problems: socio-psychological agency theory framework (doctoral dissertation), , UMI Microform 3278805, ProQuest Information and Learning Company; Turkiela, J.L., (2014) How do dividend announcements affect bondholder and shareholder wealth?, , UMI Number 3644465, doctoral dissertation, available from ProQuest LLC; Ueda, M., Banks versus venture capital: project evaluation, screening, and expropriation (2004) The Journal of Finance, 59, pp. 601-621; Usmani, T.M., (2002) An Introduction to Islamic Finance, , Kluwer Law International, The Hague; Iqbal, M., Ahmed, A., Khan, T., (1998) Challenges facing Islamic banking, , Islamic Development Bank Paper 1},
correspondence_address1={Hamzah, S.R.; Fakulti Sains dan Teknologi, Malaysia; email: sitiraihana.33@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={03074358},
language={English},
abbrev_source_title={Manag. Financ.},
document_type={Article},
source={Scopus},
}

@BOOK{Gatti2018209,
author={Gatti, S.},
title={Financing the deal},
journal={Project Finance in Theory and Practice: Designing, Structuring, and Financing Private and Public Projects},
year={2018},
pages={209-335},
doi={10.1016/B978-0-12-811401-8.00006-4},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85082910531&doi=10.1016%2fB978-0-12-811401-8.00006-4&partnerID=40&md5=b8c8a7eaa0914ebc7c5ca6df0bf4a155},
affiliation={SDA Bocconi School of Management, Milan, Italy},
abstract={The capital structure of an SPV can be based on a large set of financing options. This chapter revises the available alternatives that sponsors and lenders can use to provide funds to the venture. Sponsors can inject funds in the form of pure equity or a mix of pure equity and subordinated loans. We explain why shareholders use this mix when facing a classic “dividend trap” issue. Banks provide syndicated loans customized to the specific borrower’s needs. We illustrate the technical aspects of the syndication process, and discuss the roles banks play in the syndicate and the different alternative repayment methods that banks can propose to sponsors to better match the pattern of the unlevered free cash flows with the repayment schedule of the loan. In this chapter, we also analyze the alternative represented by project bonds launched on the debt capital markets and by project leasing contracts. We also provide information regarding the involvement of multilateral and bilateral institutions, together with Export Credit Agencies in project financings located in developing countries. Lastly, we analyze Islamic Finance, its principles, its market development, and how these instruments can be used for infrastructure financing in Muslim countries. © 2019 Elsevier Inc. All rights reserved.},
author_keywords={Bilateral institutions;  Dedicated percentage;  Dividend trap;  Export credit agencies;  Islamic finance;  Loan refinancing;  Mandated lead arranger;  Mini perm structure;  Multilateral banks;  Project bonds;  Project leasing;  Subordinated debt;  Sukuk;  Syndication},
correspondence_address1={Gatti, S.; SDA Bocconi School of ManagementItaly},
publisher={Elsevier},
isbn={9780128114018},
language={English},
abbrev_source_title={Project Finance in Theory and Practice: Designing, Structuring, and Financing Private and Public Projects},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Chuweni2018382,
author={Chuweni, N.N. and Isik, I. and Azmi, A.S.M.},
title={Productivity, technology and efficiency change of Islamic and conventional reits in Malaysia},
journal={Journal of Social Sciences Research},
year={2018},
volume={2018},
number={Special Issue 6},
pages={382-389},
doi={10.32861/jssr.spi6.382.389},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85074803361&doi=10.32861%2fjssr.spi6.382.389&partnerID=40&md5=f5e50ca71ad5d74f78db029eb23ae7e6},
affiliation={Department of Estate Management, Faculty of Architecture, Planning and Surveying, Universiti Teknologi Mara, Perak Branch, Seri Iskandar Campus, Seri Iskandar, 32610, Malaysia; Department of Accounting and Finance William G. Rohrer College of Business, Rowan University, Glassboro, NJ, United States; Department of Estate Management, Faculty of Architecture, Planning and Surveying, Universiti Teknologi Mara Shah Alam, Selangor, Malaysia},
abstract={Problem/Purpose - The paper examined total factor productivity changes namely Malmquist Productivity Index (MPI) for the Malaysian Real Estate Investment Trust (M-REITs) by drawing attention to the Islamic and conventional REITs Design/methodology/approach - Data was attained from annual reports for the period of 2007 to 2015. The non-parametric approach of MPI-DEA examined the productivity, technological and efficiency change indices. Findings - The result suggested both Islamic and conventional REITs have exhibited productivity regress of 18.09% and 11.51% respectively during the period of study. These productivity regress could mainly due to the regress in technological rather than efficiency change. One possible reason for this technological regress is likely due to REIT requirement in which the REIT managers could not retain their earning and reinvest their income for the following year. The REIT managers need to have access to external capital for purchasing new asset, which could lead to a higher cost of capital than the retained earnings. On the other hand, both conventional and Islamic REITs exhibited an increase of 28.33% and 61.54% respectively for efficiency change, mainly due to an increase in managerial rather than scale, implying that both REITs have been managerially efficient in managing the operating costs but operating at the non-optimum scale of operations. Research limitations/implications -This study provide empirical evidence on the source of productivity regress for M-REITs and insights on the comparative analysis of Islamic and conventional REITs. Future research suggested to be undertaken include the identification of key determinants for the productivity changes of M-REITs using the parametric approach. Originality/value - This paper is the first analysis on the productivity changes of Islamic REITs vis-à-vis conventional REITs. By examining these values, the identification of main sources of Malaysian Islamic REITs productivity regress assist M-REIT managers to develop strategies in improving their REIT productivity and provide competitive edge in the market. © 2018 Academic Research Publishing Group.},
author_keywords={Islamic REITs;  Malaysia;  Malmquist index;  Productivity;  Real estate investment},
references={Anderson, R.I., Springer, T.M., REIT selection and portfolio construction, Using operating efficiency as an indicator of performance (2003) Journal of Real Estate Portfolio Management, 9 (1), pp. 17-28; Anderson, R.I., Fok, R., Springer, T., Webb, J., Technical efficiency and economies of scale: A non-parametric analysis of REIT operating efficiency (2002) European Journal of Operational Research, 139, pp. 598-612. , https://doi.org/10.1111/j.1540-6229.2005.00121.x; Chuweni, N.N., Eves, C., A review of efficiency measures for REITS and their specific application for Malaysian Islamic REITS (2017) Journal of Islamic Accounting and Business Research, 8 (1), pp. 41-53. , https://doi.org/10.1108/JIABR-03-2015-0007; Chuweni, N.N., Eves, C., Hoang, V.N., Isik, I., Hassan, M.K., How efficient are alternative financial institutions?. An empirical investigation of Islamic REITs in Malaysia (2017) Journal of Real Estate Literature, 25 (1), pp. 109-139; Coelli, T., (1996) A guide to deap version 2.1, A Data Envelopment Analysis (Computer) Program, , http://www.une.edu.au/econometrics/cepa.htm, CEPA Working Paper 96/08:; Coelli, T.J., Prasada Rao, D.S., O'Donnell, C.J., Battese, G.E., (2005) An introduction to efficiency and productivity analysis, , https://doi.org/10.1007/b136381, 2nd edn: Springer: United States of America; Cummins, J.D., Weiss, M.A., Zi, H., Organizational form and efficiency, The coexistence of stock and mutual property-liability insurers (1999) Management Science, 45, pp. 1254-1269. , https://doi.org/10.2307/2634836; Fare, R., Grosskopf, S., Lovell, C.A.K., (1994) Production frontier, , Cambridge University Press; Isik, Hassan, Technical, Scale and allocative efficiencies of Turkish banking industry (2002) J. Banking and Finance, 26 (4), pp. 719-766; Isik, I., Hassan, M.K., Financial deregulation and total factor productivity change, An empirical study of Turkish commercial banks (2003) Journal of Banking & Finance, 27, pp. 1455-1485. , https://doi.org/10.1016/S0378-4266(02)00288-1; Isik, I., Hassan, M.K., Financial disruption and bank productivity, The 1994 experience of Turkish banks (2003) The Quarterly Review of Economics and Finance, 43, pp. 291-320. , https://doi.org/10.1016/S1062-9769(02)00194-1; Isik, I., Topuz, J.C., Meet the "born efficient" financial institutions: Evidence from the boom years of US REITs (2017) Quarterly Review of Economics and Finance, 66, pp. 70-99. , https://doi.org/10.1016/j.qref.2017.07.017; (2012) Guidelines on real estate investment trusts, , https://www.sc.com.my/wp-content/uploads/eng/html/resources/guidelines/2013/REITGuidelines_Dec2012.pdf, Securities commision malaysia; Sufian, Kamarudin, Efficiency and returns to scale in the Bangladesh banking sector, Empirical evidence from the slack-based dea method (2014) Engineering Economics, 25 (5), pp. 549-557; Topuz, J.C., Prather, L.J., Firm size and productivity, The case of REITs (2007) Journal of Academy of Business and Economics, 7 (1), pp. 213-224; Topuz, J.C., Isik, I., Structural changes, market growth and productivity gains of the US real estate investment trusts in the 1990s (2009) Journal of Economics and Finance, 33, pp. 288-315. , https://doi.org/10.1007/s12197-008-9026-6; Topuz, J.C., Darrat, A.F., Shelor, R.M., Technical, Allocative and Scale Efficiencies of REITs, An Empirical Inquiry (2005) Journal of Business Finance & Accounting, 32 (9-10), pp. 1961-1994. , https://doi.org/10.1111/j.0306-686X.2005.00653.x},
correspondence_address1={Chuweni, N.N.; Department of Estate Management, Malaysia},
publisher={Academic Research Publishing Group},
issn={24136670},
language={English},
abbrev_source_title={J. Soc. Sci. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sanusi201815,
author={Sanusi, N.A. and Omar, M.K. and Kusairi, S. and Shukri, J.M.},
title={The nexus between syariah index and macroeconomic fundamentals [Neksus Antara Indeks Syariah dan Fundamental Makroekonomi]},
journal={Jurnal Ekonomi Malaysia},
year={2018},
volume={52},
number={3},
pages={15-27},
doi={10.17576/JEM-2018-5203-2},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061616536&doi=10.17576%2fJEM-2018-5203-2&partnerID=40&md5=dbb7efbf5a7e90d742e25fb110aa571b},
affiliation={Pusat Pengajian Pembangunan Sosial Dan Ekonomi, Universiti Malaysia Terengganu, Kuala Nerus, Terengganu, 21030, Malaysia; Fakulti Perniagaan Dan Pengurusan, Universiti Teknologi MARA, Dungun, Terengganu, 23000, Malaysia},
abstract={This paper measures the Syariah index based on the Financial Times Stock Exchange (FTSE) Bursa Malaysia Emas Syariah Index and FTSE Bursa Malaysia Hijrah Syariah Index. The macroeconomic fundamental variables are money supply, interest rate, financing rate and rate of return to depositors, and conventional index. The dynamic nexus between Syariah index and macroeconomic fundamental variables is measured based on the cointegration between the variables for the period of second quarter 1999 until the fourth quarter 2017. The finding shows cointegration between the FTSE Bursa Malaysia Emas Syariah Index with the macroeconomic variables. While on the contrary, no cointegration for the FTSE Bursa Malaysia Hijrah Syariah Index. The macroeconomic variables influence the FTSE Bursa Malaysia Emas Syariah Index in the long-run and short-run, namely the financing rate and rate of return to depositors and conventional index. The results of this research imply that Islamic Banking System variables namely the financing rate and rate of return to depositors can play a role as capital injection to the Islamic Capital Market in the long-run and short-run. Consequently the Syariah index needs the same policy in the long and short-run in order to ensure its soundness in the market. © 2018 Penerbit Universiti Kebangsaan Malaysia. All Rights Reserved.},
author_keywords={Autoregressive Distributed Lag (ARDL);  Bursa Malaysia;  cointegration;  Islamic Capital Market},
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correspondence_address1={Sanusi, N.A.; Pusat Pengajian Pembangunan Sosial Dan Ekonomi, Malaysia; email: nurazura@umt.edu.my},
publisher={Penerbit Universiti Kebangsaan Malaysia},
issn={01271962},
language={Malay},
abbrev_source_title={Jurnal Ekon. Malays.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Baydoun2018351,
author={Baydoun, N. and Anwar, S.A.},
title={Carving a service quality niche for Sukuk: A case study of National Bonds in the UAE},
journal={Journal for Global Business Advancement},
year={2018},
volume={11},
number={3},
pages={351-375},
doi={10.1504/JGBA.2018.096335},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057792531&doi=10.1504%2fJGBA.2018.096335&partnerID=40&md5=beb39daa3618864fdc3052b1456fdf16},
affiliation={Academic Affairs Division, Hamdan Bin Mohammed Smart University, Dubai Academic City, P.O. Box 71400, Dubai, United Arab Emirates; School of Business and Quality Management, Academic Affairs Division, Hamdan Bin Mohammed Smart University, Dubai Academic City, P.O. Box 71400, Dubai, United Arab Emirates},
abstract={Sukuk products have come to position themselves prominently on the landscape of capital markets. Available evidence indicates that primary Sukuk issuances reached $100 billion in 2017 compared with $88.28 billion in 2016. This figure is likely to reach $200 billion in 2018 (Thomson and Reuters, 2016; S&P Global, 2018). It is also remarkable that Sukuk market has been patronised by both Muslim and non-Muslim investors. In view of the great potential of Sukuk, National Bonds Corporation PJSC (National Bonds), a private joint stock shareholding company in the UAE, has created the National Bonds Sukuk Trading Platform to meet the needs of its customers. Our paper tests the effectiveness of the platform in terms of service quality through an empirical exercise in the UAE. The paper, we hope, would have interesting implications for decision making. © 2018 Inderscience Enterprises Ltd.},
author_keywords={Islamic banking and finance;  Niche marketing;  Service quality;  Sukuk;  UAE},
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Schumann, J.H., Wangenheim, F.V., Zimmer, M., Cross-cultural differences in customers' willingness to co-produce professional services: Insights from an 11 country study (2009) Marketing Theory and Applications, 20 (2), pp. 335-377; Sherif, M., Guest editorial (2017) Journal of Islamic Accounting and Business Research, 8 (4), p. 346; Sherman, H., Rowley, D.J., Armandi, B.R., Developing a strategic profile: The pre-planning phase of strategic management (2007) Business Strategy Series, 8 (3), pp. 162-171; Smaoui, H., Khawaja, M., The determinants of Sukuk market development (2016) Emerging Markets Finance and Trade, 53 (7), pp. 1501-1518; Sureshchandar, G.S., Chandrasekharan, R., Anantharaman, R.N., The relationship between service quality and customer satisfaction: A factor-specific approach (2002) Journal of Services Marketing, 16 (4), pp. 363-379; Reuters, T., (2016) Liquidity Management Through Sukuk, , Dubai; Toften, K., Hammervoll, T., Niche marketing research: Status and challenges (2013) Marketing Intelligence and Planning, 31 (3), pp. 272-285; Van Dyke, T.P., Kappelman, L.A., Prybutok, V.R., Measuring information systems service quality: Concerns on the use of the SERVQUAL questionnaire (1997) MIS Quarterly, 21 (2), pp. 195-208; Warren, K., (2002) Competitive Strategy Dynamics, , Wiley, New York, NY; Zeithaml, V.A., Parasuraman, A., Berry, L.L., (1990) Delivering Quality Service: Balancing Customer Perceptions and Expectations, , Simon and Schuster, New York; Zeithaml, V.A., Parasuraman, A., Malhotra, A., Service quality delivery through web sites: A critical review of extant knowledge (2002) Journal of the Academy of Marketing Science, 30 (4), pp. 362-375; Avkiran, N.K., Developing an instrument to measure customer service quality in branch banking (1994) International Journal of Bank Marketing, 12 (6), pp. 10-18; Avkiran, N.K., Quality customer service demands human contact (1999) The International Journal of Bank Marketing, 17, pp. 61-71; Babakus, E., Boller, G.W., An empirical assessment of the SERVQUAL scale (1991) Journal of Business Research, 24, pp. 254-263; Berry, L.L., Bennett, D.R., Brown, C.W., (1989) Service Quality: A Profit Strategy for Financial Institutions, , Irwin, New York, NY; Brady, M.K., Cronin, J.J., Jr., Some new thoughts on conceptualizing perceived service quality: A hierarchical approach (2001) Journal of Marketing, 65 (3), pp. 34-49; Brady, M.K., Cronin, J.J., Brand, R.R., Performance-only measurement of service quality: A replication and extension (2002) Journal of Business Research, 55, pp. 17-31; Buttle, F., SERVQUAL: Review, critique, research agenda (1996) Journal of Marketing, 30 (1), pp. 8-32; Buttle, F., SERVQUAL: Review, critique, research agenda (1996) Journal of Marketing, 30, pp. 8-32; Collier, J.E., Bienstock, C.C., Measuring service quality in e-retailing (2006) Journal of Service Research, 8 (3), pp. 260-275; Dreux, D.D., Brown, B.M., Marketing private bank services to family businesses (1991) International Journal of Bank Marketing, 12 (3), pp. 26-35; Ghobadian, A., Speller, S., Jones, M., Service quality: Concepts and models (1994) International Journal of Quality & Reliability Management, 11 (9), pp. 43-66; Haywood-Farmer, J., A conceptual model of service quality (1988) International Journal of Operations & Production Management, 8 (6), pp. 19-29; (2015) Islamic Finance and the Role of the IMF, , IMF Washington DC; Linneman, R.E., Stanton, J.L., (1991) Making Niche Marketing Work: How to Grow Bigger by Acting Smaller, , McGraw-Hill, New York; McDonald, J.H., (2014) Handbook of Biological Statistics, , 3rd ed., Sparky House Publishing, Baltimore, Maryland; Parasuraman, A., Berry, L.L., (1991) Marketing for Services: Competing Through Quality, , The Free Press, New York, NY; Porter, M.E., (1980) Competitive Strategy, , Free Press, New York, NY; Porter, M.E., Towards a dynamic theory of strategy (1991) Strategic Management Journal, 12 (1), pp. 95-117; Sander, J.B., Sander, P., (2003) Niche and Grow Rich: Practical Ways to Turn Your Ideas into A Business, , Entrepreneur Press; Shinno, H., Yoshioka, H., Marpaung, S., Hachiga, S., Quantitative SWOT analysis on global competitiveness of machine tool industry (2006) Journal of Engineering Design, 17 (3), pp. 251-258; Tseng, S.M., Wu, P.H., The impact of customer knowledge and customer relationship management on service quality (2014) International Journal of Quality and Service Sciences, 6 (1), pp. 77-96; Zulkhibri, M., A synthesis of theoretical and empirical research on Sukuk (2015) Borsa Istanbul Review, 15 (4), pp. 237-248},
correspondence_address1={Anwar, S.A.; School of Business and Quality Management, P.O. Box 71400, United Arab Emirates; email: s.anwar@hbmsu.ac.ae},
publisher={Inderscience Publishers},
issn={1746966X},
language={English},
abbrev_source_title={J. Global. Bus. Advance.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nagimova201857,
author={Nagimova, A.Z.},
title={Raising arab capital: Experirnces of Russian regions},
journal={World Economy and International Relations},
year={2018},
volume={62},
number={2},
pages={57-61},
doi={10.20542/0131-2227-2018-62-2-57-61},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85042874602&doi=10.20542%2f0131-2227-2018-62-2-57-61&partnerID=40&md5=87407e2ae8875b66d3aec81791973481},
affiliation={Strategic Studies Institute of the Republic of Bashkortostan, 15, Kirova Str., Ufa, 450008, Russian Federation},
abstract={The paper analyses the experience of the Russian regions in the raising of the Arab capital. In the last 10 years Russian regions have been initiated 18 respective deals with total announced value 9.62 Billion US dollars, but only third of them with total value of just 163 Million US dollars were successfully realized. The list intended projects includes: Astrakhan region government negotiated with Dubai World (state investment holding of UAE) two investment projects in 2008; Chelyabinsk government negotiated building of oil-refinery with Emirati Quality Energy Petro International Ltd.; Bashkortostan discussed with the Arab investors two joint ventures, while Omsk did it once; Government of Saha Republic took part and sponsored Annual Investment Meeting in Dubai where Memorandum of Cooperation with Investment Authority of Dubai was signed; Government of Sverdlovsk region organized panel discussion with the Arab investors twice during the regional forum Innoprom. Despite the fact that all abovementioned regions have good investment opportunities and quite moderate investment risks none of deals were successfully realized. The author concludes that these regions do not work systematically and consistently when it comes to the Arab investors. Efforts of the most regional authorities are spontaneous and depend on the short-term circumstances. On the contrary, Chechen Republic is characterized by intensive PR but fails to attract Arab FDI due to high investment risks. Only Tatarstan is distinguished by smart strategy towards the Arab investors. For last ten years 7 deals have been initiated with 6 of which have been realized successfully. Such a performance is not occasional. Firstly, since 2009 Tatarstan has been organizing annual Islamic business forum - KazanSummit. Secondly, Tatarstan ordered road map for development of the Islamic Finance in the region, and continually implements it. Thirdly, Tatarstan set up trade and investment representative in Dubai. Fourthly, Tatarstan opened Center for Partnership Banking which officially promotes Islamic Banking services in the region. Finally, the republic-owned bank - Ak Bars attracted 60 and 100 Million US dollars in 2011 and 2014 respectively from the Islamic capital markets. Both deals were structured as Murabaha - a popular Islamic banking instrument. Despite the fact that Tatarstan has not launched Sukuk yet, the author admits the pioneering role of the bank and Tatarstan government as a whole in the build-up of deeper Russian-Arab investment relationship. © 2018 Nauka Publishing House. All rights reserved.},
author_keywords={Arab investment;  GCC;  Islamic Bank;  Islamic finance;  Kazansummit;  Murabaha;  Persian Gulf;  Sukuk;  Tatarstan},
references={World Investment Report 2016, , http://unctad.org/en/PublicationsLibrary/wir2016_en.pdf, (accessed 14.02.2017); External Sector Statistics, Central Bank of the Russian Federation, , http://www.cbr.ru/eng/statistics/?PrtId=svs, (accessed 14.02.2017); (2016) Investment Risk of the Russian Regions, , http://raexpert.ru/rankingtable/region_climat/2016/tab02, (In Russ.) (accessed 14.03.2017); Islamic Development Bank Will Hold an International Investment Conference in Kazan, , https://m.business-gazeta.ru/article/1494, (In Russ.) (accessed 14.03.2017); A Road Map on the Development of Islamic Finance in Russia and OIC Countries were Presented in Kazan Summit 2013, , http://tida.tatarstan.ru/eng/index.htm/news/230183.htm, (accessed 14.03.2017); Tatarstan and Crimea Have Become Leaders of the Media Rating of the Russian Regions, , https://asi.ru/news/53005/, (In Russ.) (accessed 14.03.2017); Interview with the First Deputy Chairman of the Central Bank of the Russian Federation Aleksey Ulyukaev, , https://www.gazeta.ru/interview/nm/s3689237.shtml, (In Russ.) (accessed 14.03.2017); Rustam Minnikhanov Took Part in the Meeting with Chairman of the Central Bank of the Russian Federation Elvira Nabiullina and the President of IBD Mohammed Ali Al-Madani, , http://prav.tatarstan.ru/rus/index.htm/news/443125.htm, (In Russ.) (accessed 14.03.2017); (2012) Deals of the Year 2011 Handbook, Islamic Finance News, , http://islamicfinancenews.com/contents/supplements/2012/doty2011.pdf, March (accessed 15.03.2017); AK BARS Bank Arranged Placement Within the First International Islamic Syndication in Russia. The Deal is Recognized as the Best in Europe, , https://www.akbars.ru/about/press-center/news/detail.php?ELEMENT_ID=22865, (In Russ.) (accessed 15.03.2017); Cheap and Cheerful, , http://kommersant.ru/doc/2564107, (In Russ.) (accessed 17.03.2017); Yakupov, L., Russia there is a Willingness to Develop Business and Finance on the Ethical Principles, , http://islamic-finance.ru/news/2014-11-28-1308, (In Russ.) (accessed 17.03.2017)},
correspondence_address1={Nagimova, A.Z.; Strategic Studies Institute of the Republic of Bashkortostan, 15, Kirova Str., Russian Federation; email: nagimova_almira@mail.ru},
publisher={Nauka Publishing House},
issn={01312227},
language={Russian},
abbrev_source_title={World Economy Int. Relat.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Chuweni201789,
author={Chuweni, N.N. and Eves, C. and Blake, A.},
title={Optimising Malaysian shariah-compliant real estate investment trusts: Perspective of REIT managers},
journal={Pertanika Journal of Social Sciences and Humanities},
year={2017},
volume={25},
number={December},
pages={89-99},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047360160&partnerID=40&md5=f429e02e05e488b4bd0bca6d8919edf6},
affiliation={Science and Engineering Faculty, Queensland University of TechnologyQLD  4001, Australia; Faculty of Architecture Planning, and Surveying, Universiti Teknologi MARA (UiTM) Perak, Seri Iskandar, Perak, 32610, Malaysia},
abstract={Globally, the market for Shariah-compliant products and services has expanded in recent years. Malaysia, Saudi Arabia and Luxembourg are now considered global Islamic capital market hubs. Islamic capital market products and instruments include the Islamic Equity Market in which the Islamic Real Estate Investment Trusts (REIT) are included. The purpose of this paper is to examine the performance measurement methods adopted by Malaysian REIT (M-REIT) managers, particularly those engaged in Shariah-Compliant REIT management. The existing performance measurement methods for conventional and Islamic REITs were identified through an extensive review of the current academic literature. Using semi structured interviews with senior Malaysian REIT managers, including the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Investment Officer and senior executives, this paper examines various methods and instruments used to measure REIT performance from the management perspective. Based on the semi-structured interviews, the distribution yield was identified as the most significant performance measure and is used as a benchmark by M-REIT managers to enhance REIT performance. Greater transparency in this decision-making strategy may lead to an increase in the efficiency level and better performance to capture greater investor confidence in this promising investment sector. © Universiti Putra Malaysia Press.},
author_keywords={Malaysia;  Property investment;  Reit;  Shariah-compliant},
funding_details={Universiti Teknologi MARAUniversiti Teknologi MARA, UiTM},
funding_text 1={The authors gratefully acknowledge the funds provided by Malaysian Ministry of Higher Education and Universiti Teknologi MARA (UiTM) to undertake this study.},
references={Akinsomi, O., Ong, S.E., Ibrahim, M.F., Newell, G., The idiosyncratic risks of a Shariah-compliant REIT investor (2014) Journal of Property Research, 31 (3), pp. 211-243; Bahlous, M., Mohd Yusof, R., International diversification among Islamic investments: Is there any benefit (2014) Managerial Finance, 40 (6), pp. 613-633; Chuweni, N.N., Ahmad, S.H., The neo-governance model of Malaysian Islamic real estate investment trusts (2014) Journal of Administrative Science, 11 (2), pp. 1-13. , http://ir.uitm.edu.my/12359/, Retrieved from; Chuweni, N.N., Ahmad, S.H., Chuweni, M.M., Performance analysis of shariah-compliant real estate investment trusts (2016) Contemporary Issues and Development in the Global Halal Industry, pp. 421-431. , Springer; Chuweni, N.N., Ahmad, S.H., Mohd Adnan, Y., Performance analysis of YTL hospitality REIT and axis REIT (2014) Proceedings of the 2nd World Conference on Islamic Thought & Civilisation: Contemporary States of Muslim Affairs, pp. 1114-1122. , Perak, Malaysia: Sultan Azlan Shah Islamic University College; Chuweni, N.N., Ahmad, S.H., Ting, K.H., Financial analysis of shariah-compliant REITs: A case study of Malaysian Islamic REITs (2014) Proceedings of the 2nd World Conference on Islamic Thought & Civilisation: Contemporary States of Muslim Affairs, pp. 248-255. , Perak, Malaysia: Sultan Azlan Shah Islamic University College; Chuweni, N.N., Azri, W.I.M.W., Ting, K.H., Evaluation of price determination methods for Malaysian Islamic real estate investment trusts (2016) Contemporary Issues and Development in the Global Halal Industry, pp. 401-410. , S. K. Ab. Manan, F. Abd Rahman, & M. Sahri (Eds.), . Springer; Chuweni, N.N., Chuweni, M.M., Ahmad, S.H., Mohd Adnan, Y., Osmadi, A., Ting, K.H., A review of performance of Malaysian Islamic real estate investment trusts (2014) Proceedings of the 25th International Business Information Management Association Conference - Innovation Vision 2020: from Regional Development Sustainability to Global Economic Growth, IBIMA 2015, pp. 3591-3600. , International Business Information Management Association, IBIMA, Amsterdam, Netherlands; Chuweni, N.N., Ismail, M.N., Ahmad, S.H., Ali, S.N., Performance analysis of hospitality REITs: A case study of YTL hospitality REIT (2015) Theory and Practice in Hospitality and Tourism Research - Proceedings of the 2nd International Hospitality and Tourism Conference 2014, pp. 603-606. , S. M. Radzi, N. Sumarjan, C. Thamby Chik, M. S. Zahari, Z. Mohi, M. F. S. Bakhtiar, & F. I. Anuar (Eds.), . CRS Press/Balkema; Hassan, M.K., Khan, A.N.F., Ngow, T., Is faith-based investing rewarding? The case for Malaysian Islamic unit trust funds (2010) Journal of Islamic Accounting and Business Research, 1 (2), pp. 148-171; Mansor, F., Bhatti, M.I., Risk and return analysis on performance of the Islamic mutual funds: Evidence from Malaysia (2011) Global Economy and Finance Journal, 4 (1), pp. 19-31. , http://wbiaus.org/2.%20Fadillah-FINAL.pdf; Newell, G., Osmadi, A., The development and preliminary performance analysis of Islamic REITs in Malaysia (2009) Journal of Property Research, 26 (4), pp. 329-347; Osmadi, A., Razali, M.N., Assessing the financial and management strength of Islamic Real Estate Investment Trusts (I-REITs) during the Global Financial Crisis (GFC) (2014) PERINTIS E Journal, 4 (1), pp. 48-69. , http://ejournal.perintis.org.my/index.php/pej/article/view/26, Retrieved from; Razali, M.N., Sing, T.F., Systemic risk of Islamic REITs and conventional REITs in Malaysia (2015) Journal of Real Estate Portfolio Management, 21 (1), pp. 77-92. , https://web-A-ebscohost-com, Retrieved from; Rozman, A.T., Azmi, N.A., Mohd Ali, H., Razali, M.N., The performance and significance of Islamic REITs in a mixed-Asset portfolio (2015) Jurnal Teknologi, 77 (26), pp. 1-9. , http://www.jurnalteknologi.utm.my/index.php/jurnalteknologi/article/view/6850, Retrieved from; Rubio, J.F., Hassan, M.K., Merdad, H.J., Non-parametric performance measurement of international and Islamic mutual funds (2012) Accounting Research Journal, 25 (3), pp. 208-226; Reuters, T., (2014) Global Islamic Asset Management Report 2014, , http://www.zawya.com/files/islamic-reports/tr-global-islamic-Asset-mgmt-report-2014.pdf, Retrieved on 15 August 2015 from},
correspondence_address1={Chuweni, N.N.; Science and Engineering Faculty, Australia; email: norna692@perak.uitm.edu.my},
publisher={Universiti Putra Malaysia},
issn={01287702},
language={English},
abbrev_source_title={Pertanika J. Soc. Sci. Humanit.},
document_type={Article},
source={Scopus},
}

@BOOK{Gadhoum2017154,
author={Gadhoum, M.A. and Mohamad, S.},
title={Application of conventional benchmark in Islamic wealth management},
journal={Islamic Wealth Management: Theory and Practice},
year={2017},
pages={154-162},
doi={10.4337/9781786439390.00017},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85058054895&doi=10.4337%2f9781786439390.00017&partnerID=40&md5=54df3e413f97dea6d3c69805b81a199f},
affiliation={INCEIF, Malaysia; School of Graduate Studies, International Centre for Education in Islamic Finance, Malaysia},
abstract={Benchmarks serve a critical role financial markets as a point of reference for pricing the riskiness of a financial security, to indicate the relative value or opportunity cost of capital while it also serves as a yardstick for the relative performance of a portfolio. The existence of a transparent, observable, liquid, easy-to-compute and non-manipulative benchmark is vital for efficient financial markets. Islamic finance has yet to develop appropriate benchmarks and currently use LIBOR as the reference benchmark in determining expected rate of return in shariah-compliant securities. This practice has been allowed by scholars as an exception under the law of necessity. Unfortunately, despite being in practice for decades, this exception has become a general rule and the practice is so prevalent that most practitioners in the Islamic finance Industry. The key difficulty lies in obtaining a rate of return in an economy based on profit-and-loss sharing. This chapter discuss in detail the development of a benchmark for shariah-compliant investments taking into consideration the conceptual and practical issues. © Mohamed Ariff and Shamsher Mohamad 2017. All rights reserved.},
publisher={Edward Elgar Publishing Ltd.},
isbn={9781786439390; 9781786439383},
language={English},
abbrev_source_title={Islamic Wealth Management: Theory and Practice},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Shaharuddin2017,
author={Shaharuddin, S.S. and Lau, W.-Y. and Ahmad, R.},
title={New Islamic equity style indices: Constructing and testing the efficacy of information transmission},
journal={Cogent Economics and Finance},
year={2017},
volume={5},
number={1},
doi={10.1080/23322039.2017.1363355},
art_number={1363355},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029430804&doi=10.1080%2f23322039.2017.1363355&partnerID=40&md5=36204d76db70a47d473cef06b119a28e},
affiliation={Faculty of Business and Accountancy, University of Malaya, Kuala Lumpur, 50603, Malaysia; Faculty of Economics and Administration, University of Malaya, Kuala Lumpur, 50603, Malaysia},
abstract={The non-existence of commercially available Islamic Equity Style Indices from index providers such as MSCI especially on small value and small growth stocks motivates us to construct our new indices. Firstly, various index construction methods are compared. Secondly, this paper describes in detail the process of index construction and finally, the new indices are tested using out-of-sample forecast and trading strategies. Notably, our results show Large Growth (LG) and Large Value (LV) indices have more efficacy compared to Small Growth (SG) and Small Value (SV) stocks. From the perspective of Islamic financial market, the creation of Islamic equity style index enables new strategies which focus on size, value, and smart beta. In addition, the out-of-sample VAR forecast indicates that LG and LV indices are the best candidates for creating a new benchmark for portfolio diversification. Furthermore, by applying simple trading strategies and selecting Islamic value and small market capitalization stocks, our evidence shows that Islamic equity style indices have benefits for investors and fund managers. To the best of authors’ knowledge, this paper is the first attempt to create non-commercially available Islamic equity style indices. © 2017 The Author(s). This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license.},
author_keywords={equity style index;  information transmission;  Islamic capital markets;  stock market index;  vector autoregression},
funding_details={MO006-2017},
funding_text 1={This work was supported by the UM-INCEIF Research [grant number MO006-2017].},
references={Ajmi, A., Hammoudeh, S., Nguyen, D., Sarafrazi, S., How strong are the causal relationships between Islamic share markets and conventional financial systems? Evidence from linear and nonlinear tests (2014) Journal of International Financial Markets, Institutions & Money, 28, pp. 213-227; Amenc, N., Goltz, F., Lodh, A., Martellini, L., Towards smart equity factor indices: Harvesting risk premia without taking unrewarded risks (2014) The Journal of Portfolio Management, 40, pp. 106-122; Amenc, N., Faff, R., Martellini, L., (2003) Desperately seeking pure style indexes, , France: EDHEC Risk and Asset Management Research Centre; Bernstein, R., (1995) Style investing: Unique investing into equity management, , New York, NY: John Wiley & Sons Inc; Dewandaru, G., Masih, R., Bacha, O., Masih, M., Combining momentum, value, and quality for the Islamic equity portfolio: Multi-style rotation strategies using augmented Black Litterman factor model (2015) Pacific-Basin Finance Journal, 34, pp. 205-232; https://www.djindexes.com/islamicmarket/; Essi, I.D., Olaomi, J.O., Nwabueze, J.C., On monte carlo forecast of production using nonlinear econometric models (2006) Journal of Mathematics and Computer Science Research, 3, pp. 199-205; Fabozzi, F., (1998) Handbook of portfolio management, , New Hope, PA: Frank J Fabozzi Associates; Fama, E., French, K., The cross-section of expected share returns (1992) The Journal of Finance, 47, pp. 427-465; Fama, E., French, K., Common risk factors in the returns on shares and bonds (1993) Journal of Financial Economics, 33, pp. 3-56; Fama, E., French, K., (2003) The CAPM: Theory and evidence., , Center for Research in Security Prices, University of Chicago; https://www.russell.com/indexes/americas/indexes/global-construction-methodology.page; Jawadi, F., Jawadi, N., Louhichi, W., Conventional and Islamic share price performance: An empirical investigation (2014) International Economics, 37, pp. 73-87; Kok, K., Goh, K., (1995) Malaysian securities market: Indicator, risk, return, efficiency and inter-market dependence, , Petaling Jaya: Pelanduk Publications; Krasicka, O., Nowak, S., What’s in it for me? A primer on differences between Islamic and conventional finance in Malaysia (2012) Journal of Applied Finance and Banking, 2, pp. 149-175; López, R., Do stylized facts fo equity-based volatility indices apply to fixed-income volatility indices? Evidence from the US Treasury Market (2015) International Review of Financial Analysis, 42, pp. 292-303; Lucas, A., van Dijk, R., Kloek, T., Share selection, style rotation, and risk (2002) Journal of Empirical Finance, 9, pp. 1-34; Reilly, F., Brown, K., (2009) Investment analysis & portfolio management, , Mason, OH: South-Western Cengage Learning; http://www.russell.com/indexes/americas/indexes/construction-methodology.page?; http://www.russell.com/indexes/americas/indexes/index-series/russell-style-indexes.page; (2015), http://statistics.gov.my, August; http://www.sc.com.my/data-statistics/list-of-Shariah-compliant-securities-by-scs-Shariah-advisory-council/; Sharpe, W., Asset allocation: Management style and performance measurement (1992) Journal of Portfolio Management, 18, pp. 7-19; Siegel, L., (2003) Benchmarks and investment management, , Charlottesville: The Research Foundation of the Association for Investment Management and Research; Wagner, N., Winter, E., A new family of equity style indices and mutual fund performance: Do liquidity and idiosyncratic risk matter? (2013) Journal of Empirical Finance, 21, pp. 68-85; Walkshäusl, C., Lobe, S., Islamic investing (2012) Review of Financial Economics, 21, pp. 53-62; Wu, P.C., Liu, S.Y., Chen, C.Y., Re-examining risk premiums in the Fama-French model: The role of investor sentiment (2016) North American Journal of Economics and Finance, 36, pp. 154-171; Yen, J.Y., Sun, Q., Yan, Y., Value versus growth stocks in Singapore (2004) Journal of Multinational Financial Management, 14, pp. 19-34},
correspondence_address1={Lau, W.-Y.; Faculty of Economics and Administration, Malaysia; email: wylau@um.edu.my},
publisher={Cogent OA},
issn={23322039},
language={English},
abbrev_source_title={Cogent Econ. Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Miskam2017169,
author={Miskam, S. and Yaakub, N.I. and Hamid, M.A.},
title={Shari’ah governance in Islamic capital market: Towards achieving Maqasid Shari’ah},
journal={Advanced Science Letters},
year={2017},
volume={23},
number={1},
pages={169-172},
doi={10.1166/asl.2017.7215},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85013191579&doi=10.1166%2fasl.2017.7215&partnerID=40&md5=a0eff3a9de587b6d138bb26d378c1041},
affiliation={Faculty of Management and Muamalah, International Islamic University College Selangor (KUIS), Bandar Seri Putra, Kajang, Selangor  43000, Malaysia; Islamic University Malaysia, Cyberjaya, Selangor  63000, Malaysia},
abstract={The adequacy and efficiency of the Shari’ah compliance requirement of the Islamic capital market (ICM) is dependant upon the existence of comprehensive regulatory and supervisory infrastructure within the ICM system. One of the essential requirements of that regulatory and supervisory infrastracture is the Shari’ah governance framework which regulates the Shari’ah compliance requirements of the ICM itself. This is to ensure that all financial transactions and instruments are structured in accordance with Shariah principles which is essential to achieve the objectives of Shari’ah (Maqasid Shari’ah). This article provides insight into the application of Maqasid Shari’ah in the Islamic capital market generally. This research will focus on whether Maqasid Shari’ah in ICM can be achieved through the existing Shariah governance framework in Malaysia. © 2017 American Scientific Publishers All rights reserved.},
author_keywords={Corporate governance;  Islamic capital market;  Maqasid shari’ah;  Shari’ah compliance;  Shari’ah governance},
references={Rahman, A.R.A., (2008) Shar’ah Audit for Islamic Financial Services: The Need and Challenges, pp. 1-13. , ISRA Islamic Finance Seminar, Kuala Lumpur; Abbes, M.B., (2012) Int. J. Euro-Mediter. Stud, 5, p. 1; Meera, A.K.M., Larbani, M., (2006) Humanomics, 22, p. 17; Muneeza, A., Hassan, R., (2014) Corporate Governance, 14, p. 120; Rahman, A.A., Yahya, M.A., Nasir, M.H.M., (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3, p. 228; Catherine, S.F., (2015) International Journal of Islamic and Middle Eastern Finance and Management, 8, p. 222; Attia, G.E., (2010) Towards Realisation of the Higher Intents of Islamic Law: Maqasid Al-Shariah a Functional Approach, , Islamic Book Trust KL, The International Institute of Islamic Thought; Hamza, H., (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6, p. 226; Minhas, I.H., (2010) Islamic Finance News Malaysia, , http://ssrn.com/abstract, Published by Red Money Publication; Nizam, I., Larbani, M., A structural equation model of the Maqāsid al-Shari’ah as a socio-economic policy tool (2015) Policy Roundtable Discussion on Maqasid Shariah, , Malaysia; Auda, J., (2010) Maqasid Al-Shariah as Philosophy of Islamic Law: A Systems Approach, , Islamic Book Trust KL, The International Institute of Islamic Thought; Kasri, R., (2009) Corporate Governance: Conventional versus Islamic Perspective, , http://ssrn.com/abstract; Laldin, M.A., The role of shari’ah advisors in the development of islamic securities (2008) Fundamentals and Practices in Islamic Finance, , ISRA Series in Contemporary Islamic Finance, Kuala Lumpur; Choudhury, M.A., Alam, M.N., (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6, p. 180; McMillenmichael, J.T., Islamic capital markets for united states parties: Overview and select Shari’ah governance elements, Inside the minds: Financial services enforcement and compliance (2013) Aspatore Books, Forthcoming, , http://ssrn.com/abstract; Laldin, M.A., Furqani, H., (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6, p. 278; Kamali, M.H., (2006) An Introduction to Shariah, , Ilmiah Publisher; Kasim, N., Htay, S.N.N., Salman, S.A., International Journal of Trade (2013) Economics and Finance, 4, p. 336; Ramli, R.M., Ismail, A.G., Tasrif, M., M-Dex among the islamic countries (2015) Policy Rountable Discussion on Maqasid Shariah, , Malaysia; Hassan, R., Abdullah, N.I., Hassan, A., Ibrahim, U., Sawari, M.F.M., Aziz, A.A., Triyanta, A., (2013), ISRA Research Paper; Akhtar, S., Shariah compliant corporate governance (2006) Presented at Annual Corporate Governance Conference, , Dubai; (2013) List of Shariah-Compliant Securities by the Shariah Advisory Council of the Securities Commission Malaysia, pp. 1-33. , November; Alnasser, S.A.S., Muhammed, J., (2012) Humanomics, 28, p. 220; Zaidi, S.A.H., Shah, I.H., Ashraf, R.U., Ghauri, S.M.K., Hassan, I., (2015) International Journal of Commerce and Management, 25, p. 240; Derigs, U., Marzban, S., (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1, p. 285; Pok, W.C., (2012) Investment Management and Financial Innovations, p. 9; Hasan, Z., (2009) Kyoto Bulletin of Islamic Area Studies, p. 1; Hasan, Z., (2011) International Journal of Middle Eastern Finance and Management, 4, p. 30},
correspondence_address1={Miskam, S.; Faculty of Management and Muamalah, Bandar Seri Putra, Malaysia},
publisher={American Scientific Publishers},
issn={19366612},
language={English},
abbrev_source_title={Adv. Sci. Lett.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Azizud-Din2016,
author={Azizud-Din, A. and Hussin, S.A.S. and Zahid, Z.},
title={Performance comparison of Islamic and commercial banks in Malaysia},
journal={AIP Conference Proceedings},
year={2016},
volume={1782},
doi={10.1063/1.4966070},
art_number={040003},
note={cited By 2; Conference of 4th International Conference on Quantitative Sciences and Its Applications, ICOQSIA 2016 ; Conference Date: 16 August 2016 Through 18 August 2016;  Conference Code:124541},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84995467397&doi=10.1063%2f1.4966070&partnerID=40&md5=a51c7b31d3516f3d6666f8e0ad5ee769},
affiliation={Centre of Statistical and Decision Science Studies, Faculty of Computer and Mathematical Sciences, Universiti Teknologi MARA, Shah Alam, Selangor Darul Ehsan, 40450, Malaysia},
abstract={The steady growth in the size and increase in the number of Islamic banks show that the Islamic banking system is considered as an alternative to the conventional banking system. Due to this, comparisons in term of performance measurements and evaluation of the financial health for both type of banks are essential. The main purpose of this study is to analyse the differences between Islamic and commercial banks performance. Five years secondary data were collected from the annual report for each bank. Return on Asset ratio is chosen as the dependent variable, while capital adequacy, asset quality, management quality, earning, liquidity and sensitivity to market risk (CAMELS) are the independent variables. Descriptive analyses were done to understand the data. The independent t-test and Mann Whitney test show the differences of Islamic and commercial banks based on the financial variables. The stepwise and hierarchical multiple regressions were used to determine the factor that affects profitability performance of banks. Results show that Islamic banks are better in term of profitability performance, earning power performance, liquidity performance and sensitive to market risk. The factors that affect profitability performance are capital adequacy, earning power and liquidity variable. © 2016 Author(s).},
references={Rozzani, N., Rahman, R.A., Camels and performance evaluation of banks in Malaysia: Conventional versus Islamic (2013) Journal of Islamic Finance and Business Research, 2 (1), pp. 36-45; Erol, C., Baklaci, F., Aydoǧan, B., Tunc, G., Performance comparison of Islamic (participation) banks and commercial banks in Turkish banking sector (2014) EuroMed Journal of Business, 9 (2), pp. 114-128. , H; Kouser, R., Aamir, M., Mehvish, H., Azeem, M., CAMEL analysis for Islamic and conventional banks: Comparative study from Pakistan (2011) Economics and Finance Review, 1 (10), pp. 55-64; Wasiuzzaman, S., Nair Gunasegavan, U., Comparative study of the performance of Islamic and conventional banks: The case of Malaysia (2013) Humanomics, 29 (1), pp. 43-60; Kamaruddin, B.H., Mohd, R., CAMEL analysis of Islamic banking and conventional banking in Malaysia (2013) Business and Management Quarterly Review, 4 (3), pp. 81-89},
editor={Ahmad N., Jamil J.M., Aziz N., Zulkepli J.},
sponsors={},
publisher={American Institute of Physics Inc.},
issn={0094243X},
isbn={9780735414440},
language={English},
abbrev_source_title={AIP Conf. Proc.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Humairoh201639,
author={Humairoh, S. and Usman, H.},
title={Competition of Islamic Bank in Indonesia},
journal={Journal of Distribution Science},
year={2016},
volume={14},
number={6},
pages={39-44},
doi={10.15722/jds.14.6.201606.39},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85028080348&doi=10.15722%2fjds.14.6.201606.39&partnerID=40&md5=b38e7a4b7ee3ed90049250c281fbfee8},
affiliation={Sekolah Tinggi Ilmu Statistik, Jl. Otista 64C, Jakarta, 13330, Indonesia},
abstract={Purpose - This paper aims to study the competition that occurs in the Islamic Banking industry and to analyze the variables that affect the total revenue of Islamic Banking in Indonesia. Research Design, Data and Methodology - This study observed 10Islamic banks for the period 2010-2013. The annual data are taken from Direktori Perbankan Indonesia, published by Bank Indonesia, and annual report of the observed banks. In analyzing data, Panzar Rosse Approach was applied to analyze the type of Islamic Bank Market and Panel Regression Model for the estimated co-efficients has been used in the Panzar Rosse Approach. Results - Estimation model shows that all the banking cost elements such as the price of capital, unit price of labor, and unit prices of funds have significant positive correlation to Revenue as a dependent variable. The estimated value of H-statistic for the period 2010-2013 is 0.69. It can be interpreted that Islamic banking market in Indonesia shows monopolistic competition. Price of capital and funds has statistically significant effect on Bank's Revenue. Conclusions - The study revealed that the Islamic banking market competition in Indonesia is monopolistic and the major contribution to the H-statistic comes from mainly price of funds.},
author_keywords={Competition;  Islamic Banking;  Panel regression;  Panzar-Rosse models},
references={Baltagi, H.B., (2005) Econometric Analysis of Panel Data (3th ed.), , England: John Wiley & Son Ltd; (2014) Direktori Perbankan Indonesia, , Jakarta: Bank Indonesia; (2010) Annual Report Bank BJB Syariah, , http://www.bjbsyariah.co.id/laporan-keuangan/, Jakarta: Bank Jawa Barat Banten Syariah. Retrieved March 6, 2015; (2015) Bank Muamalat Indonesia Annual Report, , http://www.bankmuamalat.co.id/investor/laporan-tahunan, Jakarta: Bank Muamalat Indonesia. Retrieved March 6, 2015; (2015) Laporan Pelaksanaan Good Corporate Governance, , http://www.brisyariah.co.id/?q=laporan-tahunan, Jakarta: Bank Rakyat Indonesia Syariah. Retrieved March 6, 2015; (2015) Laporan Tahunan Bank Syariah Bukopin, , http://www.syariahbukopin.co.id/id/laporan, Jakarta: Bank Syariah Bukopin. Retrieved March 6, 2015; (2014) Laporan Pelaksanaan Good Corporate Governance, , Jakarta: Bank Syariah Mandiri; (2015) Laporan Tahunan Bank Syariah Mandiri, , http://www.syariahmandiri.co.id/category/investor-relation/laporan-tahunan/, Jakarta: Bank Syariah Mandiri. Retrieved March 6, 2015; (2015) Annual Report Bank Syariah Mega Indonesia, , http://www.megasyariah.co.id/, Jakarta: Bank Indonesia. Retrieved March 6, 2015; (2015) Laporan Tahunan Bank Victoria Syariah, , http://bankvictoriasyariah.co.id/page/sub/tahunan, Jakarta: Bank Victoria Syariah. Retrieved March 6, 2015; (2015) Annual Report BCA Syariah, , http://www.bcasyariah.co.id/laporan-keuangan/tahunan/2014-2/, Jakarta: BCA Syariah. Retrieved March 6, 2015; Bikker, J.A., Groeneveld, J.M., Competition and Concentration in the EU Banking Industry (1998) Kredit und Kapital, 33, pp. 62-98. , http://www.dnb.nl/en/binaries/ot008_tcm47-146043.pdf, Retrieved April 18, 2015; Bikker, J.A., Haff, K., Measurement of Competition and Concentration in Banking Industry: A Review of the Literature (2002) Economics and Financial Modeling, , http://www.dnb.nl/en/binaries/ot027_tcm47-146045.pdf, Retrieved March 17, 2015; Bikker, J.A., Haff, K., Competition, Concentration and Their Relationship: An Empirical Analysis of Banking Industry (2002) Journal of Banking and Finance, , www.dnb.nl/binaries/sr068_tcm46-146845.pdf, Retrieved March 6, 2015; Bikker, J.A., Spierdijk, L., Finnie, P., (2007) Misspecification of the Panzar-Rosse Model: Assessing Competition in the Banking Industry, , http://www.dnb.nl/binaries/Working%20Paper%20114-2006_tcm46-146771.pdf, De Nederlandsche Bank (DNB) Working Paper 114. Retrieved March 6, 2015; (2015) Laporan Tahunan BNI Syariah, , http://www.bnisyariah.co.id/category/investor-relations/laporan-tahunan, Jakarta: BNI Syariah. Retrieved March 6, 2015; Chu, L., Cui, Y., Ye, N., Yan, Y., Competition in Hongkong's banking industry (2013) Lignan Journal of Banking, Finance and Economic, 4 (1), pp. 78-87; Claessens, S., Laeven, L., (2003) What Drives Bank Competition? Some International Evidence, , http://www.jstor.org/stable/3838954, Journal of Money, Credit and Banking. Retrieved December 25, 2015; (2016) World Islamic Competitiveness Report 2014-2015, , Dubai: Mega Islamic Finance Conferences; Greene, W.H., (2003) Econometric Analysis (5th ed.), , New Jersey: Pearson Education; Gujarati, D., (2004) Basic Econometrics (4th ed.), , McGraw-Hill Publisher; Iman, N., (2009) Analisis Tingkat Persaingan Industri Perbankan Syariah Indonesia: Aplikasi Model Panzar-Rosse [Skripsi], , Jakarta: Universitas Indonesia; Indiastuti, R., (2011) Struktur Pasardan Persaingan, , http://www.fe.unpad.ac.id/upload/files/BB047-30-04-2011-83d21300411-Bab-1-Struktur-pasar-dan-Persaingan.doc, Bandung: Universitas Padjajaran. Retrieved April 15, 2015; Kasri, R.A., Iman, N., Analisis Persaingan Perbankan Syariah Indonesia: Aplikasi Model Panzar-Rosse (2010) Jurna lEkonomidan Pembangunan Indonesia, 11 (1), pp. 1-20; Majid, M.Z.A., Sufian, F., (2007) Market Structure and Competition in Emerging Market: Evidence from Malaysian Islamic Banking Industry, , http://mpra.ub.uni-muenchen.de/12126/, Retrieved April 18, 2015; Martin, S., (1994) Industrial Economic: Economics Analysis and Public Policy (2nd ed.), , New York: Macmillan Publishing Company; Nachrowi, D.N., Usman, H., (2006) Pendekatan Populerdan Praktis Ekonometrikauntuk Analisis Ekonomidan Keuangan, , Jakarta, Indonesia: LP-FEUI; (2015) Laporan Tahunan Panin Bank Syariah, , https://paninbanksyariah.co.id/index.php/mtentangkami/laporantahunan, Jakarta: Panin Bank Syariah. Retrieved March 6, 2015; Pindyck, R.S., Rubinfeld, D.L., (2009) Microeconomics (7th ed.), , New Jersey: Pearson Education; Rozas, L.G., (2007) Testing for Competition in the Spanish Banking Industry: The Panzar-Rosse Approach Revisited, , http://core.ac.uk/download/pdf/6310671.pdf, Madrid: Banco de Espana. Retrieved April 18 2015; Sealey, C.W., Lindley, J.T., Input, Outputs and the Theory of Production and Cost at Depositary Financial Institutions (1997) Journal of Finance, 32 (4), pp. 1251-1266; Shaffer, S., (1994) Business Review: Bank Competition in Concentrated Markets, , https://www.phil.frb.org/research-and-data/publications/business-review/1994/brma94ss.pdf, Federal Reserve Bank of Philadelphia. Retrieved April 18, 2015; (2013) Top Islamic Financial Institutions, , London, UK: Financial Times Ltd; Usman, H., Customer Communication Strategy for Islamic Banks (2015) International Journal of Industrial Distribution & Business, 6 (2), pp. 17-24; Usman, H., Comparison of the Importance of Banks' Attributes between Islamic and Conventional Banks' Customers (2015) (2015) East Asian Journal of Business Management, 5 (2), pp. 5-13; Usman, H., Customers Trust on Islamic Banks in Indonesia (2015) Journal of Asian Finance, Economics and Business, 2 (1), pp. 5-13; Usman, H., The Role of Religious Norms on Selecting the Islamic Bank (2015) Al-Iqtishad, 7 (1), pp. 31-44},
publisher={Korea Distribution Science Association (KODISA)},
issn={17383110},
language={English},
abbrev_source_title={J. Distribution Science},
document_type={Article},
source={Scopus},
}

@ARTICLE{Safar-Aly201677,
author={Safar-Aly, S.H.K.},
title={Islamic conscious capitalism: a ‘Third Way’ in light of classical scripture},
journal={International Review of Economics},
year={2016},
volume={63},
number={1},
pages={77-91},
doi={10.1007/s12232-015-0245-9},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84959230206&doi=10.1007%2fs12232-015-0245-9&partnerID=40&md5=675ed5ec7958a6f3fa55f9c962b83e5a},
affiliation={PO Box 506688, Dubai, United Arab Emirates},
abstract={The economic paradigm and framework advocated for in Islam is one that entails a unique combination of various socio–economic philosophies. This article advances the notion that Islam promotes a capitalistic economic model wrapped in its own garment of understanding—fashioned with threads of equity and stitched in patterns of benevolence and justice. This article examines the Islamic theological framework relating to the profit incentive and its spiritually–conscious methodology of capital procurement. The Qur’an contains around 370 references in regard to commerce, from which much of Islamic law relating to lending, banking and trading originates (Heck in Muhammad and the Arab roots of capitalism (Studien zur Geschichte und Kultur des Islamichen Orients)—Band 18. Walter de Gruyter, Berlin, p 5, 85, 2006). This article intends to explore the potential that these teachings have for an Islamic ‘Third Way’ (i.e. an Islamic contribution to economic philosophy and discourse that is in-between of, or an alternative to, both the purely individualistic primary concerns on prices, profits, and private property inherent in "pure" capitalism, and the purely communal command economics of communism, which often negates or discourages the promotion of self-interests). Part I of this paper intends to introduce the reader to the various sources of Islamic ‘law’ and its scope. In doing so, the philosophical nature and objectives of the Shariah will become evident, through the exploration of specific theological economic teachings. Part II intends to study Islam’s theological attitude toward entrepreneurship and the profit incentive, as well as the concept of the potential for salvation through ethical profits. Part III explores, in light of classical Islamic scripture, the various prohibitions within the Islamic concept of the economy. In doing so, the paper shall explore how values and theories found in classical Islamic scripture have found contemporary application within the growing modern Islamic finance industry, for example, through Shariah ‘screens’ applied on market indicies, such as the Dow Jones Islamic Market Index. Part III shall also explore Islamic edicts with regards to business practices, as well as environmental ethics. In doing so, Part IV concludes that there can indeed be such an Islamic ‘Third Way’, drawn along similar shared values found amongst other world religions. © 2016, Springer-Verlag Berlin Heidelberg.},
author_keywords={Business ethics;  Conscious capitalism;  Islamic law;  Social economics;  Theological economics;  Third way},
references={Sunan Abū Dāwūd (Abū Dāwūd’s [verified and authenticated] Customs [of the Prophet Muhammad (pbuh)] in al-Khattab, N. (trans.) Sunan Abū Dāwūd (2008) The Book of Employment (Kitāb al-Ijārah) (Darussalam; Riyadh), Ḥadīth nos. 3485, 3486, 3489, 3440 and, 3441 (4), pp. 132-135; Abū ʿAbdullah Muḥammad ibn Ismāʿīl ibn Ibrāhīm ibn al-Mughīrah ibn Bardizbah al-Juʿfī (d. 870 CE) (2007a) al-Jāmi’ al-Musnad al-Sahīh al-Mukhtaṣar min umūr Rasūl Allāh wa Sunnanihi wa Ayyāmihi (The abridged collection of sound reports with chains of narration going back all the way to the Prophet regarding matters pertaining to the Prophet, his practices and his times)—(‘Ṣaḥīḥ Bukhārī’) (The Authenticated Ḥadīth of the Prophet (pbuh) as recorded and authenticated by Imam Bukārī), Book 34 (Kitāb al-Buyū’) (The Book of Selling) in al-Sharif, M.M. (trans.) Al’Bukhari’s Sahih: The Correct Traditions of Al’Bukhari, 2nd ed. Dar al-Kotob al-Ilmiyah Beirut, Ḥadīth no. 2087, 2, p. 12; al-Bukhārī, Abū ʿAbdullah Muḥammad ibn Ismāʿīl ibn Ibrāhīm ibn al-Mughīrah ibn Bardizbah al-Juʿfī (d. 870 CE) Ṣaḥīḥ Bukhārī (2007b) Ḥadīth no. 6012, 4: 88; al-Ghazālī, A.M.M., CE) (1904) al-Muṣṭafā min ʿIlm al-Uṣūl (The Essentials of Islamic Legal Theory), vol 1. al-Matbah a-Amiriyah Cairo, pp. 286-287; al-Ghazālī, A.M.M., Kitāb Dhikr al-Mawt wa-mā Baʿdahu (Book of the Remembrance of Death and the Afterlife) in Winter, T.J (1989) (trans.) Al-Ghazālī on the Remembrance of Death and the Afterlife: Book XL of the Revival of Religious Sciences (Iḥyā’ ʿUlūm ad-Dīn), , The Islamic Texts Society, Cambridge; al-Ghazālī, A.M.M., Iḥya’ ʿulūm al-Dīn (The Revival of Religious Sciences), vol 2. Darul Nadwah (2012) Beirut, p. 109. , http://kud-logos.si/2012/al-ghazali-islamic-philosophy-of-economics/; al-Hindī, A.-D.F.A.-M.H.-D., Kanz al-ʿUmmāl fī Sunan al-Āqwāl wa’l afʿal (Treasure of the Doers of Good Deeds), vol 1. 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Cairo, p 4; http://www.scribd.com/doc/16768046/Jami-a-Tirmidhi-Sunan-alTirmidhi, al-Tirmidhī, Abū ʿĪsā Muḥammad ibn ʿĪsā ibn as-Sulāmī ad-Dhirīr al-Būghī (d. 892 CE) (2011) Sunan at-Tirmidhī (The Correct Ḥadīth collected by at-Tirmidhī), Ḥadīth no. 2541. Last accessed April 20, 2011; Hortus Deliciarum (Garden of Delights). In Green R (ed) The Hortus Deliciarum of Herrad of Hohenbourg (Landsberg): A Reconstruction (Studies of The Warburg Institute), vol 2. The Warburg Institute (1979) Leiden, p. 206; al-Qazīwnī, I.M.-R., Yazīd, A.A.M., (d. 887 CE) (2007) Sunan Ibn Mājah (Customs [of the Prophet Muhammad (pbuh) as recorded by] Ibn Mājah) (al-Khattab, N. (trans.), The Chapters on Pawning (Abwāb ar-Ruhūn), Chapters on Business Transactions (Abwāb at-Tijājāt). 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correspondence_address1={Safar-Aly, S.H.K.PO Box 506688, United Arab Emirates; email: samirsafar@gmail.com},
publisher={Springer Verlag},
issn={18651704},
language={English},
abbrev_source_title={Int. Rev. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Selamat2015253,
author={Selamat, A. and Ariff, M. and Shamsher, M.},
title={What happens when Islamic capital markets move away from tax neutrality - A look at Oman & Saudi Arabia},
journal={Pertanika Journal of Social Sciences and Humanities},
year={2015},
volume={23},
number={1},
pages={253-266},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84926375447&partnerID=40&md5=1d974b50e80519425ed7c8fe5ec15c33},
affiliation={Department of Accounting and Finance, University Putra Malaysia, Serdang, Selangor, 43400, Malaysia; Department of Finance, Bond UniversityQLD  4229, Australia; INCEIF University, Lorong A, Jalan Universiti, Petaling Jaya, Selangor, Malaysia},
abstract={This article evaluates how tax reforms affect stock prices of local and foreign firms in Oman and Saudi Arabia. Both countries introduced corporate tax on foreign firms, exempting local firms from corporate tax, when they moved away from a pre-existing Islamic tax neutrality policy. These reforms were implemented in 2009 in Oman and in 2004 in Saudi Arabia. These tax reform events - applying to foreign firms and not applying to local firms in the same markets - offer ideal experimental situations in two economies to test the taxation theories on how stock prices must react. We find that the results support the Modigliani- Miller and Elton-Gruber tax theories in two ways. Firstly, foreign firms that had their taxes reduced experienced stock price increases. Secondly, local firms not subjected to tax or tax reduction showed no visible tax effect. These are theory-consistent findings in the unique tax environments in these two Islamic countries, which moved away from tax neutrality, enabling us to obtain very clear evidence on modern theories of taxation. In our view, this evidence is significantly important addition to the literature on tax and taxation and for those contemplating a move away from Islamic tax neutrality. © Universiti Putra Malaysia Press.},
author_keywords={Announcement effect;  Corporate tax reform;  Corporation incomes;  Ex-dividend days;  Islamic tax-neutrality policy},
references={Aslam, S., Ariff, M., Shamsher, M., Dividend tax cuts in the United States and single-tier tax regime in Malaysia: Share price reactions to tax policy changes (2012) Pertanika Journal of Social Sciences and Humanities, 20 (4), pp. 1210-1228; Aslam, S., Ariff, M., Shamsher, M., Do cash dividend increases from dividend tax cuts reflect good news to NYSE shareholders? (2012) Proceedings of the Global Finance Conference, , May 22-26, Chicago, IL, USA; Aslam, S., Ariff, M., Mohamad, S., The introduction of one-tier corporate tax system: Its effect on share price (2014) Capital Markets Review (Forthcoming); Bali, R., Hite, G.L., Ex dividend day stock price behavior: Discreteness or tax-induced clienteles? (1998) Journal of Financial Economics, 47 (2), pp. 127-159; Bell, L., Jenkinson, T., New evidence on the impact of dividend taxation and on the identity of the marginal investor (2002) The Journal of Finance, 57, pp. 1321-1346; Brown, S., Warner, J., Using daily stocks: The case of event studies (1985) Journal of Financial Economics, 14, pp. 3-31; Dubofski, D., A market microstructure explanation of the ex-day abnormal returns (1992) Financial Management, 21, pp. 32-43; Elton, E.J., Gruber, M.J., Marginal stockholder tax rates and clientele effect (1970) The Review of Economics and Statistics, 52 (1), pp. 68-74; Frank, M., Jagannathan, R., Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes (1998) Journal of Financial Economics, 47, pp. 161-188; Jalili, A.R., A desriptive overview of Islamic Taxation (2006) Journal of American Academy of Business, 8 (2), pp. 16-28; Kalay, A., The ex-dividend day behavior of stock prices: Re-examination of the clientele effect (1982) The Journal of Finance, 37 (4), pp. 1059-1070; Kalay, A., The ex-dividend day behavior of stock prices: A re-examination of the clientele effect: A reply (1984) The Journal of Finance, 39 (2), pp. 557-561; Mackinlay, A.C., Event studies in economics and finance (1997) Journal of Economic Literature, 35 (1), pp. 13-39; Modigliani, F., Miller, M.H., The cost of capital, corporation finance, and the theory of investment (1958) American Economic Review, 48 (3), pp. 261-297; Modigliani, F., Miller, M.H., Corporate income taxes and the cost of capital: A correction (1963) American Economic Review, 53 (3), pp. 433-443; Newey, W.K., West, K.D., Hypothesis testing with efficient method of moments estimation (1987) International Economic Review, 28 (3), pp. 777-787},
correspondence_address1={Selamat, A.; Department of Accounting and Finance, Malaysia; email: aslam.selamat@gmail.com},
publisher={Universiti Putra Malaysia},
issn={01287702},
language={English},
abbrev_source_title={Pertanika J. Soc. Sci. Humanit.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sriyana20151695,
author={Sriyana, J.},
title={Islamic banks' profitability amid the competitive financing in Indonesia},
journal={International Journal of Applied Business and Economic Research},
year={2015},
volume={13},
number={4},
pages={1695-1710},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84947461409&partnerID=40&md5=1bea3e4dc8732ede0ec924658d3fe52a},
affiliation={Department of Economics, Universitas Islam Indonesia, Yogyakarta, Indonesia},
abstract={This study attempts to analyze the role of internal bank factors towards Islamic banks' performance in Indonesia during 2006-2013. For this purpose, this study uses panel data approach to estimate the empirical model. In this research, the random effects model is selected to explain the Islamic banks' profitability behaviour. The results present that all independent variables are good predictor for profitability which is measured by return on asset (ROA). The model shows that net profit margin and financing deposit ratio are significant predictors for Islamic banks' financial performance. In contrast, non-performing financing and operating efficiency have negative impact to return on asset. In addition, this study indicates that capital adequacy ratio has negative correlation with profitability. It is evident from regression model that the Islamic banks' profitability strongly depends on the profit margin and funds mobilization. Moreover, increasing in non-performing financing and operating expenses will reduce their profit. These results indicate that Islamic banking industry in Indonesia has not well developed. This study also reveals that the Islamic banks in Indonesia are probably facing losses in recent years. Islamic banks need to invite more funds from depositors and to mobilize their financing into more various business sectors. Islamic banks need to strengthen their risk management frameworks and to ensure their financing stability within the market.},
author_keywords={Asset;  Capital;  Deposit;  Financing;  Profitability},
references={Akhtar, M.F., Ali, Kh., Sadaqat, S., Factors influencing the profitability of islamic banks of Pakistan (2011) International Research Journal of Finance and Economics, (66), pp. 125-132; Ali, K., Akhtar, M.F., Ahmed, H.Z., Bank-specific and macroeconomic indicators of profitability - Empirical evidence from the commercial banks of Pakistan (2011) International Journal of Business and Social Science, 2 (6), pp. 235-242; Ali, S.A., Shafique, A., Razi, A., Determinants of profitability of Islamic banks, A case study of Pakistan (2012) Interdisciplinary Journal of Contemporary Research in Business, 3 (11), pp. 86-99; (2012) Annual Report of Bank Indonesia, , WWW.bi.go.id, Jakarta. Retrieved from; Baltagi, B., (2001) Econometric Analysis of Panel Data, , 2nd ed.. England: John Wiley & Son; Bashir, A.-H.M., Determinants of profitability in Islamic Banks: Some evidence from the middle east (2003) Islamic Economic Studies, 11 (1), pp. 31-57; Flamini, V., McDonald, C., Schumacher, L., The determinants of commercial bank profitability in Sub-Saharan Africa (2009) IMF Working Papers, 9 (15), pp. 1-30; Haron, S., Determinants of Islamic bank profitability (2004) The Global Journal of Finance and Economics, 1 (1), pp. 11-33; Hassan, T., Mohamad, S., Bader, Efficiency of conventional versus Islamic banks: Evidence from the Middle East (2009) International Journal of Islamic and Middle Eastern Finance and Management, 2 (1), pp. 46-65; Hidayat, S.E., Abduh, M., Does financial crisis give impacts on Bahrain Islamic banking performance? A panel regression analysis (2012) International Journal of Economics and Finance, 4 (7), pp. 79-87; (2009) Indonesian Islamic Banking Outlook 2010, , http://bi.go.id, Jakarta. Retrieved from; Izhar, H., Asutay, M., Estimating the profitability of Islamic banking/: Evidence from bank muamalat Indonesia (2007) Review of Islamic Economics, 11 (2), pp. 17-22; Kasri, R.A., Kassim, S.H., Empirical determinants of saving in the Islamic banks/: Evidence from Indonesia (2009) Journal of King Abdulaziz University: Islamic Economics, 22 (2), pp. 181-201; Ramlall, I., Bank-specific, industry-specific and macroeconomic determinants of profitability in taiwanese banking system: Under panel data estimation (2008) International Research Journal of Finance and Economics, 34 (34), pp. 160-167; Shahimi, S.B., Ismail, A.G.B., Ahmad, S.B., A panel data analysis of fee income activities in Islamic banks (2006) Journal of King Abdulaziz University: Islamic Economics, 19 (2), pp. 23-35; Siddiqui, A., Financial contracts, risk and performance of Islamic banking" (2008) Managerial Finance. Managerial Finance, 34 (10), pp. 680-694; Sufian, F., The efficiency of Islamic banking industry in Malaysia Foreign vs domestic banks (2007) Humanomics, 23 (3), pp. 174-192; Sufian, F., Habibullah, M.S., Bank specific and macroeconomic determinants of bank profitability: Empirical evidence from the China banking sector (2009) Front. Econ. China, 4 (2), pp. 274-291; Sufian, F., Noor, M.A.N., The determinants of Islamic bank's efficiency changes: Empirical evidence from the MENA and Asian countries Islamic banking sectors (2009) International Journal of Islamic and Middle Eastern Finance and Management, 2 (2), pp. 120-138; Wasiuzzaman, S., Tarmizi, H.-A.B.A., Profitability of Islamic banks in Malaysia/: An empirical analysis (2010) Journal of Islamic Economics, Banking and Finance, 6 (4), pp. 53-68; Wooldridge, J., (2003) Introductory Econometrics: A Modern Approach, , United States: Thomson},
correspondence_address1={Sriyana, J.; Department of Economics, Indonesia; email: jakasriyana@yahoo.com},
publisher={Scientific Publishers},
issn={09727302},
language={English},
abbrev_source_title={Int. J. Appl. Bus. Econ. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Issoufou2015130,
author={Issoufou, C. and Oseni, U.A.},
title={The application of third party guarantee in structuring Ṣukūk in the Islamic capital market: A preliminary literature survey},
journal={Mediterranean Journal of Social Sciences},
year={2015},
volume={6},
number={5},
pages={130-138},
doi={10.5901/mjss.2015.v6n5p130},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84940835564&doi=10.5901%2fmjss.2015.v6n5p130&partnerID=40&md5=e32cac8a7c5186adbab42d39cce403aa},
affiliation={Department of Islamic Finance, Universiti Kuala Lumpur (UniKL), Business School (UBIS), Malaysia; Department of Civil Law, International Islamic University Malaysia, Malaysia},
abstract={In the Islamic capital market, the ṣukūk (Islamic investment certificates) segment is considered by key stakeholders in the Islamic financial services industry as the most vibrant segment in the global Islamic financial system. This paper provides a preliminary literature survey on the application of third party guarantee in Islamic capital market with specific reference to ṣukūk transactions. The methodology adopted in this study leverages on the dynamics of comparative jurisprudential analysis of the different schools of thought in Islamic law from the classical to the modern jurists. Though this aspect of Islamic capital market is relatively in its infancy stage of development, the Islamic financial services industry is fraught with diverse practices where a perceptible disconnect is noticed between juristic ideals and practical application of third party guarantee in ṣukūk structuring. Therefore, the paper finds that though the use of third party guarantee is permissible in Islamic capital market, there is however a proviso which must be adhered to – the voluntary nature of the guarantee. The guarantee should be provided without charging any fee, and this is applicable in commonly used sukuk products such as ṣukūk al-ijārah, ṣukūk al-muārabah, and ṣukūk al-istiṣnā‘. It is however permissible to impose a compensatory fee in ṣukūk al-istiṣnā‘ in the case of failure to deliver the subject matter of the contract on the due date and the contractee has suffered a damage. © 2015, Mediterranean Center of Social and Educational Research. All rights reserved.},
author_keywords={Islamic capital market;  Islamic finance;  Third party guarantee;  Ṣukūk market},
references={Al-Zarqa, Ahmad, M., (1997) Al-Madkhal al-Fiqh al-Am, , Damascus: Dar al-Qalam; Abdel-Khaleq, A.H., Richardson, C.F., New horizons for Islamic securities: Emerging trends in Sukuk offerings (2006) Chicago Journal of International Law, 7 (2); Al-Bādī, A.D., (1988) Sanadāt al-muqāraḍah Majallah Majma'a al-Fiqh al-Islāmī, 3 (4). , no. 4 session. Jeddah: Majma' al-Fiqh al-Islāmī; Al-Bahūtī, M.Y., (2003) Al-Rawḍ al-Murbi' bi Sharḥ Zād al-Mustaqni', Taḥqīq Khalīl 'Amrūt al-Manṣūr, , 1st edition, Beirut: 'Ālam al-Kutub; Al-Khatīb, M.S., Al-'Iqnā' fī Ḥali al-Fāẓ Abī-Shajā, 2. , (n. d)., Jakarta: Dār al-Fikr; Al-Haitamī, S.A.A., (2001) Tuḥfah al-Muḥtāj bi Sharḥ al-Minḥāj, 2. , wa huwa Sharḥ alā Kitāb Minhāj al-Ṭālibīn fī Fiqh al-Imām al-Shāfi'ī, li Abī Zakariyā Muḥyī al-Dīn Yaḥyā bin Sharaf al-Nawawī, Ḍabaṭahu wa Ṣaḥaḥahu wa Kharraja Āyātuhu, 'Abd Allāh Muḥmūd Muḥammad 'Umar., 1st edition. 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Beirut: Dār al-Shāmiyyah; Hassan, M.K., Kayed, R.N., Oseni, U.A., (2013) Introduction to Islamic banking and finance: Principles and practice, , Essex, England: Pearson Education Limited; Henkel, C., Personal Guarantees and Sureties between Commercial Law and Consumers in the United States (2014) American Journal of Comparative Law, 62 (1); Abd al-Samī Ibrāhīm, Ḥ., (2004) Mawqif al-Fuqhā' min Ḍamāni al-'amwāl, , Egypt: Maktabatu Nānasī; Ḥasān, Ḥ.Ḥ., Ḍamān Ra'as al-māl aw al-ribih fī Ṣukūk al-Muḍārabah aw Sanadāt al-Muqāradah (1988) Majallah Majma' al-Fiqh al-Islāmī, 3 (4). , no. 4, session. Jeddah: Majma' al-Fiqh al-Islāmī; Allāh al-Mīn, Ḥ.A., Sanadāt al-Muqāraḍah wa Sanadāt al-Istithmār (1988) Majallah Majma' al-Fiqh al-Islāmī, 3 (4). , 4 session. Jeddah: Majma'a al-Fiqh al-Islāmī; Qudāmah, I., Al-Mughnī, vol 4, , (n. d.), al-Riyāḍ: Muktabātu al-Riyāḍ al-Ḥadīthah; Ibn al-Najār, T.M.A., (1996) Muntahā al-Irādāt fī Majma' al-Muqni' ma' al-Tanqīḥwa Ziyādāt, Taḥqīq 'Abd al-Ghanī 'Abd al-Khāliq, 1. , 2nd edition. Beirut: 'Ālam al-Kutub; Al-Sā Ātī al-Ḥanafī, I., (2005) Majma' al-Baḥrain wa Multaqā al-Nīrain fī al-Fiqh al-Ḥanafī, Dirāsaah wa Taḥqīq Ilyās Qabalān, , Beirut: Dār al-Kutub al-Ilmiyyah; (1995) Sharḥ Fataḥu al-Qadīr, alā al-Hidāyah Sharḥ Bidāyah al-Mubtadī, Burhān al-Dīn 'Alī bin Abī bakar al-Marghānī, 'Allaqa 'alaihi wa kharaja āyātuhu wa aḥādīthahu, 'Abd al-Razāq ghālib al-Mahadī, 7. , Ibn al-Hamām*Kamāl al-Dīn Muḥammad bin Abd al-Wāḥid al-Siwāsī thumma al-Sakandarī al-al-Ḥanafī, Beirut: Dār al-Kutub al-Ilmiyyah; Rushd, I., bin Aḥmad al-Qurṭubī, M., (1985) Bidāyat al-Mujtahid wa Nihāyat al-Muqtaṣid, 2. , Beirut: Dār-al-Ma'rifah; (2005) Majma'a al-Baḥraini wa Multaqā al-Nīraini fī al-Fiqhi al-Ḥanafī Beirut: Dār al-Kutub al-Ilmiyyah; Qudāmah, I., bin Aímad, A.A., Al-Mughnī, 4. , Ibn al-Sā atī*Muẓẓafar al-Dīn Aḥmad bin Alī bin Thaalab*al-Ḥanafī, (n. d), vol. 6 Beirut: 'Alam al-Kutub Koutoub Mustapha Sano. 2004); Sukūk al-Ijārah, 2 (15). , Majallah Majma'a al-Fiqh al-Islāmiī,. Jeddah: Majma'a al-Fiqh al-Islāmī; Kamil, W.A., (2007) Islamic Participatory Contracts: Mushārakah and Muḍārabah, , (Structuring Ṣukūk, paper presented at Workshop on detailed Structuring of Islamic Securities. Organized by Islamic Banking and Finance Institute Malaysia 27 October 2007. Kuala Lumpur: Islamic banking and Finance Institute; Musā, K., (2008) Aḥkāmu al-Mu'āmalāt, , Beirut: Muasasatu al-Risālah Nāshurūn; Madkūr, M.S., (1984) Aqd al-Ijārah fī al-Fiqh al-Islāmī al-Muqārin 1st edition, , Cairo: Dār al-Nahḍah al-'Arabiyyah; Al-Fiqh al-Islamī, M., (2004) Majallah Majma' al-Fiqh al-'Islamī, 2 (137). , no. 15 Resolution/3/15. Jeddah: Majma'a al-Fiqh al-' Islamī; Maurer, B., Form versus substance: AAOIFI projects and Islamic fundamentals in the case of sukuk (2010) Journal of Islamic Accounting and Business Research, 1 (1); McMillen, M.J., Islamic capital markets: Developments and issues (2006) Capital Markets Law Journal, 1 (2); Al-Ajalūnī, M.M., (2008) Al-Bunūk al-Islāmiyyah wa Aḥkāmuhā wa Mabādi'ihā wa Taṭbīqātuhā al-Musrafiyyah, , Jordan: Dār al-Muysarah; Najadāt, M., Al-Aqad, Ḍ., (2007) Damascus: Dār al-Maktabī; Al-Mukhtār al-Salāmī, M., Sanadāt al-Muqāraḍah wa Sanaḍat al-Tanmiyyah wa Istithmār (1988) Majallah Majma'a al-Fiqh al-Islāmī, 19 (4). , 3, no. 4, session. Jeddah: Majma' al-Fiqh al-Islāmī. Muḥammad Ḥasan Ismā'īl al-Shāfi'ī, Qaddama Lahu Kamāl Abd al-'Aẓīm al-'Anānī,. Beirut: Dār-al-Kutub al-'Ilmiyyah; Ḥamād, N.K., (2004) Sukūk al-Ijārah in Majallah Majma' a al-Fiqh al-Islāmī, 2 (15). , Jeddah: Majma' a al-Fiqh al-Islāmī; Al-Miṣrī, R.Y., (2009) Buḥūth fī al-Maṣārif al-Islāmiyyah, , Syria: Dār al-Maktabī; Securities Commission Malaysia, (2002) Resolutions of Securities Commission Sharī'ah Advisory Council, , 1st edition. Kuala Lumpur: Securities Commission; Ḥamūd, S.Ḥ., (1988) Taṣwīr Ḥaqīqat Sanadāt al-Muqāraḍah wa al-Firq baynahā wa bayna Sanadāt al-tanmiyyah wa Shahadāt al-Istithmār wa al-Firq baynahā wa bayna al-Sanadāt al-Ribawiyyah Majallah Majallah al-Fiqh al-Islāmī, 3 (4). , no 4, session. Jeddah: Majma' al-Fiqh al-Islāmī; Bāz al-Lubnānī, S.R., (1920) Sharḥ al-Majallah, 1. , 3rd edition. Beirut: Dār al-Kutub al-Ilmiyyah; Alī Jubar, S.Ḥ., (2003) Al-Khilāfāt al-Māliyyah wa Ṭurq Ḥaluhā fī al-Fiqh al-Islāmī Aḥkāmu Istirdād al-Māl, , Jordan: Dār al-Nafāis; The Majallah Aḥkām, (1980) Al-Adliyyah and complete code on Islamic Civil Law, , translated by C.R. Tyser, B.A.L., Lahore: Law Publishing company; Ulaish, A.M., (2003) Minaḥu al-Jalīl Sharḥ 'alā Mukhtaṣar al-'Allāmah Khalīl, ma' Ta'līqāt min Tashīl Minaḥu al-Jalīl, Ḍabatahu wa Ṣaḥaḥahu, 'Abd al-Jalīl 'Abd al-Salām, 6. , 1st edition. Beirut: Dār al-Kutub al-Ilmiyyah; Al-Zuḥailī, W., (2003) Al-Fiqh al-Islāmī wa al-Dillatuhu, 2. , Damascus: Dār al-Fikr; Al-Khatīb, M.S., Al-'Iqnā' fī Ḥali al-Fāẓ Abī-Shajā, 2. , (n. d.), Jakarta: Dār al-Fikr; Al-Zuḥailī, W., (2006) Naẓariyyat al-Ḍamān aw Aḥkām al-mas'ūliyyah al-Madniyyah wa al-janā'iyyah fī al-Fiqh al-'Islamī Dirāsah Muqāranah, , Beirut: Dār al-Fikr al-Mu'āsir; Al-Zuḥailī, W., (1998) Naẓariyyat al-Ḍamān, , Damascus: Dār al-Fikr; bin Abd Allāh Al-Shubailī, Y., (2005) Al-Khidmāt al-Istithmāriyyah fī al-Maṣārif wa 'Aḥkāmuhā fī aFiqh al-Islāmī, 2. , Dammam: Dār Ibn al-Jawzī},
publisher={Mediterranean Center of Social and Educational Research},
issn={20399340},
language={English},
abbrev_source_title={Mediterranean J. Soc. Sci.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sumarti20151,
author={Sumarti, N. and Sidarto, K.A. and Syamsuddin, M. and Mardiyyah, V.F. and Riza, A.},
title={Some problems on the making of mathematical modelling of a profit-loss sharing scheme using data simulation},
journal={Journal of Mathematical and Fundamental Sciences},
year={2015},
volume={47},
number={1},
pages={1-11},
doi={10.5614/j.math.fund.sci.2015.47.1.1},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84937903676&doi=10.5614%2fj.math.fund.sci.2015.47.1.1&partnerID=40&md5=e1898b538af143da0c39d9a4ae75db63},
affiliation={Industrial and Financial Mathematics Research Group, Institut Teknologi Bandung, Jalan Ganesha 10, Bandung, 40132, Indonesia},
abstract={The mathematical model for a profit-loss sharing scheme is formulated in order to see how this scheme can replace the traditional practice of lending money against high interest by usurers. It is sourced from the musyarakah method in Islamic Syariah law and implemented for small-scale investments of traditional-market traders. They are the common target of usurers, so they may end up poorer than they were before. The main goal of the model is to find the appropriate portion of profit share, so the investment is profitable not only for the investor but also for the trader. There are three main problems in the process of formulating the mathematical model and finding optimized results. The first problem is providing the appropriate amount of data to be implemented in the model. The second problem is determining the objective function for the optimization of the portion of profit share. The last problem is determining the appropriate values of the parameters for certain types of traders. We found a significant result in determining the appropriate values of the parameters that explain the potential capability of the traders in handling larger amounts of capital to be invested in order to achieve our main goal. © 2015, Published by ITB Journal Publisher.},
author_keywords={Data simulation;  Mathematical models;  Micro-credit scheme;  Micro-financing;  Optimization problems},
references={The Department of Religion Republic of Indonesia, (2012) The Translations of the Holy Al-Qur'an (Koran) in Indonesian, p. 408. , Chapter Ar-Rum, Verse 39, Cipta Bagus Segara, (Text in Indonesian); Mills, P., (2011), http://www.jubilee-centre.org/the-ban-on-interest-dead-letter-or-radical-solution-by-paul-mills/, (16 April); Iqbal, Z., Mirakhor, A., (2007) An introduction to Islamic Finance, Theory and Practice, , John Wiley & Sons (Asia) Pte Ltd; Iqbal, M., Khan, T., (2005) Financial Engineering and Islamic Contracts, , Palgrave Macmillan; Jusmaliani, Syari'ah Investment: Conceptual implementation on the empirical reality (2008) Kreasi Wacana, Yogyakarta, , (Tex in Indonesian); Pontjowinoto, I., (2003) Syari'ah Principals in Capital Market (The Practitioner's View), , Modal Publications, Jakarta, (Text in Indonesian); Dahlan, R., (2011) Investment in Al-Qur'an, , http://mim-community.blogspot.com/2009/05/investasi-dalam-Al-Quran.html, (16 April) (Text in Indonesian); Ahmed, H., (2002) Incentive-Compatible Profit-Sharing Contracts: A theoretical Framework, in Islamic Banking and Finance: New Perspectives on Profit-Sharing and Risk, , Munawar Iqbal and David Llewellyn, ed., Northampton: Edward Elgar Publishing; Abu-Joudeh, B., (2012) Exploring the Potential for Profit-Loss Sharing Models in Islamic Microfinance, , Huntsman Program Honors Senior Thesis, University of Pennsylvania; Sumarti, N., Fitriyani, V., Damayanti, M., A Mathematical Model of the Profit-Loss Sharing (PLS) Scheme (2014) Procedia-Social and Behavioral Sciences, 115, pp. 131-137; Ross, S., (1999) An Introduction to Mathematical Finance, , Cambridge: Cambridge University Press; Yunus, M., (1999) Banker to the Poor: Micro-Lending and the Battle against World Poverty, , Public Affairs; Sumarti, N., Athari, N., Fadhli, M.R., An Application on Multiple-Correspondence Analysis on the Survey for Implementation of the Profit-Loss Sharing Concept (2008) Proceeding of International Conference on Mathematics and Natural Sciences, , 28-30 Oct},
publisher={Institute for Research and Community Services, Institut Teknologi Bandung},
issn={23375760},
language={English},
abbrev_source_title={J. Math. Fundament. Sci.},
document_type={Article},
source={Scopus},
}

@ARTICLE{MohdShafiai201543,
author={Mohd Shafiai, M.H. and Moi, M.R.},
title={Fitting Islamic financial contracts in developing agricultural land},
journal={Global Journal Al-Thaqafah},
year={2015},
volume={5},
number={1},
pages={43-49},
doi={10.7187/GJAT772015.05.01},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84935419106&doi=10.7187%2fGJAT772015.05.01&partnerID=40&md5=90b3d48f57ddf4430c83f2a4693a2ca8},
affiliation={Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Bangi, Selangor, 43600, Malaysia},
abstract={The Islamic finance industry is one of the fastest growing industries in the world. However, many potential Muslim customers, particularly in rural areas, have unfulfilled banking needs and lack access to financing. Meanwhile, entrepreneurial projects in the agricultural sector are presumed to optimize economic growth. In addition, some scholars have expounded that the financial problems faced by the agricultural sector are caused by the risks of debt financing and lack of access to the capital market. In Islamic law, almuzara'ah and al-musaqah can be considered as forms of partnership contract in farming. Therefore, using descriptive analysis, this paper attempts to portray how Islamic financial principles are closely related to the agricultural sector in developing Islamic agricultural finance. This study found that the application of the modes of Islamic financing in the agricultural sector through financial institutions could be very effective in providing financing to ensure that the partnership progresses effectively and efficiently. As a result, there is an urgent need to develop a sound agricultural financial system based on Islamic contracts in order to increase and sustain the income of farmers and landowners and to reduce poverty.},
author_keywords={Agricultural land development;  Al-musaqah;  Al-muzara'ah;  Islamic financial contracts;  Islamic partnership},
references={Aggarwal, R.K., Tarik, Y., Islamic banks and investment financing (2000) Journal of Money, Credit and Banking, pp. 93-120; Alasrag, H., (2010) Global Financial crisis and Islamic finance, , Munich Personal RePEc Archive, MPRA Papers N. 22167, Munich University Library, German; Al-Kasani, A.B.M., (1968) Bada'i' al-Sana'i' Fi Tartib al-Syara'i', , Qaherah: Matba'ah al-Imam Syari' MuhdKarimBilQalqa'ah; Al-Sadr, M.B., (1982) Iqtisaduna (Our Economics), , Dir al-Ta'aruf, Beirut; Al-Syarbini, M.A.K., (1997) Mughni al-MuhtajIlaMa'rifatMa'aniAlfaz al-Minhaj, 2. , Dar al-Ma 'rifah, Beirut; Al-Syawkani, M.A., (1985) Al-Sayl al-Jara'ir al-Mutadafiq 'alaHada'iq al-Azhar, 3. , Dar al-Kitab al-'Ilmiyyah, Beirut; Al-Zuhayli, W., Eissa, M.S., (2003) Financial transactions in Islamic Jurisprudence, , Dar Al-Fikr; Bal, T.C., (2001) Majalla Al-Ahkam 'Adliyya (The Mejelle), , trans., The Other Press, Kuala Lumpur; Chapra, M.U., (1992) Islam and the economic challenge, , Islamic Foundation, Leicester; Chapra, M.U., Alternative visions of international monetary reform (2002) Islamic Banking and Finance, 11, p. 219; Crane, L.M., Leatham, D.J., Profit and loss sharing in agriculture: An application of Islamic banking (1993) Agribusiness, 9, pp. 403-412; El-Gamal, M.A., (2000) A basic guide to contemporary Islamic banking and finance, 1. , Rice University, Houston, Texas, USA; Gulaid, M.A., (1995) Financing Agriculture through Islamic Modes and Instruments: Practical Scenarios and Applicability, , Research Paper, No. 34, Jeddah: Islamic Research and Training Institute, Islamic Development; Hardesty, S.D., Financing the Agricultural Sector: Future Challenges and Policy Alternatives (1987) American Journal of Agricultural Economics, 69 (1), pp. 196-197. , Hughes, D.W., Stephen C. G, Peter J. B., & Michael D. B., Boulder CO: Westview Press, 1986, 200 pp; Ayub, H.M., (1998) Fiqh al-Mu'amalat al-Maliah fi al-Islam, 1. , Dar al-Tawzi' wa al-Nasyr al-Islamiah, Al-Qaherah; Hoff, K., Braverman, A., Stiglitz, J., (1995) The Economics of Rural Organization: Theory, Practice and Policy, , Oxford University Press for the World Bank, Oxford, London; Hoshmand, A.R., Profit and Loss Sharing in Islamic Banking: Alternative Financing for Agriculture in Developed and Developing Countries (1995) Journal of South Asian and Middle Eastern Studies, 19 (1), pp. 72-86; Ibrahim, M., (1983) Majma' al-Lughah al-'Arabiyah al-Mu'jamWasit, 3. , Maktaba Bi Sharika al-'Ilanat al-Sharqiyya; Iqbal, Z., Islamic financial systems (1997) Finance and Development, 34, pp. 42-45; Iqbal, M., Llewellyn, D.T., (2002) Islamic banking and finance: new perspectives on profit sharing and risk, , Edward Elgar Publishing; Johansen, B., The Islamic Law on Land Tax and Rent: The Peasants' Loss of Property Rights as Interpreted in the Hanafite Literature of the Mamluk and Ottoman Period (1988), Croom Helm London, New York, USA; Nyazee, I.A.K., (2002) Islamic Law of Business Organization: Partnership, , The Other Press, Kuala Lumpur, Malaysia; Shafiai, M.H.M., Crafting the Agricultural Product and Loss Sharing (aPLS) in the Place of the Profit and Loss (PLS) for Islamic Agricultural Finance (2011) Kyoto Working Papers on Area Studies: G-COE Series, 114, pp. 1-28; Siddiqi, M.N., (1983) Banking without interest, 5. , Islamic Foundation; Taleghani, A.S.M., (1983) Islam and Ownership, , Jabbari Ahmad and FarhangRajaee (trans.), Mazda Publishers, Kentucky; Wilson, R., (1983) Banking and Finance in the Arab Middle East, , MacMillan, London},
correspondence_address1={Mohd Shafiai, M.H.; Faculty of Economics and Management, Malaysia; email: hakimi@ukm.edu.my},
publisher={Kolej University Islam Sultan Azlan Shah},
issn={22320474},
language={English},
abbrev_source_title={Global J. Al-Thaqafah},
document_type={Article},
source={Scopus},
}

@BOOK{Ariff201455,
author={Ariff, M. and Lewis, M.K.},
title={Similarities and differences in Islamic and conventional banking},
journal={Risk and Regulation of Islamic Banking},
year={2014},
pages={55-70},
doi={10.4337/9781783476138.00010},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84922908536&doi=10.4337%2f9781783476138.00010&partnerID=40&md5=3c0e3cd118a1b6aa74c8567d062922dc},
affiliation={Bond University, Australia; University Putra, Malaysia; University of South Australia Business School, Academy of the Social Sciences, Australia},
abstract={One byproduct of the global financial crisis has been an increased interest in the soundness and resilience of the Islamic financial model. Over the years 2007-10, when the conventional financial system was in crisis, the Islamic financial services industry expanded 78 per cent, from $639 billion to $1139 billion (BMB, 2011, p.35). Islamic banks generally hold more capital and better rode out the global crisis. Not a single Islamic bank anywhere needed to be bailed out by taxpayers’ money, despite some difficulties in Dubai real estate and a management restructuring at the Dubai Islamic Bank. Islamic banks were not caught up with exposure to the ‘toxic assets’ that blighted conventional banks. At least in comparison with conventional banks, the product offerings and investments of Islamic banks are relatively conservative with a very different balance sheet structure, much less reliant on what William Poole, former President of the Federal Reserve Bank of St Louis, called ‘the poison of excessive leverage’ (Poole, 2010). Consequently, Islamic financing increasingly is a market segment of interest to Western banks, and the Islamic banking transactions of conventional banks have grown strongly at both wholesale and retail levels, although there is some market resistance to their presence. At the same time, however, Islamic banking is by no means confined to Muslims. It has been estimated that in Malaysia, 50 per cent of Islamic banking customers are non-Muslim, indicating the broadening appeal of the concept (Krasicka and Nowak, 2012). © Mervyn K. Lewis, Mohamed Ariff and Shamsher Mohamad 2014. All rights reserved.},
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Ziemba, Amsterdam: Elsevier; Ariff, M., Monetary policy in an interest-free Islamic economy - nature and scope (1982) Monetary and Fiscal Economics of Islam, pp. 287-310. , in M. Ariff (ed.), Jeddah: International Centre for Research in Islamic Economics; Ariff, M., In your interest (2007) Monash Business Review, 3 (1), pp. 14-19; (2011) Global Islamic Finance Report, , http://gifr.net/pdf/gifr_2011.pdf, (accessed 24 February 2012); Chapra, M.U., Money and banking in an Islamic economy (1982) Monetary and Fiscal Economics of Islam, pp. 145-186. , in M. Ariff (ed.), Jeddah: International Centre for Research in Islamic Economics; Cizakça, M., (2011) Islamic Capitalism and Finance: Origins, Evolution and the Future, , Cheltenham, UK and Northampton, MA, USA: Edward Elgar; Dusuki, A.W., The ideal of Islamic banking: A survey of stakeholders perceptions’ (2007) Review of Islamic Economics, pp. 29-52. , 11 December; El-Qorchi, M., Islamic finance gears up (2005) Finance and Development, 42 (4), pp. 46-49; Gale, D., Hellwig, M., Incentive-compatible debt contracts: The one-period problem (1985) Review of Economic Studies, 52, pp. 647-663; Garvey, P., Recovery still fragile, warns IMFs Zhu’ (2012) The Australian, p. 24. , 20 March; Hamoudi, H.A., (2006) Muhammad’s Social Justice Or Muslim Cant?: Langdellianism and the Failures of Islamic Finance, , Columbia Law School, Public Law and Legal Working Paper Group No. 06-116, Columbia Law School, New York; Harris, M., Raviv, A., Optimal incentive contracts with imperfect information (1979) Journal of Economic Theory, 21, pp. 231-259; Hassan, M.K., Lewis, M.K., Islamic banking: An introduction and overview (2007) The Handbook of Islamic Banking, pp. 1-20. , in M. Kabir Hassan and M.K. Lewis, Cheltenham, UK and Northampton, MA, USA: Edward Elgar; Hassan, M.K., Lewis, M.K., Ends and means in Islamic banking and finance (2007) Review of Islamic Economics, 11, pp. 5-27; Housby, E., (2011) Islamic Financial Services in the United Kingdom, , Edinburgh: Edinburgh University Press; Iqbal, Z., Lewis, M.K., (2009) An Islamic Perspective on Governance, , Cheltenham, UK and Northampton, MA, USA: Edward Elgar; Janahi, A.L., (1995) Islamic Banking, Concept, Practice and Future, , 2nd edn, Manama: Bahrain Islamic Bank; Khan, W.M., (1985) Towards an Interest-Free Islamic Economic System, , Leicester: The Islamic Foundation; Khan, W.M., Towards an interest-free Islamic economic system (1987) Theoretical Studies in Islamic Banking and Finance, , in M.S. Khan and A. Mirakhor, Houston, TX: Institute for Research and Islamic Studies; Krasicka, O., Nowak, S., (2012) What’s in It for Me? A Primer on Differences between Islamic and Conventional Finance in Malaysia, , IMF Working Paper WP/12/151, June; Lewis, M.K., Its a matter of principal’ (2007) Monash Business Review, 3 (1), pp. 20-21; Islamic Banking in Theory and Practice, , http://www.buseco.monash.edu.au/gsb/mbr/full-papers.php, Full paper; Lewis, M.K., In what ways does Islamic banking differ from conventional finance? (2008) Journal of Islamic Economics, Banking and Finance, 4 (3), pp. 9-24; Lewis, M.K., An Islamic perspective on the global financial crisis and its aftermath (2014) Handbook on Islam and Economic Life, , in M.K. Hassan and M.K. Lewis, Cheltenham, UK and Northampton, MA, USA: Edward Elgar (forthcoming); Lewis, M.K., Algaoud, L.M., (2001) Islamic Banking, , Cheltenham, UK and Northampton, MA, USA: Edward Elgar; McMillen, M.J.T., Islamic project finance (2007) The Handbook of Islamic Banking, pp. 200-239. , in M.K. Hassan and M.K. Lewis, Cheltenham, UK and Northampton, MA, USA: Edward Elgar; Obaidullah, M., Securitization in Islam (2007) The Handbook of Islamic Banking, pp. 191-199. , in M.K. Hassan and M.K. Lewis, Cheltenham, UK and Northampton, MA, USA: Edward Elgar; Poole, W., Principles for reform (2010) Finance and Development, 47 (2), pp. 28-29; Tag El-Din, S.I., Abdullah, N.I., Issues of implementing Islamic hire-purchase in dual banking system: Malaysian experience (2007) Thunderbird International Business Review, 49 (2), pp. 225-249; Warde, I., (2000) Islamic Finance in the Global Economy, , Edinburgh: Edinburgh University Press},
publisher={Edward Elgar Publishing Ltd.},
isbn={9781783476138; 9781783476121},
language={English},
abbrev_source_title={Risk and Regulation of Islamic Bank.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{el-Din2012173,
author={el-Din, S.I.T.},
title={From the great depression to the 2008 global financial crisis: Systemic flaws in investment financing},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2012},
volume={25},
number={2},
pages={173-191},
doi={10.4197/Islec.25-2.6},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84894027614&doi=10.4197%2fIslec.25-2.6&partnerID=40&md5=1447d755a48775a366123075ffa75ce1},
affiliation={Islamic Economics And Finance, Imam University, Riyadh, Saudi Arabia},
abstract={The 2008 global financial crisis (GFC) echoed the same systemic flaws in relation to investment financing that gave rise to the 1930s great depression (GD). Although triggering factors and regulatory concerns are qualitatively different in the two crises, the diagnosis in Islamic perspective relates to two major sources: (1) an inherently destabilising force of the interest rate as it strictly separates investment and financing decisions, (2) and an ever-widening distance between capital markets and productive sectors due to unrestrained financial engineering that feeds on short term speculative returns. The first problem is shown to invoke Fisher and Tobin?s Separation Theorems in the mainstream economics as they state the theoretical appeal of investment/ financing separation in terms of capital market optimality. The second problem has a long history in modern capitalist markets as it has lately resulted in transforming traditional concepts of investment, financing and liquidity. Recent studies have provided evidence that financial derivatives in capital markets constitute 80% of global liquidity, implying that the world economy is becoming much like a big gambling casino having producers of goods and services like sellers of nuts and crisps! The paper sets out from a brief background on the GD, shedding light on the profound structural impact of the 1933 Glass-Steagall Act as it negatively affected traditional bank intermediation and encouraged money and capital market disintermediation. The present GFC has marked the apex of major intermittent events between the GD and the GFC that have contributed to radical shifts of profitability from productivity-based traditions to highly leveraged speculation. In conclusion, interest-free Islamic finance can be part of the global financial solution not only through advocacy of an equity driven economic order but also through stricter control on financial engineering that feeds purely on speculative bubbles.},
references={(2003), Lecture given at Chicago university on 10 January; Freeman, P.K., (1999) Infrastructure, Natural Disasters, and Poverty, freemansolo.pdf;, , International Institute for Applied Systems Analysis, IIASA, Laxenburg, Austria. Laxenburg, Austria; Re, M., (1999) Climate Change and Increase in Loss Trend Persist, , press release, March15; Mishkin, F., Eakings, G., (2009) Stanley, Financial Markets and Institutions, , Pearson/ PrenticeHall, p. 213; Keynes, J.M., (1970) The General Theory of Employment, Interest and Money, p. 153. , London: Macmillan, St. Martin?s Press; Lim, M.-H.M., Old Wine in New Bottle: Subprime Mortgage Crisis-Causes and Consequences, , www.Levy.org, The Levy Economics Institute of Bard College, working paper No. 532; The interest rate r relates to the straight line Y=c+mx through the slope m=-(1+ r). Thus, at r=0, the slope of the line becomes m=-1 that is unity in absolute value . This argument is clearly demonstrated in Tag el-Din, 2013 forthcoming; The equation of the CML is rj = r + [sj / sm] [m-r], where m is the expected return on market portfolio; Leibowitz, S.J., (2008) Anatomy of a Train Wreck Causes of the Mortgage Meltdown, , www.independant.org, Independent Policy Report, The Independent Institute; April,; Choudhury, A.H., (2008) Office of the Third Sector, p. 44. , quoted from British Muslims and The Development of The Waqf Sector for Socio-Economic Regeneration?, unpublished MA Dissertation, MIHE, UK; Hausman, McPherson, (1996) Economic Analysis and Moral Philosophy?, p. 216; Samuelson, P., (1973) Readings in economics, p. 39. , McGraw-Hill},
correspondence_address1={el-Din, S.I.T.; Islamic Economics And Finance, , Riyadh, Saudi Arabia; email: stageldin@gamil.com},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={English},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Mohd2011123,
author={Mohd, M.A.B. and Nawawi, A.H.B.M.},
title={Causality linkages between USA and Asian Islamic stock markets},
journal={ISBEIA 2011 - 2011 IEEE Symposium on Business, Engineering and Industrial Applications},
year={2011},
pages={123-128},
doi={10.1109/ISBEIA.2011.6088787},
art_number={6088787},
note={cited By 2; Conference of 2011 IEEE Symposium on Business, Engineering and Industrial Applications, ISBEIA 2011 ; Conference Date: 25 September 2011 Through 28 September 2011;  Conference Code:87820},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84255161993&doi=10.1109%2fISBEIA.2011.6088787&partnerID=40&md5=c2b995d590c8055630940c78f44173a9},
affiliation={Center for Actuarial Science, Universiti Teknologi MARA, Selangor, Malaysia; Center for Decision Science, Universiti Teknologi MARA, Selangor, Malaysia},
abstract={In earlier studies on co-movement of stock markets focused mainly on conventional equity markets. In contrast to previous studies, this research investigated on co-movement of Islamic equity markets. Emphasis was placed on two questions: do the Islamic stock markets in Asia and US move together and what will be the directions of the movements? The data are obtained from Morgan Stanley Capital International (MSCI) of daily indices of sixteen equity markets, for the period between August 2004 to December 2008. The study uses correlation analysis, Augmented Dickey Fuller, unit root test and Granger causality test. The results revealed: (1) more than half of the Islamic equity markets in Asia and US are significantly and positively correlated, implying there are potentials for diversification especially those markets that have low correlation values, (2) the unit root test indicated that Islamic equity markets are stationary, and (3) Granger causality indicated that 23 percent of the Islamic equity markets of Asia and US are bidirectional causality, 53 percent are unidirectional causality and 24 percent have showed no causality. © 2011 IEEE.},
author_keywords={Correlation analysis;  Granger Causality Test;  Islamic Stock Markets;  Unit Root Test},
keywords={Correlation analysis;  Equity markets;  Granger Causality;  Granger causality test;  Islamic Stock Markets;  Low correlation;  Morgan stanley;  Stock market;  Unit root, Finance;  Industrial applications;  Testing, Commerce},
references={Ashish, K., An empirical analysis of causal relationship between stock market and macroeconomic variables in India (2011) International Journal of Computer Science & Management Studies, 11 (1). , May 2011; Alsuhaibani, S.I., (2004) Financial Integration of Stock Markets in the Gulf Cooperation Council, , Colorado State University, Fort Collins; Chen, G.-M., Firth, M., Rui, O.M., Stock market linkages: Evidence from Latin America (2002) Journal of Banking and Finance, 26, pp. 1133-1141; Dickey, D.A., Fuller, W.A., Likelihood ratio statictics for autoregressive time series with a unit root (1981) Econometrica, 49, pp. 1057-1072; Elyasiani, E., Perera, P., Puri, T.N., Interdependence and dynamic linkages between stock markets of Sri Lanka and its trading partners (1998) Journal of Multinational Financial Management, 8 (1), pp. 89-101. , PII S1042444X98000206; Eun, C.S., Shim, S., International transmission of stock market movements (1989) Journal of Financial and Quantitative Analysis, 24, pp. 241-256; Fujii, E., Intra and inter-regional causal linkages of emerging stock markets: Evidence from Asia and Latin America in and out of crises (2005) Journal of International Financial Markets, Institutions and Money, 15 (4), pp. 315-342. , DOI 10.1016/j.intfin.2004.07.001, PII S1042443104000769; Girard, E., Hassan, M.K., (2005) Faith Based and Ethical Investing: The Case of Dow Jones Indexes; Granger, C.W.J., Testing for causality (1980) Journal of Economic Dynamics and Control, 2, pp. 329-352; Hakim, S., Rashidian, M., Risk and return of islamic stock market indexes (2004) The International Seminar of Nonbank Financial Institutions: Islamic Alternatives, , paper presented at Kuala Lumpur, Malaysia; Hakim, S., Rashidian, M., How costly is investor's compliance to sharia? (2004) The 11th Economic Research Forum Annual Conference in Sharjah, , Paper Presented at U.A.E. on December 14-16, Beirut, Lebanon; Janakiramanan, S., Lamba, A.S., An empirical examination of linkages between pacific basin stock markets (1998) Journal of International Financial Markets, Institute and Money, 8, pp. 155-174; Kwan, A.C.C., Sim, A.B., Cotsomitis, J.A., The causal relationships between equity indexes on world exchanges (1995) Applied Econonomic, 27, pp. 33-27; (2008) Morgan Stanley Capital International (MSCI) Barra, , http://www.mscibarra.com/products/indexes/islamic/performance.html, Accessed July 15, 2008; Phillip, P.C., Perron, P., Testing for a unit root in time series regression (1988) Biometrika, 75, pp. 335-346; Sander, H., Kleimeier, S., Contagion and causality: An empirical investigation of four Asian crisis episodes (2003) Journal of International Financial Markets, Institutions and Money, 13 (2), pp. 171-186. , DOI 10.1016/S1042-4431(02)00043-4, PII S1042443102000434; Sims, C.A., Macroeconomics and reality (1980) Econometrica, 48, pp. 1-49; Wooldridge, J.M., (2006) (2006): Introductory Econometrics, , Thomson South Western; Zhu, H., Lu, Z., Wang, S., Soofi, A.S., Causal linkages among Shanghai, Shenzhen, and Hong Kong stock markets (2004) International Journal of Theoretical and Applied Finance, 7 (2), pp. 135-149. , DOI 10.1142/S0219024904002414},
correspondence_address1={Mohd, M.A.B.; Center for Actuarial Science, , Selangor, Malaysia; email: azri@tmsk.uitm.edu.my},
sponsors={IEEE Malaysia; IEEE Malaysia Power Electron. (PEL)/Ind.; Electron. (IE)/ Ind. Appl. (IA) Jt. Chapter; IEEE Malaysia Computer Chapter},
address={Langkawi},
isbn={9781457715495},
language={English},
abbrev_source_title={ISBEIA - IEEE Symp. Bus., Eng. Ind. Appl.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Abumustafa2011115,
author={Abumustafa, N.I. and Al-Abduljader, S.T.},
title={Investigating the implications of derivative securities in emerging stock markets: The Islamic perspective},
journal={Journal of Derivatives and Hedge Funds},
year={2011},
volume={17},
number={2},
pages={115-121},
doi={10.1057/jdhf.2010.7},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-80052585823&doi=10.1057%2fjdhf.2010.7&partnerID=40&md5=ba138b71fae67d6c7ec802cadf17a1b6},
affiliation={Department of Finance, Gulf University for Science and Technology, Kuwait},
abstract={This article presents a preliminary framework for structuring derivative securities in Muslim stock markets. It is evident that derivative markets play a crucial role in the global financial system and make a vital contribution to creating an efficient economic system. However, the Islamic perspective on derivative securities, including the possible restrictions on derivative trading, has not been closely examined. This article attempts to fill this gap in the literature by presenting the current stance of Gulf Cooperative Countries capital markets. The article also examines the Kuwaiti experience with options trading and provides recommendations for adequately applying sharia-compliant derivative securities to global financial markets. © 2011 Macmillan Publishers Ltd.},
author_keywords={derivative markets;  emerging markets;  financial development;  Islamic finance;  Islamic law;  options},
references={Jorion, P., (1995) Derivative Markets: Economic Implications for Taxation, pp. 151-190. , Department for Development Support and Management Services of the United Nations Secretariat, issued as ST/SG/SC.8/1995/L.5; Black, F., Scholes, M., The pricing of options and corporate liabilities (1973) Journal of Political Economy, 81, pp. 637-659; Al-Abduljader, S., (2004) Derivative Securities in Kuwait; Introduction of An Options Market, , Kuwait City, Kuwait: Gulf University for Science and Technology Press; See Kamali, M. (1997) pp. 37-38; Abu-Sulayman, A.S., (1976) The Economics of Tawhid and Brotherhood: Contemporary Aspects of Economic Thinking in Islam, , Indianapolis: American Trust Publications; Obaidullah, M., Islamic financial options: Potential tools for risk management (1999) Journal of King Abdul Aziz University, 2, pp. 3-28; Kamali, M., Islamic commercial law: An analysis of options (1997) American Journal of Islamic Social Sciences, 14 (3), pp. 17-38; Vogel, F., Hayes, S., (1998) Islamic Law and Finance, Religion, Risk and Return, , The Netherlands: Kluwer Law International},
correspondence_address1={Abumustafa, N.I.; Department of Finance, , Amman, Jordan},
issn={17539641},
language={English},
abbrev_source_title={J. Deriv. Hedge Funds},
document_type={Article},
source={Scopus},
}

@ARTICLE{Daun2010409,
author={Daun, H.},
title={Childhood learning, life skills and well-being in adult life: A senegalese case},
journal={Comparative Education},
year={2010},
volume={46},
number={4},
pages={409-428},
doi={10.1080/03050068.2010.519477},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78649370099&doi=10.1080%2f03050068.2010.519477&partnerID=40&md5=6edd662917c7ad4c9cfd9e3d7b8549a1},
affiliation={Institute of International Education, Department of Education, Stockholm University, Sweden},
abstract={Education is not easily converted into human capital and well-being in low income countries, because these countries do not have a high degree of economic and labour market differentiation that makes it possible to convert acquired knowledge and skills. Consequently, to have completed primary or even secondary education does not necessarily lead to a better life situation than some types of Islamic education. This paper reports findings from an ongoing longitudinal research project in Senegal. The study compares the relationships between educational/learning background, life skills and well-being in adult life among individuals who attended primary school, Quranic, Arabic or Indigenous learning systems at the beginning of the 1980s. The findings illustrate some of the complexities in the relationships between, on the one hand, education and life skills and, on the other hand, individual well-being in a low-income society. Since this study enters into an area that has not been very much researched, this study is explorative and employs concepts heuristically. Some findings in relation to different theoretical approaches are also discussed here. © 2010 Taylor and Francis.},
keywords={comparative study;  complexity;  education;  heuristics;  human capital;  learning;  quality of life, Senegal},
references={Anheier, H.K., Indigenous voluntary associations, nonprofits, and development in Africa (1987) The Nonprofit Sector. A Research Handbook, pp. 416-433. , ed. W.W. Powell, London: Yale University Press; Baldo, M., Furniss, E., (1998) Integrating Life Skills Into the Primary Curriculum, , New York: Unicef; Bourdieu, P., (1990) The Logic of Practice, , Stanford: Stanford University Press; Bourdieu, P., (1993) Sociology In Question, , London: Sage Publications; Chabbot, C., Ramirez, F., Development and education (2000) Handbook of Sociology of Education, pp. 163-187. , ed. M.T. Hallinan, New York: Plenum; Chinapah, V., (1992) Monitoring and Surveying Learning Achievements-A Status Report. EFA Report No 1, , Paris: UNESCO; D'agostino, M., Muslim personhood: Translation, transnationalism, and Islamic religious education among Muslims in New York City (2003) Journal of Muslim Minority Affairs, 23 (2), pp. 285-294; Daun, H., (1992) Childhood Learning and Adult Life. the Functions of Indigenous, Islamic and Western Education In An African Context, , Stockholm: Institute of International Education, Stockholm University; Daun, H., Teachers' predictions and pupils' destinies: A West African survey (1995) International Review of Education, 41 (5), pp. 405-425; Daun, H., Learning and life situation: The Senegalese case more specifically (2003) Learning, Skills and Life Situation. Case Studies In Guinea-Bissau, Senegal and Tanzania, pp. 77-84. , ed. H. Daun, Stockholm: Institute of International Education; Dilley, R., Global connections, local ruptures: The case of Islam in Senegal (2004) Situating Globality. African Agency In the Appropriation of Global Culture, pp. 190-219. , ed. W. van Binsbergen and R. van Dijk, Leiden, The Netherlands: Brill; Ebin, V., Les commercants mourides à Marseille et à New York [The Murid businessmen in Marseille and New York] (1993) Grands Comercants D'Afrique De L'Ouest. Logiques Et Pratiques D'un Group D'hommes D'affaires Contemporains, [The Big Businessmen of West Africa. the Logics and Practices of a Group of Contemporary Businessmen], pp. 101-123. , ed. E. Grégoire and P. Labazée, Paris: ORSTROM; Policy, F., (2006) The Sixth Annual A.T. Kearney/Foreign Policy Globalization Index, Foreign Policy, 2006; Girard, J., (1969) Genèse Du Pouvoir Charasmatique En Basse Casamance (Sénégal) [Genesis of Charismatic Power In Lower Senegal], , Dakar: IFAN; Grégorie, E., Labazée, P., Approche comparative des reseaux marchands oestafricains contemporains [Comparative approach to the networks of contemporary West African businessmen] (1993) Grands Comercants D'Afrique De L'Ouest. Logiques Et Pratiques D'un Group D'hommes D'affaires Contemporains [The Big Businessmen of West Africa. the Logics and Practices of a Group of Contemprary Businessmen], pp. 9-36. , ed. E. Grégorie and P. Labazée, Paris: ORSTROM; Hannum, E., Buchmann, C., (2003) The Consequences of Global Educational Expansion. Social Science Perspectives, , Cambridge, MA: American Academy of Arts and Sciences; Hoerner, J.-M., (1995) Le Tiers-monde. Entre La Survie Et L'informel [The Third World: Between Survival and The Informal], , Paris: Harmattan; Kassé, M., Sénégal: Crise économique et ajustement structurel [Senegal: Economic crisis and justice and structural adjustment] (1990) Ivry-sur-Seine, , France: Editions Nouvelles du Sud; Kent, D.W., Mushi, P.S.D., (1995) The Education and Training of Artisans For the Informal Sector In Tanzania. Serial No. 18, , London: Overseas Development Administration); Lewin, K.M., Education and development (1994) The Issues and The Evidence. Serial No. 6, , London: Overseas Development Administration; Ly Kane, O., Le développement psycho-affectif de l'enfant à travers les rites africains [Psycho-emotional development of the child through African rites] (1985) Liens-ens De L'École Normale Superieure, pp. 19-20; (1994) Education and Training For the Informal Sector. London: Department For International Development, , McGrath, S., and K. King, with F. Leach and R. Carr-Hill, eds; Merton, R., Social theory and social structure (1968) Glencoe, , Ill.: The Free Press; Statistiques scolaires, 1998 [Educational statistics (1998) 1988], , MoE, Dakar: Ministry of Education; Ndione, E.S., Réinventer le présent (1994) Quelques Jalons Pour L'action [Reinvent the Present: Some Paths For Action], , Dakar: ENDA; (1986) Relative Deprivation and Social Comparison. Mahaw, , Olson, J.M., C.P. Herman, and M.P. Zanna, eds., NJ: Lawrence Erlbaum Associates; O'Neil, H., (2003) The Role of Student Motivation On Tests: High Stakes Vs. Low Stakes, , Paper presented at the conference organised by Evangelische Akademie, December 15-17, 2003, in Stuttgart, Germany; Oni, B., Education and alternative avenues of mobility. A Nigerian study (1988) Comparative Education Review, 32 (1), pp. 87-99; Pawar, P., Daun, H., Shangwu, Z., Xiaoda, C., (1992) Draft Instruments For Assessing Learning Achievements Survey Questionnaires and Tests. EFA Report No 2, , Paris: UNESCO; Pritchett, L., Where has all the education gone? (2001) The World Bank Economic Review, 15 (3), pp. 367-391; Rideout, W.M., Bagayoko, M., Education policy formation in Senegal. Evolutionary not revolutionary (1994) USAID: Education Policy Formation In Africa. a Comparative Study of Five Countries. Technical Paper No 12, pp. 205-233. , New York: USAID; Runciman, W.G., (1966) Relative Deprivation and Social Justice, , London: Routledge; Serpell, R., (2002) Speech Given At the Seminar Organised By the Centre For Development Studies and Swedish Development Authority, , January 23-24, Uppsala, Sweden; Shweder, R.A., Bourne, E.J., Does the concept of the person vary cross-culturally? (1984) Culture Theory. Essays On Mind, Self, and Emotion, pp. 113-155. , ed. R.A. Shweder and R.A. Levine, Cambridge: Cambridge University Press; Singh, M., Introduction (2005) Meeting Basic Learning Needs In the Informal Sector. Integrating Education and Training For Decent Work, Empowerment and Citizenship, pp. 1-21. , ed. M. Singh, Dordrecht, Netherlands: Springer; Traoré, A., (1979) Étude De Cas Sur La Participation De La Famille Aux Activités Scolaries Dans Une Zone Rurale En Afrique [Case Study of the Family's Participation In School Activities In a Rural Zone of Africa], , Paris: UNESCO; Wasted opportunities: When schools fail (1998) Repetition and Drop-out In Primary Schools, , UNESCO, Paris: UNESCO; Vavrus, F., Adjusting inequality: Education and structural adjustment policies in Tanzania (2003) Harvard Educational Review, 75 (2), pp. 175-201; Velkoff, V.A., Women of the world (1998) Women's Education In India, , Washington DC: US Department of Commerce; West Pedersen, A., Inequality as relative deprivation (2004) Acta Sociologica, 47 (1), pp. 31-49; William, R.M., Amer, J.M., Islamic and western educational accommodation in a West African society: A cohort-comparison analysis (1988) American Sociological Review, 53, pp. 834-839; Zaoul, H., (1997) The Economy and Symbolic Sites of Africa, pp. 30-39. , In The post-development reader, ed. M. Rahnema (with V. Bawtree), London: Zed Books},
correspondence_address1={Daun, H.; Institute of International Education, Sweden; email: Holger.Daun@interped.su.se},
issn={03050068},
language={English},
abbrev_source_title={Comp. Educ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Rab201036,
author={Rab, H. and Anjum, S.},
title={Freedom, justice and peace possible only with correct wealth measurement with a unit of wealth as currency},
journal={Humanomics},
year={2010},
volume={26},
number={1},
pages={36-52},
doi={10.1108/08288661011024986},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84893809467&doi=10.1108%2f08288661011024986&partnerID=40&md5=9e0299b3f146c5756b86ad96ad4f3df8},
affiliation={Al-Hamd Charitable Trust, Allahabad, India},
abstract={Purpose – The purpose of this paper is to study the process of price determination by the market in the existing variable fiat money regime and its consequences. Design/methodology/approach – Scientific knowledge pertaining to units and measurement has been applied to study the issue of wealth measurement and to arrive at the consequences of monetary manipulation. As regards Shariah perspective it may be described as guided application of science to the issue of currency and wealth measurement to analyze and solve economic problems. Findings – Manipulation of currency that is manipulation of quantity of what determines purchasing power of money does not allow market to determine just prices implying lack of justice in exchange. Profitability of economic activities no longer relates to their utility for the economy implying gross inefficiency in profit driven investment. Market fails to maintain economic balances. These amount to extreme losses. It has led to massive economic uncertainty, instability, disparity, corruption and conflicts. Economic growth, justice and peace become unattainable. It is a serious crime as currency being unit of wealth is the most important unit and it is strictly prohibited in Shariah. Unless corrected for monetary manipulation financial modes recommended by Shariah seem to be unjust and impractical. Research limitations/implications – Application of scientific approach and scientific knowledge to economic issues especially the issue of wealth measurement needs higher emphasis, efforts and resources. Practical implications – Governments ought to be persuaded not to manipulate money. Right solution is to link currency with a standard basket of national products with sufficient weight for gold and silver having most stable purchasing power. Unless accounting is corrected for monetary manipulation preferred Islamic modes of finance seem to be unjust and impractical. Where currency is manipulated Shariah/justice requires accounting for dues, capital, profit and loss to be corrected for this manipulation and in present scenario relative change in Consumer Price Index and Whole Sale Price Index may be used as a measure of currency manipulation. Originality/value – Monetary manipulation has been clearly defined and extreme severity of the problems it creates has been established. It is most important for researchers, academics, government functionaries, social workers and all those who are concerned with economic growth, justice and welfare. © 2010, Emerald Group Publishing Limited},
author_keywords={Currency accounting;  Monetary policy;  National economy;  Wealth},
references={Chaudhari, M.A., Hasan, M.K., (2002) International Conference on Stable and Just Global Monetary System, , in Mydin (Ed.); Meera, A.K.M., Larbani, M., Ownership effects of fractional reserve banking: an Islamic perspective (2009) Humanomics, 25, pp. 101-116; Rab, H., (1996) Nizam-e-Sarmayadari aur Islami Maashiyat, , Islamic Fiqh Academy, Delhi; Rab, H., (1998) Dominance of Interest and the Way Out, , Rahmani Foundation, Mumbai; Rab, H., Problems created by fiat money gold dinar and other alternatives (2002) International Conference on Stable and Just Global Monetary System, , in Meera, A.K.M. (Ed.), IIUM, Kuala Lumpur; Rab, H., Impact of inflation on mudarabah profits: some observations (2005) J.KAU: Islamic Econ, 17, pp. 21-25. , (1425 A.H/2004 A.D); Rab, H., (2006) Economic Justice in Islam, , AS Noordeen, Kuala Lumpur; Rab, H., Manipulation of currency and reality of Riba (2008), paper presented at the International Conference on Ijtehad and Ifta in 21st Century: Challenges and Prospects, Vol. 1, IIUM, Kuala Lumpur; Rab, H., Interest and money manipulation is root cause of the most of the contemporary economic and social problems (2009) Proceedings at the International Seminar on MUAMALAT, ISLAMIC ECONOMICS and Finance 2009, , Department of Syriah UKM Bangi, Selangar, available at: http://polyconomics.com/showarticle.asp?articleid=1699; El Diwany, T., (1997) The Problem with Interest, , TA-HA Publishers, London; Vadillo, U.I., (1996) The Return of the Gold Dinar, , Madinah Press, Granada; Wanniski, J., The numeraire (2001), available at: http://polyconomics.com/showarticle.asp?articleid=1699; Anwar, M., (2000) Islamicity of Banking and Modes of Islamic Banking, , Professorial Inaugural Lecture Series, IIUM, Kuala Lumpur; Chapra, M.U., Alternative visions of international monetary reforms (2002) Islamic Banking and Finance: New Perspectives on Profit-Sharing and Risk, , in Iqbal, M. and Llewellyn, D.T. (Eds), Edward Elgar, Cheltenham; (1997), Report (1980) and Report of the commission for Islamization of Economy, Pakistan; Friedman, M., Monetarism: a reply to critics (1980) The Times, , 3 March; Greco, T.H., (2001) Money: Understanding and Creating Alternatives to Legal Tender, , Chelsea Green Publishing Company, White River Junction, VT; Meera, A.K.M., (2002) Proceedings of the International Conference on Stable and Just Global Monetary System, , IIUM, Kuala Lumpur; Mundell, R.A., Currency areas, voletility and intervention (2001), available at: http://polyconomics.com/showarticle.asp?articleid=1720; Dali, N.R.S., The mechanism of gold dinar (2004), AS Noordeen, Kuala Lumpur; (2000), PLD, 2000, P. L. D. Publishers, Rais; Vadillo, R.U.I., (2002) The Return of The Islamic Gold Dinar, , New Edition, Madinah Press, Granada; Vadillo, R.U.I., (1991) The End of Economics, , Madinah Press, Granada; Shakespeare, R., Challen, P., (2002) Seven Steps to Justice, , New European Publications; Siddiqi, M.N., (1983) Issues in Islamic Banking: Selected Papers, , Islamic Foundation, Leicester; Maududi, S.A.A., (2004) Sood, pp. 91-93. , Markazi Maktaba Islami, Delhi, 155-6},
issn={08288666},
language={English},
abbrev_source_title={Humanomics},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mahdavivafa20091,
author={Mahdavivafa, H.A. and Razavian, M.T. and Momeni, M.},
title={The role of political economic in spatial structure of tehran and periphry},
journal={Journal of Environmental Studies},
year={2009},
volume={35},
number={50},
pages={1-14},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-70350037722&partnerID=40&md5=450fb8dfe3eab2176bf7af7dd8e6eecc},
affiliation={Geography and Urban Planning, University of Shahid Beheshti, Tehran, Iran; Dept.of Geography, University of Shahid Beheshti, Tehran, Iran},
abstract={Structure and function of socio - economic systems present different spatial effects in different countries of the world. In this study, the structure of social and economical systems of Tehran is analyzed to identify the changes within the urban spatial structure. The most important criterion of ran tier government is the income from rant which is more than 42%. However, in Iran government, the income has exceeded through the export of raw materials (including crude oil). Therefore the nature of Iranian economy is based on oil and its related income. The spatial structure of Tehran metropolitan area is heavily affected by this ran tier system since 1970s. Since the characteristics of instruction of the socio-economic systems can be analyzed through the special socio-political study, this paper has investigated the characteristics of the socio-economic system governing Iran in Palavi (from 1920-1979) and Islamic revolution (from1979-upto now). Furthermore, the analysis of Tehran socio-local reflection and its periphery which is affected by ruling socio-economic changes are studied. After coup economic changes in 1953 and fixation of capitalism system in Iran the country transformed to an important base for west from onside. On the other hand the fixation of the second Palavi regime, made the urban development in Iran and especially Tehran to enter a new guilty step. In 1962 Tehran was transformed to the biggest market of population, capital, work, income and services. Some of important factors that made this change in such situation are land improvements, change of the traditional linkage of urban and rural, mass rushing of villager immigrants to cities, fast increase of oil income, the extensive growth of service requirements, development of economic and communicative infrastructures and the quick increase of principal industries. The result of the transition has appeared types of oppositions which are seen at all board of Tehran. This made the spread of such change uncontrollable. In this period, separating the suburb habitats and the geographical differentiating of the social categories to north and south was made a great gap. In fact this structural characteristic made the social gathering related to the first change of the urban structure. The next steps was upgraded and now in Tehran it is observed that the social slope in macro scale on the land is the same as the north - south geographical slope which has created the different social categories. After land improvements in 1962, the cities development formed in dependent from excess of rural economy. Therefore, by leaning on the increase of oil export incomes, the more population was absorbed in Tehran. In this period, economic life was changed as per the third, fourth and fifth economical programs. In the fifth program (1972-1977) the special credits, plan and organization was considered for developing Tehran city, so that it was reminded as great Tehran's program. In this form, the extra income from oil sell was entered to the body of dependent economy of Iran. It is observed that the facilities in the North of city compare to the South were more. Also there was some prejudice in Tehran so that from North and South the income decreases. Therefore the income social category of the southern part of city was poor. Also, there was a large difference between the per capita income of Tehran and other cities of the country. In the years 1972-1973 the per capita income of Iranian was $439. This amount for people living in Tehran was $1075 which was around 2.4 times more than national per capita income. During 1970s, Tehran, politically and economically, transformed from an ordinary Asian capital to an international important city. In this condition, the Palavi regime intervened directly as its political centre. At this time, Tehran was become a complete pattern of a twofold structure. Also taking into consideration all the intermediate grades the city and urban was developed. This made the northern and southern parts in front of each other and created the growing social contracts. After the Islamic revolution of year 1979 the period can be divided socio-economically to 4 specific bellow periods: The first period, between the years 1979-1988, the country was laced to special conditions occurred after Islamic revolution. Also the social and economical ruling system was changed. The country was involved in 8 year war afterward and the economic was blockade. In this condition which the first development program was not executed, the intervention dimensions of state have come into consideration in all fields. While according to institutional law of Islamic republic system of Iran (institution 44) the economic-social systems of Iran has been based on three governmental bases, cooperative, private with the emphasis on priority and being responsible to the governmental section. At this time, the state was responsible for several actions. At the second period, 1988 the economical regulation policy was changed. Some of the factors that made this change are: rebuilding, reconstruction of destroy caused by war, mobility in international relations, the policy of economic regulation and crisis of principal repayment and interest of foreign debts, which was about billion 30 $. It is noted that in the inflation was amounted to 50% at the beginning of 1995. Therefore, the trend of privatization lowered at this period. In the third period, 1996- 2004, privatization was formed and state of improvements overturned the plan of economical equipment taking into consideration the economical development and humanity communion. In the fourth period, as per the fourth program of development the income obtained from oil sell was important. So that in this period the anticipation of revenues obtained from the total oil sell was 75633 million dollar. Also in 2004 a new state with slogan of "axis is the justice" was elected. According to the announced plans and for the realization of this program, some activities were started in this field. These activities were included bailing the governmental companies and privatization. Also bailing the governmental affairs was started in the fourth period. The institution 44 of the institutional law to private section was considered as one of the important actions of this period. Moreover, the serious decision of the state for reducing incumbency was made. During these years, the portion of oil income in budget of the country was high. In the year 2006, the portion of the oil income was about %85.3 of the total income. Therefore, totally in each of the four periods mentioned above, the portion of oil revenues in national income played a key role. In the 4th program of development (2004-2008) regarding the urban development below institutions have been written: Institutions 72- the state is responsible in order to proportionate distribution of population and activities throughout the country, with the objective of using abilities and advantages of Iran to perform the national document of the land logistics from the beginning of the program. Institutions 123- proper use of ability and potency of the metropolitans through reinforcement of the planning management, determining the over national and international function zones of each one and simultaneous transition of their national and regional duties to other cities.},
author_keywords={Metropolitan and periphery;  Political economic;  Spatial structure;  Structure and function},
funding_details={National Science FoundationNational Science Foundation, NSF, CISE/IIS-9733545},
funding_details={Office of Naval ResearchOffice of Naval Research, ONR, N00014-01-1-0618},
funding_text 1={This work was supported in part by National Science Foundation (NSF) CAREER Award CISE/IIS-9733545 and Office of Naval Research (ONR) Grant N00014-01-1-0618. Additional support has been provided by Honeywell FM&T.},
references={Alsayyad, N., Squatting and culture: A comparative analysis of informal developments in Latin America and the Middle East (1993) Habitat International, 17 (1), pp. 33-44. , DOI 10.1016/0197-3975(93)90044-D; Anderson, L., The State in the Middle East and North Africa (1987) Comparative Politics; Beblawi, H., Glacomo, L., (1987) The Retire State" in Nation, State, and Integration in the Arab World, 11. , London; Chatelus, M., Attitudes toward public sector management and reassertion of the private sector in the Arab world (1984) The Annual Meeting of the middle East Studies Association of America (M.E.S.A) San Francisco; Huntington, P.S., (1991) The Third Wave: Democratization in the Late Twentieth Century, , (Norman: University of Oklahoma Press, 1991); Mahdavy, H., (1970) The Patterns and Problems of Economic Development in Rentier States: the Case of Iran, in M. A. Cook, Ed., Studies in Economic History of the middle East, , London: Oxford University Press; Najmabadi, A., (1987) Depoliticisation of An Entire State: the Case of Pahlavi Iran, London; Potter, R., (1998) The City in the Developing World, Longman, UK; Ross, M.L., (2001) Does Oil Hinder Democracy? World Politics 53.; Staufer, T., (1981) The Dynamics of Petroleum Dependence: Growth in A Rentier State: Finance and Industry, London.; Yates, D.A., (1996) The Rentier State in Africa., , Africa World Press},
correspondence_address1={Mahdavivafa, H. A.; Geography and Urban Planning, , Tehran, Iran; email: Mahdavi_habib@yahoo.com},
issn={10258620},
coden={MSUHB},
language={Persian},
abbrev_source_title={J. Environ. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mojaver2009275,
author={Mojaver, F.},
title={Sources of economic growth and stagnation in Iran},
journal={Journal of International Trade and Economic Development},
year={2009},
volume={18},
number={2},
pages={275-295},
doi={10.1080/09638190902916519},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-77449115203&doi=10.1080%2f09638190902916519&partnerID=40&md5=d41832a95aee4f626d030d02d78b3edf},
affiliation={Department of Economics, University of California, Davis, CA 95616, United States},
abstract={There is more than a 10 percentage point difference in the economic performance of Iran in roughly the two decades before and after the Islamic revolution in 1979. This paper aims to explain the difference. A standard measure of Total Factor Productivity (TFP) calculated at the aggregate level shows that over one-third of the difference in economic performance can be explained by the change in TFP growth rates in the two periods. The question is further pursued at the manufacturing level. A time-series cross sectional analysis of the manufacturing sector confirms that TFP growth rates fell after the revolution and did not recover anywhere close to their pre revolution levels even after the Iran-Iraq war. The regression analyses show that decreasing returns to scale and mark-up pricing behavior have developed in the manufacturing sector under the Islamic Republic. A Tornqvist measure of TFP, corrected for market imperfections and non-constant returns to scale technology, is used to explain sources of productivity slowdown. The results show that manufacturing TFP increases with (i) private participation rate in economic activities and (ii) exports. Manufacturing TFP falls with (iii) increase in capital-intensity and (iv) higher entry/exit barriers. © 2009 Taylor & Francis.},
author_keywords={Imperfect competition;  Institutional change;  Manufacturing;  Returns to scale;  TFP growth},
keywords={growth rate;  industrial competition;  industrial performance;  institutional reform;  manufacturing;  returns to scale;  time series analysis;  total factor productivity, Iran},
references={(2000) The Economy of Iran: Dilemmas of An Islamic State, , Alizadeh, P., ed., London/New York: I.B. Tauris; Alizadeh, P., Iran's quandry: Economic reforms and the 'structural trap' (2003) The Brown Journal of World Affairs, 9 (2), pp. 267-281; Barro, R., Lee, J., (2000) International data on educational attainment: Up dates and implications, p. 42. , CID Working paper 42; Bjortan, K., Selvik, K., Destructive Competition: Factionalism and Rentseeking In Iran. Norwegian School of Economics and Business Administration (2007) Department of Economics, , Discussion Paper 2007: 8; Dollar, D., Sokoloff, K., Patterns of productivity growth in South Korean manufacturing industries, 1963-1979 (1990) Journal Of developmenteconomics, 33, pp. 309-327; Hall, R., The relationship between price and marginal cost in U.S. industry (1988) Journal of Political Economy, 96 (5), pp. 921-947; Hall, R., Invariance properties of Solow's productivity residual (1990) Growth/ Productivity/unemployment, , ed. Peter Diamond. Boston: The MIT Press; Hall, R., Jones, C., Why do some countries produce so much more output per worker than others? (1999) The Quarterly Journal of Economics, 114 (1), pp. 83-116; Harrison, A., Productivity, imperfect competition and trade reform: Theory and evidence (1994) Journal of International Economics, 36, pp. 53-73; Im, K.S., Pesaran, M.H., Shin, Y., Testing for unit roots in heterogeneous panels (2003) Journal of Econometrics, 115, pp. 53-74; (2000) Islamic Republic of Iran, , International Monetary Fund, Report 00/120; Jacob, V., Sharma, S.C., Grabowski, R., Capital stock estimation for major sectors and disaggregated manufacturing in selected OECD countries (1997) Applied Economics, 29, pp. 563-579; Levin, A., Lin, C.F., Chu, C.J., Unit root tests in panel data: Asymptotic and finite-sample properties (2002) Journal of Econometrics, 108, pp. 1-24; Mazarei, A., The Iranian economy under the Islamic Republic: Institutionalchange and macroeconomic performance (1979-1990) (1996) Cambridge Journal of Economics, 20, pp. 289-314; Mohtadi, H., Jalali-Naini, A., Lin, P., (2000) Estimates of Capital Stock For 3-digit Isic Manufacturing Sectors In Iran: 1982-1997, , A paper presented at Euro-Mediterranean Forum of Economic Institutes; Mojaver, F., (2006) Estimates of Manufacturing Capital Stock In Iran, , An IRPD Working paper; Moon, H.-W., Jo, B.-T., Whang, I.-H., Kim, K.-B., (1991) Total Factor Productivity In Korea: An Analysis of 27 Manufacturing Industries, , Seoul: Korea Productivity Centre; Salehi, E.H., Taheripour, F., Hidden public expenditures and the economy in Iran (2002) International Journal of Middle East Studies, 34, pp. 691-718; Young, A., The tyranny of numbers: Confronting the statistical realities of the East Asian growth experience (1995) Quarterly Journal of Economics, 110 (3), pp. 641-680; World Bank (Various). World Development Indicators},
correspondence_address1={Mojaver, F.; Department of Economics, , Davis, CA 95616, United States; email: fmojaver@ucdavis.edu},
issn={09638199},
language={English},
abbrev_source_title={J. Int. Trade Econ. Dev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ebrahim1999513,
author={Ebrahim, M.S. and Bashir, A.-H.M.},
title={On the design and efficiency of a participating growth bill},
journal={Quarterly Review of Economics and Finance},
year={1999},
volume={39},
number={4},
pages={513-527},
doi={10.1016/s1062-9769(99)00036-8},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0033473857&doi=10.1016%2fs1062-9769%2899%2900036-8&partnerID=40&md5=81621c59ba2485f6afcebf768df92dd6},
affiliation={University of Brunei Darussalam, Brunei/Natl. Univ. of Singapore, Singapore, Singapore; Grambling State University, Louisiana, MO, United States},
abstract={A Participating Growth Bill (PGB) is an innovative hybrid financial vehicle employed by Western institutions and governments in lieu of short-term debt instruments. This study proposes PGB to be considered as an alternative way of raising funds for open market operations by the governments of Muslim countries constrained by religious regulations against fixed-interest debt (ribawi) financing. The security (PGB) is developed using partial equilibrium analysis under the assumption that the assets backing the financial package do not trade in a secondary market - a situation which invalidates the risk-neutral pricing of the well-known Black and Scholes (1973) model. The study finally demonstrates the efficiency of a PGB over a conventional (ribawi) debt vehicle thereby providing results contrary to assertions of the (i) Capital Structure Irrelevance Theorem (see Modigliani and Miller, 1958) and (ii) Capital Asset Pricing Model (CAPM) (see Sharpe, 1964). © 1999 Board of Trustees of the University of Illinois. All rights reserved.},
author_keywords={Islamic banking;  Security design},
references={Al-Qaradawi, Y., (1984) The Lawful and the Prohibited in Islam, , Indianapolis, IN: American Trust Publication; Black, F., Scholes, M., The pricing of options and corporate liabilities (1973) Journal of Political Economy, 81, pp. 637-659; Blume, M., Friend, I., The asset structure of individual portfolios and some implications for utility functions (1975) Journal of Finance, 10 (2), pp. 585-603; Brennan, W.G., Diversifying without market risk (1993) Financial World, p. 79. , March 16; Chapra, M.U., (1986) Towards a Just Monetary System, , Leicester, UK: Islamic Foundation; Diamond, D.W., Reputation acquisition in the debt markets (1989) Journal of Political Economy, 97, pp. 828-862; Dorph, K., (1990) Interests and Banking in Islamic Law, , M. C. Bassiouni, G. M. Badr, and K. Dorph, (Eds.) Chicago, IL: Mid-America Arab Chamber of Commerce; Finnerty, J.D., Interpreting SIGNs (1993) Financial Management, 22 (2), pp. 34-47; Green, R.C., Investment incentives, debt, and warrants (1984) Journal of Financial Economics, 13, pp. 115-136; Granito, B.D., New derivative products are surprisingly complex (1993) Wall Street Journal, pp. C1-2. , April 12; Haque, N.U., Mirakhor, A., (1987) Theoretical Studies in Islamic Banking and Finance, pp. 141-161. , M. S. Khan & A. Mirakhor, (Eds.), Houston, TX: Institute for Research and Islamic Studies; Harris, M., Raviv, A., Corporate control contests and capital structure (1988) Journal of Financial Economics, pp. 2055-2086; Haugen, R., Senbet, L., Resolving the agency problems of external capital through stock options (1981) Journal of Finance, pp. 629-647. , June; On the resolution of agency problems by complex financial instruments. A reply (1987) Journal of Finance, 42, pp. 1091-1095; Ibbotson, R.G., Sinquefield, R.A., (1990) Stocks, Bills, Bonds, and Inflation, , Chicago, IL: Ibbotson and Associates; Ibn Qayyim, Al-Jawziyya, I'lām Al-Muwaqqa'īn'alā Rabb Al-'Ālam'īn, 2, pp. 153-164; Ibn Taymiya, Al-Qawāid Al-Nūrāniya Al-Fiqhiya (The Second General Rule: Prohibited and Permitted Contracts); Nazariyya Al-'Aqd (On the Sale of Something for its Value or at the Established Price or by its Number; Idris, R., Malaysian government investment certificates (1995) American Journal of Islamic Finance, (1), pp. 9-10. , July/August; Islahi, A.A., (1988) Economic Concepts of Ibn Taimiyah, , Leicester, UK: Islamic Foundation; Jensen, M.C., Meckling, W., Theory of the firm: Managerial behavior, agency costs and capital structure (1976) Journal of Financial Economics, 3, pp. 305-360; Kahf, M., (1992) Resource Mobilization and Investment in an Islamic Economic Framework, pp. 155-174. , S. Z. Herndon, (Eds.), VA: The Association of Muslim Social Scientist and The International Institute of Islamic Thought; Kamali, M.H., Islamic commercial law: An analysis of options (1997) American Journal of Islamic Social Sciences, 14 (3), pp. 17-37; Khan, M.F., (1983) Money and Banking in Islam, pp. 259-290. , M. F. Khan, Z. Ahmad, and M. Iqbal (Eds.) edited by Jeddah, Saudi Arabia: International Center for Research in Islamic Economics (King Abdul Aziz University) and Islamabad, Pakistan: Institute of Policy Studies; (1993) Kiplinger's Personal Finance Magazine, pp. 34-35. , June; Loyd, W.P., Modani, N.K., Stocks, bonds, bills and time diversification (1983) Journal of Portfolio Management, pp. 7-11. , Spring; Mehra, R., Prescott, E.C., The equity premium: A puzzle (1985) Journal of Monetary Economics, 15 (2), pp. 145-161; Mirakhor, A., (1988) Islamic Law and Finance, , C. Mallat (Ed.), Boston MA: Graham & Trotman; Modigliani, F., Miller, M.H., The cost of capital, corporation finance, and the theory of investment (1958) American Economic Review, 48, pp. 261-297; Myers, S.C., Majluf, N.S., Corporate financing and investment decisions when firms have information that investors do not have (1984) Journal of Financial Economics, 13, pp. 187-221; Rahman, F., Riba and interest (1969) Islamic Studies (Karachi), 3, pp. 1-43; Qureshi, D.M., (1990) Developing a System of Financial Instruments, pp. 49-67. , M. Ariff, and M. A. Mannan. (Eds.), Saudi Arabia: IRTI, Islamic Development Bank; Ross, S., The determinants of financial structure: The incentive signaling approach (1977) Bell Journal of Economics, 8, pp. 23-40; Sharpe, W.F., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) Journal of Finance, pp. 425-442. , September; Siddiqi, M.N., Some economic aspects of Mudarabah (1991) Review of Islamic Economics, 1 (2), pp. 21-33; Siegel, J.J., The equity premium: Stock and bond returns since 1802 (1992) Financial Analyst Journal, pp. 28-46. , January/February; Thomas, A.S., What is Riba? (1995) American Journal of Islamic Finance, 5 (6), pp. 11-16},
correspondence_address1={Ebrahim, M.S.; University of Brunei Darussalam, , Singapore, Singapore; email: ebrahims@ubd.edu.bn},
publisher={Elsevier},
issn={10629769},
language={English},
abbrev_source_title={Q. Rev. Econ. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hussain19941301,
author={Hussain, M.},
title={A comprehensive macroeconomic income determination model for an Islamic economy},
journal={Pakistan Development Review},
year={1994},
volume={33},
number={4},
pages={1301-1314},
doi={10.30541/v33i4iipp.1301-1314},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0028684553&doi=10.30541%2fv33i4iipp.1301-1314&partnerID=40&md5=8ec0ea46a95abd56c97934cb19fac436},
abstract={Several attempts at modelling the income determination process in an Islamic Economy have been made. Almost all of these attempts are related to income determination on the demand side of the economy only. Some early Muslim thinkers like Ibn Khaldun (1980) have emphatically stressed the supply-side effects on income determination in a Muslim economy. The main objective of this study is to make an effort to present a comprehensive macroeconomic income determination model for an Islamic economy that takes care of the demand side as far as the goods markets and money markets are concerned and it also covers the supply side of the economy as far as the optimal conditions for hiring of the labour and capital in the factor markets are concerned. -from Author},
keywords={Islamic economy;  macroeconomic income determination model;  modelling approach;  theoretical studies},
issn={00309729},
language={English},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ghannadian1991373,
author={Ghannadian, F. and Klein, J.J.},
title={A note on interest and banking in Islam},
journal={Savings & Development},
year={1991},
volume={15},
number={4},
pages={373-384},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0026273808&partnerID=40&md5=1da7388b12c2d38b28a11013ff75a9af},
abstract={Demonstrates that a change to Islamic interest-free banking inhibits growth and spending. The paper first provides a brief discussion of the evolution of views concerning the prohibition of interest and then proceeds to describe some of the equity attributes of interest-free banking. The analysis shows that risk needs to be considered in the demand for money function because of the complementarity of the demand for money and physical capital in less developed economies. Additionally the presence of both formal and informal financial markets in LDCs means less spending and higher informal market rates of interest than would be the case in a free financial market economy. -Authors},
keywords={banking operation;  capital availability;  developing country;  equity attribute;  interest free banking;  interest-free banking;  Islam;  Islamic banking;  money demand;  religious belief},
language={English},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mateev2022134,
author={Mateev, M. and Nasr, T. and Sahyouni, A.},
title={Capital regulation, market power and bank risk-taking in the MENA region: New evidence for Islamic and conventional banks},
journal={Quarterly Review of Economics and Finance},
year={2022},
volume={86},
pages={134-155},
doi={10.1016/j.qref.2022.07.005},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85134938122&doi=10.1016%2fj.qref.2022.07.005&partnerID=40&md5=d3d2e9551dd02d0bfbce69f5cb155c82},
affiliation={Abu Dhabi School of Management, Abu Dhabi, United Arab Emirates; Higher Institute for Administrative Development, Damascus University, Damascus, Syrian Arab Republic},
abstract={This paper investigates the impact of capital requirements and market power on the risk of financial institutions in the Middle East and North Africa (MENA) region. We test the hypothesis that capital requirements have a significant effect on risk behavior of both Islamic and conventional banks in the MENA region. We also investigate the moderating effect of market power on the relationship between capital requirements and bank risk. Our analysis indicates that capital ratio has a strong positive impact on the credit risk of conventional banks, whereas this effect is insignificant in the sample of Islamic banks. For the conventional banking sector, the increase in the capitalization level imposed by the regulators is negatively linked to the credit risk level only for banks with high market power. Regarding the IBs behavior, that the relationship between capital ratio and credit risk is not moderated by market competitive conditions. This means that Islamic banks are less sensitive to the conditions of market competition in the MENA countries but strongly depend on the regulatory authorities’ initiatives. Our findings inform the policymakers and regulators concerned with improving the banking sector's stability in the MENA region to set their policy differently depending on the level of banking market competition. © 2022 Board of Trustees of the University of Illinois},
author_keywords={bank regulation;  credit and insolvency risk;  financial crisis;  market power;  ownership},
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correspondence_address1={Mateev, M.; Abu Dhabi School of ManagementUnited Arab Emirates; email: m.mateev@adsm.ac.ae},
publisher={Elsevier B.V.},
issn={10629769},
language={English},
abbrev_source_title={Q. Rev. Econ. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Jongerden2022592,
author={Jongerden, J.},
title={Autonomy as a third mode of ordering: Agriculture and the Kurdish movement in Rojava and North and East Syria},
journal={Journal of Agrarian Change},
year={2022},
volume={22},
number={3},
pages={592-607},
doi={10.1111/joac.12449},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85114031534&doi=10.1111%2fjoac.12449&partnerID=40&md5=e548783f9821bdf3e577841094e1e60d},
affiliation={Rural Sociology, Wageningen University, Wageningen, Netherlands; Kyoto University, Kyoto, Japan},
abstract={While the fight of the Kurdish movement against Islamic State (IS) received much coverage, almost no attention was or has been given to the reconstruction efforts of Rojava after its liberation from the Ba′ath regime and the defeat of the caliphate, let alone the political principles underlying the reconstruction of the agrarian economy. This contribution discusses the agricultural policy in Rojava from the perspective of autonomy. It focuses on the ways in which autonomy as a mode of ordering interrupts the ordering by state and capital. Moreover, the article will show how this third mode of ordering, autonomy, produces alternatives for a political economy in Syria in which the state's organization of production and markets had become vehicles of de-development and dispossession, demographic engineering, and cultural homogenization. © 2021 The Author. Journal of Agrarian Change published by John Wiley & Sons Ltd.},
author_keywords={agriculture;  autonomy;  political economy;  Rojava;  Syria},
keywords={agrarian reform;  agricultural development;  agricultural economics;  agricultural market;  agricultural policy;  political economy, Syrian Arab Republic},
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correspondence_address1={Jongerden, J.; Rural Sociology, Netherlands; email: joost.jongerden@wur.nl},
publisher={John Wiley and Sons Inc},
issn={14710358},
language={English},
abbrev_source_title={J. Agrar. Change},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mateev2022297,
author={Mateev, M. and Moudud-Ul-Huq, S. and Sahyouni, A.},
title={Regulation, banking competition and risk-taking behavior in the MENA region: policy implications for Islamic banks},
journal={Journal of Islamic Accounting and Business Research},
year={2022},
volume={13},
number={2},
pages={297-337},
doi={10.1108/JIABR-01-2021-0009},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85121102175&doi=10.1108%2fJIABR-01-2021-0009&partnerID=40&md5=a3f8d5b5406005b3d6188c2efe4f6824},
affiliation={Abu Dhabi School of Management, Abu Dhabi, United Arab Emirates; Mawlana Bhashani Science and Technology University, Tangail, Bangladesh; Higher Institute for Administrative Development, Damascus University, Damascus, Syrian Arab Republic},
abstract={Purpose: This paper aims to investigate the impact of regulation and market competition on the risk-taking Behaviour of financial institutions in the Middle East and North Africa (MENA) region. Design/methodology/approach: The empirical framework is based on panel fixed effects/random effects specification. For robustness purpose, this study also uses the generalized method of moments estimation technique. This study tests the hypothesis that regulatory capital requirements have a significant effect on financial stability of Islamic and conventional banks (CBs) in the MENA region. This study also investigates the moderating effect of market power and concentration on the relationship between capital regulation and bank risk. Findings: The estimation results support the view that capital adequacy ratio (CAR) has no significant impact on credit risk of Islamic banks (IBs), whereas market competition does play a significant role in shaping the risk behavior of these institutions. This study report opposite results for CBs – an increase in the minimum capital requirements is followed by an increase in a bank’s risk level, which has a negative impact on their financial stability. Furthermore, the results support the notion of a non-linear relationship between banking concentration and bank risk. The findings inform the regulatory authorities concerned with improving the financial stability of banking sector in the MENA region to set their policy differently depending on the level of concentration in the banking market. Research limitations/implications: This study contributes to the literature on the effectiveness of regulatory reforms (in this case, capital requirements) and market competition for bank performance and risk-taking. In regard to IBs, capital requirements are less effective in requiring IBs to adjust their risk level according to the Basel III methodology. This study finds that IBs’ risk behavior is strongly associated with market competition, and therefore, the interest rates. Moreover, banks operating in markets with high banking concentration (but not necessarily, low competition), will decrease their credit risk level in response to an increase in the minimum capital requirements. As a result, these banks will be more stable compared to their conventional peers. Thus, regulators and policymakers in the MENA region should restrict the risk-taking behavior of IBs through stringent capital requirements and more intense banking supervision. Practical implications: The practical implications of these findings are that the regulatory authorities concerned with improving banking sector stability in the MENA region should proceed differently, depending on the level of banking market concentration. The findings inform regulators and policymakers to set capital requirements at levels that would restrict banks from taking more risk to increase their returns. They are also important for bank managers who should avoid risky strategies in response to increased regulatory pressure (e.g. increase in the minimum required capital level of 8%), as they may lead to an increase in the level of non-performing loans, and therefore, a greater probability of bank default. A future extension of this study will focus on testing the effect of bank risk-taking and market competition on the capitalization levels of banks in the MENA countries. More specifically, this study will investigates if banks raise their capitalization levels during the COVID-19 pandemic. Originality/value: The analysis of previous research indicates that there is no unambiguous answer to the question of whether IBs perform differently than CBs under different competitive conditions. To fill this gap, this study examines the influence of capital regulation and market competition (both individually and interactively) on bank risk-taking behavior using a large sample of banking institutions in 18 MENA countries over 14 years (2005–2018). For the first time in this line of research, this study shows that the level of market power is positively associated with the level of a bank’ insolvency risk. In others words, IBs operating in highly competitive markets are more inclined to take a higher risk than their conventional peers. Regarding the IBs credit risk behavior, this study finds that market power has a limited impact on the relationship between CAR and risk level. This means that IBs are still applying in their operations the theoretical models based on the prohibition of interest. © 2021, Emerald Publishing Limited.},
author_keywords={and Insolvency risk;  Credit;  Financial stability;  Islamic banks;  Market competition;  Regulation},
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correspondence_address1={Mateev, M.; Abu Dhabi School of ManagementUnited Arab Emirates; email: mateev@mateevfinance.com},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Abras2022,
author={Abras, A. and Jayasinghe, K.},
title={Competing institutional logics and power dynamics in Islamic financial reporting standardisation projects},
journal={Accounting, Auditing and Accountability Journal},
year={2022},
doi={10.1108/AAAJ-03-2020-4487},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85129653629&doi=10.1108%2fAAAJ-03-2020-4487&partnerID=40&md5=7cf43f32f74c4d2fa3dfe5e7c75f4c65},
affiliation={School of Economic, Finance and Accounting, Coventry University, Coventry, United Kingdom; Essex Business School, University of Essex, Colchester, United Kingdom},
abstract={Purpose: This paper examines the historical evolvement of competing institutional logics (i.e. religion, profession, state, market and community) underpinning Islamic accounting standardisation projects and power relations between internal actors representing these logics. Design/methodology/approach: The paper adopts a case-study approach and analyses two Islamic accounting standardisation projects implemented at the national and international levels. Documentary review and semi-structured interviews are used for data collection. Analysis is informed by the “Institutional Logics Perspective” and Bourdieu's notion of “power as capital in a field”. Findings: Research findings illustrate how some local actors pre-dispose themselves in promoting strict compliance to IFRS, while others endeavour to ensure compliance to “Islamic Sharia requirements” in financial reporting. In this power dynamic, there is an ongoing “constructive resistance” actively exerted by the latter group against the former, preserving the existence of religion-based reporting demands in Islamic accounting standardisation approaches. The paper also highlights chronological “dynamic” accounts that explain the evolvement of institutional logics prevailing in these projects over different historical stages at both national and international levels. Originality/value: This paper's findings contrast and challenge the existing assumption that the “epistemic community” promoting IFRS agenda always faces “passive responses” from local actors. Moreover, the paper's offering of a dynamic view to institutional logic mapping extends the previously used “static analyses” of logics prevailing in Islamic accounting standardisation projects. © 2022, Emerald Publishing Limited.},
author_keywords={Epistemic community;  Institutional logics;  International accounting harmonisation;  Islamic accounting;  Power relations;  Sharia},
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correspondence_address1={Abras, A.; School of Economic, United Kingdom; email: ad0116@coventry.ac.uk},
publisher={Emerald Group Holdings Ltd.},
issn={09513574},
language={English},
abbrev_source_title={Account. Audit. Account. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Haseeb2022,
author={Haseeb, M. and Mahdzan, N.S. and Wan Ahmad, W.M.},
title={Are Shariah-compliant firms less prone to stock price crash risk? Evidence from Malaysia},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2022},
doi={10.1108/IMEFM-06-2021-0223},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85126012815&doi=10.1108%2fIMEFM-06-2021-0223&partnerID=40&md5=50c12f55409c89405ec36d7a041ef6bd},
affiliation={Department of Finance, Faculty of Business and Economics, University of Malaya, Kuala Lumpur, Malaysia; Department of Finance, Faculty of Business and Economics, University of Malaya, Kuala Lumpur, Malaysia; Department of Accounting and Finance, Faculty of Management Studies, University of Central Punjab, Lahore, Pakistan},
abstract={Purpose: The term “Shariah compliance” states that a firm conducts business activities within the boundaries stipulated by Islamic law. The purpose of this study is to empirically examine whether a firm’s Shariah compliance helps in reducing firm-specific stock price crash risk (SPCR). Design/methodology/approach: Using the data of 10,391 firm-year observations of non-financial public listed firms in Malaysia from 2001–2017, this study uses the panel data estimation technique for regression analysis. Moreover, a series of alternative estimations has been applied to check the consistency of results. Findings: The findings reveal a significant negative impact of firms’ Shariah compliance on SPCR. The results indicate that Shariah-compliant (SC) firms are less likely to hoard bad news, ultimately reducing SPCR. The results also unveil a possible mechanism through which SC firms reduce SPCR. The findings reveal that SC firms are less likely to be involved in earnings management, which reduces the risk of a stock price crash in SC firms. It highlights the behavioral differences in financial reporting between SC firms and Shariah non-compliant (SNC) firms. Practical implications: This research adds to the existing literature of Islamic capital markets from the perceptive of SPCR. The SPCR exhibits a tail risk of the stocks and is very important for risk management and investment decisions. The findings of this study will help risk-averse investors to include SC firms in their investment portfolios for risk minimization. The results also guide policymakers and regulatory bodies to rethink the monitoring mechanisms of publicly listed firms. Originality/value: This study is unique, as it highlights that firms’ Shariah compliance reduces SPCR. © 2022, Emerald Publishing Limited.},
author_keywords={Bad news hoarding;  Shariah non-compliant firms;  Shariah-compliant firms;  Stock price crash risk},
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correspondence_address1={Mahdzan, N.S.; Department of Finance, Malaysia; email: n_shahnaz@um.edu.my},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Baig202263,
author={Baig, A.S. and Butt, H.A. and Khalid, R.},
title={Estimating value-at-risk models for non-conventional equity market index},
journal={Review of Financial Economics},
year={2022},
volume={40},
number={1},
pages={63-76},
doi={10.1002/rfe.1139},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85108846654&doi=10.1002%2frfe.1139&partnerID=40&md5=c3d22251c552c335acd2e55d1085af95},
affiliation={Department of Finance, College of Business and Economics, Boise State University, Boise, ID, United States; Department of Business Administration, Robert W. Plaster College of Business, Missouri Southern State University, Joplin, MO, United States; Suleman Dawood School of Business, Lahore University of Management Sciences, Lahore, Punjab, Pakistan},
abstract={In this study, we evaluate Value-at-Risk (VaR) forecasts for non-conventional (i.e., Islamic) equity markets using various time-varying volatility models. Recent evidence suggests that volatility shifts in returns cause non-normality by significantly increasing kurtosis. Consequently, we endogenously detect significant shifts in the volatility of our Islamic equity market index returns and incorporate this information into selected models to estimate the downside risk. Our results show that the best forecast is generated by the dynamic quantile regression (DQR) model that does not make any specific assumptions about the underlying returns distribution. We also show the economic implications of our findings by calculating daily capital charges under Basel II Accord. © 2021 University of New Orleans.},
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correspondence_address1={Butt, H.A.; Department of Business Administration, United States; email: butt-h@mssu.edu},
publisher={John Wiley and Sons Inc},
issn={10583300},
language={English},
abbrev_source_title={Rev. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Khodakarami2021716,
author={Khodakarami, M. and Rezaee, Z. and Hesarzadeh, R.},
title={Islamic Religious Atmosphere and Audit Pricing: Evidence from Iran},
journal={Business Ethics, Environment and Responsibility},
year={2021},
volume={30},
number={4},
pages={716-737},
doi={10.1111/beer.12364},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85112713858&doi=10.1111%2fbeer.12364&partnerID=40&md5=faba13f4511831ae003ca3a6230bee33},
affiliation={Department of Accounting, University of Tehran, Tehran, Iran; School of Accountancy, The University of Memphis, Memphis, TN, United States; Department of Accounting, Ferdowsi University of Mashhad, Mashhad, Iran},
abstract={This study examines whether the Islamic religious atmosphere of local communities influences audit pricing. We use a comprehensive survey conducted by Iran's Ministry of Culture and Islamic Guidance to measure the Islamic religious atmosphere. Using a sample of 1,204 observations from firms listed in Iran's capital market, we find that firms located in regions with a strong Islamic religious atmosphere pay significantly lower audit fees. Furthermore, the study reveals that family ownership (auditor size) strengthens (weakens) the aforementioned relationship. However, we did not find a significant moderating role for the local community's social capital. We contribute to the ethics literature by providing a better understanding of the economic consequences of the religious atmosphere and offering policy, practical, and educational implications. © 2021 John Wiley & Sons Ltd},
funding_text 1={The authors appreciate the helpful comments from Dima Jamali (Editor), Georges Samara (Editor), Sabri Boubaker (Associate Editor), and three anonymous reviewers. They further appreciate Andrea Paltrinieri, Abdullah Qaraei Molavi, Ismail Qaraei Molavi, Hafez Hassan Sarkohi, Seyyed Shojauddin Mousavi, Mostafa Dorri, Nima Rigi, and Amir Hossein Rastgari for constructive suggestions. All errors are the authors’ own.},
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correspondence_address1={Hesarzadeh, R.; Department of Accounting, Iran; email: Hesarzadeh@um.ac.ir},
publisher={Blackwell Publishing Ltd},
issn={26946416},
language={English},
abbrev_source_title={Bus. Ethics Environ. Responsib.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ameraldo2021960,
author={Ameraldo, F. and Ghazali, N.A.M.},
title={Factors influencing the extent and quality of corporate social responsibility disclosure in indonesian shari’ah compliant companies},
journal={International Journal of Business and Society},
year={2021},
volume={22},
number={2},
pages={960-984},
doi={10.33736/ijbs.3775.2021},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85117270400&doi=10.33736%2fijbs.3775.2021&partnerID=40&md5=3f2cc7619daa5979cadb2e5c20041cd7},
affiliation={Universitas Teknokrat Indonesia, Indonesia; International Islamic University Malaysia, Malaysia},
abstract={This study aims to assess the extent and quality of corporate social responsibility (CSR) disclosure practices of Shari’ah Compliant Companies (ShCCs) in Indonesia. Further, the study examines the factors influencing the extent and quality of CSR disclosure of ShCCs in Indonesia. A checklist comprising of 33 items was constructed to measure the extent and quality of disclosure. Using data from the year 2014 annual reports of 100 ShCCs in Indonesia, the results showed that the extent and quality of CSR disclosure among ShCCs in Indonesia were low with more than half of the sample companies scored less than 50% for extent of disclosure and all sample companies scored less than 50% for quality of disclosure. The multiple regression analysis revealed that award and leverage had an impact on the extent and quality of CSR disclosure. The findings indicate the need for improvement in the disclosure practice in annual reports of ShCCs. The relevant regulatory authority may issue guidelines and monitor companies’ compliance to the guidelines to assist companies in enhancing CSR disclosure. Continuous and concerted efforts by the regulatory authority and ShCCs are necessary to ensure achievement of social transparency and accountability. This in turn may propel the development of Islamic capital market to the next level. © 2021, Universiti Malaysia Sarawak. All rights reserved.},
author_keywords={Awards;  CSR disclosure;  Indonesia;  Shariah compliant companies},
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correspondence_address1={Ameraldo, F.; Department of Accounting, JL. ZA. Pagar Alam, Malaysia; email: fediameraldo77@gmail.com},
publisher={Universiti Malaysia Sarawak},
issn={15116670},
language={English},
abbrev_source_title={Int. J. Bus. Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Albaity20214706,
author={Albaity, M. and Mallek, R.S. and Hassan Al-Tamimi, H.A. and Noman, A.H.M.},
title={Does competition lead to financial stability or financial fragility for Islamic and conventional banks? Evidence from the GCC countries},
journal={International Journal of Finance and Economics},
year={2021},
volume={26},
number={3},
pages={4706-4722},
doi={10.1002/ijfe.2037},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85090018440&doi=10.1002%2fijfe.2037&partnerID=40&md5=c78f137e3b70d01aca7a9c54aba7f202},
affiliation={Department of Finance and Economics, College of Business Administration, University of Sharjah, Sharjah, United Arab Emirates; Department of Finance and Banking, Faculty of Business and accountancy, University of Malaya, Kuala Lumpur, Malaysia; Department of Business Administration, Faculty of Business Studies, International Islamic University Chittagong, Chittagong, Bangladesh},
abstract={This paper investigates the nexus between stability and competition in the banking sector of the Gulf Cooperation Council. We examined a sample of 75 banks over the period 2006–2016. We found a U-shaped relationship between bank stability and competition suggesting competition-stability and competition-fragility nexus. Banking concentration was found to affect instability negatively, which supported the “too important to be bailed out” view. Furthermore, we found that Islamic banks were less stable compared to conventional banks. We also found that bank size, profitability and capital regulation increase bank stability. In addition, the stock market return and the level of debt-to-GDP increase instability while the growth in oil price increase stability. Our findings are relevant to regulators to impose or release restrictions that boost financial stability. © 2020 John Wiley & Sons, Ltd.},
author_keywords={concentration;  Islamic-conventional banks;  stability-fragility nexus},
keywords={banking;  competition (economics);  concentration (composition);  financial market;  financial provision;  financial services;  Gross Domestic Product;  stock market},
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correspondence_address1={Albaity, M.; Department of Finance and Economics, United Arab Emirates; email: malbaity@sharjah.ac.ae},
publisher={John Wiley and Sons Ltd},
issn={10769307},
language={English},
abbrev_source_title={Int. J. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Guizani2021131,
author={Guizani, M.},
title={The determinants of capital structure of Islamic and conventional banks: an autoregressive distributed lag approach},
journal={Journal of Islamic Accounting and Business Research},
year={2021},
volume={12},
number={1},
pages={131-147},
doi={10.1108/JIABR-06-2020-0177},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85099419629&doi=10.1108%2fJIABR-06-2020-0177&partnerID=40&md5=585e83e0e43872de114b12be4a7d2484},
affiliation={Department of Business Administration, College of Science and Humanity Studies in Sulayel, Prince Sattam Bin Abdulaziz University, Al Kharj, Saudi Arabia},
abstract={Purpose: This paper aims to explore how Sharia principles could impact capital structure determinants and speed of adjustment of Islamic banks (IBs) compared to conventional banks (CBs) in the Gulf Cooperation Council countries (GCC). Design/methodology/approach: This study applies the autoregressive distributed lag (ARDL) approach for a sample of 69 banks listed on GCC stock markets over the period 2009–2018. Findings: Regression results indicate that tangibility and bank size are positively related to book leverage of both IBs and CBs, whereas profitability, liquidity and risk are negatively related. For growth opportunities, the results show opposing effect on book leverage of IBs and CBs, regarding macroeconomic variables, the authors find that gross domestic product and financial development are negatively related to book leverage of both IBs and CBs, whereas oil price change is positively related. Moreover, the authors find that IBs slowly adjust their capital structure toward the desired leverage ratio than CBs. In sum, the capital structure of IBs appears to be driven by similar factors to those previously found in the corporate finance literature. Research limitations/implications: This research contributes to the theory in re-validating capital structure theories on IBs. It helps understand the capital structure of IBs in comparison with CBs. It highlights some areas where further research on topics related to capital structure of IBs is needed. Practical implications: The paper can contribute to policymakers and governance function in understanding the choice of capital structure for IBs within the bound of Sharia requirement in different economic climate through its relation with the macroeconomic variables. Practically, the directors and managers can predict the best capital structure to be achieved by IBs in ensuring their performance is at par, in their quest of additional capital. Originality/value: This paper offers some insights on the determinants of capital structure by investigating IBs and CBs. It explores the implication of relevant Islamic principles on capital structure. Moreover, it analyses the determinants of capital structure using ARDL method that permits to identify the short-run and long-run relationships between capital structure and its main determinants. © 2020, Emerald Publishing Limited.},
author_keywords={ARDL;  Capital structure;  Conventional banks;  Islamic banks;  Pecking order theory;  Trade-off theory},
references={Abedifar, P., Molyneux, P., Tarazi, A., Risk in Islamic banking (2013) Review of Finance, 17 (6), pp. 2035-2096; Al-Hunnayan, S.H., The capital structure decisions of Islamic banks in the GCC (2020) Journal of Islamic Accounting and Business Research, 11 (3), pp. 745-764; Andren, N., Jankensgard, H., Wall of cash: the investment-cash flow sensitivity when capital becomes abundant (2015) Journal of Banking and Finance, 50 (1), pp. 204-213; Archer, S., Karim, R.A.A., On capital structure, risk sharing and capital adequacy in Islamic banks (2006) International Journal of Theoretical and Applied Finance, 9 (3), pp. 269-280; Archer, S., Karim, R.A.A., Profit-sharing investment accounts in Islamic banks: regulatory problems and possible solutions (2009) Journal of Banking Regulation, 10 (4), pp. 300-306; Baker, M., Wurgler, J., Market timing and capital structure (2002) The Journal of Finance, 57 (1), pp. 1-32; Banerjee, A., Dolado, J., Galbraith, J.W., Hendry, D.F., (1993) Cointegration, Error Correction, and the Econometric Analysis of Non-Stationary Data, , Oxford University Press, Oxford; Belkhir, M., Maghyereh, A., Awartani, B., Institutions and corporate capital structure in the MENA region (2016) Emerging Markets Review, 26 (2), pp. 99-129; Bitar, M., Hassan, M.K., Hippler, W.J., The determinants of Islamic bank capital decisions (2018) Emerging Markets Review, 35 (2), pp. 48-68; Bukair, A.A.A., Factors influencing Islamic banks’ capital structure in developing economies (2019) Journal of Islamic Accounting and Business Research, 10 (1), pp. 2-20; De Angelo, H., Masulis, R.W., Optimal capital structure under corporate and personal taxation (1980) Journal of Financial Economics, 8 (1), pp. 3-29; De Jong, A., Kabir, R., Nguyen, T.T., Capital structure around the world: the roles of firm-and country-specific determinants (2008) Journal of Banking and Finance, 32 (9), pp. 1954-1969; (2012) World Islamic banking competitiveness report 2013; Frank, M.Z., Goyal, V.K., Capital structure decisions: which factors are reliably important? (2009) Financial Management, 38 (1), pp. 1-37; Harris, M., Raviv, A., The theory of capital structure (1991) The Journal of Finance, 46 (1), pp. 297-355; Hasan, M., Dridi, J., The effects of the global crisis on Islamic and conventional banks: a comparative study (2010) IMF Working Papers, 10 (201); (2019) Islamic Financial Services Industry Stability Report 2019, , Islamic Financial Services Board, Kuala Lumpur; Jensen, M.C., Meckling, W.H., Theory of the firm: managerial behavior, agency costs and ownership structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360; Khediri, K.B., Charfeddine, L., Youssef, S.B., Islamic versus conventional banks in the GCC countries: a comparative study using classification techniques (2015) Research in International Business and Finance, 33, pp. 75-98; Khokher, Z.R., Alhabshi, S.M., Determinants of capital structure decisions among publicly listed Islamic banks (2019) Management Science Letters, 9, pp. 1577-1598; Kraus, A., Litzenberger, R.H., A state-preference model of optimal financial leverage (1973) The Journal of Finance, 28 (4), pp. 911-922; Levin, A., Lin, C.F., Chu, C.S.J., Unit root tests in panel data: asymptotic and finite sample properties (2002) Journal of Econometrics, 108 (1), pp. 1-24; Levy, A., (2001) Why Does Capital Structure Vary with Macroeconomic Conditions?, , Mimeo: Berkeley University; Love, I., Financial development and financing constraints: international evidence from the structural investment model (2003) Review of Financial Studies, 16 (3), pp. 765-791; Modigliani, F., Miller, M., The cost of capital corporation finance, and the theory of investment (1958) American Economic Review, 48 (3), pp. 261-297; Modigliani, F., Miller, M.H., Corporate income taxes and the cost of capital: a correction (1963) The American Economic Review, 53 (3), pp. 443-453; Mollah, S., Hassan, M.K., Al-Farooque, O., Mobarek, A., The governance, risk-taking, and performance of Islamic banks (2017) Journal of Financial Services Research, 51 (2), pp. 195-219; Myers, S., Determinants of corporate borrowing (1977) Journal of Financial Economics, 5 (2), pp. 147-175; Myers, S.C., The Capital structure puzzle (1984) The Journal of Finance, 39 (3), pp. 575-592; Myers, S., Majluf, N., Corporate financing and investment decisions when firms have information that investors do not have (1984) Journal of Financial Economics, 13 (2), pp. 187-220; Pahlavani, M., Wilson, E.J., Worthington, A., Trade-GDP nexus in Iran: an application of the autoregressive distributed lag (ARDL) model (2005) American Journal of Applied Sciences, 2 (7), pp. 1158-1165; Pesaran, H.M., (2003) A Simple Panel Unit Root Test in the Presence of Cross Section Dependence, , Mimeo: University of Southern CA; Pesaran, M.H., Shin, Y., An autoregressive distributed lag modelling approach to cointegration analysis (1999) Econometrics and Economic Theory in the 20th Century, , S. Strom (ed.), chapter 11, Cambridge University Press; Pesaran, M.H., Shin, Y., Smith, R.J., Bounds testing approaches to the analysis of level relationships (2001) Journal of Applied Econometrics, 16 (3), pp. 289-326; Sakti, M.R.P., Tareq, M.A., Saiti, B., Akhtar, T., Capital structure of Islamic banks: a critical review of theoretical and empirical research (2017) Qualitative Research in Financial Markets, 9 (3), pp. 292-308; Sheikh, N.A., Quereshi, M.A., Determinants of capital structure of Islamic and conventional commercial banks: evidence from Pakistan (2017) International Journal of Islamic and Middle Eastern Finance and Management, 10 (1), pp. 24-41; Siddiqui, A., Financial contracts, risk and performance of Islamic banking (2008) Managerial Finance, 34 (10), pp. 680-694; Stock, J.H., Watson, M.W., A simple estimator of cointegrating vectors in higher order integrated systems (1993) Econometrica, 61 (4), pp. 783-820; Titman, S., Wessels, R., The determinants of Capital structure choice (1988) The Journal of Finance, 43 (1), pp. 1-19; Toumi, K., Islamic ethics, Capital structure and profitability of banks; what makes Islamic banks different? (2020) International Journal of Islamic and Middle Eastern Finance and Management, 13 (1), pp. 116-134; Toumi, K., Louhichi, W., Viviani, J.L., Alternative financial decision principles: theoretical foundations of Islamic banks’ capital structure (2012) Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, 22, pp. 157-172; Yildirim, R., Masih, M., Bacha, O.I., Determinants of capital structure: evidence from shari'ah compliant and non-compliant firms (2018) Pacific-Basin Finance Journal, 51 (5), pp. 198-219},
correspondence_address1={Guizani, M.; Department of Business Administration, Saudi Arabia; email: guizani_m@yahoo.fr},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mukit202149,
author={Mukit, M.M.H. and Muneeza, A. and Paltrinieri, A.},
title={Contributions of Professor M. Kabir Hassan to the Islamic Finance Literature: A Bibliometric Study [Sumbangan Profesor M. Kabir Hassan terhadap Literatur Kewangan Islam: Suatu Kajian Bibliometrik]},
journal={Jurnal Ekonomi Malaysia},
year={2021},
volume={55},
number={3},
pages={49-76},
doi={10.17576/JEM-2021-5503-04},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85134510787&doi=10.17576%2fJEM-2021-5503-04&partnerID=40&md5=733817b39c140dc86fb11283e5fffc63},
affiliation={Jahangirnagar University, Kalabagan Rd, Savar Union, 1342, Bangladesh; International Centre for Education in Islamic Finance (INCEIF), Lorong Universiti A, Kuala Lumpur, 59100, Malaysia; Università Cattolica del Sacro Cuore, Largo A. Gemelli 1, Milano, 20123, Italy},
abstract={This study presents Professor M. Kabir Hassan’s productivity, citations, collaborations with fellow researchers, publications, and content analysis with future research direction in conjunction with his 30th academic anniversary which is marked in 2021. The bibliometric and thematic analysis of the scientific legacy of Professor M. Kabir Hassan was conducted based on his publications from 1991 to 2021. During his long career, he has published 346 journal articles with 23,059 citations and collaborated with 292 authors globally. The findings of conceptual and empirical research papers published by Professor M. Kabir Hassan are crucial for the theoretical developments of Islamic finance, as well as its practical developments as a distinctive discipline. We have derived several research areas for future research based on the research works published by Professor M. Kabir Hassan, as follows: i) the issue of Islamic common market that needs to be examined further in the light of new data and changing global perspectives; ii) a study on the issues faced by Islamic banks in adopting Basel III and capital adequacy framework for Islamic banks; iii) new models for takaful need to be explored; iv) the cost of faith-based investing needs to be studied in the recent times, especially to understand the impact of the pandemic on it; v) a study to understand the perception of the government of Bangladesh, and international and multilateral organisations on the role of zakat to alleviate poverty; vi) the level of technology adoption by Islamic banks can be studied; and vii) the successful implementation of equity-based Islamic finance contracts could be empirically studied.. It is anticipated that this research will motivate young and emerging scholars, as well as existing scholars, to excel in their arenas by producing quality research and publications in a consistent manner. © 2021 Penerbit Universiti Kebangsaan Malaysia. All rights reserved.},
author_keywords={Citations;  financial industry;  growth;  Islamic finance;  productivity;  socioeconomic},
funding_text 1={The authors would like to acknowledge Professor M. Kabir Hassan for providing his biography and curriculum vitae, with a full list of his publications that have facilitated this research.},
references={Masih, Abul Mansur M., (2021) Abul Mansur M. Masih Google Scholar Profile, , https://scholar.google.com/citations?user=B6VMYDYAAAAJ&hl=en, (accessed 18 July 2021); Ahmad, A. U. F., Hassan, M. K., Regulation and performance of Islamic banking in Bangladesh (2007) Thunderbird International Business Review, 49 (2), pp. 251-277; Alamad, S., (2017) Financial Innovation and Engineering in Islamic Finance, , https://www.springer.com/gp/book/9783319529462, (accessed 18 July 2021); Al Rahahleh, N., Ishaq Bhatti, M., Najuna Misman, F., Developments in risk management in Islamic finance: A review (2019) Journal of Risk and Financial Management, 12 (1), pp. 37-59; Alonso, S., Cabrerizo, F. J., Herrera-Viedma, E., Herrera, F., H-index: A review focused on its fields (2009) Journal of Informetrics, 3 (4), pp. 273-289; Ding, Y., Rousseau, R., Wolfram, D., (2017) Measuring Scholarly Impact, , Cham: Springer; Friend, Frederick J., Google scholar: Potentially good for users of academic information (2006) Journal of Electronic Publishing, 9 (1); Garraty, J. A., The nature of biography (1957) The Centennial Review of Arts & Science, 1 (2), pp. 123-141; Garfield, E., Citation indexes for science: A new dimension in documentation through association of ideas (1955) Science, 122 (3159), pp. 108-111; Hulme, E. W., (1923) Statistical Bibliography in Relation to the Growth of Modern Civilization, , London: Butler & Tanner; Hota, P. K., Subramanian, B., Narayanamurthy, G., Mapping the intellectual structure of social entrepreneurship research: A citation/co-citation analysis (2019) Journal of Business Ethics, 166, pp. 89-114; Ileto, R. C., Nation and empire in the intellectual biographies of Southeast Asian Scholars (2014) Asian Studies, 59 (3), pp. 9-17. , (4); (2021) List of Previous Laureates of the Islamic Development Bank (IsDB) Prize in Islamic Economics & Islamic Banking and Finance, , https://irti.org/awards/; Karisiddappa, C. R., Maheshwarappa, B. S., Shirol, M. V., Authorship pattern and collaborative research in psychology (1990) IASLIC Bulletin, 35 (2), pp. 73-78; Kessler, M. M., Bibliographic coupling between scientific articles (1963) American Documentation, 14 (1), pp. 10-25; Khalid, M., Ur-Rehman, S., Contributions of Dr. Anis Khurshid to library literature: A bibliometric study (2009) Pakistan Journal of Library and Information Science, 10, pp. 43-56; Lone, F. A., Ahmad, S., Islamic finance: more expectations and less disappointment (2017) Investment Management and Financial Innovations, 14 (1), pp. 134-141; Mohamed Ariff, S. M., (2021) Mohamed Ariff Google Scholar profile, , https://scholar.google.com/citations?user=4kH5j9UAAAAJ&hl=en; Mohammad Kabir, H., (2021) Mohammad Kabir Hassan Google Scholar Profile, , https://scholar.google.com/citations?user=gKc8ZJMAAAAJ&hl=en; Kahf, Monzer, (2021) Monzer Kahf Google Scholar Profile, , https://scholar.google.com/citations?user=d_bAE4gAAAAJ&hl=en; Muhammad Umar, C., (2021) Muhammad Umar Chapra Google Scholar Profile, , https://scholar.google.com/citations?user=TycybGwAAAAJ&hl=en; Persson, O., Danell, R., Schneider, J. W., How to use Bibexcel for various types of bibliometric analysis (2009) Celebrating Scholarly Communication Studies: A Festschrift for Olle Persson at his 60th Birthday, , edited by Åström, F.,; Danell, R., Larsen, B. & Schneider, J. Belgium: International Society for Scientometrics and Informetrics; Samuelson, P. A., Reflections on how biographies of individual scholars can relate to a science’s biography (2007) Inside the Economist’s Mind: Conversations with Eminent Economists, , edited by Samuelson, P.A. & Barnett, W.A. USA: Blackwell Publishing Limited; Sin, T. W., Khoo Kay Kim, Professor of Malaysian history: A bibliometric study (1999) Malaysian Journal of Library & Information Science, 4 (2), pp. 47-57; Soong, T., (2019) UNO professor earns high honors for work in international finance, , https://www.nola.com/archive/article_6f541426-482a-5d95-bde2-88c8782ad57e.html; Svensson, G., SSCI and its impact factors: A “prisoner”s dilemma’? (2010) European Journal of Marketing, 44 (1–2), pp. 23-33; Van Eck, N. J., Waltman, L., Software survey: VOSviewer, a computer program for bibliometric mapping (2010) Scientometrics, 84 (2), pp. 523-538; Weinberg, B. H., Bibliographic coupling: A review (1974) Information Storage and Retrieval, 10 (5–6), pp. 189-196},
correspondence_address1={Muneeza, A.; International Centre for Education in Islamic Finance (INCEIF), Lorong Universiti A, Malaysia; email: muneeza.aishath@gmail.com},
publisher={Penerbit Universiti Kebangsaan Malaysia},
issn={01271962},
language={English},
abbrev_source_title={Jurnal Ekon. Malays.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mateev2021,
author={Mateev, M. and Moudud-Ul-Huq, S. and Nasr, T.},
title={Capital Regulation and Market Competition in the MENA Region: Policy Implications for Banking Sector Stability During COVID-19 Pandemic},
journal={Global Business Review},
year={2021},
doi={10.1177/09721509211064442},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85122059231&doi=10.1177%2f09721509211064442&partnerID=40&md5=1c295f3052a8a8e3e4be1658466f4262},
affiliation={Abu Dhabi School of Management, Abu Dhabi, United Arab Emirates; Faculty of Business Studies, Mawlana Bhashani Science and Tecnology University, Santosh, Bangladesh},
abstract={This article investigates the impact of capital requirements and market competition on the stability of financial institutions in the Middle East and North African (MENA) region. We test the hypothesis that capital requirements significantly affect the risk behaviour of both Islamic and conventional banks in the MENA region. We also investigate the moderating effect of market power and concentration on the relationship between capital regulation and bank risk. We find that capital ratio has a strong positive impact on conventional banks’ credit risk, whereas this effect is insignificant in the sample of Islamic banks. Our analysis indicates that, for the conventional banking sector, the increase in the capitalization level is negatively linked to bank credit risk only when banks’ level of market power is high. Regarding the Islamic banks’ behaviour, we find that the relationship between capital and credit risk is weakly moderated by banking competition. This means that Islamic banks are less sensitive to the market’s competitive conditions in the MENA countries, as they still apply their theoretical models, based on prohibition of interest. Our findings inform regulatory authorities concerned with improving the banking sector’s financial stability in the MENA region to strengthen their policies and force banks to better align with regulatory capital requirements during the COVID-19 pandemic. © 2021 International Management Institute, New Delhi.},
author_keywords={Bank regulation;  concentration;  COVID-19;  credit and insolvency risk;  market power},
references={Abedifar, P., Molyneux, P., Tarazi, A., Risk in Islamic banking (2013) Review of Finance, 17 (6), pp. 2035-2096. , &; Abdelaziz, H., Rim, B., Helmi, H., (2020) Global Business Review, , https://doi.org/10.1177/0972150919879304, &, (, February 4). 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correspondence_address1={Mateev, M.; Abu Dhabi School of ManagementUnited Arab Emirates; email: mateev@mateevfinance.com},
publisher={Sage Publications India Pvt. Ltd},
issn={09721509},
language={English},
abbrev_source_title={Global Bus. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Elfeituri2021103,
author={Elfeituri, H. and Alotaibi, K.O.},
title={Is profitability of islamic banks shaped by bank-specific variables, global financial crisis and macroeconomic variables?},
journal={Journal of Economic Cooperation and Development},
year={2021},
volume={42},
number={2},
pages={103-150},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85120038929&partnerID=40&md5=52afd57803f2cc0f3a2da5e9a6c88479},
affiliation={Accounting Department, University of Benghazi (University of Garyounis), Benghazi, State of Libya; Management Department, College of Business Studies, The Public Authority for Applied Education and Training, Al Ardiya, Kuwait},
abstract={This study aims to investigate the determinants of Islamic banks’ (IBs) profitability. A large sample of IBs from 12 developing counties has been selected for a period (2004-2017) that includes the recent global crisis period (GFC), as well as bank-specific and macroeconomic variables. The paper applies advanced quantitative techniques by using a dynamic generalized method of moments (GMM) compared to the fixed effect models that are widely used within the literature. Findings indicate that asset quality, capital adequacy and non-financial activity play major roles in determining profitability of IBs. Furthermore, findings show that IBs are not affected by the GFC, as they are less exposed to international banks and do not grant subprime loans. Moreover, IBs were able to maintain better capital ratios during the GFC, which shielded them from the severe effects of the crisis. On the other hand, results showed that profitability would be reduced by increases in asset quality, liquidity, and deposit ratio. These findings emphasised that profitability of IBs would be safeguarded if those banks maintained a suitable level of capital adequacy to withstand any financial distress and introduced diverse sources of income. Hence, the findings of this research provide useful insights for IBs’ stakeholders including bank management, investors, clients, and policy markets. © 2021, Statistical Economic and Social Research and. All rights reserved.},
author_keywords={Bank-specific determinants;  Generalized method of moments (GMM);  Global crisis period (GFC);  Islamic Banks (IBs);  Macroeconomic variables;  Profitability},
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(2019) International Review of Economics & Finance, , https://doi.org/10.1016/j.iref.2019.05.015; Sun, P.H., Mohamad, S., Ariff, M., Determinants driving bank performance: a comparison of two types of banks in the OIC (2017) Pacific Basin Finance Journal, 42, pp. 193-203; Tabash, M. I., Dhankar, R. S., The Impact of global financial crisis on the stability of Islamic banks: Empirical evidence (2014) Journal of Islamic Banking and Finance, 2 (1), pp. 367-388; Trabelsi, M. A., Trad, N., Profitability and risk in interest-free banking industries: a dynamic panel data analysis (2017) International Journal of Islamic and Middle Eastern Finance and Management, 10 (4), p. 454469; Yahya, A., Akhtar, A., Tabash, M., The impact of political instability, macroeconomic and bank-specific factors on the profitability of Islamic banks: an empirical evidence (2017) Investment Management and Financial Innovations, 14 (4), pp. 30-39; Yanikkaya, H., Gümüş, N., Pabuçcu, Y.U., How profitability differs between conventional and Islamic banks: a dynamic panel data approach (2018) Pacific Basin Finance Journal, 48, pp. 99-111; Zarrouk, H., Jedidia, K. B., Moualhi, M., Is Islamic bank profitability driven by same forces as conventional banks? (2016) International Journal of Islamic and Middle Eastern Finance and Management, 9 (1), pp. 46-66; Zeitun, R., Determinants of Islamic and conventional banks performance in GCC countries using panel data analysis (2012) Global Economy and Finance Journal, 5 (1), pp. 53-72},
publisher={Statistical Economic and Social Research and},
issn={13087800},
language={English},
abbrev_source_title={J. Econ. Coop. Dev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Tan2021102,
author={Tan, Y.-L. and Mohamad Shafi, R.},
title={Capital market and economic growth in Malaysia: the role of ṣukūk and other sub-components},
journal={ISRA International Journal of Islamic Finance},
year={2021},
volume={13},
number={1},
pages={102-117},
doi={10.1108/IJIF-04-2019-0066},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85119023336&doi=10.1108%2fIJIF-04-2019-0066&partnerID=40&md5=f511092362e9c3234d47e44a24c60643},
affiliation={Faculty of Business and Management, Universiti Teknologi MARA Johor Branch, Segamat Campus, Johor, Malaysia},
abstract={Purpose: The purpose of this paper is to explore the effects of the capital market on economic growth by considering the role of ṣukūk (Islamic investment certificates) and other capital market sub-components in Malaysia between 1998 and 2018. Design/methodology/approach: The empirical investigation is based on the autoregressive distributed lag (ARDL) cointegration bounds test. Findings: The results reveal the prevalence of a long-run equilibrium relationship between capital market variables and economic growth. As expected, bond market components (ṣukūk and conventional bonds) have a positive, albeit insignificant influence on economic growth. In contrast, in the long-term, stock market development – regardless of the indicator used on economic growth – is shown to have a significant and positive effect. The study suggests that stock market sub-components affect Malaysia’s economic growth the most. Research limitations/implications: The primary limitation of this study is that only corporate ṣukūk were considered, while government ṣukūk were excluded from the estimation due to a lack of requisite information, resources and data. Practical implications: A strategic framework should be established, especially in pricing efficiencies. Furthermore, there is a need to create more awareness on the benefits of ṣukūk investment among conventional bond investors, including retail investors. Thus, there will be more players in the ṣukūk market, and this will help to improve market liquidity. Originality/value: Apart from conventional capital market sub-components, this study takes into account ṣukūk as a sub-component in the capital market on economic growth using the ARDL framework. Also, this study particularly concentrates on the world’s largest ṣukūk issuer, Malaysia, rather than focusing on other ṣukūk-issuing countries. © 2020, Yan-Ling Tan and Roslina Mohamad Shafi.},
author_keywords={ARDL;  Capital market;  Economic growth;  Malaysia;  Ṣukūk},
funding_details={Universiti Teknologi MARAUniversiti Teknologi MARA, UiTM, 1/2018 600-UiTMCJ, PJIA.5/2},
funding_text 1={The authors gratefully acknowledge financial support from the Universiti Teknologi MARA Johor Branch, Segamat Campus under Bestari Research Grant Phase 1/2018 600-UiTMCJ (PJIA.5/2).},
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correspondence_address1={Tan, Y.-L.; Faculty of Business and Management, Segamat Campus, Malaysia; email: tanya163@uitm.edu.my},
publisher={Emerald Group Holdings Ltd.},
issn={01281976},
language={English},
abbrev_source_title={ISRA Int. J. Islamic Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Khomsatun2021291,
author={Khomsatun, S. and Rossieta, H. and Fitriany and Nasution, M.E.},
title={Sharia disclosure, sharia supervisory board and the moderating effect of regulatory framework: The impact on soundness of islamic banking},
journal={International Symposia in Economic Theory and Econometrics},
year={2021},
volume={28},
pages={291-321},
doi={10.1108/S1571-038620210000028017},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85107866354&doi=10.1108%2fS1571-038620210000028017&partnerID=40&md5=7b7a51e786f31a113dc56379e63fd58d},
abstract={The unique characteristic of Islamic bank leads in governance and disclosure. Using stakeholder, signaling, and market discipline theory, governance and adequate disclosure may increase bank soundness. This study aims to investigate the relationship of sharia disclosure and Sharia Supervisory Board in influencing Islamic bank soundness in the different regulatory framework of the country. Using purposive sampling, the research covered 84 Islamic banks in 16 countries during the period 2013–2015 with lag data of Islamic bank soundness. The result shows sharia disclosure influences on Islamic bank soundness for management efficiency, capital adequacy ratio, asset quality, and liquidity. The results also show that sharia disclosure mediates the indirect effect of SSB on Islamic bank soundness. The regulatory framework (sharia accounting standard and SSB regulation) shows moderating effect of regulation framework proved on the association of sharia disclosure with management efficiency, capital, and liquidity. The effect is indirectly depending on the regulatory framework for proxy management efficiency, capital, and liquidity. The implication of the research suggests that sharia disclosure could increase the market discipline mechanism of Islamic bank stream. The Islamic bank can increase the transparency using sharia disclosure as a branding for increasing public trust, even though in the deficient Islamic bank regulation countries. © 2021 by Emerald Publishing Limited.},
author_keywords={Islamic bank soundness;  Sharia Accounting Standard;  Sharia disclosure;  Sharia regulatory framework;  Sharia supervisory board;  SSB regulation},
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(2012) Journal of Banking & Finance, 36 (12), pp. 3197-3212. , https://doi.org/10.1016/j.jbankfin.2011.10.006; Laela, S.F., (2016) Implikasi Coaligment Antara Orientasi Strategi Dan Akuntansi Manajemen Terhadap Kinerja Maqasid Syariah Pada Perbankan Syariah Indonesia. Doctoral, , Universitas Indonesia, Depok; Lindgren, C.-J., Garcia, G.G., Saal, M.I., Bank soundness and macroeconomic policy. Washingtong (1996) D.C.: International Monetary Fund; Maali, B., Casson, P., Napier, C., Social reporting by Islamic banks (2006) Abacus, 42 (2), pp. 266-289; Mallin, C., Farag, H., Ow-Yong, K., Corporate social responsibility and financial performance in Islamic banks (2014) Journal of Economic Behavior & Organization, 103, pp. S21-S38; Matoussi, H., Grassa, R., (2012) Is Corporate Governance Different for Islamic Banks? 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publisher={Emerald Group Holdings Ltd.},
issn={15710386},
language={English},
abbrev_source_title={Int. Symp. Econ. Econom. Theory Econom.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Arshed2021340,
author={Arshed, N. and Kalim, R.},
title={Exploration of the equilibrium level of Musharaka financing in full-fledged Islamic banks},
journal={Journal of Islamic Accounting and Business Research},
year={2021},
volume={12},
number={3},
pages={340-361},
doi={10.1108/JIABR-02-2020-0048},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85103889634&doi=10.1108%2fJIABR-02-2020-0048&partnerID=40&md5=921b4c45b5b864925c53dac40fb3cef8},
affiliation={Department of Economics, University of Management and Technology, Lahore, Pakistan},
abstract={Purpose: This study aims to develop and estimate the Musharaka demand and supply model for full-fledged Islamic banks to explore patterns and stability of Musharaka equilibrium in the market. Design/methodology/approach: This quantitative study uses a deductive approach to explore financial statement-level data of 30 Islamic banks of six countries between 2012 and 2017. Findings: The results show that the Musharaka market is stable when Musharaka demand is purchase price elastic and supply is sale price inelastic. It indicates that the current banking industry is unable to increase supply when there is an increase in Musharaka returns. In comparison, industry demand for Musharaka is increasing at a higher rate, corresponding to a decrease in Musharaka price. Practical Implications: This study is fundamental in estimating the market stable market returns and market quantity of Musharaka financing. If market returns and quantity deviate, market forces will push it to equilibrium. Originality/value: The theoretical and empirical studies worked on the application and suitability of Musharaka financing. However, they failed to explain demand and supply forces in determining the level of Musharaka financing in the economy using empirical data. Without an equilibrium model, policymakers would be unable to predict the movement of the Islamic stock market index (the price of Musharaka financing) and the incidence of Musharaka financing. Further, it is not possible to apply expansionary intervention by policymakers if the stability of the market is unknown. © 2021, Emerald Publishing Limited.},
author_keywords={Islamic capital market;  Market equilibrium;  Panel data analysis},
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correspondence_address1={Arshed, N.; Department of Economics, Pakistan; email: noman.arshed@umt.edu.pk},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nagimova2021100,
author={Nagimova, A.Z.},
title={Islamic capital in kazakhstan},
journal={World Economy and International Relations},
year={2021},
volume={65},
number={2},
pages={100-108},
doi={10.20542/0131-2227-2021-65-2-100-108},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85103301573&doi=10.20542%2f0131-2227-2021-65-2-100-108&partnerID=40&md5=d88bee9dbea860e41ca98816e12288d5},
affiliation={Institute of International Relations, Kazan Federal University (IIR KFU), Pushkina Str., 1/55, Kazan, 420008, Russian Federation; Ufa State Petroleum Technological University, Kosmonavtov Str., 1, Ufa, 450062, Russian Federation},
abstract={Over the last decades Islamic Finance has been expanding its role in the global economy, including in the Post-Soviet Area. Who are the key players of Islamic Finance market? What are their investment strategies here? This paper considers above questions by investigating more than 250 deals involving Islamic investors over the period 1991–2020 in Kazakhstan Republic. The data on deals gathered from two main sources: i) M&A database Zephyr (Bureau van Dijk), and ii) open sources (information agencies, company annual reports, press-releases, presentations, interviews). We are analyzing the growth of the Islamic Finance industry in Kazakhstan, and dependency on two key investors – ​ Islamic Development Bank and Abu Dhabi Government. Then We study the structure of Islamic Finance investments by the type of investors. We found that despite the small share of Islamic banks and Islamic leasing (ijara) companies they have become an important factor of the financial sector in Kazakhstan. We saw that the potential for issuing sukuk and developing Islamic insurance (takaful) have not yet been realized but Islamic Finance became one of the six pillars of the Astana International Financial Centre (AIFC). In addition, we have identified several factors critical to further Islamic Finance market development in the Central Asia. In conclusion there is a question whether Kazakhstan financiers and policymakers will be able to apply creative approach to Islamic Finance that not only allow to adopt the experience of other countries, but also bring something new. © 2021, Russian Academy of Sciences. All rights reserved.},
author_keywords={Astana International Financial Centre;  Central Asia;  CIS;  Ijara;  Islamic bank;  Islamic finance;  Kazakhstan;  Murabaha;  Sukuk;  Takaful},
funding_details={Russian Foundation for Basic ResearchRussian Foundation for Basic Research, РФФИ, 19-310-60002},
funding_text 1={Acknowledgements. This study is funded by RFBR, project number 19-310-60002 “Islamic Finance in the Post-Soviet States: challenges and opportunities for investment growth in the CIS countries”.},
references={The Global Competitiveness Report 2017–2018, , http://www3.weforum.org/docs/GCR2017-2018/05FullReport/TheGlobalCompetitivenessReport2017%E2%80%932018.pdf, (accessed 12.12.2019); Nagimova, A. Z., (2016) Tendencii i perspektivy dvustoronnego investicionnogo sotrudnichestva stran Persidskogo zaliva i SNG. Avtoref. kand. jekon. Nauk [Trends and prospects of bilateral investment cooperation between the Gulf countries and the CIS. Abstract. Thesis Cand. Sci. (Econ.).], p. 24. , [Moscow, p]; (2010) Presidential Message of N. Nazarbayev to the people of Kazakhstan, , https://www.akorda.kz/ru/addresses/addresses_of_president/poslanie-prezidenta-respubliki-kazakhstan-n-a-nazarbaeva-narodu-kazakhstana-29-yanvarya-2010-goda_1340624693, [January 29, (In Russ)] (accessed 15.12.2019); 2020 the share of Islamic Finance in the economy of Kazakhstan will reach 10%, , https://tengrinews.kz/news/2020-godu-dolya-islamskih-finansov-ekonomike-rk-dostignet-10-67196/, [In (In Russ)] (accessed 15.12.2019); Gottschalk, P. S., Greenberg, G., (2008) Islamophobia: Making Muslims the Enemy, p. 192. , Lanham, Rowman and Littlefield Publishers; Comprehensive M&A Data, , https://zephyr.bvdinfo.com/version-2019821/Home.serv?product=zephyrneo, Zephyr. (accessed 01.12.2019); Islamic Bank Al Hilal Kazakhstan, , https://alhilalbank.kz/en/page/reporting, Reports. (accessed 15.12.2019); Islamic Bank Zaman Bank Kazakhstan, , http://zamanbank.kz/en/o-banke/, Financial Statements. (accessed 16.12.2019); A New Frontier to Islamic Finance, , https://www.cibafi.org/Files/L1/Content/CI1637-KazakhstanCountryReport2015.pdf, Kazakhstan. (accessed 12.11.2019); (2018) Islamic Financial Services Industry Stability Report, , httpshttps://www.ifsb.org/, (accessed 22.11.2019); (2017), https://expertonline.kz/a15634/, [Leasing market (In Russ)] (accessed 20.12.2019); The latest equipment for early diagnosis of oncology was brought to Almaty, , https://forbes.kz/process/medicine/v_almatyi_privezli_noveyshuyu_tehniku_dlya_ranney_diagnostiki_onkologii/, [(In Russ)] (accessed 21.12.2019); Al Saqr Finance, , https://alsaqr.kz/about/reports, Annual report. (accessed 23.12.2019); (2019) The Global Financial Centres Index 26, , https://www.longfinance.net/media/documentsGFCI_26_Report_v1.0.pdf, September (accessed 25.12.2019); (2019) Annual Report of the activities of Astana International Financial Centre, , https://aifc.kz/uploads/AIFC_Annual_%20report_short_eng.pdf, (accessed 25.12.2019)},
correspondence_address1={Nagimova, A.Z.; Institute of International Relations, Pushkina Str., 1/55, Russian Federation; email: nagimova_almira@mail.ru; Nagimova, A.Z.; Ufa State Petroleum Technological University, Kosmonavtov Str., 1, Russian Federation; email: nagimova_almira@mail.ru},
publisher={Russian Academy of Sciences},
issn={01312227},
language={Russian},
abbrev_source_title={World Economy Int. Relat.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Zaimovic202179,
author={Zaimovic, A. and Dedovic, L.},
title={World Economy and Islamic Finance: Comparison of Government Policies during the Global Financial Crisis and the COVID-19 Crisis},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2021},
volume={34},
number={1},
pages={79-92},
doi={10.4197/Islec.34-1.5},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85102799825&doi=10.4197%2fIslec.34-1.5&partnerID=40&md5=08d86deb9a7fc7fd37585a8202607474},
affiliation={Associate Professor in Finance, School of Economics and Business University of Sarajevo, Bosnia and Herzegovina; PhD Student, School of Economics and Business, University of Sarajevo, Bosnia and Herzegovina},
abstract={COVID-19 has changed our lives and the way how business, social interacting, and healthcare is delivered like nothing else in modern history. This study aims to extend the growing body of literature on the topic of the COVID-19 crisis by critically analyzing and comparing government responses to the COVID-19 crisis in 2020, and the global financial crisis (GFC) in 2008. It focuses on investigating the similarities and differences in size, scope, structure, and timing of government policies between the two. Government policies and responses of the United States and China, as the main players in the global economy, are being analyzed in depth. What we seek to examine is whether governments have actually learnt their lessons and used their knowledge from the GFC to fight the COVID-19 crisis. We also analyze impacts of government measures on the stock market indices, S&P 500 and Shanghai Composite (SSEC). Our analysis shows that governments' response to the COVID-19 crisis is quicker and more proficient than it was in the GFC. One of the effects of the COVID-19 crisis is the increased stock market volatility. Indeed, we found increased volatility of Dow Jones Islamic Market World Index (DJIM) in the COVID-19 period, compared to pre-crisis period. Our analysis also shows that DJIM performs much better in the COVID-19 crisis compared to the GFC, i.e., returns are positive and volatility of DJIM returns is significantly lower in the COVID-19 crisis than it was in the GFC. Islamic finance answers to the recent economic turmoil can be in public-private partnerships. Shari ah -compliant instruments could be used to raise private capital for infrastructure projects. © 2021. All Rights Reserved.},
author_keywords={China;  COVID-19;  Dow Jones Islamic Market World Index;  Global financial crisis;  Pandemic;  Public-private partnerships;  US},
references={(2020) Coronavirus: China's economy shrinks by 6.8% in worst downturn since 1970s, , https://bit.ly/39OxPht, Associated Press. (April 17). euronews. Retrieved from; Bhutta, N., Bricker, J., Dettling, L., Kelliher, J., Lau-fer, S., (2019) Stress testing household debt (Finance and Economics Discussion Series No. 2019-008), , https://bit.ly/33E1ac1, Washington, USA: Board of Governors of the Federal Reserve System. Retrieved from; Benamraoui, A., The world economy and Islamic economics in the time of COVID-19 (2021) Journal of King Abdulaziz University: Islamic Economics, 34 (1), pp. 67-78; Haasbroek, M., (2020) Stimulus package reveals China's financial constraints, , https://bit.ly/2JtB5Fi, (July 13). Retrieved from; (2020) Policy responses to COVID-19: Policy tracker, , https://bit.ly/3fKmyBk, International Monetary Fund [IMF]. Retrieved from; Jaeger, J., Comparing the coronavirus stimulus package to 2008 relief (2020) Compliance Week, , https://bit.ly/33sbyn9, (March 31). Retrieved from; Jordá, Ò., Singh, S.R., Taylor, A.M., (2020) Longer-run economic consequences of pandemics, , https://bit.ly/36g4DiI, (Federal Reserve Bank of San Francisco Working Paper No. 202009). Retrieved from; Koty, A.C., Why China's COVID-19 stimulus will look different than in the past (2020) China Briefing, , https://bit.ly/3mvI9zS, Retrieved from; Koty, A.C., China's two sessions 2020: What have we learnt so far (2020) China Briefing, , https://bit.ly/33ukCIq, Retrieved from; Leonard, C., (2020) How Jay Powell's coronavirus response is changing the fed forever, , https://bit.ly/3mkQ6b8, (June 11). [online]. Time Magazine. Retrieved from; Levene, H., Robust tests for equality of variances (1960) Contributions to probability and statistics: Essays in honor of Harold Hotelling, pp. 278-292. , I. Olkin, S.G. Ghurye, W. Hoeffding, W.G. Madow, & H.B. Mann (Eds), California, USA: Stanford University Press; Liu, Y., China's stock investors should expect volatility, slimmed-down stimulus and targeted help, says National People's Congress (2020), https://bit.ly/2IibJds, (May 31). Yahoo News. Retrieved from; (2013) NIST/SEMATECH eHandbook of Statistical Methods, , https://bit.ly/3lPmDVW, National Institute of Standards and Technology |NIST], & Semiconductor Manufacturing Technology [SEMATECH]. Retrieved from; Popov, V., Sundaram, J.K., Why is growth slowing in China? (2019), https://bit.ly/33sXk5v, (December 10). Inter Press Service. Retrieved from; Rappeport, A., Smialek, J., (2020) The New Year Times, , https://nyti.ms/3ml2V5c, (April 14). I.M.F. predicts worst downturn since the great depression, Retrieved from; (2020) Evaluating the effects of the economic response to COVID-19, , https://bit.ly/36ightD, The Council of Economic Advisers. Retrieved from; Tudor, C., A comparative analysis of stock market behaviour after European accession in Romania and Hungary: Some hypotheses tests (2008) In Proceedings of the 4" international conference of ASECU - Development: Cooperation and Competitiveness, pp. 632-641. , https://bit.ly/2VbHnw2, Bucharest, Romania: The Bucharest Academy of Economic Studies. Retrieved from; Weinberg, J., (2015) Federal reserve credit programs during the meltdown, , https://bit.ly/3qdT9Ek, (November 22). Retrieved from; Wong, C., The fiscal stimulus programme and public governance issues in China (2011) OECD Journal on Budgeting, 11 (3), pp. 1-21; (2020) COVID-19 to plunge global economy into worst recession since world war II, , https://bit.ly/3o7m2Al, World Bank. (June 8). Retrieved from; Yongding, Y., (2009) China's policy responses to the global financial crisis, , https://bit.ly/37gZZAy, Richard Snape Lecture, 25 November, Productivity Commission, Melbourne. Retrieved from},
correspondence_address1={Zaimovic, A.; Associate Professor in Finance, Bosnia and Herzegovina},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={English},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{BenAyed2021444,
author={Ben Ayed, W. and Lamouchi, R.A. and M. Alawi, S.},
title={Does the deposit structure affect Islamic bank’s maturity transformation activities? The implications of IFSB liquidity guidelines},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2021},
volume={14},
number={3},
pages={444-462},
doi={10.1108/IMEFM-05-2019-0209},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85101492456&doi=10.1108%2fIMEFM-05-2019-0209&partnerID=40&md5=1ddad6a64875fdf8ac66ec1700300fc8},
affiliation={Department of Accounting, GEF-2A Lab, Faculty of Law, Economics and Management, University of Jendouba, Tunis, Tunisia; Department of Finance, Faculty of Economics and Administration, King Abdulaziz University, Jeddah, Saudi Arabia; Department of Finance, Faculty of Economics and Administration, King Abdulaziz University, Jeddah, Saudi Arabia; Ministry of Education, Tunisia; GEF-2A Laboratory, Higher Institute of Management of Tunis, Tunis University, Tunisia},
abstract={Purpose: The purpose of this study is to investigate factors influencing the net stable funding ratio (NSFR) in the Islamic banking system. More specifically, the authors analyze the impact of the deposit structure on the liquidity ratio using the two-step generalized method of moments approach during the 2000–2014 period. Design/methodology/approach: Based on IFSB-12 and the GN-6, the authors calculated the NSFR for 35 Islamic banks operating in the Middle East and North Africa (MENA) region. Findings: The findings of this study show the following: first, ratio of profit-sharing investment accounts have a positive impact on the NSFR, while ratio of non profit-sharing investment accounts increase the maturity transformation risk; second, the results highlight that asset risk, bank capital and the business cycle have a positive impact on the liquidity ratio, while the returns on assets, bank size and market concentration have a negative impact; and third, these results support the IFSB’s efforts in developing guidelines for modifying the NSFR to enhance the liquidity risk management of institutions offering Islamic financial services. Research limitations/implications: The most prominent limitation of this research is the availability of data. Practical implications: These results will be useful for authorities and policy makers seeking to clarify the implications of adopting the liquidity requirement for banking behavior. Originality/value: This study contributes to the knowledge in this area by improving our understanding of liquidity risk management during liquidity stress periods. It analyzes the modified NSFR that was adopted by the IFSB. Besides, this study fills a gap in the literature. Previous studies have used the conventional ratios to determinate the main factors of the maturity transformation risk in a full-fledged Islamic bank based on an early version of NSFR. Finally, most studies focus on the NSFR as proposed by the Basel Committee, whereas the authors investigate the case of the dual-banking system in the emerging economies of seven Arab countries in the MENA region. © 2021, Emerald Publishing Limited.},
author_keywords={IFSB;  Islamic banks;  Maturity transformation risk;  Net stable funding ratio;  Profits and losses sharing},
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correspondence_address1={Ben Ayed, W.; Department of Accounting, Tunisia; email: wassim.benayed@fsjegj.rnu.tn},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Shintyawati202056,
author={Shintyawati, R.A. and Doktoralina, C.M. and Nurhasanah and Anah, S.},
title={The volume of issuance of government Islamic securities SR-007 series, 2015-2018},
journal={International Journal of Financial Research},
year={2020},
volume={11},
number={5},
pages={56-68},
doi={10.5430/IJFR.V11N5P56},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85092510538&doi=10.5430%2fIJFR.V11N5P56&partnerID=40&md5=263fd21e54dae68d1ccbef2fc9d749f3},
affiliation={Faculty of Economics and Business, Universitas Mercu Buana, Jakarta, Indonesia},
abstract={In Islamic finance, Sukuk instruments are similar to the bond market in conventional finance and are intended to increase long-term investment capital. However, according to Sharia, Sukuk means there is no uncertainty (Garar), interest (usury) and gambling (Maisir). This is also new in the financial market in Islamic Bank. The government uses Sukuk as an instrument for financing the state budget, and Sukuk financing has contributed to the development and financing of state projects. The amount of Sukuk issuance volume is influenced by external factors such as macroeconomic conditions and internal factors, namely prices and yields of Sukuk. The problem is whether inflation, exchange rates, Sukuk prices and returns affect the volume of Sukuk issuance. Therefore, this research aims to determine the effect of macroeconomic variables (inflation and exchange rates), Sukuk prices and Sukuk yields on the volume of Retail Sukuk issuance in Indonesia, using the Vector Error Correction Model (VECM) research model and the assistance of econometrics EViews 9. The data used in this study are time-series data from April 2015 to March 2018, with a research sample of Retail Sukuk with the latest maturity in March 2018, namely Retail Sukuk SR-007 series. The results of the study show that the inflation and price variables have a long-term significant influence on the volume of Retail Sukuk SR-007 issuance and only yield variables that do not influence both the long-and short-term, while the exchange rate variable has significant long-and short-term effects. © 2020 Sciedu Press.},
author_keywords={Exchange rate;  Inflation;  Issuance volume;  Retail sukuk;  Sukuk prices;  VECM;  Yield},
funding_details={Universitas Mercu BuanaUniversitas Mercu Buana, UMB},
funding_text 1={This research is an outcome of Internal Research funded by Mercu Buana University Jakarta. Therefore, we would like to thank the Dean of the Faculty of Economics and Business, Chair of Accounting Program, Head of Research Centre and Director of Research & Technology, Mercu Buana University, Jakarta.},
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correspondence_address1={Doktoralina, C.M.; Faculty of Economics and Business, Indonesia; email: caturida_meiwanto_drm@mercubuana.ac.id},
publisher={Sciedu Press},
issn={19234023},
language={English},
abbrev_source_title={Int. J. Financial Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Fariz2020280,
author={Fariz, N.M. and Mohammed, N.F. and Zulkepli, N.S. and Kamaluddin, A.},
title={Accounting conservatism and financial performance: Accountability of shariah compliant companies in Malaysia},
journal={Humanities and Social Sciences Letters},
year={2020},
volume={8},
number={3},
pages={280-297},
doi={10.18488/JOURNAL.73.2020.83.280.297},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85092204783&doi=10.18488%2fJOURNAL.73.2020.83.280.297&partnerID=40&md5=8e823836b8b5c85a692e8bfe19152a9a},
affiliation={Faculty of Accountancy, Universiti Teknologi MARA (UiTM) Selangor, Puncak Alam Campus, Bandar Puncak Alam, Malaysia; Accounting Research Institute, Universiti Teknologi MARA (UiTM), Shah Alam Campus, Shah Alam, Malaysia},
abstract={The accountability of Shariah-compliant companies is essential to ummah to ensure the quality of earnings and enhance performance. This study examined the association of accounting conservatism, which is a proxy for accounting quality and the financial performance of Shariah-compliant companies in Malaysia. Financial statements with high quality assist in better decision making, thus preventing fraud activities and misappropriation of assets. The data consisted of 144 firm-year observations of Shariah-compliant companies from 2012 to 2017. The results revealed that accounting conservatism is a feature of financial statements of Shariah-compliant companies in Malaysia and accounting conservatism had a positive association with financial performance. The findings gave insights on the accounting quality and performance of the Islamic capital market in Malaysia. This study contributes to the knowledge of financial reporting quality by explaining the ethical behavior of companies using stewardship theory. © 2020 Conscientia Beam. All Rights Reserved.},
author_keywords={Accountability;  Accounting conservatism;  Financial performance;  Malaysia;  Shariah-compliant companies},
funding_details={Institute of Research Management and Innovation, Universiti Teknologi MARAInstitute of Research Management and Innovation, Universiti Teknologi MARA, IRMI, UiTM},
funding_text 1={Funding: Authors acknowledge the financial assistance from the Accounting Research Institute, Universiti Teknologi MARA. Competing Interests: The authors declare that they have no competing interests. Acknowledgement: All authors contributed equally to the conception and design of the study.},
funding_text 2={Authors acknowledge the financial assistance from the Accounting Research Institute, Universiti Teknologi MARA.},
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U., Accounting conservatism and performance of Nigerian consumer goods firms: An examination of the role of accruals (2018) International Journal of Financial Research, 10 (1), pp. 1-9; Vichitsarawong, T., Eng, L. L., Meek, G. K., The impact of the Asian financial crisis on conservatism and timeliness of earnings: Evidence from Hong Kong, Malaysia, Singapore, and Thailand (2010) Journal of International Financial Management & Accounting, 21 (1), pp. 32-61; Vishnani, S., Misra, D., Accounting conservatism: Evidence from Indian markets (2016) Theoretical Economics Letters, 6 (5), pp. 1000-1016. , https://doi.org/10.4236/tel.2016.65100; Wan, I. W. A., Kamarudin, K. A., Sarman, S. R., The quality of earnings in Shariah-compliant companies: evidence from Malaysia (2015) Journal of Islamic Accounting and Business Research, 6 (1), pp. 19-41; Wang, B., Did independent director supervise: A study from the angle of earnings quality of listed Chinese companies (2007) Finance Research, 1, pp. 109-121; Warganegara, D. L., Vionita, V., The effects of the Asian financial crisis on accounting conservatism in Indonesia (2010) Asian Academic of Management Journal of Accounting and Finance, 6 (1), pp. 69-88; Watts, R. L., Zuo, L., Accounting conservatism and firm value: Evidence from the global financial crisis (2011) SSRN Electronic Journal, , Working Paper. Massachusetts Insttute of Technology; Watts, R. L., Conservatism in accounting part I: Explanations and implications (2003) Accounting Horizons, 17 (3), pp. 207-222; Whittington, G., Fair value and the IASB/FASB conceptual framework project: An alternative view (2008) Abacus, 44 (2), pp. 139-168. , https://doi.org/10.1111/j.1467-6281.2008.00255.x; Zhang, J., (2011) The effect of IFRS adoption on accounting conservatism - New Zealand perspective, , Doctoral Dissertation, Auckland University of Technology, Auckland},
correspondence_address1={Mohammed, N.F.; Faculty of Accountancy, Malaysia; email: norfa785@uitm.edu.my},
publisher={Conscientia Beam},
issn={23125659},
language={English},
abbrev_source_title={Humanities Soc. Sci. Lett.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hammami20203106,
author={Hammami, Y.},
title={Asset pricing in an Islamic economy},
journal={Applied Economics},
year={2020},
volume={52},
number={29},
pages={3106-3122},
doi={10.1080/00036846.2019.1706715},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85077381356&doi=10.1080%2f00036846.2019.1706715&partnerID=40&md5=52ac4ee88d773ae6a9b04092ed353ad3},
affiliation={College of Business Administration, AlBaha University, Al Baha, Saudi Arabia; University Manouba, ESCT, RIM RAF UR13ES56, Campus Universitaire Manouba, Tunis, Tunisia},
abstract={We define an Islamic economy as one with borrowing restrictions, no leverage, and no risk-free asset. We derive a consumption-based asset pricing model for this economy under standard preferences. We demonstrate that news to consumption growth is the main driver of Islamic financial markets, but the degree of borrowing constraints also affects the pricing of Islamic assets. Using Saudi Arabian data, simulations show that our model does a good job in matching the observed equity premium as well as the volatility of the market return. Our model implies that the price-dividend ratio predicts dividend growth, and as a result that prices are driven mainly by cash-flow news rather than by discount rate news. Empirical tests show that our model is consistent with the data. © 2019, © 2019 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={Asset pricing;  Consumption;  Islamic finance;  Predictability;  Zero-covariance asset},
keywords={capital flow;  consumption behavior;  cultural influence;  economic analysis;  financial market;  growth rate;  Islamism;  lending behavior;  price determination, Saudi Arabia},
references={Abel, A., Risk Premia and Term Premia in General Equilibrium (1999) Journal of Monetary Economics, 43, pp. 3-33; Adrian, T., Etula, E., Muir, T., Financial Intermediaries and the Cross-section of Asset Returns (2014) Journal of Finance, 69, pp. 2557-2596; Alessie, R., Devereux, M.P., Weber, G., Intertemporal Consumption, Durables and Liquidity Constraints: A Cohort Analysis (1997) European Economic Review, 41, pp. 37-59; Bansal, R., Khatchatrian, V., Yaron, A., Interpretable Asset Markets? (2005) European Economic Review, 49, pp. 531-560; Bansal, R., Yaron, A., Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles (2004) Journal of Finance, 59, pp. 1540-6261; Beeler, J., Campbell, J.Y., The Long-run Risks Model and Aggregate Asset Prices: An Empirical Assessment (2012) Critical Finance Review, 1, pp. 141-182; Black, F., Capital Market Equilibrium with Restricted Borrowing (1972) Journal of Business, 4, pp. 444-455; Boo, Y.L., Ee, M.S., Li, B., Rashid, M., Islamic or Conventional Mutual Funds: Who Has the Upper Hand? Evidence from Malaysia (2017) Pacific-Basin Finance Journal, 42, pp. 183-192; Campbell, J.Y., Cochrane, J.H., By Force of Habit: A Consumption-based Explanation of Aggregate Stock Market Behavior (1999) Journal of Political Economy, 107, pp. 205-251; Campbell, J.Y., Shiller, R., The Dividend-price Ratio and Expectations of Future Dividends and Discount Factors (1988) Review of Financial Studies, 1, pp. 195-227; Cochrane, J.H., (2005) Asset Pricing, , Revised, New Jersey: Princeton University Press, ed; Cochrane, J.H., The Dog that Did Not Bark: A Defense of Return Predictability (2008) Review of Financial Studies, 21, pp. 1533-1575; Cochrane, J.H., Macro-Finance (2017) Review of Finance, 21, pp. 945-985; Epstein, L.G., Zin, S.E., Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework (1989) Econometrica, 57, pp. 937-969; Fama, E., Efficient Capital Markets: A Review of Theory and Empirical Work (1970) Journal of Finance, 25 (383), p. 417; Fama, E., French, K., Common Risk Factors in the Returns on Stocks and Bonds (1993) Journal of Financial Economics, 33, pp. 3-56; Hansen, L.P., Large Sample Properties of Generalized Method of Moments Estimators (1982) Econometrica, 50, pp. 1029-1054; Hansen, L.P., Singleton, K.J., Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models (1982) Econometrica, 50, pp. 1269-1288; Hoepner, A.G.F., Rammal, H.G., Rezec, M., Islamic Mutual Funds’ Financial Performance and International Investment Style: Evidence from 20 Countries (2011) European Journal of Finance, 17, pp. 829-850; Kydland, F.E., Prescott, E.C., Time to Build and Aggregate Fluctuation (1982) Econometrica, 50, pp. 1345-1370; Lucas, R.E.J., Asset Prices in an Exchange Economy (1978) Econometrica, 46, pp. 1429-1445; McCallum, B., On Non-uniqueness in Rational Expectations Models (1983) Journal Monetary Economics, 11, pp. 139-168; Mehra, R., Prescott, E., The Equity Premium: A Puzzle (1985) Journal of Monetary Economics, 15, pp. 145-161; Merdad, H.J., Hassan, M.K., Hippler, W.J., The Islamic Risk Factor in Expected Stock Returns: an Empirical Study in Saudi Arabia (2015) Pacific-Basin Finance Journal, 34, pp. 293-314; Narayan, P.K., Phan, D.H.B., A Survey of Islamic Banking and Finance Literature: Issues, Challenges and Future Directions (2017) Pacific-Basin Finance Journal, , In press; Narayan, P.K., Phan, D.H.B., Sharma, S., Bannigidadmath, D., Is There a Financial News Risk Premium in Islamic Stocks? (2017) Pacific-Basin Finance Journal, 42, pp. 158-170; Narayan, P.K., Phan, D.H.B., Sharma, S., Westerlund, J., Are Islamic Stock Returns Predictable? A Global Perspective (2016) Pacific-Basin Finance Journal, 40, pp. 210-223; Oueslati, M., Hammami, Y., Forecasting Stock Returns in Saudi Arabia and Malaysia (2018) Review of Accounting and Finance, 17, pp. 259-279; Rangvid, J., Schmeling, M., Schrimpf, A., Dividend Predictability around the World (2014) Journal of Financial and Quantitative Analysis, 49, pp. 1255-1277; Segal, G., Shaliastovich, I., Yaron, A., Good and Bad Uncertainty: Macroeconomic and Financial Market Implications (2015) Journal of Financial Economics, 117, pp. 369-397; Weber, G., Earnings-related Borrowing Constraints: Evidence from a Pseudo-panel for the UK (1993) Annales d’Economie Et De Statistique, 29, pp. 157-173; Zarembaa, A., Karathanasopoulos, A., Maydybura, A., Czapkiewicz, A., Bagheri, N., Dissecting Anomalies in Islamic Stocks: Integrated or Segmented Pricing? (2018) Pacific-Basin Finance Journal, , In press; Zeldes, S., Consumption and Liquidity Constraints: An Empirical Analysis (1989) Journal of Political Economy, 97, pp. 305-346},
correspondence_address1={Hammami, Y.; College of Business Administration, Saudi Arabia; email: hammami_yacine@yahoo.fr},
publisher={Routledge},
issn={00036846},
language={English},
abbrev_source_title={Appl. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{ElMaknouzi2020267,
author={El Maknouzi, M.E.H. and Jadalhaq, I.M.},
title={Where are Islamic finance indices pointing towards?: Lessons from experimental ‘pockets’ of Islamic financial regulation on international stock markets},
journal={Journal of Financial Regulation and Compliance},
year={2020},
volume={28},
number={2},
pages={267-281},
doi={10.1108/JFRC-03-2019-0040},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85076830450&doi=10.1108%2fJFRC-03-2019-0040&partnerID=40&md5=e74eb2f5513618226d41c9ca5e2077ca},
affiliation={Department of Law, Abu Dhabi University, United Arab Emirates and Department of Law, Abu Dhabi, Rabat, Rabat, Morocco; Department of Legal Studies, Zayed University, Abu Dhabi, United Arab Emirates},
abstract={Purpose: This paper aims to survey the screening practices and regulatory arrangements that can be gleaned from the experience of Islamic financial indices on international stock markets. Such indices can be regarded as experiments in the demarcation of “pockets” of Sharī‘ah-compliant securities exchange, in the context of non-Sharī‘ah-compliant stock markets. They offer valuable regulatory precedent, with a view to the development of a transnational domain of Islamic financial transactions. Design/methodology/approach: The paper leverages the experience of Islamic financial indices for charting the fault lines between the foundational principles of Islamic finance, and those of interest-based investment commonly accepted on international financial markets. It subsequently reviews the most salient regulatory arrangements in place for discriminating between permissible and forbidden securities and modes of trading, as implemented on Islamic financial indices. These include selection criteria for index inclusion, and Sharī‘ah committees with ex ante and ex post supervisory duties. Findings: The paper makes a case for viewing Islamic finance indices on international capital markets as capacity-building experiments for the regulation of transnational Islamic financial flows. Originality/value: The study rejuvenates the pragmatic approach towards the development of Islamic capital markets, by suggesting that incremental organisational innovations, as developed in connection with Islamic financial indices, can build institutional capacity towards an economy that abides by Islamic values. © 2019, Emerald Publishing Limited.},
author_keywords={Bonds;  Interest;  Islamic finance indices;  Ribā;  Sharī‘ah;  Stock markets},
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correspondence_address1={Jadalhaq, I.M.; Department of Legal Studies, Abu Dhabi, United Arab Emirates; email: iyad.jadalhaq@zu.ac.ae},
publisher={Emerald Group Holdings Ltd.},
issn={13581988},
language={English},
abbrev_source_title={J. Financ. Regul. Compliance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Piotrowski2020357,
author={Piotrowski, D.},
title={Sukuk on the Socially Responsible Investments Market},
journal={Eurasian Studies in Business and Economics},
year={2020},
volume={12},
number={2},
pages={357-367},
doi={10.1007/978-3-030-35051-2_24},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85129392173&doi=10.1007%2f978-3-030-35051-2_24&partnerID=40&md5=dbb72cb0dc6867cda45c897a3c017860},
affiliation={Department of Finance, Nicolaus Copernicus University in Toruń, Toruń, Poland},
abstract={The aim of the chapter is to examine to what extent investment funds implementing the strategy of socially responsible investing engage their funds in the assets of the Islamic financial market. Particular interest was focused on the sukuk— the most known Islamic capital market instruments. Research was conducted by way of applying critical analysis to the literature of the subject. The study yielded results indicating a total lack of sukuk in the portfolios of leading mutual SRI funds. The reason of this phenomenon may be the perception of sukuk as instruments not conforming to the idea of responsible finance, but narrowly related to Islamic ethics. © Springer Nature Switzerland AG 2020.},
author_keywords={Ethics;  Responsible investments;  Sukuk},
funding_details={National Institutes of HealthNational Institutes of Health, NIH, HD-12572, MH-00318},
funding_text 1={This research was supported by NIH Research Grant HD-12572 and NlMH Research Scientist Development Award MH-00318 to MSB. The authors thank the late Philip Salapatek for many helpful discussions and Pat Bennett, Les Cohen, and Al Yonas for comments on an earlier draft.},
references={(2008), Shari’a standard no. 17 on investment sukuk. Manama: Accounting and Auditing Organization for Islamic Financial Institutions; Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). (2010). Corporate social responsibility conduct and disclosure for Islamic financial institutions Governance Standard No. 7. Manama: Accounting and Auditing Organization for Islamic Financial Institutions; Akkizidis, I., Khandelwal, S.K., (2008) Financial Risk Management for Islamic Banking and Finance, , Basingstoke: Palgrave Macmillan; Askari, H., Iqbal, Z., Krichne, N., Mirakhor, A., (2012) Risk Sharing in Finance: the Islamic Finance Alternative, , Singapore: Wiley; Ayub, M., (2007) Understanding Islamic Finance, , Chichester: Wiley; Malaysia, C.M., Islamic finance and sustainable & responsible investment (SRI) [Online]. 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(2013) International SAMANM Journal of Finance and Accounting, 1 (2), pp. 24-31; Ho, C.S.F., Rahman, N.A.A., Yusuf, N.H.M., Zamzamirn, Z., Comparison of quantitative Shari’ah-complaint screening methods (2011) ISRA International Journal of Islamic Finance, 3 (2), pp. 101-102; Iqbal, Z., Mirakhor, A., (2011) An Introduction to Islamic Finance: Theory and Practice, , Wiley: Singapore; Iqbal, M., Molyneux, P., Thirty years of Islamic banking: History, performance (2005) And Prospects, , Basingstoke: Palgrave Macmillan; (2008) Islamic Finance: Survey on Global Legal Issues and Challenges, , Kuala Lumpur: Islamic Financial Services Board; Kettell, B., (2011) Introduction to Islamic Banking and Finance, , Chichester: Wiley; Khan, M.F., Porzio, M., (2010) Islamic Banking and Finance in the European Union, , Cheltenham: Edward Elgar; (2011) Islamic Economics and Finance: a European Perspective, , Langton, J., Trullols, C., & Turkistan, A. Q. (Eds.), New York: Palgrave Macmillan; MIFC. (2016). 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correspondence_address1={Piotrowski, D.; Department of Finance, Poland; email: darius@umk.pl},
publisher={Springer Science and Business Media B.V.},
issn={23645067},
language={English},
abbrev_source_title={Eurasian. Stud. Bus. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Rusmita2020117,
author={Rusmita, S.A. and Rani, L.N. and Swastika, P. and Zulaikha, S.},
title={Capital Market Volatility MGARCH Analysis: Evidence from Southeast Asia},
journal={Journal of Asian Finance, Economics and Business},
year={2020},
volume={7},
number={11},
pages={117-126},
doi={10.13106/jafeb.2020.vol7.no11.117},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85103322823&doi=10.13106%2fjafeb.2020.vol7.no11.117&partnerID=40&md5=ebe61aa7de99a8e646dc0eeaa6d86771},
affiliation={Islamic Economics, Faculty of Economics and Business, University of Airlangga, Campus B, Jalan Airlangga No. 4, Surabaya, East Java, 60286, Indonesia; Islamic Economics, Faculty of Economics and Business, University of Airlangga, Indonesia; Islamic Economics, Faculty of Economics and Business, State Institute of Islamic Studies (IAIN) Metro, Indonesia; Islamic Economics, Faculty of Economics and Business, University of Airlangga, Indonesia},
abstract={This paper is aimed to explore the co-movement capital market in Southeast Asia and analysis the correlation of conventional and Islamic Index in the regional and global equity. This research become necessary to represent the risk on the capital market and measure market performance, as investor considers the volatility before investing. The time series daily data use from April 2012 to April 2020 both conventional and Islamic stock index in Malaysia and Indonesia. This paper examines the dynamics of conditional volatilities and correlations between those markets by using Multivariate Generalized Autoregressive Conditional Heteroscedasticity (MGARCH). Our result shows that conventional or composite index in Malaysia less volatile than Islamic, but on the other hand, both drive correlation movement. The other output captures that Islamic Index in Indonesian capital market more gradual volatilities than the Composite Index that tends to be low in risk so that investors intend to keep the shares. Generally, the result shows a correlation in each country for conventional and the Islamic index. However, Internationally Indonesia and Malaysia composite and Islamic is low correlated. Regionally Indonesia’s indices movement looks to be more correlated and it’s similar to Malaysian Capital Market counterparts. In the global market distress condition, the diversification portfolio between Indonesia and Malaysia does not give many benefits. © Copyright: The Author(s) This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (https://creativecommons.org/licenses/by-nc/4.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the},
author_keywords={Financial Times Stock Exchange;  Hijra Index;  Jakarta Composite Index;  Jakarta Islamic Index;  Volatility Index},
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F., (2017) The Fama Portfolio: Selected Papers of Eugene F. Fama, , https://doi.org/10.7208/chicago/9780226426983.001.0001, (J. H. Cochrane & T. J. Moskowitz (eds)). The University of Chicago Press; Gel, Y. R., Chen, B., Robust Lagrange multiplier test for detecting ARCH/GARCH effect using permutation and bootstrap (2012) Canadian Journal of Statistics, 40 (3), pp. 405-426. , https://doi.org/10.1002/cjs.11149; Gencay, R., Selcuk, F., Whitcher, B., Differentiating intraday seasonalities through wavelet multi-scaling (2001) Physica A, 289, pp. 543-556; Gumanti, T. A., (2011) Investment Management: Concept, Theory, and Application, , Mitra Wacana Media; Hafner, C. 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M., Volatility analysis of FTSE Bursa Malaysia: Study of the problems of Islamic stock market speculation in the period 2007 to 2010 (2012) African Journal of Business Management, 6 (29), pp. 8490-8495. , https://doi.org/10.5897/AJBM11.1049; Rusmita, S. A., Muharam, I. N., Rani, L. N., Cahyono, E. F., Dynamics relationship between the composite and Islamic index in the capital market of Indonesia (2020) Advances in Business, Management and Entrepreneurship, pp. 442-448. , https://doi.org/10.1201/9780429295348-96; Rusmita, S. A., Salleh, M. C. M., Sukmaningrum, P. S., Zulaikha, S., Growth and Value Effect on Jakarta Islamic Index: Analysis towards Performance of Sharia Equity Mutual Fund (2019) Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 11 (1), pp. 153-165. , https://doi.org/10.15408/aiq.v11i1.9670; Saiti, B., Bacha, O. I., Masih, M., The diversification benefits from Islamic investment during the financial turmoil: The case for the US-based equity investors (2014) Borsa Istanbul Review, 14 (4), pp. 196-211. , https://doi.org/10.1016/j.bir.2014.08.002; Sukmana, R., Kolid, M., Impact of global financial crisis on Islamic and conventional stocks in emerging market: an application of ARCH and GARCH method (2012) Asian Academy of Management Journal of Accounting \& Finance, 31 (2), pp. 357-370; Tamakoshi, G., Hamori, S., Co-movements among major European exchange rates: A multivariate time-varying asymmetric approach (2014) International Review of Economics and Finance, 31, pp. 105-113. , https://doi.org/10.1016/j.iref.2014.01.016; Uddin, G. S., Arouri, M. E. H., Tiwari, A. K., Co-Movements between Germany and International Stock Markets: Some New Evidence from DCC-GARCH and Wavelet Approaches (2013) SSRN Electronic Journal, , https://doi.org/10.2139/ssrn.2311724; Umam, A. K., Ratnasari, R. T., Herianingrum, S., The Effect Of Macroeconomic Variables in Predicting Indonesian Sharia Stock Index (2019) Jurnal Ekonomi Dan Bisnis Islam, 5 (2), pp. 223-240. , https://doi.org/10.20473/jebis.v5i2.15031; Umirah, F., Masih, M., (2017) Should the Malaysian Islamic stock market investors invest in regional and international equity market to gain portfolio diversification benefits ?, , https://mpra.ub.uni-muenchen.de/id/eprint/79762, Munich Personal RePEc Archiv 79762; Worthington, A., Higgs, H., Transmission of equity returns and volatility in Asian developed and emerging markets: a multivariate GARCH analysis (2004) International Journal of Finance & Economics, 9 (1), pp. 71-80. , https://doi.org/10.1002/ijfe.222},
correspondence_address1={Rusmita, S.A.; Islamic Economics, Campus B, Jalan Airlangga No. 4,, Indonesia; email: sylvalifr@feb.unair.ac.id},
publisher={Korea Distribution Science Association (KODISA)},
issn={22884637},
language={English},
abbrev_source_title={J. Asian Financ. Econ. Bus.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Richardson2020313,
author={Richardson, E.},
title={The UAE and responsible finance-Can responsible finance sukūk help the UAE in fulfilling its sustainability ambitions?},
journal={Arab Law Quarterly},
year={2020},
volume={34},
number={4},
pages={313-355},
doi={10.1163/15730255-BJA10013},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85097378447&doi=10.1163%2f15730255-BJA10013&partnerID=40&md5=d976353d67498c3f419616f2cb0447ca},
affiliation={Department of Law, Maynooth University, Maynooth, County Kildare, Ireland},
abstract={Responsible finance sukūk provide market participants with a capital markets instrument through which they can fulfil the dictates of Islamic law while also participating in green, social or sustainable economic activity. However, as centres for Islamic finance (such as Malaysia and Indonesia) become prominent markets for responsible finance sukūk, issuances of these instruments have been noticeably slower to develop in the United Arab Emirates (UAE). This has not been due to a lack of public enthusiasm for a sustainable economy from UAE authorities. However, the plethora of government sustainability initiatives, statements and targets has resulted in somewhat of a patchwork of policies, not all of which are publicly available or centrally curated. This article will aim to map the UAE's sustainability agenda and consider where responsible finance sukūkfit within this agenda. Against this backdrop, it will analyse the contractual structure of the UAE's first issuance of responsible finance sukūk. © Koninklijke Brill NV, Leiden, 2020},
author_keywords={Green;  Social;  Sukūk- Islamic finance;  Sustainability;  United Arab Emirates (UAE)},
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correspondence_address1={Richardson, E.; Department of Law, Ireland; email: edana.richardson@mu.ie},
publisher={Brill Academic Publishers},
issn={02680556},
language={English},
abbrev_source_title={Arab Law Q.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Indriani2020454,
author={Indriani, M. and Mulyany, R. and Indayani},
title={Behaviour towards investments in Islamic capital market: An exploratory study},
journal={International Journal of Trade and Global Markets},
year={2020},
volume={13},
number={4},
pages={454-474},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85096120078&partnerID=40&md5=43008c42d03a49a07e029006dd9b7dec},
affiliation={Department of Accounting, Universitas Syiah Kuala, Banda Aceh, 23111, Indonesia},
abstract={This study aims to explore the behaviour of academicians in Indonesia towards investment in Islamic capital market (ICM). The concept of behaviour is analysed through the dimensions of the awareness and attitude. Four propositions were tested to identify whether there is any difference in the awareness and attitude based on demographic profiles and level of knowledge in ICM. The questionnaires were distributed with 280 responses were collected. Descriptive and non-parametric tests were performed to analyse the data. The findings uncovered relatively high level of awareness towards investment in ICM among the academicians yet their participation in the ICM activities is very limited. Religious motivation was found to be the main reason for investing. There was no difference in the awareness and attitude based on demographic factors. However there was significant difference in the attitude based on religion and awareness as well as attitude based on the level of knowledge about ICM. Copyright © 2020 Inderscience Enterprises Ltd.},
author_keywords={Attitude;  Awareness;  Behaviour;  Capital market;  Investor;  Islamic capital market;  Islamic investment;  Religious motivation},
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A., Jamal, A., Developing scales for measuring religiosity in the context of consumer research (2013) Middle East Journal of Scientific Research, 13, pp. 69-74; Simic, M., Sethi, S., People with second jobs: Analysis of the trends and characteristics of people who do two jobs (2002) Labour Market Trends, 110 (5), pp. 239-247; Smaoui, H., Ghouma, H., Sukuk market development and Islamic banks' capital ratios (2020) Research in International Business and Finance, p. 51. , Elsevier; Soedarmono, W., Trinugroho, I., Sergi, B.S., Thresholds in the nexus between financial deepening and firm performance: Evidence from Indonesia (2019) Global Finance Journal, 40, pp. 1-12; Suhana, M., Raja, Z., Nooririnah, R., Zaibedah, Performance analysis on Islamic unit trust (2012) International Conference of Technology Management, Business and Entrepreneurship, , Melaka, Malaysia; Thambiah, S., Cyril, E., Santhapparaj, Arumugam, Customers' perception on Islamic retail banking: A comparative analysis between the urban and rural regions of Malaysia (2011) International Journal of Business and Management, 6 (1); Toh, B., (2017) S&P Global Ratings: Global Issuance of Sukuk to Moderate in 2018 as Islamic Finance Moves into Slower Growth, The Edge Markets, , Http://www.theedgemarkets.com/article/sp-global-ratings-global-issuance-sukuk-moderate-2018-islamicfinance-moves-slower-growth; Widiyanti, M., Adam, M., Ismail, A.G., Evaluation of Syariah mutual fund performance: Empirical study in the Indonesia Stock Exchange (2013) The Malaysian National Economic Conference, , Pusat Pengajian Ekonomi Fakulti Ekonomi dan Pengurusan UKM, Selangor, Malaysia; Wilson, R., Innovation in the structuring of Islamic sukuk securities (2008) Humanomics, pp. 170-181. , DOI; Worthington, E.L., Wade, N.G., Hight, T.L., McCullough, M.E., Berry, J.W., Ripley, J.S., O'Connor, L., The Religious Commitment Inventory-10: Development, refinement, and validation of a brief scale for research and counseling (2003) Journal of Counseling Psychology, 50, pp. 84-96; Yusuff, N., Mansor, F., Proposed model for the factors influencing Muslim investors in choosing Islamic unit trust funds (2016) Journal of Global Business and Social Entrepreneurship, 1 (2), pp. 113-120},
correspondence_address1={Indayani; Department of Accounting, Indonesia; email: indayani@unsyiah.ac.id},
publisher={Inderscience Publishers},
issn={17427541},
language={English},
abbrev_source_title={Int. J. Trade Glob. Markets},
document_type={Article},
source={Scopus},
}

@ARTICLE{Musa2020,
author={Musa, G.I. and Bahari, Z. and Aziz, A.H.A.},
title={The impact of islamic capital market on malaysian real economy},
journal={Jurnal Ekonomi Malaysia},
year={2020},
volume={54},
number={2},
doi={10.17576/JEM-2020-5402-08},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85095852306&doi=10.17576%2fJEM-2020-5402-08&partnerID=40&md5=f09db963dc68e811c62c15cfec35ba92},
affiliation={Centre for Islamic Development Management Studies (ISDEV), Universiti Sains Malaysia, Pulau Pinang, 11800, Malaysia},
abstract={The primary purpose of the financial sector of an economy is financial intermediation. Financial intermediation activities of channelling funds from surplus to the deficit units in the economy including through capital market affect the economic growth of a country. The role of Islamic capital market in the process of affecting the growth of an economy is another dimension in finance-growth nexus. This study empirically examines the impact of Islamic capital market on Malaysian economy. It employs the ARDL bounds test approach for cointegration. The results revealed that in the long-run, Islamic capital market contributes to the Malaysian economy by way of capital formation and the efficiency of the capital served as channels of transmitting growth. However, in the short run, only Islamic capital market measure of Islamic stock market turnover contributes to the economy with productivity of capital as the only channel of transmitting growth. Moreover, there is evidence of causality between the Islamic capital market turnover and the Malaysian economy. The findings imply that the Islamic capital market effectively channelled and pooled funds to productive investment activities. It further proves the notion that in general, Islamic finance is more inclined towards real sector growth as compared to conventional counterpart due to the emphasis on equity-based financing as opposed to debt-based financing. © 2020 Penerbit Universiti Kebangsaan Malaysia. All rights reserved.},
author_keywords={Capital formation;  Economic growth;  Islamic capital market;  Islamic financial market;  Productivity of capital},
references={Adak, M., Total factor productivity and economic growth (2009) Istanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi Yil, 8 (200), pp. 49-56; Adebola, S. S., Yuoff, U. S., Dahalan, J., An ARDL approach to the determinants of non-performing loans in the Islamic banking system in Malaysia (2011) Arabian Journal of Business and Management Review, 1 (2), pp. 34-52; Ahmad, N., Daud, S. N. M., Kefeli, Z., Economic Forces and the Sukuk Market (2012) Procedia - Social and Behavioral Sciences, 65, pp. 127-133; Alam, T, Abdul Aziz, A.H., Iqbal, M., The current practice of IFI Sharia audit and what it ought to be evidence from Pakistan (2020) Science International (Lahore), 32 (4), pp. 497-500; Altarturi, B. H. M., Abduh, M., Stock markets and economic growth: A comparative analysis between Islamic and conventional markets in Malaysia (2016) Middle East J. Management, 3 (1), pp. 34-48; Anyanwu, J. 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(accessed 20 January 2018); De Gregorio, J., Borrowing constraints, human capital accumulation and growth (1996) Journal of Monetary Economics, 37, pp. 49-71; Deltuvaite, V., Sinevičiene, L., Research on the relationship between the structure of financial system and economic development (2014) Procedia - Social and Behavioral Sciences, 156, pp. 533-537; (2019) Malaysian economic performance, , www.dosm.gov.my, DOSM. Department of statistics Malaysia. (accessed on 29 March 2019); Essien, E.A., Public Sector Growth, An Econometric Test of Wagner's Law (1997) Economic and Financial Review. Central Bank of Nigeria, 35 (3), pp. 228-240; Fufa, T., Kim, J., Stock markets, banks, and economic growth: Evidence from more homogeneous panels (2018) Research in International Business and Finance, 44, pp. 504-517; Furqani, H., Mulyany, R., Islamic banking and economic growth: Empirical evidence from Malaysia (2009) Journal of Economic Cooperation & Development, 30 (2), pp. 38-51; Gani, I. 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Kuala Lumpur: International Research Academy for Islamic Finance publication; Kassim, S., Islamic finance and economic growth: The Malaysian experience (2016) Global Finance Journal, 30, pp. 66-76; Kenourgios, D., Naifar, N., Dimitriou, D., Islamic financial markets and global crises: Contagion or decoupling? (2016) Economic Modelling, 57, pp. 36-46; Lucas, R. E., On the Mechanics of Economic Development (1988) Journal of Monetary Economics, 22, pp. 3-42; Majid, M. S., Kassim, H., Assessing the contribution of Islamic finance to economic growth (2015) Journal of Islamic Accounting and Business Research, 6 (2), pp. 292-310. , S; Mankiw, N. G., Romer, D., Weil, D. N.A, Contribution to the empirics of economic growth (1992) The Quarterly Journal of Economics, 107 (2), pp. 407-437; McKinnon, R.I., (1973) Money and Capital in Economic Development, , Washington D.C: Brookings Institution; Mohamed, Muzrifah, Yahya, Norliza Che, Ishak, Nur Ashikin, (2017) Market Reactions towards the Announcement of Sukuk Issuance: Evidence from Malaysian Market Jurnal Pengurusan, 49; Narayan, P. K., The economic impact of tourism on Fiji's economy: Empirical evidence from the computable general equilibrium model (2004) Tourism Economics, 10 (4), pp. 419-433; Ouattara, B., (2004) The impact of project aid and programme aid on domestic savings: A case study of Cote d'Ivoire, paper presented at the conference Growth, poverty reduction and human development in Africa, , Centre for the Study of African Economies, April; Patrick, H. 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(2017) Research in International Business and Finance, 41, pp. 136-147; Waheed, A., Ph, D., Younus, N., Ph, D., Effects of financial sector's development and financial sector's efficiency on economic growth: Empirical evidence from developing and developed countries (2010) International Journal of Economic Perspectives, 4 (2), pp. 449-458; Yahya, M. M., Muhammad, F., Fauzi, M., Awang, S. A., Macroeconomic variables and Malaysian Islamic stock market: A time series analysis (2012) Journal of Business Studies Quarterly, 3 (4), pp. 1-13},
correspondence_address1={Bahari, Z.; Centre for Islamic Development Management Studies (ISDEV), Malaysia; email: bzak@usm.my},
publisher={Penerbit Universiti Kebangsaan Malaysia},
issn={01271962},
language={English},
abbrev_source_title={Jurnal Ekon. Malays.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Malik2020397,
author={Malik, A. and Butt, B.Z. and Din, S.U. and Aziz, H.},
title={Impact of earnings variability and regulatory measures on income smoothening in islamic banks: Evidence from an emerging market},
journal={Public Finance Quarterly},
year={2020},
volume={65},
number={3},
pages={397-410},
doi={10.35551/PFQ_2020_3_5},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85095756030&doi=10.35551%2fPFQ_2020_3_5&partnerID=40&md5=b5dfb773c01dbcdc181c1764e5b0db27},
abstract={This study focuses on identification of income smoothening practices and the impact of stringent regulations on income smoothening of Islamic banks listed on Pakistan Stock Exchange (PSX) for the period of 2010 to 2018. The frequency of income smoothing activities is evaluated through loan loss provisions (LLPs). Data has been retrieved through bank financial statements and financial statements analysis (FSA) issued by State Bank of Pakistan (SBP). In order to test income smoothening in Islamic banks, regression model has been employed. The findings of the study reveal that Islamic banks operating in Pakistan use income smoothening practices to achieve their objectives despite presence of Shariah Law. Further, the study also reveals that imposition of capital adequacy ratio through Basel Accords has significant and positive impact on reduction of income smoothing activities. Moreover, increase in the size of bank in terms of asset size has also positive impact through reduction of income smoothening in Islamic banks of Pakistan. Moreover, non-performing loans (NPL) and total loans (TL) also increase income smoothening. Similarly, GDP also increases income smoothening. The study provides sight not only for auditors and regulators but also for investors and general public. The study also highlights that there is a dire need for regulators to adopt strict and close monitoring on the distribution of earnings to avoid smoothening practices. Results also offer inputs to policymakers to customize their policies so that smoothening practices may be curtailed in Islamic banks and true picture be provided to investors about bank performance. © 2020 State Audit Office of Hungary. All rights reserved.},
author_keywords={Capital adequacy ratio;  Earnings variability;  Income smoothing;  Regulations},
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publisher={State Audit Office of Hungary},
issn={0031496X},
language={English},
abbrev_source_title={Publ. Fin. Quar.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kholodkovskii20195,
author={Kholodkovskii, K.G.},
title={Globalization vs nation state: The retrogradation?},
journal={World Economy and International Relations},
year={2019},
volume={63},
number={12},
pages={5-14},
doi={10.20542/0131-2227-2019-63-12-5-14},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85077200071&doi=10.20542%2f0131-2227-2019-63-12-5-14&partnerID=40&md5=80243f4ab8fe016895684801fe718106},
affiliation={Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str, Moscow, 117997, Russian Federation},
abstract={In early 21st century, in various parts of Europe and America there have been attempts of backsliding from free movement of people and capitals inherent to globalization era, and restoration of full sovereignty of a nation state. Presenting features of this trend are different: nationalist forces’ coming to power in Eastern Europe, Brexit, election of D. Trump as U.S. President, the populists’ victory in parliamentary elections in Italy. The Populism of diverse colors becomes a driving force of such attempts. The tendency mentioned above is based on a widespread dissatisfaction with the neo-liberal character of globalization coming from domination of international monopolies and oligopolies in this process, which neglect the variety of local conditions and prioritize their own vested interests. The supremacy of the market element gives important advantages to the strongest, the most mobile and faster developing participant of the process, not taking whichever national and social interests in consideration. At the same time, free cross-border displacement of human flows creates conditions for erosion of the European Christian identity, facilitates the appearance of hotbeds of the Islamic terrorism. Within the boundaries of the European Union, a protest against the bureaucratic character of integration processes regulation merges into the discontent with consequences of neo-liberal globalization. The abovementioned crisis trends make us address the experience of the past. The political crises of the contemporary history, which caused wars and revolutions, were often construed as harbingers of an inevitable collapse of the existing development model (suffice it to recall the forecasts of Karl Marx and his followers). However, not the death of capitalism was a result of historical evolution, but its reformation and the emergence of social welfare state. The crisis affiliated to globalization may have similar effect. There are quite a number of proposals aimed at the EU reforming. Efforts to improve or сounteract at least the most vivid flaws of globalization processes are not excluded. This brings up the question about a subject or subjects of such attempts. The populist movement claims an actor’s role. Yet there are doubts that it is able to play this role. At the same time, the civil society now takes on greater and greater importance in the sequence of events. Quite possibly, not only a national civil society could seriously contribute to reforming of globalization processes, but a gradually shaping global civil society using modern communication media as well. The experience tells us also that, first of all, consideration for and harmonization of national interests should become a direction of reforming, which means not only a complicated system of agreements between nation states and their associations, but gradual and far-reaching improvement of global governance institutions. However, the global civil society is hardly homogenious, and given the vast variety, heterogeneity and contradictions of national interests, the task of harmonization appears to be extremely difficult. © 2019, Russian Academy of Sciences. All rights reserved.},
author_keywords={Global civil society;  Globalization;  Nation state;  National interests;  Populism;  Reformation;  Sovereignty},
references={Salamon, L.M., Sokolovski, S.W., List, R., (2003) Global Civil Society, p. 64. , An Overview. The Johns Hopkins Comparative Nonprofit Sector Project; Kholodkovskii, K.G., Freedom vs Security? Europe and Mass Immigration (2019) Polis. Political Studies, (2), pp. 79-91; Tsapenko, I.P., Ethnocultural factor in economic and social processes (2016) Prognozirovaniye Sotsialno-Politicheskikh Protsessov I Confliktov V Stranakh Zapada I V Rossii [Forecasting Social and Political Processes and Conflicts in the West and in Russia], pp. 118-137. , Pantin V.I., Semenenko I.S., eds. Moscow, IMEMO; Melkov, A.V., Victor Orban’s domestic policy: A look from the West (2017) Ehlektronnyi Nauchno-Prakticheskii Zhurnal “Molodezhnyi Nauchnyi vestnik”, , http://www.mnvnauka.ru/2017/10/Melkov.pdf, October, accessed 21.08.2019; Borko, U.A., EU after the financial and economic crisis (2012) Evropeiskii Soyuz V XXI Veke: Vremya Ispytanii [European Union in XXI Century: Time of Trials], pp. 59-60. , Potemkina O. Yu., Kaveshnikov N. Yu., Kondratieva N.B., eds. Moscow, Ves’ Mir; (2018) Manovra, accordо Con l’Ue, , Moscovici: vittoria del dialogo. Dombrovskis: evitata procedura, ma vigileremo. Il Sole 24 Ore; Vainshtein, G., Populism in Contemporary Europe: New Trends (2013) Mirovaya Economika I Mezhdunarodnye Otnosheniya, (12), pp. 24-33; Kondratiev, V., Novyi etap globalizatsii: Osobennosti i perspektivy [New Globalization Phase: Key Elements and Perspectives] (2018) Mirovaya Economika I Mezdunarodnye Otnosheniya, 62 (6), pp. 5-17; Pedrazzini, C., Vremya populistov [Populist time] (2018) Vestnik Evropy, 50 L1, pp. 36-42; Vainshtein, G., European Populism in the Late 2010s (2018) Mirovaya Economika I Mezdunarodnye Otnosheniya, 62 (3), pp. 29-38; Kallis, A., (2018) Populism, Sovereignism and the Unlikely Re-Emergence of the Territorial Nation-State, , www.academia.edu/37173571/Populism_and_the_Unlikely_Re_Emergence:of_the_Territorial_Nation-State, Academia, (accessed 21.08.2019); Arbatova, N.K., The main challenges of European integration (2016) Evropeiskii Soyuz Na pereput’e: Nereshennye Problemy I Novye Vyzovy (Politicheskie Aspekty) [European Union at the Crossroads: Unresolved Problems and New Challenges], pp. 5-18. , Moscow, IMEMO; Bonanni, A., I valori dell’Europa (2018) La Repubblica, , 20.12; Маrconi, F., Testi, E., A chi il sindaco? A noi! A Verona sboccia l’amore tra la Lega e l’estrema destra L’Espresso, , 31.03.2019; Medushevskii, A., Populism in the West and in Russia: Similarities and Differences in a Comparative Perspective (2018) Populizm Kak Obshchii Vyzov [Populism as a Common Challenge], 127p. , Krouford K., Makarenko B.I., Petrov N.V., eds. Moscow, Politicheskaya entsiclopediya; Latinskaya, Y.P., Latin America: Is a Spurt in Development Possible? (2019) Mirovaya Economica I Mezhdunarodnye Otnosheniya, 63 (3), pp. 94-103; Mudde, C., Fighting the System? Populist Radical Right Parties and Party System Change (2014) Party Politics, 20 (2), pp. 217-226; Anheier, H., Glasius, M., Kaldor, M., Introducing Global Civil Society (2001) Global Civil Society 2001, pp. 3-22. , www.ise.ac.uk/internationalDevelopment/research/CSHS/civilSociety/yearBook/chapterPdfs/2001/chapter01.pdf, Anheier H.K., Glasius M. and Kaldor M., eds, Oxford, Oxford University Press, accessed 21.08.2019; (2012) Stiglitz Report. on The Reform of The International Monetary System: The Lessons of The Global Crisis. Report of The UN Financial Expert Panel, p. 328. , Moscow, Mezhdunarodnye otnosheniya, In Russ.)]; Stepanenko, V., Globalnoye grazhdanskoye obshchestvo: Contseptualizatsii i postkommunisticheskiye variatsii [Global Civil Society: Conceptualizations and Post-Communist Variations] (2005) Sotsiologiya, Teoriya, Metody, Marketing, (2), pp. 156-175; Falk, R., (1999) Predatory Globalization: A Critique, 171p. , Cambridge. Polity Press; Mazurova, E.K., Global Economic Regulation: Current Potential and Transformation Opportunities (2015) Vestnik Moskovskogo Universiteta. Ser. 6. Economiks [The Moscow University Economics Bulletin], (6), pp. 3-16; Gaman-Golutvina, O.V., Transformation of the role of elites and civil service ethics in the context of globalization (2000) Polis. Political Studies, (6), pp. 169-171; Lapkin, V.V., Conflict of development strategies in the modern world: Nature, causes, consequences (2016) Prognozirovaniye Sotsialno-Politicheskikh Protsessov I Konfliktov V Stranakh Zapada I V Rossii [Forecasting Social and Political Processes and Conflicts in the West and in Russia], pp. 17-27. , Pantin V.I., Semenenko I.S., eds. Moscow, IMEMO; Keane, J., (2003) Global Civil Society?, 214p. , Cambridge University Press},
correspondence_address1={Kholodkovskii, K.G.; Primakov National Research Institute of World Economy and International Relations, 23, Profsoyuznaya Str, Russian Federation; email: holgrig@mail.ru},
publisher={Russian Academy of Sciences},
issn={01312227},
language={Russian},
abbrev_source_title={World Economy Int. Relat.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Simpson2019591,
author={Simpson, I.R.},
title={Framings of Capitalism and the Archaeology of Sugar in the Islamic Mediterranean},
journal={Historical Archaeology},
year={2019},
volume={53},
number={3-4},
pages={591-610},
doi={10.1007/s41636-019-00212-9},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85074887214&doi=10.1007%2fs41636-019-00212-9&partnerID=40&md5=e3e5604280404330ede9ac7afdcc6f85},
affiliation={Leiden University, Einsteinweg 2, Leiden, 2333 CC, Netherlands},
abstract={Seeking to widen the constellation of pasts in studies of capitalism, this article contributes to interventions into the dominant narratives and frameworks in the history of capitalism. It discusses Western historiography and historicism in relation to the role that Islamic cultural geographies and sugar, as an iconic commodity, have played in the history of European capitalism and colonialism. This alternative rendition of sugar brings together significant archaeological and historical sources of sugar production in Egypt and Syria-Palestine during the medieval and Ottoman periods. Islamic sugar production and markets are discussed in relation to Western framings of historical capitalism, global commodities, unequal exchange, and capital accumulation. Questioning modernity’s framing of history and capitalism, this article offers a view of more diverse and changing configurations of interaction, and suggests a shift in analytical emphasis to market exchange in the past in order to make comparisons between commercial and market-oriented societies. © 2019, Society for Historical Archaeology.},
author_keywords={decolonizing European historiography;  labor;  market exchange;  medieval and Ottoman archaeology;  sugar production},
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correspondence_address1={Simpson, I.R.; Leiden University, Einsteinweg 2, Netherlands; email: i.r.simpson@arch.leidenuniv.nl},
publisher={Springer},
issn={04409213},
language={English},
abbrev_source_title={Hist. Archaeol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ammer201956,
author={Ammer, M.A. and Alsahlawi, A.M.},
title={An empirical investigation into the impact of Shari’ah-compliant status and Muslim directorship on the accuracy of IPO management earnings forecasts},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2019},
volume={12},
number={1},
pages={56-75},
doi={10.1108/IMEFM-07-2017-0174},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053463127&doi=10.1108%2fIMEFM-07-2017-0174&partnerID=40&md5=9bba8a7cc7d340bec8d599bb044c36af},
affiliation={Department of Finance, College of Business Administration, King Faisal University, Al-Hasa, Saudi Arabia},
abstract={Purpose: Islam stresses on the practice of transparency and sufficient disclosure particularly when it concerns the ethical identity of Islamic institutions. This is to make sure that the activities conducted in business adhere to Shari’ah principles. The purpose of this paper is to examine the impact of Shari’ah-compliant status on the accuracy of initial public offering (IPO) earnings forecasts and to investigate the effect of the existence of Muslim directors on IPO companies’ board of directors on the accuracy of earnings forecasts. Design/methodology/approach: This study makes use of absolute forecast error as a proxy for earnings forecast accuracy. As obtained from the list of Shari’ah-compliant securities established by the Shari’ah Advisory Council of the Malaysian Securities Commission, the study sample comprised 190 Shari’ah-compliant and non-compliant IPOs. The collected data were analyzed through univariate analysis and ordinary least squares regression. Findings: The initial findings show that during the study period, the earnings forecasts of Malaysian IPOs are accurate to some level, although such level is still unsatisfactory. The findings also showed that Shari’ah-compliant status and Muslim directorship do not positively affect the accuracy of IPO earnings forecasts. Practical implications: The findings of the study provide some implications for regulators, financial analysts, investors and users of financial statements, particularly those desirous of investing in Islamic capital market. Originality/value: The present study provides a new and far-reaching contribution into the debate about the earnings forecasts disclosure in the context of Islamic ethical perspective. In addition, this study is considered as the first study to extend IPO literature by examining the impact of Shari’ah-compliant status and Muslim directorship on the accuracy of management earnings forecasts disclosed in the IPO prospectus. © 2018, Emerald Publishing Limited.},
author_keywords={Earnings forecasts accuracy;  IPOs;  Malaysia;  Muslim directors;  Shari’ah-compliant},
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correspondence_address1={Ammer, M.A.; Department of Finance, Saudi Arabia; email: mohd7776@yahoo.com},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{AlHallaq201990,
author={Al Hallaq, S.S. and Ajlouni, M.M. and Al-Douri, A.S.},
title={The role of stock market in influencing firms’ investments in Jordan},
journal={International Journal of Ethics and Systems},
year={2019},
volume={35},
number={1},
pages={90-118},
doi={10.1108/IJOES-08-2018-0122},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85079757553&doi=10.1108%2fIJOES-08-2018-0122&partnerID=40&md5=4afe02c74419b9c76ce94b711f82805e},
affiliation={Department of Economics, Yarmouk University, Irbid, Jordan; Department of Banking and Finance, Yarmouk University, Irbid, Jordan},
abstract={Purpose: With reference to the methodology of Prof Choudhry in his book “Tawhidi Epistemology and its Applications: Economics, Finance, Science, and Society” in 2014, in a different context, this study aims to present the conceptual fundamental of Islamic finance investment, where investment decisions are governed by Divine law and Islamic jurisprudence, followed by the empirical nature of real-world issues where investment decisions are governed by only financial indicators, using the Amman Stock Exchange as a case study. Design/methodology/approach: As pointed out by Raderbauer (2011), research and industry initiatives mainly focus on environmental measures while ignoring the economic and socio-cultural dimension of sustainability. Recognizing the importance of a holistic understanding to define sustainable business practices for the accommodation industry. Financial markets are no exception; moral and values either coming from secular or religious understanding help to examine relationships between attitudes and actions, as well as differences in attitudes and actions related to the business’ characteristics. In business, ethical considerations apply to a broad list of virtues that companies, their managers and employees customarily seek to adopt. These include, but are not limited to, the encouragement of honesty, integrity and efficiency, as well as diversity and communication skills. One of the most common sources of ethical considerations is religion. In these cases, religious doctrine imparts a sense of applied ethics, where one considers what right conduct is, how to live a life pleasing to the Divine and how one should treat him/herself and others in accordance with those teachings. Again, as ethical considerations is a broad philosophical concept, it can apply to any situation where the person ponders the nature of right and wrong, how to recognize the difference and the meaning those conclusions carry for everyday life. Findings: It can be concluded that the overall the quantitative and qualitative statistics showed that accommodation business manager’s decision has had a very little positive attitude toward sustainability and the implementation of sustainable business practices in ASE financial transaction, no matter what classification, type of business, ownership or size of business. Only rules and regulations govern the attitude and behavior when making financial transactions with profit is the main target. Moral indicators could not be seen throughout the analysis and test used to achieve objectives of the study at hand. One can imagine that the combined two factors together “Moral-Material” in implementing financial transactions will produce a more beneficial outcome. Achieving a material and holistic objective will produce an optimum situation, which can contribute positively to sustainable development. Originality/value: Islamic alternatives to traditional investment tools have been driven by the fact that such tools do not conform to the Islamic general principles of the Shari’ah (Usmani, 2002). There has been a growing desire to have funds in which profits are not based on riba or interest, which is prohibited in Islam. Muslims deem that profit should come because of efforts; this is not the case in interest-dominated investments. In addition, there is a desire to have investment portfolios, which are morally purified. Thus, investments in companies that are not in compliance with the Shari’ah are not permitted and are eliminated from the portfolio. To ensure compliance with the forgoing condition, Shari’ah advisory boards whose role is mainly to give assurance that money is managed within the framework of Islamic laws govern Islamic mutual funds (Hassan, 2001; Hassan, 2002). On the other hand, dealing with the applied part, the paper will deal with a case study from Jordan (Amman Stock Exchange), where, code of ethics is issued by virtue of the provisions of Article 26 (e) of the Securities Law No. 23 of 1997. The Amman Stock Exchange operates as an exchange for the trading of securities. The company lists securities such as equities and bonds. Its activities include providing enterprises with a means of raising capital by listing on the exchange; encouraging an active market in listed securities based on the determination of prices and trading; providing facilities and equipment for trading the recoding of trades and publication of prices; monitoring and regulating market trading; and coordinating with the Jordan Securities Commission as necessary. The company’s activities also include ensuring compliance with the law, fair market and investor protection; setting out and enforcing a professional code of ethics. © 2018, Emerald Publishing Limited.},
author_keywords={Amman stock exchange;  Ethical considerations;  Investment decisions;  Islamic financing;  Moral material considerations},
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correspondence_address1={Al Hallaq, S.S.; Department of Economics, Jordan; email: hallaqsaid@yu.edu.jo},
publisher={Emerald Group Holdings Ltd.},
issn={25149369},
language={English},
abbrev_source_title={Int. J. Ethics. Syst.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sriyakul2019335,
author={Sriyakul, T. and Jermsittiparsert, K. and Joemsittiprasert, W. and Pamornmast, C.},
title={Comparative analysis of stability and bank earnings: A study of Indonesian Islamic and conventional banking firms},
journal={International Journal of Innovation, Creativity and Change},
year={2019},
volume={10},
number={1},
pages={335-351},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85083737772&partnerID=40&md5=1901cd78a640e68f3799fc922eb2dfb2},
affiliation={Mahanakorn University of Technology, Bangkok, Thailand; Department for Management of Science and Technology Development, Ton Duc Thang University, Ho Chi Minh City, Viet Nam; Ton Duc Thang University, Ho Chi Minh City, Viet Nam; Division of Business Administration, ASA College, New York, United States; Mahanakorn University of Technology, Bangkok, Thailand},
abstract={The objective of this study is to examine the effect of bank-related and country-based determinants of stability and earnings in the Indonesian banking industry. For this purpose, 7 banking firms from both conventional and Islamic title were selected over the period of 2012-2016, with annual observations made. Research design is based on the descriptive statistics, correlation matrix and finally regressions methods. Separate findings are presented and discussed for Islamic and conventional banks with and without consideration of country-based determinants of stability and earnings. It is found that under Islamic banking firms, key determinants for the stability are NPLs, market risk and book value per share. While GDP is also found to be a significant determinant of bank-stability and earnings. For conventional banks, key indicators for volatility in return on assets and return on equity are NPLs, capital ratio and GDP. These findings add significantly to the body of knowledge in the literature of banking, finance and risk management. Both conventional and Islamic banking officials are recommended to review these study findings to gain understanding of both regressors and outcome variables. The key limitation of this study is the limited sample from both Islamic and conventional banking, time duration and absence of cross-sectional comparative analysis. Future studies are recommended to overcome these limitations. © 2019, Primrose Hall Publishing Group.},
author_keywords={Bank stability;  Earnings;  GDP;  Indonesia;  Return on equity;  Volatility in return on assets},
references={Acharya, V.V., Richardson, M.P., (2009) Restoring financial stability: How to repair a failed system, 542. , John Wiley & Sons; Adrian, T., Liang, N., (2016) Monetary policy, financial conditions, and financial stability; Andriansyah, Y., (2014) Islamic Banks and Local Development in Indonesia; Ban, C., Gabor, D., The political economy of shadow banking (2016) Review of International Political Economy, 23 (6), pp. 901-914; Ban, C., Seabrooke, L., Freitas, S., Grey matter in shadow banking: International organizations and expert strategies in global financial governance (2016) Review of International Political Economy, 23 (6), pp. 1001-1033; Barendregt, B., Van Zanten, W., Popular music in Indonesia since 1998, in particular fusion, Indie and Islamic music on video compact discs and the internet (2002) Yearbook for traditional music, pp. 67-113; Bernanke, B.S., Gertler, M., Gilchrist, S., The financial accelerator in a quantitative business cycle framework (1999) Handbook of macroeconomics, 1, pp. 1341-1393; Chienwattanasook, K., Jermsittiparsert, K., Factors Affecting Job Stress among Employees in the Banking Sector of Malaysia (2019) International Journal of Innovation, Creativity and Change, 6 (2), pp. 288-302; Creel, J., Hubert, P., Labondance, F., Financial stability and economic performance (2015) Economic Modelling, 48, pp. 25-40; Diallo, B., Al-Mansour, A., Shadow banking, insurance and financial sector stability (2017) Research in International Business and Finance, 42, pp. 224-232; Doumpos, M., Hasan, I., Pasiouras, F., Bank overall financial strength: Islamic versus conventional banks (2017) Economic Modelling, 64, pp. 513-523; Eileen, S., Paving the way for unique wellbeing intervention in visual art curricula (2018) International Journal of Innovation, Creativity and Change, 4 (3), pp. 33-48; Flood, M.D., Jagadish, H., Raschid, L., Big data challenges and opportunities in financial stability monitoring (2016) Banque de France, Financial Stability Review, 20, pp. 129-142; Fratzscher, M., König, P.J., Lambert, C., Credit provision and banking stability after the Great Financial Crisis: The role of bank regulation and the quality of governance (2016) Journal of International Money and Finance, 66, pp. 113-135; Fu, X.M., Lin, Y.R., Molyneux, P., Bank competition and financial stability in Asia Pacific (2014) Journal of Banking & Finance, 38, pp. 64-77; Helleiner, E., (1996) States and the reemergence of global finance: From Bretton Woods to the 1990s, , Cornell University Press; King, R.G., Levine, R., Finance, entrepreneurship and growth (1993) Journal of Monetary economics, 32 (3), pp. 513-542; Krishnamurthy, A., Vissing-Jorgensen, A., The impact of Treasury supply on financial sector lending and stability (2015) Journal of Financial Economics, 118 (3), pp. 571-600; Lee, C.-C., Hsieh, M.-F., Bank reforms, foreign ownership, and financial stability (2014) Journal of International Money and Finance, 40, pp. 204-224; Patrick, H.T., Financial development and economic growth in underdeveloped countries (1966) Economic development and Cultural change, 14 (2), pp. 174-189; Roberts, P.W., Dowling, G.R., Corporate reputation and sustained superior financial performance (2002) Strategic management journal, 23 (12), pp. 1077-1093; Sa'adah Yuliana, S., Bashir, A., Comparative Analysis of Profit Sharing Financing Between Islamic Banks (BUS) and Islamic Rural Bank (BPRS) in Indonesia (2017) International Journal of Economics and Financial Issues, 7 (2), pp. 266-270; Shin, H.S., Securitisation and financial stability (2009) The Economic Journal, 119 (536), pp. 309-332; Soedarmono, W., Machrouh, F., Tarazi, A., Bank market power, economic growth and financial stability: Evidence from Asian banks (2011) Journal of Asian Economics, 22 (6), pp. 460-470; Wagner, W., Marsh, I.W., Credit risk transfer and financial sector stability (2006) Journal of Financial Stability, 2 (2), pp. 173-193; Zaher, T.S., Kabir Hassan, M., A comparative literature survey of Islamic finance and banking (2001) Financial Markets, Institutions & Instruments, 10 (4), pp. 155-199},
correspondence_address1={Jermsittiparsert, K.; Department for Management of Science and Technology Development, Viet Nam; email: kittisak.jermsittiparsert@tdtu.edu.vn},
publisher={Primrose Hall Publishing Group},
issn={22011315},
language={English},
abbrev_source_title={Int. J. Innov. Creat. Change},
document_type={Article},
source={Scopus},
}

@ARTICLE{Saharuddin2019329,
author={Saharuddin, D. and Meirison and Chusna, I. and Mulazid, A.S.},
title={Capitulation and siyasah Syar'iyah Al-Maliyah impact on economic stability of the 18th & 19th Ottoman Turks},
journal={Qudus International Journal of Islamic Studies},
year={2019},
volume={7},
number={2},
pages={329-366},
doi={10.21043/qijis.v7i2.4847},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85078455479&doi=10.21043%2fqijis.v7i2.4847&partnerID=40&md5=9d75bc398103a90c09f7e7f923093697},
affiliation={Universitas Islam Negeri Syarif Hidayatullah Jakarta, Indonesia; Universitas Islam Negeri Imam Bonjol Padang, Indonesia},
abstract={Free trade and foreign investment that characterize the 21st Century trade and business model do not benefit all parties, particularly Islamic countries. Only those who have well-established economic system and large capital gain the most benefit. This condition had occurred during the Ottoman Khalifah. Therefore, this article aims to prove that free trade and foreign investment during the Ottoman, in the form of capitulation, brought negative impact on the Ottoman's economy and politics. Capitulation is an agreement between the Ottoman and Western European countries that regulated economic and legal sectors by giving privilege to the European countries to come and trade in the Ottoman. The Ottoman became a free market place that eliminated the Islamic economic system. The Ottoman saw the agreement as its Siyasah Syar'iyah Al-Maliyah to protect the political sovereignty when facing European countries. Once the agreement benefited the Ottoman, later it caused economic political problems. The domestic industries faced difficulty when competing with foreign trades. The Ottoman government did not have full authority over the law and justice of the Europeans in the Ottoman. The capitulation that was expected by the Ottoman to protect its economy and politics had put the country under the domination of Western Europe. What happened to the Ottoman is proof that the free market is only beneficial to developed countries with active industries. Therefore, this historical fact should be reference for Islamic countries in conducting their foreign economic system. © 2019 STAIN Kudus. All rights reserved.},
author_keywords={Capitulation;  Eestern countries;  Free-trade;  Ottoman Turks},
references={Ahmad, Y., (1988) Daulah Usmaniyah Wa Alaqatuha Al- Kharijiyah, , (1st ed.). Yiliz Sarayi Matbaasi; Al-Izari, A.-I., (2003) Usmaniyah Daulah qi'Raah Jadid Li Awamil Inhitat, , (2nd ed., Vol. 1). Dar al-Arabiyah lil Ulum; Azawi, R., (2003) Treaty with Britain. Accepting A Protectorate to Keep the Ottoman Turks out, 1. , Jami'ah Shariah Press; Barkan, O.L., The price revolution of the sixteenth century: A turning point in the economic history of the near east (1975) International Journal of Middle East Studies, 6 (1), pp. 3-28; Baysis, A., (2002) Bati Medeniyeti Karsisinda Ahmed Midhat Pasya, , (2nd ed.). Baylan Matbaasi; Brockelmann, C., Carmichael, J., Perlmann, M., (1982) History of Islamic Peoples., , Routledge & Kegan Paul; (1987) The New Encyclopaedia Britannica, , Encyclopaedia Britannica, Inc (Ed.)., (15th ed). Encyclopaedia Britannica; Bek Al-Muhami, M.F., (2009) Tarij Al-dawla Al-'aliyya Al- 'Utmaniyya., , Dar al-Nafa' is; Fitriani, R., (2019) Pemikiran Ekonomi Islam Ibnu Khaldun Islamic Economic Thought of Ibnu Khaldun., 2, p. 15; Halim, A., (1987) Tarikh Al-Qadha Fi Daulah Usmaniyah, 1. , Dar Al-Kutub Al-Ilmiyah; Hamid, A., (1979) The Rise and Fall of the Ottoman Economic, , (First edition). Anglo Egypt; Hubazbawem, H., (1940) Tanzimattan Cumhuriyete Kadar Bizde Tarihçilik in Tanzimat: Yüzüncü Yýldönümü Münasebetile., , Maarif Matbaasyi; Inalcik, H., The policy of mehmed ii toward the Greek population of istanbul and the byzantine buildings of the city (1969) Dumbarton Oaks Papers, 23, p. 229. , https://doi.org/10.2307/1291293; Inalcik, H., Quataert, D., (1994) An Economic and Social History of the Ottoman Empire, 1300-1914, , Cambridge University Press; Inalcik, H., Quataert, D., (1994) An Economic and Social History of the Ottoman Empire, 1300-1914, , Cambridge University Press; Issawi, C.P., (1980) The Economic History of Turks, 1800-1914, , University of Chicago Press; Karpat, K.H., Yildirim, Y., (2010) The Ottoman Mosaic: Exploring Models for Peace by Re-exploring the Past, , (1st ed). Cune Press; Khoury, D.R., An economic and social history of the ottoman empire, 1300-1914 (1996) International Journal of Middle East Studies, 28 (2), pp. 289-291. , https://doi.org/10.1017/S0020743800063376, Halil Inalcik and Donald Quataert, ed., Pp. 1, 057 (New York: Cambridge University Press, 1994); Kotrani, M., (1986) Daulah Usmaniyah ru'Ayah Jadidah, 1. , Dar an-Nahdhah Misriyah; Laila, L.S., (1977) Palestine under Ottoman Periode, 1. , American University Press; Mantran, R., Bacqué-Grammont, J.-L., (2003) Histoire de l'Empire Ottoman., , Fayard; McCarthy, J., (1997) The Ottoman Turks: An Introductory History to 1923, , Longman; Meirison, M., Legal drafting in the ottoman period (2019) Jurnal Ilmiah Al-syir'Ah, 17 (1), p. 39. , https://doi.org/10.30984/jis.v17i1.806; Mikhail, A., (2011) Nature and Empire in Ottoman Egypt: An Environmental History., , https://doi.org/10.1017/CBO9780511977220, Cambridge University Press; Owen, R., (1993) The Middle East in the World Economy, 1800-1914, , (Rev. pbk. ed). I.B. Tauris; Özvar, E., Turk tarihciliginde dört sima: Halil Inalcik, Halil Sahillioǧlu, Mehmet Genç, Ilber Ortayli (1. baski) (2013) Timas; Pamuk, S., The ottoman empire in the "great depression" of 1873-1896 (1984) The Journal of Economic History, 44 (1), pp. 107-118. , https://doi.org/10.1017/S0022050700031399; Pamuk, S., (2010) The Ottoman Empire and European Capitalism, 1820 - 1913: Trade, Investment and Production (Dig. Print. Vers. 2010), , Cambridge Univ. Press; Qari, Y.N.A.A., (2001) Daur Imtiyazat Al-Ajnabiyah Fi Suqud Ad-Daulah Al-Utsmaniyah., , Ummul Quro; Quataert, D., (2005) The Ottoman Empire, 1700-1922, , (2nd ed). Cambrige University Press; Rari, I., (2001) Imparatorlugun Turkcede, 1. , Alkim Yayinevi; Şahin, K., (2013) Empire and Power in the Reign of Süleyman: Narrating the Sixteenth-Century Ottoman World., , Cambridge University Press; Salman, S., (2015) Islam Dunyasi osmanli'Ya Muhtac., , Istanbul Matbaasi; Shaw, S.J., Shaw, E.K., Shaw, S.J., (1978) Reform, Revolution, and Republic: The Rise of Modern Turks, 1808 - 1975 (1. Publ), , Cambridge Univ. Press; Syaqiraat, A.S., (2016) Tarikh Al-Idarah Al-Utsmaniyah Fi Syarq Al-Urdun 1864-1918, , Darkholid Lilhiyaany wa Tawzii; Veblen, T., (2005) The Theory of the Leisure Class: An Economic Study in the Evolution of Institutions., , Elibron Classics, Adamant Media Corp; Wallerstein, I.M., Kasaba, R., (1980) Incorporation into the World-economy: Change in the Structure of the Ottoman Empire, 1750-1839, , https://books.google.co.id/books?id=TWsEGwAACAAJ, Fernand Braudel Center for the Study of Economies, Historical Systems, and Civilizations, State University of New York at Binghamton},
publisher={STAIN Kudus},
issn={23551895},
language={English},
abbrev_source_title={Qudus Int. J. Islam. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Lee201927,
author={Lee, H.S. and Cheng, F.F. and Nassir, A.M. and Razak, N.H.A.},
title={Impacts of risk based capital regulation in malaysian islamic insurers (Takaful)},
journal={Asian Academy of Management Journal of Accounting and Finance},
year={2019},
volume={15},
number={1},
pages={27-59},
doi={10.21315/aamjaf2019.15.1.2},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85073377314&doi=10.21315%2faamjaf2019.15.1.2&partnerID=40&md5=048414b4ebc97c1ad8c86e504d075b9a},
affiliation={Faculty of Accountancy and Management, Universiti Tunku Abdul Rahman, Bandar Sungai Long, Kajang, Selangor  43000, Malaysia; Faculty of Economics and Management, Universiti Putra Malaysia, Serdang, Selangor  43400, Malaysia; School of Economics and Management, Xiamen University Malaysia, Bandar Sunsuria, Sepang, Selangor  43900, Malaysia},
abstract={Risk Based Capital framework for Takaful operators (RBCT) is enforced by the Central Bank of Malaysia with the aim to ensure that Takaful operators have adequate capital to provide sound financial service. The objectives of this article is to examine the impacts of RBCT on efficiency, productivity and competitiveness level of Family Takaful Operators (FTO) and the relationship between efficiency and competitiveness in FTO in Malaysia. This study employs three methods namely Data Envelopment Analysis (DEA), Malmquist Productivity Index (MPI) and Panzar Rosse (PR) to investigate the impacts of RBC on the efficiency, productivity and competitiveness of FTO in Malaysia. The efficiency results indicate that after RBCT comes into effect, the cost efficiency has achieved higher efficient level. Although the productivity efficiency are improving, the technological systems of FTO are yet to achieve a reasonable level. From competitiveness results, the FTO are less competitive prior the implementation of RBCT, but has become more competitive after the regulation of RBCT framework. Furthermore, the more efficient of a Takaful market, the more competitive the market is. The implication of this study is that regulators need to impose prudent risk based capital regulation because it will improve the efficiency and competitiveness of Islamic insurers. © Asian Academy of Management and Penerbit Universiti Sains Malaysia, 2019.},
author_keywords={Islamic insurance;  Malmquist;  Panzar-Rosse;  Risk based capital;  Takaful},
funding_text 1={The authors acknowledge the research funding from the Fundamental Research Grant Scheme (Grant number: FRGS/1/2017/SS01/UTAR/03/1) provided by the Malaysian Ministry of Higher Education.},
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(2017) Cover Story: Disrupting Islamic Finance, , http://www.theedgemarkets.com/article/cover-story-disrupting-islamic-finance, Retrieved 15 September 2018, from; Todorov, A., Assessing competition in the bulgarian insurance industry: A Panzar-Rosse approach (2016) International Journal of Economics and Financial Issues, 6 (3), pp. 872-879; Tone, K., Sahoo, B.K., Evaluating cost efficiency and returns to scale in the life insurance corporation of India using data envelopment analysis (2005) Socio-Economic Planning Sciences, 39 (4), pp. 261-285. , https://doi.org/10.1016/j.seps.2004.06.001; Weiss, M.A., Choi, B.P., State regulation and the structure, conduct, efficiency and performance of US auto insurers (2008) Journal of Banking & Finance, 32 (1), pp. 134-156. , https://doi.org/10.1016/j.jbankfin.2007.09.010; Wu, Y.C., Kweh, Q.L., Lu, W.M., Azizan, N.A., The impacts of risk-management committee characteristics and prestige on efficiency (2016) Journal of the Operational Research Society, 67 (6), pp. 813-829. , https://doi.org/10.1057/jors.2015.101; Yakob, R., Isa, Z., Stability of relative efficiency in DEA of life insurers and Takaful operators (2016) Global Journal of Pure and Applied Mathematics, 12 (1), pp. 857-874. , https://www.ripublication.com/gjpam16/gjpamv12n1_73.pdf; Zakaria, S., The use of financial derivatives in measuring bank risk management efficiency: A data envelopment analysis approach (2017) Asian Academy of Management Journal of Accounting and Finance, 22 (2), pp. 209-244. , https://doi.org/10.21315/aamj2017.22.2.8},
correspondence_address1={Lee, H.S.; Faculty of Accountancy and Management, Bandar Sungai Long, Malaysia; email: hslee@utar.edu.my},
publisher={Penerbit Universiti Sains Malaysia},
issn={18234992},
language={English},
abbrev_source_title={Asian Acad. Manage. J. Account. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Omar2019164,
author={Omar, M.},
title={The present and future labour Shariah auditor market},
journal={International Journal of Innovation, Creativity and Change},
year={2019},
volume={6},
number={3},
pages={164-175},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85073112290&partnerID=40&md5=ff084aaeab4d6072db419b828dd27cfe},
affiliation={School of Business and Economics, Universiti Brunei Darussalam (UBD), Brunei Darussalam},
abstract={The Shariah audit function within Islamic Financial Institutions (IFIs) provides assurance on IFI's compliance with Shariah principles. In spite of the importance of the Shariah audit, there is little literature on the its effective and efficient implementation from the human capital perspective, in particular Shariah audit education and training. This study aims to explore the Shariah audit discipline in terms of academic qualification and professional training courses. In addition, the paper attempts to visualize the future of the Shariah audit profession in light of the industrial revolution of 4.0. This study is based on a literature review of past studies related to Shariah audit discipline conducted in Malaysia and Brunei Darussalam. Evidence from the analysis suggest that several initiatives have been undertaken to ensure Shariah auditor efficacy and efficiency in implementation of Shariah audit. The Insight Report of The Future of Jobs Report 2018, World Economic Forum identified that accounting and auditing are considered to be redundant roles and will have declined by 2022. There is some belief that in the Shariah audit profession a Shariah robo auditor will replace human intervention. This study aims to contribute to the current body of knowledge of the subject matter in order to narrow down the identified literature gap. This study is also useful for policymaking in jurisdictions that offer Islamic finance, with relation to Shariah governance mechanisms, especially regarding policies related to Shariah audit. © 2019 Primrose Hall Publishing Group.},
author_keywords={Industrial Revolution 4.0;  Islamic Financial Institutions;  Shariah Audit;  Shariah Audit Education and Training;  Shariah Governance Framework},
references={Accounting and Auditing Organisation for Islamic Financial Institutions official website Centre for Islamic Banking, Finance and Management official website; 'FEKIm, UNISSA kongsi tadbir urus, prinsip Shariah' Pelita Brunei, , 18 Februari 2019; Hisham, Khadijah, N., 'Shari'ah Audit in Islamic Financial Institutions: The Postgraduates' Perspective' (2012) International Journal of Economics and Finance, 4 (12). , Published by Canadian Center of Science and Education; Hisham, F., Hairul, 'Exploring Undergraduate Students' Understanding of Shari'ah Based Audit: Implications for the Future of Shari'ah Auditing Labor Market in Brunei (2013) Asian Journal of Finance & Accounting, 5 (2); Insight Report on The Future of Jobs Report 2018 by the World Economic Forum; International Shariah Research Academy official website; International University of Malaysia official website; Islamic Banking and Finance Institute Malaysia official website; Kolej Universiti Perguruan Ugama Seri Begawan official website; Iqmal, M., Mustafa, 'Enhancing Shariah Audit Practices in Islamic Financial Institutions in Malaysia', Journal of Modern Accounting and Auditing' (2017), 13 (11), pp. 457-470; Nawal, Zuraidah, 'Emerging issues for auditing in Islamic Financial Institutions: Empirical evidence from Malaysia' (2013) IOSR Journal of Business and Management (IOSR-JBM), 8 (5), pp. 10-17; Aishah, N., Zakiah, S., Shafii, Z., 'Competency of Shariah Auditors in Malaysia: Issues and Challenges' (2015) Journal of Islamic Finance, 4 (1), pp. 022-030. , IIUM Institute of Islamic Banking and Finance; Universiti Brunei Darussalam official website; Universiti Islam Sultan Sharif Ali official website; Universiti Kebangsaan Malaysia official website; Universiti Sains Islam Malaysia official website; Yildirim, U., Soner, A.K.I.N., Gül, Z., Çiçek, Y., A Review on EU Transportation Projects within the Case of Turkey for European Union Regional Development Policy (2016) International Journal of Sustainable Development & World Policy, 5 (1), pp. 12-25; Yilmaz, H., Comparison of the University Students in Turkey and Central Asia with Regards to Their Characteristics of Thinking, Decision Making and Cognitive Closure (2018) Asian Journal of Education and Training, 4 (4), pp. 309-318; Zurina, S.M., Jusoff, Human capital development in shariah audit (2013) Middle East Journal of Scientific Research; Zurina, N.A.N., Shariah audit in Islamic banks: an insight to the future Shariah auditor labour market in Malaysia (2014) Procedia-Social and Behavioural Sciences, pp. 158-172; Zurina, S., Nurazalia, M., Aishah, N., Rochania, 'Shariah Audit Certification Contents: Views of Regulators, Shariah Committee, Shariah Reviewers and Undergraduate Students' (2014) International Journal of Economics and Finance, 6 (5). , Published by Canadian Center of Science and Education},
correspondence_address1={Omar, M.; School of Business and Economics, Brunei Darussalam; email: mariawati.omar@gmail.com},
publisher={Primrose Hall Publishing Group},
issn={22011315},
language={English},
abbrev_source_title={Int. J. Innov. Creat. Change},
document_type={Article},
source={Scopus},
}

@ARTICLE{Subing2019125,
author={Subing, H.J.T. and Mulyati, Y. and Gusni and Mariana, C.},
title={Factors affecting Islamic Stock Price in the Indonesian Capital Market},
journal={International Journal of Innovation, Creativity and Change},
year={2019},
volume={6},
number={6},
pages={125-134},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85073032497&partnerID=40&md5=d92975326dc3e341289c3ce5ebc4cf13},
affiliation={Faculty of Economics, Widyatama University, Indonesia},
abstract={The development of Islamic economics in Indonesia supported through the Jakarta Islamic Index (JII) is a means for establishing investor confidence and provides benefits for investors in carrying out Islamic sharia. JII is used as a benchmark for performance in choosing a stock portfolio. Investors can make a determination on shares through the most fundamental approach, namely, the primary approach. This study aims to examine the value relevance of accounting information in explaining Islamic Stock Price. This study uses Volume Capital, Market Book Ratio, Total Asset Turn Over and Institutional Ownership, as influences of Islamic Stock price. The sample of this study is all companies listed in JII that survived through the period 2013 to 2017. This research is an explanatory study, which explains the influence between the dependent variable and the independent variable through testing the hypothesis. The results show that Volume Capital had a significant negative effect on Islamic Stock Price, and Total Asset Turn Over. Institutional Ownership had a significant positive effect on Islamic Stock Price while Market Book Ratio had no significant effect on Islamic Stock Price listed in the Jakarta Islamic Index (JII) 2013-2017. © 2019 Primrose Hall Publishing Group.},
author_keywords={Institutional Ownership (IO);  Islamic Stock Prices (ISP);  Market of Book Ratio (MBR);  Total Asset Turn over (TATO);  Volume Capital (VC)},
references={Amir, B., dan Amir, R., Corporate Social Responsibility as a Conflict Between Shareholders (2005) Jurnal Keuangan dan Perbankan, 16 (2); dan Ashari, D., (2005) Pedoman Praktis Memahami Laporan Keuangan, , Jakarta: Salemba Empat; Fama, E.F., French, K.R., Size, Book to market Factors in Earnings and Return (1995) Journal of Finance, 50 (1), pp. 131-155; Ghozali, I., (2016) Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23 (Edisi 8), , Cetakan ke VIII. Semarang: Badan Penerbit Universitas Diponegoro; Gitman, L., (2009) Principles of Manajerial Finance, , United States: Pearson Addison Wesley; Gursida, H., The Influence Of Fundamental and Macroeconomic Analysis On Stock Price (2017) Jurnal Terapan Manajemen dan Bisnis, 3 (2), pp. 222-234; Harahap, S.S., (2002) Analisis Kritis Atas Laporan Keuangan, , Jakarta: PT. Raja Grafindo Persada; Hery, S.E., (2015) Analisis Kinerja Manajemen,Gramedia Widiasarana, , Hal.56; Hussain, H.I., Shamsudin, M.F., Anwar, N.A.M., Salem, M.A., Jabarullah, N.H., The Impact of Shari'ah Compliance on the Adjustment to Target Debt Maturity of Malaysian Firms (2018) European Research Studies Journal, 21 (2), pp. 48-61; Kinasih, T., Topowijono, M.S., Pengaruh Kinerja Keuangan Terhadap Harga Saham Syariah (Studi.pada.perusahaan perusahaan.yang.terdaftar.di.Jakarta.Islamic Index. Pada Bursa.Efek.Indonesia.(BEI).Periode.2007-2010.) (2017) Jurnal Administrasi Bisnis (JAB), 50 (5), pp. 63-71; Kusumawardani, A., (2011) Analisis Pengaruh EPS, PER, ROE, ROA Terhadap Harga Saham pada Perusahaan LQ45 di BEI periode 2006-2010, , Skripsi, Malang FE. Universitas Brawijaya; Mulyono Suprapto, A.T., Prihandoko, D., The Effect Of Corporate Governance and Firm Perfomance On Stock Price: An Empircal Study On Indonesia Stock Exchange (2018) Binus Bussines Review, 9 (1), pp. 79-85; Nuraeni, Pengaruh EPS, ROE, Dan Struktur Kepemilikan Institusional Saham Terhadap Harga Saham (Studi Pada Perusahaan Rokok Yang Listing Di Bei Tahun 2005-2011) (2012) Jurnal Yudarta, pp. 36-54; Puspitasari, F., (2011) Analisis Faktor-faktor yang mempengaruhi Return Saham Pada Perusahaan Manufaktur yang terdaftar di BEI periode 2007-2010; Putra, A.C., Hidayat, W., Pengaruh Kinerja Keuangan Terhadap Harga Saham Pada Perusahaan BUMN (Non-Bank) yang Terdaftar DI Bursa Efek Indonesi (2013) Diponegoro Journal Of Social And Politic, pp. 1-9; Saudi, M.H.M., Juniati, S., Kozicka, K., Razimi, M.S.A., Influence of Lean Practices on Supply Chain Performance (2019) Polish Journal of Management Studies, 19 (1), pp. 353-363; Senjani, Y.P., Wibantoro, R.I., Information Content Hypotesis Pada Saham Terindeks JII (2018) Akuntabilitas: Jurnal Ilmu Akuntansi, 11 (2), pp. 1-12; Sinaga, O., Saudi, M.H.M., Roespinoedji, D., Razimi, M.S.A., The Dynamic Relationship between Natural Gas and Economic Growth: Evidence from Indonesia (2019) International Journal of Energy Economics and Policy, 9 (3), pp. 388-394; Tarjo, Pengaruh Konsentrasi Kepemilikan Institusional dan Leverage Terhadap Manajemen Laba, Nilai Pemegang Saham serta Cost of Equity (2008) PDEB, 11, pp. 1-44; Utami, W., Pengaruh Manajemen Laba Terhadap Biaya Modal Ekuitas(Studi Pada Perusahaan Publik Sektor Manufaktur) (2005) SNA VIII, pp. 100-116; Van Horne, J.C., Wachowicz, J.M., (2007) Financial Management, , (Prinsip-Prinsip Manajemen Keuangan Edisi 12.Salemba Empat:Jakarta. Hal 122. (terjemahan); Wening, K., (2009) Pengaruh Kepemilikan Institusional TerhadapKinerja Keuangan Perusahaan, , http://hana.wordpres/2009/05/17/pengaruh-kepemilikaninstitusionalterhadap-kinerja-keuangan-perusahaan/; Widarjono, A., (2007) Ekonometrika Teori dan Aplikasi, , Yogyakarta: Ekonisia FE UII; Wulantika, N., Hariyanto, D., Safitri, H., Pengaruh Current Ratio, Return on Equity dan Market to Book Ratio terhadap harga saham (2018) Jurnal Produktivitas, 5, pp. 6-13. , www.openjurnal.unmuhpnk.ac.id/index.php/jp; Zulfikar, (2016) Pengantar Pasar Modal dengan Pendekatan Statiska, , Yogyakarta: DeePublish},
correspondence_address1={Subing, H.J.T.; Faculty of Economics, Indonesia; email: hesty.juni@widyatama.ac.id},
publisher={Primrose Hall Publishing Group},
issn={22011315},
language={English},
abbrev_source_title={Int. J. Innov. Creat. Change},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hashim2019511,
author={Hashim, N. and Othman, A. and Hussin, N. and Mohamad, A.},
title={Islamic entrepreneurship education model for higher education institution},
journal={Journal of Advanced Research in Dynamical and Control Systems},
year={2019},
volume={11},
number={5 Special Issue},
pages={511-526},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85071975275&partnerID=40&md5=ac1474c5bb7baf1939e7c34cb490c1b0},
affiliation={School of Business Management, Universiti Utara Malaysia, Sintok, Kedah, Malaysia; Islamic Business School, Universiti Utara Malaysia, Sintok, Kedah, Malaysia},
abstract={Entrepreneurship development and education are fundamentals in cultivating entrepreneurial culture among universities’ students. It is the aspiration of most developing countries to become a high-income generating society by producing first-class human capital with high level of integrity through entrepreneurship education in higher institutions of learning. Islamic-based and Islamic law compliant entrepreneurship development and education are essentials in producing a holistic and high-integrity generations of graduate entrepreneurs who can compete in the current global market. Today’s entrepreneurship education models adopted from the conventional and capitalist based system have only emphasize on material reward which are characterized by less integrity and unethical conducts. Hence, there is the need to provide and alternative, more efficient and ethical entrepreneurial guide. This study argued that to generate a high internal control in oneself, entrepreneurship education must be combined with basics of Islamic education based on the Islamic belief system. Thus, graduate entrepreneurs will have more endurance and able to contribute to the welfare of society and country at large. Therefore, the objective of this study is to present a comprehensive Islamic education entrepreneurship model which can be used to produce first-class graduate entrepreneurs. This study adopts qualitative method using case study approach to produce and develop the model based on discourse analysis. Expert opinions were derived through focus group discussion with constant comparative method data analysis based on earlier model. The model in this study can be used as a guideline to develop entrepreneurship education curriculum at institutions of higher learning. © 2019, Institute of Advanced Scientific Research, Inc.. All rights reserved.},
author_keywords={Entrepreneurship education;  Higher education institution;  Islamic entrepreneurship},
references={Amir, A.R., Abdullah, S., Mohamad, A., Entrepreneurial characteristics and entrepreneurial intentions among undergraduates: A case of UiTM’s students (2010) Prosiding of the 1St Seminar on Entrepreneurship and Societal Development in ASEAN (ISE-SODA 2010), pp. 68-80. , hlm; Mohamad, A., Ishak, S., Hashim, N., Perkembangan pendidikan keusahawanan dalam institusi pendidikan di Malaysia (2006) Kertas Kerja “The 2Nd National Conference on Entrepreneurship and Small Business (NCESB 2006). Advancing Entrepreneurship and Smes in the Growing Challenges of Globalization, pp. 9-10. , Anjuran Fakulti Pengurusan Perniagaan dan Institut Pembangunan Keusahawanan. Malaysia, Disember; Ashmore, M.C., Entrepreneurship in vocational education (1990) Entrepreneurship Education: Current Developments, pp. 11-122. , in. C. A. Kent (pnyt.), Future Direction, hlm, New York: Quorum Books; Baron, R.A., Shane, S.A., (2009) Entrepreneurship: A Process Perspective, , Ed. Ke-2. Canada: Thomson South Western Cengage Learning; Breen, J., Bergin, S., Educating entrepreneurs: Looking at universities (1999) Australian CPA, 69 (7), pp. 44-46; Brockhaus, R.H., Entrepreneurship education and research outside North America (1991) Entrepreneurship Training and Practice, 15 (3), pp. 77-84; Bygrave, W.D., Zacharakis, A., (2004) The Portable MBA in Entrepreneurship, , Edisi ke-3, New Jersey: John Wiley & Sons; Muhammed Umer, C., (1990) Ke Arah Sistem Kewangan Yang Adil, , Kuala Lumpur:Dewan Bahasa dan Pustaka; Kanagala, A., Krishna Priya, P., The role of clinical literacy for public well-being (2019) International Journal of Pharmaceutical Research, 11 (1), pp. 447-450; Dana, L., The education and training of entrepreneurs in Asia (2001) Education & Training, 43 (8-9), pp. 405-416; Faoite, D.F., Henry, C., Johnson, K., Sijde, P.V.D., Education and training for entrepreneurs: A consideration of initiatives in Ireland and Netherlands (2003) Education & Training, 45 (8-9), pp. 430-439; Frederick, H.H., O’Connor, A., Kuratko, D.F., (2013) Entrepreneurship: Theory, Process and Practice., , Ed. Ke-3. Australia: Cengage Learning; Friar, J.H., Meyer, M.H., Entrepreneurship and start-ups in the Boston region: Factors differentiating high-growth ventures from micro-ventures (2003) Small Business Economics, 21 (2), p. 145; Fry, H., Ketteridge, S., Marshall, S., Understanding student learning (2001) A Handbook for Teaching & Learning in Higher Education, Hlm, pp. 21-40. , Dlm. H. Fry, S. Ketteridge & S. Marshall (pnyt.)., London: Kogan Page Limited; Greene, F.J., An investigation into enterprise support for younger people, 1975-2000 (2002) International Small Business Journal, 20 (3), pp. 315-336; Hisrich, R.D., Peters, M.P., Shepherd, D.A., (2005) Entrepreneurship: A Process Perspective. Edidi Ke-6, , New York: McGraw-Hill Irwin; Ibrahim, A.B., Soufani, K., Entrepreneurship education and training in Canada: A critical assessment (2002) Education and Training, 44 (8-9), pp. 421-431; Ismailal-Faruqi, R., Al-Tauhid:Its Implications for Thought and Life (1992) Virgia USA: International Institute of Islamic Though; Johannisson, B., University training for entrepreneurship: Swedish approaches (1991) Entrepreneurship & Regional Development, 3, pp. 67-82; Li, J., Zhang, Y., Matlay, H., Entrepreneurship education in China (2003) Education & Training., 45 (8-9), pp. 495-506; Kanyi, E., (1999) Entrepreneurship Development in Kenyan Technical Education: Exploring the 'State of Art; Kecharananta, N., Baker, H.G., Value orientation of entrepreneurs and professional managers in Thailand (1996) Proceeding of 77Th ENDEC World Conference on Entrepreneurship.Hlm., pp. 617-626. , 5-7 December; (2005) Kod Amalan Kualiti Institusi Pengajian Awam Malaysia; Kuratko, D.F., Hodgetts, R.M., (2004) Entrepreneurship Theory Process Practice, , Ed. ke-6. Ohio: South-Western, Thompson Corporation; Kuratko, D.F., (2009) Introduction to Entrepreneurship, , Ed. ke-8. Australia: South-Western Cengage Learning; Ladzani, W.M., Vuuren, J.J., Entrepreneurship training for emerging SMEs in South Africa (2002) Journal of Small Business Management, 40 (2), pp. 154-162; Lewis, K., Massey, C., Delivery enterprise education in New Zealand (2003) Education & Training, 45 (4), pp. 197-207; Lincoln, Y.S., Guba, E.G., (1985) Naturalistic Inquiry, , Newbury Park: Sage Publictions; Sallehdin, M.H., Cheehee, H., Hashim, N., Yengkeat, O., Habshahbakar, S.A., Deraman, N., Mahmood, R., Muhammadnasrihussain, M., (2005) Asas Keusahawanan, , Kuala Lumpur: Prentice Hall; Hashim, N., (2009) Kesediaan Keusahawanan Pelajar Dan Persekitaran Dalaman Institusi Pengajian Tinggi Awam Malaysia Dalam Melaksanakan Pendidikan Keusahawanan, , Tesis PhD. Bangi: Universiti Kebangsaan Malaysia; Ooi, Y.K., Christopher, S., Denny, M., Inclination towards entrepreneurship among university students: An empirical study of Malaysian university students (2011) International Journal of Business and Social Science, 2 (4), pp. 206-220; Robinson, P., Long, W., Entrepreneurship education in Canadian universities (1992) Journal of Business and Entrepreneurship, 10 (1), pp. 61-69; Mahmood, R., Mustapa, A.N., Saad, R.M., Jani, M.Y.M., Zakaria, N., Abdullah, S., Yahya, A.K., Bakar, H., (2010) Prinsip-Prinsip Keusahawanan., , Ed. ke-2. Kuala Lumpur: Cengage Learning; Schumpeter, J., The Teory of Economic Development. Dlm Okum, E. (pnyt) (1934) Studies in Economic Development, Hlm, 64. , Cambridge MA: Harvard University; Sekaran, U., (2003) Research Methods for Business: A Skill Building Approach, , New York: John Wiley & Sons; Shapero, A., Sokol, L., (1982) The Social Dimentions of Entrepreneurship. Dlm. Kent, C., Sexton, D. & Vesper, K. (Pnyt.). Encylopedia of Entrepreneurship, Hlm. 72-90., , Englewood Cliffs, NJ: Prentice Hall; Shuhairimihalim, D.K., (2012) Keusahawanan Islam, , Perlis: Universiti Malaysia Perlis Publisher; Strauss, A., Corbin, J., (1998) Basics of Qualitative Research: Techniques and Procedures for Developing Grounded Theory, , Thousand Oak: Sage Publications; Wafa, S.M.G.W.S.A., Hussain, M.N.H.M., Hanafiah, M.H., (2003) Pengantar Perniagaan Islam, , Petaling Jaya: Prentice Hall; Uhlaner, L.M., Trends in European research on entrepreneurship at the turn of the century (2003) Small Business Economics, 21 (4), p. 321; Wiersma, W., (2005) Research Methods in Education: An Introduction. Edisi Ke-6, , Massachusetts: Allyn and Bacon; Moi, Y.P., Kesediaan guru-guru perdagangan terhadap pengajaran subjek pengajian keusahawanan (2002) Tesis Sarjana Pendidikan, , Universiti Kebangsaan Malaysia; Yin, R.K., (1994) Case Study Research: Design and Method, , Thousand Oak: Sage Publications, Inc; (2007) Usahawan Dan Keusahawan: Satu Perspektif Pendidikan, , Serdang: Universiti Putra Malaysia},
correspondence_address1={Hashim, N.; School of Business Management, Malaysia; email: norashidah@uum.edu.my},
publisher={Institute of Advanced Scientific Research, Inc.},
issn={1943023X},
language={English},
abbrev_source_title={J. Adv. Res. Dyn. Control. Syst.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Setianingrum201991,
author={Setianingrum, N. and Hidayat, N.},
title={The development of asset liquidity management learning based on online research and trade as a financial inclusion strategy for students},
journal={International Journal of Scientific and Technology Research},
year={2019},
volume={8},
number={8},
pages={91-96},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85071740144&partnerID=40&md5=5abf8dc007e8a99e2935000c9cbf9513},
affiliation={Faculty of Islamics Business and Economics, Jember State Institute For Islamic Studies, Indonesia},
abstract={The aim of this study was to study research-based learning and online trading by utilizing virtual laboratories as literacy learning models for liquidity management (ALMA) and capital markets in the Indonesia Stock Exchange. The research sample was 169 students from the IAIN Jember Faculty of Economics and Islamic Business who were and had taken the ALMA and Capital Market Courses. The analytical method with a behavioral approach adopts the use of Technology Acceptance Models (TAM) and descriptive statistical analysis techniques. The results of this study showed that students were easy to use, easy to learn, and quickly became proficient and easier than theory (more than 50%), consequently, the learning became more interesting, it is not boring and effective to motivate the research and capital market certification. © 2019, International Journal of Scientific and Technology Research. All rights reserved.},
author_keywords={Online trading;  Research;  Technology Acceptance Model (TAM)},
references={Adams, D.A., Nelson, R.R., Todd, P.A., Perceived Usefulnesss, Ease of Use and Usage of Information Technology: A replication (1992) MIS Quarterly, 16 (2), pp. 227-247; Agarwal, R., Karashanna, E., Time Flies When You're Having Fun: Creative Absorption and Beliefs about Information Technology Usage (2000) MIS Outcome Terly, 24 (4), pp. 665-694; Saleh, A., Steve, D., Using the Technology Acceptance Model in Understanding Academic (2014) Behavioral Intention to Use Learning Management Systems"(Ijacsa) International Journal of Advanced Computer Science and Applications, 5 (1), p. 2014; Aoun, J.E., (2017) Robot-Proof: Higher Education in the Age of Artificial Intelligence, , US: MIT Press; Indonesia, B., (2014) Booklet Financial Inclusion, , Jakarta: Bank Indonesia; Bhunia, A., An Impact of ICT on the Growth of Capital Market-Empirical Evidence from Indian Stock Exchange (2011) Information and Knowledge Management, 1 (2), pp. 7-14; Bromson, B., Kaidonis, M.A., Poh, P., Accounting Information Systems and Learning Theory: An Integrat- ed Approach to Learning (1994) Accounting Education, 3 (2), pp. 101-114; Brown, J.S., Collins, A., Duguid, P., Situated Cognition and the Culture of Learning (1989) Educational Researcher, 18 (1), pp. 32-42; Chaplin, J.P., (1985) Dictionary of Psychology. 2Nd Edition, , New York. Dell Publishing Company; Davenport, J.L., Rafferty, A., Timms, M.J., Yaron, D., Karabinos, M., ChemVLab +: Evaluating a Virtual Lab Tutor for High School Chemistry (2012) The Proceedings of the 2012 International Conference on Learning Sciences; David, J.R., (1976) Strategic Teaching for College Class Room, , P3G; Davis, F.D., (1986) A Technology Acceptance Model for Empirically Testing New End User Information Systems: Theory and Result. Dissertation Not Published. Massachusetts Institute of Technology (MIT), , United States of America; Davis, F.D., Bagozzi, R.P., Warshaw, P.R., User Acceptance of Computer Technology: A Comparison of Two Theoretical Models (1989) Management Science, 35 (8), pp. 982-1003. , National; Dick, D., Carey, C., The Sistematic Design of Instruction (1996) Fourth Edition: Harper Collins College Publisher; Dillon, A., Morris, M.G., User Acceptance of Information Technology: Theories and Models (1996) Associate Professor of Information Science School of Library and Information Science; Gustria, A., Development of Student Worksheets on Dynamic Electricity Practicum Based on ICT Using Electronic Simulator (2012) Essay, , Bandar Lampung: Lampung University; Hadad, M., (2010) Perluasan Akses Perbankan; Bagi Penggerak Roda Perekonomian, , Gemari Magazine, Edisi; 118/XI, Nov 2010; Hasan, I., (2004) Research Data Analysis with Statistics, , Jakarta: Bumi Literacy; Hawkins, I.C., Virtual Lab versus Traditional Laboratory: Which is More Effective for Teach Electro chemistry? (2013) Dissertation for the Degree of Doctor of Philosophy in Math and Science Education of Middle Tennessee State University; Hendra, H., Development of Virtual Laboratories for Practical Activities and Facilitating Character Education in Vocational Schools (2011) Research Journal, , Makassar:Makassar State University; Hintzman, D.L., (1987) The Psychology of Learning and Memory, , Department of Psychology, University of Oregon, Oregon; Umar, H., (2011) Research Methods for Thesis and Business Thesis, p. 22. , Jakarta: Rajwali Press; Jogiyanto, J., (2008) Behavioral Information System. Revised Edition, , ANDI Yogyakarta Publishers; Jonassen, D., Land, S.M., (2000) Theoretical Foundations of Learning Environments. Lawrence Erlbaum Associates, , New Jersey; Kolb, D.A., Experiential Learning: Ex experience as the Source of Learning and Development (1984) Prentice-Hall, Inc, , New Jersey; Lee, Y., Kozar, K.A., Larsen, K.R.T., The Technology Acceptance Model: Past, Present, and Future (2003) Communications of the Association for Information Systems, 12. , Article 50; Lee, J., Lapira, E., Bagheri, B., Kao, H., Recent Advances and Trends in Predictive Manufacturing Systems in Big Data Environment (2013) Manuf. Lett, 1 (1), pp. 38-41; Leyshon, A., Thrift, N., Geographies of Financial Exclusion: Financial Abandonment in Britain and the United States. JSTOR (1995) New Series, 20 (3), pp. 241-312; Liffler, M., Tschiesner, A., (2013) The Internet of Things and the Future of Manufacturing, , McKinsey & Company; Malhotra, Y., Galletta, D.F., Extending the Technology Acceptance Model to Account for Social Influence: Theoretical Bases and Empirical Validation (1999) Proceedings of the 32Nd Hawaii International Conference on System Sciences; Malik, M.N., Interactive Learning Strategy Simulation Model. Journal of Technology and Championship Education Media, Faculty of Engineering (2010) Makassar State University, 2 (1), pp. 1-7; Mihaela, M., Embedding Remote Experimentation In Power Engineering Education (2003) IEEE Transactions on Power Systems, , TPWRS-00168-2003; Milne, M.J., McConnell, P.J., Problem-Based Learning: A Pedagogy for Using Case Materials in Accounting Education (2001) Accounting Education, 10 (1), pp. 61-82; (2002) 21St Century Education Personnel Education System, , Jakarta:National Department of Education; Nurmawati, S.H., Rachmiazi, I., (2000) Construcvistic Oriented Learning to Increase Understanding the Concept of Place Value for Students, , LP3M. Open University. Semarang; Ramsden, P., (1992) Learning to Teach in High Education, , Routledge, London; Ramsden, P., (2003) Learning to Teach in High Education, , 2nd Ed. RoutlegdeFalmer. London; Haipan, S., Setiawanagus, H.I., Learning Based on Virtual Laboratory to Improve Mastery of Concepts on Dynamic Electricity Material (2010) Journal of Educational Research, , Bandung: Indonesian Education University; Seels, B.B., Richey, R.C., (1994) Learning Technology, , No.12 Educational Technology Library Series; Shiller, R., Market Volatility (1989) Journal of Finance, 42 (1); Hermuningsih, S., Wardani, W., Development of Capital Market Lecture Learning Models with Online trading Simulation Methods on the Indonesia Stock Exchange (2015) 7Th National Seminar on Digital Information & System Conference (Disc) Maranata University Bandung; Arikunto, S., (2002) Research Procedure: A Practice Approach, p. 243. , Jakarta: PT. Rineka Cipta; Suhendro, S., Effect of Perceived Usefulness and Perceived ease of Use in the Use of Regional Financial Information Systems in Surakarta City Government Agencies. Thesis is not written (2009) Master of Accounting at UNS, , Surakarta; Summers, L., 988e the Stock MarketRationally Reflect Fundamental Val- ues? (1988) Journal of Finance, 41 (3); Tatli, Z., Dan Ayas, A., Virtual ChemistryLaboratory: Effect of Contructivist Learning Environment (2012) Turkish Journal of Diatance Education, 13 (1), p. 166; (2009) 21St Century Skills: Learning for Life in Our Times, , Jossey Bass: USA; Wittig, A.F., (1981) Theory and Problems of Psychology of Learning, , New York: Mc. Giaw Hill},
publisher={International Journal of Scientific and Technology Research},
issn={22778616},
language={English},
abbrev_source_title={Int. J. Sci. Technol. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ahmed201979,
author={Ahmed, H.},
title={Fiscal policy and deficit financing: Islamic perspectives},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2019},
volume={32},
number={1},
pages={79-85},
doi={10.4197/Islec.32-1.5},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85068792230&doi=10.4197%2fIslec.32-1.5&partnerID=40&md5=eb9bbb2e077f21f9d62dc371ea4fef6f},
affiliation={Durham University Business School, United Kingdom},
abstract={Using deficit financing by increasing borrowing at lower interest rates has the potential to increase debt to levels that are not sustainable and can create further economic problems in the longer term. To understand the Islamic perspective on deficit financing, two features of government spending need to be recognized. First, government spending can be distinguished as current and capital expenditures. Second, the objectives of fiscal policy and government spending can be viewed as redistribution of income, expenditures to provide government services, provision of public goods that markets fail to provide, and providing infrastructure that enhance the productive capacities in the economies. While current spending should be covered by zakāh (distributive role) and taxes (providing government services and public goods), capital expenditures on infrastructure can be funded by issuing sukūk. During recessions, the government can use counter-cyclical spending of zakāh and tax revenues to increase current spending and issue sukūk to raise funds for investments to enlarge capital expenditures in infrastructure projects. This approach of moving the economy out of recession puts a limit on excessive debt by linking the funds raised with the real economy and helps increase the productive capacity in the longer term by filling the infrastructure gaps. © 2019 JKAU: Islamic Econ.},
author_keywords={Deficit financing;  Fiscal policy;  Sukūk;  Zakāh},
references={Ahmed, Z., Iqbal, M., Khan, M.F., (1983) Fiscal Policy and Resource Allocation in Islam, , Islamabad, Pakistan: Institute of Policy Studies & International Centre for Research in Islamic Economics; Ariff, M., (1982) Monetary and Fiscal Economics of Islam, , Jeddah, KSA: International Centre for Research in Islamic Economics; Bielenberg, A., Roberts, M., Kerlin, M., Oppenheim, J., (2016) Financing change: How to mobilize private sector financing for sustainable infrastructure, , http://www.globalinfrastructureinitiative.com/sites/default/files/pdf/Financing_change_How_to_mobilize_private-sector_financing_for_sustainable%20_infrastructure.pdf, New York, USA: McKinsey Center for Business and Environment, McKinsey & Compnay; Chapra, M.U., The Islamic Welfare State and its Role in the Economy (1979) Islamic Perspectives, Studies in Honour of Mawlana Sayyid Abul A'la Mawdudi, pp. 195-221. , In K. Ahmad & Z. I. Ansari (eds.). Leicester, UK: The Islamic Foundation; Chapra, M.U., (2008) The Islamic Vision of Development in the Light of the Maqasid al-Shariah, , Jeddah, KSA: Islamic Research and Training Institute, Islamic Development Bank; Dien, M.I., (2004) Islamic Law: From Historical Foundations to Contemporary Practice, , Notre Dame, Indiana, USA: University of Notre Dame Press; Diaw, A., Bacha, O.I., Lahsasna, A., Public sector funding and debt management: A case for GDP-linked Sukuk (2015) Islamic Economics: Theory, policy and social justice, pp. 121-134. , In Hatem A. El-Karanshawy, Azmi Omar, Tariqullah Khan, Salman Syed Ali, Hylmun Izhar, Wijdan Tariq, Bahnaz Al-Quradaghi. (Eds.). Doha, Qatar: Bloomsbury Qatar Foundation; Faridi, F.R., A Theory of Fiscal Policy in an Islamic State (1983) Fiscal Policy and Resource Allocation in Islam, pp. 23-38. , In Ziauddin Ahmed, Munawar Iqbal, & M. Fahim Khan (Eds.). Islamabad, Pakistan: Institute of Policy Studies & International Centre for Research in Islamic Economics; Heinrichs, W.P., Qawa'id as a Genre of Legal Literature (2002) Studies in Islamic Legal Theory, pp. 365-384. , In B.G. Weiss (Ed.). Boston, USA: Brill; Kahf, M., Taxation Policy in an Islamic Economy (1983) Fiscal Policy and Resource Allocation in Islam, pp. 114-135. , In Ziauddin Ahmed, Munawar Iqbal, & M. Fahim Khan (Eds.). Islamabad, Pakistan: Institute of Policy Studies & International Centre for Research in Islamic Economics; Payment of Zakat in advance or arrears, , https://www.nzf.org.uk/Knowledge/Calculation_Rules/Payment_of_Zakat_in_advance:or_arrears; Pettifor, A., 'Deficit Financing' or 'Deficit-Reduction Financing?' Debates in Contemporary Economics: Origins, Confusions and Clarity (2019) Journal of King Abdulaziz University: Islamic Economics, 32 (1), pp. 67-78; Yusoff, M., Fiscal Policy in an Islamic Economy and the Role of Zakat (2006) IIUM Journal of Economics and Management, 14 (2), pp. 117-145},
correspondence_address1={Ahmed, H.; Durham University Business SchoolUnited Kingdom; email: habib.ahmed@durham.ac.uk},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={English},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@BOOK{Nisar201864,
author={Nisar, S. and Farooq, U.},
title={Financial intermediation, fintech and Sharī‘ah compliance},
journal={Fintech in Islamic Finance: Theory and Practice},
year={2018},
pages={64-74},
doi={10.4324/9781351025584-5},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85139600160&doi=10.4324%2f9781351025584-5&partnerID=40&md5=b93f31b5e98190f0530a1e0ded8f70de},
affiliation={Rizvi Institute of Management Studies and Research, Mumbai, India; Rizvi Institute of Management Studies and Research, Mumbai, India},
abstract={This chapter examines how fintech-led financial intermediation would help to solve some key Shari‘ah issues faced by traditional financial intermediation led by banks. Financial intermediation based only on interest-rate mechanisms has obvious limitations as it hampers both investments and employment. The chapter shows that fintech-led financial intermediation would lead to better Shari‘ah compliance and address the issue of financial inclusion as well as better financing of small and medium-sized enterprises (SME) who have hitherto been unable to access mainstream financial market. Fintech is resolving both these issues of moral hazard and information asymmetry. Fintech-led newer marketplaces, like crowdfunding platforms, have enabled an opportunity and an access to capital to businesses/projects, especially the SMEs which would have been unable to do so in the traditional banking, are driven financial intermediation. Fintech provides an opportunity for Islamic financial institutions to increase their equity capital base. © 2019 selection and editorial matter, Umar A. Oseni and S. Nazim Ali; individual chapters, the contributors.},
references={Akerlof, G.A., The market for “lemons”: Quality uncertainty and the market mechanism (1970) The Quarterly Journal of Economics, 91 (3), pp. 488-500; Alushula, P., (2015) Mkopo Rahisi: The Mobile App Using Social Media Data to Give Micro-Loans, , www.standardmedia.co.ke/business/article/2000185968/mkopo-rahisi-the-mobile-app-using-social-media-data-to-give-micro-loans, online, Accessed 2 March 2017; (2016) Backing Australian Fintech, , Canberra: The Treasury; (2017) Evolution of Fintechs: Implications on Indian Banking Ecosystem, p. 15. , Picup Fintech, Mumbai, India: The Boston Consulting Group; Diamond, D.W., Dybvig, P.H., Bank run, deposit insurance and liquidity (1983) The Journal of Political Economy, 91 (3), pp. 401-419; (2015) Why Does Kenya Lead the World in Mobile Money?., , www.economist.com/blogs/economist-explains/2013/05/economist-explains-18, (online) Available from, Accessed 2 March 2017; Gurley, J.G., Shaw, E.S., Financial aspects of economic development (1955) American Express Review, 45 (4), pp. 515-538; Koenitzer, M., Bruno, G., (2016) The Future of Fintech: A Paradigm Shift in Small Business Finance, , Switzerland: World Economic Forum; Levine, R., Financial development and economic growth: Views and agenda (1997) Journal of Economic Literature, 35 (2), pp. 688-726; Levine, R., (2003) More on Finance and Growth: More Finance, More Growth?., , Louis, MO: Federal Reserve Bank of St. Louis; Miller, M.H., Financial markets and economic growth (1998) Journal of Applied Corporate Finance, 11 (3), pp. 8-14; Monks, K., (2017) M-Pesa: Kenya’s Mobile Money Success Story Turns 10 (Online)., , https://edition.cnn.com/2017/02/21/africa/mpesa-10th-anniversary/index.html, Accessed 2 March 2017; Spence, M., Job market signaling (1973) The Quarterly Journal of Economics, 87 (3), pp. 355-374; Wamathai, J., (2016) Mobile Loans Service Mkopo Rahisi Rebrands to Tala in Kenya, , https://hapakenya.com/2016/05/17/mobile-loans-service-mkopo-rahisi-rebrands-to-tala-in-kenya/, Hapa Kenya (online). Available from, Accessed 2 March 2017; (2018) The Global Findex Database 2017 - Measuring Financial Inclusion and the Fintech Revolution, , Washington, DC: World Bank Group; (2015) The Future of Fintech: A Paradigm Shift in Small Business Finance, , Davos, Switzerland: World Economic Forum},
publisher={Taylor and Francis},
isbn={9781351025577; 9781138494800},
language={English},
abbrev_source_title={Fintech in Islamic Finance: Theory and Practice},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Mulawarman2018302,
author={Mulawarman, A.D. and Kamayanti, A.},
title={Islamic accounting anthropology: A constructivist methodological alternative},
journal={International Journal of Business and Society},
year={2018},
volume={19},
number={S2},
pages={302-311},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049201536&partnerID=40&md5=2c034ffc26230a516c31d67d8a965770},
affiliation={University of Brawijaya, Indonesia; State Polytechnic of Malang, Indonesia},
abstract={The aim of this article is to propose an alternative methodological approach that would serve well the constructivists purpose. By embracing interdisciplinary views of Islam, accounting, and anthropology, and by presenting the dialectics of Western anthropology vis a vis Islamic anthropology, we introduce Islamic accounting anthropology. As a religious-constructivist or religious-critical approach, this methodology would help emancipate accounting from its positive (self-interest) value that concerns itself with the world capital market, into accounting that would serve the welfare of society according to its contextuality. An Islamic epicentrum society will be achieved by employing Islamic accounting anthropology. As an implication, this approach would evoke consciousness and trigger new accounting alternatives that are more suited for local context, away from orientalist mindset, yet unified through Islam. Accounting education, in turn, should provide a course on (Islamic) anthropology to enhance and maintain consciousness. © 2018, Universiti Malaysia Sarawak. All rights reserved.},
author_keywords={Accounting;  Anthropology;  Islam;  Orientalism;  Secular},
funding_details={University of Southern QueenslandUniversity of Southern Queensland, USQ},
funding_text 1={We thank Joseph Mula of University of Southern Queensland who had given substantial input to this article.},
references={Ahimsa-Putra, H.S., (2008) Paradigma Dan Revolusi Ilmu Dalam Antropologi Budaya; Ahmed, A., Towards Islamic Anthropology (1989) Islamization of Knowledge Series 6, , United States of America: The International Institute of Islamic Thought; Alimuddin, T.I., Irianto, G., Chandrarin, G., Meraih konsep harga jual kejujuran: Meraih keuntungan menggapai kemaslahatan (2011) Jurnal Akuntansi Multiparadigma, 2 (1), pp. 70-90; Bathuthah, M., (2009) Risalah Ibnu Bathuthah: Memoar Perjalanan Keliling Dunia Di Abad Pertengahan, , Jakarta Timur:, Pustaka Al Kautsa; Burrell, G., Morgan, G., (1979) Sociological Paradigms and Organisational Analysis: Elements of the Sociology of Corporate Life, , Great Britain: Arena; Chapman, M., Preface: Social anthropology, business studies, and cultural issues (1997) International Studies of Management & Organization, 26 (4), pp. 3-29; Christenson, C., The Methodology of Positive Accounting (1983) The Accounting Review, (1), pp. 1-22; Chua, W.F., Radical developments in accounting thought (1986) The Accounting Review, 61 (4), pp. 601-632; de Loo, I., Lowe, A., Mixed methods research: Don’t – “just do it (2011) Qualitative Research in Accounting & Management, 8 (1), pp. 22-38. , http://doi.org/10.1108/11766091111124685; Ekasari, K., Rehumanisasi Pendidikan Akuntansi Melalui Pendekatan Epistemologi 3Ling (2014) Jurnal Akuntansi Multiparadigma, 5 (2), pp. 273-286; Elmarsafy, Z., Bernard, A., Attwell, D., (2013) Debating Orientalism, , US: The Palgrave Macmillan; Fathoni, A., (2006) Antropologi Sosial Budaya: Suatu Pengantar, , Jakarta: Penerbit Rineka Cipta; Geertz, C., (1976) The Religion of Java, , Chicago: University of Chicago Press; Grafton, J., Lillis, A.M., Mahama, H., Mixed methods research in accounting (2011) Qualitative Research in Accounting & Management, 8 (1), pp. 5-21. , http://doi.org/10.1108/11766091111124676; Kamayanti, A., Triyuwono, I., Irianto, G., Mulawarman, A.D., Philosophical reconstruction of accounting education: Liberation through beauty (2012) World Journal of Social Science, 2 (7), pp. 222-233; Keesing, R.M., Strathern, A., (1997) Cultural Anthropology: A Contemporary Perspective, , California: Wadsworth Publishing Company; Koentjaraningrat, (1987) Sejarah Teori Antropologi, , Jakarta: Penerbit Universitas Indonesia; Kuhn, T.S., (1962) The Structure of Scientific Revolutions, , http://doi.org/10.1119/1.1969660, Chicago: The University of Chicago Press; Ma’Ruf, M.A., Towards an Islamic critique of anthropological evolutionism (1986) American Journal of Islamic Social Sciences, 3 (1), pp. 89-108; Malina, M.A., Nørreklit, H.S.O., Selto, F.H., Lessons learned: Advantages and disadvantages of mixed method research (2011) Qualitative Research in Accounting & Management, 8 (1), pp. 59-71. , http://doi.org/10.1108/11766091111124702; Modell, S., Triangulation between case study and survey methods in management accounting research: An assessment of validity implications (2005) Management Accounting Research, 16 (2), pp. 231-254. , http://doi.org/10.1016/j.mar.2005.03.001; Mulawarman, A.D., (2006) Menyibak Akuntansi Syariah, , Yogyakarta: Kreasi Wacana; Mulawarman, A.D., (2007) Menggagas Laporan Arus Kas Syari’ah Berbasis Ma’isyah: Diangkat Dari Habitus Bisnis Muslim Indonesia, , Makasar; Mulawarman, A.D., Akuntansi Syariah di Pusara Kegilaan “IFRS-IPSAS” Neoliberal: Kritik atas IAS 41 dan IPSAS 27 mengenai Pertanian (2012) The 6Th Hasanuddin Days, pp. 1-24; Peacock, J.L., (1973) Indonesia: An Anthropological Perspective, , California: Goodyear Publishing Company; Roslender, R., (1992) Sociological Perspectives on Modern Accountancy, , London, UK.: Routledge; Roslender, R., Dillard, J.P., Reflections on the interdisciplinary perspectives on accounting project (2003) Critical Perspectives on Accounting, 14, pp. 325-351. , http://doi.org/10.1016/cpac.2002.0526; Rudyansjah, T., (2011) Alam, Kebudayaan, Dan Yang Ilahi, , Depok: Titian Budaya; Said, E., (2003) Orientalism, pp. 1-234. , The New York Times, 1977; Sikka, P., Enterprise culture and accountancy firms: New masters of the universe (2008) Accounting, Auditing & Accountability Journal, 21 (2), pp. 268-295. , http://doi.org/10.1108/09513570810854437; Stamp, E., Why Can Accounting Not Become a Science Like Physics? (1981) Abacus, 17 (1), pp. 13-27. , http://doi.org/10.1111/j.1467-6281.1981.tb00098.x; Sterling, R., (1975) Toward a Science of Accounting. Financial Analyst Journal, pp. 28-36. , September-October},
correspondence_address1={Kamayanti, A.; State Polytechnic of Malang, Jl. Sukarno Hatta 9, Indonesia; email: ari.kamayanti@polinema.ac.id},
publisher={Universiti Malaysia Sarawak},
issn={15116670},
language={English},
abbrev_source_title={Int. J. Bus. Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bakar20178758,
author={Bakar, N.B.A. and Rosbi, S.},
title={Impact of the corporate structure and sharia-compliant status to average degree of ipo underpricing in Malaysia market},
journal={Advanced Science Letters},
year={2017},
volume={23},
number={9},
pages={8758-8761},
doi={10.1166/asl.2017.9965},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032980871&doi=10.1166%2fasl.2017.9965&partnerID=40&md5=6337dff1121655327d1f5a8421195bf5},
affiliation={Islamic Business School, College of Business, Universiti Utara MalaysiaKedah, Malaysia; Universiti Malaysia PerlisPerlis, Malaysia},
abstract={Initial Public Offering (IPO) for sharia-compliant companies is an alternative way for Islamic companies to raise capital. Many empirical studies regarding IPO underpricing have been developed to understand the numerous issues related with IPO phenomenon especially in different types of markets. Therefore, this study examined factors that relate to the short term performance of IPO in Malaysian market. The initial results show that the average degree of IPO underpricing is 8.1% during the period of 2012–2015. This concludes that the rate of underpricing is at low level. Secondly, the determinants of IPO underpricing are examined using a linear regression analysis. The results show that the average degree of IPO underpricing was driven by corporate structure, sharia-status, initial return and closing pricing. In addition, the result from R-square analysis is 92.3%. This result indicates that corporate structure, sharia-status, initial return and closing pricing can explain the 92.3% variation of the average degree of IPO underpricing. The F -value is 56.9 indicating that this hypothesis is statistically significant at 1% level of significant between the dependent and independents variable. Therefore, this study suggests that the corporate structure can determine the performance of IPO companies. This is indicates that for any company that has more subsidiaries, it can reduce the financial problem caused in their corporation by diversifying their market segmentation. © 2017 American Scientific Publishers. All rights reserved.},
author_keywords={Corporate structure;  Initial public offering;  Sharia-status;  Underpricing},
funding_details={Universiti Utara MalaysiaUniversiti Utara Malaysia, UUM},
funding_text 1={Acknowledgments: This project is financially supported by the Universiti Utara Malaysia.},
references={Al-Taani, K., International Journal of Economics (2013) Finance and Management Sciences, 1, p. 5; Loughran, T., Ritter, J.R., Rydqvist, K., (1994) Pacific–Basin Financial Journal, p. 2; Welch, I., Ritter, J., (2002) Yale ICF Working Paper, 2, p. 1; Islam, A., Ali, R., Ahmad, Z., (2010) International Journal of Economics and Finance, 2, p. 4; Chahine, S., Tohme, N.S., (2009) Corporate Governance: An International Review, 17, p. 2; Chi, J., Padgett, C., (2005) Research in International Business and Finance, 19, p. 1; Uzaki, K., (2009) Japan Finance Association, p. 1. , Working Paper; Rock, K., (1986) Journal of Financial Economics, p. 15; Brau, J.C., Carter, D.A., Christophe, S.E., (2004) Managerial Finance, 30, p. 1; Banerjee, S., Dai, L., Shrestha, K., (2010) SSRN Electronic Journal; Chowdhry, B., Sherman, A., (1996) Journal of Corporate Finance, p. 2; Boulton, T.J., Smart, S.B., Zutter, C.J., (2010) Journal of International Business Studies, 41, p. 2; Boulton, T.J., Smart, S.B., Zutter, C.J., (2011) The Accounting Review, 86, p. 2; Boulton, T.J., Smart, S.B., Zutter, C.J., (2012) SSRN Electronic Journal; Nguema, J.F., Sentis, P., (2006), http://www.efmaefm.org; Ariff, M., Prasad, D., Vozikis, G.S., (2007) International Entrepreneurship and Management Journal, 3, p. 3; Rahim, R., Yong, O., (2010) Journal of Islamic Accounting and Business Research, 1, p. 1; Abu Bakar, N., (2014) Oita University Economic Review, 66 (3)},
correspondence_address1={Bakar, N.B.A.; Islamic Business School, Malaysia},
publisher={American Scientific Publishers},
issn={19366612},
language={English},
abbrev_source_title={Adv. Sci. Lett.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hazudin20177446,
author={Hazudin, S. and Jaafar, N. and Hamidon, A.N.A.},
title={Will getting shariah-compliant stocks has a salient impact on consumer industry in malaysia},
journal={Advanced Science Letters},
year={2017},
volume={23},
number={8},
pages={7446-7450},
doi={10.1166/asl.2017.9495},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032229918&doi=10.1166%2fasl.2017.9495&partnerID=40&md5=b25ca5cf3f3c22779060c57ca79ab723},
affiliation={Faculty of Business Management, UniversitiTeknologi MARA Pahang, Bandar Jengka, Pahang  26400, Malaysia; Faculty of Business Management, UniversitiTeknologi MARA PuncakAlamSelangor  54050, Malaysia},
abstract={The demand for Halal product and service offerings especially when the Muslim segment market is dominant has significantly changed the landscape of business conducts as well as the capital market development in Malaysia. The consumer product sectors in the Bursa Malaysia Stock Exchange is currently the second largest sector filled with the Shariah-Compliant Stocks which impliedly amid a positive reaction by consumers, investors and the government for such move on becoming the religious conscious producers. However, such strategic movement so far has lack of decisive information on its value creation benefits. It is the objective of the study to investigate whether being accredited as the Shariah-Compliant Stocks brings a positive impact to the financial performance of the participating companies. The financial variable of the consumer product companies was assessed on the basis of three years before and after they were accredited as a Shariah-Compliant Stocks using the monthly Economic Value Added (EVA) as a financial performance measure. With a sample of only 10 companies that met the requirement of the data in the study, the t-paired test using the SPSS statistical software was applied to analyze the financial performance from the year 1998 to 2014. It was found that the value of the EVA posed no significant difference before and after the 72 months study periods. The study concluded that the market so far has not given credit to the companies’ attempt to put on Islamic branding as the Shariah-Compliant Stocks. The value creation from the entitlement to Shariah-Compliant Stocks, therefore, warrants further research for more conclusive findings. © 2017 American Scientific Publishers. All rights reserved.},
author_keywords={Economic value added;  Financial performance;  Shariah-compliant stocks},
funding_details={Universiti Teknologi MalaysiaUniversiti Teknologi Malaysia, UTM, 600-RMI/DANA 5/3/IRAGS (26/2015},
funding_text 1={Acknowledgments: The authors thank Universiti Teknologi MARA Malaysia for the financial support under Grant Nos. 600-RMI/DANA 5/3/IRAGS (26/2015).},
references={http://www.statistics.gov.my, Department of Statistics Malaysia (2014); Hayat, R., Butter, F., Kock, U., (2012) Journal of Business Ethics, 117, p. 601; Salaga, J., Bartosova, V., Kicova, E., (2015) Procedia Economics and Finance, 26, p. 484; Manisha, S., (2014) Cornell Hospitality Quarterly, 55, p. 19; Bruce, C., (2006) Journal of Business Research, 59, p. 492; Gavronski, I., Klassen, R.D., Vanchon, S., Do Nascimento, L.F.M., (2011) Transportation Research Part E, 47, p. 872; Nga, J.K.H., (2009) Social Responsibility Journal, 5, p. 408; Bin Mahfouz, S., Hassan, M.K., (2013) Humanomics, 29, p. 164; Nathie, M., (2008) Embracing Islamic Investment in Australia Using the Malaysian Model: Challenges and Opportunities, pp. 1-40. , Conference of Challenges and Opportunities of Islam in the West: The Case of Australia; Vahed, G., Vawda, S., (2008) Journal of Muslim Minority Affairs, 28, p. 453; Hanzaee, K.H., (2011) Interdisciplinary Journal of Research in Business, 1, p. 1; Sadeghi, M., (2008) International Research Journal of Finance and Economics, p. 20; Sadeghi, M., (2011) Global Economy and Finance Journal, 4, p. 44; Canepa, A., Ibnrubbian, A., (2014) The Quarterly Review of Economics and Finance, 54, p. 538; Yazi, E., (2015) Journal of Economics, Business and Management, 3, p. 1019; Hayat, R., Kraeussl, R., (2011) Emerging Market Review, 12, p. 189; Abdul Rahman, R., (2012), pp. 1-228. , Religious Ethical Values and Earnings Quality: Some Evidence from Malaysia; Kamarudin, W.A.W.I.K.A., Sarman, S.R., (2015) Journal of Islamic Accounting, 6, p. 19; Mohammed, J.A., Business precepts of Islam: The lawful and unlawful business transactions according to Shariah (2013) Handbook of the Philosophical Foundations of Business Ethics, , edited by C. Luetge, Springer Science; Jamaluddin, N., (2013) Educational Management Research and Reviews, 36, p. 417; Ho, C., Abd Rahman, N.A., Yusuf, N.H.M., Zamzamin, Z., (2014) Pacific- Basin Finance Journal, 28, p. 110; Jawadi, F., Jawadi, N., Louhichi, W., (2014) Does Islamic Finance Outperform Conventional Finance? Further Evidence from the Recent Financial Crisis, , Working Paper Series; Hassan, M., Girard, E., (2011) Faith Based Ethical Investing: The Case of Dow Jones Islamic Indexes, pp. 1-41. , April; Shah, R., Haldar, A., Rao, S.V.D.N., (2015) Corporate Board: Role, Duties and Composition, 11, p. 47; Balanaga Gurunathan, K., (2016) International Journal of Electronic Marketing and Retailing, 6, p. 1; Lu, J.R., Chan, C.M., (2012) Review of Financial Economics, 21, p. 31; Wilson, R., (1997) International Journal of Social Economics, 24, p. 1325; Schwartz, M.S., (2003) Journal of Business Ethics, 43, p. 195; Metwally, M.M., (1997) International Journal of Social Economics, 24, p. 941; Ibrahim, A., Maya, F.F., (2014) European Journal of Marketing, 48, p. 2262},
correspondence_address1={Hazudin, S.; Faculty of Business Management, Malaysia},
publisher={American Scientific Publishers},
issn={19366612},
language={English},
abbrev_source_title={Adv. Sci. Lett.},
document_type={Article},
source={Scopus},
}

@BOOK{Mirakhor2017163,
author={Mirakhor, A.},
title={Benchmarks for Islamic asset pricing},
journal={Islamic Wealth Management: Theory and Practice},
year={2017},
pages={163-180},
doi={10.4337/9781786439390.00018},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85089642213&doi=10.4337%2f9781786439390.00018&partnerID=40&md5=89163aaae5ec18aadc098b57a0ff78bd},
affiliation={Kansas State University, United States},
abstract={Benchmarks serve a critical role in financial markets for pricing the riskiness of a financial security, to indicate the relative value or opportunity cost of capital and to serve as a performance yardstick. The Islamic finance industry globally has yet to develop appropriate benchmarks and currently use LIBOR as the reference benchmark in determining expected rate of return in shariah-compliant securities. This chapter explains the significance and the critical role of LIBOR as a financial benchmark in current conventional banking and financial markets, and discusses the issues arising from the use of LIBOR as a compliant investment. A linkage between the concept of benchmarking and the doctrine of market price in Islam is established and contrasted from the perspective of wealth management in Islam. The risk of using an interest rate-based benchmark by Islamic financial institutions is highlighted and there is an urgent need to create an interest-free benchmark in place of LIBOR is explained. © Mohamed Ariff and Shamsher Mohamad 2017. All rights reserved.},
correspondence_address1={Mirakhor, A.; Kansas State UniversityUnited States},
publisher={Edward Elgar Publishing Ltd.},
isbn={9781786439390; 9781786439383},
language={English},
abbrev_source_title={Islamic Wealth Management: Theory and Practice},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Minai2017745,
author={Minai, M.S. and Uddin, M.M. and Ibrahim, Y.},
title={Agency costs and Islamic bond issuers’ long-run performance in Malaysia},
journal={Global Business and Economics Review},
year={2017},
volume={19},
number={6},
pages={745-759},
doi={10.1504/GBER.2017.087285},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85075610843&doi=10.1504%2fGBER.2017.087285&partnerID=40&md5=c1968d9db60d3c94162fb0912be1e6a5},
affiliation={School of Business Management, College of Business, Universiti Utara Malaysia, Sintok, 06010, Malaysia; School of Business and Economics, United International Univrsity, H-80, R-8/A, Satmasjid Road, Dhaka, Dhanmondi, 1209, Bangladesh; School of Economics, Finance and Banking, College of Business, Universiti Utara Malaysia, Sintok, 06010, Malaysia},
abstract={The extensive issuance of Islamic bonds in different parts of the world raises the question of whether such a financing activity leads to better firm performance or not and what the determinants are of this performance. The literature offers scant answers. Thus, this study measures the long-run performance of Malaysian firms following their Islamic debt issues and explores the agency cost explanations of the performance. One-, two-, and three-year stock return performances are measured by the buy and hold abnormal return (BHAR) of Islamic debt issues using samples of 113, 101, and 86 Islamic debt issues, respectively, in the 2001–2009 period. The significance of the performance is tested by heteroscedasticity-and-serial correlation-consistent t-statistics. The determinants of BHAR are investigated using the ordinary least square regression method. The results show a significant positive long-run performance beyond a one-year period that is negatively influenced by growth opportunity and free cash flow when the issue increases the debt ratio. Copyright © 2017 Inderscience Enterprises Ltd.},
author_keywords={Agency costs;  Capital structure;  Corporate finance;  Emerging markets;  FCF;  Free cash flow;  Growth opportunity;  Islamic debt;  Long-run event study;  Long-run performance;  Sukuk},
references={Adnan, M.A., Muhamad, M., Agency problems in mudarabah financing: the case of sharia (rural) banks, Indonesia (2007) IIUM Journal of Economics and Management, 15 (2), pp. 219-243; Ashhari, Z.M., Chun, L.S., Nassir, A.M., Conventional vs. Islamic bond announcements: the effects on shareholders’ wealth (2009) International Journal of Business and Management, 4 (6), pp. 105-111; Barber, B.M., Lyon, J.D., Detecting long-run abnormal stock returns: the empirical power and specification of test statistics (1997) Journal of Financial Economics, 43 (3), pp. 341-372; Bena, J., Hanousek, J., Rent extraction by large shareholders: evidence using dividend policy in the Czech Republic (2008) Czech Journal of Economics and Finance, 58 (3–4), pp. 106-130. , Nos; Chou, D., Wang, C.E., Chen, S., Tsai, S., Earnings management and the long-run underperformance of firms following convertible bond offers (2009) Journal of Business Finance & Accounting, 36 (1–2), pp. 73-98. , Nos; Datta, S., Iskandar-Datta, M., Patel, A., Some evidence on the uniqueness of initial public debt offerings (2000) Journal of Finance, 55 (2), pp. 715-743; Dichev, I.D., Piotroski, J.D., The performance of long-run stock returns following issues of public and private debt (1999) Journal of Business Finance & Accounting, 26 (9–10), pp. 1103-1132. , Nos; Earle, J.S., Kucsera, C., Telegdy, A., Ownership concentration and corporate performance on the Budapest Stock Exchange: do too many cooks spoil the goulash? (2005) Corporate Governance: An International Review, 13 (2), pp. 254-264; Fama, E.F., French, K.R., Testing trade-off and pecking order predictions about dividends and debt (2002) Review of Financial Studies, 15 (1), pp. 1-33; Frank, M.Z., Goyal, V.K., Capital structure decisions: which factors are reliably important? (2009) Financial Management, 38 (1), pp. 1-37; Godlewski, C.J., Turk-Ariss, R., Weill, L., Sukuk vs. conventional bonds: a stock market perspective (2013) Journal of Comparative Economics, 41 (3), pp. 745-761; Hamzah, A.A., Vizcaino, B., Malaysia tax breaks may shift Islamic bonds beyond murabaha (2014) Reuters, , http://www.reuters.com/article/2014/10/16/malaysia-sukukregulations-idUSL6N0SA2LG20141016, [online] (accessed 10 January 2015); Howton, S.D., Howton, S.W., Perfect, S.B., The market reaction to straight debt issues: the effects of free cash flow (1998) Journal of Financial Research, 21 (2), pp. 219-228; Ibrahim, Y., Minai, M.S., Islamic bonds and the wealth effects: evidence from Malaysia (2009) Investment Management and Financial Innovation, 6 (1), pp. 184-191; Ibrahim, Y., Uddin, M.M., Mohd, K.N.T., Minai, M.S., Agency costs and the long-run performance of debt issuers (2013) Asian Academy of Management Journal of Accounting and Finance, 9 (1), pp. 67-87; Iqbal, Z., Mirakhor, A., (2011) An Introduction to Islamic Finance: Theory and Practice, , John Wiley & Sons, Singapore; Jegadeesh, N., Karceski, J., Long-run performance evaluation: correlation and heteroskedasticity-consistent tests (2009) Journal of Empirical Finance, 16 (1), pp. 101-111; Jensen, M.C., Agency costs of free cash flow, corporate finance, and takeovers (1986) The American Economic Review, 76 (2), pp. 323-329; Jensen, M.C., Meckling, W.H., Theory of the firm: managerial behavior, agency costs and ownership structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360; Jewell, J.J., Livingston, M.B., The long-run performance of firms issuing bonds (1997) Journal of Fixed Income, 7 (2), pp. 61-66; Khan, T., Company dividends and ownership structure: evidence from UK panel data (2006) The Economic Journal, 116 (510), pp. C172-C189; Kirkos, E., Spathis, C., Manolopoulos, Y., Audit-firm group appointment: an artificial intelligence approach (2010) Intelligent Systems in Accounting, Finance and Management, 17 (1), pp. 1-17; Lee, I., Loughran, T., Performance following convertible bond issuance (1998) Journal of Corporate Finance, 4 (2), pp. 185-207; Lie, E., Do firms undertake self-tender offers to optimize capital structure? (2002) The Journal of Business, 75 (4), pp. 609-639; Lins, K.V., Equity ownership and firm value in emerging markets (2003) Journal of Financial and Quantitative Analysis, 38 (1), pp. 159-184; Lyon, J.D., Barber, B.M., Tsai, C.L., Improved methodology for tests of long-run abnormal stock returns (1999) Journal of Finance, 54 (1), pp. 165-201; Myers, S.C., Determinants of corporate borrowing (1977) Journal of Financial Economics, 5 (2), pp. 147-175; Nor, F.M., Sulong, Z., The interaction effect of ownership structure and board governance on dividends: evidence from Malaysian listed firms (2007) Capital Market Review, 15 (1–2), pp. 73-101. , Nos; Ozkan, A., Determinants of capital structure and adjustment to long run target: evidence from UK company panel data (2001) Journal of Business Finance & Accounting, 28 (1–2), pp. 175-198. , Nos; Safieddine, A., Islamic financial institutions and corporate governance: new insights for agency theory (2009) Corporate Governance: An International Review, 17 (2), pp. 142-158; Spiess, D.K., Affleck-Graves, J., The long-run performance of stock returns following debt offerings (1999) Journal of Financial Economics, 54 (1), pp. 45-73; Titman, S., Wessels, R., The determinants of capital structure choice (1988) The Journal of Finance, 43 (1), pp. 1-19; Yu, Y.M., Jiang, S., Corporate life cycle and share repurchases: evidence from the Taiwan Stock Market (2010) African Journal of Business Management, 4 (14), pp. 3139-3149},
correspondence_address1={Uddin, M.M.; School of Business and Economics, H-80, R-8/A, Satmasjid Road, Dhaka, Bangladesh; email: mohanuddin@bus.uiu.ac.bd},
publisher={Inderscience Publishers},
issn={10974954},
language={English},
abbrev_source_title={Global Bus. Econ. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hosen2017523,
author={Hosen, M.N. and Fitria, S.},
title={Atmosphere of market structure in Islamic Rural Banks of Indonesia},
journal={International Journal of Applied Business and Economic Research},
year={2017},
volume={15},
number={24},
pages={523-535},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85039850793&partnerID=40&md5=ea74e1de8ea30dfc0e9a63a692b86718},
affiliation={States University of Syarif Hidayatullah Jakarta, Ciputat, Banten, Indonesia; Faculty of Economy and Business, States University of Syarif Hidayatullah Jakarta, Ciputat, Banten, Indonesia},
abstract={Islamic Rural Banks in Indonesia are well-known for their characteristics of targeting local customers. The purpose of this study is to investigate the determinants of total amount of income and to analyze the degree of competition among Islamic rural banks using Panzar-Rosse model. The results show that total operating income is significantly influenced by price of funds, price of labors, total equity, and non-performing financing while price of capital and total financing give insignificant impact. This study also finds a monopolistic market competition faced by Islamic rural banks in Indonesia with a niche market of micro, small, and medium scaled of enterprises. © 2017 Serials Publications Pvt. Ltd.},
author_keywords={Degree of competition;  Islamic rural banks in Indonesia;  Market structure;  Panzar-rosse},
references={Abel, S., Le Roux, P., An application of panzar-rosse approach in assessing banking sector competition in Zimbabwe (2016) Journal of Economic and Financial Science, 9 (2), pp. 455-470; Al-Qaisi, F., Assessing the competition in the jordanian banking sector by using panzar-rosse approach (2016) International Journal of Business and Social Science, 7 (8), pp. 115-120; Apergis, N., Competition in the banking sector : New evidence from a panel of emerging market economies and the financial crisis (2015) Emerging Markets Review, 25, pp. 154-162; Barbosa, K., Rocha Paula De, B., Salazar, F., Assessing competition in the banking industry: A multi-product approach (2014) Journal of Banking & Finance, 50, pp. 340-362; Barros, C.P., Mendes, Z., Assessing the competition in the Angola's banking industry (2016) Applied Economics, 48 (30), pp. 2785-2791; Bikker, J.A., Assessing competition with the panzar-rosse model: The role of scale, costs, and equuilibrium (2012) The Review of Economics and Statistics, 94 (4), pp. 1025-1044; Bikker, J.A., Haaf, K., Competition, concentration and their relationship: An empirical analysis of the banking industry (2002) Journal of Banking and Finance, 26, pp. 2191-2214; Carbo, S., Cross-country comparisons of competition and pricing power in European banking (2009) Journal of International Money and Finance, 28, pp. 115-134; Claessens, S., Laeven, L., What drives bank competition? Some international evidences (2004) Journal of Money, Credit and Banking, 36 (3), pp. 565-583; Claessens, S., Competition in the financial sector: Overview of competition policies (2009) The World Bank Research Observer, 24 (1), pp. 83-118; Cupian, Abduh, M., (2016) Competitive Condition and Market Power of Islamic and Commercial Conventional Banks in Indonesia, , Macroprudential Regulation and Policy for the Islamic Financial Industry. Springer International Industry; Cupian, Abduh, M., Competitive condition and market power of Islamic banks in Indonesia (2017) International Journal of Islamic and Middle Eastern Finance and Management, 10 (1), pp. 77-91; Didenko, I., Bohma, S., Research of competition in deposit market of Ukraine based on the panzar-rosse model (2016) Baltic Journal of Economic Studies, 2 (2), pp. 48-54; Fahmi, I., (2012) Dinamika Struktur Pasar Dan Perilaku Bank Serta Dampaknya Terhadap Kinerja Industri Perbankan Syariah Indonesia (Doctoral Thesis); De Rozas, L.G., (2007) Testing for Competition in the Spain Banking Industry: The Panzar-Rosse Approach Revisited; Hamza, R.A., (2011) Validation Panzar-Rosse Model in Determining the Structural Characteristics of Tunisian Banking Industry; Iman, N., (2009) Analisis Tingkat Persaingan Industri Perbankan Syariah di Indonesia: Aplikasi Model Panzar-Rosse (Bachelor's Thesis); Kuzucu, S., Concentration and competition in Turkish banking industry : The evidence from 2000 to 2012 (2015) International Journal of Finance and Banking Studies, 4 (3), pp. 1-10; Le, T.H., (2014) Market Concentration and Competition in Vietnamese Banking Sector; Muhari, S., Hosen, M.N., Efficiency of the islamic rural bank in six zones of Indonesia (2015) Journal of Islamic Banking and Finance, 32 (3), pp. 51-65; Owusu-Antwi, G., Antwi, J., Do financial sector reforms improve competition of banks? An application of panzar and rosse model : The case of ghanaian banks (2013) International Journal of Finance Research, 4 (3), pp. 43-61; Rahardja, P., Manurung, M., (2004) Teori Ekonomi Makro: Suatu Pengantar, , Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia. Jakarta; Shaffer, S., Non-structural test for competition in financial markets (1982) Bank Structure and Competition, Conference Proceedings, Federal Reserve Bank of Chicago, pp. 225-243; Shaffer, S., Patterns of competition in banking (2004) Journal of Economics and Business, 56 (4), pp. 287-313; Shepherd, W.G., (1990) The Economics of Industrial Organization (3rd Ed.)., , Prentice-Hall, Inc. New Jersey; Syofyan, S., Usman, B., Foreign bank competition and it's impact toward banking competition (2016) OIDA International Journal of Sustainable Development, 9 (12), pp. 65-74; Widyastuti, R., Armanto, B., Kompetisi industry perbankan Indonesia (2013) Buletin Ekonomi Moneter Dan Perbankan, 15 (4), pp. 417-440},
correspondence_address1={Hosen, M.N.; States University of Syarif Hidayatullah JakartaIndonesia; email: enezhosen@gmail.com},
publisher={Serials Publications},
issn={09727302},
language={English},
abbrev_source_title={Int. J. Appl. Bus. Econ. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Filonik201785,
author={Filonik, A.O.},
title={The islamic banking: Goals for the nearest future},
journal={World Economy and International Relations},
year={2017},
volume={61},
number={2},
pages={85-93},
doi={10.20542/0131-2227-2017-61-2-85-93},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032990480&doi=10.20542%2f0131-2227-2017-61-2-85-93&partnerID=40&md5=7a2c16a501af9e1c8182a28e148235f2},
affiliation={Institute of Oriental Studies, Russian Academy of Sciences (IV RAN), 12, Rozhdestvenka Str., Moscow, 107031, Russian Federation},
abstract={By now, the Islamic banks have passed through a rather historically short period since their first steady appearance at the financial markets in the Arab region. Nevertheless, this period was a scene for various events which finally resulted in creation of the successful Islamic project that has led the whole industry to the bloom. Meanwhile, the time that should undoubtedly be regarded as a preliminary stage of the Islamic capital formation and increase is coming to its end. One can say that the Islamic banks have already reached the ceiling in their capacity, and now ought to somehow revise their positions, evaluate perspectives and design a policy which would allow them to stay progressive in their future actions. The list of their weak points is not long enough. However, they are fairly sensitive and closely related not only to new spheres of a capital use, but also to more effective practices of assets management aimed at gathering of all efforts and remedies available in order to secure the new rise of the Islamic banking. It is worth to say that a rather big portion of efforts has been wasted till now due to losses in friction generated inside conservative mechanisms of the banks themselves and among them as well. In regard to the problems facing the industry, its managers do not consider that it will be easy to quickly mobilize the huge structures of the Sharia banks and push them forward with a necessary velocity. It may be no accident that the current time-table of the Sharia banking development program confirms the lack of meaningful positive shifts, while the whole deal is now proceeding to rotate round the common problems of the Islamic industry. The author assumes that critical understanding of the road passed by the Islamic banking may be considered a good potential for them to concentrate on the most important issues in a more decisive manner which may change the balance in favor of contemporary banking techniques and more effective social protection.},
author_keywords={Commercial financing;  Competitiveness;  Conventional banks;  Islamic assets;  Islamic banks;  Microfinancing;  Sharia standards},
references={Al Tawil, A.R., Dubai passed a record distance as the capital of the islamic economy (In Arabic) Al Bayan, , 29.10.2014; Global leaders at the forum Khaleej Times, , 29.10.2014; Al Tamimi, A.Z., Future of the arab economy (In Arabic) (2015) Al Arabi, (678), pp. 19-21. , May; Islamic banking needs global standartization (2013) Business Islamica, 7 (8), pp. 30-32; Owermohly, S., Going global with islamic finance (2013) Business Islamica, 7 (8), pp. 34-35; Is islamic banking reaching potential? (2013) Business Islamica, 7 (8), p. 2; Bocharova, L.S., Remarks on microfinancing in the arab countries (2011) Lomonosovskie Chteniya-2011. Sektsiya Vostokovedeniya [Lomonosov Readings-2011. Oriental Studies], pp. 143-145. , Moscow, IAAS MSU; Das Bubu, A., Banks can provide innovative financing Gulf News, , 26.02.2014; Rashid, A., We invest the waquf capital and develop it in harmony with the sharia low and in accordance with the right policy (In Arabic) Arrai, , 15.11.2009},
correspondence_address1={Filonik, A.O.; Institute of Oriental Studies, 12, Rozhdestvenka Str., Russian Federation; email: fao44@mail.ru},
publisher={Nauka Publishing House},
issn={01312227},
language={Russian},
abbrev_source_title={World Economy Int. Relat.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ahmadvand2017281,
author={Ahmadvand, M. and Tamalloki, H.},
title={Using VIKOR method to prioritise sharia-compliant equivalents for short selling (based on evidence of Iran's stock market)},
journal={Afro-Asian Journal of Finance and Accounting},
year={2017},
volume={7},
number={3},
pages={281-303},
doi={10.1504/AAJFA.2017.085560},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85026813079&doi=10.1504%2fAAJFA.2017.085560&partnerID=40&md5=a6be0ad83cb4d16ac70e1c52cf4c4fcf},
affiliation={Allameh Tabataba'i University, Tehran, Iran},
abstract={Short selling is a transaction which clearly violates general rules of sharia, so using it in Islamic financial markets has some difficulties. For this reason, financial researchers, along with Islamic scholars, have tried to benefit from aforementioned instrument for the development of capital markets. In order to take advantage of short selling, particular methods and strategies need to be identified. Islamic clerics have proposed various alternatives for simulating short selling. This paper, by means of VIKOR method, evaluates and prioritises sharia-compliant equivalents for short selling and introduces the most proper approach (approaches) for implementing in Iran's stock market. © 2017 Inderscience Enterprises Ltd.},
author_keywords={Iran's stock market;  Murabaha;  Salaf;  short selling;  VIKOR;  Wa'ad},
references={Azar, A., Momeni, M., (2008) Statistics and Its Application in Management (Statistical Analysis), , SAMT, Tehran; Azar, A., Rajabzadeh, A., (2010) Practical Decision Making, MADM Approach, , Negah-e Danesh, Tehran; (2013) Murabaha (Operational Requirements), , http://www.bnm.gov.my/guidelines/05_shariah/CP_Murabahah.pdf, Bank Negara Malaysia, Concept paper, April, (accessed 2 April 2015); Bris, A., Goetzmann, W.N., Zhu, N., (2003) Efficiency and the Bear: Short Sales and Markets Around the World, , Working paper, Yale University; DeLorenzo, S.Y.T., (2008) The Arboon Sale: A Shariah Compliant Alternative to Selling Short with Borrowed Securities, , http://www.shariahcap.com/staging/pubs/shariah/the_arboon_sale_english.pdf, July, Shariah Capital Inc, (accessed 29 March 2015); (2010) Short Selling, , https://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000255171.PDF, Deutsche Bank Research, March; Fabozzi, F.J., Asness, C., (2008) Short Selling: Strategies, Risks, and Rewards, 1st Ed., , John Wiley & Sons, Hoboken, New Jersey; Gregoriou, G.N., (2011) Handbook of Short Selling, 1st Ed., , Academic Press, Waltham, Massachusetts; Hwang, C.L., Masud, A.S.M., (1979) Multiple Objective Decision Making: Methods and Applications, , Springer, Berlin; Hwang, C.L., Yoon, K., (1981) Multiple Attribute Decision Making: Methods and Applications, , Springer, Berlin; Icm, M., Islamic alternatives to short selling (2009) Quarterly Bulletin of Malaysian Islamic Capital Market, 4 (1). , http://www.sc.com.my/wp-content/uploads/eng/html/icm/0903_msianicm.pdf, March, (accessed 28 March 2015); Opricovic, S., Tzeng, G.H., Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS (2004) European Journal of Operational Research, 156 (2), pp. 445-455; Staley, K.F., (1997) The Art of Short Selling, 1st Ed., , John Wiley & Sons, USA; Islamic Bank, T., (1997) The Salam Sale Contract: In Jurisprudence and Practice, , http://tadamonbanksd.com/prints/publi/4.pdf, December, The Publications Series of Tadamon Islamic Bank, (accessed 2 April 2015); Talebi, M., Mousavian, S.A., Soltani Nejad, H., A comparative study of stock short selling by Islamic contracts (2007) Journal of Islamic Economics, 8 (27), pp. 131-155; (2014) Short Sale Position and Transaction Reporting, , http://www.sec.gov/dera/reportspubs/special-studies/short-sale-position-andtransactionreporting.pdf, US Securities and Exchange Commission , June, (accessed 30 March 2015); Usmani, M.T., Salam and Istisna, , http://http://www.accountancy.com.pk, (accessed 31 March 2015); Wu, H.Y., Tzeng, G.H., Chen, Y.H., A fuzzy MCDM approach for evaluating banking performance based on balanced scorecard (2009) Expert Systems with Applications: An International Journal, 36 (6), pp. 10135-10147; Yu, P.L., A class of solutions for group decision problems (1973) Management Science, 19 (8), pp. 936-946; Zeleny, M., (1982) Multiple Criteria Decision Making, , McGraw-Hill, New York},
correspondence_address1={Ahmadvand, M.; Allameh Tabataba'i UniversityIran; email: maysam.21989@gmail.com},
publisher={Inderscience Publishers},
issn={17516447},
language={English},
abbrev_source_title={Afro-Asian J. Financ. Account.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hassan201727,
author={Hassan, R. and Salman, S.A.},
title={Guiding principles in developing Shari'ah governance framework for Islamic capital market},
journal={International Journal of Economic Research},
year={2017},
volume={14},
number={6},
pages={27-38},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85019561222&partnerID=40&md5=7a3c960a5bf0211140f44acef6bf1c74},
affiliation={Institute of Islamic Banking and Finance (IIiBF), International Islamic Universty Malaysia, Malaysia},
abstract={Shan'ah compliance is the foundation of the Islamic financial markets, including Islamic capital market. From the beginning, the Islamic capital market (ICM) was developed to support the other two Islamic financial markets such as Islamic Banking and Takaful. Later on, it became the investment avenue for investors looking for Shan'ah compliant investment and financing Presently, the Shari'ah governance framework and regulations have been implemented for Islamic banks and Takaful. On the contrary, there is lack of similar framework of Shan'ah Governance for the Islamic capital market. Malaysia having positioned itself as a hub of Islamic finance should introduce a Shan'ah governance framework for the Islamic capital market. Thus, the objective of this paper is to provide the principles on which the theoretical Shari'ah governance framework for the Islamic capital market can be developed. These principles are Islamic accountability and responsibility, independence and objectivity, competence, confidentiality and commitment, consistency, Shari'ah audit and review, transparency and disclosure, corporate social responsibility and ethicality. In addition, this paper discusses the Shan'ah governance practices in Indonesia, Bahrain, Pakistan, Kuwait and Malaysia. This write-up will be of interest to individual players, regulators, investors and the public. © Serials Publications Pvt. Ltd.},
author_keywords={Framework;  Islamic capital market and Malaysia;  Shan'ah Governance},
references={Ahmad, W., Radzi, R.M., Sustamability of sukuk and conventional bonds dunng financial crisis: Malaysian capital market (2011) Global Economy and Financial Journal, 4 (2), pp. 33-45; Basri, H., Abdul Khalid, S.N., Examining accounting and accountability issues in religious context: Insight from literature (2012) Aceh International Journal of Social Sciences, 1 (91), pp. 24-31; (2009) Islamic Capital Market, , http://www.iefpedia.com/english/wp-content/uploads/2009/10/TheIslamic-Capital-Market.pdf; Dusuki, A.W., What does Islam say about corporate social responsibility? (2008) Review of Islamic Economics, 12 (1), pp. 5-28; Dusuki, A.W., Challenges of realizing maqasid al-shariah (objectives of Shari'ah) in Islamic capital market: Special focus on equity-based sukuk (2009) 3rd USM-ISDEV International Islamic Management Conference on Islamic Capital Market, , 28th and 29th October 2009, USM, Penang; Hasan, A.B., Laws, A.I.K.O., Optimal Shanah governance in Islamic finance (2007) Islamic Finance News, 4 (14), p. 7; Hasan, Z., Regulatory framework of Shan'ah governance system in Malaysia, GCC Countnes and the UK (2010) Kyoto Bulletin of Islamic Area Studies, 3 (2), pp. 82-115; Hassan, A., Latiff, S.B.A., Corporate social responsibility of Islamic financial institutions and businesses: Optimizing chanty value (2009) Humanomics, 25 (3), pp. 177-188; Htay, S.N.N., Salman, S.A., Meera, A.K.M., Let's move to" universal corporate governance theory" (2013) Middle East Journal of Sdentific Research, 15 (7); Hussain, M.M., Pasha, A.T., Conceptual and operational differences between general takaful and conventional insurance (2011) Australian Journal of Business and Management Research, 1 (8), pp. 23-28; Iqbal, Z., Mrakhor, A., (2011) An Introduction to Islamic Finance, , 2nd Edition, John Wiley and Sons; Iqbal, Z., Tsubota, H., Emerging Islamic capital markets-a quickening pace and new potential (2006) Euro Money: International Debt Capital Markets Handbook, , http://treasury.mMbank.org/cmd/pdf/Euromoney_2006_HandbookJnternational_Debt_Capital_Markets.pdf; Kasim, N., Htay, S.N.N., Salman, S.A., Shanah governance for Islamic capital market: A step forward (2013) International Journal of Education and Research, 1, pp. 1-14; Kassim, S.H., (2010) Global Financial Cnsis and Integration of Islamic Stock Markets in Developed and Developing Countres, , Institute of Developing Economies, Japan External Trade Organization; Khalichi, A.E.L., Humayun, K.S., Aroun, M., Teulon, F., (2014) Are Islamic Equity Indices More Efficient Than Their Conventional counterparts?, , Evidence from major global index families No. 2014-091; Muwazir, M.R., Muhamad, R., Noordin, K., Corporate social responsibility disclosure: A Tawhidic approach (2006) Jurnal Syanah, 14 (1), pp. 125-142; Nazar, J.K., Regulatory and financial implications of sukuk's legal challenges for sustainable sukuk development in islamic capital market (2011) 8th International Conference on Islamic Economics and Finance (Doha); Omar, M.N., The Islamic view on money and its implication for financial instruments (2011) ISRA International Journal of IslamicFinance, 3 (1), pp. 161-167; Perry, F.V., Rehman, S.S., Globalization of Islamic finance: Myth or reality? (2011) International Journal of Humanities and Social Science, 1 (19), pp. 107-119; (2008) Malaysia. Asia's Financial Hub, , http://wwwpm.Com/en_MY/my/assets/publications/Islamic-Finance-Hubpdf, Pricewaterhouse Coopers; Rosly, S.A., Zaini, M.A.M., Risk-return analysis of Islamic banks' investment deposits and shareholders' fund (2008) Managerial Finance, 34 (10), pp. 695-707; Radzi, R.M., Muhamed, N.A., An international comparative study on shanah governance supervision of sukuk defaults (2012) Journal of Islamic Economics, Banking and Finance, 826 (3); Saad, N.B.M., Mohamad, N.E.A.B., Sukuk in Malaysian capital market (2012) 3rdInternational Conference on Bussiness and Economic Research; Salihu, A.A., Odukoya, A.J.B., The approach of fiqh to islamic economic system: The role of Muslim scholars (2011) Kuwait Chapter of Arabian Journal of Business and Management Review, 1 (3), pp. 59-86. , November 2011; (2001) Capital Market Master Plan Malaysia, , http://www.iiibf.org/media/cmp-malaysia.pdf, Securities Commission; (2001) The Islamic Capital Market in Malaysia: Broadening the Islamic Financial Sector, pp. 24-35. , Secunties Commission, Annual Report; (2013) Enhancing Infrastructure for Islamic Capital Market, , http://www.Comceccmr.org/media/9532/islamic20finance%20report_2013.pdf, Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Capital Cooperation; Suandi, A.B., (2013) Islamic Accounting in Indonesia: A Review from Current Global Situation, , https://dspace.wul.waseda.ac.jp/dspace/bitstream/2065/40460/1/ShogakuKenkyukaKiyo_77_Suandi.pd; (2011) The Financial Cnsis Inquiry Report, , http://www.gpo.gov/fdsys/pkg/GPOFCIC/pdf/GPO-FCIC.pdf, Washington: U. S. Government Printing Office; Zawya, T.R., (2014) Sukuk Perceptions and Forecast Study 2014, , http://www.zawya.com/files/Islamicreports/tr-sukuk-perceptions-and-forecast-2014.pdf; Wan Abdullah, W.R., Roudaki, J., Clark, M., The Evolution of the Islamic Capital Market in Malaysia, , http://www.victoria.acnz/sacl/about/events/past-events2/pastconferences/6ahic/pubications/6AHIC75FINAL_paper.pdf; Wan Azmi, W.N., (2007) Creating an Effective and Efficient Regulatory Framework for the Islamic Capital Market, , http://klbs.com.my/v1/wp-content/uploads/2012/04/010Regulatory-Framework.pdf; Zin, M.Z.M., Ishak, S., Kadir, A.R.A., Latif, M.S.A., Growth and prospect of Islamic finance in Malaysia (2011) International Proceedings of Economics Development and Research, 5 (1)},
publisher={Serials Publications},
issn={09729380},
language={English},
abbrev_source_title={Int. J. Econ. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Karabulatova201733,
author={Karabulatova, A. and Kim, L.},
title={Kazakhstan-Saudi Arabia: Foreign policy contacts and interaction in the context of Anti-Russian sanctions},
journal={Central Asia and the Caucasus},
year={2017},
volume={18},
number={1},
pages={33-39},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85015945268&partnerID=40&md5=6b21c74abebeec98b56a4bb28549d7e0},
affiliation={Department of Sociology of Knowledge, Institute of Socio-Political Research, Russian Academy of Sciences, Moscow, Russian Federation},
abstract={The second decade of the twenty-first century is demonstrating an unprecedented scope of foreign economic activities (international economic operations) in which TNCs act as traders (merchants), investors, promoters of latest technologies that invigorate international labor migration. They are responsible, to a great extent, for the dynamics, structure and level of competitiveness in the world market of goods and services, international movement of capital and transfer of technologies (knowledge). There is a group of oil-rich states among the independent states in the Persian Gulf region that scored considerable economic victories. In the last few decades, unfolding globalization, widening economic ties and the emerging new parameters of international relations have moved the Gulf monarchies (that own 43.9% of the world’s proven oil reserves and 15.5% of natural gas resources) from the region’s periphery to the center of world economics and Middle Eastern politics. The Middle East is an object rather than a subject of geopolitics. The West remains convinced that despite its rich fuel resources, the Muslim world is unable to create an efficient economic model, while the local people are not interested in business. This is not true: the Arabic Middle East has performed a fantastic leap into the future that disproved the Western stereotypes. Today, Saudi Arabia invests into many countries of the world, its interests stretching far and wide outside the Middle East: in particular, it is drawing closer to Kazakhstan with inevitable readjustments of both countries’ foreign policy priorities. © 2017, CA and CC Press AB. All rights reserved.},
author_keywords={Foreign policy;  Investments;  Islamic banking;  Kazakhstan;  Middle Eastern policies;  Saudi Arabia;  Soft power},
references={Karabulatova, I., Akhmetova, B., Shagbanova, K., Loskutova, E., Sayfulina, F., Zamalieva, L., Dyukov, I., Vykhrystyuk, M., Shaping Positive Identity in the Context of Ethnocultural Information Security in the Struggle against the Islamic State (2016) Central Asia and the Caucasus, 17 (1), pp. 84-92; Tokaev, K., (2000) Vneshniaia Politika Kazakhstana V Usloviiakh Globalizatsii, 547p. , Elorda, Almaty; Kamal, N.E., Almulla, M.A., Karabulatova, I.S., Karabulatova, A.S., (2016) The Arab East and Russia: Current Transformations of Multinational Corporations, 138p. , ed. by G. Osipov, ISPR RAS, Moscow; Bekkin, R., (2009) Islamskie Finansovye Instituty I Instrumenty V Musulmanskikh I Nemusulmanskikh Stranakh: Osobennosti I Perspektivy Razvitiia, 368p. , Author’s abstract of Doctorate Thesis, 08.00.14, Institute of Africa, (Takaful is a form of mutual insurance based on the principles of cooperative risk sharing, mutual responsibility, mutual protection, and solidarity among groups of participants.); Osipov, G., Karabulatova, A., Karabulatova, I., Mezhdunarodnye korporatsii s ispolzovaniem islamskogo bankinga kak otlichitelnaia cherta sovremennoy globalizatsii (2015) Nauchnoe Obozrenie, Series 2, Humanitarian Sciences, 5, pp. 5-12; Lewis, M.K., Hasan, M.K., (2007) Handbook of Islamic Banking, and Islamic Finance, , The International Library of Critical Writings in Economics, Edward Elgar; http://www.caravan.kz/news/kazakhstan-predlagaet-dlya-rossijjskogo-biznesa-sushhestvennye-nalogovye-lgoty-pri-investirovanii-v-predpriyatiya-nesyrevogo-sektora-masimov-244145/, See: “Kazakhstan Offers Russian Businesses that Invest into the Non-Raw Material Sector Considerable Tax Privileges— Masimov,” Karavan media, available in Russian at; (2016), http://kzinform.com/ru/news/20160926/42933.html, December, 2016; “It is Planned to Introduce Tax Privileges for the Users of Subsurface Resources,” available in Russian at, 16. December; Ramazanov, R., Kanapiyauly, E., Omarkulov, K.H., Omargaliev, A., (2016) Podrobnosti Ofitsialnogo Vizita N. Nazarbaeva V Saudovskuyu Araviyu, , http://24.kz/ru/news/top-news/item/145111-podrobnosti-ofitsialnogo-vizita-v-saudovskuyu-araviyu, 17. December; (2016), http://bnews.kz/ru/news/politika/President/nursultan_nazarbaev_pribil_s_ofitsialnim_vizitom_v_saudovskuu_araviu-2016_10_25-1294385, “Nursultan Nazarbaev pribyl s ofitsialnym vizitom v Saudovskuyu Araviyu,” available at, 16. December; (2016), http://www.time-namaz.ru/news_islam-9501-nazarbaev_nazval_vizit_v_saudovskuyu_araviyu_poleznym_html, “Nazarbaev nazval visit v Saudovskuyu Araviyu poleznym,” available at, 12. December; Balandier, G., (1972) Political Anthropology, , Pelican; Bardakov, A.I., (2007) Vlast V Formakh Organizatsii Zhiznedeiatelnosti Obshchestva, , Author’s abstract of a Doctorate Thesis, Volgograd; Almond, G., (1980) The Culture: Political Altitudes and Democracy in Five Nations, , Princeton University Press, New Jersey; Arendt, H., (2004) The Origins of Totalitarianism, , Schocken, New York; Albright, M., (2006) The Mighty and the Al Mighty: Reflections on America, , God, and World Affairs, HarperCollins; Strada, V., Razmyshleniia o politicheskikh religiiakh XX veka Religiia I Politika V XX Veke: Materialy Vtorogo Kollokviuma Rossia I Italia, Institute of World History, p. 2005. , RAS, Moscow; Huntington, S.P., (1968) Political Order in Changing Societies, , Yale University Press, New Haven and London; Gobozov, I., (1998) Filosofiia Politiki, , Teis, Moscow; Ignatenko, A., (2004) Islam I Politika, Collection of Articles, , Institute of Religion and Politics, Moscow; Mukhametshin, R., Stanovlenie konfessionalnoy politiki v Rossii: Opyt Tatarstana (2010) Politicheskaia Ekspertiza, 6 (2); Ustyantsev, V., Antropologiia riska: Kontseptualnye osnovaniia (2006) Obshchestvo Riska I Chelovek: Ontologicheskiy I Tsennostny Aspekty, , Nauka Publishers, Saratov; Baudrillard, J., (1976) L’Echange Symbolique Et La Mort, , GALLIMARD; Rorty, R., (1999) Religion as a Conversation—Stopper. Philosophy and Social Hope, , Penguin Books, London; Rawls, J., (1964) Political Liberalism, , http://www.4uth.gov.ua/usa/english/society/ijse0397/tocsv.htm, Columbia University Press, New York, “Separation and Interaction: Religion and Politics in the United States: An Interview with Kenneth D. Wald,” Electronic Journal of the U.S. Information Agency, Vol. 2, No. 1, March 1997; Habermas, J., Religia, parvo i politika: Politicheskaia spravedlivost v multikulturnom Mir-Obshchestve (2010) Polis, (2). , https://www.youtube.com/watch?v=ad4hjAEphV8, (see also: J. Habermas, “Religion, Law and Politics: On Political Justice in a Multicultural World Society,” available at; Stout, J., (2004) Democracy and Tradition, , Princeton University Press; Zakaria, F., (2003) The Future of Freedom: Illiberal Democracy at Home and Abroad, , W.W. Norton & Company Inc; Laruelle, M., (2005) Prinadlezhnost K Islamu Kak Politicheskiy Kriteriy: Politizatsia Dukhovnykh Upravleniy I Sozdanie Musulmanskikh Partiy, , Islam, identichnost i politika v postsovetskom prostranstve, Master Layn, Kazan; Malashenko, A., (2006) Islamskaia Alternativa I Islamskiy Proekt, Ves Mir, , Moscow; Bartlett, R., The Making of Europe. Conquest (1993) Colonization and Cultural Change, pp. 950-1350. , Penguin Books Ltd., London; Gumilev, L., (2002) Geografia Etnosa V Istoricheskiy Period, , Ayris-Press, Moscow; Makarenko, V., Fanatizm i tolerantnost: Dialektika bibleysko-tserkovnykh istokov (2011) Politicheskaia Kontseptologiia, (4); Spengler, O., (1991) The Decline of the West, , Oxford University Press; Toynbee, A., (1948) Civilization on Trial, , Oxford University Press; Arzumanov, I., (2008) Transformatsiia Prostranstva Religioznoy Kultury Baykalskogo Regiona V Transaziatskom Kontekste: XX-XXI Vv, , http://www.dissercat.com/content/transformatsiya-prostranstva-religioznoi-kultury-baikalskogo-regiona-v-transaziatskom-kontek, Author’s abstract of Doctorate Thesis, Moscow, 15. December, 2016; Bourdieu, P., (2007) Sotsialnoe Prostranstvo: Polia I Praktiki, , Aleteya, St. Petersburg; Kepel, G., (2002) Jihad: The Trail of Political Islam, , Belknap Press of Harvard University Press, Cambridge; Calvet, J., (2008) Islamism: A Documentary and Reference Guide, Westport, , Connecticut, London; Beck, U., (1999) What is Globalization?, , Polity Press, Cambridge; Pogorelskaya, S., Musulmane v Germanii: Spetsifika integratsii (2008) Aktualnye Problemy Evropy, (1); Pipes, D., Explains ‘Islamism’ (2000), The Minaret, September; Trofimova, O., Musulmane i islam v Zapadnoy Evrope (2009) Mirovaia Ekonomika I Mezhdunarodnye Otnosheniia, (10); Huntington, S., (1976) No Easy Choice: Political Participation in Developing Society, , New York; Тodd, E., (1994) Le Destin Des immigrés (Assimilation Et ségrégation Dans Les démocraties Occidentals), , Seuil, Paris; Semedov, S.A., (2009) Islam V Politike: Ideologiia I Praktika, , Ekon-Inform, Moscow; Qutb, S., (1988) Jihaad in the Cause of God, pp. 107-142. , Milestones, 2nd ed,.Transl. by S. Badruh Hasan, International Islamic Publishers Ltd., M.A. Karachi, Pakistan},
publisher={CA and CC Press AB},
issn={14046091},
language={English},
abbrev_source_title={Cent. Asia Cauc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Yildiz201763,
author={Yildiz, S.B. and El Khamlichi, A.},
title={The performance ranking of Emerging Markets Islamic indices using risk adjusted performance measures},
journal={Economics Bulletin},
year={2017},
volume={37},
number={1},
pages={63-78},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85010408490&partnerID=40&md5=aeb07b17d0f863b005c6276c63b17d3f},
affiliation={Celal Bayar University, Turkey; ENCG, LERSEM, Chouaib Doukkali University, Morocco},
abstract={This paper evaluates the performance of Emerging Market (EM) Morgan Stanley Capital International (MSCI) Islamic indices of 20 countries located in 3 different regions; using 16 different risk adjusted performance measures (RAPMs). The conducted tests show that only Sharpe and M2 Ratios give the identical rankings, Pearson Linear Correlation Coefficient analysis was also performed to measure the correlation between the rankings of 16 RAPMs. The final rankings of the indices are obtained using the Borda count method. Our results suggest that, on a regional basis, the performances of Asian countries are found to be better than both Latin American and EMEA (Europe, Middle East and Africa) region countries. When the countries are examined individually, EM Colombia Islamic index comes first in the assessment; EM United Arab Emirates Islamic index comes at the last position.},
references={Agarwal, V., Naik, N.Y., "Risks and portfolio decisions involving hedge funds (2004) Review of Financial studies", 17 (1), pp. 63-98; Ahmad, Z., Ibrahim, H., 'A study of performance of the KLSE Syariah index' (2002) Malaysian Management Journal, 6 (1-2), pp. 25-34; Al-Khazali, O., Lean, H.H., Samet, A., Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach (2014) Pacific-Basin Finance Journal, 28, pp. 29-46; Alexander, G.J., Baptista, A.M., Portfolio performance evaluation using value at risk (2003) The Journal of Portfolio Management, 29 (4), pp. 93-102; Arouri, M.E., Ben Ameur, H., Jawadi, N., Jawadi, F., Louhichi, W., 'Are Islamic finance innovations enough for investors to escape from a financial downturn?. Further evidence from portfolio simulations' (2013) Applied Economics, 45 (24), pp. 3412-3420; Auer, B.R., Does the choice of performance measure influence the evaluation of commodity investments? (2015) International Review of Financial Analysis, 38, pp. 142-150; Bacon, C.R., (2012) 'Practical risk-adjusted performance measurement', , John Wiley & Sons; Burke, G., A sharper Sharpe ratio (1994) Futures, 23 (3), p. 56; Caporin, M., Lisi, F., (2009) 'Comparing and selecting performance measures for ranking assets', , Available at SSRN 1393163; Charles, A., Darné, O., 'Are the Islamic indexes size or sector oriented?. Evidence from Dow Jones Islamic indexes' (2015) Economics Bulletin, 35 (3), pp. 1897-1905; Dewandaru, G., IsmathBacha, O., Masih, A.M.M., Masih, R., Risk-return characteristics of Islamic equity indices: Multi-timescales analysis (2015) Journal of Multinational Financial Management, 29, pp. 115-138; El Khamlichi, A., Sarkar, K., Arouri, M., Teulon, F., 'Are Islamic equity indices more efficient than their conventional counterparts?. Evidence from major global index families' (2014) Journal of Applied Business Research, 30 (4), pp. 1137-1150; El Khamlichi, A., Sannajust, A., Sarkar, H.K., 'Islamic equity indices: insight and comparison with conventional counterparts' (2014) Bankers, Markets and Investors, 130, pp. 69-80; Eling, M., Schuhmacher, F., Does the choice of performance measure influence the evaluation of hedge fund indices? (2006) Credit and Capital Markets, 39, pp. 419-454; Eling, M., Schuhmacher, F., Does the choice of performance measure influence the evaluation of hedge funds? (2007) Journal of Banking and Finance, 31 (9), pp. 2632-2647; Emerson, P., The original Borda count and partial voting (2013) Social Choice and Welfare, 40 (2), pp. 353-358; Ghoul, W., Karam, P., MRI and SRI Mutual Funds: A Comparison of Christian, Islamic (Morally Responsible Investing), and Socially Responsible Investing (SRI) Mutual Funds (2007) Journal of Investing, 16 (2), pp. 96-102; Guyot, A., Efficiency and Dynamics of Islamic Investment: Evidence of Geopolitical Effects on Dow Jones Islamic Market Indexes (2011) Emerging Markets Finance and Trade, 47 (6), pp. 24-45; Hussein, K., Ethical Investment: Empirical Evidence from FTSE Islamic Index (2004) Islamic Economic Studies, 12 (1), pp. 21-40; Hussein, K., Omran, M., Ethical Investment Revisited: Evidence from Dow Jones Islamic Indexes (2005) The Journal of Investing, 14 (3), pp. 105-124; Ho, C.S.F., AbdRahman, N.A., Yusuf, N.H.M., Zaminor, Z., Performance of global Islamic versus conventional share indices: International evidence (2014) Pacific-Basin Finance Journal, 28, pp. 110-121; (2016) 'Capital Flows to Emerging Markets', , https://images.magnetmail.net/images/clients/IIF_2/attach/CF_0116_Press(3).pdf, (accessed May 2016); Iqbal, M., (2002) Islamic Banking and Finance: Current Developments in Theory and Practice, , Islamic Foundation Publications, Leicester, UK; Jensen, M.C., The performance of mutual funds in the period 1945-1964 (1968) The Journal of Finance, 23 (2), pp. 389-416; Kaplan Paul, D., Knowles, J.A., Kappa: a generalized downside risk-adjusted performance measure (2004) Journal of Performance measurement, 8, pp. 42-54; Keating, C., Shadwick, W.F., A Universal Performance Measure (2002) Journal of Performance Measurement, 6 (3), pp. 59-84; Kestner, L., Getting a handle on true performance (1996) Futures, 25, pp. 44-46; Kidd, D., The Sharpe Ratio and the Information Ratio (2011) Investment Performance Measurement Feature Articles, 1, pp. 1-4; Martin, P., McCann, B., (1998) The investor's guide to fidelity funds: Winning strategies for mutual fund investing (2nd ed.), , Redmond: Venture Catalyst Inc; Miglietta, F., Forte, G., (2007) 'Islamic Mutual Funds as Faith-Based Funds in a Socially Responsible Context', , Luigi Bocconi University, Milan; Modigliani, F., Modigliani, L., Risk-adjusted performance (1997) The Journal of Portfolio Management, 23 (2), pp. 45-54; Sharpe, W.F., Mutual Fund Performance (1966) Journal of Business, 39, pp. 119-138; Sortino, F.A., Van Der Meer, R., Downside risk (1991) The Journal of Portfolio Management, 17 (4), pp. 27-31; Sortino, F.A., Van Der Meer, R., Plantinga, A., The Dutch triangle (1999) The Journal of Portfolio Management, 26 (1), pp. 50-57; Treynor, J.L., How to Rate Management of Invested Funds (1965) Harvard Business Review, 44 (1), pp. 63-75; Walk Shausl, C., Lobe, S., Islamic Equity Investing: Alternative Performance, Measures and Style Analysis (2012) The journal of investing, 21 (4), pp. 182-189; Young, T., (1991) 'Calmar ratio: A smoother tool', , Future Magazine; Zakamouline, V., (2010) 'The choice of performance measure does influence the evaluation of hedge funds', , Available at SSRN 1403246; Zaminor, Z., Nor Asma, A., Badri, N., Performance of Global Islamic Indices (2013) Journal of Entrepreneurship and Business, 1 (1), pp. 1-10; (2006) Pain ratio, , StatFacts Online Documentation},
publisher={Economics Bulletin},
issn={15452921},
language={English},
abbrev_source_title={Econ. Bull.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Omar201683,
author={Omar, A. and Jaffar, M.M.},
title={The continuous model of stochastic mudharabah investment},
journal={Pertanika Journal of Social Sciences and Humanities},
year={2016},
volume={24},
number={October},
pages={83-92},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85013447091&partnerID=40&md5=d7f7285c22c55bd77a79ae3a772de4f7},
affiliation={Faculty of Computer and Mathematical Sciences, Universiti Teknologi MARA, Cawangan Johor, Kampus Pasir Gudang, 85009, Malaysia; Faculty of Computer and Mathematical Sciences, Universiti Teknologi MARA (Shah Alam), Shah Alam, Selangor, 40450, Malaysia},
abstract={In Islam, all decisions, activities, policies, strategies and interactions in the economy are related to human relationships. In the Islamic financial system, the syariah rules are considered in all economic activities including investment. Investment is money or capital commitment for the purchase of financial instruments or other assets to gain benefits in the form of interest. Most investment opportunities are interest based but Islamic law strictly prohibits interest or usury, also called riba in Arabic. The prohibition of riba has led to the creation of alternatives schemes for the compensation of investment capital. One of the methods of compensation is by means of profit-sharing and one of the financial contracts that internalise profit sharing is mudharabah. It is an investment partnership in which one party called rab ul mal provides capital while the other party called mudharib brings labour and effort with the provision of profit sharing in some pre-determined proportions. This paper uses the model of stochastic mudharabah investment which can be used in forecasting the profits gain by both two parties in a stock market investment. © Universiti Putra Malaysia Press.},
author_keywords={Investment;  Mudharabah;  Stochastic},
references={Ahmad, A., Humayoun, A.A., Islamic banking and prohibition of Riba/interest (2011) African Journal of Business Management, 5 (5), pp. 1763-1767; Akram, M., Rafique, M., Alam, H.M., Prospects of Islamic banking: Reflections from Pakistan (2011) Australian Journal of Business and Management Research, 1 (2), pp. 125-134; Farooq, M.O., Partnership, equity-financing and islamic finance: Whither profit-loss sharing? (2007) Review of Islamic Economics, 11, pp. 67-88; Ibrahim, M.F., Eng, O.S., Parsa, A., International articles: Shariah property investment in Asia (2009) Journal of Real Estate Literature, 17 (2), pp. 231-248; Jaffar, M.M., (2006) Model Matematik Pelaburan Musyarakah Dan Musyarakah Mutanaqisah. (Doctoral Dissertation), , Pusat Pengajian Sains Matematik, Fakulti Sains dan Teknologi, Universiti Kebangsaan Malaysia; Jaffar, M.M., Mudharabah and musyarakah models of joint venture investments between two parties (2010) 2010 International Conference on Science and Social Research (CSSR)., , Paper presented at the; Jaffar, M.M., Maad, H., Ismail, R., Samson, A.A., The application of new musyarakah model in Islamic banking products (2012) 2012 International Conference on Statistics in Science, Business, and Engineering (ICSSBE)., , Paper presented at the; Jemain, A.A., Perbandingan pembayaran pinjaman cara Islam dan konvensional (1992) Matematika, 8 (2), pp. 133-142; Khan, M.S., Islamic interest-free banking: A theoretical analysis (1986) Staff Papers-International Monetary Fund, 33 (1), pp. 1-27. , le système bancaire islamique: Analyse théorique d'un système qui ne fait pas appel à l'intérêt)(la prohibición islámica de los intereses bancarios: Análisis teórico; Lestari, E., Syari'ah investment (2010) Journal of Indonesian Social Sciences and Humanities, 2, pp. 179-190; Maheran, M.J., New musyarakah model in managing Islamic investment (2010) ISRA International Journal of Islamic Finance, 2 (2), pp. 25-36; Malek, A., Model matematik untuk pembiayaan melalui kaedah musharakah mutanaqisah (2000) Kesturi Jurnal Akademi Sains Islam Malaysia, 11, pp. 1-13; Mohammed, A.R., (2009) Analysis of Islamic Stock Indices, , (Master dissertation). University of Waterloo, Waterloo, Ontario; Presley, J.R., Sessions, J.G., Islamic economics: The emergence of a new paradigm (1994) The Economic Journal, 104 (424), pp. 584-596; Shaharir, M., Pinjaman secara Islam: Satu alternatif (1989) Isu Pengurusan, 1 (1), pp. 3-11; Siddiqui, M.M., The meaning of RIBA and its Prohibation in Islam (2010) Research Journal of International Studies, 16, pp. 58-63; Sincere, M., (2004) Understanding Stocks, , McGraw-Hill; Tachiwou, A.M., Stock market development and economic growth: The case of West African monetary union (2010) International Journal of Economics and Finance, 2 (3), pp. 97-103; Wilmott, P., (2007) Paul Wilmott Introduces Quantitative Finance, , John Wiley & Sons},
correspondence_address1={Jaffar, M.M.; Faculty of Computer and Mathematical Sciences, Malaysia; email: maheran@tmsk.uitm.edu.my},
publisher={Universiti Putra Malaysia},
issn={01287702},
language={English},
abbrev_source_title={Pertanika J. Soc. Sci. Humanit.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Yesuf2016417,
author={Yesuf, A.J.},
title={A comparative analysis of sukuk and conventional bonds},
journal={Springer Proceedings in Complexity},
year={2016},
pages={417-438},
doi={10.1007/978-3-319-18693-1_39},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060491547&doi=10.1007%2f978-3-319-18693-1_39&partnerID=40&md5=ba226c4bd67cf7be1776e0b6339eda92},
affiliation={Department of Business Administration, Marmara University, İstanbul, Turkey},
abstract={Sukuk and bonds are two kinds of financial instruments; despite their differences, they share similar responsibility of fund mobilizing from surplus (spending) units to shortage units. Sukuk can resemble conventional bonds by some of its features, but it is technically neither debt nor equity. It is complex to understand the exact nature of Sukuk and differentiating them from bonds. Conventional bonds are structured on the basis of debt whereas sukuk are basically investment certificates consisting of ownership claims in a pool of assets. Thus, claim embodied in sukuk is not simply a claim to cash flow but also an ownership claim. Although there are various fundamental differences between the sukuk and conventional bonds, both instruments try to solve the same common financial problem of raising capital for needed entities. They offer solutions in different ways to the same financial problem. Therefore, in this chapter an attempt is made to raise the awareness and knowledge base of those who have had little or no exposure to the Islamic financial instrument, such as sukuk, its complex nature and functions in today’s global financial market. The chapter has compared sukuk instruments with conventional bonds based on the basic fundamental variables such as risks, return, and correlation variables. It has also shown the risk diversification potential of sukuk in a portfolio. © Springer International Publishing Switzerland 2016.},
author_keywords={Bond;  Diversification;  F30;  G10;  G11;  G29;  Portolio;  Return;  Risk;  Sukuk},
references={Sundararajan, V., Marston, D., Shabsigh, G., (1998) Monetary Operations and Government Debt Management under Islamic Banking, , IMF working paper, WP/98/144, Washington DC, USA; Wilson, R., (2012) Legal, Regulatory and Governance Issues in Islamic Finance, , Edinburgh guides to Islamic finance, A series edition. Edinburgh University Press Ltd, Edinburgh; Bakar, M.D., Alhabshi, S.M., An Introduction to Islamic Finance, , Chartered Institute of Management Accountants (CIMA), London; Bodiemarcus, K., (2004) Investments, , 6th edn. The McGraw Hill Companies Inc, Columbus; Hans, V., (2009) Islamic Finance, Principles and Practice, , Edward Elgar Publishing Limited, Cheltenham; Frichardson, C., Islamic finance opportunities in the oil and gas sector: An introduction to an emerging field (2006) Tex Int Law J, 42 (119), pp. 122-154; Thomas, A., Cox, S., Kraty, B., (2005) Structuring Islamic Finance Transactions, , Euromoney Books, London; Jobst, A., Kunzel, P., Mills, P., Sy, A., (2008) Islamic Bond Issuance – What Sovereign Bond Managers Need to Know. IMF Policy Discussion Paper, Monetary and Capital Markets Department (MCM), , Washington, DC; Wilson, R., (2004) Overview of the Sukuk Market Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk, pp. 3-17. , Euromoney Institutional Investor PLC, London/England; Zhamal, K.N., (2010) How Risky Sukuk Are: Comparative Analysis of Risks Associated with Sukuk and Conventional Bonds, , Dissertation paper, the British University in Dubai; Tahmoures, A., Afshar, A., Compare and contrast Sukuk (Islamic bonds) with conventional bonds, are they compatible? (2013) J Global Bus Manag, 9 (1), pp. 44-52; Tariq, A.A., (2004) Managing Financial Risks of Sukuk Structures, , A dissertation submitted in partial fulfillment of the requirements of the degree of Master of Science at Loughborough University, UK; Tariq, A.A., Dar H (2007) Risks of Sukuks: Implications for resource mobilization Thunderbird Int Bus Rev, 49 (2), pp. 203-223. , March–April 2007; Usmani, M.T., (2008) Sukuk and Their Contemporary Applications, , AAOIFI Shariah Council, Bahrain; (2008) Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), , Availableat:www.aaoifi.com, Sukuk Shariah standards; (2012) Sukuk Induces Ownership and Liquidity Risks, , http://businessislamica.com/2012/03/13/goldmanssukuk-induces-ownership-andliquidrisks, Posted at; Khalil, A., (2011) Sukuk: Definition, Structure and Accounting Issues, , MPRA paper no. 33675, posted 25, September 2011 13:19 UTC; Robert, S., (2012) Emerging Market Debt: Look Further Afield for Yield. J.P. Morgan Asset Management, , European Bank and Business Centre 6, route de Treves L-2633 Senningerberg, Luxembourg; (2014) Islamic Finance Outlook 2014, , Kuwait Finance House Research Ltd, Kuala Lumpur},
correspondence_address1={Yesuf, A.J.; Department of Business Administration, Turkey; email: abdu_5570@yahoo.com},
publisher={Springer},
issn={22138684},
language={English},
abbrev_source_title={Springer Proc. Complex.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Sifat2016357,
author={Sifat, I.M. and Mohamad, A.},
title={Selling short as ijarah with istihsan and its ethical implication},
journal={Arab Law Quarterly},
year={2016},
volume={30},
number={4},
pages={357-377},
doi={10.1163/15730255-12341324},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85002993671&doi=10.1163%2f15730255-12341324&partnerID=40&md5=e54c556d9cb73ad4b40d8639c65a99f3},
affiliation={International Islamic University Malaysia, Kulliyyah of Economics and Management Sciences, Kuala Lumpur, Malaysia; Department of Finance, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, Kuala Lumpur, Malaysia},
abstract={For most scholars, the concept of selling short, where financial assets are sold without prior possession or ownership, transgresses Islamic principles. However, the Shariah Advisory Council of the Securities Commission of Malaysia (SAC) went against the majority by permitting short selling in 2006. Conventional finance points out that short selling increases liquidity, facilitates price discovery, and enables informational efficiency. Muslim scholars are facing a dilemma: on the one hand, Shariah principles dictate that Islamic capital market transactions and instruments should remain devoid of elements of ambiguity and prohibited characteristics, but on the other hand, the Shariah also demands that the transactions be of social utility to the participating parties. It appears that the SAC allows regulated short selling on the basis of ijarah with istihsan. This article strives to highlight the jurisprudential issues regarding short selling and contribute to an Islamic angle on the ethical implications affecting this phenomenon.},
author_keywords={Fiqh;  Ijarah;  Islamic finance;  Regulation;  Short selling},
references={Ariff, M., The role of market in the Islamic paradigm (1997) IIUM Journal of Economics & Management, 5 (2), pp. 97-107; Murphy, B., (1993) Finance: The Unifying Theme-A Profile of Financier George Soros, , http://www.theatlantic.com/magazine/archive/1993/07/finance-the-unifying-theme/305148/, online at; Clunie, J., Ying, T., (2006) Developing Short-Selling on the Mainland Chinese Equity Markets, , unpublished manuscript, University of Edinburgh; Lo, A.W., MacKinlay, A.C., When are contrarian profits due to stock market overreaction? (1990) Review of Financial Studies, 3 (2), pp. 175-205; Dusuki, A.W., Abozaid, A., Fiqh issues in short selling as implemented in the Islamic capital market in Malaysia (2008) Journal of King Abdul Azis University: Islamic Economics, 21 (2), pp. 63-78; Rahman, A.R.A., (2008) Shariah Audit for Islamic Financial Services: The Needs and Challenges, , unpublished manuscript, ISRA Islamic Finance Seminar, Kuala Lumpur, Malaysia; Mohamad, A., Creating a two-way market via short selling and its potential use in the Islamic paradigm (2013) International Journal of Economics, Management and Accounting, 21 (2), pp. 29-43; Saleem, M.Y., Islamic contract for financing (part 2) (2012) Islamic Banking and Finance: Principles, Instruments & Operations, pp. 116-120. , A. Trakic & H.H. Tajuddin (eds.), (Ampang: CLJ Publication); Chapra, M.U., Comments on M.M. Metwally: Role of the stock exchange in an Islamic economy (1985) Journal of Research in Islamic Economics, 3 (1), pp. 75-81; Uthaymin, M.B.S., (2008) Al-Sharh Al-Mumti Ala Zad Al-Mustaqni, , Riyad: Mu'assasah A?sam; Fahmi, A., Sanna, A., (1992) Urf Wa-l-Adafi Ray Al-Fuqah, , n.p; Al-Zarqa, M., (1968) Al-Madkhal Al-Fiqhi Al-Aamm: Al-Fiqh Al-Islami Fi Thawbihi Al-Jadid, , Damascus: Dar al-Fikr; Harrison, P., (2004) The Economic Effects of Innovation, Regulation, and Reputation on Derivatives Trading: Some Historical Analysis of Early 18th Century Stock Markets, , http://www.econ.tcu.edu/quinn/finhist/readings/paul_harrison.pdf, online at; Lamont, O.A., Stein, J.C., Aggregate short interest and market valuations (2004) American Economic Review, 94 (2), pp. 29-32; Irvine, W.B., Ill-Wind investing: The ethics of wishing (2002) Journal of Business Ethics, 35 (1), pp. 57-63; Angel, J.J., McCabe, D.M., The business ethics of short selling and naked short selling (2009) Journal of Business Ethics, 85 (1), pp. 239-249; Chordia, T., Roll, R., Subrahmanyam, A., Liquidity and market efficiency (2008) Journal of Financial Economics, 87 (2), pp. 249-268; Boehmer, E., Wu, J.J., Short selling and the price discovery process (2013) Review of Financial Studies, 26 (2), pp. 287-322; Berkman, H., McKenzie, M.D., Earnings announcements: Good news for institutional investors and short sellers (2012) Financial Review, 47 (1), pp. 91-113; Boemer, E., Kelley, E.K., Institutional investors and the informational efficiency of prices (2009) Review of Financial Studies, 22 (9), pp. 3563-3594; Chordia, T., Roll, R., Subrahmanyam, A., Evidence on the speed of convergence to market efficiency (2005) Journal of Financial Economics, 76 (2), pp. 271-292; Epstein, G., (2001) Financialisation, Rentier Interests and Central Bank Policy, , unpublished manuscript, Department of Economics, University of Massachusetts, Amherst; Curtis, A., Fargher, N.L., Does short-selling amplify price declines or align stocks with their fundamental values? (2016) Management Science, 60 (9), pp. 2324-2340; Working, H., Speculation on Hedging Markets (1960) Food Research Institute Studies, 1 (2), pp. 185-220; El-Gamal, M.A., (2006) Islamic Finance: Law, Economics, and Practice, , Cambridge: Cambridge University Press},
publisher={Brill Academic Publishers},
issn={02680556},
language={English},
abbrev_source_title={Arab Law Q.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ahmadvand2015191,
author={Ahmadvand, M. and Khajezadeh Dezfuli, H. and Sadehvand, M.J.},
title={Identifying Islamic alternatives to short selling in Iranian stock market and prioritizing them using TOPSIS},
journal={Qualitative Research in Financial Markets},
year={2015},
volume={7},
number={2},
pages={191-214},
doi={10.1108/QRFM-04-2014-0013},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84996563498&doi=10.1108%2fQRFM-04-2014-0013&partnerID=40&md5=b22f181b9e2c01cb4771b5752003a328},
affiliation={Allameh Tabatabaei University, Tehran, Iran; University of Economic Sciences, Tehran, Iran},
abstract={Purpose – This paper aims to first explain short selling and its benefits and damages; then, using experts’ opinions and Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) method as well as based on the legal, financial and jurisprudential criteria adopted, evaluate and prioritize Islamic alternatives to short selling; and finally, introduce the most proper approach for implementing it in Iran’s stock market. Design/methodology/approach – The methods applied in the paper are as follows: Library method to collect the required data for developing the theoretical and jurisprudential foundations of the study, identifying the appropriate criteria for prioritizing; the alternative methods for short selling in the Islamic markets; and the field method to determine the level of significance of the ranking criteria and prioritize the alternative methods for short selling in the Islamic markets on the basis of such criteria. The alternative methods for short selling in Iranian stock market were identified and analyzed jurisprudentially and legally. Afterwards, these strategies were prioritized based on the (legislative, financial and jurisprudential) criteria which were adopted in the form of Delphi from the related literature, research and expert opinions by means of TOPSIS approach. The method with the highest ranking will be introduced as the alternative method for short selling. Findings – The paper suggests that among all Islamic alternatives to short selling, based on experts’ opinions and legal considerations, method of combining Murabaha and Wa’ad is the most proper strategy in Iranian stock market. Research limitations/implications – An important limitation we faced in this study was limited familiarity of Iran, capital market participants with Islamic finance concepts including Islamic alternatives to short selling. Therefore, designed questionnaire was sent only to participants who had experience in the field of Islamic finance that they were not more than 31 people. Of course, in this study, large sample size was not necessary because the questionnaire was completed by experts, and therefore, results were scientific and reliable. Originality/value – One of the transaction strategies which significantly contributes to the enhancement of market liquidity is short selling. However, this strategy is not applicable to the Islamic stock markets because of its contradictions with a number of Islamic laws. Therefore, Islamic financial researchers have attempted to design relevant legal mechanisms drawing on the Islamic contracts to make use of the merits of this transaction strategy. In addition to introducing short selling and its demerits for the stock market, the paper explored the alternative methods and proposed the most proper one for implementing in Iranian stock market. © 2015, © Emerald Group Publishing Limited.},
author_keywords={Arboon sale;  Salam;  Short selling;  TOPSIS;  Wa’ad},
references={Arturo, B., Short Sales and Markets Around the World, , Yale School of Management Publication, New Haven, CT; Arturo, B., Goetzmann, W., Zhu, N., Efficiency and the bear: short sales and markets around the world (2007) Journal of Finance, 62 (3), pp. 1029-1079; Azar, A., Momeni, M., (2008) Statistics and its Application in Management (Statistical Analysis, , SAMT, Theran; Azar, A., Rajabzadeh, A., (2010) Practical decision making, MADM Approach, , Negah-e Danesh, Tehran; (2013) Concept Paper: Murabahah (Operational Requirements), , Bank Negara Malaysia; Dusuki, A.F., Abozaid, A., Fiqh issues in short selling as implemented in the Islamic capital market in Malaysia (2008) Islamic Economics, 21 (2), pp. 63-78; Endo, T., Rhee, S.G., (2006) Margin purchases and short sales in emerging markets: their rationales and design variables, , Financial Sector Paper Series, World Bank, Washington, DC; Fabozzi, F., Asness, C., (2004) Short Selling: Strategies, Risks, and Rewards, , John Wiley & Sons; Fabozzi, F., Asness, C., (2008) Short Selling: Strategies, Risks, and Rewards, , John Wiley & Sons; Hwang, C.L., Masud, A.S., (1979) Multiple Objective Decision Making: Methods and Applications, 164. , Springer, Berlin; Hwang, C.L., Lai, Y.J., Liu, T.Y., A new approach for multiple objective decision making (1993) Computers and Operational Research, 20 (8), pp. 889-899; Hwang, C.L., Yoon, K., (1981) Multiple Attribute Decision Making: Methods and Applications, 186. , Springer, Berlin; Lilico, A., (2002) The role and regulation of short selling, , Staff Working Paper; Malaysian Icm, M.I.C.M., Islamic alternatives to short selling (2009) Malaysian ICM, 4 (1); The Arboon Sale (2008) Shariah Capital; Staley, K.F., (1997) The Art of Short Selling, , John Wiley Press; (1997) The Salam Sale Contract, , The Publications Series of Tadamon Islamic Bank; Talebi, M., Soltaninejad, H., A comparative study of stock short selling by Islamic contracts (2007) Journal of Islamic Economics, 8 (27); Usmani, M.T., (2002) Salam and Istisna, , accountancy.com.pk; Yoon, K., A reconciliation among discrete compromise situations (1987) Journal of Operational Research Society, 38, pp. 277-286; Yoon, K., Hwang, C.L., (1995) Multiple Attribute Decision Making: An Introduction, , SAGE Publications, CA; Zavadskas, E.K., Zakarevicius, A., Antucheviciene, J., Evaluation of ranking accuracy in multi-criteria decisions (2006) Informatica, 17 (4), pp. 601-618; Aima, (2007) An overview of short stock selling, , AIMA CaStrategy Paper Series, 5, AIMA; Asgharpoor, M.J., (1998) Multiple Criteria Decision Making, , University of Tehran Publications, Tehran},
correspondence_address1={Ahmadvand, M.; Allameh Tabatabaei UniversityIran; email: maysam.21989@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17554179},
language={English},
abbrev_source_title={Qual. Res. Financ. Markets},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Chuweni20153591,
author={Chuweni, N.N.B. and Chuweni, M.M. and Ahmad, S.H. and Adnan, Y.M. and Osmadi, A. and Hwa, T.K.},
title={A review of performance of Malaysian islamic real estate investment trusts},
journal={Proceedings of the 25th International Business Information Management Association Conference - Innovation Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2015},
year={2015},
pages={3591-3600},
note={cited By 1; Conference of 25th International Business Information Management Association Conference - Innovation Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2015 ; Conference Date: 7 May 2015 Through 8 May 2015;  Conference Code:114272},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84947596046&partnerID=40&md5=a4fa69605772c3fa60dd7bdf586ba45c},
affiliation={Department of Estate Management, Faculty of Architecture, Planning and Surveying, UiTM Perak, Seri Iskandar, 32610, Malaysia; Institute of Graduate Study, UiTM, Perak, Malaysia; Faculty of Administrative Science and Policy Studies, UITM, Shah Alam, Malaysia; Department of Estate Management, Faculty of Built Environment, University of Malaya, Malaysia; School of Housing Building and Planning, University Science Malaysia, Malaysia; Centre for Real Estate Research, UiTM, Shah Alam, Malaysia},
abstract={Malaysia, being the first in the world to introduce the Shariah guidelines for Islamic REITs (I-REITs) in November 2005 provides new investment opportunities for those who wish to invest in Shariah compliant capital market instruments. It enhances the development of the Islamic capital market and provides opportunity for the investors to invest in real estate through Shariah compliant instruments available in the capital market. Malaysia currently has 17 Real Estate Investment Trusts (M-REITs), of which four are Shariah compliant with one I-REIT being Malaysia's first stapled REIT, KLCCP. This research is an attempt to create a fundamental framework of the performance analysis of Shariah compliant real estate investment trusts in Malaysia. Specifically, this research is to ascertain the performance of the I-REITs as compared to other investment options during or post GFC period and the factors attributing towards the performance of the I-REITs. The outcome of the research shall be beneficial to the related institutional and potential investors who may consider I-REITs as another viable investment which could provide diversification benefits to mixed asset portfolios and a good long term substitute and sustainable investment in asset allocation. This paper presents the preliminary part of the research outlining the general scenario of the performance of I-REITs and other Islamic equity funds in Malaysia.},
author_keywords={Malaysian Islamic REIT;  Performance analysis;  Shariah compliant investment},
keywords={Commerce;  Economics;  Financial markets;  Information management;  Regional planning;  Sustainable development, Compliant instrument;  Investment opportunities;  Investment Options;  Malaysians;  Performance analysis;  Potential investors;  Real estate investment trusts;  Sustainable investments, Investments},
references={Alias, A., Soi Tho, C.Y., Performance analysis of REITs: Comparison between M-REITs and UK REITs (2011) Journal of Surveying, Construction and Property, 22, pp. 38-61; Alhenawi, Y., Hassan, M.K., (2011) The Relative Performance of Debt-restricted Real Estate Investment Trusts (REITs): Does Faith Matter?, , Unpublished manuscript, University of New Orleans, New Orleans, LA; Aziz, M.R., Islamic money market, capital market and takaful (2014) Seminar of Actuarial Science and Islamic Finance 2014 (ASIF 2014), , UiTM Perak; Buer, R., Corporate governance and performance: The REIT effect (2009) Real Estate Economics, 15, pp. 1-29; Chai, M.Y., Choong, Y.J., Koh, C.W., Tham, W.J., (2011) Malaysian Real Estate Investment Trusts (M-REITS): A Performance and Comparative Analysis, , Final Year Project, UTAR; Elfakhani, S., Hassan, Performance of islamic mutual funds (2005) The 12th Annual Conference, at Grand Hyatt Hotel, , Cairo, Egypt. Grand Hyatt Hotel, Cairo, Egypt. 19-21 December 2005; Ghanbari Parsa, A., Ibrahim, M.F., Ong, S.E., Shariah property investment in Asia (2009) Journal of Real Estate Literature, 17 (2), pp. 231-248; Hamzah, A.H., Rozali, M.B., Empirical investigation on the performance of the Malaysian real estate investment trust in pre crisis, during crisis and post crisis period (2010) International Journal of Economics and Finance, 2 (2), pp. 62-69; Harper, D., (2011) What is Warren Buffet's Investing Style?, , http://www.investopedia.com/articles/05/012705.asp, Investopedia (Accessed by 30 March 2014); Hashim, H., Kamarudin, M.F., Ahmad Atroy, N.A., (2013) Performance of Islamic Real Estate Investment Trusts Around Dividend Announcement Day, , iECONS: Kuala Lumpur; Hayat, R., Kraeussi, R., Risk and return of islamic equity funds (2011) Emerging Markets Review, 12 (2), pp. 189-203; Hoesli, M., Oikarinen, E., Are REITs real estate? Evidence from international sector level data (2012) Journal of International Money and Finance, pp. 1-28; Ibrahim, M.F., Ong, S.E., (2006) Shariah Compliance in Real Estate Investment, , National University of Singapore, working paper; (2013) The Islamic Investor; Kassim, S.H., Kamil, S., Performance of islamic unit trusts during the 2007 global financial crisis: Evidence from Malaysia (2012) Asian Academy of Management Journal, 17 (2), pp. 59-78; Lee, J.Y.M., Hishammuddin, M.A., Lee, C.L., The new real estate investment trust in Malaysia: Lessons from listed property trust (2005) Real Estate Educators and Researchers Association 1st Conference, , Universiti Teknologi Malaysia; Lee, C.H., Ting, K.H., The role of Malaysian securitisied real estate in a mixed-asset portfolio (2009) Journal of Financial Management of Property and Construction, 14 (3), pp. 208-230; Mohamad, N.E.A., Mohd Saad, N., Syariah REITs vis-à-vis conventional REITs: An analysis (2012) International Journal of Academic Research in Business and Social Science, 2 (7), pp. 1-17; Mohamad, N.E.A., Zolkifli, I.A., The determinant factors of real estate investment trust (REIT)'s performance: Evidence from Asian REITs (2014) Indonesian Capital Market Review, 6 (1), pp. 53-59; Helmi, M.F., (2013) Real Estate Investment Trust: A Comparison of Islamic and Conventional REIT Performance in Malaysia (2007-2012), , Postgraduate unpublished Master dissertation, University of Malaya; Nathie, M., (2008) Embracing Islamic Investment in Australia Using the Malaysian Model: Challenges and Opportunities, , The Challenges and Opportunities of Islam in the West: The Case of Australia, at Brisbane, Queensland, Australia, on 3-5 March 2008; Nawawi, A.H., Husin, A., Abdul Hadi, A.R., Yahya, M.H., Relationship and lead-lag effect between Asian real estate investment trusts (REITs) performance and Malaysian REIT market: Cointegration modelling (2010) International Conference on Science and Social Research (CSSR 2010), , Kuala Lumpur; Newell, G., Osmadi, A., The development and preliminary performance analysis of islamic REITs in Malaysia (2009) Journal of Property Research, 26 (4), pp. 329-347; Newell, G., Osmadi, A., Assessing the importance of factors influencing the future development of REITs in Malaysia (2010) Pacific Rim Property Research Journal, 16 (3), pp. 258-374; Ngadimon, M.N., (2009) Overview of the Malaysian Islamic Capital Markt and Recent Developments, , Special Session on Islamic Finance, Bank of Maurities; Norashfah, Hairulnizam, Empirical trend on factors that influence the instituional investors towards investing in Malaysia real estate investment trusts: A preliminary study (2007) Oxford Business & Economics Conference; Jamaludin, N., Smith, M., Gerrans, P., Mutual fund selection criteria: Evidence from Malaysia (2012) Asian Review of Accounting, 20 (2), pp. 140-151; Ong, T.S., Malaysian real estate investment trust: A performance and comparative analysis (2012) International Journal of Economics and Finance, 4 (5), pp. 73-84; Ong, T.S., A study on the performance of Malaysian real estate investment trust from 2005-2010 by using the net asset value approach (2011) International Journal of Economics and Research, 2 (1), pp. 1-15; Osmadi, A., A guide to islamic finance and islamic REITs (2006) Australian Property Journal, 39 (3), pp. 212-218; Osmadi, A., The significance of islamic REITs in Malaysia (2007) 5th International Islamic Finance Conference, , Kuala Lumpur, Malaysia; Osmadi, A., REITs: New property dimension to islamic finance (2007) 13th Pacific-Rim Real Estate Society Conference, , Fremantle, Western Australia; Osmadi, A., Razali, M.N., Assessing the financial and management strength of islamic REIT during the global financial crisis (2013) 3rd International ISRA Colloquium (IICIF 2013), , Lanai Kijang, Bank Negara; (2009) Shariah-compliant Funds: A Whole New World Investment, , Asset Management; RICS Research, (2005) Shariah Property Investment: Developing an International Strategy, , RICS; Suhana, M., Haliza, H.J., Rabiatul, A.Z.A., Melati, A.A., (2012) Benchmarking Islamic REITs: Malaysia and Singapore, , World Business Institute Australia; Tahir, I., Brimble, M., Islamic investment behaviour (2011) International Journal of Islamic and Middle Eastern Finance and Management, 4 (2), pp. 116-130; Tan, S.H., (2009) Performance of Malaysian REIT Stock Relative to Bursa Malaysia Stock Index, , Unpublished Master Thesis, Multimedia University, Malaysia; Yusof, A., Nawawi, A.H., Does Malaysian REITs outperform the equity market? (2012) Statistics in Science, Business, and Engineering (ICSSBE) 2012 International Conference},
correspondence_address1={Chuweni, N.N.B.; Department of Estate Management, Malaysia; email: norna692@perak.uitm.edu.my},
editor={Soliman K.S.},
sponsors={},
publisher={International Business Information Management Association, IBIMA},
isbn={9780986041945},
language={English},
abbrev_source_title={Proc. Int. Bus. Inf. Manag. Assoc. Conf. - Innov. Vis.: Reg. Dev. Sustain. Glob. Econ. Growth, IBIMA},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Aldaarmi2015953,
author={Aldaarmi, A. and Abbod, M. and Salameh, H.M.},
title={Implement Fama and French and capital asset pricing models in Saudi Arabia stock market},
journal={Journal of Applied Business Research},
year={2015},
volume={31},
number={3},
pages={953-968},
doi={10.19030/jabr.v31i3.9228},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84928948469&doi=10.19030%2fjabr.v31i3.9228&partnerID=40&md5=79a29db927477781c711164248445a6d},
affiliation={Brunel University, London, United Kingdom; Amman, Jordan},
abstract={This paper applies two of the famous asset pricing models in finance (Capital Assent Pricing model and Fama and French 1993 three factor model) in an emerging market with an Islamic Culture: Saudi Arabia Market (Tadwal), Generalized Methods of Moments and t Test statistical techniques were used to find the coefficients and to compare between real and expected returns.The results show that Fama and French 1993 model has more explanatory power and do a better job in explaining the changes in stock returns than the CAPM, and those developed market models can be applicable in emerging markets like Saudi Arabia. CAPM model has a clear evidence for its applicability while Fama and French Model has a clear evidence for the market return but not a clear evidence for the size and book to market return. Finally the results show that we can predict the stock prices by using any of those two models which means that the Saudi Arabia Market is inefficient pricing Market.The modernity and low number of companies has a big effect on the results, in addition the strong purchasing power and strong cash availability.Finally we recommend to appply more modern pricing models at the micro and macro level and add variables consistent with the Islamic Culture of Saudi Arabia. © 2015, CIBER Institute. All rights reserved.},
author_keywords={Capital asset pricing model (CAPM);  Fama & French (FF) model;  Stock exchange prediction},
references={Al-Zubi, K.A., Salameh, H.M., Tests of the Fama and French Three Factor Model in Jordan (2009) Sasin Journal of Management, 15 (1), pp. 4-25; Banz, R., The relationship between return and market value of common stocks (1981) Journal of Financial Economics, 9, pp. 13-18; Barry, B., Goldreyer, E., Lockwood, L., Rodriguez, M., Robustness of size and value effects in emerging equity markets, 1985–2000 (2002) Emerging Markets Review, 3 (1), pp. 1-30; Bhatnagar, C.S., Ramlogan, R., The capital asset pricing model versus the three factor model: A United Kingdom Perspective (2012) International Journal of Business and Social Research, 2 (1), pp. 51-65; Bodie, Z., Kane, A., Marcus, A., (2008) Investments, pp. 30-35. , McGraw-Hill; Chen, J., Kan, K.L., Anderson, H., Size, book/market ratio and risk factor returns: Evidence from China A-share market (2007) Managerial Finance, 33 (8), pp. 574-594; Drew, M.E., Naughton, T., Veeraraghavan, M., Firm size, book-to-market equity and security returns: Evidence from the Shanghai Stock Exchange (2003) Australian Journal of Management, 28 (2), pp. 119-139; Drew, M., Veeraraghavan, M., Explaining the cross-section of stock returns in the Asian region (2001) International Quarterly Journal of Finance, pp. 205-222; Eraslan, V., Fama and French Three-Factor Model: Evidence from Istanbul Stock Exchange (2013) Business and Economics Research Journal, 4 (2), pp. 11-22; Fama, E.F., Market efficiency, long-term returns, and behavioral finance (1998) Journal of Financial Economics, 49 (3), pp. 283-306; Fama, E.F., French, K.R., The cross‐section of expected stock returns (1992) The Journal of Finance, 47 (2), pp. 427-465; Fama, E.F., French, K.R., Common risk factors in the returns on stocks and bonds (1993) Journal of Financial Economics, 33 (1), pp. 3-56; Fama, E.F., French, K.R., Value versus growth: The international evidence (1998) The Journal of Finance, 53 (6), pp. 1975-1999; Hamid, Z., Hanif, A., Malookwasimullah, S.S., Fama and French three factor model: Empirical evidence from financial market of Pakistan (2012) African Journal of Business Management, 6 (8), pp. 2945-2950; Homsud, N., Wasunsakul, J., Phuangnark, S., Joongpong, J., A study of Fama and French three factors model and capital asset pricing model in the Stock exchange of Thailand (2009) International Research Journal of Finance and Economics, 25, pp. 31-40; Hu, O., Applicability of the Fama-French three-factor model in forecasting portfolio returns (2007) Journal of Financial Research, 30 (1), pp. 111-127; Khalafalla, A., P0rtfolfio Formation; Empirical Evidence from Khartoum Stock Exchange (2014) International Journal of Social Sciences and Entrepreneurship, 1 (9); Lintner, J., The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets (1965) The Review of Economics and Statistics, pp. 13-37; Liu, X., Song, H., Romilly, P., Are Chinese stock markets efficient? A cointegration and causality analysis (1997) Applied Economics Letters, 4 (8), pp. 511-515; (2008) Saudi Stock Exchange Tadawal, , http://www.tadawul.com.sa/, Mar, [Feb. 16, 2013]; Shaker, M., Elgiziry, K., Comparisons of Asset Pricing Models in the Egyptian Stock Market (2014) Accounting and Finance Research, 3 (4); Shams, M., Abshari, L., Kordlouie, H., Naghshineh, N., Gholipour, M., Studying the Relationship between Liquidity Risk and Market Risk with Non-Ordinary Return at Fama-French Three Factor Model at Tehran Stock Exchange (2014) International Business Research, 2 (7); Sharpe, W.F., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) The Journal of Finance, 19 (3), pp. 425-442; Su, D., Fleisher, B.M., Risk, return and regulation in Chinese stock markets (1998) Journal of Economics and Business, 50 (3), pp. 239-256; Wang, X.L., Shi, K., Fan, H.X., Psychological mechanisms of investors in Chinese Stock Markets (2006) Journal of Economic Psychology, 27 (6), pp. 762-780; Wang, Y., Di Iorio, A., The cross section of expected stock returns in the Chinese A-share market (2007) Global Finance Journal, 17 (3), pp. 335-349},
correspondence_address1={Aldaarmi, A.; Brunel UniversityUnited Kingdom},
publisher={CIBER Institute},
issn={08927626},
language={English},
abbrev_source_title={J. Appl. Bus. Res.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Kartiwi2014,
author={Kartiwi, M. and Arundina, T. and Omar, M.A. and Gunawan, T.S.},
title={S-Rater: Data mining application in Islamic financial sector},
journal={2014 the 5th International Conference on Information and Communication Technology for the Muslim World, ICT4M 2014},
year={2014},
doi={10.1109/ICT4M.2014.7020614},
art_number={7020614},
note={cited By 1; Conference of 2014 5th International Conference on Information and Communication Technology for the Muslim World, ICT4M 2014 ; Conference Date: 17 November 2014 Through 18 November 2014;  Conference Code:110287},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84946689053&doi=10.1109%2fICT4M.2014.7020614&partnerID=40&md5=a459edab19a854ea10541f428127c048},
affiliation={Department of Information Systems, Kulliyyah of Information and Communication Technology, International Islamic University, Malaysia; Institute of Islamic Banking and Finance (IIBF), International Islamic University Malaysia, Malaysia; Department of Electrical and Computer Engi-neering, Kulliyyah of Engineering, International Islamic University, Malaysia},
abstract={Islamic finance and capital market is one of the fastest growing segments of international financial markets. Recent innovations in Islamic finance and capital market have changed the terrain of the landscape of the financial industry. One of them is Islamic securities which are known as Sukuk. The use of Sukuk as the alternative to the existing conventional bond, has become increasingly popular in the last few years. They are used as a means of raising government finance through sovereign Sukuk issues, and means through which companies raise funds by issuing corporate Sukuk. In addition, theoretically there should be some differences in rating methodologies for bond and Sukuk because these two instruments are different in nature. Thus, it is the aim of this study to identify the important determinants in Sukuk Rating using data mining approach. The final model is then implemented into web application, called S-Rater. © 2014 IEEE.},
author_keywords={applications;  data mining;  decision tree;  Islamic financial sector;  sukuk},
keywords={Applications;  Commerce;  Decision trees;  Finance;  Financial markets;  Trees (mathematics), Capital markets;  Data mining applications;  Financial industry;  Financial sectors;  International financial markets;  Islamic finances;  sukuk;  WEB application, Data mining},
references={(2013) Firduciary Rating, , http://www.iirating.com/RatingMethodologiesNavigation.aspx, Islamic International Rating Agency (IIRA) Available:; (2005) Accounting and Auditing Organization of Islamic Financial Institutions: Shari'ah Standards, , AAOIFI; Ratings, F., (2007) Fitch's Approach to Rating Sukuk; Rating approach to sukuk: A marc perspective (2008) MARC Rating Methodology, , Malaysian Rating Corporation Berhad (MARC) Kuala Lumpur; (2008) Rating of Financial Institutions: Criteria and Methodology, , RAM Rating Service Berhad Kuala Lumpur; West, R., An alternative approach to predicting corporate bond rating (1970) Journal of Accounting Research, 7; Pinches, G., Mingo, K., A multivariate analysis of industrial bond ratings (1973) Journal of Finance, 28, pp. 1-18; Belkaoui, A., Industrial bond ratings: A new look (1980) Financial Management, 99, pp. 44-51. , Autumn; Dutta, S., Shekar, S., Bond rating: A non-conservative application of neural networks (1988) IEEE International Conference on Neural Networks, 2, pp. 443-450; Chaveesuk, R., Srivaree-Ratana, C., Smith, E., Alternative neural network approaches to corporate bond rating (1997) Journal of Engineering Valuation and Cost Analysis; The determination of long term credit sharing with financial ratios (1966) Journal of Accounting Research, 4, pp. 44-62. , H. J; Singleton, J.C., Surkan, A.J., Bond rating with neural networks (1990) Neural Networks in the Capital Markets, , A. Refens, Ed., ed: John Wiley; Kwon, Y.S., Han, I., Lee, K.C., Ordinal pairwise partitioning (OPP) Approach to neural networks training in bond rating: Intelligent systems in accounting (1997) Finance and Management, 6, pp. 23-40; Huang, Z., Chen, H., Hsu, C.-J., Chen, W.-H., Wu, S., Credit rating analysis with support vector machine and neural networks: A market comparative study (2004) Decision Support System, 37, pp. 543-558; Cao, L., Kian, L., Jingqing, Z., Bond rating using support vector machine (2006) Intelligent Data Analysis, 10, pp. 285-296; Kwon, Y.S., Han, I., Lee, K.C., Ordinal pairwise partitioning (OPP) Approach to neural networks training in bond rating (1997) Intelligent Systems in Accounting, Finance and Management, 6, pp. 23-40; Hájek, P., Olej, V., Credit rating modelling by kernel-based approaches with supervised and semi-supervised learning (2011) Neural Computing and Applications, 20, pp. 761-773; Hajek, P., Michalak, K., Feature selection in corporate credit rating prediction (2013) Knowledge-Based Systems, 51, pp. 72-84; Arundina, T., Omar, M.A., Determinant of sukuk rating; The case of Malaysia (2010) Thesis Kulliyah of Economics and Management Science, , International Islamic University Malaysia; Whitten, I.H., Frank, E., (2005) Data Mining: Practical Machine Learning Tools and Techniques, , 2nd ed: Morgan Kaufman; Delen, D., Kuzey, C., Uyar, A., Measuring firm performance using financial ratios: A decision tree approach (2013) Expert Systems with Applications, 40 (8), pp. 3970-3983; Frydman, H.E., Altman, E.I., Kao, D.-L., Introducing recursive partitioning for financial classification: The case of financial distress (1985) Journal of Finance; Bastos, J., Credit scoring with boosted decision trees Munich Personal RePEc Archive2008; Novotná, M., The use of different approaches for credit rating prediction and their comparison (2012) 6th International Scientific Conference Managing and Modelling of Financial Risks Ostrava, pp. 448-457; Arzy Soltan, A., Mehrabioun Mohammadi, M., A hybrid model using decision tree and neural network for credit scoring problem (2012) Management Science Letters, 2; Murugiah, S., Malaysian sukuk market hit us$163.5b in 2013, largest in the world, says adb report (2014) The Edge Malaysian Ed, , Kuala Lumpur},
sponsors={},
publisher={Institute of Electrical and Electronics Engineers Inc.},
isbn={9781479962426},
language={English},
abbrev_source_title={Proc. - IEEE Int. Conf. Solid-State Integr. Circuit Technol., ICSICT},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{A.Graff2013267,
author={A. Graff, R.},
title={A new generation of non-debt fixed-income finance},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2013},
volume={6},
number={4},
pages={267-277},
doi={10.1108/IMEFM-05-2013-0062},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84950325623&doi=10.1108%2fIMEFM-05-2013-0062&partnerID=40&md5=2f90b4c9fae81d9589c241199924991d},
affiliation={Electrum Partners LLC, North Riverside, IL, United States},
abstract={Purpose – The development of standardized fixed-income securities and organized secondary markets in which to price and trade the securities is a widely recognized factor in the emergence of modern developed economies. However, the ongoing global financial crisis has exposed the existence of a fundamental and costly conflict between lender and borrower property rights when debt is securitized that has imperiled some fixed-income markets in their present form. This paper aims to suggest a new non-debt concept for fixed-income finance that avoids the conflict inherent in securitized debt. Design/methodology/approach – The paper considers how to build the foundation of non-debt fixed-income technology on property law instead of contract law. Findings – Fixed-income products based on the new technology expose investors to lower loss risk than investors incur with analogous debt-based products. Such products could lower the cost of fixed-income finance and contribute to the global restoration of fixed-income market liquidity. Research limitations/implications – Variations in property law across venues imply that the new financial technology is not implementable in all legal systems. Originality/value – The new financial technology could represent an opportunity for the Islamic financial industry to expand its fixed-income horizons in the global financial markets. The upside both within and beyond the Islamic community could be dramatic. © 2013, © Emerald Group Publishing Limited.},
author_keywords={All-equity;  Capital structure;  Islamic finance;  Lease-based;  Ownership interest;  Property rights},
references={Aspray, W., Albert Tucker: Fine Hall (1985) The Princeton Mathematics Community in the 1930s, , www.princeton.edu/∼mudd/finding_aids/mathoral/pmc30.htm, )“”Transcript 30 (PMC 30):(accessed 28 April 2012).Princeton UniversityPrincetonNJ:; Borron, J.A., Jr., (2002) Simes and Smith – The Law of Future Interests, 1. , 3rd ed.Thomson WestEaganMN:; Coase, R.A., The problem of social cost (1960) The Journal of Law and Economics, 3, pp. 1-44. , )“”; El-Gamal, M.A., (2000) A Basic Guide to Contemporary Islamic Banking and Finance, , www.ruf.rice.edu/∼elgamal/files/primer.pdf, :(accessed 13 March 2012).Rice UniversityHoustonTX:; El-Gamal, M.A., Incoherence of Islamic-based financial jurisprudence in an age of financial engineering (2008) Wisconsin International Law Journal, 25 (4), pp. 605-623. , )“”; Graff, R.A., (2000) Augmented system and methods for computing to support fractional contingent interests in property, , www.pat2pdf.org, )“”Patent 616738426 December:(accessed 2 September 2011).US Patent Trademark OfficeWashingtonDC:; Graff, R.A., Securitization demystified (2006) Journal of Real Estate Portfolio Management, 12 (3), pp. 233-248. , )“”; Graff, R.A., McKevitt, J.M., (2011) Securitized real-property-related asset system, , )“”Patent 7865416US Patent Trademark OfficeWashingtonDC:; (1962) Kennedy library may be near B-school, , www.thecrimson.com/article/1962/10/11/kennedy-library-may-be-near-b-school, )“”11 October:/ (accessed 3 May 2012); Merryman, J.H., Ownership and estate (1974) Tulane Law Review, 48 (4), pp. 916-945. , )“”; Tartakoff, J.M., Three sites touted for new houses in Allston (2005) The Harvard Crimson, , www.thecrimson.com/article/2005/5/23/three-sites-touted-for-new-houses, “”23 May:/ (accessed 29 June 2012)},
correspondence_address1={A. Graff, R.; Electrum Partners LLCUnited States; email: rgraff@electrum.us},
publisher={Emerald Group Publishing Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@BOOK{McMillen2013165,
author={McMillen, M.J.T.},
title={Sukuk and the Islamic Capital Markets: An Introduction},
journal={Contemporary Islamic Finance: Innovations, Applications, and Best Practices},
year={2013},
pages={165-187},
doi={10.1002/9781118653814.ch9},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84886810278&doi=10.1002%2f9781118653814.ch9&partnerID=40&md5=e5d130063b125ea35d71802a6b28d6a5},
affiliation={Curtis, Mallet-Prevost, Colt and Mosle LLP, United States},
abstract={The conception and birth of the equity side of the Islamic capital markets is associated with the year 1998 and the issuance of a fatwa to the Dow Jones Islamic Market Indexes (the "DJIMI Fatwa") by its Shari{ogonek}ah board. Sukuk have become the defining instrument of the finance side of the Islamic capital markets and will remain so for the foreseeable future. This chapter considers the Islamic capital markets, particularly the finance (or non-interest-bearing debt) side of those markets. Specifically, this chapter explores the nature of sukuk and their roles in those markets. The chapter begins with a brief definitional section, moves to an overview of the markets, and ends with a discussion of some structural matters. © 2013 John Wiley & Sons, Inc. All rights reserved.},
author_keywords={AAOIFI;  Capital markets;  Dow Jones Islamic Market Indexes (DJIMI);  Islamic capital markets;  Shari'a;  Sukuk},
correspondence_address1={McMillen, M.J.T.; Curtis, Mallet-Prevost, Colt and Mosle LLPUnited States},
publisher={John Wiley and Sons},
isbn={9781118180907},
language={English},
abbrev_source_title={Contemp. Islamic Finance: Innovations, Appl., and Best Pract.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Ma'in2013480,
author={Ma'in, M. and Rafien, N.S.M. and Arshad, N.C.},
title={Investment, Islamic bank and financial design from Malaysian listed firms},
journal={International Journal of Business and Society},
year={2013},
volume={14},
number={3},
pages={480-495},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84899421110&partnerID=40&md5=3adb79f477583501d2107cb17c97091b},
affiliation={Universiti Teknologi MARA, Malaysia; Universiti Utara Malaysia, Malaysia},
abstract={This paper examines the link between financial design and Islamic bank variables on firm investment. It is aimed to support additional empirical evidence based on previous studies. The firm-level data for Malaysian Shariah listed firms between 2000 and 2010 are used. This paper utilizes the estimation method from generalised method of moments for dynamic panel data, as proposed by Arellano and Bover (1995). The findings show that: first, the investment of Shariah listed firms are positively related to the development of the banking system and the capital market. Second, the cash flow shows a negative impact on investment of firms. Third, the debt asset ratio has a negative impact on firm investment. Fourth, Bai' Bithaman Ajil and Ijarah financing show a negative effect on investment of firm. Fifth, the zakah variable shows a mixed result on firm investment.},
author_keywords={Financial design;  Investment;  Islamic bank;  Shariah firms},
references={Agarwal, S., Mohtadi, H., Financial Markets and the Financing Choice of Firms: Evidence from Developing Countries (2004) Journal of Finance Global, 15 (1), pp. 57-70; Aggarwal, R.K., Yousef, T., Islamic Banks and Investment Financing (2000) Journal of Money, Credit and Banking, 32 (1), pp. 93-120; Aivazian, V.A., Ge, Y., Qiu, J., The impact of leverage on firm investment: Canadian evidence (2005) Journal of Corporate Finance, 11 (1-2), pp. 277-291; Allen, F., Gale, D., (2000) Comparing Financial Systems., , Cambridge, MA: MIT Press; Arellano, M., Bover, O., Another Look at the Instrumental Variables Estimation of Error-components Models (1995) Journal of Econometrics, 68 (1), pp. 29-51; Ariff, M., Islamic banking, a variation of conventional banking (2006) Monash Business Review, 3 (1), pp. 1-8; Ayub, M., (2007) Understanding Islamic Finance., , Chichester, U. K: John Wiley & Sons, Ltd; Aziz, Z.A., (2006) Islamic banking and Finance Progress and Prospects: Collected Speeches 2000-2006., , Bank Negara Malaysia, Kuala Lumpur; (2012) Monthly Statistical Bulletin February 2012., , http://www.bnm.gov.my/index.php?ch=109&pg=294&mth=2&yr=2012&eId=box1, Bank Negara Malaysia; Chapra, M.U., Why has Islam prohibited interest? Rationale behind the prohibition of interest (2000) Review of Islamic Economics, 27 (11), pp. 2087-2098; Chong, B., Liu, M., Islamic Banking: Interest-Free or Interest-Based? (2009) Pacific-Basin Finance Journal, 17, pp. 125-144; Choudhury, M.A., Interrelationship between Zakat, Islamic bank and the economy (2008) A theoretical exploration. Managerial Finance, 34 (9), pp. 610-617; Choudhury, M.A., A probabilistic Model of Learning Fields in Islamic Economics and Finance (2012) International Journal of Applied Operational Research, 2 (1), pp. 1-11; Choudhury, M.A., Malik, U.A., Quantitative analysis and policy conclusion (1992) The Foundation of Islamic Political Economy., , In M. A. Choudhury & U. A. M. (Eds.), London: The Macmillan Press; D'Espallier, B., López-Iturriaga, F.J., (2009) On the negative relation between investmentcash flow sensitivities and cash-cash flow sensitivities., , Faculty of Business and Economy, KatholiekeUniversiteit, Leuven Working paper; Demirguc-Kunt, A., Maksimovic, V., Funding growth in bank-based and marketbased financial systems: Evidence from firm-level data (2002) Journal of Financial Economics, 65, pp. 337-363; Dusuki, A.W., Abdullah, N.I., Why do Malaysian Customers Patronise Islamic Banks? (2007) International Journal of Bank Marketing, 25 (3), pp. 142-160; Fukuda, S., Kasuya, M., Nakajimi, J., (2005) Bank Health and Investment: An Analysis of Unlisted Companies in Japan., , CIRJE Discussion Papers, CIRJE-F-330; Goldsmith, R.W., (1969) Financial structure and development., , New Haven and London, CT: Tale University Press; Ibrahim, M., The role of the financial sector in economic development: The Malaysian case (2007) International Review of Economics, 54 (4), pp. 463-483; Ismail, A.G., Ahmad, I., Does the Islamic financial system design matter? (2006) Humanomics, 22 (1), pp. 5-16; Kabir, H.M., An integrated poverty alleviation model combining zakat, awqaf and micro-finance (2010) Seventh International Conference, , Paper presented at the The Tawhidi Epistemology: Zakat and Waqf Economy, Bangi. Malaysia; Kader, R.A., Leong, Y.K., The Impact of Interest Rate Changes on Islamic Bank Financing (2009) International Review of Business Research Papers, 5 (3), pp. 189-201; Lucas Jr., R.E., On the mechanics of economic development (1988) Journal of Monetary Economics, 22 (1), pp. 3-42; McKinnon, R.I., (1973) Money and capital in economic development., , Washington, DC: Brooking Institution; Naceur, S.B., Ghazouani, S., Stock markets, banks, and economic growth: Empirical evidence from the MENA region (2007) Research in International Business and Finance, 21 (2), pp. 297-315; Perfect, S.B., Wiles, K.W., Alternative constructions of Tobin's q: An empirical comparisons (1994) Journal of Empirical Finance, 1 (3-4), pp. 313-341; Robinson, J., (1952) The rate of interest and other essays., , London: Macmillan; Rosly, S.A., Al-Bay' Bithaman Ajil Financing: Impacts on Islamic banking Performance (1999) Thunderbird International Business Review, 41 (4-5), pp. 461-481; Sanusi, N.A., Ismail, A.G., (2005) A Panel Data Analysis of the Determinants of Malaysian Islamic Bank Returns: 1995-2004., , Islamic Economics and Finance Working Paper No. 0504; Sarif, S., Kamri, N.A., A theoretical discussion of zakat for income generation and its FIQH issues (2009) Shariah Journal, 17 (3), pp. 457-500; Schumpeter, J.A., (1911) The Theory of Economic Development., , Cambridge: Harvard University Press; Shaw, E.S., (1973) Financial deepening in economic development., , New York: Oxford University Press; Thayer-Bacon, B., (2003) Relational Epistemologies., , New York, NY: Peter Lang; Wiranata, D., Sukmana, R., (2010) The Power of Zakah in Poverty Alleviation., , Paper presented at Seventh International Conference, The Tawhidi Epistemology: Zakat and Waqf Economy, Bangi, Malaysia},
correspondence_address1={Ma'in, M.; Universiti Teknologi MARA, 40450 Shah Alam, Selangor, Malaysia; email: maszan@salam.uitm.edu.my},
publisher={Universiti Malaysia Sarawak},
issn={15116670},
language={English},
abbrev_source_title={Int. J. Bus. Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hassan2012326,
author={Hassan, R. and Yaman, K.M. and Othman, A.A. and Yusoff, A.},
title={The role of a trustee in sukuk: The Malaysian perspective},
journal={Australian Journal of Basic and Applied Sciences},
year={2012},
volume={6},
number={11},
pages={326-330},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84871756840&partnerID=40&md5=c318cd8dc5a5cd9b8f7b8af97865b39e},
affiliation={Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia, Malaysia; UniversitiTenagaNasional, Malaysia},
abstract={In Malaysia, the legal and regulatory framework governing Islamic Capital Market industry provides for trust structure insukuk. Trustee plays an important role in sukuk. In fact in everysukuk issuance save for the issue or offer which comes under the exceptions provided for under Schedule 8 of the Capital Market Services Act 2007 ("CMSA"), a trustee is required to be appointed and a trust deed to be executed. Thus, trust structure is central in sukuk, so far as Malaysia is concerned. This paper studies the important roles of trustees in sukuk, its nature and the extent of powers and duties of trustees appointed therein. Itexamines the categories of trustees in sukuk and their designated functions as well the nature and extent of powers and duties of a trustee with an insight on the current practices in the Malaysian Islamic Capital Market industry dealing with trust structure insukuk. The study will also look at other relevant aspects in trust structure, which include the trust deed as the constitutive document and the role of trustee in the event of default of sukuk.},
author_keywords={Event of default;  Islamic capital market;  Sukuk;  Trustee},
references={Dusuki, A.W., Regulations and Supervision of Islamic Financial Institutions (2011) Islamic Financial System Principles & Operations, pp. 651-652. , International Shari'ah Research Academy for Islamic Finance (ISRA); (2009) Malaysian Debt Securities and Sukuk Market-A Guide For Issuers and Investors, p. 61. , Bank Negara Malaysia and Securities Commission Malaysia, Bank Negara Malaysia & Securities Commission Malaysia, Kuala Lumpur, Malaysia; (2007) Capital Market and Services Act, , (Act 671), Securities Commission Malaysia; Sundaram, G., (2007) Course Book Banking & Financial Law School.Global Islamic Finance Forum 2007, , Central Bank of Malaysia; (2004) Guidelines on the Offering of Asset-Backed Securities, Securities Commission Malaysia; (2011) Islamic Securities Guidelines (Sukuk Issuance), Securities Commission Malaysia; Othman, J., Regulatory Framework Malaysian Sukuk Market Handbook-Your Guide to The Malaysian Islamic Capital Market, pp. 60-62. , (n.d.), RAM Rating Services Berhad, Kuala Lumpur, Malaysia; Lim, M., Chik, E., Securities Commission Revise PDS Guidelines and SukukGuidelines (2011) ALB Legal News, , http://asia.legalbusinessonline.com/regional-updates/malaysia-wongpartners/securities-commission-revises-pds-guidelines-and-sukuk-guidelines/107378, October, Retrieved from; George, M., (1999) Malaysian Trust Law, pp. 278-310. , Pelanduk Publications; (2010) Company Profile, (1-25). , http://www.pacifictrustees.com/PTB%20profile.pdf, Pacific Trustees Bhd, Retrieved from; (2006) Practice Note on Registration by the Securities Commission for the Purpose of Acting as a Bond Trustee, Securities Commission Malaysia; Ali, R., Legal Certainty in Sukuk (2009) Sukuk Islamic Capital Market Series, pp. 95-96. , Abdulkader Thomas (ed.), Securities Commission, Malaysia.Sweet & Maxwell Asia & Thomson Reuters; (1993) Securities Commission Act, , (Act 926), Securities Commission Malaysia; (2011) Trust Deeds Guidelines, Securities Commission Malaysia; (1949) Trustee Act, , (Act 208); Scott, W., In Trustees We Trust (2011) Islamic Finance Asia, , http://www.islamicfinanceasia.com/article.asp?nm_id=18838, Retrieved from},
correspondence_address1={Hassan, R.; Ahmad Ibrahim Kulliyyah of Laws, Malaysia; email: hrusni@iium.edu.my},
issn={19918178},
language={English},
abbrev_source_title={Aust. J. Basic Appl. Sci.},
document_type={Article},
source={Scopus},
}

@BOOK{Cox2012271,
author={Cox, S.},
title={The Role of Capital Markets in Ensuring Islamic Financial Liquidity},
journal={Islamic Finance: The Regulatory Challenge},
year={2012},
pages={271-281},
doi={10.1002/9781118390443.ch14},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84886562271&doi=10.1002%2f9781118390443.ch14&partnerID=40&md5=eca82744eb97f40565346f57a30970cc},
affiliation={DDCAP Group, United Kingdom},
author_keywords={Capital markets;  Islamic debt securities;  Islamic financial liquidity;  Murabahah;  Religious jurisprudence},
correspondence_address1={Cox, S.; DDCAP GroupUnited Kingdom},
publisher={John Wiley and Sons},
isbn={9780470821893},
language={English},
abbrev_source_title={Islamic Finance: The Regulatory Chall.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Zarka201244,
author={Zarka, M.A.},
title={Allocation of capital resources, efficiency and growth in an Islamic interest-free economy},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2012},
volume={25},
number={1},
pages={44-77},
doi={10.4197/Islec.25-1.1},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84894061180&doi=10.4197%2fIslec.25-1.1&partnerID=40&md5=f73ac7b1e6c3402ac0b405cf2448f1ca},
affiliation={Shura Sharia Consultancy, Kuwait},
abstract={This paper examines briefly some basic issues in capital allocation and efficiency in the context of an interestfree Islamic economy. It scrutinizes the common apprehension that eliminating interest on loans deprives the economy of a major market signal necessary for efficient allocation of investment. It addresses the allocation of investable funds and real investments, and the possible impact on growth, in an economy where the charging of interest on loans and debts is prohibited. The overall conclusion is that disallowing the charging of interest on loans and debts, as an integral part of an Islamic market economy, is not a romantic idea but a feasible system that permits efficient market allocation of financial and real investable resources.},
references={Abu Sulayman, A.A., The Theory of Economics of Islam (1976), in Contemporary Aspects of Economic and Social Thinking in Islam, N.J.: American Trust Publication, reprint; Al-Najjar, S., (1989) Bank interest rate and the silent majority, , (in Arabic), Cairo, Al Ahram Newspaper, 14 Sep; Arrow, K.J., (1996) Discounting, Morality, and Gaming, , EMF-RFF Conference on Discounting, 24 Dec; Baumol, W.J., (1979) Economic Theory and Operations Analysis, , 4th ed., Prentice-Hall; Boulding, K.E., Economic Analysis (1966), 2. , Macroeconomics, 4th ed., Harper and Row, N.Y; Boulding, K.E., (1971) Collected Papers, , F.R. Glahe, ed. Boulder; Colorado University Press; Bromwich, M., (1976) The Economics of Capital Budgeting, , Penguin Books; Chapra, M.U., (1985) Towards a Just Monetary System, , U.K.: The Islamic Foundation; Chapra, M.U., The Case Against Interest: Is It Compelling? (2007) Thunderbird International Business Review, 49 (2), pp. 161-186. , March April 2007; Dorfman, R., (1972) Prices and Markets, , 2nd ed., Prentice-Hall, N.J; Eckaus, R.S., (1972) Basic Economics, , Boston, Little Brown and Co; Hicks, J.R., (1965) Capital and Growth, , Oxford University Press; Kahf, M., (1992) Waqf and its Sociopolitical Aspects, , Islamic Research and Training Institute (IRTI) of the Islamic Development Bank, Jeddah; Keirstead, B.S., (1959) Capital, Interest and Profits, , Blackwell, Oxford,; Keynes, J.M., (1936) The General Theory of Employment, , interest and Money, N.Y.: Harcourt; Khan, M.S., (1986) Islamic interest-free banking, , IMF Staff Papers, March; Khan, M.S., Mirakhor, A., Islamic Banking (1992) The New Palgrave Dictionary of Money And Finance, 2; Knight, F.H., Diminishing Returns to Investment (1944) Journal of Political Economy, 52 (2), pp. 26-47; Lamberton, D.M., (1965) The Theory of Profit, , Blackwell, Oxford; Llewllen, W.G., (1976) The Cost of Capital, , Iowa: Kendall/Hunt Publishing Co.; Malinvaud, E., Interest Rate in the Allocation of Resources" (1966) The Theory of Interest Rates, , in F.H. Hahn and F.P.R. Brechling, eds., ST. Martin's Press, N.Y; Marshall, A., (1964), reprint) Principles of Economics, 8th edition, London, MacMillan; Mirakhor, A., Zaidi, I., Stabilization and growth in an open Islamic economy (1991) Review of Islamic Economics, , July; Modigliani, F., Miller, M., The Cost of Capital, Corporation Finance and the Theory of Investment (1958) American Economic Review, 48 (3), pp. 261-297; Mossin, J., Theory of Financial Markets (1973), N.J. :Prentice Hall; Naqvi, S.N.H., (1981) Ethics and Economics-an Islamic Synthesis, , Leicester, U.K., The Islamic Foundation; Naqvi, S.N.H., (1982) Interest Rate and Intertemporal Allocative Efficiency in an Islamic Economy, , paper presented to a seminar in Makkah, 1398H =1978G, and published in Mohammed Ariff, ed., Monetary and Fiscal Economics of Islam, International Centre for research in Islamic Economics, King Abdulaziz Univ., Jeddah Saudi Arabia; Patinkin, D., (1972) "Interest", International Encyclopedia of Social Sciences, , D.L. Sills ed., Macmillan; Prest, A.R., Turvey, R., Cost-Benefit Analysis: A Survey (1966) Surveys of Economic Theory, 3. , London, Macmillan; Pryor, F.L., The Islamic Economic System (1985) Journal of Comparative Economics, 9, pp. 197-223. , New York; Robinson, J., (1952) The Generalization of the General Theory, , reprinted in 1979 by Macmillan, London; Robinson, J., Eatwell, J., (1973) Introduction to Modern Economics, , rev. edition, McGraw-Hill Book Company, UK; Samuelson, P.A., Schumpeter as a Teacher and Economic Theorist (1951) The Review of Economics and Statistics, 33 (2), pp. 1151-1156. , May, 1951, reprinted in Stiglitz J.E., The Collected Scientific Papers of P.A. Samuelson, MIT Press,1966; Samuelson, P.A., A Modern Treatment of the Ricardian Economy: II. Capital and Interest Aspects of the Pricing Process (1959) The Quarterly Journal of Economics, 73 (2). , (May); Samuelson, P.A., (1976) Economics, , 10th ed., McGraw-Hill; Samuelson, P.A., (1980) Economics, , 11th ed., McGraw-Hill; Shackle, G.L.S., Recent Theories Concerning the Nature and Role of Interest (1966), in Surveys of Economic Theory, vol. 1, Macmillan, London and St. Martin's Press, N.Y; Siddiqi, M.N., (1981) Muslim Economic Thinking: A Survey of Contemporary Literature, Leicester, , U.K., The Islamic Foundation; Siddiqi, M.N., 2004 Riba, Bank Interest And The Rationale of Its Prohibition M.N., Jeddah: IRTI, Islamic Development Bank; Siddiqi, M.N., Economic Aspects of the Prohibition of Riba (2009) Encyclopedia of Islamic Economics, 2. , London: Encyclopedia of Islamic Economics, Abdelhamid Brahimi and Khurshid Ahmad, Eds; Solow, R.M., (1963) Capital Theory and the Rate of Return, , North-Holland Publishing Co; Spiegel, H.W., (1992) "Usury", The New Palgrave Dictionary Of Money And Finance, 3; Ul Haque, N., Mirakhor, A., Saving Behavior in an Economy Without Fixed Interest (1987), in Khan, Mohsin and Abbas Mirakhor (eds.), Theoretical Studies in Islamic Banking and Finance, IRIS Books, Houston, TX. USA; (1973) Guidelines for Project Evaluation, , UNIDO, (P. Dasgupta, A. Sen and S. Marglin), U.N., New York, 1973; Wilczynski, J., (1973) Profit, Risk, and Incentives Under Socialist Economic Planning, , Macmillan Press, London, 1973; Wolff, J., "Karl Marx", The Stanford Encyclopedia of Philosophy, , http://plato.stanford.edu/archives/sum2011/entries/marx/, (Summer 2011 Edition), Edward N. Zalta (ed.); Anas, Z.M., (1982) "Comments on S.N.H. Naqvi: "Interest Rate and Intertemporal Allocative Efficiency in an Islamic Economy", , paper presented to a seminar in Makkah, 1398H=1978G, and published in Mohammed Ariff, ed., Monetary and Fiscal Economics of Islam, International Centre for research in Islamic Economics, King Abdulaziz Univ., Jeddah, Saudi Arabia; Capital Allocation, Efficiency and Growth in an Interest-Free Islamic Economy (1982) Journal of Economics and Administration, pp. 43-58. , ZARQA, Muhammad Anas, Reasearch and Development Center, King Abdul Aziz Univ., (No.16. Nov. 1982/ Muharram 1403H); Zarka, M.A., (1983) An Islamic Perspective on the Economics of Discounting in Project Evaluation, pp. 179-208. , G/1403H) in: Ziauddin Ahmed, Munawar Iqbal and M. Fahim Khan, (eds.): Fiscal Policy and Resource Allocation in Islam. Jeddah: International Centre for Research in Islamic Economics, King Abdulaziz University, And Islamabad: Institute of Policy Studies; (1983) Stability in an Interest-Free Islamic Economy: A Note, 11 (2), pp. 181-188. , ZARQA, Muhammad Anas Pakistan Journal of Applied Economics; Zarka, M.A., Capital Allocation, Efficiency and Growth in an Islamic Interest-Free Economy Encyclopedia of Islamic Economics, , (forthcoming), article accepted for publication in the, Vol. III ,London: Encyclopedia of Islamic Economics, Abdelhamid Brahimi and Khurshid Ahmad, Eds},
correspondence_address1={Zarka, M.A.; Shura Sharia ConsultancyKuwait; email: anaszarka@gmail.com},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={Arabic},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@BOOK{Mahlknecht2010255,
author={Mahlknecht, M.},
title={Islamic capital markets: A growing area for investments},
journal={Current Issues in Islamic Banking and Finance Resilience and Stability in the Present System},
year={2010},
pages={255-276},
doi={10.1142/9789812833938_0013},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84969597565&doi=10.1142%2f9789812833938_0013&partnerID=40&md5=b447ea3083e3ead8f7f37abc74a99bc9},
affiliation={Delta hedge, Singapore},
correspondence_address1={Mahlknecht, M.; Delta hedgeSingapore},
publisher={World Scientific Publishing Co.},
isbn={9789812833938; 9812833927; 9789812833921},
language={English},
abbrev_source_title={Current Issues in Islamic Bank. and Finance Resil. and Stab. in the Present System},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Penzer200959,
author={Penzer, M.O. and Alwang, M.S. and Al-Sudairi, S.},
title={Shari'ah-compliant financings: New opportunities for the U.S. market},
journal={Banking Law Journal},
year={2009},
volume={126},
number={1},
pages={59-69},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-77951049442&partnerID=40&md5=5ac29436a5409ad942929726a5fab94b},
affiliation={Latham and Watkins LLP, United States},
abstract={This article provides a brief introduction to the principles that govern Shari'ah-compliant investments and explains the financing structures that have been previously used by Shari'ah-compliant equity investors to access the traditional United States capital and loan markets. It also briefly discusses the issues surrounding structuring a compliant obligation to be purchased by Islamic investors.},
references={(2008) Islamic Banking: Can You Afford to Ignore It?, , http://www.bcg.com/impact-expertise/publications/files/ Islamic-Banking-Apr-2008.pdf, The Boston Consulting Group, April; note; note; This corporate services company is paid a fee by the equity sponsor to provide this service, but the corporate services company is not affiliated with and is not controlled by the equity sponsor; Ijara-murabaha, , While this Client Alert generally refers to this acquisition financing structure as; note; Note that these assets are generally of the type that can be transferred without requiring third-party consents or recordation; Note that depending on the particular transaction, some Islamic banks may deem murabaha structures to be non-compliant; Ijara-murabaha; structures also utilize side letters to confirm the US tax law treatment of the transaction and indemnify the SPV for any tax expenses incurred in connection with the overall transaction; (2008) Sukuk Market to Hit $100 Bln in 2008: E&Y, , http://www.reuters.com/article/IslamicBankingandFinance08/ idUSL0535173820080205, Reuters, February 5; According to Dealogic there has only been one sukuk offering in the United States in the last two years, the East Cameron Gas Co., which was recognized as the first ever Shari,ah-compliant securitization originated out of the US; (2008) LPC Goldsheets, , January 7},
correspondence_address1={Penzer, M. O.; Latham and Watkins LLPUnited States; email: michele.penzer@lw.com},
issn={00055506},
language={English},
abbrev_source_title={Bank. Law J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Naim200834,
author={Naim, A.M.},
title={Islamic banking: An alternative for modern banking communities},
journal={Orient},
year={2008},
volume={49},
number={3},
pages={34-40},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-77952691361&partnerID=40&md5=63e4fa42e9cd6e3b79c9bf8781260830},
keywords={banking;  capital flow;  capital market;  financial market;  financial system;  Islamism},
references={Al-Baz Abbas, A.M., (2004) Ahkam Al-mal Al-haram, , Amman: Dar al-Nafais; Al-Mawardi, A.A.-H.A.M.H.A., (1985) Al-Ahkam Al-Sultaniyyah Wa Al-Wilayat Al-Diniyyah, , Beirut: Dar al-Kutub al-'Ilmiyyah; Al-Mawardi, A.A.-H.A.M.H.A., (1985) Al-Ahkam Al-Sultaniyyah Wa Al-Wilayat Al-Diniyyah, , Beirut: Dar al-Kutub al-'Ilmiyyah; Al-Misri, R.Y., (1993) Usui Al-iqtisad Al-Islami, , Beirut: al-Dar al-Shamiah; Naim, A.M., Shari'a criteria: Issues in company investment and sukuk issuance in mixed activities (2008) The Chancellor Guide to the Legal and Shari'a Aspects of Islamic Finance, , Edited by Dar, Humayon and Moghul, Omar. London: Chancellor Publication; Naim, A.M., Methodology of hukm deduction for Islamic finance between the practices adopted in Malaysian and Middle Eastern financial system (2007) Journal of Syariah, , Petaling Jaya: Islamic Studies Academy, Universiti Malaya; Naim, A.M., (2006) Nazariyyah Faskh Al-'Uqud, , Amman: Dar al-Nafais; (1999) The Central Bank and the Financial System in Malaysia, , BANK NEGARA MALAYSIA Kuala Lumpur: Bank Negara Malaysia; Umar, C.M., (1979) Objectives of Islamic Economic Order, , Leicester: The Islamic Foundation; Faridi, F.R., A theory of fiscal policy in an Islamic state (1983) Fiscal Policy and Resourse Allocation in Islam, , Jeddah: International Centre for Research In Islamic economics; Haron Sudin, E.T.A.L., (2001) Islamic Banking System: Concept and Application, , Subang Jaya: Pelanduk Publications; Taimiyyah, I.B.N., Ahmad Taimiyyah, B.I.N., (1971) Al-Siyasah Al-Syar'iyyah Fi Islah Al-ra'I Wa Al-ra'iyyah, , Cairo: Dar al-Kutub; Nik Yusoff, N.M.A., (2002) Islam & Business, , Subang Jaya: Pelanduk Publications; Rosly, S.A., (2005) Critical Issues on Islamic Banking and Financial Markets, , Kuala Lumpur: Dinamas Publishing; Thani, N.I.K.N., (2003) Law and Practices of Islamic Banking and Finance, , Petaling Jaya: Thomson Asia Pte. Ltd; Usmani, M., Imran, A., (2002) Meezanbank's Guide to Islamic Banking, , Karachi: Darul Ishaat; Al-Zuhaily, W., (1996) Al-Fiqh Al-Islami Wa Adillatuh, 1-8. , Beirut: Dar al-Kutub al-'Ilmiah; Al-Zuhaily, W., (2001) Al-Fiqh Al-Islami Wa Adillatuh, 9. , Beirut: Dar al-Kutub al-'Ilmiah; http://www.bnm.gov.my/lndex.php?ch=9&pg=15&ac=269, Accessed on 5th. September 2008},
correspondence_address1={Naim, A. M.},
issn={00305227},
language={English},
abbrev_source_title={Orient},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Omidvar2008,
author={Omidvar, H.},
title={Natural gas industry in Iran},
journal={2008 1st International Conference on Infrastructure Systems and Services: Building Networks for a Brighter Future, INFRA 2008},
year={2008},
doi={10.1109/INFRA.2008.5439617},
art_number={5439617},
note={cited By 1; Conference of 2008 1st International Conference on Infrastructure Systems and Services: Building Networks for a Brighter Future, INFRA 2008 ; Conference Date: 10 November 2008 Through 12 November 2008;  Conference Code:80310},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-77952375216&doi=10.1109%2fINFRA.2008.5439617&partnerID=40&md5=8dbfb191b569fb4bf1569db657aac020},
affiliation={Research and Technology Dept., National Iranian Gas Company, No.77-Southern Aban St.-Karimkhan Ave., Tehran-1598753113, Iran},
abstract={AT the end of March 2007, the remaining quantity of recoverable gas reserves in the country has been in excess of 28.3 trillion cubic meters that is the second gas rich country in the word. While the geological studies in certain geographical regions of the country have not been thoroughly conducted yet. it is likely to explore further reserves of gas in the future. Therefore a thorough and explicit planning knowledge is essential for utilization of this energy carrier. Iran is one of the largest gas rich countries in the world that production potentials exceed gas injection and domestic consumption requirements. Gas can be utilized as feedstock for petrochemical and refining products or exported through pipelines or as LNG. By injecting gas into oil reservoirs while increasing the oil recovery ratio of oil fields, gas storage from production of shared reservoirs into non - shared reservoirs is as well accomplished. Gas consumption in domestic markets and its substitution with oil products in addition to environmental benefits, will also result into the optimum consumption of these products and relieve the government from the heavy burden of existing subsidies and the heavy expenditures of importing these products into the country. To supply gas requirements, proper operation and appropriate production of shared reservoirs such as south pars with the objective of securing gas requirements and providing balance of supply and demand as well as utilization of maximum share in these reservoirs are other essentials towards development of this vital industry. Several energy experts and Iran's economy analysts believe that further expansion and utilization of natural gas is an essential element for sustainable development and this energy carrier is considered the superior fuel of the 21 century. According to reliable estimations, natural gas in regard to its intrinsic characteristics and especially environmental suitability is one of the energy carriers that will attain the highest growth rate among other energy carriers with in the next two decades which itself is indicative for consumption growth of this substance in the global basket of energy consumption. The need of the world's countries for energy sources along the enormous natural gas reserves in the country opens broad economical, political dialogue scene towards us and contributes an outstanding strategic significance to our gas resources. Iran, regard to her geographical and political strategic situation. Can play a leading role in global gas supply and act as a bridge between the enormous Middle Eastern gas reserves with major gas consumption and demand centers in Europe and Asia Planning and policy making regarding the development of gas industry, it is essential to manage all aspects of gas from exploration and production to consumption, injection and exports and etc. is essential to be administered by the national Iranian gas company so that prepared plans could be implemented without being subject to such problems as lack of coordination, parallel activities and organizational difficulties. The Islamic republic of Iran having access to enormous quantities of gas reserves, towards attaining the appropriate disposition in regard to her volume of reserves should as well furnish the provision of absorbing the world's up to date technological capital, to compensate her remoteness from worlds gas markets. The 21 century is the century of gas and our country potentially and in an exceptional manner, by adopting an organized strategy,could portray the most natural and influential role for the people and the country's economy as well as in the region and the world. The increasing global needs for hydrocarbon energies and related industries/encompasses one of the golden opportunities for our country. In conclusion it is worth mentioning that within that the next 10 years Iran requires capital investment in excess of $50 billion in her gas industry to become capable of accomplishing objectives such as supply of domestic demands/provide the necessary gas for injection to oil wells/increase gas reservoirs/added value through transaction with industries and to realize proper disposition in regional and global gas market.},
keywords={Capital investment;  Demand centers;  Domestic consumption;  Domestic markets;  Energy carriers;  Energy consumption;  Energy source;  Environmental benefits;  Essential elements;  Exploration and productions;  Gas companies;  Gas consumption;  Gas injection;  Gas market;  Gas reserves;  Gas resource;  Gas storage;  Intrinsic characteristics;  Islamic Republic of Iran;  Natural gas reserves;  Oil product;  Oil recoveries;  Oil reservoirs;  Policy making;  Supply and demand;  Technological capital, Competition;  Energy resources;  Fuel economy;  Gas industry;  Gas supply;  Gases;  Geographical regions;  Hydrocarbons;  International trade;  Investments;  Natural gas deposits;  Petroleum refining;  Petroleum reservoir engineering;  Petroleum reservoirs;  Public utilities;  Reserves to production ratio;  Strategic planning;  Water injection;  Well stimulation, Petroleum prospecting},
correspondence_address1={Omidvar, H.; Research and Technology Dept., No.77-Southern Aban St.-Karimkhan Ave., Tehran-1598753113, Iran; email: omidvar@nigc.ir},
address={Rotterdam},
isbn={9781424468874},
language={English},
abbrev_source_title={Int. Conf. Infrastruct. Syst. Serv.: Build. Netw. Brighter Future, INFRA},
document_type={Conference Paper},
source={Scopus},
}

@BOOK{Brown2008217,
author={Brown, R.A.},
title={Capitalism and Islam: Arab business groups and capital flows in south-east Asia},
journal={Remaking Management},
year={2008},
pages={217-250},
doi={10.1017/CBO9780511753800.011},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84909429623&doi=10.1017%2fCBO9780511753800.011&partnerID=40&md5=b3dd270aaee9086e3d310c69b0ea4154},
affiliation={University of London, United Kingdom},
abstract={Introduction This is an historical analysis of Arab capitalism in south-east Asia from the early nineteenth century to the present. It attempts to trace the critical phases of this capitalist evolution, determining its specific role in trade, finance, real estate development, manufacturing and shipping. It poses fundamental questions. How did the Arab groups use diverse regional sites to amass information, disseminate and achieve improved regional economic performance over a long period, from 1830 to the 1960s? Why, therefore, were they dislodged by the late 1960s from these flourishing trading and financial positions in Singapore, Java, Hyderabad and Aden? Did religious identity and institutions create an inability to respond to the dramatic capitalist transformation sweeping south-east Asia after 1960? Were key turning points in capitalist development determined by the technological innovation and markets or by Islamic economics? Here Arab sub-economies, as reproduced in halawa (remittance) shops, Islamic partnerships, contracts, trust and religious morality, and charitable endowments (waqf), are analysed alongside a contiguous relationship with the economic interactions occurring between Muslim business and Chinese, Japanese and European capitalists and state capitalism, and their changing responses and strategies to economic change in the region.},
references={Abdullah, T., (1979) Agama Etos Kerja Dan, Perkembangan Ekonomi, , Jakarta: Jawa; Abuza, Z., Funding terrorism in southeast asia: The financial network of al qaeda and jemaah islamiya (2003) Contemporary Southeast Asia, 25 (2), pp. 169-199; Alatas, S.H., (1977) The Myth of the Lazy Native: A Study of the Image of the Malays, Filipinos and Javanese from the Sixteenth to the Twentieth Century and Its Function in the Ideology of Colonial Capitalism, , London: Frank Cass; Alsagoff, S.M., (1963) The Alsagoff Family in Malaysia, A.H. 1240 (1824) to A.H. 1382 (1962), , Singapore: Mun Seong Press; Ariff, M., (1991) The Islamic Voluntary Sector in Southeast Asia, , Singapore: Institute of Southeast Asian Studies; Brown, R.A., (1994) Capital and Entrepreneurship in South East Asia, , Basingstoke: Macmillan; Brown, R.A., (2000) Chinese Big Business and the Wealth of Asian Nations, , Basingstoke: Palgrave Macmillan; Brown, R.A., Conglomerates in contemporary indonesia: Concentration, crisis and restructuring (2004) South East Asia Research, 21 (3), pp. 401-405; Brown, R.A., Capital structure puzzle: The hong leong group in malaysia (2004) Chinese and Indian Diasporas: Comparative Perspectives, pp. 95-138. , S. -L. Wong, Hong Kong: Hong Kong University Press; Buckley, C.B., (1965) An Anecdotal History of Singapore in Old Times, , Kuala Lumpur: University of Malaya Press; Cator, W.J., (1936) The Economic Position of the Chinese in the Netherlands Indies, , Chicago: University of Chicago Press; Clarence-Smith, W.G., Hadhrami entrepreneurs in the malay world, c. 1750 to c. 1940 (1997) Hadhrami Traders, Scholars and Statesmen in the Indian Ocean, 1750S to 1960S, pp. 297-314. , U. Freitag and W. G. Clarence-Smith, Leiden: Brill; Clarence-Smith, W.G., The economic role of the arab community in maluku, 1816 to 1940 (1998) Indonesia and the Malay World, 26 (74), pp. 32-49; Clarence-Smith, W.G., Arab entrepreneurs in the malay world in the 1930s recession (2000) Weathering The Storm: The Economies of Southeast Asia in The 1930S Depression, pp. 229-248. , B. Boomgaard and I. Brown, Leiden: KITLV and Singapore Institute of Southeast Asian Studies; Clarence-Smith, W.G., Horse trading: The economic role of arabs in the lesser sunda islands, c. 1800-1950 (2002) Transcending Borders: Arabs, Politics, Trade and Islam in Southeast Asia, 1870-1990, pp. 143-162. , H. de Jonge and N. Kaptein, Leiden: KITLV; Clarence-Smith, W.G., The rise and fall of hadhrami arab shipping in the indian ocean, c. 1750 - c. 1940 (2002) Ships and the Development of Maritime Technology in the Indian Ocean, pp. 227-258. , D. Parkin and R. Barnes, London: Routledge Curzon; Clarence-Smith, W.G., (2005) Entrepreneurial Strategies of Hadhrami Arabs in Southeast Asia, C. 1750S-1945, , paper presented to the International Conference on Yemeni-Hadramis in Southeast Asia: Identity Maintenance or Assimilation?, Kuala Lumpur, 22-5 August; Cohen, M.L., (1976) House United, House Divided: The Chinese Family in Taiwan, , New York: Columbia University Press; Covey, S.R., (1989) The Seven Habits of Highly Effective People: Restoring the Character Ethic, , New York: Simon and Schuster; Das Gupta, A., Indian merchants and the trade in the indian ocean, c. 1500-1700 (1982) Cambridge Economic History of India, 1, pp. 407-433. , I. Habib and T. Raychavdhuri, c. 1200-c. 1750, Cambridge: Cambridge University Press; Dick, H., J. Rimmer, P., (2003) Cities, Transport and Communications: The Integration of Southeast Asia since 1850, , Basingstoke: Palgrave Macmillan; Dostal, W., Squire and peasant in tarim: A study of ‘rent capitalism’ in southern arabia (1984) On Social Evolution, pp. 228-252. , D. Walter, Vienna: Horn; Eisenberger, J., (1926) Indie En Debedevaart Naar Mekka, , Leiden: M. Dubbeldeman; Ellen, R.F., Arab traders and land settlers in the geser-gorom archipelago (1996) Indonesia Circle, 70, pp. 237-252; Fawzy, S., Galal, A., (1999) Partners for Development: New Roles for Government and Private Sector in the Middle East and North Africa, , Washington, DC: World Bank; Feillard, G., (2003) Instilling The Spirit of Capitalism to The Ummah: The Making of an Islamic Work Ethic in Indonesia, , paper presented to the Conference on Diasporas, Islam and Capitalism in Asia and Beyond, Asia Research Institute, National University of Singapore, 5 December; Fernando, M.R., Bulbeck, D., (1992) Chinese Economic Activity in the Netherlands India: Selected Translations from the Dutch, , Singapore: Institute of Southeast Asian Studies; Field, M., (1984) The Merchants: The Big Business Families of Arabia, , New York: Overlook Press; Freedman, M., (1958) Lineage Organization in South Eastern China, , London: Athlone Press; Freitag, U., (2003) Indian Ocean Migrants and State Formation in Hadhramaut: Reforming the Homeland, , Leiden: Brill; Geertz, C., (1963) Peddlers and Princes: Social Development and Economic Change in Indonesian Towns, , Chicago: University of Chicago Press; Gobee, E., Adriaanse, C., (1959) Ambtelijke Adviezen Van C. Snouck Hurgronje, , The Hague: Nijhoff; Hamid, A., (1994) Dutch Policy against Islam and Indonesians of Arab Descent in Indonesia, , Jakarta: LP3ES; Harn, L.C., (1963) The Arab Population of Singapore 1819-1959, , BA thesis, Department of Sociology, National University of Singapore; Heuken, A., Arab landowners in batavia/jakarta (1996) Indonesia Circle, 68, pp. 65-74; Ibrahim, A., Siddique, S., Hussain, Y., (1985) Readings on Islam in Southeast Asia, , Institute of Southeast Asian Studies: Singapore; Ingrams, W.H., (1937) A Report on the Social, Economic and Political Condition of the Hadhramaut, , London: His Majesty’s Stationery Office; Jones, E.L., (1988) Growth Recurring: Economic Change in World History, , London: Clarendon Press; Kazuhiro, A., The history of hadhrami migration to south east asia: The case of the al-attas family (2005) Proceedings of the JCAS Symposium Population Movement beyond the Middle East: Migration, Diaspora and Network, pp. 165-183. , U. Akira, O. F. Bajunid and Y. Tomoko, Osaka: Japan Centre for Area Studies, National Museum of Ethnology; Khalidi, O., The hadhrami role in the politics and society of colonial india, 1750s to 1950 (1997) Scholars and Statesmen in the Indian Ocean 1750S-1960S, pp. 67-81. , U. Freitag and W. G. Clarence-Smith, Leiden: Brill; Kirzner, I.M., (1973) Competition and Entrepreneurship, , Chicago: University of Chicago Press; Kuran, T., The discontents of islamic economic morality (1996) American Economic Review, 86, pp. 438-442; Kuran, T., The provision of public goods under islamic law: Origins, impact and limitations of the waqf system (2001) Law and Society Review, 35, pp. 841-897; Kuran, T., Islamic redistribution through zakat. Historical record and modern realities (2003) Poverty and Charity in Middle Eastern Contexts, pp. 274-293. , M. Bonner, M. Ener and A. Singer, New York: State University of New York Press; Kuran, T., The islamic commercial crisis: Institutional roots of economic underdevelopment in the middle east (2003) Journal of Economic History, 63, pp. 414-446; Kuran, T., The economic ascent of the middle east religious minorities: The role of islamic legal pluralism (2004) Journal of Legal Studies, 33 (2), pp. 475-515; Kuran, T., Why the middle east is economically underdeveloped: Historical mechanisms of institutional stagnation (2004) Journal Of economic Perspectives, 18 (3), pp. 71-90; Kuran, T., (2004) Islam and Mammon: The Economic Predicaments of Islamism, , Princeton, NJ: Princeton University Press; Laffan, M.F., (2003) Islamic Nationhood and Colonial Indonesia: The Umma below The Winds, , London: Routledge Curzon; Lekon, C., (2003) Capitalist Activities in Hadhramaut 1882-1967: Rational, Political Or Traditional, , paper presented to the Conference on Diasporas, Islam and Capitalism in Asia and Beyond, Asia Research Institute, National University of Singapore, 5 December; Lewis, B., (1993) Islam in History: Ideas, People and Events in the Middle East, , Chicago: Open Court; Lewis, B., (2002) What Went Wrong? The Clash between Islam and Modernity in The Middle East, , London: Perennial; Lim, L.S., (1987) The Arabs of Singapore: A Sociographic Study of Their Place in the Muslim and Malay World of Singapore, BA Thesis, Department of Sociology, , National University of Singapore; McClelland, D.C., (1961) The Achieving Society, , Princeton, NJ: Van Nostrand; McDonnell, M., (1986) The Conduct of the Hajj from Malaysia and Its Socio-Economic Impact on Malay Society, , Ph.D. thesis, Columbia University, NY; (1973) Annual Report, , Singapore: Religious Council of Singapore; Makarim, W., (1987) The Political Economy of the Indonesian Textile Industry under the New Order Government, , Ph.D. thesis, Ohio State University; Markovitz, C., (2000) The Global World of Indian Merchants 1750-1947: Traders of Sind from Bukhara to Panama, , Cambridge: Cambridge University Press; Masfuk, (2002) Orang Jawa Miskin, Orang Jawa Kaya: Cara Menjadi Milyuner [The Poor Javanese, the Rich Javanese: Both Seek to Become Millionaires], , Jakarta: Republika; Matsubara, K., (2004) Law of the Ancestors: Property Holding Practices and Lineage Social Structures in Nineteenth Century South China, , DPhil thesis, Oxford University; Mawdudi, S.A.-A., (1947) The Economic Problem of Man and Its Islamic Solution, , Lahore: Islamic Publications; (1984) 80Th Anniversary Publication, , Singapore: Religious Council of Singapore; Nakamura, M., (1983) The Crescent Arises over the Banyan Tree: A Study of the Muhammadiyah Movement in a Central Javanese Town, , Jakarta: Gadjah Mada University Press; Owen, R., (1993) The Middle East in the World Economy 1800-1914, , London: Methuen; Özcan, G.B., (2004) Trust and Market Exchange: The Case of Islamic Companies, , unpublished paper; Pearson, M.N., (1994) Pious Passengers: The Hajj in Earlier Times, , New Delhi: Sterling; Polanyi, K., (1957) The Great Transformation: The Political and Economic Origins of Our Time, , Boston: Beacon Press; Post, P., The formation of the pribumi business elite in indonesia 1930s to 1940s (1996) Bijdragen Tot De Taal-, Land-En Volkenkunde, 152 (4), pp. 87-110; Redkin, O.I., (1995) Migration in Wadi Amd and Wadi Daw’An after World War II: Economic and Cultural Effects, , paper presented to the School of Oriental and African Studies conference on Hadramaut and the Hadrami Diaspora, Late Eighteenth Century to 1967, London, April; Rodinson, M., (1973) Islam and Capitalism, , (trans. B. Pearce), New York: Pantheon; Roff, W.R., (1974) The Origins of Malay Nationalism, , Kuala Lumpur: Penerbit University Malaya; Roff, W.R., Murder as an aid to social history: The arabs in singapore in the early twentieth century (2002) Transcending Borders: Arab Politics, Trade, and Islam in Southeast Asia, pp. 91-108. , H. de Jonge and N. Kaptein, Leiden: KITLV; Schumpeter, J.A., (1942) Capitalism, Socialism and Democracy, , New York: Harper and Row; (1980) Census of the Population of Singapore, , Singapore: Government Printers; (1981) Census of the Population of Singapore 1980, , Singapore: Government Printers; (1901) Singapore, , Government Printing Office; (1906) Singapore, , Government Printing Office; Suharto, R., (1989) Pikiran, Ucapan Dan Tindakan: Otobiografi Seperti Dipaparkan Kepada G. Dwipayana Dan Ramadhan K. H. [Thoughts and Action: The Autobiography of Suharto as Narrated to G. Dwipayana], , Jakarta: D. H. Jakarta; Sutter, J.O., (1959) Indonesianisasi: A Historical Survey of the Role of Politics in the Institutions of A Changing Economy from the Second World War to the Eve of the General Elections, 1940-1955, , Ph.D. thesis, Cornell University, NY; Haji, T., (2004) Annual Report, Hasten Towards Prosperity, , Kuala Lumpur: Tabung Haji Publications; Tagliacozzo, E., (2003) Financing Devotion: The Long Duree Economics of South East Asia’s Pilgrimage to Mecca, , paper presented to the Asia Research Institute conference on Diasporas, Islam and Capitalism in Asia and Beyond, Singapore, 5 December; Ter, K.L., (1985) The Law of Charities: Cases and Materials, Singapore and Malaysia, , Singapore: Butterworths; Tinbergen, J., Derksen, J.B.O., Nederlansch-indie in cijfers (1941) Daar Werd Wat Groots Verricht: Nederlandsch- Indie in De Twintigste Eeuw, pp. 508-525. , W. H. van Helsdingen and H. Hoogenberk, Amsterdam: Elsevier; Tripp, C., (2006) Islam and The Moral Economy: The Challenge of Capitalism, , Cambridge: Cambridge University Press; Trocki, C.A., (1979) Prince of Pirates: The Temenggongs and The Development of Johor and Singapore 1784-1885, , Singapore: Singapore University Press; (1908) Utusan Melayu, , 4 January 1908; Van Den Berg, L.W.C., (1886) Le Hadhramout Et Les Colonies Arabes Dan L’Archipel Indien, , Batavia: Government Printing Office; Van Leur, J.C., (1983) Indonesian Trade and Society: Essays in Asian Social and Economic History, , The Hague: W. van Hoeve; Vlieland, C.A., (1931) British Malaya: A Report on the 1931 Census and on Certain Problems of Vital Statistics, , London: Crown Agents for the Colonies; (1935) Volkstelling. 1930, , Batavia: Landsdrukkerij; Yousef, T.M., The murabaha syndrome in islamic finance: Laws, institutions and politics (2004) The Politics of Islamic Finance, pp. 63-80. , C. M. Henry and R. Wilson, Edinburgh: Edinburgh University Press; Abdoolabhoy Lalljee to First Assistant Resident, Aden (4 September 1922), Oriental and India Office Collection, R/20/A/1407, British Library, London; Alkaff transcript, National Archives of Singapore A000124, Singapore; Communities of Singapore, Singapore: Oral History (1996), National Archives of Singapore, part 3, A000377, Singapore; Jumabhoy Lalljee to First Assistant Resident, Aden (9 July 1927), Oriental and India Office Collection, R/20/A/1414, British Library, London; Note on the revenue of Shihr and Mokalla (1928), Oriental and India Office Collection, R/20/A/3255, British Library, London; Shaykh Alkaff’s wills (6 February 1910), Oriental and India Office Collection, R/20/A3874, British Library, London; Syed Mohsen Alsagoff transcript, National Archives of Singapore (15 January 1983), B000523, Singapore; Transcript of R. Jumabhoy, National Archives of Singapore, A00074, Singapore; Watts, A.F., (1947) Some Notes on the Rural Economy of Wadi Hadhramaut, , Oriental and India Office Collection, R/20/B/2033, British Library, London; Asiaweek, 31 July 1992; Straits Times, 13 November 1907; Tempo, 26 July 1980; Utusan Melayu, 4 January 1908},
correspondence_address1={Brown, R.A.; University of LondonUnited Kingdom},
publisher={Cambridge University Press},
isbn={9780511753800; 9780521861519},
language={English},
abbrev_source_title={Remaking Management},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Iqbal2008583,
author={Iqbal, Z.},
title={Impact of global financial crisis on IDB member countries: The case of Gulf Cooperation Council and Sub-Saharan Africa},
journal={Pakistan Development Review},
year={2008},
volume={47},
number={4},
pages={583-601},
doi={10.30541/v47i4iipp.583-601},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-77957925384&doi=10.30541%2fv47i4iipp.583-601&partnerID=40&md5=8e92eba3abf6e863a562012ceeb0733a},
affiliation={Islamic Development Bank, Jeddah, Saudi Arabia},
abstract={2008 was a challenging year for the Islamic Development Bank (IDB) Group as well as its member countries because of unprecedented crises (food, energy, financial and economic crises). In particular, the ongoing global financial and economic crisis is source of concern for the IDB Group because of the magnitude of its impact on member countries. The banking sector faced unexpected challenges in terms of business growth, profitability, assets quality and liquidity, especially in the Gulf Cooperation Council (GCC) region. The year also witnessed steep fall in the stock markets in GCC and Sub-Saharan Africa (SSA) regions. 2009 is also expected to be another challenging year as the global financial meltdown is causing rising unemployment and pushing more people into the poverty trap. IDB member countries may face a sizable decline in foreign capital inflows both from public and private sources. Due to weakening global economy, economic growth is to decelerate in both GCC and SSA regions. The current account surplus in GCC region is to squeeze, while in SSA region it is likely to turn into deficit. These trends portend a setback for member countries, especially in SSA region in achieving the millennium development goals (MDGs). However, the GCC region is relatively well placed to weather the ongoing financial crisis due to huge oil surpluses accumulated during the last few years, lower public debt levels, and more than one trillion sovereign wealth funds, which have cushioned the adverse impacts on investment plans in the region. In response to these crises, IDB Group has continued to enhance its development assistance and taken a number of special initiatives to help member countries mitigate the adverse impacts of these crises on their socio-economic development. However, economic recovery in member countries in the coming years will critically depend upon the deepness of the economic recession and their policy actions to revive their economies through effective socio-economic reforms. The instruments of Islamic finance can be considered a possible cure for the ailing global financial markets.},
author_keywords={Global financial crisis;  Gulf Cooperation Council;  IDB member countries;  Sub-Saharan Africa},
keywords={banking;  business development;  capital flow;  conference proceeding;  economic conditions;  economic growth;  financial crisis;  financial market;  investment;  Islamism;  Millenium Development Goal;  profitability;  stock market;  unemployment, Sub-Saharan Africa},
references={(2009) Global Financial Turmoil and Emerging Market Economies: Major Contagion and A Shocking Loss of Wealth, , Asian Development Bank; (2009) HSBC/DIFX GCC Conventional Financial Services US Dollar Bond Index, , Dubai International Financial Exchange and Honk Kong and Shanghai Banking Corporation; Islamic finance: Opportunities and challenges (2008) Research Bulletin, 1, p. 12. , Gulf One Investment Bank; (2008) Sovereign Wealth Funds, , Islamic Development Bank, Current Information Note No. 101; (2008) The Challenge of Unemployment in IDB Member Countries: Can. They Achieve the Target of Full Employment by 2015?, , Islamic Development Bank; (2008) Achieving the Targets of IDB 1440H Vision and the Millennium Development Goals: Scorecard for Member Countries, , Islamic Development Bank; (2007) The World Islamic Banking Competitiveness Report 2007/08: Capturing the Trillion Dollar Opportunity, , McKinsey and Co; (2009) Gulf Cooperation Council Year Book, , Millennium Finance Corporation; (2008) GCC's Private Wealth Reserves Over $1.5 Trillion, , Saudi Gazette; (2008) Top-500 Islamic Financial Institutions, , The Banker Magazine, Supplement; (2008) Migration and Development Brief, , World Bank},
correspondence_address1={Iqbal, Z.; Islamic Development Bank, Jeddah, Saudi Arabia; email: ziqbal@isdb.org},
publisher={Pakistan Institute of Development Economics},
issn={00309729},
language={English},
abbrev_source_title={Pak. Dev. Rev.},
document_type={Conference Paper},
source={Scopus},
}

@BOOK{Eder200372,
author={Eder, M.},
title={Becoming Western: Turkey and the European Union},
journal={Regionalism across the North/South Divide: State Strategies and Globalization},
year={2003},
pages={72-85},
doi={10.4324/9780203451106-14},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85136354848&doi=10.4324%2f9780203451106-14&partnerID=40&md5=a7500df7510e7aed05ca8336d8300c68},
affiliation={Department of Political Science, Bosphorus University, Turkey},
abstract={I discuss first the changes in the political economy of Turkey and the international setting that Turkey faces, analysing how and why regionalism became an option. Turkey is part of the ‘weak’ semi-periphery in the world economy. Even though the manufacturing industry has grown rapidly over the last fifteen years and accounts for 25 per cent of GDP, more than 40 per cent of the working population is still employed in the agricultural sector, which only accounts for 15 per cent of the total GDP. While the Turkish textile industry has become sufficiently competitive in world markets to provoke anti-dumping measures by both the EU and the US, most other industries are inefficient in terms of productivity, labour and capital investment. Despite significant trade liberalization and economic reforms since the 1980s, export growth has not been accompanied by the industrialization that occurred in the East Asian countries. Furthermore, the amount of foreign direct investment (FDI) Turkey attracts has remained limited. Although the combination of cheap labour as a result of the wage freezes after the military coup of 1980 and the size of the domestic market worked to draw in some investors, FDI expansion has been constrained by the rise of real wages in the early 1990s and the macroeconomic instabilities of that time. FDI increased eight-fold in the 1980s, but the emergence of cheaper labour sources in Eastern Europe and China, coupled with the political uncertainties associated with the rise of Islamic fundamentalism in Turkey, led to a fall in foreign investment. Hence Turkey remains a developing country. Its GDP is less than the total corporate sales of General Motors. It ranks seventy-fourth in the world in terms of human development indicators and has serious income distribution disparities between rural and urban areas (United Nations Development Programme 1997). Most industrial activity takes place in the west, north-west and the south, while the eastern and south-eastern parts of the country have experienced very limited economic growth. © 1999 Selection and editorial matter, Jean Grugel and Wil Hout; individual chapters, the contributors.},
correspondence_address1={Eder, M.; Department of Political Science, Turkey},
publisher={Taylor and Francis},
isbn={9781134717194; 0415162122; 9780415162135},
language={English},
abbrev_source_title={Regionalism across the North/South Divide: State Strategies and Globalization},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{O'Brien198932,
author={O'Brien, J.},
title={Sudan's killing fields},
journal={Middle East Report},
year={1989},
volume={19},
number={6},
pages={32-35},
doi={10.2307/3012749},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0024881432&doi=10.2307%2f3012749&partnerID=40&md5=34d61423149ec96c9a6e0beab60be3fa},
abstract={Genocidal violence, ethnic conflict and religious fanaticism is seen to be rooted in three quite distinct patterns in Sudan's development. Argues that until the early 1970s agricultural capital dominated the state and economic policy. The resulting emphasis on food production for mass consumption allowed the country to survive the Sahelian drought of 1968-1973. The neglect of the export sector and the deteriorating balance of payments refocused efforts towards foreign markets. Sudanese commercial capital in alliance with Arab foreign capital greatly assisted this development. Since 1979, Arab foreign capital has had an independent role, resulting in the formation of the National Islamic Front (NIF). None of the rival fractions of capital has succeeded in securing control over the state. All have responded by systematically dismantling the state and diverting resources to create parallel state structures. -R.Sexton},
keywords={capital;  ethnic conflict;  state;  violence},
issn={08992851},
language={English},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sukor202334,
author={Sukor, M.E.A. and Abdul Halim, A.},
title={Portfolio optimisation of Shariah-compliant samples in the USA},
journal={Journal of Islamic Accounting and Business Research},
year={2023},
volume={14},
number={1},
pages={34-57},
doi={10.1108/JIABR-10-2021-0278},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85131297083&doi=10.1108%2fJIABR-10-2021-0278&partnerID=40&md5=b90744fcdfab2dd20e02cd297e57392d},
affiliation={Department of Finance, Faculty of Business and Economics, University of Malaya, Kuala Lumpur, Malaysia},
abstract={Purpose: This paper aims to investigate the dynamic portfolio optimisation performance of numerous samples of Shariah-compliant firms in the USA vis-à-vis the overall conventional sample. Design/methodology/approach: This paper constructs efficient frontiers and subsequently the capital market line using the ovport set of commands in STATA. From the capital market line, the tangent portfolio is found, and the Sharpe ratio of the tangent portfolio is the primary measurement of the dynamic portfolio optimisation performance of the samples of Shariah-compliant samples in this study. Findings: This paper finds that the overall conventional sample will outperform the Shariah-compliant samples in most cases. However, there exists a consistent trend whereby the performance of the overall conventional sample will converge towards the performance of the Shariah-compliant samples (and even be lower at times), as the market approaches a looming crisis suggesting that the Shariah-compliant samples do not experience significant deteriorations in their performance as compared to the conventional sample and that they provide stability during such times. Research limitations/implications: This paper assumes no transaction costs, illiquidity, bid-ask spread and non-compliant revenue purification all of which may negatively affect portfolio performance. Practical implications: The findings of this paper suggest that Shariah-compliant samples should be included in portfolios during times of crisis because they are less affected by market-wide volatility. Social implications: The stability of Shariah-compliant samples reflects the conservativity of the contemporary Shariah stock screening methodologies and the Shariah itself. Originality/value: Portfolio optimisation studies on Shariah-compliant samples are usually static in nature and are conducted in selected Muslim countries. This paper studies the dynamic portfolio optimisation in the USA where a liquid Islamic capital market is non-existent. © 2022, Emerald Publishing Limited.},
author_keywords={Capital market line;  Dynamic portfolio optimisation;  Efficient frontier;  Shariah-compliant firms;  Sharpe ratios;  US firms},
funding_details={Ministry of Higher Education, MalaysiaMinistry of Higher Education, Malaysia, MOHE},
funding_details={Universiti MalayaUniversiti Malaya, UM},
funding_text 1={Asyraf Abdul Halim acknowledges the scholarship received from the Malaysian Ministry of Higher Education and the University of Malaya over the course of his PhD studies, during which this paper was written and developed.},
references={Albaity, M., Ahmad, R., Performance of Syariah and composite indices: evidence from Bursa Malaysia (2008) Asian Academy of Management Journal of Accounting and Finance, 4 (1), pp. 23-43; Alexakis, C., Kenourgios, D., Pappas, V., Petropoulou, A., From dotcom to Covid-19: a convergence analysis of Islamic investments (2021) Journal of International Financial Markets, Institutions and Money, 75, p. 101423; Banani, A., Hidayatun, N.A., Performance of Islamic indices: risk adjusted returns of Sharia compliant stocks on Jakarta Islamic index and Dow Jones Islamic Turkey (2017) Journal Economics and Business Atmajaya Indonesia, 1 (1), pp. 1-18; Colombo, J.A., Cruz, F.I., Cortes, R.X., Paese, L.H., (2019) Are cryptocurrencies suitable for portfolio diversification? Cross-country evidence, , Working paper; Derbali, A., El Khaldi, A., Jouini, F., Shariah-compliant capital asset pricing model: new mathematical modeling (2017) Journal of Asset Management, 18 (7), pp. 527-537; Dorantes, A., (2013) MVPORT: Stata module for collection, optimization and backtest of financial portfolios, , Statistical Software Components S457712, Boston College Department of Economics, revised 02 Sep 2016; Dorantes, A., (2018) Illustrating the efrontier STATA command; Fama, E., French, K., A five-factor asset pricing model (2015) Journal of Financial Economics, 116 (1), pp. 1-22; Halim, A.A., (2021) Theory and evidence of the impacts of Shariah debt screening on firm behaviour, , [Working Paper], University Malaya PhD Thesis; Ito, M., Noda, A., Wada, T., The evolution of stock market efficiency in the US: a non-Bayesian time-varying model approach (2016) Applied Economics, 48 (7), pp. 621-635; Jahromi, M., Risk, return, and mean-variance-efficiency of Islamic and non-Islamic stocks (2013) 26th Australasian Finance and Banking Conference; Kamil, N.K.M., Bacha, O., Masih, M., Do ‘sin stocks’ deprive Islamic stock portfolios of diversification? Some insights from the use of MGARCH-DCC (2012) Capital Markets Review, 20 (1), pp. 1-20; Markowitz, H.M., Portfolio selection (1952) The Journal of Finance, 7 (1), pp. 77-91; Marzban, S., New strategies and a new paradigm for Shariah-compliant portfolio optimization (2009) Journal of Banking and Finance, 33 (6), pp. 1166-1176; Marzban, S., Asutay, M., The impact of asset-based versus market capitalization-based Shari'ah screening on US and Japanese equities: an empirical analysis (2012) Asian and African Area Studies, 11 (2), pp. 151-165; Pedersen, L.H., Fitzgibbons, S., Pomorski, L., Responsible investing: the ESG-efficient frontier (2020) Journal of Financial Economics, 142 (2), pp. 572-597; Ramadhan, M.R., Nugroho, A.B., Advantages of investing in Sharia financial instruments using modern portfolio theory approach (2014) 7th Asia Pacific Business Research (APBR) Conference of the World Business Institute (WBI) Australia, , Singapore: August; Reddy, K., Fu, M., Does Shariah compliant stocks perform better than the conventional stocks? A comparative study of stocks listed on the Australian stock exchange (2014) Asian Journal of Finance & Accounting, 6 (2), pp. 155-170; Rifqi, M., The cost of Sharia investing: comparative empirical study in Indonesian stock market (2016) Journal of Emerging Economies and Islamic Research, 4 (1), pp. 33-45; Stavroyiannis, S., Babalos, V., Herding, faith-based investments and the global financial crisis: empirical evidence from static and dynamic models (2017) Journal of Behavioral Finance, 18 (4), pp. 478-489; Tobin, J., Liquidity preferences as behavior towards risk (1958) The Review of Economic Studies, 25 (2), pp. 65-87; Minsky, H.P., (1992) The Financial Instability Hypothesis, , Levy Economic Institute, New York, NY; (2019) Dow Jones Islamic market indices methodology, , S&P Dow Jones Indices},
correspondence_address1={Sukor, M.E.A.; Department of Finance, Malaysia; email: mohdedil@um.edu.my},
publisher={Emerald Publishing},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Jallad2023982,
author={Jallad, R.’T. and Al-Qatu, A.J.},
title={The Moderating Effect of the Covid 19 on Credit Risk of Islamic and Conventional Bank in Emerging Markets: Evidence from Palestine},
journal={Lecture Notes in Networks and Systems},
year={2023},
volume={495 LNNS},
pages={982-992},
doi={10.1007/978-3-031-08954-1_82},
note={cited By 0; Conference of International Conference on Business and Technology , ICBT 2021 ; Conference Date: 6 November 2021 Through 7 November 2021;  Conference Code:280519},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85135039349&doi=10.1007%2f978-3-031-08954-1_82&partnerID=40&md5=0ea99285a3b140507d350a124ab0befa},
affiliation={Department of Finance, An-Najah National University, Nablus, Palestine},
abstract={Credit risk is one of the largest and most significant risk exposures facing banks. This study aims to empirically measure the impact of credit risk on the profitability of Islamic banks and conventional banks operating in Palestine. The study also aims to show if there is a significant difference in the impact of credit risk on the profitability of Islamic and conventional banks. The interactive effect of the Covid 19 pandemic with the credit risk factors is studied to prove whether the pandemic affects the profitability of both types of banks. The study analyzed the data of 13 banks (11 conventional and two Islamic banks). The sample period extends from 2011 to 2020. Banks’ profitability is measured using return on assets (ROA) and return on equity (ROE). Credit risk variables are measured using the non-performing loan ratio, loan provision to gross loans, and capital adequacy ratio. In addition, a set of macroeconomic and micro-control variables are investigated. Using panel regression analysis, the study finds that credit risk significantly impacts Islamic and conventional banks’ profitability. However, this effect is sensitive to the measure of profitability. While credit risk significantly impacts the ROA, it has no significant impact on the ROE. In addition, the study finds that the impact of credit risk on the profitability of Islamic banks is different from that of conventional banks. In addition, the credit risk that rises during the Covid 19 pandemic has an insignificant impact on the profitability of both types of banks. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.},
author_keywords={Conventional banks;  Covid 19;  Credit risk;  Islamic banks;  Palestine;  Panel regression;  Profitability},
references={Kolapo, T.F., Ayeni, R.K., Oke, M.O., Credit risk and commercial banks’ performance in Nigeria: A panel model approach (2012) Aust. J. Bus. Manag. Res., 2 (2), pp. 31-38; Ekinci, R., Poyraz, G., The effect of credit risk on financial performance of deposit banks in Turkey (2019) Proc. Comput. Sci., 158, pp. 979-987; Hurka, R., (2017) The Impact of Credit Risk Management on Profitability of Nordic Commercial Banks; Isanzu, J.S., The impact of credit risk on financial performance of Chinese banks (2017) J. Int. Bus. Res. Mark., 2 (3); Kaaya, I., Pastory, D., (2013) Credit Risk and Commercial Banks Performance in Tanzania: A Panel Data Analysis; Poudel, R.P.S., The impact of credit risk management on financial performance of commercial banks in Nepal (2012) Int. J. Arts Commer., 1 (5), pp. 9-15; Zou, Y., Li, F., (2014) The Impact of Credit Risk Management on Profitability of Commercial Banks: A Study of Europe, pp. 1-93. , , pp; Kutum, I., The impact of credit risk on the profitability of banks listed on the Palestine exchange (2017) Res. J. Financ. Account., 8 (8), pp. 136-141; Koulafetis, P., (2017) Modern Credit Risk Management, , Springer, Heidelberg; Te, P., (2016) Risk Management in Banking: Principles and Framework, p. 330. , Oxford Fajar Sdn. Bhd, p; Gholami, A., Salimi, Y., Investigate the relationship between credit risk management and liquidity management and the profitability in banking sector. Acad (2014) J. Res. Bus. Account., 2 (3), pp. 2311-2326; Mendoza, R.R., Rivera, J.P.R., The effect of credit risk and capital adequacy on the profitability of rural banks in the Philippines (2017) Sci. Ann. Econ. Bus., 64 (1); Afriyie, H.O., Akotey, J.O., Credit risk management and profitability of selected rural banks in Ghana (2012) Ghana: Catholic Univ. Coll. Ghana, 7 (4), pp. 176-181; Singh, S., Sharma, D.K., Impact of credit risk on profitability: A study of Indian public sector banks (2018) Int. J. Res. Econ. Soc. Sci. (IJRESS), 8 (2), pp. 492-498; Hamza, S.M., Impact of credit risk management on banks performance: a case study in Pakistan banks (2017) Eur. J. Bus. Manag., 9 (1), pp. 57-64; Hallunovi, A., Berdo, M., The relationship between risk management and profitability of commercial banks in Albania (2018) Asian Themes Soc. Sci. Res., 1 (2), pp. 44-49; Bayyoud, M., Sayyad, N.A., The impact of internal control and risk management on banks in Palestine (2015) Int. J. Econ. Financ. Manag. Sci., 3 (3), pp. 156-161; Bourkhis, K., Nabi, M.S., Islamic and conventional banks’ soundness during the 2007–2008 financial crisis (2013) Rev. Financ. Econ., 22 (2), pp. 68-77; Latif, Y., Abbas, A., Akram, M., Manzoor, S., Ahmad, S., Study of performance comparison between Islamic and conventional banking in Pakistan (2016) Eur. J. Educ. Dev. Psychol., 4 (1), pp. 17-33; Loghod, H.A., Do Islamic banks perform better than conventional banks? Evidence from Gulf cooperation council countries (2010) J. Manag., 7 (3), pp. 56-72; Milhem, M., Istaiteyeh, R., Financial performance of Islamic and conventional banks: Evidence from Jordan (2015) Glob. J. Bus. Res., 9 (3), pp. 27-41; Siddique, M.A., Rahim, M., Efficiency analysis of full-fledge Islamic banks and standalone Islamic branches of conventional banks in Pakistan: A comparative study for the period of 2007–2012 (2013) J. Islamic Bus. Manag., 3 (2), pp. 129-149; Boahene, S.H., Dasah, J., Agyei, S.K., Credit risk and profitability of selected banks in Ghana (2012) Res. J. Financ. Account., 3 (7), pp. 6-14; Miah, M.D., Uddin, H., Efficiency and stability: A comparative study between Islamic and conventional banks in GCC countries (2017) Future Bus. J., 3 (2), pp. 172-185; Youssef, A., Samir, O., A comparative study on the financial performance between Islamic and conventional banks: Egypt case (2015) Int. J. Bus. Econ. Dev. (IJBED), 3 (3); Kithinji, A.M., (2010) Credit Risk Management and Profitability of Commercial Banks In, , Kenya; Weersainghe, V., Perera, T.R., Determinants of profitability of commercial banks in Sri Lanka (2013) Int. J. Arts Commer., 2 (10), pp. 141-170},
correspondence_address1={Jallad, R.’T.; Department of Finance, Palestine; email: rafat.jallad@najah.edu},
editor={Alareeni B., Hamdan A.},
publisher={Springer Science and Business Media Deutschland GmbH},
issn={23673370},
isbn={9783031089534},
language={English},
abbrev_source_title={Lect. Notes Networks Syst.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Nurunnabi2022,
author={Nurunnabi, M. and Donker, H. and Jermakowicz, E.K.},
title={The impact of mandatory adoption of IFRS in Saudi Arabia},
journal={Journal of International Accounting, Auditing and Taxation},
year={2022},
volume={49},
doi={10.1016/j.intaccaudtax.2022.100509},
art_number={100509},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85142329419&doi=10.1016%2fj.intaccaudtax.2022.100509&partnerID=40&md5=957b4aad43e889281e9618534a16ab28},
affiliation={Aide to the President on Research & Internationalization, Chair, Department of Accounting, Prince Sultan University, Riyadh, Saudi Arabia; St Antony's College, University of Oxford, 62 Woodstock Road, Oxford, OX2 6JF, United Kingdom; College of Business, Central Washington University, Shaw Smyser 340, 400 E. University Way, Ellensburg, WA  98926-7484, United States; Tennessee State University, 330 10th Avenue North, Nashville, TN  37203-3401, United States},
abstract={We examine whether the adoption of International Financial Reporting Standards (IFRS) by companies reporting under an Islamic accounting framework is associated with the greater comparability and relevance of financial reporting. Using a sample of Saudi Arabian companies listed on Tadawul, the Saudi stock market, we compare accounting figures reported under Saudi GAAP (Generally Accepted Accounting Principles) issued by the Saudi Organization for Certified Public Accountants (SOCPA) and IFRS for the same year. The amount of reported shareholders’ equity and net income decreased in the transition to IFRS as a result of adjustments primarily related to consolidation and strategic investments, property, plant and equipment, employee benefits, and other liabilities. Our empirical findings document several reasons for the improved relevancy of the subject financial reports. The main finding was that adopting IFRS enhanced the perceived relevancy of the reports. Additionally, reporting in English versus reporting in Arabic was found to have favorably affected relevancy. Regarding transparency, based on the number of pages and informative notes, reporting under IFRS also engendered improvements to the financial reporting process. The results confirm that IFRS adoption can occur in a very different accounting regime and have positive effects on capital markets and their accounting environment. © 2022 Elsevier Inc.},
author_keywords={IFRS;  Saudi Arabia;  SOCPA GAAP},
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Journal of Administrative and Economics Science, 5 (2), 21–45. Retrieved from:Accessed: October 10; Alnodel, A.A., The impact of IFRS adoption on the value relevance of accounting information: Evidence from the insurance sector (2018) International Journal of Business and Management, 13 (4), pp. 138-148; Al-Rehaily, A.S., (2021), https://hydra.hull.ac.uk/resources/hull:4585, F. (1992). The evolution of accounting in Saudi Arabia: A study of its relevance to the social and economic environment. Ph.D. Thesis. The University of Hull, June 1992, 1-528. 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(2016). Getting it right. Adoption of IFRS in Saudi Arabia. A Middle East Point of View, Spring, 7-9. Retrieved from:Accessed October 10; El-Diftar, D., Elkalla, T., The value relevance of accounting information in the MENA region: A comparison of GCC and non-GCC country firms (2019) Journal of Financial Reporting and Accounting, 17 (3), pp. 519-536; Elbakry, A.E., Nwachukwy, J.C., Abdou, H.A., Elshandidy, T., Comparative evidence on the value relevance of IFRS-based accounting information in Germany and the UK Journal of International Accounting (2017) Auditing & Taxation, 28, pp. 10-30; (2019), https://www.ey.com/en_gl/ifrs-technical-resources, EY. (2017). IFRS adoption in Kingdom of Saudi Arabia. December 31. 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Accessed September 8 2020; Jermakowicz, E., Chen, C., Donker, H., Financial statement effects of adopting IFRS: The Canadian experience (2018) International Journal of Accounting & Information Management, 26 (4), pp. 466-491; Jermakowicz, E.K., Prather-Kinsey, J., Wulf, I., The value relevance of accounting income reported by DAX-30 German companies (2007) Journal of International Financial Management and Accounting, 18, pp. 151-191; Key, K.G., Kim, J.Y., IFRS and accounting quality: Additional evidence from Korea (2020) Journal of International Accounting, Auditing and Taxation, 39, pp. 1-11; Landsman, W.R., Maydew, E.L., Thornock, J.R., The information content of annual earnings announcements and mandatory adoption of IFRS (2012) Journal of Accounting and Economics, 53 (1-2), pp. 34-54; Larson, R.K., Kenny, S.Y., An empirical analysis of international accounting standards, equity markets and economic growth in developing countries (1995) Journal of International Financial Management and Accounting, 6 (2), pp. 130-157; Larson, R.K., Kenny, S.Y., (2018), https://www.sciencedirect.com/journal/advances-in-international-accounting, (1996). Accounting standard-setting strategies and theories of economic development. Advances in International Accounting, 9 (1), 1-21. Retrieved from:Accessed November 10; Lin, S., Riccardi, W., (2019), https://doi.org/10.1111/1911-3846.12475, N., & Wang, C. Relative effects of IFRS adoption and IFRS convergence on financial statement comparability. Contemporary Accounting Research, 36 (2), 588-628; Liu, C., Yao, L.J., Hu, N., Liu, L., The impact of IFRS on accounting quality in a regulated market: An empirical study of China (2011) Journal of Accounting Auditing and Finance, 26 (4), pp. 659-676; Maali, B., Napier, C., Accounting, religion and organizational culture: The creation of Jordan Islamic Bank (2010) Journal of Islamic Accounting and Business Research, 1 (2), pp. 92-113; Malik, M.S., Malik, A., Mustafa, W., Controversies that make Islamic banking controversial: An analysis of issues and challenges (2011) American Journal of Social and Management Sciences, 2 (1), pp. 41-46; Nurunnabi, M., Does accounting regulation matter? An experience of international financial reporting standards implementation in an emerging country (2014) Research in Accounting Regulation, 26 (2), pp. 230-238; Nurunnabi, M., The impact of cultural factors on the implementation of global accounting standards (IFRS) in a developing country (2015) Advances in Accounting, 31 (1), pp. 136-149; Nurunnabi, M., IFRS and Saudi accounting standards: A critical investigation (2017) International Journal of Disclosure and Governance, 14 (3), pp. 191-206; Nurunnabi, M., Perceived costs and benefits of IFRS adoption in Saudi Arabia: An exploratory study (2018) Research in Accounting Regulation, 30 (2), pp. 166-175; Nurunnabi, M., Jermakowicz, E.K., Donker, H., Implementing IFRS in Saudi Arabia: Evidence from publicly traded companies (2020) International Journal of Accounting & Information Management, 28 (2), pp. 243-273; Okpala, K., (2021), http://ajbmr.com/articlepdf/aus-25-14i5n2a10.pdf, (2012). Adoption of IFRS and financial statement effects: The perceived implications on FDI and Nigeria economy. Australian Journal of Business and Management Research, 2 (05), 76-83. Retrieved from:Accessed October 10; Paananen, M., (2008), The IFRS adoption's effect on accounting quality in Sweden. Available at SSRN 1097659; Prather-Kinsey, J., Developing countries converging with developed-country accounting standards. Evidence from South Africa and Mexico (2006) The International Journal of Accounting, 41 (2), pp. 141-162; Samarasekera, N., Chang, M., Tarca, A., (2022), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2183061, (2012). IFRS and accounting quality: The impact of enforcement. University of Western Australia. Retrieved from:Accessed November 7; Shafii, Z., Zakaria, N., Adoption of IFRS and IAS in Islamic financial institutions from the practitioners’ viewpoint (2013) Middle-East Journal of Scientific Research, 13, pp. 42-49; Saudi Organization for Certified Public Accountants (SOCPA), Comments to ‘Financial reporting issues relating to Islamic finance’ by AOSSG Working Group (2010), https://www.ifrs.org/content/dam/ifrs/meetings/2011/may/iasb/leases-0511b02a-appobs.pdf, Retrieved from: Accessed August 10 2020; (2020), https://socpa.org.sa/Socpa/Professional-standards.aspx, Saudi Organization for Certified Public Accountants (SOCPA) (2015). Project for transition to international accounting and auditing standards. 24 August. Retrieved from:Accessed September 8; (2017), Saudi Organization for Certified Public Accountants (SOCPA). The document of endorsement of IFRS and IFRS for SMEs for adoption in Saudi Arabia according to the Saudi Organization for Certified Public Accountants’ plan for transition to International Standards; Street, D.L., Bryant, S.M., Disclosure level and compliance with IASs: A comparison of companies with and without US listings and filings (2000) The International Journal of Accounting, 35 (3), pp. 305-329; Tsakumis, G.T., Campbell, D.R., Doupnik, T.S., (2021), https://www.journalofaccountancy.com/issues/2009/feb/ifrsbeyondthestandards.html, (2019). IFRS: Beyond the standards. Journal of Accountancy, 207 (2), 34. Retrieved from:Accessed October 10; Tsalavoutas, I., André, P., Evans, L., The transition to IFRS and the value relevance of financial statements in Greece (2012) The British Accounting Review, 44 (4), pp. 262-277; (2018), https://unctad.org/topic/investment/world-investment-report?tab=Annex%20Table, United Nations Conference on Trade and Development (UNCTAD) (2018). World Investment Report. Available at:Accessed June 29; Yip, R., Young, R., Does mandatory IFRS adoption improve information comparability? (2012) The Accounting Review., 87 (5), pp. 1767-1789},
correspondence_address1={Jermakowicz, E.K.; Tennessee State University, 330 10th Avenue North, United States; email: ejermakowicz@tnstate.edu},
publisher={Elsevier Ltd},
issn={10619518},
language={English},
abbrev_source_title={J. Int. Account. Audit. Tax.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nagimova20221197,
author={Nagimova, A.Z.},
title={Islamic finance in the post-Soviet Central Asia and Transcaucasia: the evidence from Kyrgyzstan},
journal={Journal of Islamic Accounting and Business Research},
year={2022},
volume={13},
number={8},
pages={1197-1215},
doi={10.1108/JIABR-02-2021-0077},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85131720272&doi=10.1108%2fJIABR-02-2021-0077&partnerID=40&md5=6f3fe5815046ed78ea095df8b95fc08e},
affiliation={Kazan Federal University, Kazan, Russian Federation; Ufa State Petroleum Technological University, Ufa, Russian Federation},
abstract={Purpose: Over the past decades, Islamic finance has expanded its presence to many countries including Muslim-majority post-Soviet Central Asian and Transcaucasian region. Undoubtedly, this expansion has aroused keen interest among the representatives of a range of areas such as science, politics and business. The purpose of this paper is to describe the scope, the key players and the main investment strategies of the Islamic finance market based on the evidence obtained from Kyrgyzstan. Design/methodology/approach: The main empirical corpus was formed from Bureau van Dijk’s databases (Zephyr and Orbis) and includes approximately 80 deals involving Shariah-compliant investments in Kyrgyzstan from 1991 to 2020. The initial corpus was then significantly expanded by means of content analysis of open media sources. Being still insufficient for deeper generalization, these data were further complemented by the analysis of an array of corporate information (press releases, presentations and financial reports) related to the identified deals. To ensure the credibility of the conclusions to be made on the nature of Islamic finance in Kyrgyzstan, the desk analysis was also complemented with field research using qualitative method of in-depth expert interviews. Findings: This paper has shown that despite the yet modest market volumes represented by Islamic bank, Islamic windows, Islamic leasing company and microfinance companies, Islamic finance in Kyrgyz Republic has further growth prospects, which are associated with the arrival of large foreign Islamic banks that bring innovative financial products, the issuance of Islamic securities (sukuk) and launch of Islamic insurance (takaful). Being more open and consistent in the development of Islamic finance industry, the authorities of Kyrgyzstan understand the need for the initial development of the market by their own forces. Originality/value: This paper is original and up-to-date, as it contains new and significant information. Suggesting a new approach to studying Islamic finance in post-Soviet area, this paper identifies the most active Islamic investors in Kyrgyzstan, classifies them, reveals their investment strategies and assesses the financial performance of Islamic investors as well as the total volume of Shariah-compliant capital in Kyrgyzstan. The findings of this paper can contribute to shaping policies toward Islamic finance in the post-Soviet region and, therefore, may be beneficial to the development of Islamic finance industry. © 2022, Emerald Publishing Limited.},
author_keywords={Islamic banking;  Islamic leasing (ijarah);  Islamic microfinance;  Islamic securities (sukuk);  Kyrgyzstan;  post-Soviet studies},
funding_details={Russian Foundation for Basic ResearchRussian Foundation for Basic Research, РФФИ, 19-310-60002},
funding_text 1={This study was funded by RFBR, project number 19-310-60002 (“Islamic finance in the post-Soviet states: challenges and opportunities for investment growth in the CIS countries”).},
references={Askarbekova, M., (2019) Changes in Bakai bank and BTA bank can attract large foreign investors, , https://bakai.kg/kg/news/maskarbekova-peremenyi-v-bakaj-banke-i-bta-banke-mogut-privlech-krupnyih-zarubezhnyih-investorov/, Bakai Bank, 29 July; Aliyev, F., (2012) The politics of Islamic finance in Central Asia and South Caucasus, , https://centralasiaprogram.org/archives/7679, Voices from Central Asia, 2, July: accessed 20 October 2021; Bekkin, R., (2008) Islamic finance in the former soviet union, , www.ide.go.jp/library/Japanese/Publish/Reports/InterimReport/pdf/2008_04_07_shiryou.pdf, accessed 27 October 2021; Hoggarth, D., The rise of Islamic finance: post-colonial market building in Central Asia and Russia (2016) International Affairs, 92 (1), pp. 115-136. , https://doi.org/10.1111/1468-2346.12508; Holzhacker, H., Skakova, D., (2019) Kyrgyz Republic Diagnostic, , European Bank for Reconstruction and development, May; (2016) Islamic banking and finance: opportunities across micro, small, and medium enterprises in the Kyrgyz Republic, , https://openknowledge.worldbank.org/bitstream/handle/10986/25777/110902-WP-Islamic-Banking-KR-Eng-PUBLIC.pdf?sequence=1&isAllowed=y, February 2016: accessed 25 December 2021; (2021) Creating markets in the Kyrgyz republic: country private sector diagnostic, may 2021, , www.ifc.org/wps/wcm/connect/publications_ext_content/ifc_external_publication_site/publications_listing_page/cpsd-kyrgyz-republic, accessed 5 December 2021; (2019) Kyrgyz republic, IMF country report, no.19/208, July, , www.imf.org/en/Publications/CR/Issues/2019/07/02/Kyrgyz-Republic-2019-Article-IV-Consultation-Press-Release-and-Staff-Report-47085, accessed 1 February 2021; Indina, M., (2017) What prevents opening an Islamic bank in Kyrgyzstan: opinion of the national bank and the IMF, , https://knews.kg/2017/07/18/chto-meshaet-otkryt-islamskij-bank-v-kyrgyzstane-mnenie-natsbanka-i-mvf/, K-News, 18 July; Kerimbaev, T., Expert interview with Talant Kerimbaev, managing director of ‘the Islamic financial center (2021) Chairman of The Association of Islamic Finance of Kyrgyzstan, held on May 6, 2021 [Phone recording in possession of author]; Malik, B.A., Islamic banking and finance in emerging countries: study of Post-Soviet Central Asian republics (2015) paper presented at the 26th Annual Conference on Islamic Banking Conference, , Tehran: 1–2 September; Nagimova, A., Islamic capital in Kazakhstan (2021) World Economy and International Relations, 65 (2), pp. 100-108; Nagimova, A., Islamic finance in Russia: evidence from market participants (2021) Voprosy Ekonomiki, 5 (5), pp. 74-90; Nagimova, A., (2021) Islamic Finance in the CIS Countries, , doi:, Academus Publication, San Francisco; (2019) Annual report of the national bank of the Kyrgyz republic for 2018, , www.nbkr.kg/DOC/27062019/000000000052567.pdf, accessed 20 January 2021; Sabi, M., Supply of Islamic microfinance in Central Asia: the case study of Tajikistan and Kyrgyzstan (2015) ISRA International Journal of Islamic Finance, 7 (2), pp. 9-27; Sabi, M., Awareness and perceptions of Islamic microfinance among microfinance clients in Kyrgyzstan and Tajikistan (2016) Central Asian Survey, 35 (1), pp. 26-37; Tlemsani, I., Evaluation of the Islamic interbank benchmark rate (2020) International Journal of Islamic and Middle Eastern Finance and Management, 13 (2), pp. 249-262; Tlemsani, I., Conventional vs. Islamic debt-equity portfolio swaps (2022) International Journal of Managerial and Financial Accounting, 14 (1), pp. 20-34; (2016) Market research of leasing operations in the Kyrgyz republic (in Russian), , http://ub.kg/wp-content/uploads/2016/02/Issledovanie-rynka-lizingovyh-operatsij-KR_17-fevralya-2016.pdf, accessed 20 January 2021; Vela, J., (2011) Kyrgyzstan: Islamic banking offers an alternative to the ‘European system, , https://eurasianet.org/kyrgyzstan-islamic-banking-offers-alternative-to-the-european-system, Eurasianet, 21 June: accessed 24 November 2021; (2019) Global competitiveness report 2017–2018, , https://www3.weforum.org/docs/GCR2017-2018/05FullReport/TheGlobalCompetitivenessReport2017%E2%80%932018.pdf, World Economic Forum, Geneva: :, accessed 20 February 2021; Wolters, A., (2013) Islamic finance in the states of Central Asia: strategies, institutions, first experiences, , www.econstor.eu/bitstream/10419/71299/1/741310597.pdf, PHP Private University of Applied Sciences Research Papers, 2013/01: accessed 20 October 2021; Zhoraev, A., Expert interview with Abdurashid Zhoraev (2021) a Member of the Working group of ‘The Union of Banks of Kyrgyzstan’, held on May 16, 2021 [Phone recording in possession of author]},
correspondence_address1={Nagimova, A.Z.; Kazan Federal UniversityRussian Federation; email: nagimova_almira@mail.ru},
publisher={Emerald Publishing},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sukor20221137,
author={Sukor, M.E.A. and Abdul Halim, A.},
title={Theory and evidence of the impacts of Shariah debt screening on firm behaviour},
journal={Journal of Islamic Accounting and Business Research},
year={2022},
volume={13},
number={8},
pages={1137-1154},
doi={10.1108/JIABR-01-2022-0016},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85131160469&doi=10.1108%2fJIABR-01-2022-0016&partnerID=40&md5=132f6c034101d5c89e488313ef5e4e18},
affiliation={Department of Finance, Faculty of Business and Economics, University of Malaya, Kuala Lumpur, Malaysia},
abstract={Purpose: The paper aims to construct a theoretical framework to investigate whether the Shariah debt ratio screening in contemporary Shariah stock screening methodologies results in a bias towards a certain set of corporate financial behaviour for Shariah-compliant firms in the USA where access to a liquid Islamic debt market is non-existent. Design/methodology/approach: The paper extends the earnings valuation approach of Modigliani and Miller (1963) to theoretically asses the impacts of the 33% conventional debt limit on Shariah-compliant firms’ corporate financial behaviour. Then, supporting evidence is shown via empirical stylised facts of samples of Shariah-compliant firms in the USA. Findings: A theoretical floor limit to investment cut-off rates is found for US Shariah-compliant firms so that lesser projects pass their internal rate of return versus conventional firms. Subsequently, such firms consistently show the following corporate financial characteristics: above-average size, larger marginal change in size and profitability in response to a given marginal change in investments, low book-to-market ratio and lower investment rates. Research limitations/implications: The findings of this paper may not hold where access to a liquid Islamic capital market is present. Practical implications: Caveat emptor. These findings may be inconsistent to the investor’s risk preferences. Social implications: The findings suggests that Shariah-compliant firms are more conservative compared to their conventional counterparts. Originality/value: The paper is the first to introduce a theoretical framework to address consistent biasness in corporate financial behaviour due to the Shariah debt screening. It may prove useful for future academic studies as well as investment managers. © 2022, Emerald Publishing Limited.},
author_keywords={Corporate financial behaviour;  Shariah debt ratio screening;  Shariah stock screening methodologies;  Shariah-compliant firms;  US firms},
funding_details={Ministry of Higher Education, MalaysiaMinistry of Higher Education, Malaysia, MOHE},
funding_details={Universiti MalayaUniversiti Malaya, UM},
funding_text 1={Asyraf Abdul Halim acknowledges the scholarship received from the Malaysian Ministry of Higher Education and the University of Malaya over the course of his PhD studies, during which this paper was written and developed.},
references={Derigs, Marzban, Review and analysis of current Shariah-compliant equity screening practices (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303; El-Gamal, M., Partnerships and equity investments (2006) Islamic Finance: Law, Economics and Practice, pp. 117-134. , El-Gamal, M.,(Eds), Cambridge University Press, Cambridge; Fama, E., French, K., A five-factor asset pricing model (2015) Journal of Financial Economics, 116, pp. 1-22; Kamil, N.K.M., Bacha, O., Masih, M., Do ‘sin stocks’ deprive Islamic stock portfolios of diversification? Some insights from the use of MGARCH-DCC (2012) Capital Markets Review, 20 (1), pp. 1-20; Marzban, Asutay, The impact of asset-based versus market capitalization-based shari’ah screening on US and Japanese equities: an empirical analysis (2012) Asian and African Area Studies, pp. 151-165; Modigliani, F., Miller, M.H., Dividend policy, growth, and the valuation of shares (1961) The Journal of Business, 34 (4), pp. 411-433; Modigliani, F., Miller, M.H., The cost of capital, corporation finance and the theory of investment (1958) The American Economic Review, 48 (3), pp. 261-297; Modigliani, F., Miller, M.H., Corporate income taxes and the cost of capital: a correction (1963) The American Economic Review, 53 (3), pp. 433-443; (2019) Dow Jones Islamic market indices methodology, , S&P Dow Jones Indices; Shariq, M., Sukor, M.E., Style comparison of US Islamic equity market indexes (2017) The Journal of Index Investing, 8 (1), pp. 47-58},
correspondence_address1={Sukor, M.E.A.; Department of Finance, Malaysia; email: mohdedil@um.edu.my},
publisher={Emerald Publishing},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Suleiman20221,
author={Suleiman, A. and Uluyol, B. and Toprak, M.},
title={Islamic mutual funds: contracts, structures, screening and pricing mechanisms},
journal={Journal of Investment Strategies},
year={2022},
volume={11},
number={3},
pages={1-42},
doi={10.21314/JOIS.2022.009},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85142234921&doi=10.21314%2fJOIS.2022.009&partnerID=40&md5=6d5e72bd5b06af2a276f130d630a9e24},
affiliation={Department of Islamic Economics and Finance, Istanbul Sabahattin Zaim University, Halkalı Mahallesi, Halkalı Caddesi, Halkalı Kampüsü 2, Küçükçekmece, Istanbul, 34303, Turkey},
abstract={Islamic mutual funds have grown considerably in the previous decade or so, accounting for about 15–20% of the mutual fund market in the last 15 years. The existing literature focuses mainly on the structures and contracts of Islamic mutual funds, but their pricing is mostly overlooked. This paper scrutinizes various Islamic mutual fund instruments; reviews the existing structures and contracts; demonstrates Islamic mutual fund mechanisms; assesses the critical issues of different types of Islamic mutual fund; and examines the contracts, structures, screening, pricing mechanisms and reasoning behind the mechanisms applied in screening and purification of both funds and shares. It evaluates the origin of each procedure and fills the gaps in the literature by aiming to harmonize and standardize the various benchmarks for screening and pricing of Islamic mutual funds. © 2022 Infopro Digital Risk (IP) Limited.},
author_keywords={assets under management (AUM);  Islamic capital market;  Islamic finance;  Islamic mutual funds (IMFs);  screening mechanisms, structure of Islamic mutual funds},
references={Abdul Rahman, A., Azlan Yahya, M., Herry Mohd Nasir, M., Islamic norms for stock screening: a comparison between the Kuala Lumpur Stock Exchange Islamic Index and the Dow Jones Islamic Market Index (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (3), pp. 228-240. , https://doi.org/10.1108/17538391011072426; Abdullah, F., Mohamed, S., Hassan, T., A comparative performance of malaysian islamic and conventional mutual funds (2002) Pertanika, 8 (2), pp. 30-49; Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Malaysian Islamic unit trust funds: comparison with conventional unit trust funds (2007) Managerial Finance, 33 (2), pp. 142-153. , https://doi.org/10.1108/03074350710715854; (2015) Sharia Standards, No. 21, Paragraphs 3/4/1–5, , https://bit.ly/3V4MpIG, AAOIFI, Bahrain; Ali, A. Y., Surah Al-Imran (2001) The Holy Qur’an: English Translation and Commentary, , (trans) Lushena Books, Bensenville, USA; Blake, D., Timmermann, A., Mutual fund performance: evidence from the UK (1998) Review of Finance, 2 (1), pp. 57-77. , https://doi.org/10.1023/A:1009729630606; Derigs, U., Marzban, S., New strategies and a new paradigm for sharia-compliant portfolio optimization (2009) Journal of Banking and Finance, 33 (6), pp. 1166-1176. , https://doi.org/10.1016/j.jbankfin.2008.12.011; Donia, M., Marzban, S., Identifying Sharia-compliant equities: a challenging task (2008) Global Islamic Finance, Blog Post, , www.global-islamic-finance.com/2008/11/identifying-shariah-compliant-equities09.html, November 9; El Baaly, A., Unstructured interview [telephone]. Shariah compliance stocks screening guidelines, interview by Farid Gamaleldin (2015), Quoted in Gamaleldin, F., Shariah-compliant stocks screening and purification. PhD Thesis, University of Liverpool; Elfakhani, S., Hassan, M. K., Sidani, Y., Comparative performance of Islamic versus secular mutual funds (2005) Proceedings of 12th Economic Research Forum Conference, pp. 19-21. , Economic Research Forum, Giza; Elgari, M. A., Purification of Islamic equity funds: methodology and shari’ah founda-tion (2002) Islamic Finance: The Task Ahead. Proceedings of the Fourth Harvard University Forum on Islamic Finance, pp. 77-80. , Harvard University, Cambridge, MA; (2011) Islamic funds and investments report 2011: achieving growth in challenging times, , https://bit.ly/3EHjQew, Report, Ernst & Young, London; Gamaleldin, F., (2015) Shariah-compliant stocks screening and purification, , https://doi.org/10.13140/RG.2.1.3063.0249, PhD Thesis, University of Liverpool (); Ho, C., International comparison of Shari’ah compliance screening standards (2015) International Journal of Islamic and Middle Eastern Finance and Management, 8 (2), pp. 222-245. , https://doi.org/10.1108/IMEFM-07-2014-0065; Htay, S. N. N., Abedeen, Z., Salman, S. A., Towards standardization of sharia norms and practices (2013) International Journal of Humanities and Social Science Invention, 2, pp. 23-30. , https://ijhssi.org/papers/v2(11)/Version-3/F021103023030.pdf; (2020) Islamic financial services industry stability report, , IFSB, Kuala Lumpur; Khatkhatay, M. H., Nisar, S., Sharia compliant equity investments: an assess-ment of current screening norms (2007) Islamic Economic Studies, 15 (1), pp. 47-76; Mansor, F., Bhatti, M. I., Risk and return analysis on performance of the Islamic mutual funds: evidence from Malaysia (2011) Global Economy and Finance Journal, 4 (1), pp. 19-31; Mohamed, S., Goni, A., Alanzarouti, F., Al Taitoon, J., (2020) Progressing through adversity: Islamic finance development report, , https://bit.ly/3M4g7cp, Report, ICD-REFINITIV, Jeddah; Mumtaz, R., Usman, M., Nasir, S. B., An empirical study of risk-return profile of islamic mutual funds: a case from Pakistan (2014) European Journal of Business and Management, 6 (20), pp. 156-167. , www.iiste.org/Journals/index.php/EJBM/article/view/14157/14465; Ramos, S. B., The size and structure of the world mutual fund industry (2009) European Financial Management, 15 (1), pp. 145-180. , https://doi.org/10.1111/j.1468-036X.2007.00428.x; Shah, S. A., Hijazi, S. T., Hamdani, N. H., Performance evaluation of mutual funds in Pakistan [with comments] (2005) Pakistan Development Review, 44 (4), pp. 863-876. , https://doi.org/10.30541/v44i4IIpp.863-876; (2006) Resolutions of the Securities Commission Shariah Advisory Council, , https://bit.ly/3TeZNZ2, 2nd edn. Securities Commission, Kuala Lumpur; (2020) List of sharia-compliant securities by the Sharia Advisory Council of the Securities Commission Malaysia, , www.sc.com.my/wpcontent/uploads/eng/html/icm/sas/scsyariahcompliant171124; Sharpe, W. F., Mutual fund performance (1966) Journal of Business, 39 (1), pp. 119-138. , https://doi.org/10.1086/294846; Siddiqui, A. H., (1976) Sahih Muslim, , Peace Vision; (2018) Islamic fund management, , https://sbb.gov.tr/wp-content/uploads/2019/06/Islamic-Fund-Management.pdf, Report, Comcec, Ankara; Yaqoubi, N., Unstructured Interview [in person]. Background of shariah compliance stocks screening and purification fatwa (2015), Interview by Farid Gamaleldin. Quoted in Gamaleldin, F., Shariah-compliant stocks screening and purification. PhD Thesis, University of Liverpool},
correspondence_address1={Uluyol, B.; Department of Islamic Economics and Finance, Halkalı Mahallesi, Halkalı Caddesi, Halkalı Kampüsü 2, Küçükçekmece, Turkey; email: borhanseti@gmail.com},
publisher={Infopro digital},
issn={20471238},
language={English},
abbrev_source_title={J. Invest. Strateg.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Shahchera2022549,
author={Shahchera, M.},
title={Coordination of Monetary Policy and Macro Prudential Policy: New Evidence from OIC Countries},
journal={Iranian Economic Review},
year={2022},
volume={26},
number={3},
pages={549-561},
doi={10.22059/ier.2022.89088},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85139073999&doi=10.22059%2fier.2022.89088&partnerID=40&md5=c03291127614c3a8e35b3e024ed1b737},
affiliation={Monetary and Banking Research Institute, Central Bank of Iran, Tehran, Iran},
abstract={Interaction of macro prudential policy and monetary policy depends on the relation of objectives. Central bank authorities focus on price stability but may not concern with financial stability. Hence, the variables that influenced on financial markets are various and are determined to on risk management perspectives. This paper survey the interaction of monetary policy and macro prudential policy by focusing capital requirement. The aim of this paper are increasing convergence between polices by transitions mechanism. This paper use the dynamic unbalanced panel system generalized method of moment (SYS-GMM) for estimating the interaction of monetary and macro prudential policies. This system considers preference of central bank as proxy of goal’s monetary policy. The data includes OIC countries banking system over the period 2003-2017.The sample of 52 OIC countries (Organization of Islamic Cooperation). According to the results, the coefficient of this cross-product is significantly positive that indicating that conservatism of central bank and macro prudential policy instrument, capital adequacy, increase the effect of macro prudential policy on banking lending. The results show that the conservatism of central bank is an important indicator for implementing macro prudential supervision in OIC countries. © University of Tehran.},
author_keywords={Banking;  Macro Prudential Policy;  Monetary Policy},
references={Angeloni, I., Faia, E., Capital Regulation and Monetary Policy with Fragile Banks (2013) Journal of Monetary Economics, 60 (3), pp. 311-324; Matheron, J., Antipa, P., Interactions between Monetary and Macroprudential Policies (2014) Financial Stability Review, 18, pp. 225-240; Angelini, P., Neri, S., Panetta, F., The Interaction between Capital Requirements and Monetary Policy (2014) Journal of Money, Credit and Banking, 46 (6), pp. 1073-1112; Andriushin, S., Kuznetsova, V., Macroprudential Policy Instruments of Central Banks (2013) Problems of Economic Transition, 56 (7), pp. 75-94; Aiyar, S. S., Calomiris, C. W., Wieladek, T., How does Credit Supply Respond to Monetary Policy and Bank Minimum Capital Requirements? (2016) European Economic Review, 82, pp. 142-165; Identifying Channels of Credit Substitution when Bank Capital Requirements are varied (2014) Economic Policy, 29 (77), pp. 45-77; Blanchard, O., Dell Ariccia, G., Mauro, P., Rethinking Macroeconomic Policy (2010) Revista de Economía Institucional, 12 (22), pp. 61-82; Boyd, J. H., Graham, S. L., The Profitability and Risk Effects of Allowing Bank Holding. Federal Reserve Bank of Minneapolis (1988) Quarterly Review-Federal Reserve Bank of Minneapolis, 12 (2), pp. 3-3; Boyd, J. H., Graham, S. L., Hewitt, R. S., Bank Holding Company Mergers with Nonbank Financial Firms: Effects on the Risk of Failure (1993) Journal of Banking & Finance, 17 (1), pp. 43-63; (2010), www.bis.org/publ/arpdf/ar2010e.pdf, 80th BIS Annual Report 2009/10, Retrieved from; Bernanke, B. S., Gertler, M., Inside the black box: the credit channel of monetary policy transmission (1995) Journal of Economic perspectives, 9 (4), pp. 27-48; Bean, C., Paustian, M., Penalver, A., Taylor, T., Monetary Policy after the Fall (2010) Macroeconomic Challenges: The Decade Ahead, pp. 26-28; Brunnermeier, M. K., Sannikov, Y., (2016) The I Theory of Money (w22533), , https://www.nber.org/system/files/working_papers/w22533/w22533.pdf, National Bureau of Economic Research, Retrieved from; Beau, D., Clerc, L., Mojon, B., (2012) Macro-prudential Policy and the Conduct of Monetary Policy, , https://repositoriodigital.bcentral.cl/xmlui/bitstream/handle/20.500.12580/3808/BCCh-sbc-v19-p273_314.pdf?sequence=1, Retrieved from; Bruno, V., Shin, H. S., Assessing Macroprudential Policies: Case of South Korea (2014) The Scandinavian Journal of Economics, 116 (1), pp. 128-157; Claessens, S., Ghosh, S. R., Mihet, R., Macro-prudential Policies to Mitigate Financial System Vulnerabilities (2013) Journal of International Money and Finance, 39, pp. 153-185; Cecchetti, S. G., Ehrmann, M., (1999) Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes, , https://www.nber.org/system/files/working_papers/w7426/w7426.pdf, Retrieved from; Cecchetti, S. G., Legal Structure, Financial Structure and the Monetary Policy Transmission Mechanism (2001) The Monetary Transmission Process, pp. 170-207. , London: Palgrave Macmillan; Cerutti, E., Claessens, S., Laeven, L., The Use and Effectiveness of Macroprudential Policies: New Evidence (2017) Journal of Financial Stability, 28, pp. 203-224; Curdia, V., Woodford, M., Credit Spreads and Monetary Policy (2010) Journal of Money, Credit and Banking, 42, pp. 3-35; Castelnuovo, E., Surico, P., Model Uncertainty, Optimal Monetary Policy and the Preferences of the Fed (2004) Scottish Journal of Political Economy, 51 (1), pp. 105-126; Cúrdia, V., Ferrero, A., Ng, G. C., Tambalotti, A., (2011) Evaluating Interest Rate Rules in an Estimated DSGE Model, , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1917450, FRB of New York Staff Report, Retrieved from; Dennis, R., Inferring Policy Objectives from Economic Outcomes (2004) Oxford Bulletin of Economics and Statistics, 66, pp. 735-764; Dennis, R., (2004) Specifying and Estimating New Keynesian Models with Instrument Rules and Optimal Monetary Policies, , https://www.frbsf.org/economic-research/wp-content/uploads/sites/4/wp04-17bk.pdf, FRB of San Francisco Working Paper, Retrieved from; Favero, C. A., Rovelli, R., Macroeconomic Stability and the Preferences of the Fed: A Formal Analysis, 1961-98 (2003) Journal of Money, Credit and Banking, 35 (4), pp. 545-556; Faia, E., Rossi, L., Union Power, Collective Bargaining, and Optimal Monetary Policy (2013) Economic Inquiry, 51 (1), pp. 408-427; Galati, G., Moessner, R., Macroprudential Policy – a Literature Review (2013) Journal of Economic Surveys, 27 (5), pp. 846-878; Gerali, A., Neri, S., Sessa, L., Signoretti, F. M., Credit and Banking in a DSGE Model of the Euro Area (2010) Journal of Money, Credit and Banking, 42, pp. 107-141; Gauthier, C., Lehar, A., Souissi, M., Macroprudential Capital Requirements and Systemic Risk (2012) journal of Financial Intermediation, 21 (4), pp. 594-618; Ghosh, S., Macroprudential Policies, Crisis and Risk-taking: Evidence from Dual Banking Systems in GCC Countries (2016) Journal of Islamic Accounting and Business Research, , https://www.emerald.com/insight/content/doi/10.1108/JIABR-03-2014-0011/full/html, Retrieved from; Gumata, N., Kabundi, A., Ndou, E., Important Channels of Transmission Monetary Policy Shock in South Africa (2013) Economic Research Southern Africa, , https://www.econrsa.org/system/files/publications, Retrieved from; Kannan, P., Rabanal, P., Scott, A. M., Monetary and Macroprudential Policy Rules in a Model with House Price Booms (2012) The BE Journal of Macroeconomics, , https://www.degruyter.com/document/doi/10.1515/1935-1690.2268/html, Retrieved from; Korinek, A., Simsek, A., Liquidity Trap and Excessive Leverage (2016) American Economic Review, 106 (3), pp. 699-738; Lautenschläger, S, (2014) How Innovative Should Central Banks be?, , http://www.ecb.europa.eu/press/key/date/2014/html/sp141129.en.html, Retrieved from; Lim, C. H., Costa, A., Columba, F., Kongsamut, P., Otani, A., Saiyid, M., Wezel, T., Wu, X., (2011) Macroprudential Policy: What Instruments and How to Use them? Lessons from Country Experiences, , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1956385, Retrieved from; Rubio, M., Carrasco-Gallego, J. A., Macroprudential and Monetary Policies: Implications for Financial Stability and Welfare (2014) Journal of Banking & Finance, 49, pp. 326-336; Smets, F., (2018) Financial Stability and Monetary Policy: How Closely Interlinked? 35th Issue (June 2014) of the International Journal of Central Banking, , https://www.ijcb.org/journal/ijcb14q2a11.pdf, Retrieved from; Svensson, L. E., The Relation between Monetary Policy and Financial-stability Policy (2019) Series on Central Banking Analysis and Economic Policies, 26, pp. 293-295; (2013) Some Lessons from Six Years of Practical Inflation Targeting, , http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.310.6569&rep=rep1&type=pdf, Retrieved from; Woodford, M., (2012) Inflation Targeting and Financial Stability (w17967), , https://www.nber.org/system/files/working_papers/w17967/w17967.pdf, National Bureau of Economic Research, Retrieved from; Wadhwani, S. B., (2010) What Mix of Monetary Policy and Regulation is best for Stabilizing the Economy? The Future of Finance: The LSE Report, , http://innovbfa.viabloga.com/files/LSE___the_future_of_finance:__aug_2010_1.pdf#page=149, Retrieved from; Zulkhibri, M., Macroprudential Policy and Tools in a Dual Banking System: Insights from the Literature (2019) Borsa Istanbul Review, 19 (1), pp. 65-76},
correspondence_address1={Shahchera, M.; Monetary and Banking Research Institute, Iran; email: m.shahchera@mbri.ac.ir},
publisher={University of Teheran},
issn={10266542},
language={English},
abbrev_source_title={Iran. Econ. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Katterbauer2022854,
author={Katterbauer, K. and Syed, H. and Cleenewerck, L. and Genc, S.Y.},
title={Robo-Sukuk pricing for Chinese equities},
journal={Borsa Istanbul Review},
year={2022},
volume={22},
number={5},
pages={854-860},
doi={10.1016/j.bir.2022.06.002},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85132886854&doi=10.1016%2fj.bir.2022.06.002&partnerID=40&md5=034d95a3523777e39d3aae7ccbad73ef},
affiliation={Center for Islamic Meta-Finance, EUCLID University, Central African Republic; Yildiz Technical University, Turkey},
abstract={Sukuks have assumed increasing importance in the global financial industry, with both institutional and retail investors realizing the benefits of Sukuk, both in terms of their adherence to Islamic principles, as well as being more stable and robust. The growing importance of the Sukuk markets has happened simultaneously with the significant development of China. With the financial crisis and other recent events reducing the trust and confidence of investors in the existing financial system structures, Islamic financial products have received great attention due to their connection to real assets and risk-sharing. While Sukuk financial instruments differ significantly from their conventional bond counterparts, pricing has mostly followed conventional bond pricing methodologies. This represents a significant challenge as the characteristics of Sukuk are not considered, misrepresenting the value and associated performance of the Sukuk. An innovative data-driven methodology for the pricing of Sukuk in the Chinese equity market is presented. It overcomes the challenges with conventional bond pricing methodologies applied to Sukuk pricing. The methodology integrates a deep learning framework for the estimation and forecasting of Sukuk prices, considering factors, such as cashflows, net income, and stock price performance, in addition to textual information. Illustrated on thirty major Chinese corporations listed on the Hong Kong Stock Exchange, the framework provides a more market and value-based approach to pricing Sukuk considering the partnership nature of the Islamic financial product. © 2022 Borsa Ä°stanbul Anonim Åžirketi},
author_keywords={Artificial intelligence;  Islamic capital market instrument;  Islamic finance;  Pricing of sukuk;  Robo-Sukuk pricing;  Structure of Sukuk;  Sukuk},
references={Ahmad, N., Hashim, N., Abd Rahim, S., Is sukuk market efficient? Evidence from the Malaysian sukuk market (2020) The Journal of Muamalat and Islamic Finance Research; Ahmed, E.R., Islam, M.A., Alabdullah, T.T., Amran, A.B., A qualitative analysis on the determinants of legitimacy of Sukuk (2019) Journal of Islamic Accounting and Business Research; Ahmed, E.R., Islam, A., Hashim, F., Sukuk: History and development (2020), IGI Global; Al Natoor, B., Shawqi, S., Global sukuk market Growth to Continue in 2021 and beyond (2021), https://www.fitchratings.com/research/non-bank-financial-institutions/global-sukuk-market-growth-to-continue-in-2021-beyond-14-07-2021, Retrieved from Fitch Ratings:; Al-Amine, M.A., Sukuk market: Innovations and challenges (2008) Islamic Economic Studies, 15; Alam, N., Hassan, M.K., Haque, M.A., Are islamic bonds different from conventional bonds? International evidence from capital market tests (2013) Borsa Istanbul Rev, pp. 22-29; Ali, E., Azman, S., Zain, N., Hassan, R., Kassim, S., Potential development of SRI Sukuk models for higher learning institutions in Malaysia based on Wakalah and Waqf (2019) J Islam Finance, pp. 90-106; Bo, D., Ali, E.R., Saiti, B., Sukuk issuance in China: Trends and positive expectations (2016) International Review of Management and Marketing, pp. 1020-1025; Elian, M., Why the US should accommodate Sukuk: And how accommodating Sukuk will protect and benefit the American financial system (2015) Minnesota Journal of International Law, 1; Gürkaynak, R.S., Sack, B., Wright, J.H., The US treasury yield curve: 1961 to the present (2007) Journal of Monetary Economics, pp. 2291-2304; HKSAR government's sukuk offering (2017), https://www.hkma.gov.hk/eng/news-and-media/press-releases/2017/02/20170222-3/, Retrieved from Press releases:; Hussin, M.Y., Muhammad, F., Awang, S.A., Development of sukuk ijarah in Malaysia (2012) J Islam Econ Bank Finance, pp. 91-102; Sukuk report - a comprehensive study of the global Sukuk market (2021), International Islamic Financial Market; Sukuk market: Global industry trends, share, size, growth, opportunity and forecast 2021-2026 (2021); Ismath Bacha, O., Mirakhor, A., Funding development infrastructure without leverage: A risk-sharing alternative using innovative sukuk structures (2018) The World Economy, pp. 752-762; Jobst, A., Kunzel, P., Mills, P., Sy, A., Islamic bond issuance: What sovereign debt managers need to know (2008) International Journal of Islamic and Middle Eastern Finance and Management; Kahf, M., Habbani, E.I., Tawarruq potential risks: The practices of islamic financial institutions in Qatar (2016) Qatar Journal of Islamic Economics, Banking and Finance, pp. 54-88; Katz, S., The price and adjustment process of bonds to rating reclassifications: A test of bond market efficiency (1974) The Journal of Finance, pp. 551-559; Kirk, J., Now brewing: Islamic finance and takaful in China (2013) Journal of Islamic Banking and Finance; Mutia, E., Rahmawaty, R., Afrianandra, C., Value at risk of sukuk ijarah and mudharabah in Indonesia (2018) Journal of Accounting Research, Organization and Economics, pp. 65-73; Rahim, S.R., Green Sukuk for financing renewable projects (2018) Turkish Journal of Islamic Economics, pp. 129-144. , 10.26414/m031; Rahman, M., Isa, C.R., Dewandaru, G., Hanifa, M.H., Chowdhury, N.T., Sarker, M., Socially responsible investment Sukuk (Islamic bond) development in Malaysia (2020) Qualitative Research in Financial Markets, , 10.1108/QRFM-09-2019-0117; Ramraj, S., Uzir, N., Sunil, R., Banerjee, S., Experimenting XGBoost algorithm for prediction and classification of different datasets (2016) International Journal of Control Theory and Applications, pp. 651-662; Salah, O., Islamic finance: The impact of the AAOIFI resolution on equity-based sukuk structures (2010) Law and Financial Markets Review; Sinkala, W., Leach, P.G., O'hara, J.G., Zero-coupon bond prices in the Vasicek and CIR models: Their computation as group-invariant solutions (2008) Mathematical Methods in the Applied Sciences, pp. 665-678; Uddin, I., Sabri, R., Bhatti, M.I., Rafique, M.O., AsadUllah, M., Islamic capital markets: The structure, formation and management of sukuk (2022), Routledge; Wang, Y., Guo, Y., Forecasting method of stock market volatility in time series data based on mixed model of ARIMA and XGBoost (2020) China Communications, 17 (3), pp. 205-221; Wong, M.C., Bhatti, W.I., Developing international sukuk in East Asia: Implications from Hong Kong sukuk (2019) The Journal of Asian Finance, Economics and Business, pp. 9-17; Zhang, Y., Chen, L., A study on forecasting the default risk of bond based on XGBoost algorithm and over-sampling method (2021) Theoretical Economics Letters, 258},
correspondence_address1={Katterbauer, K.; Center for Islamic Meta-Finance, Central African Republic; email: katterbauer.klemens@gmail.com},
publisher={Borsa Istanbul Anonim Sirketi},
issn={22148450},
language={English},
abbrev_source_title={Borsa Istanb. Rev.},
document_type={Article},
source={Scopus},
}

@BOOK{McMillen2022171,
author={McMillen, M.J.T.},
title={Islamic finance to enhance business opportunities: Capital markets},
journal={Contemporary Issues in Islamic Law, Economics and Finance: A Multidisciplinary Approach},
year={2022},
pages={171-191},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85137067644&partnerID=40&md5=6c93f187d5760d1c361fe154ba9dcf2b},
affiliation={University of Pennsylvania Law School, The Wharton School, United States},
references={Sharia Standard No. (21), Financing Paper (Shares and Bonds) (2010) Shari 'a Standards of the Accounting and Auditing Organisation for Islamic Financial Institutions; Adam, N.J., Thomas, A., (2004) Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk; Adam, N.J., Thomas, A., Islamic Fixed-Income Securities: Sukuk (2004) Islamic Asset Management: Forming the Future for Shariah-Compliant Investment Strategies, , Jaffer, S. (ed.); (1998) The Dow Jones Islamic Market Index: Statement by the Shariah Supervisory Board, , (undated; issued) (copy on file with the author.); Ellis, R.D., Securitization Vehicles, Fiduciary Duties, and Bondholder's Rights (1998) Journal of Corporate Law, 24, p. 295; www.ftse.com/Indices/FTSE_Bursa_Malaysia_Index_Series/Downloads/FTSE_Bursa_Malaysia_Emas_Shari'ah_Index_Factsheet.pdf; Fabozzi, F.J., (2001) The Handbook of Mortgage-Backed Securities; Haneef, M.R.M., Recent Trends and Innovations in Islamic Debt Securities: Prospects for Islamic Profit and Loss Sharing Securities (2005) Islamic Finance: Current Legal and Regulatory Issues, , ALI, S. N. (ed.); Hijrah Index, fact sheets, , www.ftse.com/Indices/FTSE_Bursa_Malaysia_Index_Series/Downloads/FTSE_Bursa_Malaysia; (2020), IIFM Sukuk Report, July 2020, 9th edition; (2019), IIFM Sukuk Report, July 2019, 8th edition; Jaffer, S., (2004) Islamic Asset Management: Forming the Future for Shariah- Compliant Investment Strategies; Mcmillen, M.J.T., Contractual Enforceability Issues: Sukuk and Capital Markets Development (2007) Chicago Journal of International Law, 7, p. 427; Mcmillen, M.J.T., Asset Securitization Sukuk and Islamic Capital Markets: Structural Issues in these Formative Years (2008) Wisconsin International Law Journal, 25, p. 703; Mcmillen, M.J.T., (2008) Sukuk in Its Infancy: Misstep and Sequel, in Dow Jones Islamic Market Indexes: Quarterly Newsletter, , http://now.eloqua.com/e/er.aspx?s=812&lid=33&elq=0F71972189AB4B799F291CA4BD1F5909, May; Mcmillen, M.J.T., (2011) Islamic Capital Markets: Market Developments and Conceptual Evolution in the First Thirteen Years, , https://papers.ssrn.com/sol3/papers.cfmPabstract_idM781112, (May 5); Mcmillen, M.J.T., (2012) Trends in Islamic Project and Infrastructure Finance in the Middle East: Re-Emergence of the Murabaha, , https://papers.ssrn.com/sol3/papers.cfm/abstract_idM753252, (November 17); Mcmillen, M.J.T., (2013) Islamic Finance and the Shariah: The Dow Jones Fatwa and Permissible Variance as Studies in Letheanism and Legal Change; Mcmillen, M.J.T., Crawford, J., (2008) Sukuk in the First Decade: By the Numbers, in Dow Jones Islamic Market Indexes: Quarterly Newsletter, , https://papers.ssrn.com/sol3/papers.cfmPabstract_id=2293690, December; Moran, D.E., The Role of the Dow Jones Islamic Market Index in Islamic Finance (2000) Harvard Islamic Finance Information Program, p. 111. , The Proceedings of the Third Harvard University Forum on Islamic Finance: Local Challenges, Global Opportunities; (2009) A Universal Platform for Sharia Compliant Equity Screening; Rosenthal, J.A., Ocampo, J.M., Analyzing the Economic Benefits of Securitized Credit (1992) Journal of Applied Corporate Finance, 1, p. 32; Schwarcz, S.L., The Alchemy of Asset Securitization (1994) Stanford Journal of Law, Business & Finance, 1, p. 133; Schwarcz, S.L., The Universal Language of International Asset Securitizations (2002) Duke Journal of International & Comparative Law, 12, p. 285; Shenker, J.C., Colletta, A.J., Asset Securitization: Evolution, Current Issues and New Frontiers (1990) Texas Law Review, 69, p. 1369; Siddiqui, R., Islamic indexes: The DJIM framework (2004) Islamic Asset Management: Forming the Future for Shariah-Compliant Investment Strategies, , JAFFER, S. (ed.); Siddiqui, R., Shariah Compliance, Performance and Conversion: The Case of the Dow Jones Islamic Market IndexSM (2007) Chicago Journal of International Law, 7, p. 495; (2008) Ratings Direct, , (March 11); Thomas, A., Securitization in Islamic Finance (2007) Islamic Finance: The Regulatory Challenge, , ARCHER, S., & KARIM, R.A.A. (eds.); Wilson, R., Screening Criteria for Islamic Equity Funds (2004) Islamic Asset Management: Forming the Future for Shariah-Compliant Investment Strategies, , JAFFER, S. (ed.); Yaquby, N., Trading in Equities: A Sharia Perspective www.djindexes.com/mdsidxlindex.cfm?event=showlslamicArticles; (2013) Zawya Islamic Sukuk Quarterly Bulletin, 20},
correspondence_address1={McMillen, M.J.T.; University of Pennsylvania Law School, United States},
publisher={Taylor and Francis},
isbn={9781000689068; 9780367725082},
language={English},
abbrev_source_title={Contemp. Issues in Islam. Law, Econ. and Financ.: A Multidiscip. Approach},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Siddique2022681,
author={Siddique, M.A. and Haq, M. and Rahim, M.},
title={The contribution of Shariah-Compliant products to SDGs attending through the pace of economic growth: an empirical evidence from Pakistan},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2022},
volume={15},
number={4},
pages={681-698},
doi={10.1108/IMEFM-02-2020-0062},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85129539038&doi=10.1108%2fIMEFM-02-2020-0062&partnerID=40&md5=bbaf542067b01483ff2ca3efb4ea6182},
affiliation={International Institute of Islamic Economics, International Islamic University, Islamabad, Pakistan},
abstract={Purpose: Since 2004, Pakistan carried the banking sector under the umbrella of the Islamic financial paradigm, consequently the Islamic Banking Industry (IBI) placed an upright position in the banking and financial market of Pakistan. In this context, this study aims to analyze the effect of Shariah-compliant products of the IBI on the pace of economic growth in Pakistan. Design/methodology/approach: The data set covered 13 Pakistani Islamic banks comprising four full-fledged Islamic banks and 9 conventional banks holdings standalone Islamic Branches, for the period 2004–2019. Considering nature of the empirical model and data set, the estimation was carried out with the Pooled Ordinary least squares estimation technique. Findings: The findings of the study reveal that Shariah-compliant products have a positive effect on the pace of economic growth. This indication is based on the fact that five out of six Shariah-compliant products hold positive signs and are statistically significant. In addition, the empirical evidence shows that at large conventional financial sector signifies its role in the Shariah-compliant products and pace of economic growth nexus. Among the control variables, foreign direct investment, human capital, trade openness, inflation and private credit pose negative, whereas money supply and stock market capitalization have a positive effect on the pace of economic growth in Pakistan. Findings of the study points towards the fact that Shariah-compliant financing has great potential to enhance the economic growth of Pakistan therefore to touch the sustainable development goals (SDGs). Practical implications: Having played a significant role in the growth process, Islamic bankers should portray a positive image of their industry to the government authorities. The government should design a public policy to encourage Islamic modes of finance at a macro level to increase the pace of economic growth and therefore SDGs realization. Originality/value: Findings of the study present new insight into the application of Shariah-compliant products of IBI toward the realization of SDGs in case of Pakistan. © 2022, Emerald Publishing Limited.},
author_keywords={Economic growth;  Islamic banking;  SDGs;  Shariah-compliant products},
references={Abduh, M., Chowdhury, N.T., Does Islamic banking matter for economic growth in Bangladesh? (2012) Journal of Islamic Economics, Banking and Finance, 8, pp. 104-113; Abduh, M., Omar, M.A., Islamic banking and economic growth: the Indonesian experience (2012) International Journal of Islamic and Middle Eastern Finance and Management, 5 (1), pp. 35-47; Abubakar, A., Gani, I.M., Impact of banking sector development on economic growth: another look at the evidence from Nigeria (2013) Journal of Business Management and Social Sciences Research, 2 (4), pp. 47-57; Ali, S.M., (2017) The impact of Islamic banking on economic growth: a case study of first community bank in Kenya, , http://erepo.usiu.ac.ke/11732/3474, Unpublished MBA Thesis, United States International University Africa, Kenya; Ali, M.A., Hussain, T., Murabaha perceptions of Islamic bankers: case of Pakistan (2017) COMSATS Journal of Islamic Finance, 2 (2), pp. 42-58; Antwi, S., Mills, E.F., Mills, G.A., Zhao, X., Impact of foreign direct investment on economic growth: empirical evidence from Ghana (2013) International Journal of Academic Research in Accounting, Finance and Management Sciences, 3 (1), pp. 18-25; Atique, Z., Ahmad, M.H., Azhar, U., The impact of FDI on economic growth under foreign trade regimes: a case study of Pakistan (2004) The Pakistan Development Review, 43 (4), pp. 707-718; Avci, S.B., Yucel, E., Effectiveness of monetary policy: evidence from Turkey (2017) Eurasian Economic Review, 7 (2), pp. 179-213; Ayyoub, M., Chaudhry, I.S., Farooq, F., Does inflation affect economic growth? The case of Pakistan (2011) Journal of Social Sciences, 31 (1), pp. 51-64; Bagehot, W., (1873) Lombard Street: A Description of the Money Market, , Henry S. King and Company, London; Bahri, E.N.A., Nor, A.H.S.M., Nor, N.H.H.M., The role of financial development on foreign direct investment in ASEAN-5 countries: panel cointegration with cross-sectional dependency analysis (2018) Asian Academy of Management Journal of Accounting and Finance, 14 (1), pp. 1-23; Bakhita, H.G.B., Impact of Islamic modes of finance on economic growth through financial stability (2017) Journal of Business and Financial Affairs, 6 (1), pp. 2167-2234; Bhandari, R., Dhakal, D., Pradhan, G., Uphayaya, Foreign aid, FDI and economic growth in east European countries (2007) Economics Bulletin, 6 (13), pp. 1-9; Bibi, S., Ahmad, S.T., Rashid, H., Impact of trade openness, FDI, exchange rate and inflation on economic growth: a case study of Pakistan (2014) International Journal of Accounting and Financial Reporting, 1 (1), pp. 236-257; (2011) Islamic banking in MENA region, , Economic Research Department project, Report, 2011; Boukhatem, J., Moussa, F.B., The effect of Islamic banks on GDP growth: some evidence from selected MENA countries (2018) Borsa Istanbul Review, 18 (3), pp. 231-247; Chakraborty, C., Nunnenkamp, P., Economic reforms, FDI, and economic growth in India: a sector level analysis (2008) World Development, 36 (7), pp. 1192-1212; Echchabi, A., Azouzi, D., Islamic finance development and economic growth nexus: the case of the United Arab Emirates (2015) American Journal of Economics and Business Administration, 7 (3), pp. 106-111; Ellahi, N., Bukhari, T.A., Naeem, M., Role of Islamic modes of financing for growth of SMEs: a case study of Islamabad city (2010) International Journal of Islamic Research, 2 (6), pp. 161-171; Falki, N., Impact of foreign direct investment on economic growth in Pakistan (2009) International Review of Business Research Papers, 5 (5), pp. 110-120; Farahani, Y.G., Dastan, M., Analysis of Islamic banks' financing and economic growth: a panel cointegration approach (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6 (2), pp. 156-172; Furqani, H., Mulyany, R., Islamic banking and economic growth: empirical evidence from Malaysia (2009) Journal of Economic Cooperation and Development, 30 (2), pp. 59-74; Goaied, M., Seifallah, S., (2010) Financial Development and Economic Growth in the MENA Region: What about Islamic Banking Development, pp. 1-23. , Institut des Hautes Etudes Commerciales, Carthage; Goaied, M., Sassi, S., Financial development, Islamic banking and economic growth: evidence from MENA region (2011) International Journal of Business and Management Science, 4 (2), pp. 105-128; Gudarzi, Y.F., Sadr, M.H., Analysis of islamic bank's financing and economic growth: case study iran and indonesia (2012) Journal of Economic Cooperation and Development, 33 (4), pp. 1-24; Hachicha, N., Amar, A.B., Does Islamic bank financing contribute to economic growth? 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(, MPRA Paper 86961; Nyazee, I.A.K., Murabahah and the credit sale, Islamabad: Institute of advanced legal studies (2009) Islamic Banking Series, 2, p. 49; Pagano, M., Financial markets and growth: an overview (1993) European Economic Review, 37 (2-3), pp. 613-622; Puatwoe, J.T., Serge, P., Financial sector development and economic growth: evidence from Cameroon (2017) Financial Innovation, 3 (1), pp. 1-18; Putriani, D., Ghani, G.M., Kartiwi, M., Mark-Up Vs. Interest-based financing on GDP: an application if agent-based computational model (2021) Journal of Islamic Monetary Economics and Finance, 7 (1), pp. 55-76; Ramzan, M., Asif, M., Mustafa, M., Impact of trade openness and macroeconomic variables on GDP growth of Pakistan (2013) Paradigms, 7 (1), pp. 37-47; Samdani, I.A., (2008) Islamic Banking and Murabaha, p. 22. , p., Darul Ishaat, Karachi; Schumpeter, J.A., (1912) Theorie der wirtschaftlichen Entwicklung, , Duncker und Humblot, Leipzig; (2019) Islamic banking bulletin, , https://dnb.sbp.org.pk/ibd/bulletin/2019/Sep.pdf; Shaw, E.S., (1973) Financial Deepening in Economic Development, , Oxford University Press, New York, NY; Uppal, J.Y., Mangla, I.U., Role of financial services in economic growth: policy implications for Pakistan (2018) The Lahore Journal of Economics, 23 (2), pp. 69-108; Waheed, A., (2009) Financial sector reforms and economic growth: a time series data analysis for Pakistan, , Institute of Developing Economies, Japan-External Trade Organization. V.R.F Series, 452; (1987) World Commission on Environment and Development: Our Common Future, p. 43. , p., Oxford University Press, Oxford; Ayub, M., (2007) Understanding of Islamic Finance, p. 112. , p., John Wiley and Sons, Chichester, England; Global, D.P.S.K.K., Nonlinear relationship between financial development and economic growth: evidence from post global financial crisis panel data (2018) Jurnal Ekonomi Malaysia, 52 (1), pp. 15-30; Nawaz, M., Rafiq, M.Q., Mehmood, A., Abdullah, M., Hussain, M.S., Which factors influence the economic growth of the country? 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correspondence_address1={Siddique, M.A.; International Institute of Islamic Economics, Pakistan; email: muhammad.abubakar@iiu.edu.pk},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{NurMahmudah2022139,
author={Nur Mahmudah, S. and Ghozali, L. and Ritonga, I.},
title={IMPLEMENTATION OF SHARIA MAQASHID ON SUKUK BASED ON FATWA DSN-MUI/IX/2020},
journal={Jurnal Ilmiah Islam Futura},
year={2022},
volume={22},
number={2},
pages={139-149},
doi={10.22373/jiif.v22i2.12296},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85138137239&doi=10.22373%2fjiif.v22i2.12296&partnerID=40&md5=6807ebca7e018ca9be01e3f2bd5d113b},
affiliation={UIN Sunan Ampel Surabaya, Indonesia},
abstract={Sukuk is an alternative option for government or corporate funding in the capital market for the sake of progressing the national economy. With the issuance of sukuk, the government or companies will get substantial funds. This is an attraction to help improve infrastructure development carried out by the government or companies. From this explanation, the author focuses on conducting research on how to implement maqashid sharia on Sukuk?. The approach taken in this research is a qualitative approach with library research type and is useful in collecting primary and secondary data sources in the form of documentation because it comes from several books, journals and other literature. The last step is data analysis through descriptive analysis method, namely data reduction, data display, and conclusion. The results of this study are the needs that can be met with the existence of sukuk, namely 1) Protection of Religion (Hifdzu ad-Din), namely creating a benchmark for Islamic financial instruments; 2) Protection of Life (Hifdzu an-nafs), namely encouraging the growth and development of the Islamic financial market; 3) Protection of Intellect (Hifdzu al-Aql), namely financing infrastructure development; 4) Protection of offspring (Hifdzu an-Nasl), namely encouraging the development and growth of the Islamic financial market in Indonesia; 5) Protection of Assets (Hifdzu al-Mal), namely expanding alternative sources of APBN financing. © Universitas Islam Negeri Ar-Raniry. All rights reserved.},
author_keywords={Implementation;  Maqashid Syariah;  Sharia Board Fatwa;  Sukuk},
references={(2004) Tafsir Ibnu, Katsir Juz 15, , Bogor: Pustaka Imam Asy-Syafi’i; Afshar, Tahmoures A., Compare and Constract Sukuk (Islamic Bonds) with Conventional Bonds, Are They Compatible? (2013) The Journal of Global Business Management, 9 (1); Aldo, Wahyuono, J, Maqashid Syariah Dalam Ekonomi, Keuangan Dan Perbankan Syariah, , http://mysharing.com/maqashid-syariah-dalam-ekonomi-keuangan-danperbankan-syariah/, n.d; Haerisma, Alvien Septian, Introduction of Islamic Bond (Sukuk) (2014) Jurnal Al-Amwal, 2 (1), pp. 63-64; Anoraga, Pandji, Pakarti, Piji, (2006) Pengantar Pasar Modal, , Revisi. (Jakarta: PT. Rineka Cipta; Bakar, M. D, Al-Suyulah, The Islamic Concept of Liquidity (2008) Essential Readings in Islamic Finance, , Mohd Daud Bakar ND Engku Rabiatul Adawiyah Engku Ali (Eds). Kuala Lumpur: CERT Publications; (2020) Himpunan Fatwa Dewan Syariah Nasional, , Jakarta: CV.Gaung Persada; Hanefah, Mustafa Mohd, Noguchi, Akihiro, Muda, Muhamad, Sukuk: Global Issues and Challenges (2013) Journal of Legal, Ethical Amd Regulatory Issues, 16 (1), p. 107; (2009) Teori Dan Praktiknya Dalam Perdagangan Obligasi Syariah Di Pasar Modal Indonesia Dan Malasyia, , Jakarta: Ciputat Press Group; Johan, Sudirman M, Hadi, Nur, Mujahidin, Akhmad, Rofiq, Ahmad, Shale, Mawardi Muhammad, Konsep Hikmat Al-Tasyri’ Sebagai Asas Ekonomi Dan Keuangan Bisnis Islam Menurut Ali Ahmad Al-Jurjawi (1866-1961) Dalam Kitab Hikmat Al-Tasyri’ Wa Falsafatuhu (2018) Al-Fikra, 17 (1), pp. 147-189; Karim, A.A., Syahroni, O, (2016) Maqashid Bisnis Dan Keuangan Islam: Sintesis Fikih Dan Ekonomi, , Jakarta: PT. Raja rafindo Persada; Mirakhor, Abbas, Iqbal, Zamir, (2013) Economic Development and Islamic Finance, , Washington DC: The World Bank; Mutakin, Ali, Hubungan Maqashid Al Syari’ah Dengan Metode Istinbath Hukum (2017) Analisis: Jurnal Studi Keislaman, 17 (1), pp. 113-136; Nasuka, M., Maqashid Syari’ah Sebagai Dasar Pengembangan Sistem, Praktik, Dan Produk Perbankan Syariah (2017) Diktum Jurnal Syariah Dan Hukum, 15 (1), pp. 1-10; Sahroni, Oni, Karim, Adiwarman A., (2015) Maqashid Bisnis Dan Keuangan Islam: Sintesis Fiqh Dan Ekonomi, , Jakarta: Rajawali Press; Suma, M. Amin, (2008) Menggali Akar Mengurai Serat Ekonomi Dan Keuangan Islam, , Jakarta: Kholam Publishing; Trisnawati, Desi, Sukuk Sebagai Alternatif Investasi Syari’ah Di Indonesia (2011) Jurnal Kajian Hukum Dan Sosial JUSTICIA ISLAMICA, 8 (1); Wilson, Rodney, Overview of the Sukuk Market (2004) Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk, , Adam, N. J. and A. Thomas (Eds) Euromoney Books; Zaki, Muhammad, Cahya, Bayu Ti, Aplikasi Maqashid Al-Syariah Pada Sistem Keuangan Syariah (2015) Jurnal Bisnis Dan Manajemen Islam, 3 (2), pp. 312-327},
correspondence_address1={Nur Mahmudah, S.; UIN Sunan Ampel SurabayaIndonesia; email: nurhayati@uinsu.ac.id},
publisher={Universitas Islam Negeri Ar-Raniry},
issn={14121190},
language={English},
abbrev_source_title={J. Ilm. Islam. Futura.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ali202255,
author={Ali, A. and Zulkhibri, M. and Kishwar, T.},
title={IFSB Standards Adoption and Its Impact on Islamic Banking Practices: Evidence from Pakistan [اعتماد معا يًر مجلس الخدمات المالية الإسلامية وأثره على الممارسات المصرفية الإسلامية: أدلة من باكستان]},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2022},
volume={35},
number={2},
pages={55-76},
doi={10.4197/Islec.35-2.4},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85144800083&doi=10.4197%2fIslec.35-2.4&partnerID=40&md5=31535b414050d5ab902b530f8b9105c4},
affiliation={COMMECS Institute of Business and Emerging Sciences, Karachi, Pakistan; Islamic Development Bank Institute, Jeddah, Saudi Arabia; Jinnah University for Women, Karachi, Pakistan},
abstract={The adoption of the Islamic Financial Services Board (IFSB) criteria for Islamic banks is more challenging for a bigger number of supervisory and regulatory authorities than for conventional banks. This paper investigated the IFSB-15 standard; revised capital adequacy standard for institutions offering Islamic financial services [excluding islamic insurance (takāful) institutions and islamic collective investment schemes], by evaluating the possibility of its adoption within a dual banking system and introduced an analysis of the effects of Islamic banks in Pakistan. The study found that in practise, investment account holders are treated as conventional depositors that are capital-guaranteed rather than basing that allocation on the basis of profit and loss sharing (PLS) in accordance to Sharīʿah norms and stipulations. This treatment forced Islamic banking institutions to take a market-perspective approach to profit distribution. This makes them ensure a steady profit pay-out (paying a competitive rate of return by accepting displaced commercial risk). The paper therefore suggested that the implementation of technical standards has to be accompanied with institutional growth, like that involved in the Islamic banking structure and institutional capacity in accordace to the substance of Sharīʿah norms and stipulations rather than the form. © 2022,Journal of King Abdulaziz University, Islamic Economics. All Rights Reserved.},
author_keywords={Capital adequacy;  Ifsb standard;  Islamic banks;  Pakistan;  Profit and loss sharing.},
funding_text 1={of assets funded by the investment account owner. This percentage, known as „α‟, reflects a proportion of business risk borne by Islamic financial institutions as a result of the DCR implementation. The IAH is required to absorb a portion of the commercial risks indicated by the residual value (1-α). IBI‟s PER and IRR were not included in their capital according to the IFSB-15.},
references={Abedifar, P., Ibrahim, S.M., Molyneux, P., Tarazi, A., Islamic Banking and Finance: Recent Empirical Literature and Directions for Future Research (2015) Journal of Economic Surveys, 29 (4), p. 637670; Alamsyah, H., (2011) Lender of Last Resort in Islamic Banking, , Fourth Islamic Financial Stability Forum Kuala Lumpur, Malaysia 17 November 2011; Aysan, A.F., Disli, M., Ozturk, H., Bank lending channel in a dual banking system: why are Islamic banks so responsive? (2018) The World Economics, 41 (3), pp. 674-698; (2010) Circular No.: BNM/RH/GL 001-21: Risk-Weighted Capital Adequacy Framework, , Kuala Lumpur; Beck, T., Demirguc-Kunt, A., Merrouche, O., Islamic vs. conventional banking: Businessmodel, efficiency and stability (2013) Journal of Banking and Finance, 37 (2), pp. 433-447; (2013) Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools, , January, Basel: Bank for International Settlements; Cervik, S., Charap, J., (2011) The behavior of conventional and Islamic bank deposit returns in Malaysia and Turkey, , IMF Working Paper WP/11/156, Washington, DC.: International Monetary Fund; Dridi, J., Hasan, M., (2010) Have Islamic banks been impacted differently than conventional banks during the recent global crisis?, , IMF Working Paper WP/10/201, Washington, DC: International Monetary Fund; Ergec, E.H., Arslan, B.G., Impact of interest rates on Islamic and conventional banks: the case of Turkey (2013) Applied Economics, 45 (17), p. 23812388; Hussain, M., Shahmoradi, A., Turk, R., An overview of Islamic finance (2016) Journal of International Commerce, Economics and Policy, 7 (1), p. 128; (2011) Guidance Note GN-04 on Calculation of ‘a’, , IFSB Kuala Lumpur: Islamic Financial Service Board; (2021) Islamic Financial Services Industry Stability Report 2021, , IFSB Kuala Lumpur: Islamic Financial Service Board; (2017) Pakistan: Selected Issues, Middle East and Central Asia Departmental, , IMF Country Report No. 17/213, Washington DC: International Monetary Fund; Kardar, H., (2011) Macroprudential Surveillance and the Role of Supervisory Regulatory Authorities, , Kuala Lumpur: Islamic Financial Service Board; Koster, P., (2012) Crisis management in the Islamic Financial Industry, Fifth Islamic Financial Stability Forum, , Manama, Bahrain, 29 March 2012; Lukonga, I., (2015) Islamic Finance, Consumer Protection, and Financial Stability, , IMF Working Paper No. 15/107, Washington, DC: International Monetary Fund; Mirzet, S., Alaa, A., Masih, A. M., RiskSharing Financing of Islamic Banks: Better Shielded Against Interest Rate Risk? (2016) Journal of Muama-lat and Islamic Finance Research, 3 (2), pp. 53-70; Mersch, Y., About the role of central banks in financial stability and prudential liquidity supervision and the attractiveness of Islamic finance (2009) IFSB 2009; (2014) Circular No.: 6/2014: Capital Adequacy Ratio - Basel III Framework and IFSB -15: Revised Capital Adequacy Standard, , Doha; Rashwan, M.H., How did listed Islamic and Traditional Banks Performed: pre and post the 2008 financial crisis? (2012) Journal of Applied Finance and Banking, 2 (2), pp. 149-175; Sarac, M., Zeren, F., The dependency of Islamic bank rates on conventional bank interest rates: further evidence from Turkey (2015) Applied Economics, 47 (7), pp. 669-679; Shabsigh, G., Haron, A., Norat, M.A., Song, I.W., Khatat, M.E.H., Murphy, D., (2017) Ensuring Financial Stability in Countries with Islamic Banking. IMF Policy Note, , Washington, DC: International Monetary Fund; (2021) Strategic Plan for Islamic Banking Industry (2021-25), , State Bank of Pakistan, Karachi; Tata, V., Development of Effective Insolvency Regimes for Islamic Financial Institutions (2012) Effective Crises Management and Resolution Framework, 5th Islamic Financial Stability Forum, , Manama; (2016) Global Report on Islamic Finance, , Washington, DC: World Bank and Islamic Development Bank; Zulkhibri, M., The impact of monetary policy on Islamic bank financing: bank-level. evidence from Malaysia (2018) Journal of Economics Finance and Administrative Science, 23 (46), pp. 306-322},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={English; Arabic},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Yahuza2022117,
author={Yahuza, B.S.},
title={A Book Review on Ṣukūk: Principles and Practices Beebee Salma Sairally & Marjan Abdullah International Shariah Research Academy for Islamic Finance (ISRA), 1st Edition, 2018},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2022},
volume={35},
number={2},
pages={117-126},
doi={10.4197/Islec.35-2.7},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85144730600&doi=10.4197%2fIslec.35-2.7&partnerID=40&md5=a32aef825c75c92e90d4e8819c774737},
affiliation={Department of Islamic Jurisprudence (Fiqh and Uṣūl al-Fiqh) International Islamic University, Malaysia},
abstract={Ṣukūk is as essential a mechanism for developing the Islamic finance industry as the industry itself. It provides the opportunity to apply Sharī’ah principles in a modern outfit. The complex nature of Ṣukūk, beginning with the underwriting stage to the dissolution, requires a dynamic, but due diligent process. As such, selecting it alone for an in-depth publication is a momentum contribution to the existing literature. Ṣukūk: Principles and Practices has been a unique contribution to the overall development of the Islamic finance industry. Prior to its pub-lication, the subject matter of Ṣukūk was usually scattered throughout a book chapter, a text-book or journal article on Islamic economics, finance, banking and capital markets. This never constituted a satisfactory material to quench the reader's thirst to the point of saturation. Never-theless, this book has done a remarkable job of capturing all aspects of Ṣukūk and carefully summarizes its characteristics, scopes, types and classifications, structures, and underlying Sharī’ah contracts. The book digs deep to trace the origin and evolutionary emergence of Ṣukūk experience throughout history and connects it to current practice in different jurisdic-tions. As such, Sharīʿah rulings and standards, fatwa resolutions, legal, regulatory and tax frameworks have been carefully discussed in a step-by-step process through its five major parts and precisely fourteen chapters. Finally, the book explains the emerging issues and future di-rection of Ṣukūk practices. In spite of its comprehensiveness the book, like any other human work, needs evaluation and assessment to pinpoint to its strengths and limitations for the pur-pose of refining and improvement in future editions. This is what this review tries to accom-plish. © 2022,International Journal of Interactive Mobile Technologies. All Rights Reserved.},
author_keywords={Inter-national sharīʿah research academy;  Islamic finance;  Principles and practices;  Ṣukūk;  Ṣukūk extinguishing},
references={(2017) Accounting and Auditing for Islamic Financial Institutions, , Manama, Kingdom of Bahrain; Al-Ali, S., Asset-Based Sukuk (2019) Raising Capital on Sukuk Markets, , https://doi.org/10.1007/978-3-030-14536-1_4, Palgrave Macmillan, Cham; Alam, N., Duygun, M., Ariss, R.T., Green Sukuk: An Innovation in Islamic Capital Markets (2016) Energy and Finance, , https://doi.org/10.1007/978-3-319-32268-1_10, Dorsman A., Arslan-Ayaydin O., Karan M. (eds) Springer, Cham; Ariff, M., Safari, M., Mohamad, S., (2014) Sukuk Securities: New Ways of Debt Contracting, , John Wiley & Sons Singapore Pte. Limited; Casey, P., Regulatory Lessons on Sukuk Financial Products: An Opinion (2012) Islamic Debt Market for Sukuk Securities: The Theories and Practice of Profit-Sharing Investment, pp. 99-118. , Ariff M., Iqbal M. & Mohamed S., Edward Elgar (Eds) UK & US; (2017) Sukuk: Principles and Practices, , International Shari’ah Research Academy (ISRA) and Securities Commission (SC) Malaysia; Osbon, J., (2019) 100-Year Bonds for the United States: Better to Issue than Own, Osbon Capital Management, 100-Year Bonds for the United States - Osbon Capital Management; Sardar, Z., Serra, J., Jordan, S., (2019) Muslims Societies in the Postnormal Times: Foresight for Trends, Emerging Issues and Scenarios, , International Institute of Islamic Thought (IIIT) & Center for Postnormal Policy & Futures Studies UK; (2020) Islamic Finance Outlook Report. Three Accelerators to Get Back to Strong Growth, , Standard & Poor’s (S&P) Global Ratings; Yahuza, BS, AbdulAziz, AZ., Amanullah, M., Green Sukuk and their Applicability in Nigeria: An Exploratory Maqasidic Study (2022) International Journal of Fiqh and Usul Al-Fiqh Studies, , International Islamic University, Malaysia; Yahuza, BS., (2020), Muzara’ah Sukuk Model (MSM): An Innovative Mechanism for Agro-Infrastructure and Capital Market Development in Nigeria, a paper presented in the 12th International Conference on Islamic Economics and Finance (12th INCEIF) between 12 and 14 June 2020 at Istanbul Zaim University, Turkey; (2020) Pioneering Green Sukuk: Three Years On, , (October), World Bank, Washington, DC},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={English},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Farid2022421,
author={Farid, S. and Mohsan, T. and Jan, M.W.},
title={Do Islamic Stocks reinforce Real Economic Activity? Evidence from an Emerging Islamic Capital Market},
journal={Iranian Economic Review},
year={2022},
volume={26},
number={2},
pages={421-433},
doi={10.22059/ier.2022.88172},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85134358135&doi=10.22059%2fier.2022.88172&partnerID=40&md5=52559fc404fb77cf9cd6b7f5f9992929},
affiliation={Dr. Hasan Murad School of Management (HSM), University of Management and Technology, Lahore, Pakistan},
abstract={The principles of the Islamic moral economy encourage actual economic activity and an asset-driven financing model. Accordingly, the study examines the dynamic association between Islamic stocks and actual economic activity in an emerging Islamic capital market. The study employs various robust time series methods to unveil the relationship between Islamic stocks and real economic activity. Moreover, in the presence of other well-known predictors of economic activity like conventional stock index, interest rate, and exchange rate, the study finds a bidirectional causal relationship between the Islamic Shariah-compliant stock index and real economic activity on Pakistan Stock Exchange (PSX). The study's findings reinforce the notion that the development of the Islamic capital market leads to an augmented level of real economic activity. © University of Tehran.},
author_keywords={Bidirectional Relationship;  Islamic Stocks;  PSX;  Real Economic Activity},
references={Abduh, M., Azmi, O. M., Islamic Banking and Economic Growth: The Indonesian Experience (2012) International Journal of Islamic and Middle Eastern Finance and Management, 5 (1), pp. 35-47; Arestis, P., Demetriades, P. O., Luintel, K. B., Financial Development and Economic Growth: The role of Stock Markets (2001) Journal of Money, Credit and Banking, 33 (1), pp. 16-41; Arouri, M. E., Ben Ameur, H., Jawadi, N., Jawadi, F., Louhichi, W., Are Islamic Finance Innovations Enough for Investors to Escape from a Financial Downturn? Further Evidence from Portfolio Simulations (2013) Applied Economics, 45 (24), pp. 3412-3420; Beck, T., Levine, R., Loayza, N., Finance and the Sources of Growth (2000) Journal of Financial Economics, 58 (1-2), pp. 261-300; Beck, T., Levine, R., Stock Markets, Banks, and Growth: Panel Evidence (2004) Journal of Banking & Finance, 28 (3), pp. 423-442; Caporale, G. M., Howells, P. G., Soliman, A. M., Stock Market Development and Economic Growth: The Causal Linkage (2004) Journal of Economic Development, 29 (1), pp. 33-50; Chapra, M. U., (2009) The Global Financial Crisis: Can Islamic Finance Help?, , https://ideas.repec.org/h/abd/ieibch/32.html, Retrieved from; Claessens, S., Klingebiel, D., Schmukler, S. L., Stock Market Development and Internationalization: Do Economic Fundamentals Spur Both Similarly? (2006) Journal of Empirical Finance, 13 (3), pp. 316-350; Deb, S. G., Mukherjee, J., Does Stock Market Development Cause Economic Growth? A Time Series Analysis for Indian Economy (2008) International Research Journal of Finance and Economics, 21 (3), pp. 142-149; De la Torre, A., Gozzi, J. C., Schmukler, S. L., Stock Market Development under Globalization: Whiter the Gains from Reforms? (2007) Journal of Banking and Finance, 31 (6), pp. 1731-1754; Dritsaki, C., Dritsaki-Bargiota, M., The Causal Relationship between Stock, Credit Market and Economic Development: An Empirical Evidence for Greece (2005) Economic Change and Restructuring, 38 (1), pp. 113-127; Enisan, A. A., Olufisayo, A. O., Stock Market Development and Economic Growth: Evidence from Seven Sub-Sahara African Countries (2009) Journal of economics and business, 61 (2), pp. 162-171; Fama, E. F., Stock Returns, Expected Returns, and Real Activity (1990) The Journal of Finance, 45 (4), pp. 1089-1108; Furqani, H., Mulyany, R., Islamic Banking and Economic Growth: Empirical Evidence from Malaysia (2009) Journal of Economic Cooperation and Development, 30 (2), pp. 59-74; Garcia, V. F., Liu, L., Macroeconomic Determinants of Stock Market Development (1999) Journal of Applied Economics, 2 (1), pp. 29-59; Harris, R. D., Stock Markets and Development: A Re-Assessment (1997) European Economic Review, 41 (1), pp. 139-146; Hasan, M., Dridi, J., The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study (2011) Journal of International Commerce, Economics and Policy, 2, pp. 163-200. , (02); Huang, B. N., Yang, C. W., Hu, J. W. S., Causality and Cointegration of Stock Markets among the United States, Japan and the South China Growth Triangle (2000) International Review of Financial Analysis, 9 (3), pp. 281-297; Hou, H., Cheng, S. Y., The Roles of Stock Market in the Finance-Growth Nexus: Time Series Cointegration and causality evidence from Taiwan (2010) Applied Financial Economics, 20 (12), pp. 975-981; Imam, P., Kpodar, K., Islamic Banking: How Has It Expanded? (2013) Emerging Markets Finance and Trade, 49 (6), pp. 112-137; Kassim, S., Islamic Finance and Economic Growth: The Malaysian Experience (2016) Global Finance Journal, 30, pp. 66-76; Kar, M., Nazlıoğlu, Ş., Ağır, H., Financial Development and Economic Growth Nexus in the MENA Countries: Bootstrap Panel Granger Causality Analysis (2011) Economic modelling, 28 (1-2), pp. 685-693; King, R. G., Levine, R., Finance and Growth: Schumpeter Might be Right (1993) The Quarterly Journal of Economics, 108 (3), pp. 717-737; Korczak, A., Korczak, P., The Development of Emerging Stock Markets and the Demand for Cross-Listing (2013) Journal of Empirical Finance, 24 (5), pp. 63-77; Leigh, L., (1997) Stock Market Equilibrium and Macroeconomic Fundamentals, , IMF Working Paper, WP/97/15, Retrieved from International Monetary Fund; Levine, R., Zervos, S., Stock Markets, Banks and Economic Growth (1998) American Economic Review, 88 (3), pp. 537-558; Levine, R., Loayza, N., Beck, T., Financial Intermediation and Growth: Causality and Causes (2000) Journal of monetary Economics, 46 (1), pp. 31-77; Marques, L. M., Fuinhas, J. A., Marques, A. C., Does the Stock Market Cause Economic Growth? Portuguese Evidence of Economic Regime Change (2013) Economic Modeling, 32 (3), pp. 316-324; Naceur, S. B., Ghazouani, S., Stock Markets, Banks, and Economic growth: Empirical Evidence from the MENA Region (2007) Research in International Business and Finance, 21 (2), pp. 297-315; Ngare, E., Nyamongo, E. M., Misati, R. N., Stock Market Development and Economic Growth in Africa (2014) Journal of Economics and Business, 74 (1), pp. 24-39; Nishat, M., Saghir, A., The Stock Market and Pakistan Economy (1964–1987) (1991) Savings and Development, 15 (2), pp. 131-146; Nowbutsing, B. M., Odit, M. P., Stock Market Development and Economic Growth: The Case of Mauritius (2009) International Business & Economics Research Journal, 8 (2), pp. 77-88; Odhiambo, N. M., Financial Development in Kenya: A Dynamic Test of the Finance-led Growth Hypotheses (2008) Economic Issues, 13 (2), pp. 21-36; Peia, O., Roszbach, K., Finance and Growth: Time Series Evidence on Causality (2015) Journal of Financial Stability, 19 (3), pp. 105-118; Pradhan, R. P., Arvin, M. B., Samadhan, B., Taneja, S., The Impact of Stock Market Development on Inflation and Economic Growth of 16 Asian countries: A Panel VAR Approach (2013) Applied Econometrics and International Development, 13 (1), pp. 203-220; Pradhan, R. P., Arvin, M. B., Norman, N. R., Hall, J. H., The Dynamics of Banking Sector and Stock Market Maturity and the Performance of Asian Economies: Time Series Evidence (2014) Journal of Economic and Administrative Sciences, 30 (1), pp. 16-44; Pradhan, R. P., Development of Stock Market and Economic Growth: The G-20 Evidence (2018) Eurasian Economic Review, 8, pp. 161-181; Rafay, A., Farid, S., Dynamic Relationship between Islamic Banking System and Real Economic Activity: Evidence from Pakistan (2017) JKAU: Islam Econ, 30 (2), pp. 97-116; Reuters, T., (2018) Islamic Finance Development Report Building Momentum, , financial.thomsonreuters.com, Retrieved from; Rousseau, P. L., Xiao, S., Banks, Stock Markets, and China's ‘Great leap Forward’ (2007) Emerging Markets Review, 8 (3), pp. 206-217; Shahbaz, M., Ahmed, N., Ali, L., Stock Market Development and Economic Growth: ARDL Causality in Pakistan (2008) International Research Journal of Finance and Economics, 14 (1), pp. 182-195; Stiglitz, J. E., Credit Markets and the Control of Capital (1985) Journal of Money, credit and Banking, 17 (2), pp. 133-152; Van Nieuwerburgh, S., Buelens, F., Cuyvers, L., Stock Market Development and Economic Growth in Belgium (2006) Explorations in Economic History, 43 (1), pp. 13-38; Vo, X. V., Nguyen, H. H., Pham, K. D., Financial Structure and Economic Growth: The Case of Vietnam (2016) Eurasian Business Review, 6 (2), pp. 141-154; Zhu, A., Ash, M., Pollin, R., Stock Market Liquidity and Economic Growth: A Critical Appraisal of the Levine/Zervos Model (2004) International Review of Applied Economics, 18 (1), pp. 63-71; Zivengwa, T., Mashika, J., Bokosi, F. K., Makova, T., Stock Market Development and Economic Growth in Zimbabwe (2011) International Journal of Economics and Finance, 3 (5), pp. 140-150},
correspondence_address1={Farid, S.; Dr. Hasan Murad School of Management (HSM), Pakistan; email: saqib.farid@umt.edu.pk},
publisher={University of Teheran},
issn={10266542},
language={English},
abbrev_source_title={Iran. Econ. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{AliAzizan2022345,
author={Ali Azizan, N. and Muhamat, A.A. and Syed Alwi, S.F. and Ali, H. and Abdullah, A.Q.C.},
title={Revitalising Waqf (endowment) lands for agribusiness: potentials of the anchor company models},
journal={Journal of Agribusiness in Developing and Emerging Economies},
year={2022},
volume={12},
number={3},
pages={345-370},
doi={10.1108/JADEE-05-2021-0128},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85109364567&doi=10.1108%2fJADEE-05-2021-0128&partnerID=40&md5=647f30f13911cbae07fb6f34ef1366ef},
affiliation={Faculty of Business and Management, Universiti Teknologi MARA, Shah Alam, Malaysia; Arshad Ayub Graduate Business School, Universiti Teknologi MARA, Shah Alam, Malaysia; Academy of Language Studies, Universiti Teknologi MARA, Shah Alam, Malaysia},
abstract={Purpose: Waqf (endowment) lands constitute as among the highest types of waqf (endowment) properties in Malaysia; yet it is still unable to reach its maximum potential due to various challenges such as capital, location, legal and administrative issues. Therefore, this study intends to explore these issues by focussing on the two states in Malaysia (Selangor and Perak) that have fertile lands but different management authorities. Design/methodology/approach: There were series of interviews that had been conducted with ten (10) key informants who are experts and practitioners in the areas of Shariah (Islamic law), farming, agribusiness, land management and waqf. Findings: Findings exhibit that constraints and challenges that had been highlighted in the previous literature still exist (although some improvements had been made), but there is emerging theme that the study intends to highlight which is on the needs to secure market for the agribusiness produce and the potential role of anchor company in the agribusiness. It is pertinent that for agribusiness to thrive, selecting the right anchor company that has the capacity to address the challenges is necessary. This study posits two anchor company models (Waqf Trustee-Anchor Company and Waqf Trustee-Anchor Company-Community Farmers) that can be applied for agribusiness on the waqf lands. Research limitations/implications: This study is based on the Malaysia's context influenced by specific country's features. Nevertheless, such findings can still be used as reference or benchmark by other endowment trustees in other countries especially for the Muslim countries as well as the non-Muslim countries that have significant Muslim populations. Social implications: The suggested models have potentials to improve the living condition of the B40 (below 40% household income) in Malaysia because the models encourage their participation in the agribusiness activities. Originality/value: This study focusses on the agribusiness, which is rarely being given attention in previous literature in the context of endowment lands. Therefore, this article bridges the literature gap and at the same time attempts to provide suggestion to address the pertinent issue – the underutilised endowment lands. © 2021, Emerald Publishing Limited.},
author_keywords={Agribusiness;  Agriculture;  Anchor;  Endowment;  Waqf},
funding_details={019/2019, 100-IRMI/GOV 16/6/2},
funding_details={Ministry of FinanceMinistry of Finance, MOF},
funding_text 1={The key informant emphasised that without the punitive element in the agreement, then the commercial agenda for the agribusiness on the waqf land might fail. This is supported by another key informant who has shared the NCIA experience when offering grants to the farmers for agribusiness. There were many cases of incompliance and are very challenging to ensure that the farmers adhere to the initial agreement. Especially in the early phase of the NCIA's agribusiness grants – the punitive element lacks in the contract. Therefore, to solve this problem, stringent selection criteria have been developed, which also involves the appointment of an “anchor company” to lead the project supported by community farmers.},
funding_text 2={The authors would like to express their gratitude to the Ministry of Finance (Malaysia), Valuation and Properties Services Department (JPPH) and INSPEN for the NAPREC 2019/2020 research grant, File No. 100-IRMI/GOV 16/6/2 (019/2019) that has assisted this study tremendously.},
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correspondence_address1={Muhamat, A.A.; Faculty of Business and Management, Malaysia; email: amirulafif@uitm.edu.my},
publisher={Emerald Group Holdings Ltd.},
issn={20440839},
language={English},
abbrev_source_title={J. Agribusiness Dev. Emerg. Economies},
document_type={Article},
source={Scopus},
}

@ARTICLE{Aslam2022,
author={Aslam, F. and Hunjra, A.I. and Tayachi, T. and Verhoeven, P. and Tariq, Y.},
title={Calendar Anomalies in Islamic Frontier Markets},
journal={SAGE Open},
year={2022},
volume={12},
number={2},
doi={10.1177/21582440221097886},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85130711416&doi=10.1177%2f21582440221097886&partnerID=40&md5=a5e99ae7db8ff4c63c60e3caa08513c0},
affiliation={COMSATS University, Islamabad, Pakistan; Ghazi University, Dera Ghazi Khan, Pakistan; Effat University, Jeddah, Saudi Arabia; Université de Monastir, Monastir, Tunisia; Queensland University of Technology, Brisbane, Australia},
abstract={This study investigates calendar anomalies in eight Islamic frontier markets. Our sample consists of the daily closing prices of their stock indices for the period of January 2006 to September 2019. The data are categorized with respect to day-of-the-week and month-of-the-year according to both the Gregorian and Islamic calendars. We control for time-varying systematic risk using Morgan Stanley Capital International (MSCI) index as the proxy for the market portfolio and apply Bonferroni correction to reduce the occurrence of false-positive results. We find little support for the proposition that any of the Islamic calendar months generate abnormal returns, bar a slight negative abnormal return during the holy month of Rajab for Kuwait. We find evidence of a small negative Monday effect for the stock markets of Bangladesh and Pakistan and a small positive January effect for the stock market of Morocco. The results support weak-form market efficiency, suggesting that investors in frontier stock markets should not expect to outperform the market on a consistent basis when trading on particular days of the week or months of the year according to the Islamic or Gregorian calendar. © The Author(s) 2022.},
author_keywords={anomalies;  asset pricing;  frontier markets;  Islamic calendar effects;  market efficiency},
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correspondence_address1={Hunjra, A.I.; Ghazi UniversityPakistan; email: ahmedhunjra@gmail.com},
publisher={SAGE Publications Inc.},
issn={21582440},
language={English},
abbrev_source_title={SAGE Open},
document_type={Article},
source={Scopus},
}

@ARTICLE{Grassa2022139,
author={Grassa, R. and Moumen, N. and Kabir Hassan, M. and Hussainey, K.},
title={Market discipline and capital buffers in Islamic and conventional banks in the MENA region},
journal={Eurasian Economic Review},
year={2022},
volume={12},
number={1},
pages={139-167},
doi={10.1007/s40822-021-00195-0},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85123858507&doi=10.1007%2fs40822-021-00195-0&partnerID=40&md5=f35330ccdf5c88bd721e7438ccede1fc},
affiliation={Higher Colleges of Technology, Abu Dhabi, United Arab Emirates; LIGUE-ISCAE, University of Manouba, Manouba, Tunisia; Tunis Business School, University of Tunis, Tunis, Tunisia; University of New Orleans, New Orleans, LA  70148, United States; Portsmouth Business School, Portsmouth University, Portsmouth, United Kingdom},
abstract={This paper examines the effectiveness of market discipline in motivating banks to mitigate their default risk by using capital buffers against adverse effects in portfolio risk. Using a large sample of 126 banks from 9 MENA countries from 2009 to 2014, we study whether support, funding, and risk disclosure motivate banks to hold larger capital buffers to cover potential portfolio risk or not; and whether it affects differently Islamic and conventional banking sectors. Our paper findings provide evidence of the contradictory effects of these factors on Islamic banks compared to conventional banks. While government support results in higher capital buffers, stronger market discipline resulting from uninsured liabilities and disclosure results in larger capital buffers. Most factors look effective only for the conventional banking industry and ineffective for the Islamic banking industry due to its risk-sharing characteristic. Our paper findings provide evidence of the effectiveness of market discipline mechanisms, especially for the conventional banking industry. Moreover, high government support reinforces the disclosure and uninsured funding effects, especially for conventional banks. Finally, competition minimizes bank’s risk incentives. © 2022, The Author(s) under exclusive licence to Eurasia Business and Economics Society.},
author_keywords={Competition;  Financial institutions;  Islamic banks;  Market discipline;  MENA region;  Moral hazard;  Risk disclosure},
references={Abdallah, A.A.-N., Hassan, M.K., McClelland, P.L., Islamic financial institutions, corporate governance, and corporate risk disclosure in Gulf Cooperation Council countries (2015) Journal of Multinational Financial Management, 31, pp. 63-82; Alaeddin, O., Archer, S., Karim, R.A.A., Rasid, M., Shah, M.E., Do profit-sharing investment account holders provide market discipline in an islamic banking system? (2017) Journal of Financial Regulation, 3 (2), pp. 210-232; Alfon, I., Argimón, I., Bascuñana-Ambrós, P., (2004) What determines how much capital is held by UK banks and building societies?; Aysan, A.F., Disli, M., Duygun, M., Ozturk, H., Islamic banks, deposit insurance reform, and market discipline: Evidence from a natural framework (2017) Journal of Financial Services Research, 51 (2), pp. 257-282; Aysan, A.F., Disli, M., Ng, A., Ozturk, H., Is small the new big? Islamic banking for SMEs in Turkey (2016) Economic Modelling, 54, pp. 187-194; Aysan, A.F., Disli, M., Ozturk, H., Turhan, I.M., Are Islamic banks subject to depositor discipline? 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An International Perspective (2015) Journal of Financial Services Research, 48 (2), pp. 103-126; Berger, A.N., Market discipline in banking (Proceedings No. 328). Federal Reserve Bank of Chicago (1991) Retrieved From, , https://econpapers.repec.org/paper/fipfedhpr/328.htm; Billett, M.T., Garfinkel, J.A., O'Neal, E.S., The cost of market versus regulatory discipline in banking (1998) Journal of Financial Economics, 48 (3), pp. 333-358; Blum, J.M., Subordinated debt, market discipline, and banks' risk taking (2002) Journal of Banking & Finance, 26 (7), pp. 1427-1441; Blundell, R., Bond, S., Initial conditions and moment restrictions in dynamic panel data models (1998) Journal of Econometrics, 87 (1), pp. 115-143; Cabedo, J.D., Tirado, J.M., The disclosure of risk in financial statements (2004) Accounting Forum, 28 (2), pp. 181-200; Calomiris, C., Wilson, B., Bank capital and portfolio management: The 1930s "capital crunch" and the scramble to shed risk (2004) The Journal of Business, 77 (3), pp. 421-456; Cordella, T., Levy Yeyati, E., Public disclosure and bank failures (1998) IMF Staff Papers, 45 (1), pp. 110-131; Cutura, J.A., Debt holder monitoring and implicit guarantees: did the BRRD improve market discipline? 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(2015) Pacific Economic Review, 20 (1), pp. 101-124; Flannery, M.J., Rangan, K.P., Partial adjustment toward target capital structures (2006) Journal of Financial Economics, 79 (3), pp. 469-506; Freixas, X., Optimal bail out policy, conditionality and constructive ambiguity (1999) SSRN Electronic Journal; Ghosh, S., Capital buffers in Middle East and North Africa (MENA) banks: Is market discipline important? (2017) International Journal of Islamic and Middle Eastern Finance and Management, 10 (2), pp. 208-228; Godspower-Akpomiemie, E., Ojah, K., Market discipline, regulation and banking effectiveness: Do measures matter? 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correspondence_address1={Grassa, R.; Higher Colleges of TechnologyUnited Arab Emirates; email: rihab_grassa@hotmail.fr},
publisher={Springer Science and Business Media Deutschland GmbH},
issn={1309422X},
language={English},
abbrev_source_title={Eurasian Econ. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kabir2022349,
author={Kabir, M.D.N. and Dulal Miah, M. and Huda, R.N.},
title={Determinants of credit risk: A comparative analysis between islamic and conventional banks in bangladesh},
journal={Singapore Economic Review},
year={2022},
volume={67},
number={1},
pages={349-379},
doi={10.1142/S0217590820420011},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85093935930&doi=10.1142%2fS0217590820420011&partnerID=40&md5=806090482fe7cb2064d4f831815acd73},
affiliation={Department of Accounting and Finance, North South University, Block B, 15, Dhaka, Bangladesh; Department of Economics and Finance, University of Nizwa, Birkat Al Mawz, P. O. Box 33, Nizwa, PC 616, Oman},
abstract={The paper investigates the determinants of credit risk of Islamic and conventional banks in Bangladesh. In so doing, it collects data from 30 private commercial banks comprising of seven Islamic banks and 23 conventional banks for the period 2001-2018. Collected data are analyzed using GMM estimation technique. This method is perceived to be robust because it reduces the endogeneity problem that exists in the panel data set. Analysis of data shows that among the macro-economic variables, GDP growth decreases credit risk, whereas real interest rate and inflation increase credit risk. Bank-specific variables prove that both clusters of banks suffer from adverse selection and moral hazard problems. Results also indicate that competition has a risk-enhancing effect on banks, which supports the competition-fragility nexus. Further analysis shows that board size and board independence affect the credit risk of both clusters of banks. Findings of this study suggest some policy implications from macro, bank and governance perspectives. Specifically, banks should adopt 'speed limit' policy to reduce the poor quality loan. Also, competition in the banking industry should be regulated. Finally, central bank should maintain uniform capital adequacy ratio for both clusters of banks. Although this study is limited to private commercial banks in Bangladesh, the results can be generalized for other emerging economies. © 2020 World Scientific Publishing Company.},
author_keywords={adverse selection;  commercial banks;  corporate governance;  Credit risk;  moral hazard},
keywords={banking;  comparative study;  corporate strategy;  debt;  financial market;  Islamism, Bangladesh},
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correspondence_address1={Dulal Miah, M.; Department of Economics and Finance, P. O. Box 33, Oman; email: dulal@unizwa.edu.om},
publisher={World Scientific},
issn={02175908},
language={English},
abbrev_source_title={Singap. Econ. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kanwal2022146,
author={Kanwal, A.},
title={The prohibition of speculation in Islamic finance: fairness and framing},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2022},
volume={15},
number={1},
pages={146-157},
doi={10.1108/IMEFM-01-2021-0034},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85111732997&doi=10.1108%2fIMEFM-01-2021-0034&partnerID=40&md5=7bda01dfb5ba7008816ab0bad6ec5c8e},
affiliation={Suleman Dawood School of Business, Lahore University of Management Sciences, Lahore, Pakistan},
abstract={Purpose: This paper aims to present a simple behavioural explanation of the prohibition of speculation in Islamic finance. Design/methodology/approach: This paper proposes a theoretical model that describes how investors from low income strata of the society may be prone to make sub-optimal decisions when they compare their outcome from a speculative trading activity to that of the counterparty to the trade and perceive inequity to exist. Findings: When individuals from low income strata of the society compare their current situation with the average income of the society, they perceive themselves to be in a loss. This creates a loss frame within which they then evaluate all future outcomes. When such individuals invest in speculative trading activities and incur a loss, they compare their outcome from the trade to that of the counterparty to the trade. As speculative trades are a zero sum game, the counterparty makes an equivalent gain from the trade. Thus, the comparison leads to a perception of inequity. This perception of inequity is aggravated by the loss frame within which the investor is operating. The aggravated inequity aversion may then motivate the investor to make further sub-optimal decisions like repeated speculative trading activities. The Islamic prohibition on speculative trading activities may serve to protect low income investors from entering into such cycles of sub-optimal decisions. Originality/value: This paper offers a unique explanation of why day trading and short selling may be prohibited in Islamic capital markets. © 2021, Emerald Publishing Limited.},
author_keywords={Behavioural finance;  Decision-making processes;  Gharar},
references={Azad, A.S., Azmat, S., Fang, V., Edirisuriya, P., Unchecked manipulations, price– volume relationship and market efficiency: evidence from emerging markets (2014) Research in International Business and Finance, 30, pp. 51-71; Azad, A.S.M.S., Azmat, S., Chazi, A., Ahsan, A., Sailing with the non-conventional stocks when there is no place to hide (2018) Journal of International Financial Markets, Institutions and Money, 57, pp. 1-16; Bell, D.E., Regret in decision making under uncertainty (1982) Operations Research, 30 (5), pp. 961-981; Bell, D.E., Risk premiums for decision regret (1983) Management Science, 29 (10), pp. 1156-1166; Bell, D.E., Disappointment in decision making under uncertainty (1985) Operations Research, 33 (1), pp. 1-27; Bellemare, C., Kröger, S., Van Soest, A., Measuring inequity aversion in a heterogeneous population using experimental decisions and subjective probabilities (2008) Econometrica, 76 (4), pp. 815-839; Benartzi, S., Thaler, R.H., (1993) Myopic Loss Aversion and the Equity Premium Puzzle (No. w4369), , National Bureau of Economic Research; Blalock, G., Just, D.R., Simon, D.H., Hitting the jackpot or hitting the skids: entertainment, poverty, and the demand for state lotteries (2007) American Journal of Economics and Sociology, 66 (3), pp. 545-570; Boles, T.L., Messick, D.M., A reverse outcome bias: the influence of multiple reference points on the evaluation of outcomes and decisions (1995) Organizational Behavior and Human Decision Processes, 61 (3), pp. 262-275; Da Gama Silva, P.V.J., Klotzle, M.C., Pinto, A.C.F., Gomes, L.L., Herding behavior and contagion in the cryptocurrency market (2019) Journal of Behavioral and Experimental Finance, 22, pp. 41-50; El-Din, S.E.D.T., Hassan, M.K., 15 Islam and speculation in the stock exchange (2007) Handbook of Islamic Banking, 240; Fehr, E., Schmidt, K.M., A theory of fairness, competition, and cooperation (1999) The Quarterly Journal of Economics, 114 (3), pp. 817-868; Fernandez, R., Rodrik, D., Resistance to reform: status quo bias in the presence of individual-specific uncertainty (1991) The American Economic Review, pp. 1146-1155; Gamliel, E., Peer, E., Attribute framing affects the perceived fairness of health care allocation principles (2010) Judgment and Decision Making, 5 (1), pp. 11-20; Gul, F., A theory of disappointment aversion (1991) Econometrica, 59 (3), pp. 667-686; Han, B., Kumar, A., Speculative retail trading and asset prices (2013) Journal of Financial and Quantitative Analysis, 48 (2), pp. 377-404; Hasan, R., Hassan, M.K., Aliyu, S., Fintech and Islamic finance: literature review and research agenda (2020) International Journal of Islamic Economics and Finance (IJIEF), 3 (1), pp. 75-94; Heath, C., Larrick, R.P., Wu, G., Goals as reference points (1999) Cognitive Psychology, 38 (1), pp. 79-109; Henrich, J., McElreath, R., Barr, A., Ensminger, J., Barrett, C., Bolyanatz, A., Ziker, J., Costly punishment across human societies (2006) Science, 312 (5781), pp. 1767-1770. , …; Hong, F., Hossain, T., List, J.A., Framing manipulations in contests: a natural field experiment (2015) Journal of Economic Behavior and Organization, 118; Kahneman, D., Reference points, anchors, norms, and mixed feelings (1992) Organizational Behavior and Human Decision Processes, 51 (2), pp. 296-312; Kahneman, D., Miller, D.T., Norm theory: comparing reality to its alternatives (1986) Psychological Review, 93 (2), p. 136; Kayed, R.N., Hassan, M.K., The global financial crisis and Islamic finance (2011) Thunderbird International Business Review, 53 (5), pp. 551-564; Knetsch, J.L., Sinden, J.A., Willingness to pay and compensation demanded: experimental evidence of an unexpected disparity in measures of value (1984) The Quarterly Journal of Economics, 99 (3), pp. 507-521; Kumar, A., Who gambles in the stock market (2009) The Journal of Finance, 64 (4), pp. 1889-1933; Loomes, G., Sugden, R., Regret theory: an alternative theory of rational choice under uncertainty (1982) The Economic Journal, 92 (368), pp. 805-824; Loomes, G., Sugden, R., Disappointment and dynamic consistency in choice under uncertainty (1986) The Review of Economic Studies, 53 (2), pp. 271-282; Metawa, N., Hassan, M.K., Metawa, S., Safa, M.F., Impact of behavioral factors on investors’ financial decisions: case of the Egyptian stock market (2019) International Journal of Islamic and Middle Eastern Finance and Management, 12 (1); Ordóñez, L.D., Connolly, T., Coughlan, R., Multiple reference points in satisfaction and fairness assessment (2000) Journal of Behavioral Decision Making, 13 (3), p. 329; Puto, C.P., The framing of buying decisions (1987) Journal of Consumer Research, 14 (3), pp. 301-315; Rabin, M., Incorporating fairness into game theory and economics (1993) The American Economic Review, pp. 1281-1302; Samuelson, W., Zeckhauser, R., Status quo bias in decision making (1988) Journal of Risk and Uncertainty, 1 (1), pp. 7-59; Subramaniam, S., Chakraborty, M., Investor attention and cryptocurrency returns: evidence from quantile causality approach (2020) Journal of Behavioral Finance, 21 (1), pp. 103-115; Sullivan, K., Kida, T., The effect of multiple reference points and prior gains and losses on managers’ risky decision making (1995) Organizational Behavior and Human Decision Processes, 64 (1), pp. 76-83; Tversky, A., Kahneman, D., The framing of decisions and the psychology of choice (1981) Science, 211 (4481), pp. 453-458; Tversky, A., Kahneman, D., Advances in prospect theory: cumulative representation of uncertainty (1992) Journal of Risk and Uncertainty, 5 (4), pp. 297-323; Usmani, M.I.A., (2002) Meezanbank’s Guide to Islamic Banking, , Darul-Ishaat, Karachi, Pakistan; Zhou, X., Wu, Y., Sharing losses and sharing gains: increased demand for fairness under adversity (2011) Journal of Experimental Social Psychology, 47 (3), pp. 582-588; Kahneman, D., Tversky, A., Prospect theory: an analysis of decision under risk (1979) Econometrica, 47 (2), pp. 263-291},
correspondence_address1={Kanwal, A.; Suleman Dawood School of Business, Pakistan; email: 14080005@lums.edu.pk},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@BOOK{Kervankiran2022183,
author={Kervankiran, İ. and Deniz, A. and İlban, K.},
title={The travel pattern and experiences of Turkish female outbound tourists},
journal={Contemporary Muslim Travel Cultures: Practices, Complexities and Emerging Issues},
year={2022},
pages={183-197},
doi={10.4324/9781003036296-16},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85145113768&doi=10.4324%2f9781003036296-16&partnerID=40&md5=75e31cf6c642d936b638adbcf4675b4e},
affiliation={Department of Geography, Faculty of Art and Science, Süleyman Demirel University, Isparta, Turkey; Department of Geography, Faculty of Languages History and Geography, Ankara University, Ankara, Turkey},
abstract={Tourism mobility in Turkey, where the social structure is not homogeneous and where there are two different structures whose consumption culture, lifestyle, behavior patterns, and choices are different, has a more distinctive profile than other Islamic countries. This study criticizes the invisibility of the differentiation of this basic lifestyle which determines the life of women in touristic literature and claims that one needs to focus on women’s experiences for a deep academic understanding and effective tourism planning. In this context, the development of touristic activities in the consumption practices of women identifying themselves as secular or conservative has been presented comparatively. During the data gathering period of the study, in order to make women’s experiences visible and include more of their voices in the study, a semi-structured interview technique, a qualitative research methodology, was used. In this study, it was seen that travel experiences affected women’s lives in a positive way. In addition their travel routes and ways have changed in time due to this. In a way, women who started to differ in many ways from each other began to get similar in terms of travel practices. There is also an increase in the cultural capital of all women through travels, tourism consumption is enriched through travels becoming continuous and the tourism market is diversified in the same way. © 2023 selection and editorial matter, C. Michael Hall, Siamak Seyfi and S. Mostafa Rasoolimanesh.},
references={Bhimji, F., Cosmopolitan belonging and diaspora: Second-generation British Mus­lim women travelling to South Asia (2008) Citizenship Studies, 12 (4), pp. 413-427. , https://doi.org/10.1080/13621020802184259; Bourdieu, P., The forms of capital (1986) Handbook of Theory and Research for the Sociology of Education, pp. 241-258. , J. G. Richardson, Greenwood; Carvalho, G., Baptista, M., Costa, C., Women travelling alone: Prospects on gender and tourism experiences (2014) Revista Turismo & Desenvolvimento, 5 (21), pp. 31-32; Cetin, G., Bilgihan, A., https://doi.org/10.1080/13683500.2014.994595; Chandralal, L., Valenzuela, F.R., Memorable tourism experiences: Scale develop­ment (2015) Contemporary Management Research, 11 (3), pp. 291-310. , https://doi.org/10.7903/cmr.l3822; Chiang, C., Jogaratnam, G., Why do women travel solo for purposes of leisure? 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Novelli, CABI; Eid, R., El-Gohary, H., The role of Islamic religiosity on the relationship between perceived value and tourist satisfaction (2015) Tourism Management, 46, pp. 477-488. , https://doi.org/10.1016/j.tourman.2014.08.003; Fendt, L.S., Wilson, E., ; Fischer, J., ; Göle, N., Secularism and Islamism in Turkey: The making of elites and counter-elites (1997) Middle East Journal, 51 (1), pp. 46-58. , www.jstor.org/stable/4329022; Green, E., Singleton, C., Risky bodies at leisure: Young women negotiating space and place (2006) Sociology, 40 (5), pp. 853-871. , https://doi.org/10.1177/0038038506067510; Hall, C.M., ; Hall, C.M., Prayag, G., ; Han, H., Al-Ansi, A., Koseoglu, M.A., Lin, P.M.C., Park, J., Yu, J., Kim, W., Halal tourism: Travel motivators and customer retention (2019) Journal of Travel & Tourism Marketing, 36 (9), pp. 1012-1024. , https://doi.org/10.1080/10548408.2019.1683483; Henderson, J.C., Muslim travelers, tourism industry responses and the case of Japan (2016) Tourism Recreation Research, 41 (3), pp. 339-347. , https://doi.org/10.1080/02508281.2016.1215090; Jafari, J., Scott, N., Muslim world and its tourisms (2014) Annals of Tourism Research, 44, pp. 1-19. , https://doi.org/10.1016/j.annals.2013.08.011; Jordan, F., Aitchison, C., Tourism and the sexualisation of the gaze: Solo female tourists. Experiences of gendered power, surveillance and embodiment (2008) Leisure Studies, 27 (3), pp. 32-349. , https://doi.org/10.1016/j.annals.2013.08.011; Jordan, F., Gibson, H., ; Kaba, B., Emekli, G., A rising trend in tourism: Solo women travelers: The case of Turkey (2018) Aegean Geographical Journal, 27 (2), pp. 111-126; Khan, S., Gendered leisure: Are women more constrained in travel for leisure? (2011) Tour­ismos: An International Multidisciplinary Journal of Tourism, 6 (1), pp. 105-121; Kim, J.H., Ritchie, J.B., Cross-cultural validation of a memorable tourism experience scale (MTES) (2014) Journal of Travel Research, 53 (3), pp. 323-335. , https://doi.org/10.1177/0047287513496468; Laing, J., Frost, W., Journeys of well-being: Women’s travel narratives of trans­formation and self-discovery in Italy (2017) Tourism Management, 62, pp. 110-119. , https://doi.org/10.1016/j.tourman.2017.04.004; McNamara, K., Prideaux, B., A typology of solo independent women travellers (2010) International Journal of Tourism Research, 12 (3), pp. 253-264. , https://doi.org/10.1002/jtr.751; Otto, J.E., Ritchie, J., ; Pine, B.J., Gilmore, J.H., ; Quan, S., Wang, N., ; Rasoolimanesh, S.M., Seyfi, S., Hall, C.M., Hatamifar, P., Understanding memo­rable tourism experiences and behavioural intentions of heritage tourists (2021) Journal of Destination Marketing & Management, 21. , https://doi.org/10.1016/j.jdmm.2021.100621; Ritter, W., Recreation and tourism in the Islamic countries (1975) Ekistics, 40, pp. 149-152; Ryan, C., Halal tourism (2016) Tourism Management Perspectives, 19, pp. 121-123. , https://doi.org/10.1016/j.tmp.2015.12.014; Schmitt, B., Experiential marketing (1999) Journal of Marketing Management, 15 (1-3), pp. 53-67. , https://doi.org/10.1362/026725799784870496; Scott, N., Jafari, J., ; Seyfi, S., Hall, C.M., Deciphering Islamic theocracy and tourism: Conceptualiza­tion, context, and complexities (2019) International Journal of Tourism Research, 21 (6), pp. 735-746. , https://doi.org/10.1002/jtr.2300; Seyfi, S., Hall, C.M., Rasoolimanesh, S.M., Exploring memorable cultural tourism experiences (2020) Journal of Heritage Tourism, 15 (3), pp. 341-357. , https://doi.org/10.1080/1743873X.2019.1639717; Shaw, G., Agarwal, S., Bull, P., Tourism consumption and tourist behaviour: A British perspective (2000) Tourism Geographies, 2 (3), pp. 264-289. , https://doi.org/10.1080/14616680050082526; Stark, J., Meschik, M., Women’s everyday mobility: Frightening situations and their impacts on travel behaviour (2018) Transportation Research Part F: Traffic Psychology and Behaviour, 54, pp. 311-323. , https://doi.org/10.1016/j.trf.2018.02.017; Sthapit, E., Coudounaris, D.N., Memorable tourism experiences: Antecedents and outcomes (2018) Scandinavian Journal of Hospitality and Tourism, 18 (1), pp. 72-94. , https://doi.org/10.1080/15022250.2017.1287003; Stodolska, M., Livengood, J., The influence of religion on the leisure behaviour of immigrant Muslims in the United States (2006) Journal of Leisure Studies, 38 (3), pp. 293-320. , https://doi.org/10.1080/00222216.2006.11950080; Taheri, B., Emotional connection, materialism, and religiosity: An Islamic tourism experience (2016) Journal of Travel & Tourism Marketing, 33 (7), pp. 1011-1027. , https://doi.org/10.1080/10548408.2015.1078761; Timothy, D., Iverson, T., Tourism and Islam considerations of culture and duty (2006) Tourism, Religion and Spiritual Journeys, pp. 186-205. , D. Timothy & D. Olsen, Routledge; Tung, V.W.S., Ritchie, J.B., Exploring the essence of memorable tourism experiences (2011) Annals of Tourism Research, 38 (4), pp. 1367-1386. , https://doi.org/10.1016/j.annals.2011.03.009; (2018) Tourism Statistics, , Ankara; Uriely, N., The tourist experience: Conceptual developments (2005) Annals of Tourism Research, 32 (1), pp. 199-216. , https://doi.org/10.1016/j.annals.2004.07.008; Vukonić, B., Do we always understand each other? (2010) Tourism in the Muslim World, pp. 31-45. , N. Scott & J. Jafari; Wilson, E., Harris, C., Meaningful travel: Women, independent travel and the search for self and meaning (2006) Tourism: An International Interdisciplinary Journal, 54 (2), pp. 161-172; Wilson, E., Little, D., The solo female travel experience: Exploring the geography of women’s fear (2008) Current Issues in Tourism, 11 (2), pp. 167-186. , https://doi.org/10.2167/cit342.0; Wilson, E.C., ; Yang, E.C.L., Khoo-Lattimore, C., Arcodia, C., A systematic literature review of risk and gender research in tourism (2017) Tourism Management, 58, pp. 89-100. , https://doi.org/10.1016/j.tourman.2016.10.011; Yang, E.C.L., Khoo-Lattimore, C., Arcodia, C., Constructing space and self through risk taking: A case of Asian solo female travelers (2018) Journal of Travel Research, 57 (2), pp. 260-272. , https://doi.org/10.1177/0047287517692447; Yavuz, H.K., Understanding Turkish secularism in the 21th century: A contextual roadmap (2019) Southeast European and Black Sea Studies, 19 (1), pp. 55-78. , https://doi.org/10.1080/14683857.2019.1576367; Zhang, H., Wu, Y., Buhalis, D., A model of perceived image, memorable tourism experiences and revisit intention (2017) Journal of Destination Marketing & Management, 8, pp. 326-336. , https://doi.org/10.1016/j.jdmm.2017.06.004},
publisher={Taylor and Francis},
isbn={9781000625868; 9780367477400},
language={English},
abbrev_source_title={Contemporary Muslim Travel Cultures: Practices, Complexities and Emerg. Issues},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Piccinelli2022514,
author={Piccinelli, G.M.},
title={Development and perspectives of Islamic economics in the West: Banking and finance},
journal={Routledge Handbook of Islam In The West: Second Edition},
year={2022},
pages={514-530},
doi={10.4324/9780429265860-44},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85143553889&doi=10.4324%2f9780429265860-44&partnerID=40&md5=997242d46b66d05e7d766a4eba447c8f},
affiliation={Department of Political Sciences, University of Naples, Italy},
abstract={About 40 years ago the new Islamic approach to banking operations moved its first steps outside the Muslim world with continuing growth and a forecast to reach beyond US$ 2 trillion before 2015. The Islamic banking and financial system has been the first concrete result of a long debate covering the entire twentieth century, implementing an operative way to respect the ethical-religious precept prohibiting any kind of usury. Great Britain has had a long (and discussed) experience since the early 1980s. Germany, in 2005, gave hospitality to the Islamic bonds (sukuk), while France is discussing the legal reforms necessary in order to become an important Islamic financial hub in Europe. Despite the developments as an “alternative” to conventional banks within the European and the United States’ strong and structured centralized banking systems, Islamic banking needs to consider the opportunity of becoming a “complement” to conventional banking and capital markets. Along this way, transformations are expected concerning regulatory framework, risk management, retail banking operations, supervisory uniform standards and transparency. This is the real challenge for the future of Islamic banking and finance in the West. © 2022 selection and editorial matter, Roberto Tottoli; individual chapters, the contributors.},
references={Abdullah, A., Examining US Approvals of Islamic Financing Products and the Islamic Theory of Lawful Profit (2016) International Journal of Islamic and Middle Eastern Finance and Management, 9, pp. 532-550; Abdel Karim, R.A., Archer, S., (2007) Islamic Finance: the Regulatory Challenge, , Singapore: John Wiley and Sons Asia; Adeyemi Adewale, A., Archer, S., (2019) Risk Sharing in Islamic Banks, IFSB Working Paper Series, p. 10. , Kuala Lumpur: Islamic Financial Services Board; Adeyinka Asafa, D., (2019) Consumer Protection in Takāful, IFSB Working Paper Series, p. 9. , Kuala Lumpur: Islamic Financial Services Board; Akram Khan, M., (2003) Islamic Economics and Finance: a Glossary, , London: Routledge, 2nd ed; Alam, N., (2019) Regulatory and Supervisory Issues in Sharīʿah-Compliant Hedging Instruments, IFSB Working Paper Series, p. 14. , Kuala Lumpur: Islamic Financial Services Board; Ali, S.N., Ali, N.N., (2010) Information Sources on Islamic Banking and Economics: 1980–1990, London: Routledge, , reprint of 1994; Anwar, M., Islamicity of Banking and Modes of Islamic Banking (2003) Arab Law Quarterly, 18, pp. 291-308; Archer, S., Abdel Karim, R.A., Nienhaus, V., (2009) Takaful Islamic Insurance: Concepts and Regulatory Issues, , Singapore: John Wiley and Sons; Billah, M.M., Islamic Financial Products. Principles (2019) Instruments and Structures, , London: Palgrave MacMillan; Billah, M.M., Islamic Insurance Products. Exploring Takaful Principles (2019) Instruments and Structures, , London: Palgrave MacMillan; Billah, M.M., Ghlamallah, E., Alexakis, C., (2019) Encyclopedia of Islamic Insurance, Takaful and Retakaful, , Cheltenham: E. Elgar Publ; Cattelan, V., (2013) Islamic Finance in Europe: Towards a Plural Financial System, , Cheltenham: E. Elgar Publ; Cekici, I.Z., Weill, L., Hassan, M.K., Mahlknecht, M., Islamic Finance in France: An Emerging Market? (2011) Islamic Capital Markets: Products and Strategies, pp. 267-277. , Chichester: John Wiley and Sons; Dewar, J., Hussain, M., (2019) The Islamic Finance and Markets Law Review, , London: The Law Reviews; (2020) State of the Global Islamic Economy Report 2020/2021:Thriving in Uncertainty.New York: Dinar Standard. Online, , https://www.salaamgateway.com/specialcoverage/SGIE20-21, HTTP; Engels, J., Fahim Khan, M., Porzio, M., German Banking Supervision and its Relation Ship to Islamic Banks (2010) Islamic Banking and Finance in the European Union: A Challenge, pp. 174-188. , Cheltenham: E. Elgar Publ; (2016) World Islamic Banking Competitiveness Report, , https://ceif.iba.edu.pk/pdf/ey-world-islamic-banking-competitiveness-report-2016.pdf, 2015, HTTP; Ercanbrack, J.G., (2015) The Transformation of Islamic Law in Global Financial Markets, , Cambridge: Cambridge University Press; Fahim Khan, M., Porzio, M., (2010) Islamic Banking and Finance in the European Union: A Challenge, , Cheltenham: E. Elgar Publ; Favali, L., (2004) Qirad Islamico, Commenda Medievale E Strategie Culturali dell’occidente, Torino, , Giappichelli; Gonulal, S.O., (2013) Takaful and Mutual Insurance:Alternative Approaches to Managing Risks, Washington, , DC: The World Bank; Hajjar, M., (2019) Islamic Finance in Europe.A Cross Analysis of 10 European Countries, , London: Palgrave MacMillan; Hassan, M.K., Mahlknecht, M., (2011) Islamic Capital Markets: Products and Strategies, , Chichester: John Wiley and Sons; Henry, C.M., Lamm, J.E., (2010) Islamic Finance: Oxford Bibliographies Online Research Guide, Oxford: Oxford University Press. 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Available HTTP; (2019) IIFM Sukuk Report, , Manama: International Islamic Financial Market (IIFM), 8th ed; (2019) Islamic Commercial Law Report, p. 2018. , https://ceif.iba.edu.pk/pdf/ThomsonReutersIslamicCommercialLawReport2018.pdf, An Annual Publication Assessing the Key Issues and Global Trends in Islamic Social Finance, Kuala Lumpur: InternationalShari’ah Research Academy for Islamic Finance (ISRA). Online. Available HTTP; Kettel, B., (2011) Case Studies in Islamic Banking and Finance, , Chichester: John Wiley and Sons; Krichene, N., (2013) Islamic Capital Markets:Theory and Practice, , Chichester: John Wiley and Sons; Malik, A., Ullah, K., (2019) Introduction to Takaful.Theory and Practice, , London: Palgrave MacMillan; Oseni, U.A., Nazim Ali, S., (2019) Fintech in Islamic Finance: Theory and Practice, , London - New York: Routledge; Piccinelli, G.M., Banche islamiche in contesto non islamico (1996) Materiali E Strumenti Giuridici, , Roma: Istituto per l’Oriente; Piccinelli, G.M., Fahim Khan, M., Porzio, M., The Provision and Management of Savings:The Client-partner Model (2010) Islamic Banking and Finance in the European Union, pp. 23-39. , Cheltenham: E. Elgar Publ; Piccinelli, G.M., (2011) La Finanza Islamica Tra Crisi Globale E Innovazione: La Prospettiva Europea, 2, pp. 977-998. , Il Libro e la Bilancia. Studi in memoria di Francesco Castro, Napoli: ESI; Presley, J.R., (2012) Directory of Islamic Financial Institutions, , London: Routledgereprint of 1988 ed; Rodinson, M., (1966) Islam and Capitalism, , Paris: Editions du Seuil; Rosly, S.A., Critical Issues on Islamic Banking and Financial Markets: Islamic Economics, Banking and Finance (2005) Investments, Takaful and Financial Planning, , London: AutorHouse; Saleh, N., (1992) Unlawful Gain and Legitimate Profit in Islamic Law: Riba, Gharar, and Islamic Banking, , London: Graham and Trotham; Schoon, N., (2009) Islamic Banking and Finance, , London: Spiramus Press; Sukmana, R., Rusgianto, S., (2019) Intermediaries in the Islamic Capital Markets, IFSB Working Paper Series, p. 13. , Kuala Lumpur: Islamic Financial Services Board; Thomas, A., Methods of Islamic Home Finance in the United States (2001) The American Journal of Islamic Finance, , https://www.academia.edu/3105945/Methods_of_Islamic_home_finance:in_the_United_States, Online. Available HTTP; Vogel, F.E., Hayes, S.L., (1998) Islamic Law and Finance. Religion, , Risk and Return, The Hague-London-Boston: Kluwer Law International},
correspondence_address1={Piccinelli, G.M.; Department of Political Sciences, Italy},
publisher={Taylor and Francis},
isbn={9780429556388; 9780367211783},
language={English},
abbrev_source_title={Routledge Handb. of Islam In The West: Second Edition},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Nuredini2022208,
author={Nuredini, B. and Matoshi, R.},
title={BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY COMPARATIVE APPROACH BETWEEN CAPITALISM, SOCIALISM AND ISLAMIC ECONOMY},
journal={Corporate Governance and Organizational Behavior Review},
year={2022},
volume={6},
number={4 Special Issue},
pages={208-220},
doi={10.22495/cgobrv6i4sip2},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85143240433&doi=10.22495%2fcgobrv6i4sip2&partnerID=40&md5=4553a6b9053d06fcefd31772587840fc},
affiliation={Law Faculty, University for Business and Technology, Prishtina, Kosovo; University for Business and Technology, Prishtina, Kosovo},
abstract={The purpose of this study is to present contemporary trends in the field of business law through comparative analysis by presenting the similarities and differences regarding issues related to business ethics and corporate social responsibility (CSR) within the three economic systems, capitalism, socialism, and Islamic economics. The concept of the capitalist economy is based on capital and has the welfare of large corporations as a priority. Socialist economics prioritizes the interests of the state, while Islamic economics is human-centered and it prioritizes the well-being of the individual (Migdad, 2022). Business ethics is a very important factor that should be present in all segments of society. The importance of business ethics is particularly evident in modern society, which is burdened by numerous crises and contradictions, both globally and locally. The need for good corporate governance is important as it helps companies to meet their capital needs beyond traditional sources of financing, in order to expand and be internationally competitive. In a globalized economy, as we live today, companies in countries with weak corporate governance systems are less competitive in the market. Good corporate governance serves as a defense mechanism against corporate scandals and potential corporate tortious and criminal liability (Aziri, 2020). © 2022 The Authors.},
author_keywords={Business;  Capitalism;  Corporate Social Responsibility;  Ethics;  Interest;  Islam;  Socialism},
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H., (1997) Kitab al-kasb Min Kutub al-Iqtisadi aAl-Islami, , Syria: Maktab alMatbu’ah; Aziri, B., Corporate governance: A literature review (2014) Management Research and Practice, 6 (3), pp. 53-65. , http://mrp.ase.ro/no63/f4.pdf, Retrieved from; Aziri, B., (2020) Qevesrisja e korporatave, , Tetovo, North Macedonia: ArbëriaDesing; Bartlett, R. C., Collins, S. D., (2012) Aristotle’s nicomachean ethics, , Chicago, IL: The University of Chicago Press; Beekun, R. I., (1997) Islamic business ethics, , Virginia, the USA: International Institute of Islamic Thought; Buldan, H., Hamid, E. S., Sriyana, J., Tohirin, A., The role of Islamic business ethics and market condition on organizational performance (2021) The Journal of Asian Finance, Economics and Business, 8 (1), pp. 781-790. , https://doi.org/10.13106/JAFEB.2021.VOL8.NO1.781; (2019), https://islammessage.org/en/article/960/BUSINESS-ETHICS-IN-ISLAM-#, (October). Retrieved from; Byars, S. 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Springer; Fromm, E., (1981) On disobedience and other essays, , New York, NY: The Seabury Press; Fukuyama, F., Povjerenje: Društvene vrline i stvaranje blagostanja (2000) Izvori, , http://library.foi.hr/lib/knjiga.php?sqlid=77&H=&E=&lok=&zbi=&sqlx=11496, Retrieved from; Ganda, F., The impact of corporate governance on corporate financial performance: Cases from listed firms in Turkey [Special issue] (2022) Journal of Governance & Regulation, 11 (2), pp. 204-217. , https://doi.org/10.22495/jgrv11i2siart1; Ghosh, D., Ghosh, D. K., Zaher, A. A., Business, ethics, and profit: Are they compatible under corporate governance in our global economy? (2011) Global Finance Journal, 22 (1), pp. 72-79. , https://doi.org/10.1016/j.gfj.2011.05.006; Hadžić, F., (2005) Islamsko bankarstvo i ekonomski razvoj, , Sarajevo, Bosnia and Herzegovina: Ekonomski fakultet u Sarajevo; Hanley, R. 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A., Natoli, R., Zuhair, S., Corporate governance and corporate social responsibility: A study of emerging market listed firms (2021) Corporate Ownership & Control, 18 (2), pp. 90-105. , https://doi.org/10.22495/cocv18i2art7; Maciel, F., Erich Fromm and the culture of contemporary capitalism (2019) Fromm Forum, 23, pp. 58-69. , https://efsc.ipu-berlin.de/fileadmin/downloads/2-forschungskonferenz-print/Maciel_F_2019.pdf, R. Funk & T. Kühn (Eds), special ed., The Erich Fromm Study Center (EFSC). Retrieved from; Marić, R., Achieving a highly moral business culture (2008) Strategijski Menadžment, 13 (3), pp. 64-70. , https://bic-pk.ceon.rs/article.aspx?artid=0354-84140803064M&lang=en; Migdad, M. M., Scope of CSR in Islamic economics and finance (2022) Islamic Economics Journal, 7 (2), pp. 186-2003. , https://doi.org/10.21111/iej.v7i2.7035; Milenković, I., Milenković, D., Kamata i garar u islamskom bankarstvu (2016) Bankarstvo, 45 (1), pp. 54-69. , https://doi.org/10.5937/bankarstvo1601054M; Mirakhor, A., Iqbal, Z., Sadr, S., (2020) Handbook of ethics of Islamic economics and finance, , https://doi.org/10.1515/9783110593419, De Gruyter Oldenbourg; Mohammed, J. A., (2007) Corporate social responsibility in Islam, , https://openrepository.aut.ac.nz/handle/10292/354, (Doctoral dissertation, Auckland University of Technology). Retrieved from; Naqvi, S. N. H., (1981) Ethics and economics: An Islamic synthesis, , Leicester, the UK: Islamic Foundation; Nienhaus, V., (2010) Fundamentals of an Islamic economic system compared to the social market economy (KAS International Reports, 11), , https://www.kas.de/documents/252038/253252/7_dokument_dok_pdf_21079_2.pdf/9450e218-1ba2-e528-3394-e7bf9b991f29?version=1.0&t=1539660488454, Retrieved from; Nuredini, B., Legal aspects of interest in Islamic vs. conventional banking (2021) Vizione, 36, pp. 385-398. , https://www.researchgate.net/publication/349679690_Legal_aspects_of_interest_in_Islamic_vs_Conventional_Banking, Retrieved from; Peck, L., Jassey, K., Johansson, L., (2005) Sida evaluations and audits 2002, , https://cdn.sida.se/publications/files/sida33204en-sida-evaluations-and-audits-2005.pdf, (UTV Working Paper No. 2006:4). Sida Department for Evaluation and Internal Audit. Retrieved from; Qadri, H. M.-U.-D., (2019) Business ethics in Islam, , https://doi.org/10.4324/9780429326189, (1st ed). Routledge; Quazi, A. M., O’Brien, D., An empirical test of a cross-national model of corporate social responsibility (2000) Journal of Business Ethics, 25, pp. 33-51. , https://doi.org/10.1023/A:1006305111122; (2020) Islamic finance development report, , https://icd-ps.org/uploads/files/ICD-Refinitiv%20IFDI%20Report%2020201607502893_2100.pdf, Retrieved from; Ryan, J. A., The philosophy of capitalism (1933) Proceedings of the American Catholic Philosophical Association, 9, pp. 35-46. , https://franklin.library.upenn.edu/catalog/FRANKLIN_9910400433503681, The Dolphin Press. Retrieved from; (2020) State of the global Islamic economy 2019/20 report, , https://www.salaamgateway.com/specialcoverage/SGIE19-20, Retrieved from; Smolo, E., Uvod u islamsku ekonomiju i finansije: Teorija i praksa (2013) Dobra Knjiga, , https://cutt.ly/ZM8IwJZ, Retrieved from; Smolo, E., Mirakhor, A., The global financial crisis and its implications for the Islamic financial industry (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3 (4), pp. 372-385. , https://doi.org/10.1108/17538391011093306; (2008) Muslim interest-free bonds, , North Macedonia: South East European University; Twin, A., Business ethics (2021), https://www.investopedia.com/terms/b/business-ethics.asp, Investopedia. Retrieved from; Velte, P., Corporate social responsibility and earnings management: A literature review (2020) Corporate Ownership & Control, 17 (2), pp. 8-19. , https://doi.org/10.22495/cocv17i2art1; Vlajčić, A., Kriza morala i ekonomska kriza (2011) Znakovi vremena — Časopis za Filozofiju, Religiju, Znanost i Društvenu Praksu, 54, pp. 91-103. , https://www.ceeol.com/search/article-detail?id=53604; Yusoff, N. M. A. b. Nik, (2002) Islam and business, , (1st ed). Subang Jaya, Malaysia: Pelanduk Publications; Zejnullahu, N., Principal-agent problems in publicly owned enterprises: The failure of the shareholder (2021) Journal of Governance & Regulation, 10 (4), pp. 70-83. , https://doi.org/10.22495/jgrv10i4art6},
correspondence_address1={Matoshi, R.; University for Business and Technology},
publisher={Virtus Interpress},
issn={25211870},
language={English},
abbrev_source_title={Corp. Gov. Organ. Behav. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Subekti2022549,
author={Subekti, R. and Abdurakhman and Rosadi, D. and Hasim, H.M.},
title={INTEGRATING ZAKAT AND PURIFICATION IN A MODIFIED BLACK–LITTERMAN MODEL FOR SHARIAH-COMPLIANT STOCK PORTFOLIOS},
journal={Asian Economic and Financial Review},
year={2022},
volume={12},
number={7},
pages={549-564},
doi={10.55493/5002.v12i7.4554},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85141270848&doi=10.55493%2f5002.v12i7.4554&partnerID=40&md5=b52aab3eb55447d79e22e396fa5c762b},
affiliation={Gadjah Mada University, University Negeri Yogyakarta, Indonesia; Gadjah Mada University, Indonesia; Heriot-Watt University, Dubai, United Arab Emirates},
abstract={Many articles demonstrate the advantages of applying Shariah principles in economic and financial activities, which motivates model development for Shariah investment. The development of the capital asset pricing model (CAPM) and mean-variance (MV) for Shariah portfolios shows various efforts within a Shariah framework. But the MV model has diversification weaknesses, and the Black–Litterman (BL) model solves this problem. According to Islamic principles, the CAPM’s use in the BL model is problematic due to the risk-free rate. This study aims to introduce a modified BL model adapted to Islamic principles. We propose a modified BL model with a Shariah-compliant asset pricing model (SCAPM) that considers the zakat obligation and purification rate to develop the model with Islamic principles. The proposed model was implemented in the Indonesian stock market. A portfolio’s Sharpe ratio using the BL-SCAPM outperforms BL-CAPM. This finding supports the idea that the modified BL model can be applied as a new alternative for a Sharia portfolio model. © 2022 AESS Publications. All Rights Reserved.},
author_keywords={Asset allocation;  Black–Litterman;  Islamic finance;  Portfolio optimization;  Shariah-compliant stock;  Sharpe ratio},
funding_details={Lembaga Pengelola Dana PendidikanLembaga Pengelola Dana Pendidikan, LPDP},
funding_text 1={Funding: This study received no specific financial support. Competing Interests: The authors declare that they have no competing interests. Authors’ Contributions: All authors contributed equally to the conception and design of the study. Acknowledgement: The authors thank LPDP Indonesia for the financial support under the Doctoral program.},
references={Abdalloh, I., (2020) Islamic Capital market, , (A. Mamoedi (ed) (3rd ed). Jakarta: Elex Media Komputindo; Abdullahi, S. I., Contribution of mathematical models to Islamic economic theory: a survey (2018) International Journal of Ethics and Systems, 34 (2), pp. 200-212. , https://doi.org/10.1108/IJOES-09-2017-0129; Alam, M. M., Akbar, C. S., Shahriar, S. M., Elahi, M. M., The Islamic Shariah principles for investment in stock market (2017) Qualitative Research in Financial Markets, 9 (2), pp. 132-146. , https://doi.org/10.1108/QRFM-09-2016-0029; Albaity, M. 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K., Identifying the optimal level of gold as a reserve asset using the Black–Litterman model: The case for Malaysia, Turkey, KSA and Pakistan (2018) International Journal of Islamic and Middle Eastern Finance and Management, 11 (3), pp. 334-356. , https://doi.org/10.1108/IMEFM-06-2017-0142; Bessler, W., Opfer, H., Wolff, D., Multi-asset portfolio optimization and out-of-sample performance: an evaluation of Black–Litterman, mean-variance, and naïve diversification approaches (2017) The European Journal of Finance, 23 (1), pp. 1-30. , https://doi.org/10.1080/1351847X.2014.953699; Black, F., Litterman, R., Global portfolio optimization (1992) Financial Analysts Journal, 48 (5), pp. 28-43. , https://doi.org/10.2469/faj.v48.n5.28; Cheung, W., The augmented Black–Litterman model: A ranking-free approach to factor-based portfolio construction and beyond (2013) Quantitative Finance, 13 (2), pp. 301-316. , https://doi.org/10.1080/14697688.2012.714902; Cyril, T., Karim, R. A. A., The Shariah and its implications for Islamic financial analysis: An opportunity to study interactions among society, organization and accounting (1987) The American Journal of Islamic Social Sciences, 4 (1), pp. 101-115; Derbali, A., El Khaldi, A., Jouini, F., Shariah-compliant capital asset pricing model: New mathematical modeling (2017) Journal of Asset Management, 18 (7), pp. 527-537. , https://doi.org/10.1057/s41260-017-0051-x; Dewandaru, G., Masih, R., Bacha, O. I., Masih, A. M. M., Combining momentum, value, and quality for the Islamic equity portfolio: Multi-style rotation strategies using augmented Black Litterman factor model (2015) Pacific-Basin Finance Journal, 34, pp. 205-232. , https://doi.org/10.1016/j.pacfin.2014.12.006; Duqi, A., Franci, L., Torluccio, G., The Black–Litterman model: The definition of views based on volatility forecasts (2014) Applied Financial Economics, 24 (19), pp. 1285-1296. , https://doi.org/10.1080/09603107.2014.925056; Fabozzi, F. J., Focardi, S. M., Kolm, P. N., Incorporating trading strategies in the Black–Litterman framework (2006) The Journal of Trading, 1 (2), pp. 28-37. , https://doi.org/10.3905/jot.2006.628192; Hakim, S. A., Hamid, Z., Mydin Meera, A. K., Capital asset pricing model and pricing of Islamic instruments (2016) Journal of King Abdulaziz University: Islamic Economics, 29 (1), pp. 21-39. , https://doi.org/10.4197/Islec.29-1.2; Hanif, M., Risk and Return under shari'a framework: an attempt to develop Shari'a compliant asset pricing (SCAPM) (2011) Pakistan Journal of Commerce and Social Sciences, 5 (2), pp. 283-292; Hassan, M. K., Aliyu, S., Paltrinieri, A., Khan, A., A review of Islamic investment literature (2019) Economic Papers: A Journal of Applied Economics and Policy, 38 (4), pp. 345-380; Hassan, M. K., Aliyu, S., Saiti, B., Halim, Z. A., A review of Islamic stock market, growth and real-estate finance literature (2020) International Journal of Emerging Markets; Hazny, M. H., Hasim, H. M., Yusof, A. Y., Revisiting Markowitz's mean variance analysis: A review from shariah perspective (2012) the International Conference on Statistics in Science, Business and Engineering (ICSSBE), pp. 1-6. , Paper presented at; Hazny, M. H., Hasim, H. M., Yusof, A., Mathematical modelling of a shariah-compliant capital asset pricing model (2017) Journal of Islamic Accounting and Business Research; He, G., Litterman, R., The intuition behind Black–litterman model portfolios (2002) SSRN Electronic Journal, p. 334304; Hooi, L. H., Parsva, P., Performance of Islamic indices in Malaysia FTSE market: Empirical evidence from CAPM (2012) Journal of applied Sciences, 12 (12), pp. 1274-1281. , https://doi.org/10.3923/jas.2012.1274.1281; Kolm, P., Ritter, G., On the bayesian interpretation of black–litterman (2017) European Journal of Operational Research, 258 (2), pp. 564-572. , https://doi.org/10.1016/j.ejor.2016.10.027; Krichene, N., (2013) Islamic capital markets, , Singapore: John Wiley & Sons; Krishnan, H. P., Mains, N. E., Black–litterman: Generalizing to the two-factor case (2005) Risk-London-Risk Magazine, 18 (7), pp. 69-73; Lai, T. L., Xing, H., (2008) Statistical models and methods for financial markets, , New York: Springer; Mankert, C., Seiler, M., Mathematical derivations and practical implications for the use of the Black–Litterman model (2011) Journal of Real Estate Portfolio Management, 17 (2), pp. 139-159. , https://doi.org/10.1080/10835547.2011.12089901; Masri, H., A Shariah-compliant portfolio selection model (2018) Journal of the Operational Research Society, 69 (10), pp. 1568-1575. , https://doi.org/10.1057/s41274-017-0223-6; Nocera, S. E., (2016) Portfolio construction and global asset allocation: A practitioner solution to a Black–litterman flaw, pp. 1-29. , https://doi.org/10.2139/ssrn.2864954, SSRN 2864954, Available at; Rahman, S., Ethical investment in stock screening and Zakat on stocks (2015) Journal of Islamic Finance, 4 (1), pp. 39-62. , https://doi.org/10.12816/0024800; Rao, C., Toutenburg, H., Shalabh, Heumann, C., (2008) Linear models and generalizations, , New York: Springer; Ruppert, D., Matteson, D. S., (2015) Statistics and data analysis for financial engineering: With r examples, , (2nd ed). New York: Springer; Sandwick, J. A., Collazzo, P., Modern portfolio theory with sharia: A comparative analysis (2021) Journal of Asset Management, 22 (1), pp. 30-42. , https://doi.org/10.1057/s41260-020-00187-w; Satchell, S., Scowcroft, A., A demystification of the Black–Litterman model: Managing quantitative and traditional portfolio construction (2007) Forecasting Expected Returns in the Financial Markets, pp. 39-53. , https://doi.org/10.1016/B978-075068321-0.50004-2; Shaikh, S. A., Corporate finance in an interest free economy: An alternate approach to practiced Islamic corporate finance (2009) Journal of Islamic Banking & Finance, , International Association of Islamic Banks; Subekti, R., Abdurakhman, Rosadi, D., Modified capital asset pricing model (CAPM) into sharia framework (2020) Journal of Physics: Conference Series, 1581 (1), p. 012021. , https://doi.org/10.1088/1742-6596/1581/1/012021; Subekti, R., Abdurakhman, Rosadi, D., A short review over twenty years on the Black–litterman model in portfolio optimization (2021) Industrial Engineering & Management Systems, 20 (4), pp. 769-781. , https://doi.org/10.7232/iems.2021.20.4.769, Available at; Subekti, R., Abdurakhman, Rosadi, D., Reverse optimization and capital asset pricing model in the application of the Black–Litterman portfolio (2021) Journal of Physics: Conference Series, 1918 (4), p. 042037. , https://doi.org/10.1088/1742-6596/1918/4/042037, Available at; Subekti, R., Abdurakhman, Rosadi, D., Toward the Black–Litterman with Shariah-compliant asset pricing model: A case study on the Indonesian stock market during the COVID-19 pandemic (2022) International Journal of Islamic and Middle Eastern Finance and Management, , https://doi.org/10.1108/IMEFM-12-2020-0633; Tiby, A., El, M., Grais, W., (2015) Islamic finance and economic development, , New Jersey: Wiley; Trichilli, Y., Abbes, M. B., Masmoudi, A., Islamic and conventional portfolios optimization under investor sentiment states: Bayesian vs Markowitz portfolio analysis (2020) Research in International Business and Finance, 51, p. 101071. , https://doi.org/10.1016/j.ribaf.2019.101071; Walters, C., (2014) The Black–Litterman model in detail, 2, pp. 1-51. , https://doi.org/10.2139/ssrn.1314585, SSRN 1314585, Available at; Widodo, B. W., Achsani, N. A., Andati, T., An application of the Black–Litterman model with ARIMA-ARCH views for Islamic stock Portfolio in Indonesian stock exchange (2017) Asian Journal of Business and Management, 5 (4), pp. 133-140},
correspondence_address1={Subekti, R.; Gadjah Mada University, Indonesia; email: retnosubekti@mail.ugm.ac.id},
publisher={Asian Economic and Social Society},
issn={23052147},
language={English},
abbrev_source_title={Asian Eco. Financ. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{HajiWahab2022,
author={Haji Wahab, M.Z. and Mohamed Naim, A.},
title={Developing Islamic sustainable and responsible investment criteria: an overview},
journal={International Journal of Ethics and Systems},
year={2022},
doi={10.1108/IJOES-06-2021-0120},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85139219621&doi=10.1108%2fIJOES-06-2021-0120&partnerID=40&md5=654c6ebd21699a0cd519698fc1a04d3a},
affiliation={Faculty of Business and Management, Universiti Teknologi MARA Kedah Branch, Merbok, Malaysia; Centre of Islamic Finance Education and Research, Universiti Islam Antarabangsa Sultan Abdul Halim Mu’adzam Shah, Kuala Ketil, Malaysia},
abstract={Purpose: The purpose of this study is to explore the necessity for developing Islamic sustainable and responsible investment (i-SRI) criteria based on environmental, social and governance issues. Design/methodology/approach: To address the above objective, this study adopted a qualitative method via content document analysis and interviews with experts. Findings: Based on the analysis, this study discovered five primary aspects that lead to the necessity for developing i-SRI criteria. First, Malaysia has yet to develop i-SRI criteria. Second, the absence of i-SRI criteria will eventually lead to Shariah issues. Third, any Islamic financial instrument is bound to encounter numerous issues and challenges, thereby making it difficult to be marketed globally if it does not have a proper and standardized framework. Fourth, the establishment of i-SRI criteria can serve as a key reference point for the players in the industry, including investors, policymakers and other parties. Finally, the development of i-SRI criteria can play a vital role in enhancing the current Islamic capital market products offering in Malaysia. Practical implications: There are several implications identified in this study. First, continuous research on the i-SRI criteria can offer numerous benefits to the regulatory bodies and policymakers who can use the findings in their decision-making process. Second, in terms of investors, the results can help them to make better investment choices by referring to the i-SRI criteria. Third, this study will be valuable to the academicians in terms of opportunity to explore a new research area, i.e. the i-SRI criteria, besides adding to the extant literature on this topic which is still scant currently. Originality/value: This study discovered five primary aspects that lead to the necessity for developing i-SRI criteria. © 2022, Emerald Publishing Limited.},
author_keywords={Criteria;  Developing Islamic SRI (i-SRI) criteria;  Environmental;  Islamic financial institutions;  social and governance;  Sustainable and responsible investment},
references={Ahmet, U., Mehmet, E., Lack of standardization in sukuk market (2017) Journal of Islamic Economics, Banking and Finance, 13 (1), pp. 147-169; Ali, A.G.S., Thabet, A.A.A., Mohd, Y.Z.B., The role of the Maqāsid al-Sharīʿah in preserving the environment (2017) Humanomics, 33 (2), pp. 125-132; Alsayegh, M.F., Abdul Rahman, R., Homayoun, S., Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure (2020) Sustainability, 12 (9), pp. 1-20; Ames, H., Glenton, C., Lewin, S., Purposive sampling in a qualitative evidence synthesis: a worked example from a synthesis on parental perceptions of vaccination communication (2019) BMC Medical Research Methodology, 19 (1), pp. 1-9; (2013) Barclays MSCI ESG fixed income indices: a new market standard for environmental, social, and governance investing, , Issued on: June 2013. New York; Belouafi, A., Chachi, A., Islamic finance in Britain: opportunities and challenges (2011) Journal of King Abdulaziz University: Islamic Economics, 24 (2), pp. 1-63; (2021) ESG assets may hit $53 trillion by 2025, a third of global AUM, , www.bloomberg.com/professional/blog/esg-assets-may-hit-53-trillion-by-2025-a-third-of-global-aum/, accessed 25 October 2021; Boffo, R., Patalano, R., (2020) ESG investing: practices, progress and challenges, , www.oecd.org/finance/ESG-Investing-Practices-Progress-and-Challenges.pdf, OECD Paris; (2016) Environmental, Social and Governance Indicators and Key Issues Reference Document, , Threadneedle Asset Management, London; Etikan, I., Musa, S.A., Alkassim, R.S., Comparison of convenience sampling and purposive sampling (2016) American Journal of Theoretical and Applied Statistics, 5 (1), pp. 1-4; (2022) Trending: sustainable responsible investment in Malaysia and the region, , Sustainable Investment Platform (SIP), Kuala Lumpur, Malaysia; (2020) Global sustainable investment review, , chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/viewer.html?pdfurl=http%3A%2F%2Fwww.gsi-alliance.org%2Fwp-content%2Fuploads%2F2021%2F08%2FGSIR-20201.pdf&clen=2226563&chunk=true, accessed 25 October 2021; Guest, G., Namey, E., Chen, M., A simple method to assess and report thematic saturation in qualitative research (2020) Plos One, 15 (5), pp. 1-17; James, C., (2018) Environmental, social and governance (ESG) criteria, , www.investopedia.com/terms/e/environmental-social-and-governance-esg-criteria.asp#ixzz4Yut8HZiF, investopedia: accessed 15 January 2019; Kassim, S., Abdullah, A., Pushing the frontiers of Islamic finance through socially responsible investment sukuk (2017) Al-Shajarah Special Issue: Islamic Banking and Finance, pp. 187-213; Korwatanasakul, U., Environmental, social, and governance investment: concepts, prospects, and the policy landscape (2020) Book Environmental, Social, and Governance Investment: Opportunities and Risks for Asia, , Asian Development Bank Institute, Asian; Martini, A., Socially responsible investing: from the ethical origins to the sustainable development framework of the European Union (2021) Environment, Development and Sustainability, 23 (11), pp. 16874-16890; Marwan, S., Rabiah, E.E.A., Sustainable and responsible investment (SRI): trends and prospects (2015) Muzakarah Penasihat Shariah Kewangan Islam 2015 Kali ke, 10, pp. 1-23; Marwan, S., Haneef, A., Adawiah, E., Ismail, S., Achieving the maqasid of Islamic finance through social impact bonds (SIB) and sustainable and responsible investment (SRI) sukuk (2020) Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance (7th AICIF 2019), pp. 152-159; Matallín-Sáez, J.C., Soler-Domínguez, A., de Mingo-López, D.V., Tortosa-Ausina, E., Does socially responsible mutual fund performance vary over the business cycle? New insights on the effect of idiosyncratic SR features (2019) Business Ethics: A European Review, 28 (1), pp. 71-98; (2013) The 2014 budget, ministry of finance Malaysia, , Editor. 25 October 2013, Government of Malaysia, Putrajaya; Mohamad, S., Lehner, O., Khorshid, A., A case for an Islamic social impact bond (2016) ACRN Oxford Journal of Finance and Risk Perspectives, 5 (2), pp. 65-74; (2017) MSCI ESG indexes, , www.msci.com/documents/10199/242721/MSCI_ESG_Indexes.pdf/2ef2d23c4ef-4672-8476-52bbb8c98cca, MSCI ESG Research LLC, New York, USA: accessed 17 January 2019; Muhammed, M.H., Human rights and religion: Islam in perspective (2021) Lectio Socialis, 5 (1), pp. 25-34; (2017) SC to launch SRI framework for investors, , www.nst.com.my/business/2017/07/257320/sc-launch-sri-frameworkinvestors, Published on 14 July 2017. Retrieved on 23 January 2018 via; (2018) English Oxford living Dictionary, , https://en.oxforddictionaries.com/definition/criterion, Oxford University Press, Oxford; Park, S.R., Jae, Y.J., The impact of ESG management on investment decision: institutional investors’ perceptions of country-specific ESG criteria (2021) International Journal of Financial Studies, 9 (3), pp. 1-27; (2021) PRI growth 2006-2021, , www.unpri.org/pri/about-the-pri, accessed 25 October 2021; (2021) What are the principles for responsible investment?, , www.unpri.org/pri/what-are-the-principles-for-responsible-investment, accessed 25 October 2021; (2017) PRI reporting framework main definitions 2018, , Landon; Rafay, A., Ramla, S., Mobeen, A., Uniform framework for sukuk al ijarah – a proposed model for all madhahib (2016) Journal of Islamic Accounting and Business Research, 8 (4), pp. 420-454; Saunders, B., Sim, J., Kingstone, T., Baker, S., Waterfield, J., Bartlam, B., Burroughs, H., Jinks, C., Saturation in qualitative research: exploring its conceptualization and operationalization (2018) Quality and Quantity, 52 (4), pp. 1893-1907; Sciarelli, M., Cosimato, S., Landi, G., Iandolo, F., Socially responsible investment strategies for the transition towards sustainable development: the importance of integrating and communicating ESG (2021) The TQM Journal, 33 (7), pp. 39-56; (2021) SRI sukuk, , www.capitalmarketsmalaysia.com/public-sri-sukuk/, Kuala Lumpur, Malaysia. 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correspondence_address1={Haji Wahab, M.Z.; Faculty of Business and Management, Merbok, Malaysia; email: zarunnaim@yahoo.com},
publisher={Emerald Publishing},
issn={25149369},
language={English},
abbrev_source_title={Int. J. Ethics. Syst.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Yusfiarto2022,
author={Yusfiarto, R. and Nugraha, S.S. and Mutmainah, L. and Berakon, I. and Sunarsih, S. and Nurdany, A.},
title={Examining Islamic capital market adoption from a socio-psychological perspective and Islamic financial literacy},
journal={Journal of Islamic Accounting and Business Research},
year={2022},
doi={10.1108/JIABR-02-2022-0037},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85139102638&doi=10.1108%2fJIABR-02-2022-0037&partnerID=40&md5=432861d533cc82595d8491ce7712f670},
affiliation={Department of Sharia Finance Management, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga, Yogyakarta, Indonesia; Department of Master Management, Diponegoro University, Semarang, Indonesia; Department of Sharia Economics, Faculty of Islamic Religion, Siliwangi University, Tasikmalaya, Indonesia; Department of Sharia Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga, Yogyakarta, Indonesia},
abstract={Purpose: This study aims to explore the Islamic capital market adoption model, based on the construct of Islamic financial literacy (IFL), the theory of planned behavior (TPB) and past behavior (PBR) in the context of a Muslim-majority country (Indonesia). Design/methodology/approach: To test the conceptual model, this study used data from 251 respondents with a diverse spectrum, and the partial least squares structural equation modeling technique was used to test the forecasting of the model. Findings: Overall, IFL and TPB dimensions (i.e. attitudes and perceived behavioral control) have a significant positive effect, either directly or indirectly, for investment intentions in the Islamic capital market. Also, the findings recommend the construct of PBR as an important predictor of investment intentions in Islamic capital markets. Practical implications: The study can be beneficially used for Islamic financial institutions to participate with the Indonesian government in affirming IFL to broader society, not only Islamic education institutions. It is related to the significance of IFL, where it can be utilized as an indicator that education on the concept and values of Islamic finance can positively establish attitudes in society and stakeholders. Originality/value: This study is an effort to strengthen IFL as a key construct using a good measurement scale, in the context of the Islamic capital market investment. In addition, this study also provides the necessary impetus to analyze the relationship between the dimensions of TPB and PBR, either directly or indirectly. © 2022, Emerald Publishing Limited.},
author_keywords={Behavioral intention;  Islamic Capital market;  Islamic financial literacy;  Past behavior;  The theory of planned behavior},
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Journal of Islamic Business and Management (JIBM), 7 (2), pp. 230-247},
correspondence_address1={Yusfiarto, R.; Department of Sharia Finance Management, Indonesia; email: rizaldi.yusfiarto@uin-suka.ac.id},
publisher={Emerald Publishing},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Anwer2022,
author={Anwer, Z. and Sabit, A. and Hassan, M.K. and Paltrinieri, A.},
title={Monetary transmissions mechanism for Islamic capital markets: evidence from Markov switching dynamic regression approach},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2022},
doi={10.1108/IMEFM-05-2022-0203},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85138438859&doi=10.1108%2fIMEFM-05-2022-0203&partnerID=40&md5=51942c1d4b64351d37bdf49dd1a62345},
affiliation={Department of Economics and Finance, Sunway University Business School, Sunway University, Bandar Sunway, Malaysia; Department of Biostatistics and Epidemiology, Hudson College of Public Health, The University of Oklahoma Health Sciences Center, Oklahoma City, OK, United States; Department of Economics and Finance, University of New Orleans, New Orleans, LA, United States; Department of Economics and Business Management Sciences, Universita Cattolica del Sacro Cuore, Milano, Italy},
abstract={Purpose: This study akims to investigate the effectiveness of expansionary monetary policy for Islamic capital markets by studying the impact of decrease in policy rates on seven Islamic equity indices for the period 1996–2019. The transmission mechanism may be different for sampled indices, as they are exposed to Shariah screening that discards certain business sectors and puts limit on debt in capital structure. Design/methodology/approach: This study uses Markov Switching dynamic regression approach of Hamilton (1988). Findings: The results show little effectiveness of expansionary monetary policy in both Bear and Bull states, for most of the sample indices. Originality/value: To the best of the authors’ knowledge, no study has made use of dynamic models to assess the association between monetary policy rate and Islamic index prices. Similarly, the authors found no work exploring the effectiveness of expansionary monetary policy actions in different regime for Islamic Indices. This investigation is important in unraveling whether, in the presence of limitations on selection of business activity and choice of capital structure, monetary policy can change the market sentiment, or it will be ineffective. The present study fills this gap. © 2020, Emerald Publishing Limited.},
author_keywords={Islamic capital markets;  Islamic finance;  Markov switching;  Monetary policy;  Policy rate},
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correspondence_address1={Anwer, Z.; Department of Economics and Finance, Malaysia; email: zmanwar@gmail.com},
publisher={Emerald Publishing},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Khalique202289,
author={Khalique, M. and bin Shaari, J.A.N.},
title={Intellectual capital and challenges of the halal industry in Malaysia},
journal={International Journal of Innovation and Learning},
year={2022},
volume={32},
number={1},
pages={89-103},
doi={10.1504/IJIL.2022.123813},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85133744177&doi=10.1504%2fIJIL.2022.123813&partnerID=40&md5=f221e0df5c1bb1b9662843c9da8b5358},
affiliation={Faculty of MUST Business School, Mirpur University of Science and Technology (MUST), Azad Jammu and Kashmir, Mirpur, 10250, Pakistan; Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Negeri Sembilan, Nilai, 71800, Malaysia},
abstract={Presently the halal industry has secured overwhelming responses from business professionals as well as from researchers. In 2019, the global halal food market reached a value of US$ 1.8 trillion; it expresses that this industry has strong potential to grow in the near future. The bakery industry is recognised as the main industry of the halal food market. This industry is certifiable under the ‘Department of Islamic Development Malaysia (JAKIM)’, the sole authority for halal in Malaysia. Despite halal, certification is a strong marketing promotion tool. The main objective of this research was to test the impact of intellectual capital on the business performance of SMEs. Structured survey forms were used to gather the primary data from 185 respondents that were picked through the purposive sampling technique. Results showed that the proposed six hypotheses were supported. This research contributed to the theory of intellectual capital and proposed recommendations for the policy makers and entrepreneurs. Copyright © 2022 Inderscience Enterprises Ltd.},
author_keywords={business performance;  halal industry;  innovation;  intellectual capital;  Malaysia;  SMEs},
keywords={business development;  food industry;  future prospect;  industrial development;  intellectual property rights;  performance assessment;  small and medium-sized enterprise, Malaysia},
references={AlZgool, M., Ahmed, U., Shah, S., Alkadash, T., AlMaamary, Q., Going green during COVID-19: examining the links between green HRM, green supply chain and firm performance in food Industry of Bahrain: the moderating role of lockdown due to COVID-19 (2021) Uncertain Supply Chain Management, 9 (1), pp. 79-88; Asiaei, K., Jusoh, R., Bontis, N., Intellectual capital and performance measurement systems in Iran (2018) Journal of Intellectual Capital, 19 (2), pp. 294-320; Barathi Kamath, G., The intellectual capital performance of the Indian banking sector (2007) Journal of Intellectual Capital, 8 (1), pp. 96-123; Bin Ismail, M., (2005) The Influence of Intellectual Capital on the Performance of Telekom Malaysia (Telco), , Doctoral dissertation, Universiti Teknologi Malaysia; Bontis, N., Chua, W.C.K., Richardson, S., Intellectual capital and business performance in Malaysian industries (2000) Journal of Intellectual Capital, 1 (1), pp. 85-100; Bontis, N., Janošević, S., Dženopoljac, V., Intellectual capital in Serbia’s hotel industry (2015) International Journal of Contemporary Hospitality Management, 27 (6), pp. 1365-1384; Bueno, E., Paz Salmador, M., Rodríguez, Ó., The role of social capital in today’s economy: empirical evidence and proposal of a new model of intellectual capital (2004) Journal of Intellectual Capital, 5 (4), pp. 556-574; Bueno, E., Salmador, M.P., Rodríguez, Ó., Martín De Castro, G., Internal logic of intellectual capital: a biological approach (2006) Journal of Intellectual Capital, 7 (3), pp. 394-405; Carvalho, C.E., Rossetto, C.R., Piekas, A.A.S., Innovativeness in Brazilian startups: the effect of the absorptive capacity and environmental dynamism (2021) International Journal of Innovation and Learning, 29 (1), pp. 1-17; Cherwitz, R.A., Sullivan, C.A., Intellectual entrepreneurship a vision for graduate education (2002) Change: The Magazine of Higher Learning, 34 (6), pp. 22-27; Edvinsson, L., Malone, M.S., (1997) Intellectual Capital: Realizing Your Company’S True Value By Finding Its Hidden Brainpower, , Harpper Business, New York; Hair, J.F., Sarstedt, M., Ringle, C.M., Mena, J.A., An assessment of the use of partial least squares structural equation modeling in marketing research (2012) Journal of the Academy of Marketing Science, 40 (3), pp. 414-433; Hair, J.F., William, C.B., Barry, J.B., Anderson, R.E., (2010) Multivariate Data Analysis, , 7th ed., PrenticeHall EnglewoodCliffs NJ, USA; Hashim, M.J., Osman, I., Alhabshi, S.M., Effect of intellectual capital on organizational performance (2015) Procedia-Social and Behavioral Sciences, 211 (11), pp. 207-214; Hina, K., Shah, M.T.A., Khalique, M., Impact of intellectual capital in healthcare tourism industry in Pakistan (2020) The Dialogue, 15 (4), pp. 1-15; Hutomo, P., Pudjiarti, E., Supply chain assessment of the organizational learning and market uncertainty on corporate performance of small scale steel industry in Indonesia (2021) Uncertain Supply Chain Management, 9 (1), pp. 39-48; Iqbal, T., The effect of operations management practices on the competitive advantages of SMEs: a mediating role of supply chain management practices (2020) Uncertain Supply Chain Management, 8 (4), pp. 649-662; Jardon, C.M., Susana Martos, M., Intellectual capital as competitive advantage in emerging clusters in Latin America (2012) Journal of Intellectual Capital, 13 (4), pp. 462-481; Khaleeli, M., Faisal, R., Anwar, S., The effect of green marketing, green supply chain and green human resources on business performance: balanced scorecard approach (2021) Uncertain Supply Chain Management, 9 (1), pp. 133-138; Khalique, M., Isa, A.H.M., Impact of intellectual capital on the organizational performance of airline industry in Malaysia (2015) Strategic Infrastructure Development for Economic Growth and Social Change, p. 38. , Chapter 4, IGI Global, Hershey, PA; Khalique, M., Pablos, P.O.d., Intellectual capital and performance of electrical and electronics SMEs in Malaysia (2015) International Journal of Learning and Intellectual Capital, 12 (3), pp. 251-269; Khalique, M., Bontis, N., Jamal, A.N.b.S., Isa, A.M., Intellectual capital in small and medium enterprises in Pakistan (2015) Journal of Intellectual Capital, 16 (1), pp. 224-238; Khalique, M., Bontis, N., Shaari, J.A.N.B., Yaacob, M.R., Ngah, R., Intellectual capital and organisational performance in Malaysian knowledge-intensive SMEs (2018) International Journal of Learning and Intellectual Capital, 15 (1), pp. 20-36; Khalique, M., Hina, K., Ramayah, T., Shaari, J.A.N.b., Intellectual capital in tourism SMEs in Azad Jammu and Kashmir, Pakistan (2020) Journal of Intellectual Capital, 21 (2), pp. 333-355; Khalique, M., Shaari, J.A.N.b., Isa, A.H.b.M., The road to the development of intellectual capital theory (2013) International Journal of Learning and Intellectual Capital, 10 (2), pp. 122-136; Khalique, M., Shaari, J.A.N.B., Isa, A.H.B.M., Determining the influence of intellectual capital on the organisational performance of banking sector in Kelantan, Malaysia (2014) International Journal of Learning and Intellectual Capital, 11 (4), pp. 306-319; Khalique, M., Shaari, N., Abdul, J., Isa, A.H.B.M., Intellectual capital and its major components (2011) International Journal of Current Research, 3 (6), pp. 343-348; Mention, A-L., Bontis, N., Intellectual capital and performance within the banking sector of Luxembourg and Belgium (2013) Journal of Intellectual Capital, 14 (2), pp. 286-309; Moustaghfir, K., Ramid, S., Touhs, K., Linking human resource management, entrepreneurial orientation, and firm performance: an integrative theoretical framework (2020) International Journal of Innovation and Learning, 28 (3), pp. 394-414; Paoloni, N., Mattei, G., Strologo, A.D., Celli, M., The present and future of intellectual capital in the healthcare sector (2020) Journal of Intellectual Capital, 21 (3), pp. 357-379; Phusavat, K., Comepa, N., Sitko-Lutek, A., Ooi, K.B., Interrelationships between intellectual capital and performance (2011) Industrial Management and Data Systems, 111 (6), pp. 810-829; Phusavat, K., Rassameethes, B., Lesjak, D., Chindavijak, C., Developing model for integrating sustainability into enterprise operations (2018) International Journal of Management and Enterprise Development, 17 (4), pp. 329-346; Qamariah, I., Muchtar, Y.C., Analyzing business performance of small and medium enterprises (SMEs) based on human capital, social capital and competitive advantage (2019) Ecoforum Journal, 8 (2), pp. 1-8; Qurashi, I.A., Khalique, M., Ramayah, T., Bontis, N., Yaacob, M.R., Impact of intellectual capital on innovation in pharmaceutical manufacturing SMEs in Pakistan (2020) International Journal of Learning and Intellectual Capital, 17 (1), pp. 61-76; Rexhepi, G., Bexheti, A., Ibraimi, S., Kurtishi-Kastrati, S., The importance of intellectual capital in the selection of global marketing strategies: evidence from family businesses in Macedonia (2018) International Journal of Transitions and Innovation Systems, 6 (2), pp. 108-117; Rosnan, H., Osman, I., Nor, N.M., Aminuddin, A., Halal certification: an exploratory study on non-certified restaurants (2015) Advanced Science Letters, 21 (6), pp. 1854-1857; Seleim, A., Ashour, A., Bontis, N., Intellectual capital in Egyptian software firms (2004) The Learning Organization, 11 (4–5), pp. 332-346; Shaari, J.A.N., Khalique, M., Malek, N.I.A., Halal restaurant: lifestyle of Muslims in Penang (2013) International Journal of Global Business, 6 (2), pp. 1-15; Sharabati, A-A.A., Naji Jawad, S., Bontis, N., Intellectual capital and business performance in the pharmaceutical sector of Jordan (2010) Management Decision, 48 (1), pp. 105-131; Ullah, B., Aziz, A., Yousaf, M.H., IC in SMEs in Pakistan (2016) Global Journal of Management and Business Research, 15 (11), pp. 40-48; Vukasović, T., Knowledge as an important factor in the process of creating brand equity (2020) International Journal of Innovation and Learning, 28 (2), pp. 139-158; Wan Ismail, W.R., Ramli, R.A., Mohd Zain, Z., Abdullah, H., Zulkifli, A.H., Azahar, H., Halal issues in pastry and bakery products: the halal gatekeepers of bakery ingredients (2020) ESTEEM Journal of Social Sciences and Humanities, 4 (4), pp. 160-170},
correspondence_address1={Khalique, M.; Faculty of MUST Business School, Azad Jammu and Kashmir, Pakistan; email: drmkhalique@gmail.com},
publisher={Inderscience Publishers},
issn={14718197},
language={English},
abbrev_source_title={Int. J. Innov. Learn.},
document_type={Article},
source={Scopus},
}

@ARTICLE{ZamzamirZamzamin2022519,
author={Zamzamir Zamzamin, Z. and Haron, R. and Othman, A.H.A. and Ulum, Z.K.A.B.},
title={Impact of Derivatives on Firm Value: Evidence on Shariah and Non-Shariah Compliant Firms},
journal={Studies in Computational Intelligence},
year={2022},
volume={1037},
pages={519-535},
doi={10.1007/978-3-030-99000-8_28},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85132836191&doi=10.1007%2f978-3-030-99000-8_28&partnerID=40&md5=bead7d0fa9062163f45e45a7003f1807},
affiliation={IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia; Faculty of Management and Information Technology, Universiti Sultan Azlan Shah, Perak, Kuala Kangsar, Malaysia},
abstract={This study examines the influence of financial derivatives on the value of Shariah (ShC) and non-Shariah (non-ShC) compliant firms in Malaysia and compares the influence of derivatives on value between the two categories of firms. To achieve its objective, System-GMM estimator is employed on a panel data from 2000–2017. This study finds financial derivatives contribute positively to the value of ShC but negatively to the non-ShC compliant firms. Following this, the study concludes that ShC firms performed better than its counterpart in risk management using derivatives. The findings enhance the current literature on the risk management of firms in the Islamic capital market and provide further insights on hedging activities. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.},
author_keywords={Derivatives;  Firm value;  Hedging;  Risk management;  Shariah compliant firms},
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Palgrave Macmillian; Mitchell, R., (2010) Rebuilding Trust: Next Steps for Risk Management in Financial Services., , http://www.eiu.com, Retrieved January 10, 2019, from; Modigliani, F., Miller, M.H., Corporate income taxes and the cost of capital: A correction (1963) The American Economic Review, 53 (3), pp. 433-443; Nafis, A., Shadique, M.R., Shariah-compliant equities: Empirical evaluation of performance in the European market during credit crunch (2016) Islamic Finance, 19, pp. 535-553; Nassar, S., The impact of intellectual capital on corporate performance of IT companies: Evidence from Bursa Istanbul (2018) International Journal of Business Ethics and Governance, 1 (3), pp. 1-10; Nelson, J.M., Moffitt, J.S., Affleck-Graves, J., The impact of hedging on the market value of equity (2005) Journal of Corporate Finance, 11 (5), pp. 851-881; Nguyen, H., Faff, R., Does the type of derivative instrument used by companies impact firm value? (2010) Applied Economics Letters, 17 (7), pp. 681-683; Panaretou, A., Corporate risk management and firm value: Evidence from the UK market (2013) The European Journal of Finance (December), pp. 37-41; Phan, D., Nguyen, H., Faff, R., Uncovering the asymmetric linkage between financial derivatives and firm value—The case of oil and gas exploration and production companies (2014) Energy Economics, 45, pp. 340-352; Ramli, N.E., Haron, R., Debt determinants of Shari’ah approved firms: Empirical evidence from Malaysia (2017) Journal of Islamic Finance (Special Issue), 6 (1), pp. 188-204; Seok, S.-I., Kim, T.-H., Cho, H., Kim, T.-J., Determinants of hedging and their impact on firm value and risk: After controlling for endogeneity using a two-stage analysis (2020) Journal of Korea Trade, 24 (1), pp. 1-34; Smith, C.W., Stulz, R.M., The determinants of firms’ hedging policies (1985) Journal of Financial and Quantitative Analysis, 20 (4), pp. 391-405; Tanha, H., Dempsey, M., Derivatives usage in emerging markets following the GFC: Evidence from the GCC countries (2017) Emerging Markets Finance and Trade, 53 (1), pp. 170-179; Wahab, A., Abdul Rahim, R., Janor, H., Impact of foreign exposure and Shariah compliant status on Malaysian firms’ hedging practice (2020) Jurnal Pengurusan, 58 (1), pp. 1-13; Zeidan, R., Rodrigues, B., The failure of risk management for nonfinancial companies in the context of the financial crisis: Lessons from Aracruz Celulose and hedging with derivatives (2013) Applied Financial Economics, 23 (3), pp. 241-250},
correspondence_address1={Haron, R.; IIUM Institute of Islamic Banking and Finance, Malaysia; email: hrazali@iium.edu.my},
publisher={Springer Science and Business Media Deutschland GmbH},
issn={1860949X},
language={English},
abbrev_source_title={Stud. Comput. Intell.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Liberato2022,
author={Liberato, P. and Almeida, P. and Liberato, D.},
title={HALAL TOURISM MARKET IN THE CITY OF PORTO [MERCADO DO TURISMO HALAL NA CIDADE DO PORTO]},
journal={E-Revista de Estudos Interculturais},
year={2022},
volume={2022},
number={10},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85132187415&partnerID=40&md5=8e67e69e0e5ee9f7c7ffb813cd7fd1db},
affiliation={Polytechnic Institute of Porto, Portugal},
abstract={Halal tourists tend to look for tourism destinations where there is a Muslim religious predominance, however, in recent years, they have developed curiosity about regions with diverse cultural structures. Beyond being a market with a big demographic expression, it is also one of the most important ones for the capital circulation. One of the great beneficiaries of this movement has been the European continent, whose rate of Muslim tourist visits has seen a progressive increase. Portugal must establish itself as an interesting destination for the halal tourist, since it shares a cultural legacy left by the Muslim community during the occupation of the Iberian Peninsula. This study aims to understand if the city of Porto has the necessary conditions to welcome the halal tourist. In that perspective, a set of services and products were listed, especially related to food and accommodation, which serve not only the Muslim traveler population, but also the local Muslim population. It also intends to find out if the stakeholders associated with the tourism sector are aware of the concepts "halal" and "halal tourism", evaluating the interest of the city towards the studied segment. The limitations and obstacles that a Muslim traveler may feel when visiting the city of Porto will also be outlined. To ensure the evaluation of the proposed objectives, a qualitative methodology was chosen, using as instrument of data collection the semi-structured interview. Ten interviews were applied to representatives of the local Muslim community, hotel managers, restaurant owners and agents from the local public entities. Despite the existence of services and products that minimally meet the requirements of the halal tourist, now the city of Porto is not able to accommodate a sudden increase in tourism demand associated to the Muslim population. It is evident that there is no diversity of supply in terms of restaurants that provide legal meat alternatives. In addition, it is not feasible for the hotel units to present a roadmap of services that fully satisfy an Islamic customer. If on one hand the lack of demand from the Muslim client is not motivating public or private funding applied to the halal segment, on the other hand there is a generalized awareness that the exploration of the market would be beneficial to the city, both in terms of tourism demand and the local community. It is visible the responsive posture of regional and local Destination Management Organizations (DMOS) in Porto, adopting a dependent position on the motivations and interests of the halal tourist. © 2022, Center for Intercultural Studies, Polytechnic of Porto. All rights reserved.},
author_keywords={City of Porto;  Halal services and products;  Halal tourism;  Tourism Market},
references={Blanchard, C., Islam: Sunnis and Shiites (2009) CRS Report of Congress, p. 4; Bryman, A., (2008) Social Research Methods, pp. 19-24. , (4ª ed). Oxford University Press, UK; Butowski, L., Mobilities, Tourism and Travel Behavior-Contexts and Boundaries (2018) IntechOpen, , https://doi.org/10.5772/intechopen.68212, (Ed); (2016) Muslim Friendly Tourism, pp. 8-64. , COMCEC Coordenation Office, Ancara, Turquia; Dwyer, L., Tourism Development and Trends. Demand and Supply side perspectives (2013) Tourism and developments-issues and challenges, pp. 57-89. , T. Mihalic, & W. C. Gartner (Eds), Nova Science Publishers; Eddyono, S., Halal Food and Identity (2007) Jurnal Harmoni Sosial, 2 (1), pp. 39-52. , https://www.researchgate.net/publication/45172567_Halal_Food_And_Identity; El-Menouar, Y., The Five Dimensions of Muslim Religiosity. Results of an Empirical Stud (2014) Methods, data, analyses, 8 (1), pp. 53-78. , https://doi.org/10.12758/mda.2014.003; Faruk, R. S., (2016) Nova oportunidade de negócio para Portugal: Caracterização do mercado e produtos halal, análise do comportamento de consumidores e empresas portuguesas, , http://hdl.handle.net/10400.26/18044, [Master Thesis], Instituto de Gestão, Lisboa, Portugal; Gharb, F. B., Razones para Apostar por el Turismo Halal (2016) International Journal of Scientific Management and Tourism, 3 (4), pp. 175-185; Ibrahim, M., Concept of Islam in Fashion (2018) International Journal of Science and Research, 7 (2), pp. 918-921. , https://www.ijsr.net/archive/v7i2/ART20179413.pdf; Islam, T., Prospects of Bangladesh as a halal tourism destination (2020) Journal of Halal Product and Research, 3 (2), pp. 51-62. , https://doi.org/10.20473/jhpr.vol.3-issue.2.51-62; Ivanova, M., (2016) Marketing Challenges Faced By Newly Affiliated Hotels, , [PhD Thesis], University of Economics, Varna, Bulgaria; Jais, A. S., (2016) Sharia Compliance Hotel: Concepts and Design, , Politeknik Merlimau Melaka, Malásia. ISBN 978-967-0189-70-3; Khan, U., Islamic Clothing, Then and Now (2014), pp. 5-8. , Jamiah Jazriyyah, Online Forum of Islamic Theology Inc; Martin, J. L., Billaud, S., (2009) Towards sustainable tourism investment, , WWF Mediterranean Programme; Masci, D., (2017) World’s Muslim population more widespread than you might think, , http://www.pewresearch.org/fact-tank/2017/01/31/worlds-muslim-population-more-widespread-than-you-might-think/; Miskam, S., Analysis of the Definition of Halal. Shariáh vs Statutes (2015) World Academic and Research Congress 2015 (World-AR 2015), p. 112; Nawaz, M. A., Investment and Tourism. Insights from the literatures (2016) International Journal of Economic Perspectives, 10 (4), pp. 581-590; Neves, P., (2009) A Observação Participante como ferramenta para a criação de um Sistema de Sugestões, , [Master Thesis], University of Aveiro, Portugal; Palmer, C., Bolderston, A., A Brief Introduction to Qualitative Research (2006) Canadian Journal of Medical Radiation Technology, 37, pp. 16-19. , https://doi.org/10.1016/S0820-5930(09)60112-2; Porras, C., El desafío de conquistar al creciente (2016) Revista Hosteltur, p. 255; Rahim, A. A., Muhammad, S. Z., Rahim, N. R., Aziz, S. A., Exploring the Role of Halal Certification on Food Companies' Performance in Malasya (2020) Journal of Fatwa Management and Research, 21 (1), pp. 49-68. , https://doi.org/10.33102/jfatwa.vol21no1.281; Rahman, S., (2016) The Advantages and Disadvantages of Using Qualitative and Quantitative Approaches and Methods in Language. Testing and Assessment, , School of Social Sciences, Education and Social Work, Queen’s University Belfast, Belfast, UK; Razak, T. S., (2016) The Global Impact of Muslim Tourism 2015/2016, , https://www.salamstandard.org/The-Global-Economic-Impact-of-Muslim-Tourism-2015-to-2016.pdf, By Salam Standard. Tripfez; Riaz, H., (2005) On Being Religious. Patterns of Religious Commitment in Muslim Societies, pp. 5-21. , https://hdl.handle.net/10356/90663, Institute of Defense and Strategic Studies, Singapore; Richards, G., Morrill, W., Motivations of global Millennial travelers (2020) Revista Brasileira de Pesquisa em Turismo, 14 (1), pp. 126-139. , http://dx.doi.org/10.7784/rbtur.v14i1.1883; Ryan, F., Couglan, M., Cronin, P., Interviewing in qualitative Research (2009) International Journal of Therapy and Rehabilitation, 6 (6), pp. 309-314; Sandelowski, M., Qualitative Research (2006) The SAGE Encyclopedia of Social Research Methods, pp. 29-32. , Michael S. L, Alan Bryman & Tim, F. L. (eds). Ed. Lisa M. Given; Shakiry, A. S., The Academy of Islamic Tourism Project (2006) Islamic Tourism, p. 25. , http://www.islamictourism.com/PDFs/Issue%2025/English/6%20itp%20arabe.pdf; Tiesler, N. C., Muslim Populations in Portugal (2010) Yearbook of Muslims in Europe, II, pp. 413-422. , Nielsen, J. S. et al (eds). Leiden: Brill; (2019) UNWTO Tourism Definitions, , https://doi.org/10.18111/9789284420858, UNWTO; Wahab, A. R., (2004) Guidelines for the Preparation of Halal Food and Goods for the Muslim Consumers, , https://www.halalrc.org/images/Research%20Material/Literature/halal%20Guidelines.pdf, Halal and Food Safety Institute (HAFI); (2007) The world travel market global trend reports 2007, , https://www.saphirnews.com/attachment/68715/},
publisher={Center for Intercultural Studies, Polytechnic of Porto},
issn={21826439},
language={Portuguese},
abbrev_source_title={E-Rev Estudos. Intercult.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nagimova202250,
author={Nagimova, A.Z.},
title={ISLAMIC FINTECH: DIGITALIZATION OF GLOBAL ISLAMIC FINANCE},
journal={World Economy and International Relations},
year={2022},
volume={66},
number={5},
pages={50-58},
doi={10.20542/0131-2227-2022-66-5-50-58},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85131182836&doi=10.20542%2f0131-2227-2022-66-5-50-58&partnerID=40&md5=15c338428260f0317db0d0fa72cf38d7},
affiliation={Institute of International Relations, Kazan Federal University (IIR KFU), 1/55, Pushkina Str., Kazan, 420008, Russian Federation; Ufa State Petroleum Technical University, 1, Kosmonavtov Str., Ufa, 450062, Russian Federation},
abstract={Over the past decade, the development of the fintech sector has been becoming one of the characteristics of Islamic finance. What are the key markets? Who are the investors? What areas of business are Islamic fintech companies represented by? This paper considers above questions by investigating more than 240 Islamic fintech companies, the data on which gathered from IFN Fintech Landscape and Crunchbase. The results of our study show that, firstly, the geography of origin and coverage of Islamic fintech companies is not limited to the countries of the Middle East (79 companies) and Southeast Asia (71), but also includes the developed markets of Western Europe (58 companies) and America (20). Moreover, the most attractive jurisdiction for the incorporation of such companies is the UK (18% of all Islamic fintech companies were created here). In the Middle East, such a center of gravity is the UAE (13%). Two markets in Southeast Asia – ​Indonesia and Malaysia – ​form almost a quarter (24%) of the global Islamic fintech. In addition, Islamic fintech is expanding financial inclusion in Africa, where 11 Islamic fin-tech companies have been established; secondly, 91% of all Islamic fintech projects were created in the last 10 years, and 58% in the last 5 years. The peak of activity in this sector fell on the period of 2017 and 2018, when 37 and 39 companies were created, respectively; thirdly, we classify the Islamic fintech into seven broad categories namely, P2P financing (39 companies), neobanks (38), payment services (37), asset management (35), blockchain and cryptocurrency (20), charity (16), real estate (15), among which the most successful cases are considered. In addition, 44 business initiatives were initiated in the field of other near-financial services, including business consulting, analytical support, etc.; fourthly, based on the financial data for 72 Islamic fintech companies in Crunchbase, we estimate the total volume of investments in the Islamic fintech at more than $2.44 bln, almost half of which fell on neobanks ($1.2 bln). If we exclude three mega-investments of more than $300 mln, then the average investment into one Islamic fintech company is $19.9 mln, and if we exclude eight investments worth more than $100 mln – ​$9.1 mln. Investors of Islamic fintech companies are mainly venture capital funds that finance businesses on the risk-sharing principle. The geography of such funds is not limited to the countries of the Middle East and Southeast Asia, but also includes Western countries (USA, UK, Germany, and Switzerland). We note that at the initial stage, many Islamic fintech projects undergo business mentoring and acceleration programs in special accelerators, including the leading Y Combinator (USA); fifth, we identify five Islamic fintech companies from the CIS, besides, we find Russian-speaking founders of five Islamic fintech companies established in the UAE, Singapore and UK. In addition, we identify Russian venture fund that has invested in two Islamic fintech companies in Bahrain and UAE. Thus, the features of Islamic fintech that we have identified show that the complex and intertwined world of finance is not constrained by borders and prejudices, but the only investment efficiency criteria is the optimal risk-to-reward ratio. © 2022, Russian Academy of Sciences. All rights reserved.},
author_keywords={cryptocurrency;  digitalization;  Islamic banks;  Islamic finance;  Islamic fintech;  neobanks;  P2P},
funding_details={Russian Foundation for Basic ResearchRussian Foundation for Basic Research, РФФИ, 19-310-60002},
funding_text 1={Acknowledgements. This study is funded by RFBR, project number 19-310-60002 “Islamic Finance in the Post-Soviet States: challenges and opportunities for investment growth in the CIS countries”. Abstract. Over the past decade, the development of the fintech sector has been becoming one of the characteristics of Islamic finance. What are the key markets? Who are the investors? What areas of business are Islamic fintech companies represented by? This paper considers above questions by investigating more than 240 Islamic fintech companies, the data on which gathered from IFN Fintech Landscape and Crunchbase. The results of our study show that, firstly, the geography of origin and coverage of Islamic fintech companies is not limited to the countries of the Middle East (79 companies) and Southeast Asia (71), but also includes the developed markets of Western Europe (58 companies) and America (20). Moreover, the most attractive jurisdiction for the incorporation of such companies is the UK (18% of all Islamic fintech companies were created here). In the Middle East, such a center of gravity is the UAE (13%). Two markets in Southeast Asia – Indonesia and Malaysia – form almost a quarter (24%) of the global Islamic fintech. In addition, Islamic fintech is expanding financial inclusion in Africa, where 11 Islamic fin-tech companies have been established; secondly, 91% of all Islamic fintech projects were created in the last 10 years, and 58% in the last 5 years. The peak of activity in this sector fell on the period of 2017 and 2018, when 37 and 39 companies were created, respectively; thirdly, we classify the Islamic fintech into seven broad categories namely, P2P financing (39 companies), neobanks (38), payment services (37), asset management (35), blockchain and cryptocurrency (20), charity (16), real estate (15), among which the most successful cases are considered. In addition, 44 business initiatives were initiated in the field of other near-financial services, including business consulting, analytical support, etc.; fourthly, based on the financial data for 72 Islamic fintech companies in Crunchbase, we estimate the total volume of investments in the Islamic fintech at more than $2.44 bln, almost half of which fell on neobanks ($1.2 bln). If we exclude three mega-investments of more than $300 mln, then the average investment into one Islamic fintech company is $19.9 mln, and if we exclude eight investments worth more than $100 mln – $9.1 mln. Investors of Islamic fintech companies are mainly venture capital funds that finance businesses on the risk-sharing principle. The geography of such funds is not limited to the countries of the Middle East and Southeast Asia, but also includes Western countries (USA, UK, Germany, and Switzerland). We note that at the initial stage, many Islamic fintech projects undergo business mentoring and acceleration programs in special accelerators, including the leading Y Combinator (USA); fifth, we identify five Islamic fintech companies from the CIS, besides, we find Russian-speaking founders of five Islamic fintech companies established in the UAE, Singapore and UK. In addition, we identify Russian venture fund that has invested in two Islamic fintech companies in Bahrain and UAE. Thus, the features of Islamic fintech that we have identified show that the complex and intertwined world of finance is not constrained by borders and prejudices, but the only investment efficiency criteria is the optimal risk-to-reward ratio. Keywords: Islamic finance, Islamic banks, Islamic fintech, digitalization, neobanks, P2P, cryptocurrency.},
references={Gait, A., Worthington, A.C., A Primer on Islamic Finance: Definitions, Sources, Principles and Methods, , https://ro.uow.edu.au/cgi/viewcontent.cgi?referer=https://www.google.com/&httpsredir=1&article=1359&context=commpapers, Working Paper 07/05, University of Wollongong. (accessed 10.01.2021); Locke, S., (2019) Money & Me: We Should All Be Living off Half Our Salary, , https://www.thenationalnews.com/business/money/money-me-we-should-all-be-living-off-half-our-salary-1.808946, The National, 03.01.. (accessed 19.05.2021); Rawlins, L.K., (2018) Gold-backed Crypto-currency Lands in SA, , https://www.itweb.co.za/content/Pero37ZgjV1MQb6m, ITWEb, 05.09.. (accessed 18.05.2021); Toksabay, E., Bitcoin Tumbles after Turkey Bans Crypto Payments Citing Risks Reuters, , https://www.reuters.com/technology/turkey-bans-use-cryptocurrencies-payments-sends-bitcoin-down-2021-04-16/, 16.04.2021. (accessed 20.05.2021); Prentis, J., Tech Entrepreneur Plans to Bring Zakat into the Modern Age with a Donation App (2020) The National, , https://www.thenationalnews.com/world/the-americas/tech-entrepreneur-plans-to-bring-zakat-into-the-modern-age-with-a-donation-app-1.1019605, 14.05.. (accessed 17.05.2021); Pollari, I., Ruddenklau, A., (2021) Pulse of Fintech. H2’20, , https://assets.kpmg/content/dam/kpmg/xx/pdf/2021/02/pulse-of-fintech-h2-2020.pdf, KPMG, February (accessed 10.05.2021); (2016) 19th Annual Global CEO Survey, , https://www.pwc.com/gx/en/ceo-survey/2016/landing-page/pwc-19th-annual-global-ceo-survey.pdf, PwC, January (accessed 15.05.2021); Digitalization and Finance. OECD, , https://www.oecd.org/finance/Financial-markets-insurance-pensions-digitalisation-and-finance.pdf, (accessed 20.05.2021); Financial Services Technology 2020 and beyond: Embracing Disruption, , https://www.pwc.com/gx/en/financial-services/assets/pdf/technology2020-and-beyond.pdf, PwC. (accessed 10.05.2021); Islamic Financial Services Industry Stability Report 2019, , https://www.ifsb.org/, (accessed 01.05.2021); IFN Fintech Landscape, , https://ifnfintech.com/landscape/, (accessed 15.05.2021); Global Islamic Fintech Report 2021, , https://cdn.salaamgateway.com/reports/pdf/6127a0965afd7898a34f69dadc24b8d17ada0b1b.pdf, (accessed 10.05.2021); (2020) Annual Report 2020, , https://www.seedout.org/get-to-know-us/financial, Seed Out, (accessed 14.05.2021); Crunchbase, , https://www.crunchbase.com, (accessed 21.05.2021); (2018) Transmitting Generosity to Daughters and Sons. Lilly Family School of Philanthropy, , https://scholarworks.iupui.edu/bitstream/handle/1805/15451/women-give2018.pdf, (accessed 23.05.2021); U.S. Trust Study of High-Net-Worth Philanthropy. Portraits of Generosity (2018) Lilly Family School of Philanthropy, , https://scholarworks.iupui.edu/bitstream/handle/1805/17667/high-net-worth2018.pdf, The 24.10.2018. (accessed 23.05.2021); SmartCrowd Announces 400% Growth and One-Million-Dirham Dividends, , https://www.fintechnews.org/smartcrowd-announces-400-growth-and-one-million-dirham-dividends/, Fintech News, 12.04.2021. (accessed 18.05.2021); IMAN: how three investment bankers from Uzbekistan came up with a start-up to combat economic inequality and attracted $2 million investments from the USA, , https://kapital.uz/iman-startup, Kapital, 20.05.2021. (In Russ) (accessed 20.05.2021); Tajikistan: is the future for islamic banks? (2018), https://russian.eurasianet.org/node/65132, Eurasianet, 25.01.. (In Russ) (accessed 20.05.2021); (2020) On the Brink of Further Disruption, , https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/financial-services/deloitte-nl-fsi-fintech-report-1.pdf, Deloitte Financial Advisory Netherlands, December (accessed 10.05.2021)},
correspondence_address1={Nagimova, A.Z.; Institute of International Relations, 1/55, Pushkina Str., Russian Federation; email: nagimova_almira@mail.ru; Nagimova, A.Z.; Ufa State Petroleum Technical University, 1, Kosmonavtov Str., Russian Federation},
publisher={Russian Academy of Sciences},
issn={01312227},
language={Russian},
abbrev_source_title={World Economy Int. Relat.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Köten2022157,
author={Köten, A.B.},
title={Analysis of Factors Affecting the Capital Adequacy Ratio in the Turkish Banking Sector},
journal={Springer Proceedings in Business and Economics},
year={2022},
pages={157-179},
doi={10.1007/978-3-030-93725-6_9},
note={cited By 0; Conference of 5th International Conference on Banking and Finance Perspectives, ICBFP 2021 ; Conference Date: 20 April 2021 Through 22 April 2021;  Conference Code:277359},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85130281199&doi=10.1007%2f978-3-030-93725-6_9&partnerID=40&md5=270fed9009a32534e7e266499cc973c1},
affiliation={Istanbul Kültür University, Istanbul, Turkey},
abstract={The banking sector performs financial intermediation transactions in accordance with its basic function. Factors such as the diversification of financial products and rapid change in technology cause changes in the structure of the banking sector while also revealing the different types of risks. With regard to bank risk and profitability management, it is vital that capital structures are at such a level as to meet the risks. The adequacy and strength of the capital structures in banks are the basic conditions for the functioning of the system and the establishment of trust. Keeping this ratio at certain levels and ensuring continuity in this value is very important for banks to work effectively and efficiently. The study aims to determine the long-term relationships of factors affecting the capital adequacy ratio (CAR) with the help of Westerlund and Edgerton (2007) LM Bootstrap panel cointegration test for commercial (deposit), development and investment and Islamic banking groups with the annual data for the 2010–2020 period in Turkish banking sector. As a result of the analysis of the three bank groups, it was determined that the total assets, liquidity adequacy ratio, and equity/total risk-weighted item ratios positively affected the capital adequacy ratio, and the market risk and nonperforming loan (NPL)/total cash loan ratios were statistically significantly affected. Furthermore, the coefficiency of the error correction term was negative and statistically significant, and the error correction mechanism was seen to be working. The most effective variable on capital adequacy was seen as the liquidity adequacy ratio. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.},
author_keywords={Banking sector;  Capital adequacy ratio (CAR);  Panel cointegration analysis},
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Hui (Eds.), (pp. , Palgrave Macmillan; Yuksel Mermod, A., Ceran, M., Banking risks and capital adequacy in line with BASEL III; A comparative analysis on the Turkish banking sector (2011) Marmara University Journal of Financial Researches and Studies, 2 (4), pp. 29-38. , https://dergipark.org.tr/tr/pub/marufacd/issue/506/4592, Retrieved from},
correspondence_address1={Köten, A.B.; Istanbul Kültür UniversityTurkey; email: a.koten@iku.edu.tr},
editor={Ozatac N., Gokmenoglu K.K., Rustamov B.},
publisher={Springer Science and Business Media B.V.},
issn={21987246},
isbn={9783030937249},
language={English},
abbrev_source_title={Springer Proc. Bus. Econ.},
document_type={Conference Paper},
source={Scopus},
}

@CONFERENCE{AtasSari2022227,
author={Atas Sari, S. and Gui, A. and Gautama So, I. and Haron, H. and Natania, A. and Putu Christovera Jayanti, N.},
title={The Importance of Information Technology Usage and Human Governance on Shariah Manufacturing Companies},
journal={Proceedings - 2022 2nd International Conference on Information Technology and Education, ICIT and E 2022},
year={2022},
pages={227-233},
doi={10.1109/ICITE54466.2022.9759895},
note={cited By 0; Conference of 2nd International Conference on Information Technology and Education, ICIT and E 2022 ; Conference Date: 22 January 2022;  Conference Code:179005},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85129991250&doi=10.1109%2fICITE54466.2022.9759895&partnerID=40&md5=ce063dc4a713a4715cc4c2b2ba719e36},
affiliation={Bina Nusantara Univeristy, Management Department, Jakarta, Indonesia; Information Systems Study Program, Bina Nusantara Univeristy, Jakarta, Indonesia; Faculty of Economic and Muamalat, University Sains Islam, Negeri Sembilan, Malaysia},
abstract={This study aims to examine the extent of human governance and information technology usage able to act as a driving force for sustainability reporting to increase company performance by investigating shariah-compliant companies in Indonesia. A quantitative methodology from 70 Indonesian Islamic manufacturing companies registered in Indonesia's Islamic capital market has been chosen to achieve the study's objective. A descriptive and multiple regression analysis was used to analyze the data using companies' annual reports for 2019. The study found that Human Governance (HG) Index was positive and significantly related to sustainability reporting and sustainability reporting to business performance. However, IT usage was found not significantly related to sustainability reporting for shariah companies in Indonesia. Further sustainability reporting is also a significant mediating 'variable for HG to business performance, but not for IT usage. This study contributes to the discussion of Islamic governance, human resource, and usage of IT. The findings can be used to identify the necessary mechanisms that should be enhanced to strengthen the practice of business performance. © 2022 IEEE.},
author_keywords={business performance;  human governance;  IT usage;  shariah},
keywords={Manufacture;  Regression analysis;  Sustainable development, Business performance;  Company performance;  Driving forces;  Human governance;  Indonesia;  Information technology usages;  IT usage;  Manufacturing companies;  Shariah;  Sustainability reporting, Commerce},
funding_details={Binus UniversityBinus University, BINUS, 017/VR},
funding_details={Research Technological Transfer Office, Binus UniversityResearch Technological Transfer Office, Binus University, RTTO},
funding_text 1={ACKNOWLEDGMENT This work is supported by RTTO, Bina Nusantara University, as a part of Bina Nusantara University's International Research Grant entitled: "Islamic Corporate Governance, Technology Usage, Quality Of Human Governance And Islamic Corporate Social Reporting: Case of Shariah Compliant Companies of Indonesia and Malaysia" with contract number: No.017/VR.RTT/III/2021 and contract date: 22 March 2021.},
references={Dakhoir, A., The fatwa authorities of national syaria council of majelis ulama indonesia in supporting the principle if shariah compliance (2019) J. Leg. Ethical Regul. Issues, 22 (1); Murphy, M.J., Smolarski, J.M., Religion and CSR: An Islamic 'political' model of corporate governance (2020) Bus. Soc., 59 (5), pp. 823-854; Gui, A., Sabrina, C., Suryanto, V., Kristian, V.M., Hadiwidjaja, N., Monitoring information system quality: Between reality and user expectation at bina nusantara university (2012) Computer, Informatics, Cybernetics and Applications. Lecture Notes in Electrical Engineering, 107, pp. 387-394. , https://doi.org/10.1007/978-94-007-1839-5_41, Springer, Dordrecht; Ahmad, A., Ibrahim, K.M., Managerial, organizational and technological determinants of ICT adoption: Survey of academic staff in Bauchi state (2017) ATBU J. Sci. Technol. Educ., 5 (1), pp. 157-165; Li, J., Chen, C.-W., Wu, C.-H., Hung, H.-C., Lin, C.-T., How do partners benefit from it use in supply- chain management: An empirical study of taiwan's bicycle industry (2020) Sustainability, 12 (7), p. 2883; Greasley, A., Using process mapping and business process simulation to support a process-based approach to change in a public sector organisation (2006) Technovation, 26 (1), pp. 95-103; Abdullah, W.M.T.W., Daud, S., Hanapiyah, Z.M., Human governance and corruption risk in malaysia public sector (2020) Glob. Bus. Manag. Res., 12 (4); Sapuan, N.M., Wahab, N.A., Sholihin, M., Sawaluddin, S., Human governance and firm success from western and islamic perspectives (2020) J. Gov. Integr., 4 (1), pp. 56-63; Salleh, A., Ahmad, A., Human governance bringing the meaning of integrity in the life of professional accountants (2010) Artic. Merit E-b., pp. 30-39; Camilleri, M.A., Valuing stakeholder engagement and sustainability reporting (2015) Corp. Reput. Rev., 18 (3), pp. 210-222; Siew, R.Y.J., A review of corporate sustainability reporting tools (SRTs) (2015) J. Environ. Manage., 164, pp. 180-195; Elkington, J., Enter the triple bottom line (2013) The triple bottom line, Routledge, pp. 23-38; Ballou, B., Heitger, D., Landes, C., The rise of corporate sustainability reporting: A rapidly growing assurance opportunity (2006) J. Account., 202 (6), pp. 65-74; Porter, M.E., Kramer, M.R., Creating shared value (2019) Managing sustainable business, Springer, pp. 323-346; Weber, O., Scholz, R.W., Michalik, G., Incorporating sustainability criteria into credit risk management (2010) Bus. Strateg. Environ., 19 (1), pp. 39-50; Kusuma, M., Rosadi, S., Islamic corporate governance and islamic banking financial performance (2019) J. Financ. Islam. Bank., 1 (2), pp. 164-179; Obaidullah, M., (2005) Islamic financial services, , Scientific Publishing Centre, King Abdulaziz University Jeddah,; Bhagat, S., Bolton, B., Corporate governance and firm performance: The sequel (2019) J. Corp. Financ., 58, pp. 142-168; Hamza, H., Saadaoui, Z., Monetary transmission through the debt financing channel of Islamic banks: Does PSIA play a role? (2018) Res. Int. Bus. Financ., 45, pp. 557-570; Isaksson, R., Steimle, U., What does GRI-reporting tell us about corporate sustainability? (2009) TQM J.; Higgins, C., Tang, S., Stubbs, W., On managing hypocrisy: The transparency of sustainability reports (2020) J. Bus. 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Sci., 4 (4), pp. 2-9. , Salb, D., Friedman, HH, Friedman, LW (2011). role Inf. Technol; Charumathi, B., Padmaja, G., The impact of regulations and technology on corporate social responsibility disclosures-evidence from Maharatna Central public sector enterprises in India (2018) Australas Accounting, Bus. Financ. J., 12 (2), pp. 5-28; Daniri, M.A., (2005) Good corporate governance: Konsep dan penerapannya dalam konteks Indonesia, , Ray Indonesia; Etikan, I., Musa, S.A., Alkassim, R.S., Comparison of convenience sampling and purposive sampling (2016) Am. J. Theor. Appl. Stat., 5 (1), pp. 1-4; Chebbia, K., Aliedanb, M.M., Mohammed, A., Women on the board and environmental sustainability reporting: Evidence from France (2020) Int. J. Innov. Creat. Chang., 14 (11), pp. 231-258; Jamil, A., Ghazali, N.A.M., Nelson, S.P., The influence of corporate governance structure on sustainability reporting in Malaysia (2020) Soc. Responsib. J.; Hashim, F., Mahadi, N.D., Amran, A., Corporate governance and sustainability practices in Islamic financial institutions: The role of country of origin (2015) Procedia Econ. Financ., 31, pp. 36-43; (2019) Global Reporting 2019, , www.globalreporting.org, (accessed Aug. 27, 2020); Nitzl, C., Chin, W.W., The case of partial least squares (PLS) path modeling in managerial accounting research (2017) J. Manag. Control, 28 (2), pp. 137-156; Alarcon, D., Sanchez, J.A., De Olavide, U., Assessing convergent and discriminant validity in the ADHD-R IV rating scale: User-written commands for Average Variance Extracted, Composite Reliability, and Heterotrait-Monotrait ratio of correlations (2015) Spanish STATA Meeting, 39; Hair, J.F., (2009) Multivariate data analysis; Sekaran, U., Bougie, R., (2019) Research methods for business: A skill building approach, , john wiley & sons; Bakar, A., Ghazali, N., Ahmad, M.B., Sustainability reporting and board diversity in Malaysia (2019) Int. J. Acad. Res. Bus. Soc. Sci., 9 (3), pp. 91-99},
correspondence_address1={Gui, A.; Information Systems Study Program, Indonesia; email: anderesgui@binus.edu},
publisher={Institute of Electrical and Electronics Engineers Inc.},
isbn={9781665494335},
language={English},
abbrev_source_title={Proc. - Int. Conf. Inf. Technol. Educ., ICIT E},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Naz2022,
author={Naz, S.A. and Gulzar, S.},
title={Does the Sukuk Issuance Boost Economic Growth? Evidence from Selected Islamic Economies},
journal={Global Business Review},
year={2022},
doi={10.1177/09721509221093894},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85129838443&doi=10.1177%2f09721509221093894&partnerID=40&md5=dc82af3e72651cb7f72678e9f9e6de3b},
affiliation={Department of Management Sciences, COMSATS University Islamabad, Wah Campus, Punjab, Pakistan},
abstract={This article is determined to check the effects of sukuk issuance on the economic growth of the Islamic countries (Bahrain, Indonesia, Malaysia, Pakistan, Saudi Arabia and United Arab Emirates). The current research has employed a dynamic panel cointegration model pooled mean group/autoregressive distributed lag (PMG/ARDL) and panel causality test to analyse the causal relationship among the study variables. The quarter data have been collected for the period of 2005–2000. The result supports the ‘Schumpeter’s supply leading hypothesis’ that enforces sukuks, leading to economic growth in the Islamic countries in the long run. The findings of this study would facilitate the policymakers in formulating the Islamic financial reforms, which would further make the Islamic financial systems more efficient in stimulating investments/financing that ultimately would enhance economic growth in the long run. © 2022 International Management Institute, New Delhi.},
author_keywords={Economic growth;  Islamic capital market;  Islamic countries;  sukuk issuance},
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An emphasis on the major issuing countries (2016) Turkish Journal of Islamic Economics, 3 (2), pp. 63-73. , &; Erülgen, A., Rjoub, H., Adalıer, A., Bank characteristics effect on capital structure: Evidence from PMG and CS-ARDL (2020) Journal of Risk and Financial Management, 13 (12), p. 310. , &; Fahimi, A., Saint Akadiri, S., Seraj, M., Akadiri, A.C., Testing the role of tourism and human capital development in economic growth. 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correspondence_address1={Gulzar, S.; Department of Management Sciences, Wah Campus, Pakistan; email: saqibgulzar@ciitwah.edu.pk},
publisher={Sage Publications India Pvt. Ltd},
issn={09721509},
language={English},
abbrev_source_title={Global Bus. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ajala202226,
author={Ajala, I.},
title={Islamic Fashion: Subversion or Reinvention of Religious Values?},
journal={Journal of Muslim Minority Affairs},
year={2022},
volume={42},
number={1},
pages={26-40},
doi={10.1080/13602004.2022.2064053},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85129595019&doi=10.1080%2f13602004.2022.2064053&partnerID=40&md5=5265d9ef98312320fb3e6da2e4881a26},
affiliation={University of Wollongong in Dubai, United Arab Emirates},
abstract={The embedding of Islam in capital markets has given way to the emergence of an urban Muslim culture in the West resulting from an alliance of consumerism and religious practice sometimes dubbed as “Cool Islam” or “Pop-Islam”. This movement refers to young Muslims abiding by religious practices while adopting the codes of youth and pop culture. Islamic Fashion is one example of this movement. Using frameworks from value theory and drawing on empirical data from the Islamic Fashion sphere, this article explores the intricacies between the consumerist values of products associated to Cool Islam and the traditional values it subverts and reinvents, suggesting, beyond the critique of consumerism as corrupting spirituality, that it may lead in fact to the revitalization of faith for Muslims living in the West while paving the way for plural exegesis of religious scriptures for Islam as a cult. © 2022 Institute of Muslim Minority Affairs.},
author_keywords={consumerism;  Cool Islam;  hijab;  hybridity;  Islamic fashion;  values;  youth},
funding_details={National Science FoundationNational Science Foundation, NSF, CBET-1464891},
funding_text 1={This research was supported by the National Science Foundation through award CBET-1464891.},
correspondence_address1={Ajala, I.; University of Wollongong in DubaiUnited Arab Emirates; email: AjalaImene@uowdubai.ac.ae},
publisher={Routledge},
issn={13602004},
language={English},
abbrev_source_title={J. Muslim Minor. Aff.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ibiyemi2022,
author={Ibiyemi, T.E. and Oldewage-Theron, W.},
title={A REVIEW OF FOOD AND NUTRITION SECURITY IN NIGERIA},
journal={African Journal of Food, Agriculture, Nutrition and Development},
year={2022},
volume={22},
number={1},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85125833629&partnerID=40&md5=75bf80c5bcdc52936573daca1685d16f},
affiliation={Department of Nutritional Sciences, Texas Tech University, P.O.Box 41270, Lubbock, TX  79409-1270, United States; Department of Sustainable Food Systems and Development, University of the Free State, South Africa},
abstract={The food and nutrition security situation in Nigeria is alarming as several factors exacerbate food insecurity in Nigeria. Dubbed as the 'poverty capital of the world,' Nigeria's poverty rates are high. The country's population is over 200 million people, with more than half living below the poverty line. Poverty is closely associated with a lack of dietary diversity, malnutrition, and food insecurity. Volatility in food prices, fluctuations in the local currency's (naira's) value, and high inflation rates pose stress on domestic and imported food prices in Nigeria. Also, prolonged conflicts in Nigeria due to the Boko Haram insurgency and the Islamic State in West Africa Province (ISWAP) have continued to pose a danger and misery to millions of lives - exacerbating food vulnerabilities and social insecurity in the northeastern part of Nigeria. Similarly, farmers and herdsmen's conflicts limit agricultural production and yield. As a result of limited farm production, import bans intended to improve local farm production and favor the local economy have not achieved that purpose. Instead, it has driven up domestic market food prices. Using the UNICEF's framework of malnutrition, this paper discusses factors contributing to food insecurity in Nigeria. Some factors discussed include the continuous conflicts caused by insurgency in northeast Nigeria, high poverty rates, inadequate sanitation facilities, improper food transportation and handling facilities, malnutrition, and the recent burden caused by the COVID-19 pandemic. © 2022, African Journal of Food, Agriculture, Nutrition and Development. All Rights Reserved.},
author_keywords={Covid-19;  Food and nutrition security;  Food insecurity;  Hunger;  Malnutrition;  Nigeria},
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FCT Abuja; (Accessed Jan 06, 2021); Akombi, BJ, Agho, KE, Hall, JJ, Merom, D, Astell-Burt, T, Renzaho, AM, Stunting and severe stunting among children under-5 years in Nigeria: A multilevel analysis (2017) BMC Pediatr, 17, p. 15. , https://doi.org/10.1186/s12887-016-0770-z, 33; (2018) National Nutrition and Health Survey, Report on the Nutrition and Health Situation of Nigeria, , 34. Nigeria, National Bureau of Statistics, Nigeria, National Population Commission (NPC) Nigeria, and Federal Ministry of Health, Nigeria. Abuja; (2020) Micronutrient malnutrition – Nutrition in Nigeria, , https://www.cdc.gov/nutrition/micronutrient-malnutrition/projects/nigeria.html, (Accessed Jan 06, 2021); Anjorin, O, Okpala, O, Adeyemi, O, Coordinating Nigeria's micronutrient deficiency control programs is necessary to prevent deficiencies and toxicity risks (2019) Ann N Y Acad Sci, 1446 (1), pp. 153-169. , https://doi.org/10.1111/nyas.14055, 36. Jun; Epub 2019 Apr 3. PMID: 30942488; Ajepe, AA, Okunade, KS, Sekumade, AI, Daramola, ES, Beke, MO, Ijasan, O, Olowoselu, OF, Afolabi, BB, Prevalence and fetomaternal effects of iron deficiency anemia among pregnant women in Lagos, Nigeria (2020) PLoS One, 15 (1), p. e0227965. , https://doi.org/10.1371/journal, 37. Jan 23; pone.0227965. PMID: 31971986; PMCID: PMC6977715; (2004) International Institute of Tropical Agriculture (IITA) National Planning Commission (NPC), Federal Ministry of Health. Nigeria Food Consumption and Nutrition Survey (NFCNS) 2001 – 2003, , 38. Ibadan; Vanderkooy, A, Verstraeten, R, Adeyemi, O, Covic, N, Becquey, E, Dogui, DA, Diop, L, Touré, M, (2019) Transform Nutrition West Africa, , https://westafrica.transformnutrition.org/output/nutrition-policy-in-nigeria/, 39. Nutrition Policy in Nigeria. Evidence Note #2 (Accessed Jan 06, 2021)},
correspondence_address1={Ibiyemi, T.E.; Department of Nutritional Sciences, P.O.Box 41270, United States; email: Temitope.E.Ibiyemi@ttu.edu},
publisher={African Scholarly Science Communications Trust (ASSCAT)},
issn={16845358},
language={English},
abbrev_source_title={Afr. J. Food Agric. Nutr. Dev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Faozi2022317,
author={Faozi, S. and Sudiyatno, B. and Puspitasari, E. and Poerwati, R.T.},
title={Bank Compliance Factors in Implementing Regulation Provisions on Bank Performance in Indonesia},
journal={Academic Journal of Interdisciplinary Studies},
year={2022},
volume={11},
number={1},
pages={317-329},
doi={10.36941/ajis-2022-0028},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85122856863&doi=10.36941%2fajis-2022-0028&partnerID=40&md5=a454ec88cc2f3025062a3dbb88ee2315},
affiliation={Universitas Stikubank (UNISBANK) Semarang, Jl. Tri Lomba Juang, Mugassari, Kec. Semarang Sel., Jawa Tengah, Kota Semarang, 50241, Indonesia},
abstract={This study aims to examine the effect of legal compliance on the health of commercial banks and Islamic banks in Indonesia, to the extent that compliance with the provisions and standards set by Bank Indonesia has an impact on improving bank performance. This study uses micro banking data listed on the Indonesia Stock Exchange (IDX) for the period 2015- 2019. The data used is panel data that is tested in the relationship between measures of bank health legal compliance with indicators of capital, asset quality, management, earnings, and market risk sensitivity (CAMELS). The results of this study indicate that compliance with earnings and compliance with market risk sensitivity has a negative effect on bank performance, while compliance with liquidity has no effect on bank performance. Furthermore, three control variables used in this study, namely capital, asset quality, and corporate governance, were able to produce results as predicted. © 2022 Faozi et al.},
author_keywords={Asset quality;  Capital;  Earnings;  Liquidity;  Management;  Market risk sensitivity},
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The impact of the board of directors size on the bank's performance: Evidence from Turkey; Erdogan, M., Aksoy, E. E., Banking regulation and determinants of banks profit: Empirical evidence from Turkey (2016) Eurasian Journal of Business and economics, 9 (17), pp. 109-124. , https://www.ejbe.org/index.php/EJBE/issue/view/19; Fu, X., Heffernan, S., The effects of reform on China's bank structure and performance (2009) Journal of Banking & Finance, 33 (1), pp. 39-52. , https://www.sciencedirect.com/science/article/abs/pii/S0378426607003755, (M)., and; Golubeva, O., Duljic, M., Keminen, R., The impact of liquidity risk on bank profitability: Some empirical evidence from the European banks following the introduction of Basel III regulation (2019) Accounting and Management Information Systems, 18 (4), pp. 455-485. , https://www.divaportal.org/smash/get/diva2:1383634/FULLTEXT01.pdf; Hasan, M. S. A., Manurung, A. H., Usman, B., Determinants of bank profitability with size as moderating variable (2020) Journal of Applied Finance & Banking, 10 (1), pp. 153-166. , http://www.scienpress.com/Upload/JAFB/Vol%2010_3_7.pdf; Heffernan, S. S., Fu, X. Q., Determinants of financial performance in Chinese banking (2010) Applied Financial Economics, 20 (20), pp. 1585-1600. , https://www.tandfonline.com/doi/abs/10.1080/09603107.2010.505553; John, T. A., Effect of non-performing loans on bank performance of some selected commercial banks in the Nigerian banking sector (2018) International Journal of New Technology and Research (IJNTR), 4 (4), pp. 11-17. , https://www.ijntr.org/download_data/IJNTR04040016.pdf; Kadioglu, E., Telceken, N., Ocal, N., Effect of the asset quality on the bank profitability (2017) International Journal of Economics and Finance, 9 (7), pp. 60-68. , http://www.ccsenet.org/journal/index.php/ijef/issue/view/1853; Kosmidou, K., Tanna, S., Pasiouras, F., Determinants of profitability of domestic UK commercial banks: Panel evidence from the period 1995-2002 (2005) Economics, Finance and Accounting. Applied Research Working Paper Series, pp. 1-27. , file:///C:/Users/ACER/Downloads/RP2008 4%20(1).pdf; Lartey, V. C., Antwi, S., Boadi, E. K., The relationship between net interest margin and return on assets of listed banks in Ghana (2013) Research Journal of Finance and Accounting, 4 (16), pp. 73-78. , https://www.iiste.org/Journals/index.php/RJFA/article/viewFile/8287/8647; Lucky, L. A., Andrew, N. A., Asset quality and profitability of commercial banks: Evidence from Nigeria (2015) Research Journal of Finance and Accounting, 6 (18), pp. 26-34. , https://core.ac.uk/download/pdf/234631038.pdf; Maryam, B. M., Bustaman, U. S. A., CAMEL ratio on profitability banking performance (Malaysia versus Indonesia (2017) International Journal of Management, Innovation & Entrepreneurial Research, 3 (1), pp. 30-39. , file:///C:/Users/ACER/Downloads/CAMEL_RATIO_ON_PROFITABILITY_BANKING_PERFOROMANCEM.pdf; Mehdi, E. M., Determinants of banks' profitability and performance: An overview (2018) Munich Personal RepEc Archive (MPRA), pp. 1-15. , https://mpra.ub.unimuenchen.de/89470/1/MPRA_paper_89470.pdf; Merin, M. A., Determinants of bank profitability in Ethiopia: A case study of private commercial banks (2016) Research Journal of Finance and Accounting, 7 (7), pp. 28-43. , https://core.ac.uk/download/pdf/234631382.pdf; Misha, A. E., The compliance function in Banks and the need for increasing and strengthening its role - lessons learned from practice (2016) European Journal of Sustainable Development, 5 (2), pp. 171-180. , http://ecsdev.org/ojs/index.php/ejsd/issue/view/21; Owiredu, A., Kwakye, M., The effect of corporate governance on financial performance of commercial banks (2020) International Journal of Business and Social Science, 11 (5), pp. 18-27. , http://ijbssnet.com/journals/Vol_11_No_5_May_2020/3.pdf; Rahman, M. M., Hamid, M. K., Khan, A. M., Determinants of bank profitability: Empirical evidence from Bangladesh (2015) International Journal of Business and Management, 10 (8), pp. 135-150. , https://www.researchgate.net/publication/280554575_Determinants_of_Bank_Profitability_Empirical_Evidence_from_Bangladesh; Rostami, S., Rostami, Z., Kohansala, S., The effect of corporate governance components on return on assets and stock return of companies listed in Tehran Stock Exchange (2015) Procedia Economics and Finance, 36, pp. 137-146. , https://core.ac.uk/download/pdf/82174161.pdf; Samad, A., Determinants bank profitability: Empirical evidence from Bangladesh commercial banks (2015) International Journal of Financial Research, 6 (3), pp. 173-179. , http://www.sciedu.ca/journal/index.php/ijfr/article/view/7508/4467; Silaban, P., The effect of capital adequacy ratio, net interest margin and non-performing loan on bank profitability (2017) International Journal of Economics and Business Administration, 5 (3), pp. 58-69. , https://www.ijeba.com/dmdocuments/2017/2017_V_3_5.pdf; Sobhy, A. E., Mohamed, E. K. A., Hussain, M. M., (2017) Corporate governance and banking performance: Experience with ten Asian countries, pp. 1-39. , file:///C:/Users/ACER/Downloads/SSRN id2900333.pdf; Sujarwo, A. A., The impact of Indonesia's bank performance towards banks' stock price (Listed in Indonesia stock Exchange from 2011 - 2013 using CAMEL analysis (2015) iBuss Management, 3 (2), pp. 9-18. , https://media.neliti.com/media/publications/183363-EN-the-impact-of-indonesias-banksperforman.pdf; Sunaryo, D., The effect of capital adequacy ratio (CAR), net interest margin (NIM), non-performing loan (NPL), and loan to deposit ratio (LDR) again return on asset (ROA) in general banks in Southeast Asia 2012-2018 (2020) Ilomata International Journal of Management, 1 (4), pp. 149-158. , https://www.ilomata.org/index.php/ijjm/article/view/110/92; Supriyono, R. A., Herdhayinta, H., Determinants of bank profitability: The case of the regional development bank (BPD Bank) in Indonesia (2019) Journal of Indonesia Economy and Business, 34 (1), pp. 1-17. , https://jurnal.ugm.ac.id/jieb/article/view/17331},
publisher={Richtmann Publishing Ltd},
issn={22813993},
language={English},
abbrev_source_title={Acad. J. Interdiscip. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Foroutan2022,
author={Foroutan, Y.},
title={Education's economic return in multicultural Australia: Demographic analysis},
journal={Journal of Sociology},
year={2022},
doi={10.1177/14407833211049479},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85122699535&doi=10.1177%2f14407833211049479&partnerID=40&md5=bccca30cdb0140003680f5176a7d19ea},
affiliation={University of Mazandaran, Iran},
abstract={This article focuses on the impact of education as the most important human capital endowment in the context of migration, religion, gender and ethnic identity from a demographic perspective. It presents research-based evidence to address such key research questions as whether and how significantly women's education provides equal benefit in the labour market for individuals, based on their migration status, religion, and ethnic identity. The field of this study is the multi-ethnic and multicultural context of Australia with a wide range of ethnic and religious groups of migrants from throughout the world. Preliminary results show that labour market achievement is positively and significantly associated with the educational attainment of individuals, irrespective of their migration status, religious affiliation and ethnicity. However, more comprehensive analysis from comparative perspectives reveals that the positive economic return of education is higher for natives (compared with migrants), for ethnic migrants from developed regions of origin (compared with those from less developed regions of origin) and for non-Muslims (compared with Muslims). The article provides two plausible explanations for these patterns. The first refers to the lack of recognition of overseas qualifications and to the devaluation of foreign education that particularly applies to ethnic migrants from less developed regions. The second relates to disadvantage through structural discrimination against migrants, particularly when their cultural and religious identity, such as Islamic names and dress codes, are distinctively displayed. In sum, this analysis presents further research-based evidence to go beyond the human capital theory in order to explain more appropriately the economic return of women's education in the context of religion and migration from a demographic perspective. © The Author(s) 2022.},
author_keywords={demographic perspective;  economic return;  education;  labour market;  migration;  multicultural Australia;  religion},
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correspondence_address1={Foroutan, Y.; University of MazandaranIran; email: y_foroutan@yahoo.com},
publisher={SAGE Publications Ltd},
issn={14407833},
language={English},
abbrev_source_title={J. Sociol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Amran2021107,
author={Amran, N.H. and Ahmad, W.},
title={Capital risk: Do too-big-to-fail and shariah framework stringency matter?},
journal={Management and Accounting Review},
year={2021},
volume={20},
number={3},
pages={107-133},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85121216941&partnerID=40&md5=d76a752628083da45cf11e23fb21ca92},
affiliation={Department of Postgraduate and Professional Studies, Faculty of Business and Management, Universiti Teknologi MARA, Selangor, Malaysia; Arshad Ayub Graduate Business School, Universiti Teknologi MARA, Selangor, Malaysia},
abstract={Despite their unique presence in the market, Islamic banks are exposed to similar types of risks as faced by their conventional counterparts in their operations. Acknowledging the importance of capital management in banking, overwhelming exposure may jeopardize the whole banking system and the economy. Aiming to mitigate the capital risk of Islamic banks globally, this study proposed the CAMELS+1 model to examine the driving factors of capital risks. The study employed the Instrumental Variables Two-Stage Least Squares (IV2SLS) using unbalanced panel data over nine (9) countries representing the global major players of Islamic banks from 1999 to 2015. Capital adequacy, liquidity, earnings and the economy were statistically significant to banks’ capital risk exposure. Interestingly, Islamic banks have less tendency to face the moral hazard issue of too-big-to-fail. The finding did not support the proposition of the Shariah framework stringency as an important indicator in managing capital risk. The finding suggests Islamic banks to maintain adequate capital and a sufficient liquidity level to mitigate capital risks. Additionally, Islamic banks must be more cautious during a flourishing economy, while when it is very attractive in generating huge earnings, the banks are also exposed to greater capital risks during this period. © 2021, Universiti Teknologi Mara. All rights reserved.},
author_keywords={Bank;  Basel Accords;  Capital Requirements;  Commercial Banks;  Financial Risk},
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correspondence_address1={Ahmad, W.; Arshad Ayub Graduate Business School, Selangor, Malaysia; email: wahida@uitm.edu.my},
publisher={Universiti Teknologi Mara},
issn={26007975},
language={English},
abbrev_source_title={Manag. Account. Review},
document_type={Article},
source={Scopus},
}

@ARTICLE{AbdulWahab2021828,
author={Abdul Wahab, H. and Zainudin, W.N.R.A. and Mohamad, S.F.S. and Jaapar, A.M.},
title={The Currency Exposure and Syariah Compliant Status under Different Time Domains: Insights from Maximal Overlap Discrete Wavelet Transformation (MODWT) Analysis},
journal={Universal Journal of Accounting and Finance},
year={2021},
volume={9},
number={4},
pages={828-840},
doi={10.13189/ujaf.2021.090429},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85115291424&doi=10.13189%2fujaf.2021.090429&partnerID=40&md5=95706c965d46b3e763fddf984c8fdbef},
affiliation={Faculty of Science and Technology, Universiti Sains Islam Malaysia, N. Sembilan, Bandar Baru, Nilai, 71800, Malaysia},
abstract={The rise of the Islamic capital market in the emerging economy of Malaysia over the past few decades motivates us to investigate the impact of the Syariah compliant status on the level of exchange rate exposure. The Syariah compliant status implies that a company should use a minimal level of debt as capital to finance its operations. Given this, it is hypothesized that Syariah compliant firms should exhibit lower levels of exchange rate exposure than their counterparts, supported by the strong theoretical connection between interest rate and exchange rate. In terms of specification, previous efforts in pricing exchange risk failed to capture the true size of exposure due to the use of single time domain in traditional model. To cater the bias in estimation, this study intends to calculate multi-horizon exchange rate exposure based on maximal overlap discrete wavelet transformation to decompose single series into multiple time domains. The financial risk analysis involves 30 listed non-financial individual stocks in Malaysia having different Syariah compliant status from November 2013 until May 2018. As a result, the study finds no significant difference in currency exposure between Syariah compliant and non-Syariah compliant stocks. Secondly, it is found that the extent of currency exposure and the percentage of exposed firms exhibit non-homogenous trend across different time scales where large amount of exposure is concentrated at higher scale. From policy implications, the study suggests that Syariah compliant firms and non-Syariah compliant firms share the same exchange risk profile where exchange risk management routine is expected to be identical for both groups. Besides, the enhanced level of exposure at higher scale requires vigorous financial risk hedging strategies especially within widened investment interval. Copyright©2021 by authors},
author_keywords={Currency Exposure;  Maximal Overlap Discrete Wavelet Transformation;  Syariah Compliant Firms},
funding_details={Universiti Sains Islam MalaysiaUniversiti Sains Islam Malaysia, USIM, PPPI/FST/0118/051000/16518},
funding_text 1={We would like to thank Universiti Sains Islam Malaysia for providing us with invaluable support and research funding under the code: PPPI/FST/0118/051000/16518.},
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Sum, R., Symmetric & asymmetric exchange rate exposure Evidence from Malaysian non-financial firms (2019) AIP conference proceedings, 2138 (1), p. 050028; Abdul Wahab, H., Does foreign currency derivative affect the variation of currency exposure? Evidence from Malaysia (2017) Advanced Science Letters, 23 (5), pp. 4934-4938; Wan Suhaimi, W. N., Abdul Wahab, H., . Sum, R., The time-varying exposure of Malaysian non-financial firms using panel and OLS analyses (2019) AIP conference proceedings, 2138 (1), p. 050029; Abdul Wahab, H., Revisiting the Role of Bank’s Capital, Loan Loss Provisioning and Risky Assets to Credit Risk in Malaysia: An Application of Dynamic Heterogenous Panel Technique (2018) The Journal of Social Sciences Research Special Issue, 6, pp. 466-471; Sinaga, J.S., Muda, I, Silalahi, A.M., The Effect of BI Rate, Exchange Rate, Inflation and Third Party Fund (DPK) on Credit Distribution and Its Impact on Non Performing Loan (NPL) on XYZ Commercial Segment Bank (2020) Universal Journal of Accounting and Finance, 8 (3), pp. 55-64},
correspondence_address1={Abdul Wahab, H.; Faculty of Science and Technology, N. Sembilan, Bandar Baru, Malaysia},
publisher={Horizon Research Publishing},
issn={23319712},
language={English},
abbrev_source_title={Univ. J. Account. Fin.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Septyanto2021141,
author={Septyanto, D. and Sayidah, N. and Assagaf, A.},
title={The intention of investors in making investment decisions in Sharia Stocks: Empirical study in Indonesian},
journal={Academic Journal of Interdisciplinary Studies},
year={2021},
volume={10},
number={4},
pages={141-153},
doi={10.36941/AJIS-2021-0105},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85111151519&doi=10.36941%2fAJIS-2021-0105&partnerID=40&md5=2c5942c07cf6d1bb2a64640a2f28dd92},
affiliation={Faculty of Economics and Business, Esa Unggul University, Jakarta, Indonesia; Faculty of Economics and Business, Dr. Soetomo University, Surabaya, Indonesia},
abstract={This paper aims to examine the variables influencing the intention of Muslim investors in Indonesia in making sharia-stocks investment decisions. These variables are attitude, perceived behavioral control, religiosity, religious events, and profit maximization. Questionnaires are distributed to 150 respondents to collect data. This study selected respondents using the purposive sampling method. The criteria are (1) Active Muslim investors investing in sharia stocks (2) investors are not brokers or capital market employees Multiple linear regression as a technique of analysis is used to test hypotheses. The result indicates that all independent variables positively affect investor intention. The coefficient of determination (R-Square) shows that all independent variable in explaining investors' intentions to invest in the sharia capital market is 0.857 or 85.70%, meaning that the opportunity for other variables to explain the investor intention variable to invest in the shariah capital market was 14.30%. According to Islamic teachings, this study's contribution is as a consideration for the Indonesia Stock Exchange, Capital Market Supervisory Agency, and other related institutions in terms of socializing investment in the Islamic capital market. © 2021 Septyanto et al.. This is an open access article licensed under the Creative Commons Attribution-NonCommercial 4.0 International License (https://creativecommons.org/licenses/by-nc/4.0/)},
author_keywords={Capital Market;  Investment;  Investor Intention;  Muslim Investor;  Sharia Stock},
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correspondence_address1={Sayidah, N.; Faculty of Economics and Business, Indonesia},
publisher={Richtmann Publishing Ltd},
issn={22813993},
language={English},
abbrev_source_title={Acad. J. Interdiscip. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{MohdDaud2021260,
author={Mohd Daud, M.A. and Rosly, S.A. and Muhamad Sori, Z.},
title={Structuring fund for affordable housing investment in Malaysia: an exploratory research},
journal={International Journal of Housing Markets and Analysis},
year={2021},
volume={14},
number={2},
pages={260-271},
doi={10.1108/IJHMA-03-2020-0024},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85086569342&doi=10.1108%2fIJHMA-03-2020-0024&partnerID=40&md5=f811bc4ba01272f89c4f735e603baa45},
affiliation={School of Graduate and Professional Studies, International Centre for Education in Islamic Finance, Kuala Lumpur, Malaysia},
abstract={Purpose: The purpose of this study is to explore potential fund-raising option that can be developed to attract investment in affordable housing initiatives in Malaysia. In doing so, the study undertakes to discuss the viability of the property trust fund structure as an investment vehicle. Design/methodology/approach: The study uses a qualitative design that involves the use of semi-structured questionnaires as a data collection strategy. A total number of ten experts were selected for the interview using critical case sampling scheme based on the purposive sampling strategy. Findings: The study discovers that a dynamic fund structure – one that allows for the fund to evolve with changing circumstances and needs – can be adopted. This fund structure comprises a fund that can be initially established as a closed-ended fund. Then, with sufficient track record, the fund can be transformed into a public real estate investment trust, with the prospect of tapping into capital market via issuance of sukuk in the future. The fund can also adopt mezzanine structure of funding, which may reduce investors’ risks with minimal government intervention. Research limitations/implications: The findings of this study illustrate the potential of fund-raising options from the perspective of institutional investors and regulators. Future research could explore government’s view and focus on the policy options. Practical implications: The findings may provide valuable insight into alternative fund-raising options for affordable housing projects for policymakers and investment banks. Social implications: The fund-raising options incorporate minimal government participation yet pose low risks to investors, creating a low-risk asset suitable for social investment. Originality/value: This study outlines the mechanism to increase affordable housing supply in the market, by attracting institutional investors to invest in this dynamic fund structure initiative. As there are limited discussions on attracting funding for affordable housing developments, it is hoped that this paper will spark further debate and discussion among the academicians and policymakers. © 2020, Emerald Publishing Limited.},
author_keywords={Affordable housing;  Fund development;  Housing finance systems;  Institutional investors;  Islamic finance;  Social investment},
funding_text 1={This research is made possible thanks to the grant from Khazanah Nasional Berhad. This project was funded by Khazanah Nasional Berhad research grant.},
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(2004) Journal of Economic Perspectives, 18 (1), pp. 191-214; (2019) Islamic green finance: development, ecosystem and prospects, , www.sc.com.my; Sekaran, U., Bougie, R., (2013) Research Method for Business: A Skill Building Approach, , 6th ed., John Wiley and Sons, New York, NY; Tan, T.H., Affordable housing for first-time homebuyers: issues and implications from the Malaysian experience (2013) Pacific Rim Property Research Journal, 19 (2), pp. 199-210; (2016) Housing for all by 2030, , www.worldbank.org/en/news/infographic/2016/05/13/housing-for-all-by-2030, Retrieved March 3, 2020, from; Yap, J.B.H., Ng, X.H., Housing affordability in Malaysia: perception, price range, influencing factors and policies (2018) International Journal of Housing Markets and Analysis, 11 (3), pp. 476-497; Zhang, C., Jia, S., Yang, R., Housing affordability and housing vacancy in China: the role of income inequality (2016) Journal of Housing Economics, 33, pp. 4-14; Zyed, Z.A.S., Wan Abd Aziz, W.N.A., Hanif, N.R., Housing affordability problems among young households (2016) Journal of Surveying, Construction and Property, 7 (1), pp. 1-18},
correspondence_address1={Mohd Daud, M.A.; School of Graduate and Professional Studies, Malaysia; email: adariff89@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17538270},
language={English},
abbrev_source_title={Intern. J. Hous. Mark. Anal.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Qizam2021121,
author={Qizam, I.},
title={Islamic capital market integration and asymmetric information: A study in the five asean countries from the post-global financial crisis},
journal={Business: Theory and Practice},
year={2021},
volume={22},
number={1},
pages={121-132},
doi={10.3846/btp.2021.12832},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85104427690&doi=10.3846%2fbtp.2021.12832&partnerID=40&md5=2d9da6de22f16bbfd578083f616705fe},
affiliation={Faculty of Economics and Business, Universitas Islam Negeri Syarif Hidayatullah, Indonesia},
abstract={This study aims at examining the integration impact of the five ASEAN Islamic capital markets on asymmetric information for ASEAN Economic Community (AEC) development. Utilizing samples of market and financial panel data from 2009 to 2015 among the five ASEAN Islamic capital markets, and applying two-country portfolios of the Islamic capital markets among the five ASEAN countries to measure the different levels of Islamic capital market integration, this study suggests that the different levels of the Islamic capital market integration between Indonesia and Malaysia are found to result in asymmetric information negatively. The strongest Islamic capital market integration between Indonesia and Malaysia affect reduced asymmetric information more consistently than the other two-country portfolios, while the weakest level of integration between the Philippines and any other four Islamic capital markets that affects asymmetric information inconsistently is also supported. These results confirm an interplay between a modern portfolio theory, Efficient Market Hypothesis (EMH), contract theory, and general economic theory, and also provide new insights for stakeholders in investment decisions and strategies, cross-border regulation of economic resources, and other plentiful benefits. © 2021 The Author(s).},
author_keywords={A modern portfolio theory;  Asymmetric information;  Contract theory;  Efficient Market Hypothesis;  Islamic capital market integration;  The five ASEAN countries},
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correspondence_address1={Qizam, I.; Faculty of Economics and Business, Indonesia; email: qzami68@gmail.com},
publisher={VGTU},
issn={16480627},
language={English},
abbrev_source_title={Bus. Theory Pract.},
document_type={Article},
source={Scopus},
}

@BOOK{Sharp2021367,
author={Sharp, J.M.},
title={Jordan: Background and U.S. Relations (Updated)},
journal={Lebanon, Turkey, Saudia Arabia and Jordan: U.S. Relations and Key Issues},
year={2021},
pages={367-391},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85131494115&partnerID=40&md5=b369369605bca4e6da34ecb097e98c22},
abstract={The Hashemite Kingdom of Jordan is a key U.S. partner in the Middle East. Although the United States and Jordan have never been linked by a formal treaty, the two countries have cooperated on a number of regional and international issues over the years. Jordan remains at peace with Israel and is a key interlocutor with the Palestinians. Jordan’s strategic importance to the United States is evident given ongoing instability in neighboring Syria and Iraq. Jordan also is a longtime U.S. partner in global counterterrorism operations. U.S.-Jordanian military, intelligence, and diplomatic cooperation seeks to empower political moderates, reduce sectarian conflict, and eliminate terrorist threats. U.S. officials frequently express their support for Jordan. U.S. support has helped Jordan address serious vulnerabilities, both internal and external. Jordan’s small size and lack of major economic resources have made it dependent on aid from Western and various Arab sources. President Trump has acknowledged Jordan’s role as a key U.S. partner in countering the Islamic State, as many U.S. policymakers advocate for continued robust U.S. assistance to the kingdom. Annual U.S. aid to Jordan has nearly quadrupled in historical terms over the last 15 years. The United States has provided economic and military aid to Jordan since 1951 and 1957, respectively. Total bilateral U.S. aid (overseen by the Departments of State and Defense) to Jordan through FY2018 amounted to approximately $22 billion. Jordan also hosts over 3, 000 U.S. troops. To date, Jordan has withstood the impact of Coronavirus Disease 2019 (COVID-19) with minimal loss of life (a reported nine deaths), but at a steep cost to its economy. Jordan’s small size and strong public health system arguably contributed to the country’s ability to manage the pandemic effectively. Jordan is one of the first Arab countries to reopen; as of June 2020 the state had lifted most restrictions on economic activity and certain public gatherings, such as religious worship. Analysts anticipate that Jordan’s Gross Domestic Product (GDP) will contract in 2020 by 3.5% after growing 2% last year. Losses in government revenue caused by fewer remittances and a weakened market for tourism are expected to widen the budget deficit in the years ahead. As the Trump Administration has enacted changes to longstanding U.S. policies on Israel and the Palestinians, which the Palestinians have criticized as unfairly punitive to them and biased toward Israel, Jordan has found itself in a difficult position. While King Abdullah II seeks to maintain strong relations with the United States, he rules over a country where the issue of Palestinian rights resonates with much of the population; more than half of all Jordanian citizens originate from either the West Bank or the area now comprising the state of Israel. In trying to balance U.S.-Jordanian relations with Palestinian concerns, King Abdullah II has refrained from directly criticizing the Trump Administration on its moves, while urging the international community to return to the goal of a two-state solution that would ultimately lead to an independent Palestinian state with East Jerusalem as its capital. Jordanian leaders have expressed strong opposition to a possible Israeli cabinet and Knesset vote on annexing West Bank territory-in coordination with the United States-after July 1, 2020. King Abdullah II has signaled that should Israel go ahead with annexation, Jordan is prepared to escalate its confrontation with Israel. As Jordan considers whether to revisit its ties to Israel, the range of possible options Jordan may be considering include withdrawing its ambassador from Israel, reducing security cooperation, cancelling its natural gas deal with Israel, and either partially or fully suspending the 1994 peace treaty. Congress may consider legislation pertaining to U.S. relations with Jordan. On February 18, 2016, President Obama signed the United States-Jordan Defense Cooperation Act of 2015 (P.L. 114-123), which authorizes expedited review and an increased value threshold for proposed arms sales to Jordan for a period of three years. It amended the Arms Export Control Act to give Jordan temporarily the same preferential treatment U.S. law bestows upon NATO members and Australia, Israel, Japan, New Zealand, and South Korea. S. 28, the United States-Jordan Defense Cooperation Extension Act, would reauthorize the United States-Jordan Defense Cooperation Act (22 U.S.C. §275) through December 31, 2022. In the House, H.R. 4862 also would reauthorize the 2015 Act while also calling on the United States International Development Finance Corporation to issue a call for “proposals pursuing investment funds with a focus on Jordan.”. © 2016 by Nova Science Publishers, Inc.},
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publisher={Nova Science Publishers, Inc.},
isbn={9781685070311},
language={English},
abbrev_source_title={Lebanon, Turkey, Saudia Arabia and Jordan: U.S. Relations and Key Issues},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Antonio2021418,
author={Antonio, M.S. and Rusydiana, A.S. and Soeparno, W.S.I. and Rani, L.N. and Pratomo, W.A. and Nasution, A.A.},
title={The impact of oil price and other macroeconomic variables on the islamic and conventional stock index in indonesia},
journal={International Journal of Energy Economics and Policy},
year={2021},
volume={11},
number={5},
pages={418-424},
doi={10.32479/ijeep.10911},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85129484665&doi=10.32479%2fijeep.10911&partnerID=40&md5=85707a9bf9cbc39057b83b9b8857fbfb},
affiliation={Tazkia Islamic University College, Jawa Barat, Indonesia; Sharia Economics Applied Research and Training, Indonesia; Universitas Sumatera Utara, Indonesia; Faculty of Economic and Business, Airlangga University, Indonesia},
abstract={The Islamic capital market plays an important role in the growth of the economy in Indonesia. During its development, the performance of the stock index in a country is often influenced by other stock indices in other countries. This study tries to analyze dependence of macroeconomic variable towards JII and IHSG price, using Autoregression Distributed Lag (ARDL). The results show that the Consumer Price Index (CPI) and exchange rate (EXC) significantly affect the movement of the JII and IHSG price index. This indicates that the movement of the JII and IHSG index in the short term is influenced by domestic production and exchange rate. Furthermore, the results of the research show a little uniqueness in the crude oil price (COP) variable and the issue of energy consumption in the future. © 2021, Econjournals. All rights reserved.},
author_keywords={ARDL;  Islamic stock;  Macroeconomic;  Oil price},
references={Aggarwal, P., Manish, M.K., Effect of oil fluctuation on stock market return: An empirical study from India (2020) International Journal of Energy Economics and Policy, 10 (2), pp. 213-217; Akoum, I., Graham, M., Kivihaho, J., Nikkinen, J., Omran, M., Co-movement of oil and stock prices in the GCC region: A wavelet analysis (2012) The Quarterly Review of Economics and Finance, 52 (4), pp. 385-394; Alzyoud, H., Wang, E.Z., Basso, M.G., Dynamics of canadian oil price and its impact on exchange rate and stock market (2018) International Journal of Energy Economics and Policy, 8 (3), pp. 107-114; Anoraga, P., Pakarti, P., (2001) Pengantar Pasar Modal, , Jakarta: Rineka Cipta; Anyalechi, K.C., Ezeaku, H.C., Onwumere, J.U.J., Okereke, E.J., Does oil price fluctuation affect stock market returns in Nigeria? (2019) International Journal of Energy Economics and Policy, 9 (1), pp. 194-199; Arouri, M.E., Jouini, J., Nguyen, D.K., Volatility spillovers between oil prices and stock sector returns: Implications for portfolio management (2011) Journal of International Money and Finance, 30 (7), pp. 1387-1405; Arouri, M.E., Rault, C., Causal relationships between oil and stock prices: Some new evidence from gulf oil-exporting countries (2010) Economie International, 122, pp. 41-56; Branson, W.H., Macroeconomic determinants of real exchange rate risk (1983) Managing Foreign Exchange Risk, , Herring, R.J., editor. Ch. 1. Cambridge: Cambridge University Press; Branson, W.H., Henderson, D.W., The specification and influence of asset markets (1985) Handbook of international Economics, 2, pp. 749-805; Dilla, S., (2014) Exchange Rate Pass-Through Dalam Konteks Inflation Targeting Framework: Kasus Empiris di 19 Negara di Dunia [Skripsi], , Bogor: Institut Pertanian Bogor; Dornbush, R., Fisher, S., Exchange rates and the current account (1980) American Economic Review, 70 (5), pp. 960-971; Fosu, E., Magnus, J.F., (2006) Bounds Testing Approach: An Examination of Foreign Direct Investment, Trade, and Growth Relationships, , Munich Personal RePEc Archive; Frankel, J., Monetary and portfolio balance models of exchange rate determination (1983) Economic Interdependence and Flexible Exchange Rates, pp. p84-114. , Bhandari, J., Putnam, B., editors. Cambridge, MA: MIT Press; Gordon, M.J., The savings, investment, and valuation of a corporation (1962) Review of Economics and Statistics, 44, pp. 37-51; Harsono, B., (2013) Efektif Bermain Saham, , Jakarta: Kompas Gramedia; Heykal, M., (2012) Tuntunan dan Aplikasi Investasi Syariah, , Jakarta: PT Elex Media Komputindo; Hidayat, T., (2011) Buku Pintar Investasi Syariah, , Jakarta: Mediakita; Kollias, C., Kyrtsou, C., Papadamou, S., The effects of terrorism on the oil price-stock index relationship (2013) Energy Economics, 40, pp. 743-752; Kumar, A., Tripathi, V., Relationship between macroeconomic factors and aggregate stock returns in BRICS stock markets-a panel data analysis (2015) New Age Business Strategies in Emerging Global Markets, pp. p104-p123. , New Delhi: Excel India Publishers; Narayan, P., Narayan, S., Modelling the impact of oil prices on Vietnam’s stock prices (2010) Applied Energy, 87 (1), pp. 356-361; Nastiti, K.L.A., Suharsono, A., Analisis volatilitas saham perusahaan go public dengan metode ARCH-GARCH (2012) Jurnal Sains dan Seni ITS, 1 (1), pp. 259-264; Onyeke, C.E., Nwakoby, I., Onwumere, J.U.J., Ihegboro, I., Impact of oil price shocks on sectoral returns in Nigeria stock market (2020) International Journal of Energy Economics and Policy, 10 (6), pp. 208-215; Park, J., Ratti, R.A., Oil price shocks and stock markets in the US and 13 European countries (2008) Energy Economics, 30 (5), pp. 2587-2608; Pesaran, M.H., Shin, Y., An autoregressive distributed lag modeling approach to Co-integration analysis (1999) Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium; Pesaran, M.H., Shin, Y., Smith, R.J., Bounds testing approaches to the analysis of level relationships (2001) Journal of Applied Econometrics, 16 (3), pp. 289-326; Rivai, H.V., Buchori, A., (2013) Islamic Economics: Ekonomi Syariah Bukan Opsi, , Tetapi Solusi: PT Bumi Aksara, Jakarta; Rusbariand, S.P., Masodah, R., Herawati, S., (2012) Analisis Pengaruh Tingkat Inflasi, Harga Minyak Dunia, Harga Emas Dunia, dan Kurs Rupiah Terhadap Pergerakan Jakarta Islamic Indek di Bursa Efek Indonesia, , United States: Prosiding Seminar Nasional Forum Bisnis dan Keuangan I; Soemitra, A., (2009) Bank dan Lembaga Keuangan Syariah, , Jakarta: Kencana Prenadamedia Group; Tangjitprom, N., The review of macroeconomic factors and stock returns (2012) International Business Research, 5 (8), pp. 107-115; (2016) Oil Prices Drop Amid Doubts About OPEC Agreement, , https://www.bisnis.tempo.co/read/816564/harga-minyak-turun-di-tengah-keraguan-kesepakatan-opec/full&view=ok, Tempo; Varcarcel, V., The dynamic adjustments of stock prices to inflation disturbances (2012) Journal of Economics and Business, 64 (2), pp. 117-144},
correspondence_address1={Rani, L.N.; Faculty of Economic and Business, Indonesia; email: linanugraha@feb.unair.ac.id},
publisher={Econjournals},
issn={21464553},
language={English},
abbrev_source_title={Int. J. Energy Econ. Policy},
document_type={Article},
source={Scopus},
}

@BOOK{Ahmad2021178,
author={Ahmad, K. and Nor, R.M. and Kamely, A.A.},
title={Crowdfunding in the emerging markets},
journal={Doing Business in Emerging Markets: Progress and Promises},
year={2021},
pages={178-205},
doi={10.4324/9781003199168-10},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85129095416&doi=10.4324%2f9781003199168-10&partnerID=40&md5=c5ac80ff5d62030e69cfe370986e9010},
affiliation={Qassim University-AACSB Accredited College of Business and Economics (CBE), KSA, Burydah, Saudi Arabia; Institute of Islamic Banking and Finance, International Islamic University Malaysia (IIUM), Kuala Lumpur, Jalan Gombak, Mauritius},
abstract={Crowdfunding is a new form of investment opportunity and source of raising capital. This chapter explores the newly invented crowdfunding types of platforms of the industry. It investigates crowdfunding platforms that are registered by the Securities Commission of Malaysia and the Kapital Boost platform of Singapore and their modes of investment. The chapter uses a case study method of six platforms of crowdfunding and offers an in-depth review of current literature on crowdfunding. It establishes an investment model of crowdfunding that will be suitable for Muslim investors and anyone looking into ethical investments that will contribute to the well-being of society as a whole through mudharabah and musharakah investment. The findings suggest that equity crowdfunding could bring more benefit and less harm to entrepreneurs. However, none of the models used by the six registered crowdfunding platforms of Malaysia involve an Islamic type of investment. Consequently, two types of models are based on equity-in and equity-out. The chapter recommends equity crowdfunding, rather than debt-based, through the Islamic investment method of musharakah and mudharabah as a better option. © 2022 selection and editorial matter, Sudhir Rana and Avinash K Shrivastava.},
references={Ab Manan, S.K., Othman, J., Shahadan, A., Descriptive analysis on the pattern of SME financing in Malaysia (2011) 3rd International Symposium & Exhibition in Sustainable Energy & Environment, pp. 139-147. , June 1-3, Melaka: Academia; Abdul Rahman, A., MohdNor, S., Challenges of profit-and-loss sharing financing in Malaysian Islamic (2016) Malaysian Journal of Society and Space, 12 (2), pp. 39-46; Abu-Joudeh, B., Exploring the potential for profit-loss sharing models in Islamic microfinance (Working paper) (2011) Social Impact Research Experience (SIRE), , http://repository.upenn.edu/cgi/viewcontent.cgi?article=1014&context=sire, University of Pennsylvania. Retrieved from; Alois, J., (2015) Fintech: FundedByMe is approved to operate equity crowdfunding in Malaysia, , http://www.crowdfundinsider.com/2015/06/69318-fundedbyme-is-approved-to-operate-equity-crowdfunding-in-malaysia/, June 2015, Retrieved from Crowdfund Insider; Allen, S., Pros and cons of debt financing for business owners (2018) The Balance Small Business, , https://www.thebalance.com/debt-financing-pros-and-cons-1200981, December 24, Retrieved from; (2015) Innovation in Payments, , New York: BNY; (2015) Mudarabah, , http://www.bnm.gov.my/guidelines/05_shariah/Mudarabah.pdf, Kuala Lumpur: Bank Negara Malaysia. Retrieved from; Bons, E., Daams, M., Neijnens, E., Ottenheym, D., Segeren, M., Van Der Sommen, G., Open Innovation: The Benefits of Crowdsourcing, , n.d., Tilburg University; Crowdfunding 101: Types of crowdfunding Fundable, , https://www.fundable.com/crowdfunding101/types-of-crowdfunding, Fundable, n.d., Retrieved from; Hassan, A., The principles of Islamic economic justice and its sources (2014) Jubilee Australia, , http://www.jubileeaustralia.org/page/about/Jubilee%20Islamic%20Economic%20Justice.pdf, Retrieved from; Hebert, C., (2015) Ask clay: The different types of crowdfunding, , http://crowdfundinghacks.com/different-types-of-crowdfunding/, June 2, Retrieved from Crowdfunidng Hacks; Hobbs, J., Grigore, G., Molesworth, M., Success in the management of crowdfunding projects in the creative industries (2016) Internet Research, 26 (1), pp. 146-166; Hollas, J., (2013) Blog: Three types of equity crowdfunding, , https://www.equitynet.com/blog/three-types-equity-crowdfunding/, December 15, Retrieved from Equity Net; Hurst, S., (2016) Fintech: FundedByMe Malaysia debuts second equity crowdfunding campaign for iTalent management, , http://www.crowdfundinsider.com/2016/10/91184-fundedbyme-malaysia-debuts-second-equity-crowdfunding-campaign-italent-management/, October 13, Retrieved from Crowdfund Insider; Karina, S., Inapplicability of crowdfunding concerns in the Internet age and the jobs act’s safeguards (2012) Administrative Law Review, 64 (2), pp. 474-505; Kheong, K.C., (2016) Publications: Joining the crowd, , http://www.skrine.com/publications/legal-insights/635-joining-the-crowd, Retrieved from Skrine; Kunigis, A., Advantages vs. disadvantages of debt financing (2017) The Hardford, , http://www.thehartford.com/business-playbook/in-depth/debt-financing, Retrieved from; Lee, L., Malaysia’s securities commission allows 6 players to launch equity crowdfunding services (2015) Deal Street Asia, , http://www.dealstreetasia.com/stories/sc-announces-6-equity-crowdfunding-operators-for-malaysia-7680/, June 11, Retrieved from; Lutz, A.M.J.B.E., Investor communication in equity-based crowdfunding: A qualitative empirical study (2015) Qualitative Research in Financial Market, 7 (3), pp. 309-342. , Emerald Insight; Macht, S.A., Weatherston, J., Academic research on crowdfunders: What’s been done and what’s to come (2015) Strategic Change, 24 (2), pp. 191-205; Muneeza, A., Arshad, N.A., Arifin, A.T., The application of blockchain technology in crowdfunding: Towards financial inclusion via technology (2018) International Journal of Management and Applied Research, 5 (2), pp. 82-98; Romanova, I., Kudinska, M., Banking and fintech: A challenge or opportunity? (2016) Contemporary Studies in Economic and Financial Analysis, 98, pp. 21-35; Ryan, C., (2012) Navigation: 4 types of crowdfunding and what this means for the future of investment, , http://utrconf.com/4-types-of-crowdfunding-and-what-this-means-for-the-future-of-investments/, May 10, Retrieved from Under The Radar; Sauermann, H., Franzoni, C., Shafi, K., Crowdfunding scientific research: Descriptive insights and correlates of funding success (2019) PLoS ONE, 14 (1). , https://doi.org/10.1371/journal.pone.0208384; Schwienbacher, A., A theoretical analysis of optimal financing strategies for different types of capital-constrained entrepreneurs (2007) Journal of Business Venturing, 22 (6), pp. 753-781; Schwienbacher, A., Larralde, B., Crowdfunding of small entrepreneurial ventures (2010) Handbook of Entrepreneurial Finance, , London: Oxford University Press; (2016) Equity crowdfunding: List of registered market operators for ECF, , https://www.sc.com.my/digital/equity-crowdfunding/list-of-registered-market-operators-for-ecf/, Retrieved from; Sigar, K., Fret no more: Inapplicability of crowdfunding concerns in the Internet age and the JOBS Act’s safeguards (2012) Administrative Law Review, 64 (2), pp. 473-506; Troise, C., Tani, M., Papaluca, O., Equity and reward crowdfunding: A Multiple signal analysis (2020) International Journal of Economics and Finance, Canadian Center of Science and Education, 12 (3), pp. 1-30. , March; Valanciene, L., Jegeleviciute, S., Valuation of crowdfunding: Benefits and drawback (2013) Economics and Management, 18 (1), pp. 39-48; (2016) Types of Crowdfunding and Regulations, , https://venturewell.org/types-crowdfunding-regulations/, Retrieved from; Yusof, E., Fahmy, E., Kashoogie, J., Anwar Kamal, A., Islamic finance: Debt versus equity financing in the light of maqasid al-Shari’ah (2009) Munich Personal RePEc Archive, , https://mpra.ub.uni-muenchen.de/20722/1/MPRA_paper_20722.pdf, Retrieved from},
publisher={Taylor and Francis},
isbn={9781000434927},
language={English},
abbrev_source_title={Doing Bus. in Emerg. Markets: Progress and Promises},
document_type={Book Chapter},
source={Scopus},
}

@CONFERENCE{Selim202167,
author={Selim, M.},
title={Investing in value added production process as well as in working capital, and making Murabaha more effective, competitive, and lowest cost for the Customers of Islamic banks},
journal={2021 International Conference on Sustainable Islamic Business and Finance, SIBF 2021},
year={2021},
pages={67-70},
doi={10.1109/IEEECONF53626.2021.9686320},
note={cited By 0; Conference of 2021 International Conference on Sustainable Islamic Business and Finance, SIBF 2021 ; Conference Date: 5 December 2021 Through 7 December 2021;  Conference Code:176810},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85125919528&doi=10.1109%2fIEEECONF53626.2021.9686320&partnerID=40&md5=78883436557a8af6b927bbebf21da440},
affiliation={College of Business Administration, University of Bahrain, Department of Economics Finance, Sakhir, Bahrain},
abstract={The objective of this study is to analyze why the current Murabaha pricing of Islamic banks is inefficient, expensive, and least competitive compared to new Murabaha price suggested in this study. This study is based on a theoretical mathematical model where a few theorems have been established about the new Murabaha pricing and the inefficiency of current Murabaha pricing. The study suggests that the new Murabaha pricing for Islamic banks is efficient, competitive, and cheaper for the customers and it is expected that the market share of Islamic banks will expand rapidly. If the Islamic banks adopt the new Murabaha pricing as developed in this study, more and more customers will join and the manufacturing sector, as well as the real economy will grow which in turn, will increase real GDP, employment, and prosperity of the economy. This study will be immensely useful to Islamic bankers, Shariah Scholars, Central Bank, Governments, policy makers, research scholars, students, and academicians across the world. © 2021 IEEE.},
author_keywords={Current Murabaha price;  Economic prosperity;  Expansion of Real economy;  full employment;  Mark up;  New Murabaha price;  Retail price},
keywords={Competition;  Sales, 'current;  Current murabaha price;  Economic prosperity;  Expansion of real economy;  Full employment;  Mark-up;  New murabaha price;  Production process;  Retail price;  Value-added production, Costs},
references={Muda, I., Panjaitan, R., Ginting, S., Maksum, A., Model application of Murabahah financing acknowledgement statement of Sharia accounting standard No 59 Year 2002 (2018) IOP Conference Series: Earth and Environmental Science, 126 (1), p. 012071. , March. IOP Publishing; Nomani, A., Azam, M.K., Sharah compliant working capital financing_ a case-study of Indian sugar industry (2020) Journal of Islamic Accounting and Business Research, 11 (3), pp. 674-693. , https://doi.org/10.1108/JIABR-09-2016-0098; Atal, N.U., Iranmanesh, M., Hashim, F., Foroughi, B., Drivers of intention to use Murabaha financing: Religiosity as moderator (2020) Journal of Islamic Marketing, , https://doi.org/10.1108/JIMA-07-2019-0147, ahead-of-print No. ahead-of-print; Allaymoun, M.H., Hamid, O.H., E-murabaha a mechanism for e-commerce (2019) International Arab Journal of E-Technology, 5 (4); Miah, M.D., Suzuki, Y., Murabaha syndrome of Islamic banks: A paradox or product of the system? (2020) Journal of Islamic Accounting and Business Research, 11 (7), pp. 1363-1378. , https://doi.org/10.1108/JIABR-05-2018-0067; Gundogdu, A.S., 2-Step Murabaha as an alternative resource mobilisation tool for Islamic banks in the context of international trade (2009) International Journal of Monetary Economics and Finance, 2 (3-4), pp. 286-301; Gundogdu, A.S., The rise of islamic finance: 2-step murabaha (2018) Asia-Pacific Management Accounting Journal, 13 (1), pp. 107-130},
correspondence_address1={Selim, M.; College of Business Administration, Bahrain; email: mselim@uob.edu.bh},
publisher={Institute of Electrical and Electronics Engineers Inc.},
isbn={9781665416368},
language={English},
abbrev_source_title={Int. Conf. Sustain. Islam. Bus. Financ.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Şencal2021661,
author={Şencal, H.},
title={An Analysis of Institutionalization of Societal Relationships from the Perspective of Islamic Economics [Toplumsal İlişkilerin Kurumsallaşmasının İslam Ekonomisi Açısından Analizi]},
journal={Cumhuriyet Ilahiyat Dergisi},
year={2021},
volume={25},
number={2},
pages={661-677},
doi={10.18505/cuid.973750},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85125365754&doi=10.18505%2fcuid.973750&partnerID=40&md5=f0fb5daa0c4488e06502348bcd5e0d9e},
affiliation={İstanbul 29 Mayıs University, Faculty of Economics and Administrative Sciences, Department of Economics, İstanbul, Turkey},
abstract={The focus of this study is to explore the impact of transformation from living as a community and perceiving cooperation as a responsibility to meet each other’s needs to indi-vidualized society of the modern life due to the capitalist market system on religious obliga-tions with economic implications through emerging institution in the modern period. This study will first analyze how the proxy-embeddedness has led to a transformation in the soci-ety from the perspective of Islamic economics under four categories: (1) the weakening of Muslims’ relations with their relatives and neighbours; (2) Equalization of worship for diffe-rent purposes on a common denominator; (3) Lack of social awareness due to deprivation of the experience of performing worship personally; and (4) the prioritization of those capable of being productive over unproductive people in terms of being beneficiaries of zakat or other types of benefits. Worships such as zakāt and sacrifice are among the acts of worshipping that enable wealthy Muslims to help those in need financially. Although the transfer of material resources to the needy people through modern institutions ensures the fulfilment of worship, through which principles and objectives this transfer is carried out are also important. Signi-ficant transformations are observed in the way these worships are performed compared to the pre-modern period, as institutions that carry out zakāt and sacrificial meat collection and distribution activities in line with capitalist principles such as low transaction costs and effi-ciency. First, it is expected from a Muslim to be aware of the social environment he/she is in, be aware of the needy, and maintain social relations within this awareness. All kinds of charity and financial aid at the level of individual relations, especially zakāt and sacrifice, ensure the continuation of this awareness. If Muslims perform these worships and charity activities thro-ugh institutions, the awareness of one’s environment will weaken. A second transformation is to make these worships indistinguishable from each other by equating them to the common denominator of paying money. This situation leads to the equalization of worship at the ma-terial level and causes the differences to be invisible for Muslims who perform the worship. A third transformation is that the realization of worship by institutions through the proxy system causes Muslims to be deprived of the experience of performing worship individually. While these prayers are performed through institutions in an efficient and low-cost way, the only thing expected from Muslims is to make the necessary payment through the bank. In this case, the spiritual contributions expected to be realized during the fulfilment of the worship decrease. Finally, we see that some institutions utilize capitalist principles and goals to decide who should receive financial aid. For this reason, people who can become a productive factor due to the help they receive are prioritized over others. There is a rational choice behind this decision mechanism: It is aimed to reduce the number of needy people in society by transfor-ming zakat recipients into zakāt payers. On the other hand, Islamic sources do not consider such a priority among those who deserve to receive zakāt. Moreover, this situation will lead to the permanent postponement of people who are not included as a productive factor in the capitalist system but in need. In the second part of the study, an analysis of the agency (veka-let) system, which allows individuals to transfer some of their responsibilities to private ins-titutions to spend time more efficiently, is conducted through the example of nursing houses. Another example of the fulfilment of zakat and sacrifice through the proxies given to institu-tions is that Muslims fulfil their responsibilities towards their relatives through institutions such as nursing houses. The reason for such a need arises from the fact that people, who take place as human capital in the capitalist system, are required to spend their time to improve themselves, get new education and gain more experience, instead of spending their time ta-king care of their relatives so that the production process can continue to grow. Although this type of service contract is formally valid in terms of Islamic law when evaluated in terms of the bond that Islamic morality envisages to be established between Muslims and their relati-ves and the protection of this bond, institutions such as nursing houses can lead to the com-modification of family ties due to the transfer of responsibilities to relatives in return for a service fee. © Published by Sivas Cumhuriyet Üniversitesi, İlahiyat Fakültesi / Sivas Cumhuri-yet University, Faculty of Theology, Sivas, 58140 Turkey. All rights reserved.},
author_keywords={Commodification;  Embeddedness;  Islamic economics;  Islamic law;  Sociology of religion;  Zakāt},
references={Abdelgafar, Basma I., (2018) Public Policy: Beyond Traditional Jurisprudence: A Maqasid Approach, , London: International Institute of Islamic Thought; Abdullah, Mohammad, Waqf Sustainable Development Goals (SDGs) and Maqasid al-Shari'a (2018) International Journal of Social Economics, 45 (1), pp. 158-172. , https://doi.org/10.1108/IJSE-10-2016-0295, (01 Ocak); Abramovitz, Moses, The Search for the Sources of Growth: Areas of Ignorance, Old and New (1993) The Journal of Economic History, 53 (2), pp. 217-243. , https://doi.org/10.1017/S0022050700012882, (Haziran); Aghion, Philippe, Bolton, Patrick, A Theory of Trickle-Down Growth and Development (1997) The Review of Economic Studies, 64 (2), pp. 151-172. , https://doi.org/10.2307/2971707, (Nisan); Ahmad, Abdul Rahman Yousri, Role of Finance in Achieving Maqasid al-Shari‘a (2011) Islamic Economic Studies, 19 (2); Al-Ayubi, Solahuddin, Possumah, Bayu Taufiq, Examining the Efficiency of Zakat Management: Indonesian Zakat Institutions Experiences (2018) International Journal of Zakat, 3 (1), pp. 37-55. , https://doi.org/10.37706/ijaz.v3i1.66, (Mayıs); Al-Bütî, Ramadan, (2005) DawabitAl-Maslaha FiAl-SharPa Al-Islamiyya, , Damascus: Resalah Publishers; Althoff, Gerd, (2004) Family Friends and Followers: Political and Social Bonds in Medieval Europe, , New York: Cambridge University Press; Asutay, Mehmet, A Political Economy Approach to Islamic economics: Systemic Understanding for an Alternative Economic System (2007) Kyoto Bulletin of Islamic Area Studies, 1 (2), pp. 3-18; Asutay, Mehmet, Conceptualising and Locating the Social Failure of Islamic Finance: Aspirations of Islamic Moral Economy vs the Realities of Islamic Finance (2012) Asian and African area studies, 11 (2), pp. 93-113; Atçıl, Abdurrahman, (2017) Scholars and Sultans in the Early Modern Ottoman Empire, , https://doi.org/10.1017/9781316819326, Cambridge, UK: New York: Cambridge University Press; Ayuniyyah, Qurroh vd, Zakat for Poverty Alleviation and Income Inequality Reduction: West Java, Indonesia (2018) Journal of Islamic Monetary Economics and Finance, 4 (1), pp. 85-100. , https://doi.org/10.21098/jimf.v4i1.767, (Ağustos); Bauman, Zygmunt, (2001) The Individualized Society, , Cambridge: Polity Press; Beck, Ulrich, Gernsheim, Elisabeth, (2002) Individualization: institutionalized individualism and its social and political consequences, , https://doi.org/10.4135/9781446218693, Los Angeles; London; New Delhi: SAGE Publications; Beik, Irfan Syauqi vd, Utilization of Digital Technology for Zakat Development (2021) Islamic Fin-Tech. mlf. Mohd Ma’Sum Billah, pp. 231-248. , https://doi.org/10.1007/978-3-030-45827-0_13, London: Palgrave Macmillan, Cham; Bölükbaş, Ali Haydar, Kumaş, Ali, Nizaya Götüren Cehâlet Veya Garar Sebebiyle Fâsid Olan Akitlerin Sahihe Dönüştürülmesi ve ‘Sulbü’l-Akit’ Kavramı (2020) Usul İslam Araştırmaları, 33 (33), pp. 55-77. , (04 Haziran); Buladı, Kerim, Huzurevinin Dindeki Yeri (2009) Diyanet İlmi Dergi45/4; Burawoy, Michael, What is to Be Done?: Theses on the Degradation of Social Existence in a Globalizing World (2008) Current Sociology, 56 (3), pp. 351-359. , https://doi.org/10.1177/0011392107088228, (01 Mayıs); Djaghballou, Chams-Eddine vd, Efficiency and productivity Performance of Zakat Funds in Algeria (2018) International Journal of Islamic and Middle Eastern Finance and Management, 11 (3), pp. 474-494. , https://doi.org/10.1108/IMEFM-07-2017-0185, (Ağustos); Dumais, Louise, Recreation and Labour Relations (1948) Bulletin des Relations Industrielles, 4 (3), pp. 27-29. , https://doi.org/10.7202/1023450ar; Duman, Soner, İmam Gazzâlî’nin Maslahat Düşüncesine Katkıları (2011) İslam Hukuku Araştırmaları Dergisi, 18, pp. 9-32. , (Ekim); Galor, Oded, Moav, Omer, From Physical to Human Capital Accumulation: Inequality and the Process of Development (2004) The Review of Economic Studies, 71 (4), pp. 1001-1026. , https://doi.org/10.2139/ssrn.249868; Genç, Yusuf, Barış, İsmail, Yaşlı bakım hizmetlerinde çağdaş yaklaşım: Kurumsal bakım yerine evde bakım hizmetlerinin güçlendirilmesi (2015) Akademik Sosyal Araştırmalar Dergisi, 3 (10), pp. 36-57. , http://dx.doi.org/10.16992/ASOS.507, (Mart); Gökkır, Necmettin, Dialectic Relationship Between the Qur’an and Society in Islamic Hermeneutical Traditions (2008) Süleyman Demirel Üniversitesi İlahiyat Fakültesi Dergisi, 20, pp. 1-23; Hacımüftüoğlu, Nasrullah, Kur’ân’da ve Bazı Çağdaş Telakkilerde İnsan, Aile, Yaşlılık ve Huzurevleri (2005) İslam'da Aile ve Çocuk Terbiyesi (II), pp. 303-342. , İstanbul: Ensar Neşriyat, 2. Basım; Hallaq, Wael, (2012) The Impossible State: Islam, Politics, and Modernity's Moral Predicament, , New York: Columbia University Press; Hallaq, Wael B., (2008) A History of Islamic Legal Theories: An Introduction to Sunni Uşül al-Fiqh, , Cambridge; New York: Cambridge University Press; Ismail, Izatul Akmar binti, Hussain, Muhammad Nasri bin, Productive Zakat Distribution by Zakat Institutions in Malaysia (2017) International Journal of Academic Research in Business and Social Sciences, 7 (3), pp. 554-565; Kachkar, Omar Ahmad, Towards the Establishment of Cash Waqf Microfinance Fund for Refugees (2017) Isra International Journal of Islamic Finance, 9 (1), pp. 81-86. , https://doi.org/10.1108/IJIF-07-2017-007; Kashif, Muhammad vd, The Dynamics of Zakat Donation Experience among Muslims: A Phenomenological Inquiry (2018) Journal of Islamic Accounting and Business Research, 9 (1), pp. 45-58. , https://doi.org/10.1108/JIABR-01-2016-0006; Kızılkaya, Necmettin, İslam İktisadı Çalışmalarında Yöntem Üzerine Bazı Mülahazalar (2014) İslam İktisadını Yeniden Düşünmek, pp. 13-24. , mlf. Taha Eğri vd. İstanbul: İGİAD Yayınları; Köse, Saffet, İslam Açısından Ebeveynin Çocukları Üzerindeki Hakları veya Çocukların Ebeveynine Karşı Vazifeleri (2008) İslam Hukuku Araştırmaları Dergisi, 12, pp. 345-367; Lahsasna, Ahcene, Fatwa and Its Shari'a Methodology in Islamic Finance (2011) Journal of Fatwa Management and Research, 2 (1), pp. 133-179. , https://doi.org/10.33102/jfatwa.vol2no1.121; Lane, Robert E., Individualism and the Market Society (1983) Nomos, 25, pp. 374-407; Lessy, Zulkipli vd, Philanthropic Zakat for the Disadvantaged: Recipient Perspectives from Indonesia (2020) Asian Social Work and Policy Review, 14 (3), pp. 138-147. , https://doi.org/10.1111/aswp.12204, (Ekim); McDonough, Susan, Being a Neighbor: Ideas and Ideals of Neighborliness in the Medieval West (2017) History Compass, 15 (9), pp. 1-11. , https://doi.org/10.1111/hic3.12406; Mikail, Said Adekunle vd, Utilisation of Zakat and Waqf Fund in Micro-Takaful Models in Malaysia: An Exploratory Study (2017) Isra International Journal of Islamic Finance, 9 (1), pp. 100-105. , https://doi.org/10.1108/IJIF-07-2017-010; Polanyi, Karl, (2001) The Great Transformation: The Political and Economic Origins of Our Time, , Boston: Beacon Press, 2nd Basım; Rachman, M. Aulia, Salam, Annisa Nur, The Reinforcement of Zakat Management through Financial Technology Systems (2018) International Journal of Zakat, 3 (1), p. 5769. , https://doi.org/10.37706/ijaz.v3i1.68, (Mayıs); Razak, Shaikh Hamzah Abdul, Zakat and Waqf as Instrument of Islamic Wealth in Poverty Alleviation and Redistribution: Case of Malaysia (2020) International Journal of Sociology and Social Policy40, (3-4), pp. 249-266. , https://doi.org/10.1108/IJSSP-11-2018-0208, (Nisan); Rejeb, Dhiaeddine, Blockchain and Smart Contract Application for Zakat Institution (2020) International Journal of Zakat, 5 (3), pp. 20-29. , https://doi.org/10.37706/ijaz.v5i3.260, (Aralık); Salleh, Marhanum Che Mohd vd, Developing a Sustainable Model of Waqf-Based Takaful for Flood Victims in Malaysia (2020) Journal of Islamic Accounting and Business Research, 11 (10), pp. 1941-1952. , https://doi.org/10.1108/JIABR-10-2016-0114, (04 Aralık); Sancakli, Saffet, Hadislerde ‘Yaşlılık Olgusunun’ Değerlendirilişi (2006) Cumhuriyet Üniversitesi İlahiyat Fakültesi Dergisi, 10 (1), pp. 49-71. , (Haziran); Santos, Henri C. vd., Global Increases in Individualism (2017) Psychological Science, 28 (9), pp. 1228-1239. , https://doi.org/10.1177/0956797617700622, (01 Eylül); Schmidt, William S., Transformative Pilgrimage (2009) Journal of Spirituality in Mental Health, 11 (1-2), pp. 66-77. , https://doi.org/10.1080/19349630902864242, (01 Haziran); Sencal, Harun, Asutay, Mehmet, The Emergence of New Islamic Economic and Business Moralities (2019) Thunderbird International Business Review, 61 (5), pp. 765-775. , https://doi.org/10.1002/tie.22064; Thornton, Patricia H., Ocasio, William, Institutional logics (2008) The SAGE Handbook of Organizational Institutionalism, pp. 99-128. , http://dx.doi.org/10.4135/9781526415066, mlf. Royston Greenwood vd. London; New Delhi; Thousand Oaks: SAGE Publications; Ullah, Shakir vd, Fatwa Repositioning: The Hidden Struggle for Shari’a Compliance within Islamic Financial Institutions (2018) Journal of Business Ethics, 149 (4), pp. 895-917. , https://doi.org/10.1007/s10551-016-3090-1, (Haziran); Williamson, W. Paul, The Experience of Muslim Prayer: A Phenomenological Investigation (2018) Pastoral Psychology, 67 (5), pp. 547-562. , https://doi.org/10.1007/s11089-018-0831-3, (Ekim); Yaman, Ahmet, Yeni Zamanlarda Fetvaya Ne Oldu? Günümüz Fetvalarında Görülen Bazı Yöntem Sorunları (2015) Türkiye Araştırmaları Literatür Dergisi, 13 (25-26), pp. 9-36; Yavuz, Yusuf Şevki, Ayne’l-Yakîn (1991) Türkiye Diyanet Vakfı İslâm Ansiklopedisi, 4, pp. 269-270. , Ankara: TDV Yayınları; Yavuz, Yusuf Şevki, Hakka’l -Yakîn (1997) Türkiye Diyanet Vakfı İslâm Ansiklopedisi, 15, pp. 203-204. , Ankara: TDV Yayınları; Yavuz, Yusuf Şevki, Îlme’l-Yakîn (2000) Türkiye Diyanet Vakfı İslâm Ansiklopedisi, 22, pp. 137-138. , Ankara: TDV Yayınları; Zauro, Nurudeen Abubakar vd, Integration of Waqf towards Enhancing Financial Inclusion and Socio-Economic Justice in Nigeria (2020) International Journal of Ethics and Systems, 36 (4), pp. 491-505. , https://doi.org/10.1108/IJOES-04-2020-0054, (Ekim)},
correspondence_address1={Şencal, H.; İstanbul 29 Mayıs University, Turkey; email: hsencal@29mayis.edu.tr},
publisher={Cumhuriyet University},
issn={25289861},
language={Turkish},
abbrev_source_title={Cumhur. Ilah. Derg.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Moufdi2021225,
author={Moufdi, N. and Mansouri, A.},
title={FAMILY SOCIAL CAPITAL AND GOVERNANCE OF FAMILY BUSINESSES: THE EMERGING MARKET EVIDENCE},
journal={Corporate Governance and Organizational Behavior Review},
year={2021},
volume={5},
number={2 Special Issue},
pages={225-232},
doi={10.22495/cgobrv5i2sip10},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85123015926&doi=10.22495%2fcgobrv5i2sip10&partnerID=40&md5=7b2cfa8f4d8776e789163e8f7f8975b3},
affiliation={Sidi Mohamed Ben Abdellah University, Fez, Morocco},
abstract={Considered as the most dominant business form in the entrepreneurial fabric in Morocco, as in the majority of countries in the world (Salhi, 2017), the family business is distinguished by a family social capital (FSC) making it competitive and perennial (Mesfar & Ben Kahla, 2018). This paper aims to analyze the influence of this capital, through its three dimensions — structural, relational, and cognitive — on the governance system of Moroccan family firms. The results of our exploratory study conducted among 30 family businesses in the form of interviews showed, on the one hand, that the existence of a strong FSC within the company makes its governance system based on informal family mechanisms. On the other hand, the weakness of the said capital has not led the companies that are the subject of our study to adopt formal corporate governance mechanisms as shared by several researchers. This is due, according to the interviewees, to socio-cultural considerations. Our results contribute to the enrichment of the literature while showing that the informality of governance mechanisms can be explained, not only by the strength of its FSC but also by such a socio-cultural context where the family model is of a communal and clan type welded by Islamic religious values of group cohesion. © 2021 The Authors.},
author_keywords={Corporate Governance;  Family Business;  Family Social Capital},
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M., (2002) La méthode des cas Application à la recherche en gestion, , Bruxelles, Belgium: De Boeck Université; Jaskiewicz, P., Klein, S., The impact of goal alignment on board composition and board size in family businesses (2007) Journal of Business Research, 60 (10), pp. 1080-1089. , https://doi.org/10.1016/j.jbusres.2006.12.015; Jouad, A., Moufdi, N., Mansouri, A., La succession familiale: Le genre trouve encore de place! [Family succession: Gender still finds a place!] (2019) Revue Internationale des Sciences de Gestion, 3 (2), pp. 442-455. , https://www.revue-isg.com/index.php/home/article/download/75/64/264, Retrieved from; Larioui, L., Alaoui Mdaghri, A., Gouvernance et capital social des PME familiales: Une analyse théorique (2016), https://www.researchgate.net/publication/312022644_Gouvernance:et_Capital_Social_des_PME_familiales_Une_Analyse_Theorique, Paper presented at the 13ème congrès international francophone en entrepreneuriat et PME. 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M., (2010) Analyse des données qualitatives (traduction de la 2eme édition américaine par Martine Hlady-Rispal), , Paris, France: De Boeck; Nahapiet, J., Ghoshal, S., Social capital, intellectual capital, and the organizational advantage (1998) The Academy of Management Review, 23 (2), pp. 242-266. , https://doi.org/10.5465/amr.1998.533225; Puranam, P., Vanneste, S. B., Trust and governance: Untangling a tangled web (2009) Academy of Management Review, 34 (1), pp. 11-31. , https://doi.org/10.5465/amr.2009.35713271; Salhi, M., (2017) Contribution à la connaissance de la gouvernance des entreprises familiales, , (Thèse de doctorat, Institut Supérieur de Commerce et Administration des Entreprises (ISCAE)); Schulze, W., Lubatkin, M., Dino, R., Buchholtz, A., Agency relationship in family firms: Theory and evidence (2001) Organization Science, 12 (2), pp. 99-116. , https://doi.org/10.1287/orsc.12.2.99.10114; Sharma, P., Chrisman, J., Gersick, K. E., 25 years of family business review: Reflexions on the past and perspectives for the future (2012) Family Business Review, 25 (1), pp. 5-15. , https://doi.org/10.1177/0894486512437626; Trébucq, S., (2003) La gouvernance d’entreprise héritière de conflits idéologiques et philosophiques, , http://www.crefige.dauphine.fr/recherche/histo_compta/trebucq.pdf, Retrieved from; Uzzi, B., The sources and consequences of embeddness for economic performance of organizations: The network effect (1996) American Sociological Review, 61 (4), pp. 674-698. , https://doi.org/10.2307/2096399; Ward, J. L., Growing the family business: Special challenges and best practices (1997) Family Business Review, 10 (4), pp. 323-357. , https://doi.org/10.1111/j.1741-6248.1997.00323.x},
correspondence_address1={Mansouri, A.; Sidi Mohamed Ben Abdellah UniversityMorocco},
publisher={Virtus Interpress},
issn={25211870},
language={English},
abbrev_source_title={Corp. Gov. Organ. Behav. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Amin202129,
author={Amin, S.I.M. and Abdul-Rahman, A. and Malim, N.A.K.},
title={Liquidity risk and regulation in the organization of the islamic cooperation (Oic) banking industry},
journal={Asian Academy of Management Journal of Accounting and Finance},
year={2021},
volume={17},
number={2},
pages={29-62},
doi={10.21315/aamjaf2021.17.2.2},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85120955685&doi=10.21315%2faamjaf2021.17.2.2&partnerID=40&md5=81494bcc44bad2e5a0a46151aa7f6b77},
affiliation={Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Bangi, Selangor, 43600 UKM, Malaysia; Institute of Islam Hadhari (HADHARI), Universiti Kebangsaan Malaysia, Bangi, Selangor, 43600 UKM, Malaysia; School of Management, Universiti Sains Malaysia, Pulau Pinang, 11800 USM, Malaysia},
abstract={The recurring crises have evidenced poor liquidity risk management and ineffective regulation in banking. Consequently, banking regulations have undergone continuous reforms to bolster stability in the banking system. Nonetheless, theoretical and empirical evidence provide conflicting results that warrant comprehensive research, particularly for emerging Islamic banking. This study examines the role of banking regulation on the liquidity risk of 245 conventional banks and 68 Islamic banks from selected 14 Organization of the Islamic Cooperation (OIC) from 2000 to 2017 utilising the dynamic panel GMM (generalised method of moments) technique. We measure liquidity risk using the Net Stable Funding Ratio (NSFR) and the total financing-to-total deposits and short-term funding (LDEP). Meanwhile, the regulatory measures are asset restriction (AR), private monitoring (PM), supervisory power (SP) and capital requirements (CR). The findings suggest that regulation has a limited impact on bank liquidity risk. The CR supports the value creation of regulation through the reduction in banks’ liquidity risks, while PM and SP are agency costs of regulation that lead to higher liquidity risks. The impact of CR is lower on liquidity risk in Islamic banking than conventional ones, probably due to limited Islamic liquidity risk management facilities. Thus, regulators should strengthen Islamic liquidity risk instruments and markets to facilitate Islamic banking growth. © Asian Academy of Management and Penerbit Universiti Sains Malaysia, 2021.},
author_keywords={Bank regulation;  GMM;  Islamic banks;  Liquidity risk;  Supervision standards},
funding_details={EP-2018-014},
funding_text 1={the financial support from Yayasan Tun Ismail Mohamed Ali-UKM (YTI-UKM) grant (code: EP-2018-014).},
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B., Liquidity risk management: A comparative study between Islamic and conventional banks (2015) Arabian Journal of Business and Management Review, 5 (6), pp. 25-30; Gobat, J., Yanase, M., Maloney, J., (2014) The net stable funding ratio: Impact and issues for consideration, , IMF Working Paper No. WP/14/106; Gorton, G., Winton, A., Liquidity provision, bank capital, and the macroeconomy (2017) Journal of Money, Credit and Banking, 49 (1), pp. 5-37. , https://doi.org/10.1111/jmcb.12367; Hasan, M., Dridi, J., The effects of the global crisis on Islamic and conventional banks: A comparative study (2011) Journal of International Commerce, Economics and Policy, 2, pp. 163-200. , https://doi.org/10.1142/S1793993311000270, (02); Hellmann, T. F., Murdock, K. C., Stiglitz, J. E., Liberalization, moral hazard in banking, and prudential regulation: Are capital requirements enough? 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H., Competition and risk in South East Asian commercial banking (2012) Applied Economics, 44 (28), pp. 3627-3644. , https://doi.org/10.1080/00036846.2011.579066; Mohsni, S., Otchere, I., Does regulatory regime matter for bank risk taking? A comparative analysis of US and Canada (2018) Journal of International Financial Markets, Institutions and Money, 53, pp. 1-16. , https://doi.org/10.1016/j.intfin.2017.08.006; Otero González, L., Ashour, S. O., Redondo-López, J. A., Rodríguez Gil, L. I., Country risk, regulation, and liquidity transformation in Palestine and neighboring countries (2018) Emerging Markets Finance and Trade, 54 (6), pp. 1375-1390. , https://doi.org/10.1080/1540496X.2017.1285224; Posner, R. A., (1974) Theories of economic regulation (No. w0041), , National Bureau of Economic Research; Ramzan, M., Zafar, M. I., Liquidity risk management in Islamic banks: A study of Islamic banks of Pakistan (2014) Interdisciplinary Journal of Contemporary Research in Business, 5 (12), pp. 199-215; Repullo, R., Capital requirements, market power, and risk-taking in banking (2004) Journal of Financial Intermediation, 13 (2), pp. 156-182. , https://doi.org/10.1016/j.jfi.2003.08.005; Roman, A., Sargu, A. C., The impact of bank-specific factors on the commercial banks liquidity: Empirical evidence from CEE countries (2015) Procedia Economics and Finance, 20 (15), pp. 571-579. , https://doi.org/10.1016/S2212-5671(15)00110-0; Shleifer, A., Vishny, R., (1998) The grabbing hand: Government pathologies and their cures, , Cambridge, UK: Harvard University Press, Cambridge; (2018) Financial outlook 2018, , http://www.comcec.org/en/wpcontent/uploads/2018/11/2018-FIN-OUT.pdf, Retrieved from; Stigler, G. J., The theory of economic regulation (1971) Bell Journal of Economics, 2, pp. 3-21. , https://doi.org/10.2307/3003160; Tabak, B. M., Fazio, D. M., Karine, C. D. O., Cajueiro, D. O., Financial stability and bank supervision (2016) Finance Research Letters, 18, pp. 322-327. , https://doi.org/10.1016/j.frl.2016.05.008; Von Thadden, E., Bank capital adequacy regulation under the new Basel accord (2004) Journal of Financial Intermediation, 13, pp. 90-95. , https://doi.org/10.1016/j.jfi.2003.04.002; Zheng, C., Sarker, N., Nahar, S., Bank disclosures and their impact on credit risk: Evidence from Bangladesh (2017) Asian Economic and Financial Review, 7 (12), p. 1211. , https://doi.org/10.18488/journal.aefr.2017.712.1211.1226},
correspondence_address1={Amin, S.I.M.; Faculty of Economics and Management, Malaysia; email: imna@ukm.edu.my},
publisher={Penerbit Universiti Sains Malaysia},
issn={18234992},
language={English},
abbrev_source_title={Asian Acad. Manage. J. Account. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Veicy2021377,
author={Veicy, H.},
title={Eurasian Economic Union and Regionalism of Iran},
journal={Central Eurasia Studies},
year={2021},
volume={14},
number={1},
pages={377-400},
doi={10.22059/jcep.2021.310374.449954},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85119683165&doi=10.22059%2fjcep.2021.310374.449954&partnerID=40&md5=a31d3af74393e7d2e334aba67f513a1d},
affiliation={Associate Professor of Political Geography, Payame Noor University, Iran},
abstract={Regionalism is the expression of a common sense of identity and purpose combined with the creation and implementation of institutions that express a particular identity and shape collective action within a geographical region. Regionalism and regional convergence are one of the important mechanisms of countries for empowerment development in the new era. Russia is the largest and most powerful country which emerged after the collapse of the Soviet Union. This country has made many efforts in the last couple of decades to establish regionalism and regional arrangements in former Soviet republics, the results of which have been the establishment of the Eurasian Economic Union (EEU) which consists of Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. It is the most important and active union created after the dissolution of the former Soviet Union to foster closer economic cooperation among member states for the well-being of the people of the region. The Islamic Republic of Iran, which has always been excluded or has not entered into the regionalization processes in the peripheral areas of the East and West, has in recent years put cooperation and convergence with the Eurasian Economic Union on its agenda. The signing of the agreement on the Establishment of a Free Trade Zone between the Islamic Republic of Iran and the Eurasian Economic Union in May 2018 was an important step for Iran to enter into regional arrangements. The present study seeks to investigate the regionalism policies of the Islamic Republic of Iran and the Russian Federation. What are the goals of the two countries in converging and cooperating in the framework of the Eurasian Economic Union? Methods and Material: The field study of the research is the core of Eurasia. The Eurasian Economic Union is located at the eastern end of Europe, bounded by the Arctic in the north, the Pacific Ocean to the east and Eastern Asia, the Middle East, and parts of Central Asia to the south. The Eurasian Economic Union accounts for about 15 percent of the world’s landmass, 2.4 percent of the world’s population, and 2.2 percent of the world’s gross domestic product or (GDP). The Islamic Republic of Iran is adjacent to the south of the Eurasian Economic Union. Iran shares borders with three of five countries of the Eurasian Economic Union. The research and data collection was done by descriptive and analytical methods. Results and Discussion: The process of Eurasian integration began immediately after the break-up of the Soviet Union. When the USSR began to fell in 1991, the Commonwealth of Independent States (CIS) was created from the ruins of the former USSR. The idea of Eurasian regionalism dates back to 1994. In 1994, during a speech at Moscow State University, the first President of Kazakhstan, Nursultan Nazarbayev, suggested the idea of creating a “Eurasian Union”. The idea was pursued by Russia and Kazakhstan. With the beginning of Vladimir Putin’s era as a prime minister, Eurasianism politics and regionalism in Eurasia were followed by Kremlin. In 2000, five states of Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan established the Eurasian Economic Community (EurAsEC). In October 2007, Russia, Belarus, and Kazakhstan signed an agreement to create a common customs territory and formed the Customs Union (CU). In December 2009, the leaders of the three countries in the city of Almaty signed the structure and framework of the Customs Union action plan for implementation from June 2010. The Treaty on the Eurasian Economic Union was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan, and Russia, and came into force on January first, 2015. Finally, on January first, 2015, the Treaty on the Eurasian Economic Union took effect. The treaty codified and expanded all prior agreements regarding both the work of the Customs Union and the development of additional areas of integration. Armenia joined the integration union on January 2nd, 2015, and Kyrgyzstan joined on May 8th, 2015. The Member states established the EAEU based on a certain understanding of their long-term economic objectives. Establishing a single market for trading goods, services, capital deployment of labor forces among member states and has the specific and highly ambitious goals of creating a customs union. The Interim Agreement enabling the formation of a free trade area between the Eurasian Economic Union (EAEU) and the Islamic Republic of Iran was signed in May 2018 within the framework of the Astana Economic Forum. The objectives of the Agreement are to liberalize and facilitate the trade of goods between the parties through, inter alia, reduction or elimination of tariff and non-tariff barriers concerning the originating goods included in Annex 1 of the Agreement; to create a base for formation of a free trade area in which following international rules, standards and practices, duties and other restrictive regulations on commerce will be eliminated between the Parties and the necessary support for economic and trade cooperation between them will be provided. From the date of the entry into force of this Agreement, the parties will reduce and/or eliminate customs duties on goods listed in Annex 1 of this Agreement. According to Annex 1, in the Agreement, the list of 502 goods and services by the Eurasian Economic Union and 360 items in similar cases by Iran are included. With the policy of Eurasianism, Russia seeks to expand its sphere of influence and rebuild its status as one of the world powers. The Islamic Republic of Iran has realized the importance of regionalism, but it has been left out or not included in almost all processes of regionalism in the East and the West. Iran sees the Eurasian Economic Union as an opportunity to expand its international relations and strengthen its economy during the sanctions period. Conclusion: The US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) and the extensive US sanctions against Iran and also Russia’s geopolitical straits and the challenge to the West, have led Russia and Iran to cooperate within the framework of the Eurasian Economic Union. The results show that despite the economic nature of the agreement, its political and geopolitical goals are of high importance for both Russia and Iran. © 2021},
author_keywords={Convergence;  Eurasia;  Eurasian Economic Union;  Geopolitics;  Iran;  Regionalism;  Russia},
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G., (2013) Mr. Putin: Operative in the Kremlin, , Washington D.C.: Brookings Institution Press; (2019) Iran’s Accession to the Eurasian Economic Union, , https://www.irna.ir/news/83497748/, Irna, (Accessed on: 12/8/2020); Kazemi, A., (1994) International Relations in Theory and Practice, , Tehran: Qomes [in Persian]; Keating, M., Loughlin, J., (2013) The Political Economy of Regionalism, , Routledge; Knobel, A., The Eurasian Economic Union: Development Prospects and Possible Obstacles (2019) Russian Social Science Review, 60 (2), pp. 137-161; Kühnhardt, L., (2010) Region Building: the Global Proliferation of Regional Integration, , Berghahn Books; Lagutina, M., (2019) Regional Integration and Future Cooperation Initiatives in the Eurasian Economic Union, , IGI Global; (2018), Law on the Interim Agreement on the Establishment of a Free Trade Zone between the Islamic Republic of Iran and the Eurasian Economic Union and its Member States Islamic Consultative Assembly (The Parliament of Iran), Published in the Official Gazette 21649 [in Persian]; Lukin, A., Yakunin, V., Eurasian Integration and the Development of Asiatic Russia (2018) Journal of Eurasian Studies, 9 (2), pp. 100-113; Mirfakhraei, S. 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(2018) Journal of Contemporary Studies, 26 (4), pp. 425-442; Saei, A., Globalization, Neo-regionalism: Interaction or Confrontation (2006) Law and Political Science, 71 (1), pp. 79-83. , [in Persian]; Sergi, B., Putin’s and Russian-led Eurasian Economic Union: a Hybrid Half-economics and Half-political “Janus Bifrons (2017) Journal of Eurasian Studies, 9 (1), pp. 52-60; (2020) Statistical Review of World Energy, , https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html, 69th edition, BP, (Accessed on: 20/10/2020); (2019) The Eurasian Economic Union Facts and Figures, , Moscow: Eurasian Economic Commission; (2014) Treaty on the Eurasian Economic Union, , https://docs.eaeunion.org, EAEU, (Accessed on: 25/7/2020); Valigolizadeh, A., A Brief Look at New Convergences in Central Eurasia and the Possible Challenges of the Islamic Republic of Iran (2011) Central Asia and the Caucasus Studies, 76 (17), pp. 125-146. , [in Persian]; Valizadeh, A., Salehi, M. 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correspondence_address1={Veicy, H.; Associate Professor of Political Geography, Iran; email: Hadiveicy@pnu.ac.ir},
publisher={University of Tehran},
issn={20080867},
language={English},
abbrev_source_title={Cent. Eurasia. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bouhider20211292,
author={Bouhider, R.},
title={Econometric study of the effect of deposits on Islamic Banks profitability: Evidence from Malaysia},
journal={Economics Bulletin},
year={2021},
volume={41},
number={3},
pages={1292-1302},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85118633644&partnerID=40&md5=92fed896c9e15cfcca20416abcd15167},
affiliation={University of Jijel},
abstract={The main objective of this paper is to analyze the relationship between the deposit and the profitability of fourteen Malaysian Islamic banks over the period 2010-2019, using a fixed effect panel data analysis and the least squares method. The findings of this study have reported a strong positive relationship between the bank deposits assets ratio and profitability. Moreover, the Capital adequacy and the Financing to Deposits Ratio have shown a significant positive impact on profitability. The Gross Domestic Product, Inflation, and The exchange rate, have shown a significant negative impact. However, the Risk-Weighted Assets, the Total Asset, the Operating Cost Ratio, the Market Share and the Deposit interest rate have no significant impact on the ROA. The study recommended Islamic banks in Malaysia to embark on a serious effort to develop their own instruments to mobilize the deposits, and to use them in order to foster economic and social development, which increases its future profitability and reduces its costs. © 2021. All Rights Reserved.},
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correspondence_address1={Bouhider, R.; University of Jijel},
publisher={Economics Bulletin},
issn={15452921},
language={English},
abbrev_source_title={Econ. Bull.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Masrizal20211000,
author={Masrizal and Sukmana, R. and Al Mustofa, M.U. and Herianingrum, S.},
title={Can country risks predict Islamic stock index? Evidence from Indonesia},
journal={Journal of Islamic Accounting and Business Research},
year={2021},
volume={12},
number={7},
pages={1000-1014},
doi={10.1108/JIABR-04-2020-0127},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85111973917&doi=10.1108%2fJIABR-04-2020-0127&partnerID=40&md5=2e3887c0282ba3373ab646faf7de9ce5},
affiliation={Department of Islamic Economics, Faculty of Economic and Business, Universitas Airlangga, Surabaya, Indonesia},
abstract={Purpose: This study aims to examine the relationship between the Indonesian Islamic capital market, the country's risk and macroeconomic factors. Design/methodology/approach: This study uses the Johansen cointegration test and the vector error correction model (VECM) on monthly data from January 2003 to March 2016 to examine the variables that influenced the Islamic capital market proxied by the Jakarta Islamic Index (JII). Findings: The findings indicate the existence of short-term and long-term cointegrations between country risk (political, economic and financial risks), macroeconomic variables (industrial production index, inflation and oil price) and JII. In the long run, financial risk positively affects the JII, whereas economic risks and inflation are negatively related. In the short run, only inflation affect negatively the JII. Practical implications: The study emphasizes the critical role of financial risk in affecting the Islamic capital market. Investors negatively respond to higher financial risk and react positively to more increased economic threats. The variable of financial risk has the highest coefficient, indicating that the investors favour a conducive financial environment in deriving JII. Originality/value: This study extends the previous literature with an attempt to empirically examine the influence of Indonesia's country risk on the Islamic stock market through VECM. © 2021, Emerald Publishing Limited.},
author_keywords={Country risk;  Islamic Capital market;  Jakarta stock exchange Islamic index;  Macroeconomic variables;  Vector error correction model},
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correspondence_address1={Masrizal, S.; Department of Islamic Economics, Indonesia; email: raditya-s@feb.unair.ac.id},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ghaith20211,
author={Ghaith, M.A.M.},
title={The Impact Of Deeds In Line With Their Intended Aims "Speculation In Islamic Financial Sukuk As A Model"},
journal={Academy of Entrepreneurship Journal},
year={2021},
volume={27},
number={4},
pages={1-20},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85111752739&partnerID=40&md5=ef38b67256077480ddf7bec016765ec1},
affiliation={University of Jordan, Jordan},
abstract={Financial markets have been of a pivotal value for economic and financial developments and have become the focus of attention of various financial crises. In addition to the banking sector, the financial market sector, especially the capital market, is one of the financial sectors that has been given great interest by the Islamic economy due to its role in mobilizing savings and collecting surplus units with deficit units. This is because Islamic sukuk as a financial instrument play a prominent role in this field. Since most of the capital markets in different countries, including Islamic countries, are not committed to the provisions of Islamic law, it is necessary to clarify the effect of the intent on the speculation process in Islamic Sukuk. The significance of this research lies in investigating the legal provision of speculation in Islamic Sukuk depending on dealer’s intent in the Islamic market. © 2021,Academy of Entrepreneurship Journal},
author_keywords={Economy;  Islamic Economics;  Speculation;  Trading},
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Kuwait: Dar Al-Qalam; Kamel, O., (2006) The major jurisprudence rules and their impact on the financial transactions, , 1st ed. Cairo: Islamic Heritage Library; Keynes, J.M., (2010) The General Theory of Use, Interest and Currency, , 1st ed. Abu Dhabi: ElAin Publishing; Maurice, A., (2009) Monetary Conditions for Market Economy Lecture: From Yesterday Lessons to Tomorrow Reforms; Sahih Muslim, , Muslim ibn al-Najjāj an-Naysābūrī. (1374). translated by Muhammad Fuad Abdul-Baqi. 1st ed. Dār 'Ihyā al-Kutub al-'Arabīyah. Issa Al-Babi Al-Halabi; Nasir, A., (2013) The correlation of Sukuk pricing with interest rate Libor as a threatening factor for the safety of their investment: Research presented to the Ninth International Conference on Islamic Economics and Finance, , Istanbul: Turkey; Rashwan, H.M., (1998) Introduction to Financial Markets, , 1st ed. Cairo: Ain Shams Library; Sālūs, A.A., (1998) Islamic economics and contemporary jurisprudential issues, , (-1418). 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publisher={Allied Business Academies},
issn={10879595},
language={English},
abbrev_source_title={Acad. Entrep. J},
document_type={Article},
source={Scopus},
}

@ARTICLE{Orhan2021302,
author={Orhan, Z.H. and Isiker, M.},
title={Developing a ranking methodology for Sharīʿah indices: the case of Borsa Istanbul},
journal={ISRA International Journal of Islamic Finance},
year={2021},
volume={13},
number={3},
pages={302-317},
doi={10.1108/IJIF-08-2019-0113},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85111667819&doi=10.1108%2fIJIF-08-2019-0113&partnerID=40&md5=1dfc2773ffde97e10c3229360ff68c71},
affiliation={Faculty of Business and Management Sciences, Istanbul Sabahattin Zaim University, Istanbul, Turkey},
abstract={Purpose: This paper aims to develop a ranking methodology for the companies included in the Islamic indices in Turkey. Thus, this paper simplifies the decision-making process for investors with Islamic sensitivities to stock market investment when constructing their investment portfolio. Design/methodology/approach: This paper uses a case study of 20 companies listed on Borsa Istanbul, drawing data from their 2017, 2018 and 2019 financial reports. These companies are scored and ranked according to their compatibility with the screening criteria used by Ziraat Katilim index in Turkey. In addition, this paper uses the quantitative screening process to calculate the ranking scores of these companies. Findings: The findings show that some companies are highly compatible with the screening criteria, with ranking scores close to 100 points. However, some companies satisfied the criteria on the margin. This may not be a desirable result for some investors. Research limitations/implications: Only 20 companies are included in the analysis. Since the conventional accounting system is used in Turkey, it was difficult to get exact information about the companies’ Sharīʿah compatibility from the financial results. Practical implications: The findings assist investors to determine which company is ethically more responsible than others within the Islamic framework. There are also implications for the companies in question, index providers and Sharīʿah scholars. Social implications: The findings aim to simplify the decision-making process of investors who have Islamic sensitivities to stock exchange market investment when they constitute their portfolio. Originality/value: To the best of the authors’ knowledge, it is one of the first attempts to develop a ranking methodology for Sharīʿah-screened stocks in Turkey even though Sharīʿah screening has been on the agenda since the late 1990s. This paper also compares 11 indices based on their screening criteria. © 2021, Zeyneb Hafsa Orhan and Murat Isiker.},
author_keywords={Borsa Istanbul;  Islamic capital markets;  Ranking methodology;  Sharīʿah-compliant investment;  Ziraat Katılım index},
funding_text 1={This research is partially funded by Istanbul Sabahattin Zaim University via the Scientific Research Project.},
references={Agussalim, M., Limakrisna, N., Ali, H., Mutual funds performance: conventional and sharia product (2017) International Journal of Economics and Financial Issues, 7 (4), pp. 150-156; Ata, H.A., Buğan, M.F., Comparison of the performances Islamic and conventional market indices and their causal relationship (2015) International Journal of Business Management and Economic Research (IJBMER), 6 (6), pp. 455-462; Azmi, A., Non, N., Aziz, N.A., Challenges to sharīʿah equity screening from sharīʿah scholars perspective (2017) International Journal of Islamic and Middle Eastern Finance and Management, 10 (2), pp. 229-242; Bayram, K., Othman, A.H.A., Islamic versus conventional stock market indices performance: empirical evidence from Turkey (2019) Iqtishadia, 12 (1), pp. 74-86; (2019) Katılım endeksi (participation index) 50, , www.katilimendeksi.org/content/userfiles/files/kural_kitapcik_50_1.pdf, accessed 5 August 2019; Derigs, U., Marzban, S., Review and analysis of current sharīʿah-compliant equity screening practices (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303; Dhawan, S., (2019) Top 10 investment options, , https://economictimes.indiatimes.com/wealth/invest/top-10-investment-options/articleshow/64066079.cms?from=mdr, accessed 5 August 2019; Hanif, M., Sharīʿah screening process of capital markets: an evaluation of methodologies (2019) JKAU: Islamic Econ, 32 (1), pp. 23-42; Hashim, A.M., Habib, R., Isaacs, Z., Gadhoum, M.A., ISRA-Bloomberg sharīʿah stock screening and income cleansing methodologies: a conceptual paper (2017) ISRA International Journal of Islamic Finance, 9 (1), pp. 27-42; Hilman, I., Performance of sharia equity funds and conventional equity funds, which one is better? Comparative study on equity funds at Indonesia Stock Exchange-IDX, period 2014-2016 (2017) Accounting and Financial Management Journal, 2 (11), pp. 1035-1045; Ho, C.S.F., International comparison of Sharīʿah compliance screening standards (2015) International Journal of Islamic and Middle Eastern Finance and Management, 8 (2), pp. 222-245; Kafou, A., Chakir, A., From screening to compliance strategies: the case of Islamic stock indices with application on “MASI (2017) Islamic Economic Studies, 25, pp. 55-84; Khatkhatay, M.H., Nisar, S., Sharīʿah compliant equity investments: an assessment of current screening norms (2007) Islamic Economic Studies, 15 (1), pp. 47-76; Mahfooz, S.B., Ahmed, H., Sharīʿah investment screening criteria: a critical review (2014) JKAU: Islamic Econ, 27 (1), pp. 3-38; Mohamad, S., Habib, F., Kinan, S., (2018) Criteria for determining the sharīʿah compliance of shares: a fiqhi synthesis, , Research Paper 104/2018, International Shari’ah Research Academy for Islamic Finance, Kuala Lumpur; Natarajan, M.D., Equanimity of risk and return relationship between sharīʿah index and general index in India (2011) Journal of Islamic Economics and Behavioral Studies, 2 (5), pp. 213-222; Pok, W.C., Analysis of Syariah quantitative screening norms among Malaysia Syariah-compliant stocks (2012) Investment Management and Financial Innovations, 9 (2), pp. 69-80; Rana, M.E., Akhter, W., (2015) Performance of Islamic and conventional stock indices: empirical evidence from an emerging economy, , Working Paper, Center of Islamic Finance: COMSATS Institute of Information Technology, Lahore Campus, Lahore; Reddy, K., Fu, M., Does sharīʿah compliant stocks perform better than the conventional stocks? A comparative study of stocks listed on the Australian Stock Exchange (2014) Asian Journal of Finance and Accounting, 6 (2), pp. 155-170; Tas, O., Tokmacioglu, K., Ugurlu, U., Isiker, M., Comparison of ethical and conventional portfolios with second-order stochastic dominance efficiency test (2016) International Journal of Islamic and Middle Eastern Finance and Management, 9 (4), pp. 492-511; Usmani, M.M.T., (2001) An Introduction to Islamic Finance, , Arab and Islamic Law Series, 20, Kluwer Law International; Yildirim, R., Ilhan, B., (2018) Sharīʿah screening methodology: new Sharīʿah compliant approach, , Working Paper 90277, MPRA; Yıldız, S.B., Performance analysis of Turkey’s participation and conventional indices using TOPSIS method (2020) Journal of Islamic Accounting and Business Research, 11 (7), pp. 1403-1416; (2021) Endeks kuralları, , www.ziraatportfoy.com.tr/tr/-endeks-kurallari, accessed 10 July 2021},
correspondence_address1={Orhan, Z.H.; Faculty of Business and Management Sciences, Turkey; email: hafsaorhan82@hotmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={01281976},
language={English},
abbrev_source_title={ISRA Int. J. Islamic Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Al-Haija2021904,
author={Al-Haija, E.A. and Syed, M.},
title={Islamic real estate investment trust: comparative study between emirates Islamic REIT UAE and Al Salam Islamic REIT Malaysia},
journal={Journal of Islamic Accounting and Business Research},
year={2021},
volume={12},
number={6},
pages={904-918},
doi={10.1108/JIABR-09-2020-0273},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85111429457&doi=10.1108%2fJIABR-09-2020-0273&partnerID=40&md5=949487dc5acdece125858a3d008a4e5e},
affiliation={Department of Accounting and Finance, Emirates College of Technology, Abu Dhabi, United Arab Emirates; Islamic Banking and Finance, College of Business, Jumeira University, Dubai, United Arab Emirates},
abstract={Purpose: The Islamic Capital Market (ICM) has witnessed tremendous growth over the years. One of the most interesting growth curves in the ICM instruments is that Islamic Real Estate Investment Trusts (I-REITs). The purpose in this paper is to highlight the concept of I-REIT and to presents a comparative analysis for Emirates I-REIT and Al-Salam I-REIT of UAE and Malaysia to find out the implications of the major differences between the two countries I-REITs. Design/methodology/approach: This paper uses the data in the two I-REITs' financial reports from the years 2015 to 2019. A descriptive (Observational design) data analysis approach is used in comparing both I-REITs by focusing on five different variables that include: portfolio, governance, financial performance, Shariah compliance and risk management. Findings: The findings offer evidence of key differences between the two countries regarding the I-REITs. The differences found in the implication for all variables that the paper presented, especially the size of the portfolio for each I-REIT along with the Shariah compliance and risk management, Al Salam “Malaysia” used more standard approach than UAE in which the SSB is responsible for setting the guidelines for Emirates REIT. Also, the risk management technique used by the two REITs differs from one another. Practical implications: This research paper provides an insight for the capital market sectors as an initiative to improve and develop the ICM to play its important role in the economy. Originality/value: This research paper is an initiative to compare and evaluate the implications of major differences between the I-REITs of the two countries only in the light of recent development in the ICM. © 2021, Emerald Publishing Limited.},
author_keywords={Al-Salam REIT;  Emirates REIT;  Governance;  Islamic capital market;  Islamic Real estate investment trusts;  Performance;  Portfolio;  Risk management;  Shariah compliance},
references={Bianco, C., Ghosh, C., Sirmans, C.F., The impact of corporate governance on the performance of REITs: yes, poor governance can destroy value (2007) Journal of Portfolio Management. Institutional Investor Journals Umbrella, 33 (SPEC. ISS), pp. 175-191; Chuweni, N.N., Eves, C., Islamic fund and asset management: the opportunities and challenges of I-REITs (2015) Australian Conference of Economists, , https://eprints.qut.edu.au/88048, Brisbane: QUT ePrints; Dusuki, A.W., ‘Practice and prospect of Islamic real estate investment trusts (I-REITs) in Malaysian Islamic capital market (2007) International Conference for Islamic Capital Markets, pp. 279-293. , Hidayat, S.E. (Ed.), Jakarta: Researchgate; (2020) Annual report 2019, , www.reit.ae/page/investor:relations, accessed 5 April 2020; (2017) Global REIT markets, , www.ey.com/Publication/vwLUAssets/ey:global:reit:markets/$FILE/ey:global:reit:markets.pdf, accessed 10 April 2020; (2017) Global REIT markets, , www.ey.com/Publication/vwLUAssets/ey:global:reit:markets/$FILE/ey:global:reit:markets.pdf, accessed 8 April 2020; (2012) Islamic Financial System Principles and Operations, , ISRA, Kuala Lampur; Jenkins, P., (2015) The World’s Fastest Growing Religion: Comparing Christian and Muslim Expansion in the Modern Era, , Springer, Dordrecht, Waco; Kasim, N., Shariah governance for Islamic capital market: step forward (2013) International Journal of Education and Research, 1 (6); Ma’In, M., Determinants of Islamic real estate investment trust performance (2016) Advanced Science Letters, 22 (12), pp. 4321-4325; Maierbrugger, A., (2017) The growth of I-REITs | property – Gulf news, , https://gulfnews.com/business/property/the:growth:of:islamiC-REITs:1.2107758; Nordin, N., (2018) Islamic real estate investment trusts (I-REITs): less effort, steady rewards–wahed, , https://journal.wahedinvest.com/islamic:real:estate:investment:trusts:I-REITs:less:effort:steady:rewards; O’Neal, N.C., The development of Islamic finance in America: the future of Islamic real estate investment trusts (2009) Real Property, Trust, and Estate Law Journal, 44 (2), p. 279:297; Omar, A., (2013) Fundamentals of Islamic Money and Capital Markets, , John Wiley; Osmadi, A.B., A guide to Islamic finance and Islamic REITs (2006) Australian Property Journal, 39 (3), pp. 212-218; Ruslan, S.M.M., The financial performance of Islamic real estate investment trusts (REITs) in Malaysia (2019) Asian Academy of Management Journal of Accounting and Finance, 15 (1); Syed, A., Najeeb, F., Vejzagic, M., Development, growth and challenges of Islamic capital markets: comparative insights from the Malaysian, Indonesian, United Arab Emirates and Brunei markets debt and hybrid * instruments (2013) Journal of Emerging Economies and Islamic Research, 1 (3); Zhou, J., Anderson, R.I., Extreme risk measures for international REIT markets (2012) The Journal of Real Estate Finance and Economics, 45 (1), pp. 152-170; (2016) Annual report 2015, , www.alsalamreit.com.my/investors.php, accessed 6 April 2020; (2017) Annual report 2016, , www.alsalamreit.com.my/investors.php, accessed 6 April 2020; (2018) Annual report 2017, , www.alsalamreit.com.my/investors.php, accessed 6 April 2020; (2019) Annual report 2018, , www.alsalamreit.com.my/investors.php, accessed 6 April 2020; (2020) Annual report 2019, , www.alsalamreit.com.my/investors.php, accessed 6 April 2020; Aznan, H., Syahnaz, S., The use of Islamic real estate investment trust (I-REIT) as a contemporary instrument in developing Waqf assets: potential structure, issues, and challenges (2016) Intellectual Disclosure, 24, pp. 521-540; (2016) Annual report 2015, , www.reit.ae/page/investor:relations, accessed 5 April 2020; (2017) Annual report 2016, , www.reit.ae/page/investor:relations, accessed 5 April 2020; (2018) Annual report 2017, , www.reit.ae/page/investor:relations, accessed 5 April 2020; (2019) Annual report 2018, , www.reit.ae/page/investor:relations, accessed 5 April 2020; Hamzah, A.H., Rozali, M.B., Tahir, I.M., Empirical investigation on the performance of the Malaysian real estate investment trusts in pre-crisis, during the crisis, and post-crisis period (2010) International Journal of Economics and Finance, 2 (2), pp. 62-69; Harun, S.L., Measuring the efficiency of real estate investment trust using data development analysis approach (2012) The Fifth Foundation of Islamic Finance Conference, pp. 1-12; Ibrahim, M.F., Shariah-compliant real estate development financing and investment in the Gulf corporation council (2012) Journal of Property Investment and Finance, 30 (2), pp. 175-197; Mohamad, N.E.A.B., The performance of shariah real estate investment trust and conventional real estate investment trust in Malaysia (2016) Indonesian Capital Market Review, 8 (1), pp. 1-11; Ong, T.S., Malaysian real estate investment trusts: a performance and comparative analysis (2012) International Journal of Economics and Finance, 4 (5), p. 73; Razali, M.N., Sing, T.F., systematic risk of I-reits and conventional reits in Malaysia (2015) Journal of Real Estate Portfolio Management, 21 (1), pp. 77-92; Saeed, M., (2011) The outlook for I-REITs as an investment vehicle; Stulz, R.M., rethinking risk management (1996) Journal of Applied Corporate Finance, 9 (3), pp. 8-25; Zainuddin, Z., Nordin, N., Addressing governance issues in Islamic real estate investment trust (I-REIT): a case study for OIC country Malaysia (2016) International Journal of Islamic Business, 1 (1), p. 60:75},
correspondence_address1={Al-Haija, E.A.; Department of Accounting and Finance, United Arab Emirates; email: elias.haija@ect.ac.ae},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Danila2021380,
author={Danila, N. and Kamaludin, K. and Sundarasen, S. and Bunyamin, B.},
title={Islamic index market sentiment: evidence from the ASEAN market},
journal={Journal of Islamic Accounting and Business Research},
year={2021},
volume={12},
number={3},
pages={380-400},
doi={10.1108/JIABR-05-2020-0166},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85106051795&doi=10.1108%2fJIABR-05-2020-0166&partnerID=40&md5=67ea21810bf88ccf7b197caf08d6ac63},
affiliation={Department of Finance, College of Business Administration, Prince Sultan University, Riyadh, Saudi Arabia; Department of Accounting, Prince Sultan University, Riyadh, Saudi Arabia; Prince Sultan University, Riyadh, Saudi Arabia; STIE Malangkucecwara, Malang, Indonesia},
abstract={Purpose: The purpose of this paper is to examine investor sentiment by measuring the impact of market sentiment shocks on the volatility of the Islamic stock index of five ASEAN countries, with noise traders as a proxy for market sentiment. Design/methodology/approach: The GJR-GARCH model is used to capture the empirically observed fact that negative shocks in the past period have a stronger impact on variance than positive shocks in the present. Findings: All five ASEAN Islamic stock indices show clustering volatility. However, only three countries, namely, Malaysia, Thailand and Singapore, demonstrate leverage effects. In addition, the effect of market sentiment on Islamic stock index returns is observed in the Indonesian and Malaysian markets, which are the two largest Islamic markets with a dominant Muslim population in the ASEAN. This finding implies that the trading behaviours of Muslim investors in the Shariah market are the same as their behaviours in the conventional market, that is, nonadherence to the Sunnah. Practical implications: Whilst establishing investment strategies, creating portfolios and providing client-advisory services, investors and fund managers should factor in the presence of market sentiment and its impact on stock performance and volatility. In addition, a capital market system preventing rumour-based transactions is compelling. Social implications: In some markets, the Islamic financial products awareness should be increased through education to attract increased domestic investors with the potential to boost growth in the Islamic stock market. Originality/value: Investigation market sentiment impacts on the Islamic stock index using noise traders as a proxy. © 2021, Emerald Publishing Limited.},
author_keywords={ASEAN;  Islamic index;  Market sentiment;  Noise;  Volatility},
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correspondence_address1={Danila, N.; Department of Finance, Saudi Arabia; email: ndanila@psu.edu.sa},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Gomez-Perez2021105,
author={Gomez-Perez, M. and Jourde, C.},
title={Islamic entrepreneurship in Senegal: Women’s trajectories in organizing the Hajj},
journal={Africa Today},
year={2021},
volume={67},
number={2-3},
pages={105-126},
doi={10.2979/africatoday.67.2_3.06},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85105413598&doi=10.2979%2fafricatoday.67.2_3.06&partnerID=40&md5=d1f059468de16c0432c5bc46d7088de1},
affiliation={Department of Historical Sciences, Université Laval, Canada; School of Political Studies, Université d’Ottawa, Canada},
abstract={Since the early 2000s, as the government of Senegal increasingly privatized the organizing of pilgrimages to Mecca, women have massively invested in this sector, once dominated by men. They have become owners and managers of hajj-related travel agencies, taking care of thousands of female and male pilgrims. Based on fieldwork research in Dakar, this article studies how their efforts have evolved in the moral economy of the hajj as actors displaying various forms of agency. We present the strategies of social capital and network mobilization these women have devised and the ways in which they have built on accumulated experiences and knowledge to launch and develop their own agencies. We explore the main challenges they have had to meet: managing the Senegalese state, navigating a complex transnational market, and reconciling business and religious imperatives. © The Trustees of Indiana University.},
keywords={business;  entrepreneur;  fieldwork;  Islamism;  social capital, Dakar [Senegal];  Senegal},
funding_details={Social Sciences and Humanities Research Council of CanadaSocial Sciences and Humanities Research Council of Canada, SSHRC, 435-2016-0682},
funding_text 1={We acknowledge the help of our research assistants: Mohamed Lemine Sakho, Stéphanie Bacher, and Joanny Bélair. This work was funded by an Insight Grant from the Social Sciences and Humanities Research Council of Canada–SSHRC (435-2016-0682, 2016–22).},
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publisher={Indiana University},
issn={00019887},
language={English},
abbrev_source_title={Afr. Today},
document_type={Article},
source={Scopus},
}

@ARTICLE{Harjito2021107,
author={Harjito, D.A. and Nabila, A.R. and Sanusi, Z.M.},
title={Jakarta Sharia Stock Index and international Sharia leading stock indices: Comparison of Sharia screening processes},
journal={International Journal of Business and Emerging Markets},
year={2021},
volume={13},
number={2},
pages={107-123},
doi={10.1504/ijbem.2021.114404},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85104679686&doi=10.1504%2fijbem.2021.114404&partnerID=40&md5=ed31fbf99eb2d4d07eece34f40870a1a},
affiliation={Management Department, Faculty of Economics, Universitas Islam Indonesia, Yogyakarta, Indonesia; Accounting Research Institute, Universiti Teknologi MARA, Shah Alam Branch, Selangor, 40450, Malaysia},
abstract={This research examines whether Jakarta Islamic Index (JII) adopts a financial screening process that can be considered more liberal than the financial screening process applied by Dow Jones Islamic Market (DJIM), S&P 500 Sharia, FTSE Sharia Global Equity Index, AMIRI Capital and MSCI Islamic Index. In this study, 180 Sharia-compliant firms listed in JII from 2010 to 2015 are screened using the formula of liquidity ratio, interest ratio and debt ratio adopted by the selected Sharia index providers. This finding shows that the highest percentage originates from MSCI in which 43 companies are considered to be Sharia-compliant. Meanwhile, only three companies are deemed to be Sharia-compliant according to DJIM and S&;P. Given the fact that only less than 50% of firms passed, the screening process under each selected Sharia stock index, it can be concluded that JII applies more liberal financial screening criteria when compared to the other index providers. © 2021 Inderscience Enterprises Ltd.. All rights reserved.},
author_keywords={financial screening;  quantitative screening.;  Sharia-compliant stock},
references={Abbes, M.B., Risk and return of Islamic and conventional indices? (2012) International Journal of Euro-Mediterranean Studies, 5 (1), pp. 1-23. , December; Adam, N.L., Bakar, A.N., Sharia screening process in Malaysia? (2012) Social and Behavioral Sciences, 121 (1), pp. 113-123; Journal, Amiri Capital, (2009) A Pioneer in Islamic Alternative Investment Products, 2. , November, AMIRI Capital; (2017) S&;P BSE 500 Sharia Methodology, pp. 4-7. , Asia Index Pvt. Ltd. S&;P Dow Jones Indices; Bilgin, M.F., (2006) Political Liberalism and Inclusion of Religion, , https://www.researchgate.net/publication/228910591-Political-liberalism-And-inclusion-of-religion, [online] (accessed 5 January 2019); Catherine, S.F.H., Nurul, A.A.R., Noor, H.M.Y., Zaminor, Z., Comparison of quantitative sharia-compliant screening methods? (2011) ISRA International Journal of Islamic Finance, 3 (2), pp. 91-110; Derigs, U., Marzban, S., Review and analysis of current shariah-compliant equity screening practices? (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303; Jones, Dow, (2010) S&;P Dow Jones Indices, , https://www.djindexes.com/, [online] (accessed 30 December 2019); El-Dalabeeh, A.R., The role of financial analysis ratio in evaluating performance (case study: national chlorine industry)? (2013) Interdisciplinary Journal of Contemporary Research in Business, 5 (2), pp. 13-28. , June; Targeting Lower Volatility through Ethical and Quantitative Screening , pp. 1-19. , FTSE Shariah Research (n.d) FTSE Shariah Research, FTSE; Hakim, S., Rashidian, M., Risk and return of Islamic stock market indexes? (2004) Proceedings of the International Seminar of Nonbank Financial Institutions: Islamic Alternatives, , Kuala Lumpur, Malaysia; Ho, C.S.F., Masood, O., Rehman, A.A., Bellalah, M., Syariah accounting and compliant screening practices? (2012) Qualitative Research in Financial Markets, 4 (2), pp. 240-254. , Nos. /3; Indexes-Methodology.pdf, , (accessed 6 January 2019); (2016) Sukuk Market Developments in Asia for Q216, , https://www.islamicfinance.com/2016/10/sukuk-market-developments-Asia-q216, Islamic Finance Asia [online] (accessed 10 January 2019); Ismail, A.G., Tohirin, A., Islamic law and finance? (2010) Humanomics: The International Journal of Systems and Ethics, 26 (3), pp. 178-199; Khatkhatay, M., Nisar, S., Investment stocks: A critical review of Dow Jones shariah screening norms? (2012) International Conference on Islamic Capital Market, pp. 1-24; Lewis, M.K., (2007) Handbook of Islamic Banking, , Edward Elgar Publishing Limited, Cheltenham; Listyaningsih, E., Krishnamurti, C., How is the volatility of Jakarta Islamic index stocks? (2016) Jurnal Bisnis & Manajemen, 17 (2), pp. 109-122; (2013) Shariah Screening Methodology, , Malaysian International Islamic Centre Insight. meth-docs/MSCI-May16-Islamic-MSCI Research Journal (2016) MSCI Islamic Index Series; (2012) Investment Management and Financial Innovations, 9 (2). , https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/4542/imfi-en-2012-02-Pok.pdf, Methodology. Index Methodology, [online] https://www.msci.com/eqb/methodology/Pok, W.C. ?Analysis of syariah quantitative screening norms among Malaysia syariah-compliant stocks [online] (accessed 2 January 2019); Pranata, N., Nurzanah, N., Conventional and Islamic indices in Indonesia: A comparison on performance, volatility and the determinants? (2015) Indonesian Capital Market Review, 7 (2), pp. 133-127; Salahuddin, A., Hermansyah, A., Assessing the efficiency of Jakarta Islamic index-linked investing? (2014) Indonesian Capital Market Review, 4 (2), pp. 65-80; Scatizzi, C., (2010) Fundamental Focus, March, Computerized Investing, , https://www.aaii.com/computerizedinvesting/article/fundamental-focus-Analyzing-debt-ratios.pdf, [online] (accessed 2 January 2019); Setiawan, C., Oktariza, H., Syariah and conventional stock performance of public companies listed on Indonesian Stock Exchange? (2013) Journal of Accounting, Finance and Economics, 3 (1), pp. 51-64; Zainudin, N., Miskam, S., Sulaiman, M., (2014) Revised Screening Methodology for Shariah-compliant Securities: New Standard to Meet Global Expectation, , https://www.researchgate.net/publication/301680102-revised-shariah-screening-methodology-The-impact-on-shariah-compliant-status-of-public-companies-listed-on-bursa-malaysia, [online] (accessed 28 December 2018)},
correspondence_address1={Harjito, D.A.; Management Department, Indonesia; email: agus_h@uii.ac.id},
publisher={Inderscience Publishers},
issn={17536219},
language={English},
abbrev_source_title={Intern. J. Busi. Emer. Mar.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Norton2021199,
author={Norton, S.D. and Molla Imeny, V.},
title={Schumpeter’s creative destruction and the credit crunch of 2007–2008: an Islamic banking perspective},
journal={Qualitative Research in Financial Markets},
year={2021},
volume={13},
number={2},
pages={199-214},
doi={10.1108/QRFM-07-2020-0126},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85102800718&doi=10.1108%2fQRFM-07-2020-0126&partnerID=40&md5=3b2bab0b4480af6a5dd5ab366bb2fc5d},
affiliation={Cardiff Business School, Cardiff University, United Kingdom; Ferdowsi University of Mashhad, Mashhad, Iran},
abstract={Purpose: This paper aims to compare products traded in secular and Islamic banking environments prior to the credit crunch of 2007–2008; to locate the comparison in a Schumpeterian model of creative destruction of dynamic innovation in the capital markets; and to evaluate the implications for diversity of investor product choice. Design/methodology/approach: Financial products are critiqued using qualitative criteria, including underestimation of risk implicit in mortgage-backed securities and securitisation, excessive speculative activity in credit default swaps and the magnification of leverage and volatility. Comparable Islamic products are considered for the extent to which they facilitate the same precursors of market crises. Findings: Innovation in secular financial markets has traditionally led to asset bubbles, underestimation of risks and market exuberance. Islamic banking constrains creativity by prohibiting risk transference and disconnection of financing activity from social context and economic purpose. As such, the latter reduces Schumpeterian creative destruction but at the cost of reduced investor choice and market liquidity. Restriction of the reallocation of risk between those who do not wish to hold it and those who do dampens innovation but would have prevented the trading of products which contributed to the credit crunch. Originality/value: The constraining effect of Islamic banking upon creativity and innovation is considered alongside its capacity to reduce market volatility, speculation and systemic instability. Schumpeterian theory deepens the analysis in terms of the drivers of innovation and market collapse. © 2021, Emerald Publishing Limited.},
author_keywords={Credit crunch;  Islamic banking;  Mortgage-backed securities;  Schumpeter;  Securitisation;  Sukuk},
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correspondence_address1={Norton, S.D.; Cardiff Business School, United Kingdom; email: NORTONSD@cardiff.ac.uk},
publisher={Emerald Group Holdings Ltd.},
issn={17554179},
language={English},
abbrev_source_title={Qual. Res. Financ. Markets},
document_type={Article},
source={Scopus},
}

@ARTICLE{Toh20211,
author={Toh, M.Y. and Jia, D.},
title={Determinants of bank liquidity creation: A comparison between Islamic banks and conventional banks in a dual banking system},
journal={Singapore Economic Review},
year={2021},
pages={1-37},
doi={10.1142/S0217590821500053},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85101375225&doi=10.1142%2fS0217590821500053&partnerID=40&md5=119bbd7e56d3036143d8734cf42db94e},
affiliation={School of Economics and Management, Xiamen University Malaysia, Jalan Sunsuria Bandar Sunsuria, Sepang, Selangor, Malaysia; Department of Finance, School of Economics, Changzhou University, 21 Gehu Middle Road, Wujin Changzhou, Jiangsu, China},
abstract={Using a panel dataset of 45 banks operating in Malaysia’s dual banking system over the period 2001–2017, this paper investigates whether and how the liquidity creation of Islamic banks is determined differently from that of the conventional commercial banks. The preliminary analysis shows that bank capital, size, risk and market power are significant determinants of bank liquidity creation in the dual banking system, whereas macroeconomic factors exert little influence. When banks are differentiated by bank types, the paper finds that bank capital, size and risk are related to more liquidity creation of Islamic banks vis-a-vis conventional banks, particularly in terms of on-balance sheet liquidity creation. Bank market power affects the liquidity creation by Islamic banks negatively, as opposed to the positive effect observed for conventional banks. This paper also finds that the liquidity creation pattern of Islamic banks is pro-cyclical, given that their on-balance sheet liquidity creation is more responsive to changes of economic growth and monetary policy rate. The overall results suggest that the institutional features of Islamic banking and the country’s regulatory support for the industry cause Islamic banks to respond heterogeneously from their conventional counterparts. The results offer numerous key policy implications for countries adopting dual banking systems. © World Scientific Publishing Company.},
author_keywords={Conventional bank;  Dual banking system;  Islamic bank;  Liquidity creation},
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C); Vo, XV, Bank lending behavior in emerging markets (2018) Finance Research Letters, 27, pp. 129-134. , https://doi.org/10.1016/j.frl.2018.02.011; Zulkhibri, M, The impact of monetary policy on Islamic bank financing: Bank-level evidence from Malaysia (2018) Journal of Economics, Finance and Administrative Science, 23 (46), pp. 306-322},
correspondence_address1={Toh, M.Y.; School of Economics and Management, Jalan Sunsuria Bandar Sunsuria, Malaysia; email: moauyong.toh@xmu.edu.my},
publisher={World Scientific},
issn={02175908},
language={English},
abbrev_source_title={Singap. Econ. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Guizani2021732,
author={Guizani, M. and Ajmi, A.N.},
title={Testing the pecking order theory of capital structure in an Islamic legal system: the case of Saudi Arabia},
journal={International Journal of Islamic and Middle Eastern Finance and Management},
year={2021},
volume={14},
number={4},
pages={732-752},
doi={10.1108/IMEFM-05-2019-0216},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85101035856&doi=10.1108%2fIMEFM-05-2019-0216&partnerID=40&md5=72b03758a02f38181c15f010cd076048},
affiliation={Department of Accounting and Finance, High Institute of Computer Science and Management in Kairouan, University of Kairouan, Kairouan, Tunisia; Department of Business Administration, College of Science and Humanity Studies in Sulyel, Prince Sattam Bin Abdulaziz University, Al Kharj, Saudi Arabia},
abstract={Purpose: The purpose of this paper is to examine whether the basic premises according to the pecking order theory (POT) provide an explanation for the capital structure mix of firms operating under Islamic principles. Design/methodology/approach: Pooled ordinary least squares, fixed and random effects regressions were performed to test the POT applying data from a sample of 66 Islamic-compliant firms listed on Saudi Stock Market over the period 2006–2016. Findings: The results show that sale-based instruments (Murabahah, Ijara) track the financial deficit quite closely followed by equity financing and as a last alternative to finance deficit, Islamic-compliant firms issue Sukuk. In the crisis period, these firms seem more reliant on equity, then on sale-based instruments and on Sukuk as last option. The study findings also indicate that the cumulative financing deficit does not wipe out the effects of conventional variables, although it is empirically significant. This provides no support for the POT attempts by Saudi Islamic-compliant firms Research limitations/implications: This research contributes to the theory of capital structure in re-validating the findings of a previous theoretical and empirical study. It helps understand the capital structure of Islamic-compliant firms in comparison with conventional firms. It highlights some areas where further research on topics related to capital structure of Islamic-compliant firms is needed. The failure of the POT to explain Saudi firms’ financing choices strongly pushed researchers to test the market timing theory for the Saudi Stock Market. Further research studies could re-examine the trade-off theory in the absence of interest tax shield as in an Islamic economy. Practical implications: From a managerial perspective, this research can serve firm executive managers in their financing decisions to add value to the companies. Furthermore, policymakers, bankers and standard-setting organizations should undertake more collective work to simplify the process of issuing Islamic financial instruments including Sukuk. Moreover, the Saudi Government has to encourage the private sector to be more innovative in developing products and services that are in line with Sharia principles. Finally, to attract investors, the Capital Market Authority has to encourage transaction, efficiency and liquidity of Islamic financial instruments. Originality/value: The proposed study presents several originalities. First, it explores the implications of relevant Islamic principles on financing preferences of Saudi firms. Second, the present study enables us to investigate what the sudden abundance of liquidity, generated by the record levels of oil prices, implied for the firms’ financing behavior. Finally, it provides further evidence on the impact of financial crisis on the firms’ capital structure choice in a period of considerable slowdown in the world. © 2021, Emerald Publishing Limited.},
author_keywords={capital structure;  Ijara;  Islamic-compliant firms;  Murabahah;  Pecking order theory;  Sukuk},
funding_text 1={When we split firms according to crisis period, the results support the same modified POT in the pre and post-crisis periods. Financial deficit is financed by sale-based instruments (Murabahah, Ijara), then equity, and finally by Sukuk. However, the POT is highly violated in the crisis period. The results displayed in show less reliance of firms on debt issuance in the crisis period. KSA firms seem more reliant on equity, then on sale-based instrument and on Sukuk as a last alternative. Hence, KSA firms that are willing to expand often find it difficult to obtain financing from financial institutions in the crisis period and are thus credit constrained. This essentially constitutes the “financing-gap” faced by firms and this gap is more prevalent in crisis period. The financial crisis arguably provides a shock to the supply of external financing resulting in a liquidity crunch and lending contraction for banking systems globally. Consequently, corporate borrowing and capital expenditures fall sharply. This argument aligns with , who suggests that the liquidity shocks to the short-term funding markets impose liquidity constraints to banks, leading them to cut their lending and ultimately lead to changes in the capital structure of corporations.},
references={Aggarwal, R.K., Yousef, T., Islamic banks and investment financing (2000) Journal of Money, Credit and Banking, 32 (1), pp. 93-120; Ahmed, H., (2007) Issues in Islamic corporate finance: capital structure in firms, , IRTI Research Paper Series 70, Jeddah, Saudi Arabia; Ajmi, H., Abd Aziz, H., Kassim, S., Mansour, W., Adverse selection analysis for profit and loss sharing contracts (2019) International Journal of Islamic and Middle Eastern Finance and Management, 12 (4), pp. 532-552; Allini, A., Rakha, S., McMillan, D.G., Caldarelli, A., Pecking order and market timing theory in emerging markets: the case of Egyptian firms (2018) Research in International Business and Finance, 44 (2), pp. 297-308; Alnoria, F., Alqahtani, F., Capital structure and speed of adjustment in non-financial firms: does sharia compliance matter? 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(2011) Managerial Finance, 37 (8), pp. 715-735; Frank, M.Z., Goyal, V.K., Testing the pecking order theory of capital structure (2003) Journal of Financial Economics, 67 (2), pp. 217-248; Gunn, T., Shackman, J., A comparative analysis of the implications of the Islamic religion on corporate capital structures of firms in emerging market countries (2014) International Journal of Islamic and Middle Eastern Finance and Management, 7 (3), pp. 277-287; Hsiao, C., (2003) Analysis of Panel Data, , Cambridge University Press, Cambridge; Ismail, F., Nordin, N., Zainuddin, Z., Firms’ financing behavior: a look into Shariah-compliant construction firms in Malaysia (2016) International Journal of Economics and Financial Issues, 6 (7), pp. 283-289; Ismal, R., Assessing the gold murabahah in Islamic banking (2014) International Journal of Commerce and Management, 24 (4), pp. 367-382; Jarallah, S., Saleh, A.S., Salim, R., Examining pecking order versus trade-off theories of capital structure: new evidence from Japanese firms (2019) International Journal of Finance and Economics, 24 (1), pp. 204-211; Kayed, R.N., The entrepreneurial role of profit-and-loss sharing modes of finance: theory and practice (2012) International Journal of Islamic and Middle Eastern Finance and Management, 5 (3), pp. 203-228; Klein, P.O., Weill, L., Why do companies issue sukuk? (2016) Review of Financial Economics, 31 (4), pp. 26-33; Korkut, C., Ozgur, O., Is there a link between profit share rate of participation banks and interest rate? The case of Turkey (2017) Journal of Economic Cooperation and Development, 38 (2), pp. 135-158; Le, C.H.A., Macro-financial linkages and bank behaviour: evidence from the second-round effects of the global financial crisis on East Asia (2016) Eurasian Economic Review, 6 (3), pp. 365-387; Miah, M.D., Suzuki, Y., Murabaha syndrome of Islamic banks: a paradox or product of the system? (2020) Journal of Islamic Accounting and Business Research, 11 (7), pp. 1363-1378; Minhat, M., Dzolkarnaini, N., Which firms use Islamic financing? (2016) Economics Letters, 150, pp. 15-17; Modigliani, F., Miller, M., The cost of capital corporation finance, and the theory of investment (1958) American Economic Review, 48 (3), pp. 261-297; Moudud-Ul-Huq, S., Banks’ capital bufers, risk, and efficiency in emerging economies: are they counter-cyclical? (2019) Eurasian Economic Review, 9 (4), pp. 467-492; Myers, S.C., The capital structure puzzle (1984) The Journal of Finance, 39 (3), pp. 575-592; Myers, S.C., Majluf, N.S., Corporate financing and investment decisions when firms have information that investors do not have (1984) Journal of Financial Economics, 13 (2), pp. 187-221; Nehad, A., Khanfar, A., A critical analysis of the concept of Gharar in Islamic financial contracts: different perspective (2016) Journal of Economic Cooperation and Development, 37 (1), pp. 1-24; O’Brien, R.M., A caution regarding rules of thumb for variance inflation factors (2007) Quality and Quantity, 41 (5), pp. 673-690; Shaban, M., Duygun, M., Anwar, M., Akbar, B., Diversification and banks' willingness to lend to small businesses: evidence from Islamic and conventional banks in Indonesia (2014) Journal of Economic Behavior and Organization, 103 (7), pp. S39-S55; Shyam-Sunder, L., Myers, S., Testing static trade-off against pecking order models of Capital structure (1999) Journal of Financial Economics, 51 (2), pp. 219-244; Talattov, A.G., Sanusi, N.A., Kusairi, S., Shaari, A.H., The role of corporate zakat on optimal capital structure policy: evidence from Malaysian firms (2016) Journal of Islamic Monetary Economics and Finance, 1 (2), pp. 259-292; Warde, I., (2010) Islamic Finance in the Global Economy, , 2nd ed., Edinburgh University Press, Edinburgh; Yildirim, R., Masih, M., Bacha, O.I., Determinants of capital structure: evidence from shari'ah compliant and non-compliant firms (2018) Pacific-Basin Finance Journal, 51 (5), pp. 198-219},
correspondence_address1={Guizani, M.; Department of Accounting and Finance, Tunisia; email: guizani_m@yahoo.fr},
publisher={Emerald Group Holdings Ltd.},
issn={17538394},
language={English},
abbrev_source_title={Int. J. Islam. Middle East. Financ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Guizani2021216,
author={Guizani, M. and Ajmi, A.N.},
title={The capital structure decision of Islamic and conventional banks: empirical evidence from Malaysia},
journal={Asia-Pacific Journal of Business Administration},
year={2021},
volume={13},
number={2},
pages={216-234},
doi={10.1108/APJBA-06-2020-0218},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85100842555&doi=10.1108%2fAPJBA-06-2020-0218&partnerID=40&md5=9aa52c891cd9b5a811bb3133dfd8d9a0},
affiliation={Department of Accounting and Finance, High Institute of Computer Science and Management in Kairouan, University of Kairouan, Kairouan, Tunisia; Department of Business Administration, College of Science and Humanity Studies in Sulayel, Prince Sattam Bin Abdulaziz University, Al Kharj, Saudi Arabia},
abstract={Purpose: The purpose of this paper is to investigate how Islamic banks (IBs) and conventional banks (CBs) in Malaysia choose their capital structure and what are the most significant factors that affect their decisions regarding their capital structure. Design/methodology/approach: This study applies the autoregressive distributed lag (ARDL) approach for a sample of 54 Banks listed on Malaysian stock market over the period 2010–2018. Findings: The study findings show that the capital structure of IBs appears to be driven by similar factors to those previously found in the corporate finance literature. They also provide evidence of the existence of a long-run and short-run relationship between leverage and its main determinants for Islamic and CBs. However, the results show that various independent variables on the capital structure do exhibit different effects (in magnitude of the coefficient) among Islamic and CBs. Moreover, we find that IBs slowly adjust their capital structure toward the desired leverage ratio than CBs. Research limitations/implications: This research contributes to the theory in re-validating capital structure theories on IBs. It helps understand the capital structure of IBs in comparison with CBs. If in conventional finance, the standard presiding decisions of an economic agent is optimizing the risk-return ratio, this standard is not the only or the primary decision criterion in the Islamic finance context where spiritual and theological considerations are taken into consideration. Practical implications: This research can contribute to managers in understanding the choice of capital structure for IBs within the bound of Sharia requirement. Such an understanding provides managers with applied knowledge of determining their appropriate capital structure to compete locally and globally in which IBs operate. Originality/value: This paper offers some insights on the determinants of capital structure by investigating Islamic and CBs. It explores the implication of relevant Islamic principles on capital structure. Moreover, it analyses the determinants of capital structure using ARDL method that permits to identify the short-run and long-run relationships between capital structure and its main determinants. © 2021, Emerald Publishing Limited.},
author_keywords={ARDL;  Capital structure;  Conventional banks;  Islamic banks;  Pecking order theory;  Trade-off theory},
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correspondence_address1={Guizani, M.; Department of Accounting and Finance, Tunisia; email: guizani_m@yahoo.fr},
publisher={Emerald Group Holdings Ltd.},
issn={17574323},
language={English},
abbrev_source_title={Asia-Pac. J. Bus. Adm.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Louati2021578,
author={Louati, S. and Boujelbene, Y.},
title={Basel Regulations and Banks’ Risk-efficiency Nexus: Evidence from Dynamic Simultaneous-equation Models},
journal={Journal of African Business},
year={2021},
volume={22},
number={4},
pages={578-602},
doi={10.1080/15228916.2020.1770041},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85087024400&doi=10.1080%2f15228916.2020.1770041&partnerID=40&md5=269260d756ed35dc19818dda1c60f702},
affiliation={Departement of Economics, Universite de Sfax, Faculte des Sciences Economiques et de Gestion de Sfax, Sfax, Tunisia},
abstract={This study is designed to investigate the causality links binding the risk and efficiency factors within both of the Islamic and conventional banks contexts, highlighting the effect of regulatory standards and protocols. Relying on previously elaborated theoretical priors guidelines, a particular set of five regulatory tools has been considered, namely, capital requirement, official supervisory power, bank activities associated restrictions, deposit insurance and market discipline as well as private monitoring. Empirical results provide evidence that the same regulations appear to differently affect both of the distinct banking models. Overall, empirical investigations show that deposit insurance and market discipline stand as the unique regulatory instructional frameworks likely to help in reducing the risk-taking behavior of both of the Islamic and conventional banking systems, while different results have been attained in regard of the for bank efficiency dimension. © 2020 Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={Bank efficiency;  bank Regulations;  Islamic banks;  risk},
keywords={banking;  industrial regulation;  Islamism;  model;  risk;  technical efficiency},
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correspondence_address1={Louati, S.; Departement of Economics, Tunisia; email: louatisalma700@gmail.com},
publisher={Routledge},
issn={15228916},
language={English},
abbrev_source_title={J. Afr. Bus.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ganar20201516,
author={Ganar, Y.B. and Agrasadya and Dinantara, M.D. and Apriansyah, M. and Sahroni and Zulfitra and Sampurnaningsih, S.R. and Rachmawaty and Noryani and Sari, W.I. and Jati, W. and Marjohan, M. and Sarwani and Maddinsyah, A. and Sunarsi, D.},
title={The reaction of the sharia stock market in the early days of the Covid-19 pandemic in Indonesia},
journal={Systematic Reviews in Pharmacy},
year={2020},
volume={11},
number={11},
pages={1516-1526},
doi={10.31838/srp.2020.11.214},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85105899733&doi=10.31838%2fsrp.2020.11.214&partnerID=40&md5=8e37bfcbff4f06d83c87b88216d94697},
affiliation={Universitas Pamulang, 8.9.10.11.12.13.14.15, Indonesia; Student of Doctoral Program in Management Science, Universitas Pasundan, Indonesia; Student of Doctoral Program in Management Science, Universitas Pakuan, Indonesia},
abstract={In 2020, Indonesia was affected by the Corona Virus Pandemic outbreak known as Covid-19. This pandemic has spread globally in almost all over the world. As a result, countries in Indonesia and almost all countries around the world reduce their economic activities. With the existence of this pandemic, researchers are trying to test its impact on the capital market in Indonesia, especially on Islamic stocks in Indonesia, namely the Indonesian Sharia Stock Index (ISSI) and the Jakarta Islamic Index (JII). This research is also to contribute to the Market Efficiency Theory which was first presented by Fama (1970) and then further developed in 1991 by Fama, using an event study. Researchers specifically tested Market Efficiency Theory during the Covid-19 pandemic in Indonesia. Researchers took a sample of each Islamic stock index, namely the closing stock price and stock trading volume (liquidity), as many as 21 stock exchange days in March 2020 compared to the 21 exchange days for the sample observation in March of the previous year. Samples and observations were also taken 21 stock exchange days before and after the announcement of the Covid-19 pandemic in Indonesia on March 2, 2020. The method used in the study was the Event Study with Least Square Regression Method using Eviews 9 software. The study aimed to test the impact. the coronavirus pandemic event on the Islamic stock index in Indonesia. The research results are expected to be used as consideration for companies, investors, and stakeholders in anticipating future pandemic events. © 2020 EManuscript Technologies. All rights reserved.},
author_keywords={Diabetes patient;  Mobile application;  Primary health care},
keywords={Article;  capital;  coronavirus disease 2019;  government;  human;  Indonesia;  pandemic;  price;  priority journal;  stock market;  theory},
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Y., Yusup, M., Sunarsi, D., The Effect of Service Quality and Price on Purchase Decisions in Woodpecker Coffee in South Jakarta (2020) Solid State Technology, 63 (6), pp. 1491-1504; Culture Influence University Performance? Evidence from Indonesian Universities PalArch’s Journal of Archaeology of Egypt / Egyptology, 17 (6), pp. 8484-8511. , http://www.palarch.nl/index.php/jae/article/view/2260, Retrieved from; Sobarna, A., Rizal, R. M., Hambali, S., Sunarsi, D., Influence Make a Match Model toward Communication skills in Physical and Health Pedagogical Concept (2020) Solid State Technology, 63 (6), pp. 1355-1363; Utama, Cynthia Afriani, Hapsari, Lina, Jenis Industri, Kepemilikan Saham Asing Dan Reaksi Pasar Modal Akibat Serangan Bom Teroris (2012) Jurnal Akuntansi dan Keuangan Indonesia, 9 (2), pp. 100-116. , Desember 2012 hal; Sobarna, A., Sunarsi, D., Roinadi, D. 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Y., Innovation And Authentic Leadership Of Islamic University Lectures In Faculty Pharmacy Faculty: What Is The Role Of Psychological Capital? (2020) Systematic Reviews in Pharmacy, 11 (8), pp. 383-393; Surasni, Reni Hindriari, Manik, Cornelia Dumarya, Hidayati, Syafaatul, Wulansari, Retno, Sunarsi, Denok, (2020) Did Ecology Leadership and Organizational},
correspondence_address1={Zulfitra; Universitas Pamulang, 8.9.10.11.12.13.14.15, Indonesia; email: dosen01137@unpam.ac.id},
publisher={EManuscript Technologies},
issn={09758453},
language={English},
abbrev_source_title={Syst. Rev. Pharm.},
document_type={Article},
source={Scopus},
}

@ARTICLE{BenAyed20201689,
author={Ben Ayed, W. and Fatnassi, I. and Ben Maatoug, A.},
title={Selection of Value-at-Risk models for MENA Islamic indices},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={9},
pages={1689-1708},
doi={10.1108/JIABR-07-2019-0122},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85083270288&doi=10.1108%2fJIABR-07-2019-0122&partnerID=40&md5=7a8079adf930c60a19aa2cc1931e28a8},
affiliation={Department of Accounting, Faculty of Law, Economics and Management, University of Jendouba, GEF-2A Laboratory, Jendouba, Tunisia; Department of Accounting, College of Business, University of Jeddah, Jeddah, Saudi Arabia; Department of Quantitative Methods, University of Bisha, Bisha, Saudi Arabia; Higher Institute of Management of Tunis, University of Tunis, GEF-2A Laboratory, Tunis, Tunisia; Higher Institute of Management of Tunis, University of Tunis, Tunis, Tunisia; Tunis Higher School of Commerce, University of Manouba, GEF-2A Laboratory, Manouba, Tunisia},
abstract={Purpose: The purpose of this study is to investigate the performance of Value-at-Risk (VaR) models for nine Middle East and North Africa Islamic indices using RiskMetrics and VaR parametric models. Design/methodology/approach: The authors test the performance of several VaR models using Kupiec and Engle and Manganelli tests at 95 and 99 per cent levels for long and short trading positions, respectively, for the period from August 10, 2006 to December 14, 2014. Findings: The authors’ findings show that the VaR under Student and skewed Student distribution are preferred at a 99 per cent level VaR. However, at 95 per cent level, the VaR forecasts obtained under normal distribution are more accurate than those generated using models with fat-tailed distributions. These results suggest that VaR is a good tool for measuring market risk. The authors support the use of RiskMetrics during calm periods and the asymmetric models (Generalized Autoregressive Conditional Heteroskedastic and the Asymmetric Power ARCH model) during stressed periods. Practical implications: These results will be useful to investors and risk managers operating in Islamic markets, because their success depends on the ability to forecast stock price movements. Therefore, because a few Islamic financial institutions use internal models for their capital calculations, the regulatory committee should enhance market risk disclosure. Originality/value: This study contributes to the knowledge in this area by improving our understanding of market risk management for Islamic assets during the stress periods. Then, it highlights important implications regarding financial risk management. Finally, this study fills a gap in the literature, as most empirical studies dealing with evaluating VaR prediction models have focused on quantifying the model risk in the conventional market. © 2020, Emerald Publishing Limited.},
author_keywords={APARCH;  Islamic indices;  RiskMetrics;  Value-at-Risk},
references={Al-Najjar, D.M., Modelling and estimation of volatility using ARCH/GARCH models in Jordan’s stock market (2016) Asian Journal of Finance and Accounting, 8 (1), pp. 152-167; Ané, T., An analysis of the flexibility of asymmetric power GARCH models (2006) Computational Statistics and Data Analysis, 51 (2), pp. 1293-1311; Angelidis, T., Benos, A., Degiannakis, S., The use of GARCH models in VaR estimation (2004) Statistical Methodology, 1 (1-2), pp. 105-128; Assaf, A., Extreme observations and risk assessment in the equity markets of MENA region: tail measures and Value-at-Risk (2009) International Review of Financial Analysis, 18 (3), pp. 109-116; Assaf, A., Value-at-Risk analysis in the MENA equity markets: fat tails and conditional asymmetries in return distributions (2015) Journal of Multinational Financial Management, 29, pp. 30-45; Bekiros, S., Loukeris, N., Eleftheriadis, I., Avdoulas, C., Tail-related risk measurement and forecasting in equity markets (2019) Computational Economics, 53 (2), pp. 783-816; Bellini, F., Negri, I., Pyatkova, M., Backtesting VaR and expectiles with realized scores (2019) Statistical Methods and Applications, 28 (1), pp. 119-142; BitarWalker, M., Pukthuanthong, K., (2015) Basel III and bank efficiency: does one solution fit all? Evidence from Islamic and conventional banks, , Evidence from Islamic and Conventional Banks; Bollerslev, T., Generalized autoregressive conditional heteroskedasticity (1986) Journal of Econometrics, 31 (3), pp. 307-327; Bollerslev, T., A conditionally heteroskedastic time series model for speculative prices and rates of return (1987) The Review of Economics and Statistics, 69 (3), pp. 542-547; Bollerslev, T., Chou, R.Y., Kroner, K.F., ARCH modeling in finance: a review of the theory and empirical evidence (1992) Journal of Econometrics, 52 (1-2), pp. 5-59; Chau, F., Deesomsak, R., Wang, J., Political uncertainty and stock market volatility in the Middle east and North African (MENA) countries (2014) Journal of International Financial Markets, Institutions and Money, 28, pp. 1-19; Chen, C.W., Sun, Y.W., (2018) Bayesian Forecasting for Tail Risk, pp. 122-145. , Springer, Berlin; Danielsson, J., De Vries, C.G., Value-at-Risk and extreme returns (2000) Annales D’Economie et de Statistique, pp. 239-270; Diamandis, P.F., Drakos, A.A., Kouretas, G.P., Zarangas, L., Value-at-Risk for long and short trading positions: evidence from developed and emerging equity markets (2011) International Review of Financial Analysis, 20 (3), pp. 165-176; Dickey, D.A., Fuller, W.A., Likelihood ratio statistics for autoregressive time series with a unit root (1981) Econometrica, 49 (4), pp. 1057-1072; Dimitrakopoulos, D.N., Kavussanos, M.G., Spyrou, S.I., Value at risk models for volatile emerging markets equity portfolios (2010) The Quarterly Review of Economics and Finance, 50 (4), pp. 515-526; Ding, Z., Granger, C.W., Engle, R.F., A long memory property of stock market returns and a new model (1993) Journal of Empirical Finance, 1 (1), pp. 83-106; Engle, R.F., Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom inflation (1982) Econometrica, 50 (4), pp. 987-1007; Engle, R.F., Manganelli, S., CAViaR: conditional autoregressive value at risk by regression quantiles (2004) Journal of Business and Economic Statistics, 22 (4), pp. 367-381; (2013) The World Islamic Banking Competitiveness Report, , 2013-2014; Gençay, R., Selçuk, F., Extreme value theory and Value-at-Risk: relative performance in emerging markets (2004) International Journal of Forecasting, 20 (2), pp. 287-303; Giot, P., Laurent, S., Market risk in commodity markets: a VaR approach (2003) Energy Economics, 25 (5), pp. 435-457; Giot, P., Laurent, S., Modelling daily Value-at-Risk using realized volatility and ARCH type models (2004) Journal of Empirical Finance, 11 (3), pp. 379-398; Hansen, P.R., Lunde, A., A forecast comparison of volatility models: does anything beat a GARCH (1, 1)? (2005) Journal of Applied Econometrics, 20 (7), pp. 873-889; Harris, R., Sollis, R., (2003) Applied Time Series Modelling and Forecasting, , Wiley, Hoboken, NJ; Hassan, K., Mahlknecht, M., (2011) Islamic Capital Markets: products and Strategies, , John Wiley and Sons, Hoboken, NJ; Hersant, Y., (1999) Synthèse des travaux, pp. 193-198; Ho, L.C., Burridge, P., Cadle, J., Theobald, M., Value-at-Risk: applying the extreme value approach to Asian markets in the recent financial turmoil (2000) Pacific-Basin Finance Journal, 8 (2), pp. 249-275; Hoga, Y., Extending the limits of backtesting via the ‘vanishing p’-approach (2019) Journal of Time Series Analysis, 40 (5), pp. 858-866; Hung, J.-C., Lee, M.C., Liu, H.C., Estimation of Value-at-Risk for energy commodities via fat-tailed GARCH models (2008) Energy Economics, 30 (3), pp. 1173-1191; (2010) Islamic Finance and Global Financial Stability, , Islamic Financial Services Board, Kuala Lumpur; (2017) Islamic Financial Services Industry Stability Report 2017, , Islamic Financial Services Board; Jarque, C.M., Bera, A.K., Efficient tests for normality, homoscedasticity and serial independence of regression residuals (1980) Economics Letters, 6 (3), pp. 255-259; Jorion, P., (1997) Value at Risk: The New Benchmark for Controlling Market Risk, , McGraw-Hill, New York, NY; Jorion, P., Fallacies about the effects of market risk management systems (2002) The Journal of Risk, 5 (1), pp. 75-96; Jorion, P., (2007) Value at Risk: The New Benchmark for Managing Financial Risk, , McGraw-Hill, New York, NY; Kupiec, P.H., Techniques for verifying the accuracy of risk measurement models (1995) The J. Of Derivatives, 3 (2); Ljung, G.M., Box, G.E.P., On a measure of lack of fit in time series models (1978) Biometrika, 65 (2), pp. 297-303; Lux, M., Härdle, W.K., Lessmann, S., Data driven Value-at-Risk forecasting using a SVR-GARCH-KDE hybrid (2019) Computational Statistics, pp. 1-35; McNeil, A.J., Frey, R., Estimation of tail-related risk measures for heteroscedastic financial time series: an extreme value approach (2000) Journal of Empirical Finance, 7 (3-4), pp. 271-300; Mabrouk, S., Saadi, S., Parametric Value-at-Risk analysis: evidence from stock indices (2012) The Quarterly Review of Economics and Finance, 52 (3), pp. 305-321; Maghyereh, A.I., Al-Zoubi, H.A., Value-at-Risk under extreme values: the relative performance in MENA emerging stock markets (2006) International Journal of Managerial Finance, 2 (2), pp. 154-172; Mokni, K., Mansouri, F., How long memory in volatility affects market risk estimation (2011) The Impact of the Global Financial Crisis on Emerging Financial Markets, pp. 423-447. , Emerald Group Publishing, Bingley; Mokni, K., Mighri, Z., Mansouri, F., On the effect of subprime crisis on Value-at-Risk estimation: GARCH family models approach (2009) International Journal of Economics and Finance, 1 (2), p. 88; Morgan, J., (1996) Riskmetrics: technical Document, , Morgan Guaranty Trust Company, New York, NY; Orhan, M., Köksal, B., A comparison of GARCH models for VaR estimation (2012) Expert Systems with Applications, 39 (3), pp. 3582-3592; Pajhede, T., Backtesting Value-at-Risk: a generalized Markov test (2017) Journal of Forecasting, 36 (5), pp. 597-613; Roccioletti, S., (2016) Backtesting’ in Backtesting Value at Risk and Expected Shortfall, pp. 43-69. , Springer, Berlin; Rocha, R., (2011) Financial Access and Stability: A Road Map for the Middle East and North Africa, , The World Bank; Su, J.B., Lee, M.C., Chiu, C.L., Why does skewness and the fat-tail effect influence Value-at-Risk estimates? Evidence from alternative capital markets (2014) International Review of Economics and Finance, 31, pp. 59-85; Zhang, W.-G., Mo, G.-L., Liu, F., Liu, Y.-J., Value-at-Risk forecasts by dynamic spatial panel GJR-GARCH model for international stock indices portfolio (2018) Soft Computing, 22 (16), pp. 5279-5297},
correspondence_address1={Ben Ayed, W.; Department of Accounting, Tunisia; email: wassim.benayed@fsjegj.rnu.tn},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hassan20201,
author={Hassan, S. and Bhuiyan, M.A.H. and Darda, M.A. and Hossain, M.B. and Habib, M.W.},
title={BOND MARKET DEVELOPMENT IN BANGLADESH: CAPACITY BUILDING, CHALLENGES AND POLICY INITIATIVES},
journal={Academy of Strategic Management Journal},
year={2020},
volume={19},
number={4},
pages={1-11},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85099349358&partnerID=40&md5=a5eefa414175e5fc2129eac99a3f445b},
affiliation={Prince Sultan University; National University, Bangladesh; China Three Gorges University; ASA University, Bangladesh},
abstract={Development of Bond Market is pre-requisite not only for development of capital market, but also for development of economy of any country. Unfortunately, the size and maturity level of bond market of Bangladesh is much debased compared to other neighboring countries of South Asia. The objective of this study is to make an investigation of the challenges, opportunities and related issues of bond market in Bangladesh and also make a critical analysis of policy initiatives of bond market development. The study is based on secondary data obtained from various sources. The study revealed that the corporate bond market of Bangladesh is still very small and the dominating role of banking sector in corporate finance is inevitable. Interest rates on government bonds are repressed and government yield curve is not able to highlight the actual level of risk free rates in the economy, inflation scenarios and other macroeconomic circumstances. It is also revealed that Islamic bond issued for shorter tenures to promote domestic Islamic financial institutions. Bangladesh government should initiate necessary regulations so that the foreign and domestic investors feel encouraged for more investment in bond market. Bangladesh bank should regularly publish the reports on bond market including the information on debt securities and money market. © 2020. All Rights Reserved.},
author_keywords={Bangladesh;  Bond;  Capital Market;  Islamic Finance;  Policy;  Risk Free},
references={(2011) Annual Report, 2011, , https://www.aci-bd.com/assets/files/ACI-FL/financial/fl-annual-report-2011.pdf, ACI. ACI Formulations Limited, Dhaka, Bangladesh. Retrieved from; (2015) Report and Recommendations of the President to the Board of Directors on Proposed Policy-based Loans and Administrations of Technical Assistance Grant to the People's Republic of Bangladesh for the Third Capital Market Development Program, , ADB. Manila; (2016) Asian Bond Monitor, , ADB. November 2016. Asian Development Bank, Manila; Akter, A., Himo, R.H., Siddik, A.B., Corporate Bond Market: The Case of Bangladesh (2019) World Review of Business Research, 9 (1), pp. 73-85; Aman, A., Isa, M.Y., Naim, A.M., The role of macroeconomic and financial factors in bond market development in selected countries (2020) Global Business Review, pp. 1-16; Aman, A., Naim, A.M., Isa, M.Y., What determines bond market development? New theoretical insights (2019) SEISENSE Journal of Management, 2 (1), pp. 99-106; Andritzky, M.J.R., Government bonds and their investors: what are the facts and do they matter? (2012), International Monetary Fund; Ariff, M., Chazi, A., Safari, M., Zarei, A., Significant difference in the yields of Sukuk bonds versus conventional bonds (2017) Journal of Emerging Market Finance, 16 (2), pp. 115-135; Asgharian, H., Christiansen, C., Hou, A. J., Macro-finance determinants of the long-run stock–bond correlation: The DCC-MIDAS specification (2016) Journal of Financial Econometrics, 14 (3), pp. 617-642; Bae, K.H., (2012) Determinants of Local Currency Bonds and Foreign Holdings: Implications for Bond Market Development in the People's Republic of China, , ADB Working Paper Series on Regional Economic Integratio 97. Asian Development Bank, Manila; Bektić, D., Regele, T., Exploiting uncertainty with market timing in corporate bond markets (2018) Journal of Asset Management, 19 (2), pp. 79-92; Bhattacharyay, B. N., Determinants of bond market development in Asia (2013) Journal of Asian Economics, 24, pp. 124-137; Blommestein, H., Impact of regulatory changes on government bond market liquidity (2017) Journal of Financial Regulation and Compliance, 25 (3), pp. 307-317; (2012) BRAC Bank Limited, , https://www.bracbank.com/old/financialstatement/Annual_Report_2012.pdf, BRAC Bank-Annual Report. Dhaka, Bangladesh; Bunda, I., Hamann, A. J., Lall, S., Correlations in emerging market bonds: The role of local and global factors (2009) Emerging Markets Review, 10 (2), pp. 67-96; Burger, J.D., Warnock, F.E., Local currency bond markets (2006) IMF Staff papers, 53 (1), pp. 133-146; Burger, J.D., Warnock, F.E., Foreign participation in local currency bond markets (2007) Review of Financial Economics, 16 (3), pp. 291-304; Chatziantoniou, I., Duffy, D., Filis, G., Stock market response to monetary and fiscal policy shocks: Multi-country evidence (2013) Economic Modelling, 30, pp. 754-769; Fidora, M., Fratzscher, M., Thimann, C., Home bias in global bond and equity markets: the role of real exchange rate volatility (2007) Journal of international Money and Finance, 26 (4), pp. 631-655; Hardie, I., Rethel, L., Financial structure and the development of domestic bond markets in emerging economies (2019) Business and politics, 21 (1), pp. 86-112; Hossain, M.A., (2012) Underdeveloped Bond Market in Bangladesh: Reasons and Measures to Improve, , Unpublished doctoral dissertation, Asian Institute of Technology, Thailand; (2010) Annual Report, 2010, , https://www.islamibankbd.com/annual_report/Annual%20Report%202010.pdf, IBBL. Islami Bank Bangladesh Limited, Dhaka, Bangladesh. Retrieved from; A comprehensive study of the global sukuk market (2018) IIFM Sukuk Report, , https://islamicbankers.files.wordpress.com/2019/02/iifm-sukuk-report-2018.pdf, IIFM. Retrieved from; Jahur, M.S., Quadir, N., Development of bond market in Bangladesh: issues, status, and policies. CSE Portfolio (2009) Management Research and Practice, 2 (3), pp. 299-313; Jubinski, D., Lipton, A.F., Equity volatility, bond yields, and yield spreads (2012) Journal of Futures Markets, 32 (5), pp. 480-503; Laopodis, N.T., Fiscal policy and stock market efficiency: Evidence for the United States (2009) The quarterly Review of Economics and finance, 49 (2), pp. 633-650; Lee, H.H., Distress risk, product market competition, and corporate bond yield spreads (2020) Review of Quantitative Finance and Accounting, 87, pp. 216-232. , 1, 43, Livingston, M., Poon, W.P.H., & Zhou, L. (2018). Are Chinese credit ratings relevant A study of the Chinese bond market and credit rating industry. Journal of Banking & Finance; Mihaljek, D., Scatigna, M., Villar, A., Recent trends in bond markets (2002) BIS papers, 11, pp. 13-41; Misir, M.A., Mohsin, M., Kamal, A., Contemporary issues in bond market development in Bangladesh: experience and evidence from asian countries (2010) The Perspective Plan and the Roadmap to Vision, 2021, p. 25; Mortaza, M., Shadat, B., (2016) Cost-Benefit Analysis Of Establishing A Secondary Bond Market In Bangladesh, p. 4. , Bangladesh Priorities, Copenhagen Consensus Center, 2016. License: Creative Commons Attribution CC BY; Mu, Y., Phelps, P., Stotsky, J. G., Bond markets in Africa (2013) Review of Development Finance, 3 (3), pp. 121-135; Piljak, V., Bond markets co-movement dynamics and macroeconomic factors: Evidence from emerging and frontier markets (2013) Emerging Markets Review, 17, pp. 29-43; Qizam, I., Fong, M., Developing financial disclosure quality in sukuk and bond market: Evidence from Indonesia, Malaysia, and Australia (2019) Borsa Istanbul Review, 19 (3), pp. 228-248; Radzi, R.M., Evolution in the Sukuk (Islamic Bonds) Structure: How do Market Demands and Shariah (Islamic Law) Solutions Shape Them (2018) Journal of Islamic Banking and Finance, 6 (1), pp. 16-28; Rahman, M.Z., (2019) Potential of Islamic bond in Bangladesh, The Daily Observer, Bangladesh, , https://www.observerbd.com/details.php?id=229672, Retrieved 23 November 2019 from; Sarker, M.A.A., Islam, M.S., Rahman, M.M., Mashrur, M., Khan, M.I., Mobin, M.A., (2019) Liquidity Management Instruments for the Islamic Banks in Bangladesh, Special Research Work Report (SRW-1904), , https://www.bb.org.bd/pub/research/sp_research_work/srw1904.pdf, Bangladesh Bank, Head Office, Dhaka. Retrieved from; (2012) Bangladesh capital market development master plan (2012-2022), , SEC. Securities and Exchange Commission (SEC), Dhaka, Bangladesh; Sharma, K., The underlying constraints on corporate bond market development in Southeast Asia (2001) World development, 29 (8), pp. 1405-1419; Smaoui, H., Khawaja, M., The determinants of Sukuk market development (2017) Emerging Markets Finance and Trade, 53 (7), pp. 1501-1518; (2010) Standard & Poor's Industry Surveys, , Standard and Poor's Corporation. The Corporation; Wang, Z., Yan, Y., Chen, X., Multifractal properties of interest rates in bond market (2016) Procedia Computer Science, 91, pp. 432-441; Yang, L., Hamori, S., Spillover effect of US monetary policy to ASEAN stock markets: Evidence from Indonesia, Singapore, and Thailand (2014) Pacific-Basin Finance Journal, 26, pp. 145-155; Yoshitomi, M., Shirai, S., (2001) Designing a financial market structure in post-crisis Asia-how to develop corporate bond market, , https://www.adb.org/sites/default/files/publication/157198/adbi-rp15.pdf, ADB institute working paper No. 15. Retrieved from},
publisher={Allied Business Academies},
issn={15441458},
language={English},
abbrev_source_title={Acad. Strateg. Manage. J},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ibrahim202027,
author={Ibrahim, N. and Bacha, O.I.},
title={Islamic Depositary Receipts (IDRs) as a panacea},
journal={Global Journal Al-Thaqafah},
year={2020},
volume={10},
number={1},
pages={27-33},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85090036431&partnerID=40&md5=7deb68313467391cd2d6782a22e06c04},
affiliation={Faculty of Economics and Muamalat (FEM), Universiti Sains Islam Malaysia (USIM), Bandar Barn Nilai, Nilai, Negeri Sembilan, 71800, Malaysia; INCEIF, Lorong Universiti A, Kuala Lumpur, 59100, Malaysia},
abstract={Many Organization of the Islamic Cooperation (OIC) stock markets are still in their early stage of development. In this stage, several conditions such as weak legal system and regulations, a limited supply of institutional investors, lack of transparency and accountability are key hurdles. Several approaches have been taken to enhance the capacity and integration of stock markets to promote intra-investment among the OIC countries by Islamic Development Bank (IDB) and International Organization of Securities Commissions (IOSCO). They indicated an urgent need to intensify the Islamic product issuance onto the various international financial exchanges, especially the introduction of Islamic global depositary receipts (ID Rs) to create liquidity in the Islamic capital market. Thus, this study is to examine the current depositary receipts in the OIC countries, the need to have IDRs, possible challenges and recommendation in implementing IDRs. The study recommends that the OIC countries with surplus capital will assist those OIC countries with capital shortage. Consequently by having IDRs, there is less reliance on the Western exchanges and disintermediation of the middle man and more value creation amongst the OIC member states ' stock exchanges. © Kolej University Islam Sultan Azlan Shah.},
author_keywords={Cross listing;  Islamic depositary receipts (IDRs);  Islamic finance;  OIC countries},
funding_details={Ministry of Higher Education, MalaysiaMinistry of Higher Education, Malaysia, MOHE, USIM/FRGS/IFWMI/32/52214},
funding_text 1={The authors would also like to thank the Ministry of Higher Education, Malaysia for a generous grant under the Fundamental Research Grant Scheme (FRGS) (USIM/FRGS/IFWMI/32/52214).},
references={Ali, S.S., (2005) Islamic Capital Market Products: Developments and Challenges, , https://www.isfin.net/sites/isfin.com/files/islamiccapitalmarketproducts-developmentsand_challenges.pdf, (Occasional Paper no. 9). Retrieved on 30th December 2019; (2007) Depositary Receipts:Creating Value across Emerging Markets: Oxford Metrica; Chandar, N., Patro, D.K., Yezegel, A., (2007) Crises, Contagion and Cross-Listings, , U.S. Department of the Treasury; (2018) Financial Outlook of the OIC Member Countries 2018; Doidge, C., Karolyi, G.A., Lins, K.V., Miller, D.P., Stulz, R.M., Private Benefits of Control, Ownership, and the Cross-listing Decision (2009) The Journal of Finance, 64 (1), pp. 425-466; Domowitz, I., Glen, J., Madhavan, A., International Cross-Listing and Order Flow Migration: Evidence from an Emerging Market (1998) The Journal of Finance, 53 (6), pp. 2001-2027; Foerster, S.R., Karolyi, G.A., The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States (1999) The Journal of Finance, 54 (3), pp. 981-1013; Hargis, K., International cross-listing and stock market development in emerging economies (2000) International Review of Economics and Finance, 9, pp. 101-122; Ibrahim, N., (2013) Foreign listing of depositary receipts (DRs) and implication for domestic stock markets, the case of OIC countries (Doctoral dissertation), , https://ikr.inceif.org/handle/INCEIF/2397, INCEIF, Kuala Lumpur. Retrieved on 30th December 2018; (2004) Islamic Capital Market Fact Finding Report; (2010) Depositary Receipts: Year in Review 2010: Worldwide Securities Services; Martin, J., The return of ADRs (1995) Euromoney, 320, pp. 101-101; Sevic, A., Krishnamurti, C., Sevic, Z., Determinants of choice of depositary receipt programs: An exploratory study (2010) Managerial Finance, 36 (12), pp. 990-1006},
correspondence_address1={Ibrahim, N.; Faculty of Economics and Muamalat (FEM), Malaysia; email: norhazlina@usim.edu.my},
publisher={Kolej University Islam Sultan Azlan Shah},
issn={22320474},
language={English},
abbrev_source_title={Global J. Al-Thaqafah},
document_type={Article},
source={Scopus},
}

@ARTICLE{Waspada2020673,
author={Waspada, I.},
title={Technology as liquidity risk of banks in Indonesia},
journal={Systematic Reviews in Pharmacy},
year={2020},
volume={11},
number={2},
pages={673-678},
doi={10.5530/srp.2020.2.97},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85090337491&doi=10.5530%2fsrp.2020.2.97&partnerID=40&md5=39aee3fa7e9dd0a695e0cdebb55f1334},
affiliation={Universitas Pendidikan, Indonesia},
abstract={This study aims to analyze the factors affecting information technology as liquidity risk of Islamic banks in Indonesia. Information technology as a trade off has liquidity risk in banking business activities. The components are suspected to influence Technology as liquidity risk(CR) are Capital(CAR), Profitability(ROA), Market Risk(NPL) and Size of Firm. The exploration technique utilized is informative review and quantitative strategies. Time arrangement information from the period 2008-2016. The information source utilized is auxiliary information from the measurement investigates Islamic Banking insights is taken from the Indonesian Financial Services Authority. Information is then examined utilizing various relapse investigation. The outcome shows that Market Risk and Size of Firm has a huge positive effect on Technology as liquidity chance, while Bank Capital and Profitability has a positive however unimportant effect on Technology as liquidity chance. © Advanced Scientific Research. All rights reserved},
author_keywords={Bank Capital;  Information Technology;  Islamic Banking;  Liquidity Risk;  Market risk;  Profitability;  Size of Firm},
keywords={article;  Indonesia;  information technology;  quantitative analysis},
references={Jones, T. M., Felps, W., Bigley, G. A., Ethical theory and stakeholder-related decisions: The role of stakeholder culture (2007) Academy of Management Review, 32 (1), pp. 137-155; Keown, A. J. J. D. M. J. W. P., (2014) Foundations of Finance The Logic and Practice of Financial Management, , England: Pearson Education; LaValle, S., Lesser, E., Shockley, R., Hopkins, M. S., Kruschwitz, N., Big data, analytics and the path from insights to value (2011) MIT Sloan Management Review, 52 (2), pp. 21-32; Ahmadirezaei, H., The effect of information technology in Saderat banking system (2011) Procedia-Social and Behavioral Sciences, 30, pp. 23-26; Gandhi, A., Salunke, B., Ithape, S., Gawade, V., Chaudhari, S., Advanced online banking authentication system using one time passwords embedded in QR code (2014) International Journal of Computer Science and Information Technologies, 5 (2), pp. 1327-1329; Adi, Tri, (2018) Urgensi penerapan manajemen risiko TI, , https://analisis.kontan.co.id/news/urgensipenerapan-manajemen-risiko-ti?page=all; (2016) Waspadai Risiko Penerapan Teknologi Informasi di Sistem Perbankan, , https://www.medcom.id/ekonomi/mikro/0k88xP2kwaspadai-risiko-penerapan-teknologi-informasi-di-sistem-perbankan; Ippolito, F., Peydró, J. L., Polo, A., Sette, E., Double bank runs and liquidity risk management (2016) Journal of Financial Economics, 122 (1), pp. 135-154; Farag, M., Harland, D., Nixon, D., Bank capital and liquidity (2013) Bank of England Quarterly Bulletin, Q3, pp. 201-215; Singh, D., Shahid, I. M., Manager, F., Bank, S. C., (2016) Liquidity Management: A Comparative study of Oman Banks and Multinational Banks, 1 (2), pp. 157-170; Megeid, N. S. A., Liquidity Risk Management: Conventional versus Islamic Banking System in Egypt (2017) Journal of Islamic Accounting and Business Research, 8 (1), pp. 100-128; Beck, T., Demirgüç-kunt, A., Merrouche, O, Islamic vs . conventional banking: Business model, efficiency and stability (2013) Journal of Banking and Finance, 37 (2), pp. 433-447; Sol, J., (2007) Introducing Islamic Banks into Conventional Banking Systems (EPub), , Washington DC: International Monetary Fund; Mounira, B. E. N. 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correspondence_address1={Waspada, I.; Universitas PendidikanIndonesia},
publisher={EManuscript Technologies},
issn={09758453},
language={English},
abbrev_source_title={Syst. Rev. Pharm.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ismail2020169,
author={Ismail, A.M. and Ismail, C.R. and Sulaiman, S. and Daud, D.},
title={Corporate governance and firm risk: evidence from malaysian shariah compliance companies},
journal={Humanities and Social Sciences Letters},
year={2020},
volume={8},
number={2},
pages={169-193},
doi={10.18488/JOURNAL.73.2020.82.169.193},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85090605465&doi=10.18488%2fJOURNAL.73.2020.82.169.193&partnerID=40&md5=4853315e600ef3ac6a324ebeb5f2c610},
affiliation={Faculty of Accountancy, Universiti Teknologi MARA, Selangor Campus, Malaysia; Kolej Poly-Tech MARA, Bangi, Selangor, Malaysia; Accounting Research Institute, Faculty of Accountancy, Universiti Teknologi MARA, Seremban Campus, Negeri Sembilan, Malaysia},
abstract={The financial scandals that have hit financial markets and caused significant losses to investors have mainly been attributed to some defects in corporate governance systems. Hence, good corporate governance practices are ensured through several structures and mechanisms that merge the conflicting interests of managers, in one side, and shareholders and other stakeholders, in the other, toward the value maximization of the firm. Apart from this, the study focuses on the relationship between corporate governance and firm risk in Malaysia. Specifically, this study aims to investigate the corporate governance (CG) mechanisms (board independence, board size, existence of audit and nomination/remuneration committees, CEO duality, and independence of board committees) that influence firm’s risk measured by cost of equity capital. The study provides several literatures on CG mechanisms, agency theory, and CAPM in order to achieve the objective designed for this particular research. In order to answer the research question and objective, this study employs a quantitative method (secondary data). The sample consists of 302 firms from Public Listed Companies traded in Bursa Malaysia which are practicing shariah compliance in Islamic Capital Market (ICM) from 2013 until 2016. The data were analyzed by using SPSS version 23 including descriptive statistics, correlation matrix as well as regression analysis to examine whether higher governance quality is associated with a lower cost of equity capital. The findings showed a mixed result between CG mechanisms associated with firm risk. However, the result is consistent with prior literatures in line with corporate governance and risk. © 2020 Conscientia Beam. All Rights Reserved.},
author_keywords={Agency theory;  CAPM;  Corporate governance;  Cost of equity capital;  Firm’s risk;  Mechanisms;  Shariah compliance company},
funding_details={Institute of Research Management and Innovation, Universiti Teknologi MARAInstitute of Research Management and Innovation, Universiti Teknologi MARA, IRMI, UiTM},
funding_text 1={Funding: The authors wish to thank the Institute of Quality and Knowledge Advancement and the Institute of Research Management and Innovation of Universiti Teknologi MARA for their support and funding. Competing Interests: The authors declare that they have no competing interests. Acknowledgement: All authors contributed equally to the conception and design of the study.},
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W. N., DaDalt, P. J., Earnings management and corporate governance: The role of the board and the audit committee (2003) Journal of Corporate Finance, 9 (3), pp. 295-316. , https://doi.org/10.1016/S0929-1199(02)00006-8; Yermack, D., Higher market valuation of companies with a small board of directors (1996) Journal of Financial Economics, 40 (2), pp. 185-211. , https://doi.org/10.1016/0304-405x(95)00844-5; Zábojníková, G., (2016) The audit committee characteristics and firm performance: Evidence from the UK, , Dissertation Master in Finance},
correspondence_address1={Ismail, A.M.; Faculty of Accountancy, Malaysia},
publisher={Conscientia Beam},
issn={23125659},
language={English},
abbrev_source_title={Humanities Soc. Sci. Lett.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Oralbaeva2020,
author={Oralbaeva, Z. and Dzhakisheva, O. and Kurbanova, K. and Naukanova, A.},
title={Development opportunities of islamic finance in Kazakhstan: World experience and perspectives},
journal={E3S Web of Conferences},
year={2020},
volume={159},
doi={10.1051/e3sconf/202015906005},
art_number={06005},
note={cited By 0; Conference of 1st International Conference on Business Technology for a Sustainable Environmental System, BTSES 2020 ; Conference Date: 19 March 2020 Through 20 March 2020;  Conference Code:159310},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85084034971&doi=10.1051%2fe3sconf%2f202015906005&partnerID=40&md5=654729145f1bbe6f2b796eab96aac14e},
affiliation={Al-Farabi Kazakh National University, al-Farabi Ave. 71, Almaty, 050040, Kazakhstan},
abstract={An increase in demand for alternative financial services contributes to the growing importance of Islamic finance for a part of the international financial market, which represents for Kazakhstan a viable and sustainable sphere of capital investment in times of crisis to diversify risks. The article reveals the features of functioning of Islamic banks, highlights the main tools of Islamic finance, highlights the development of Islamic finance in foreign countries, including Arab countries, European countries and the United States. The author analyzes the key stages of the development of Islamic finance in Kazakhstan and highlights the problems that impede its full implementation. The recommendations aimed at the development of Islamic instruments in the framework of the Kazakhstani economy are presented. In conclusion, it is concluded that the state is the main institution on whose actions the further functioning of Islamic finance in Kazakhstan depends. © The Authors, published by EDP Sciences, 2020.},
keywords={Economics;  Environmental technology;  Sustainable development, Arab countries;  Capital investment;  European Countries;  Financial service;  Foreign countries;  International financial markets;  Islamic finances;  World experience, Investments},
references={(2018) Standard&Poors Global Ratings, Islamic Finance Outlook; (2018) T CIBAFI, Global Islamic bankers'Survey 2018: Evaluating Future Impacts, Strategic Thinking, Branding and Financial Technologies; Hassan, M., Dridi, J., (2010) International Monetary Fund, 201; Wilson, R., (2009) The Development of Islamic Finance in the GCC; (2018) Bank Negara Malaysia, Islamic Financil Services Board. Islamic Financial Services Industry Stability Report, 93; Harvey, S., (2015) Islamic Finance; (2015) Wayne Evans British Embassy Bishkek, , https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachmentdata/file/503491/2015047IsFinA5AWENGWEB.pdf; Ainley, M., Mashayekhi, A., Hicks, R., Rahman, A., Ravalia, A., (2007) The Financial Services Authority (FSA); (2017) TheCityUK Annual Report, , https://www.islamicfinance.com/wp-content/uploads/2015/11/TheCityUK-Islamic-Finance-2015-report.pdf; Kanj, I.E., (2012) Master Tithes in Economic and International Finance, University of Cattolica Del Sacro Cuore, College of Economic Milano; (2018) Global Islamic Finance Report Published by Edbiz Corporation, 48; Tlemsani, I., (2015) Journal of Modern Accounting and Auditing, 11, p. 596; Di Mauro, F., Pierluigi, C., Couderc, S., Di Maria, A., Masciantonio, S., Ongena, S., Zaher, S., (2013) European Central Bank, 29; Sagiyeva, R., Kuanova, L., (2019) The Journal of Economic Research & Business Administration, 127 (1), p. 56; Official Website of National Bank of Republic of Kazakhstan, , https://nationalbank.kz/&switch=Russian; Mukhtarova, K., Ziyadin, S., Kupeshova, S., Doszhan, R., (2017) Economic Annals-XXI, 168 (11-12), pp. 38-43. , 4},
correspondence_address1={Oralbaeva, Z.; Al-Farabi Kazakh National University, al-Farabi Ave. 71, Kazakhstan; email: oralbaeva_zhanar@mail.ru},
editor={Ziyadin S., Shaikh A., Dinis de Sousa R., Borodin A., Mottaeva A.},
publisher={EDP Sciences},
issn={25550403},
language={English},
abbrev_source_title={E3S Web Conf.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Rashid20201891,
author={Rashid, I.M.A. and Bakar, N.A.},
title={The role of agriculture growth and poverty to aiding fdi in agriculture inflows amongst low income economies organization of islamic cooperation (Oic) countries},
journal={International Journal of Scientific and Technology Research},
year={2020},
volume={9},
number={3},
pages={1891-1894},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85082509845&partnerID=40&md5=b41be7762f9996306b18bc89e25fc69a},
affiliation={School of Business Innovation & Technopreneurship, Universiti Malaysia Perlis, Malaysia; School of Economics, Finance and Banking, Universiti Utara Malaysia, Malaysia},
abstract={Unlike previous studies, this study not only captured the degree of the links of FDI, economic growth and POV but also inspected the relationship between overall FDI in agriculture (FDIA) with Agriculture Growth (AG) and Poverty(POV) specifically. This study was also novel in employing a two-step estimation method using a dynamic GMM estimator to explore the role of AG and POV to aiding FDIA, instead of using only a static panel data estimator. The findings show that the effectiveness of FDIA in promoting AG and reducing POV is debatable. The results merely demonstrate that the FDIA in high income OIC economies needs to be modified further to reduce POV by planning an effective FDIA system through policymaking and attracting more foreign investors. AG and Market size agriculture (MSA) were the factors that had the most influence on FDIA, especially in the OIC low income OIC economies. In contrast, the negative and significant coefficients were POV and unemployment rate (UR). Lastly, the other independent agriculture sector variables, such as MSA, trade openness (TOA) and human capital agriculture (HCA), were all significant and were confirmed as determinants of FDIA in all of the low income OIC countries. © 2020, International Journal of Scientific and Technology Research. All rights reserved.},
author_keywords={Agriculture Growth;  Dynamic panel data;  FDI in Agriculture Inflows;  Low Income OIC Countries;  Poverty;  Static panel data},
references={Adambalcerzak, P.M.Ż., Foreign Direct Investment and Unemployment: VAR Analysis for Poland in the Years 1995-2009 (2011) Foreign Direct Investment and Unemployment: VAR Analysis for Poland in the Years 1995-2009; Aigner, D.J., Latent variable models in econometrics (1984) Latent Variable Models in Econometrics.; Aizenman, J., (2005) FDI and Trade-Two Way Linkages? FDI and Trade-Two Way Linkages?; Alfaro, L., Foreign Direct Investment and Growth: Does the Sector Matter? (2003) Foreign Direct Investment and Growth: Does the Sector Matter? .; Arellano, M., Bond, S., (1991) Some Test of Specification for Panel Data: Monte Carlo Evidence and Application to Employment Equation, , Some Test of Specification for Panel Data: Monte Carlo Evidence and Application to Employment Equation; Biørn, E., (1992) Econometrics of Panel Data with Measurement Errors, , Econometrics of panel data with measurement errors; Buckley, P.J., (2007) The Determinants of Chinese Outward Foreign Direct Investment, , The Determinants of Chinese Outward Foreign Direct Investment; Campos, N.F., (2003) WHY DOES FDI GO WHERE IT GOES? WHY DOES FDI GO WHERE IT GOES?; Reinhart, C., (2001) What Hurts Most?: G-3 Exchange Rate Or Interest Rate Volatility. What Hurts Most, , G-3 exchange rate or interest rate volatility; Hsiao, C.A., A general framework for panel data analysis — with an application to canadian customer dialed long distance service (1993) A General Framework for Panel Data Analysis — with an Application to Canadian Customer Dialed Long Distance Service.; Li, M., Inflation and Economic Growth: Threshold Effects and Transmission Mechanisms (2006) Inflation and Economic Growth: Threshold Effects and Transmission Mechanisms.; Licailv, S.W., Determinants and performance index of foreign direct investment in China's agriculture (2010) Determinants and Performance Index of Foreign Direct Investment in China's Agriculture; Rashid, I.M.A., Razak, N.A.A., Determinants of Foreign Direct Investment (FDI) in Agriculture Sector Based on Selected High-income Developing Economies in OIC Countries: An Empirical Study on the Provincial Panel Data by Using Stata, 2003-2012 (2016) Procedia Economics and Finance, 39, pp. 328-334; Rashid, I.M.A., Razak, N.A.A., Economic Determinants of Foreign Direct Investment (Fdi) in Agriculture Sector Based on Selected Developing OIC Countries: An Empirical Study on the Provincial Panel Data by Using Stata, 2003-2012 (2017) Jurnalintelek, 12 (1)},
correspondence_address1={Rashid, I.M.A.; School of Business Innovation & Technopreneurship, Malaysia; email: intanmaizura@unimap.edu.my},
publisher={International Journal of Scientific and Technology Research},
issn={22778616},
language={English},
abbrev_source_title={Int. J. Sci. Technol. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Monia2020629,
author={Monia, B.L.},
title={Stock returns in Islamic and conventional banks},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={3},
pages={629-646},
doi={10.1108/JIABR-03-2016-0033},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85078903409&doi=10.1108%2fJIABR-03-2016-0033&partnerID=40&md5=bbfb56017961e339f377c3a1507adbde},
affiliation={King Faisal University, Community College in Abqaiq, Saudi Arabia},
abstract={Purpose: This study aims to explore empirically the determinants of stock return in a comparative context between Islamic and conventional banks. Design/methodology/approach: The analysis of the determinants of stock returns is carried out through a panel data model. This study covers 14 Islamic banks and 30 conventional banks in the MENA countries (Bahrain, Egypt, Kuwait, Malaysia, Qatar, Saudi Arabia and United Arab Emirates) during 10 years, from 2004 to 2014. Findings: The empirical results show that the market risk has a positive impact on market profitability of banks except for the small-medium (SM) and big-high (BH) portfolio for the capital asset pricing model and Fama and French models. The risk associated with the size (Small [market capitalization] Minus Big: SMB) has a positive impact on small banks and a negative impact on banks of big sizes. Finally, the risk related to the market value (High [book-to-market ratio] Minus Low: HML) has a positive impact on both small and large banks. Originality/value: The answer to the question of explanatory factors for stock market returns allows managers to measure the cost of capital and thus choose the most appropriate form of financing and therefore evaluate the possibility of investing in a particular bank. © 2020, Emerald Publishing Limited.},
author_keywords={CAPM;  Conventional banks;  Fama and French (1993);  Islamic banks;  Stock returns},
references={Banz, R.W., The relationship between return and market value of common stocks (1981) Journal of Financial Economics, 9 (1), pp. 3-18; Basu, D., Chawla, D., An empirical test of CAPM the case of Indian stock market (2010) Global Business Review, 11 (2), pp. 209-220; Bellalah, M., Besbes, L., L'effet momemtum: application d'un modèle à quatre facteurs sur le Marché Français (2006) Euro – Mediterranean Economics and Finance Review, 1 (3), pp. 6-17; Ben Naceur, S., Gazouani, S., Asset pricing and cost of equity in the Tunisian banking sector: panel data evidence (2007) Economic Notes, 36 (1), pp. 89-113; Ben Naceur, S., Gazouani, S., Does inflation impact on financial sector performance in the MENA region? (2007) Review of Middle East Economics and Finance, 3 (3), pp. 219-229; Ben Naceur, S., Chaibi, The best asset pricing model for estimating industry costs of equity in Tunisia (2009) Review of Middle East Economics and Finance, 5, pp. 100-124; Black, F., Jensen, M., Scholes, M.S., The capital asset pricing model: some empirical findings (1972) Praeger Publishers, 5, pp. 79-124; Douglas, G.W., Risk in the equity markets: an empirical appraisal of market efficiency (1968) Yale Economic Essays, 9 (1), pp. 3-45; Fama, E.F., French, K.R., The cross-section of expected stock returns (1992) The Journal of Finance, 47 (2), pp. 427-465; Fama, E.F., French, K.R., Size and book-to-market factors in earnings and returns (1996) Journal of Finance, 50, pp. 131-156; Fama, E.F., MacBeth, J.D., Risk, return and equilibrium: empirical tests (1973) Journal of Political Economy, 81 (3), pp. 607-636; Hasan, M.Z., Kamin, A.M., Baten, M.A., A validity test of the capital asset pricing model for Dhaka stock exchange (2011) Journal of Applied Sciences, 11 (20), pp. 3490-3496; Lintner, J., Security prices, risk, and maximal gains from diversification (1965) The Journal of Finance, 20 (4), pp. 587-615; Lintner, J., The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets (1965) The Review of Economics and Statistics, 47 (1), pp. 13-37; Mobarek, A., Mollah, A.S., The general determinants of share returns: an empirical investigation on the Dhaka stock exchange (2005) Review of Pacific Basin Financial Markets and Policies, 8 (4), pp. 593-612; Ottens, R., Bams, D., European mutual fund performance (2002) European Financial Management, 8, pp. 75-101; Pogue, A., Solnik, B., The market model applied to European common stocks: some empirical results (1974) Journal of Financial and Quantitative Analysis, 9, pp. 917-944; Rahman, M., Baten, A., Alam, A.U., An empirical testing of capital asset pricing model in Bangladesh (2006) Journal of Applied Sciences, 6 (3), pp. 662-667; Rahman, M., Baten, A., Uddin, B., Zubayer, M., Fama-French's CAPM: an empirical investigation on DSE (2006) Journal of Applied Sciences, 6 (10), pp. 2297-2301; Rhaiem, N., Ammou, S.B., Mabrouk, A.B., Wavelet estimation of systematic risk at different time scales application to french stock market (2007) The International Journal of Applied Economics and Finance, 4 (3), pp. 113-119; Rhaiem, N., Ammou, S.B., Mabrouk, A.B., Estimation of capital asset pricing model at different time scales application to French stock market (2007) The International Journal of Applied Economics and Finance, 1 (2), pp. 79-87; Rosenberg, B., Reid, K., Laustein, R., Persuasive evidence of market inefficiency (1985) Journal of Portfolio Management, 11, pp. 9-17; Sharpe, W.F., A linear programming algorithm for mutual fund portfolio selection (1967) Management Science, 3, pp. 499-510; Sukmana, R., Kholid, M., An assessment of liquidity policies with respect to Islamic and conventional banks: a case study of Indonesia (2013) Qualitative Research in Financial Market, 5, pp. 126-138; Abdullah, F., Hassan, T., Mohamad, S., Investigation of performance of Islamic Malaysian unit trust funds: comparison with conventional unit trust funds (2007) Managerial Finance, 33 (2), pp. 142-153; Ahmad, Z., Ibrahim, H., A study of performance of the KLSE Syariah index (2002) Malaysian Managerial Journal, 6 (1-2), pp. 25-34; Albaity, M., Ahmad, R., Performance of Syariah and composite indices: evidence from Bursa Malaysia (2008) Journal of Accounting and Finance, 4 (1), pp. 23-43; Amanulla, S., Kamaiah, B., Asset price behaviour in Indian stock market: is the CAPM still relevant? (1998) Journal of Financial Management and Analysis, 11 (1), pp. 32-47; Boujelbene, A.M., Risk and return of Islamic and conventional indices (2012) International Jouranal of Euro-Mediterranean Studies, 5 (1), pp. 1-23; Carmichael, B., Coënz, A., L'Her, J.F., Erreurs sur les variables et modèles d'Évaluation des Actifs financiers Canadiens (2008) Finance, 29 (1), pp. 7-29; Hanif, M., Application testing of CAPM on KSE-Pakistan: a case study on tobacco sector (2010) Management Accountant, 19 (3); Hashim, N., (2008) The FTSE global Islamic and the risk dilemma, 8. , AIUB Business and Economics Working Paper Series; Hayat, R., Kraussl, R., Risk and return characteristics of equity funds islamic (2011) Emerging Markets Review, 12 (2), pp. 189-203; Hussein, K.A., Ethical investment: empirical evidence from Islamic FTSE index (2004) Islamic Economic Studies, 12 (1), pp. 21-40; Ismail, A.G., Shakrani, M.S., The conditional capm and cross-sectional evidence of return and beta for Islamic unit trusts in Malaysia (2003) International Journal of Economics and Management, 11 (1), pp. 1-31; L'Her, J.F., Masmoudi, T., Suret, J.M., Size effects and book to market in Canada (2002) Canadian Investment Review, 1, pp. 1-37; Michailidis, G., Tsopoglou, S., Papanastasiou, D., Mariola, E., Testing the capital asset pricing model (CAPM): the case of the emerging Greek securities market (2006) International Research Journal of Finance and Economics, 4 (4), pp. 78-91; Mollah, S., Testing partial adjustment dividend behavioral models in emerging markets: evidence from pre- and post-market reforms in Bangladesh (2009) Global Journal of Business Research, 3 (1), pp. 1-14; Reinganum, M.R., A new perspective on the empirical CAPM (1981) The Journal of Financial and Quantitative Analysis, 16 (4), pp. 439-462. , Vol No; Sadeghi, M., Financial performance of Shariah-compliant investment: evidence from Malaysian stock market (2008) International Research Journal of Financial Economics, 20 (1), pp. 15-26; Sharpe, W.F., Capital asset prices: a theory of market equilibrium under conditions of risk (1964) The Journal of Finance, 19, pp. 425-442; Tomkin, C., Karim, A., The Shari'ah and its implications for Islamic financial analysis: an opportunity to study interactions among society, organization, and accounting (1987) American Journal of Islamic Social Sciences, 4 (1), pp. 101-115},
correspondence_address1={Monia, B.L.; King Faisal University, Saudi Arabia; email: cwid@hotmail.fr},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Abdullah202027,
author={Abdullah, A. and Hassan, R. and Kassim, S.},
title={A real asset management approach for Islamic investment in containerships},
journal={Journal of Islamic Accounting and Business Research},
year={2020},
volume={11},
number={1},
pages={27-48},
doi={10.1108/JIABR-07-2017-0105},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85077559296&doi=10.1108%2fJIABR-07-2017-0105&partnerID=40&md5=ab36fa9285955ac1cc3cf70bb1e8f16d},
affiliation={College of Economics and Management, Al Qasimia University, Sharjah, United Arab Emirates; Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia},
abstract={Purpose: The purpose of this paper is to provide a real asset management investment appraisal of the performance of containerships as a primary segment within international shipping, to facilitate Islamic equity investment through a shipping fund. The objectives are to evaluate the risks and returns of shipping under the framework of Islamic equity finance, and to analyze the performance of investing in containerships over the long term, to appeal to retail and institutional clients of Malaysian asset management institutions. Design/methodology/approach: Accordingly, the methodology adopts an investment analysis of a full population of historical data over a period of 20 years, to evaluate performance involving a maritime return on investment (MROI), internal rate of return (IRR), net yield and standard deviation measures of risk and return. Findings: The findings reveal that while earnings are volatile in comparison to capital market expectations, unlevered, tax-free returns on containership investments outperform financial and other real assets. Research limitations/implications: Shipping is a strong growth industry with about 84 per cent of global trade carried out by the international shipping industry. The problem is that many Islamic asset management institutions and investors have essentially no exposure to Islamic investment in international shipping. Practical implications: However, shipping is a highly capital-intensive industry, and currently 75 per cent of ship lending has been conducted by European banks and financed on a conventional basis. Post-financial crisis, ship owners, ship lenders and shipyards have all been exposed to the impact of over-levered balance sheets and debt finance. There is a demand for alternative sources of finance. Social implications: By communicating risk and reward more effectively, retail and institutional investors, as well as Islamic finance institutions, will realize that the social benefit of equity finance on the basis of profit sharing is more efficient at allocating investible resources than debt finance at interest, thereby increasing investment and economic growth. Originality/value: The significance is that Islamic equity finance, rather than debt at the time-value of money, should enhance the development of international shipping. © 2020, Emerald Publishing Limited.},
author_keywords={Asset management;  International shipping;  Investment;  Islamic finance},
funding_details={Ministry of Higher Education, MalaysiaMinistry of Higher Education, Malaysia, MOHE, FRGS/1/2016/SS01/UIAM/02/4},
funding_text 1={The authors wish to acknowledge this research was funded by the Ministry of Higher Education (MOHE) of Malaysia through national research grant FRGS/1/2016/SS01/UIAM/02/4.},
references={Abdullah, A., Hassan, R., Kassim, S., A conceptual framework of the suitability of Islamic private equity in international shipping (2016) Al-Shajarah, Special Issue on Islamic Banking and Finance, 21 (3), pp. 115-138; Abdullah, A., Hassan, R., Kassim, S., Developing an Islamic investment framework for Maritime assets (2017) The Social Sciences, 12 (10), pp. 1865-1876; (2016) Shipping intelligence network database, , https://sin.clarksons.net/, Clarksons Research Services, London; Downard, J.M., (1994) Running Costs, , Published (1981), reprinted, Fairplay, Coulsdon; Fisher, I., (1930) The Theory of Interest, , Macmillan, New York, NY; (1957) Ahkam al-Quran, , `Isa al-Babi al-Halabi, Cairo; (2010), J.P. Morgan Global Maritime Investment Fund (GMIF), Presentation to San Diego County Employees Retirement Association (SDCERA; (2014), J.P. Morgan GMIF and Market Update. Presentation to Omaha School Employees Retirement System of Douglas Country School District 0001; (2015) Maritime investing: an income opportunity, , https://am.jpmorgan.com/nl/institutional/library/maritime-investing, Insights and Research, Investment Insights, J. P. Morgan Asset Management; Keynes, J.M., (1936) The General Theory of Employment, Interest and Money. Originally Published (1936), Re-Published (2007) for the Royal Economic Society, , Palgrave Macmillan, Basingstoke; MacMinn, R.D., (2005) The Fisher Model and Financial Markets, , World Scientific, Singapore; Tyser, C.R., Demetriades, D.G., Effendi, I.H., (2001) The Mejelle: Being an English Translation of Majallah el-Ahkam-I-Adliya, and a Complete Code of Islamic Civil Law, Enacted in Imperial Turkey 1869-1876, , (Eds), The Other Press, Petaling Jaya; Mayr, D., Valuing vessels (2015) HSBA (Hamburg School of Business Administration) Handbook on Ship Finance, pp. 141-163. , Schinas, O., Grau, C. and Johns, M.,(Eds), Springer, Heidelberg; Modigliani, F., Miller, M., The cost of capital, corporation finance and the theory of investment (1958) American Economic Review, 48 (3), pp. 261-297; Modigliani, F., Miller, M., Corporate income taxes and the cost of capital: a correction (1963) American Economic Review, 53 (3), pp. 433-443; (2016) Vessel online operating costs database (OpCost), , www.opcostonline.com/#/, or; Rosly, S.A., Iwad as a requirement of lawful sale: a critical analysis (1999) IIUM Journal of Economics and Management, 9 (2), pp. 187-201; Rosly, S.A., (2005) Critical Issues on Islamic Banking and Financial Markets, , Author House; Rosly, S.A., Sanusi, M., Mohd Yasin, N., The role of khiyar Al-‘Ayb in Al-Bay’ Bithaman Ajil financing (1999) International Journal of Islamic Financial Services, 2 (3), pp. 1249-1265; Schumpeter, J.A., (1994) History of Economic Analysis, , First published (1954), Oxford University Press, New York, NY; (2017) Islamic Fund and Wealth Management Blueprint, , Securities Commission, Kuala Lumpur; Sharpe, W., Capital asset prices: a theory of market equilibrium under conditions of risk (1964) The Journal of Finance, 19 (3), pp. 425-442; Slogget, J.E., (1984) Shipping Finance, , Fairplay, Coulsdon; Stopford, M., (2009) Maritime Economics, 3. , Routledge, London; Ziaul, H., (1995) Riba: The Moral Economy of Usury, Interest and Profit, , S. Abdul Majeed and Co. for Ikraq, Kuala Lumpur},
correspondence_address1={Abdullah, A.; College of Economics and Management, United Arab Emirates; email: azc.adama@gmail.com},
publisher={Emerald Group Holdings Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@BOOK{LuthfiHamidi202038,
author={Luthfi Hamidi, M. and Worthington, A.C.},
title={Islamic banking in Indonesia: Emergence, growth, and prospects},
journal={Growth and Emerging Prospects of International Islamic Banking},
year={2020},
pages={38-60},
doi={10.4018/978-1-7998-1611-9.ch003},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85128094657&doi=10.4018%2f978-1-7998-1611-9.ch003&partnerID=40&md5=143ce6cf53077abfb72bcfb92b13847c},
affiliation={Griffith University, Australia and STEI SEBI, Indonesia; Griffith University, Australia},
abstract={The Indonesian banking sector has been stable and generally sound over the past decade, partly through efforts by the Bank of Indonesia as Indonesia's central bank and Otoritas Jasa Keuangan as its financial services regulator. This chapter identifies important issues that remain for both conventional and Islamic banking in Indonesia. Authors suggest the government continue its efforts to reform what remains a geographically concentrated industry, to increase the role of bank credit in the economy, and to widen the provision of banking services through technology. Authors highlight the vulnerability of smaller banks in Indonesia to ongoing competitive market pressures and the necessity of creating larger banks through merger or capital raising and improving credit allocation to small and medium-sized businesses. Islamic banking has an important role to play in these developments, and those relating to Islamic social banking. © 2020 by IGI Global.},
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(2006) Guidelines on the Establishment of International Islamic Bank, , http://www.bnm.gov.my/index.php?ch=57&pg=137&ac=54&bb=file, Kuala Lumpur: Bank Negara Malaysia Retrieved February 7; Beck, T., Demirgüç-Kunt, A., Merrouche, O., Islamic vs. conventional banking: Business model, efficiency and stability (2013) Journal of Banking & Finance, 37 (2), pp. 433-447; Bhasin, B.B., Venkataramany, S., Globalization of entrepreneurship: Policy considerations for SME development in Indonesia (2010) International Business and Economic Research Journal, 9 (4), pp. 95-103; Caprio, G., Klingebiel, D., Episodes of systemic and borderline banking crises: Managing the real and fiscal effects of banking crises (2002) World Bank Discussion Paper, 428, pp. 31-49; Dam, K.W., The subprime crisis and financial regulation: International and comparative perspectives (2009) Chicago Journal of International Law, 10 (2), pp. 581-638; Deloitte, (2016) Taxation and Investment in Malaysia 2016 Reach, Relevance, and Reliability, , https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-malaysiaguide-2016.pdf, Retrieved February 22; (2015) Indonesian Banking Industry: Challenging yet Promising, , http://www.ey.com/Publication/vwLUAssets/EY-Indonesian-banking-industry-challenging-yet-promising/%24FILE/EY-indonesian-banking-industry-challenging-yet-promising.pdf, Retrieved June 4; Hamidi, M.L., Worthington, A.C., West, T., Ismal, R., (2018) The Prospect of Islamic Social Banking in Indonesia, , Paper presented at the 4th International Monetary Economics and Finance Conference (IIMEFC), Surabaya, Indonesia; Haribowo, I., The Indonesian Islamic bank's spin-off: A study in regional development banks (2017) Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 9 (1), pp. 53-68; Ika, S.R., Abdullah, N., A comparative study of financial performance of Islamic banks and conventional banks in Indonesia (2011) International Journal of Business and Social Science, 2 (15), pp. 199-207; (2017) Indonesia Banking Booklet, 4. , http://www.ojk.go.id/en/kanal/perbankan/data-dan-statistik/booklet-perbankan-indonesia/Pages/Indonesia-Banking-Booklet-2017.aspx, Retrieved June 3; Ismal, R., (2011) Islamic banking in Indonesia: Lessons learned, , Paper presented at Multi-Year Expert Meeting on Services, Development and Trade: The Regulatory and Institutional Dimension, Geneva, Switzerland; Government to spend Rp 404t on infrastructure projects in 2018 (2018) Jakarta Post, , https://www.thejakartapost.com, (February 21); Jeanne, O., Korinek, A., Macroprudential policy beyond banking regulation (2014) Financial Stability Review, 18, pp. 163-171; Setelah Bank Aceh, 3 BPD minat konversi ke Syariah (2017) Kontan, , https://keuangan.kontan.co.id, (January 23); Lau, L.J., (2010) Financial regulation and supervision post the global financial crisis, , Working Paper No. 2. Institute of Global Economics and Finance, Chinese University of Hong Kong; Levine, R., An autopsy of the US financial system: Accident, suicide, or negligent homicide (2010) Journal of Financial Economic Policy, 2 (3), pp. 196-213; Mohd Nor, S., Rahim, R.A., Senik, Z.C., The potentials of internalising social banking among the Malaysian Islamic banks (2016) Environment, Development, and Sustainability, 18 (2), pp. 347-372; (2015) Roadmap Perbankan Islamic Indonesia 2015-2019, , https://www.ojk.go.id/id/kanal/Islamic/berita-dan-kegiatan/publikasi/Documents/roadmap-pbs_2015-2019.pdf, Retrieved February 21; (2016) POJK Nomor 6/POJK.03/2016 tentang Kegiatan Usaha dan Jaringan Kantor Berdasarkan Modal Inti Bank, , http://www.ojk.go.id/id/kanal/perbankan/regulasi/peraturan-ojk/Pages/pojk-kegiatan-usaha-dan-jaringan-kantor-berdasarkan-modal-inti-bank.aspx, Retrieved December 15; (2016) POJK Nomor 10/POJK.03/2016 tentang Kewajiban Penyediaan Modal Minimum Bank Umum, , http://www.ojk.go.id/id/kanal/perbankan/regulasi/peraturan-ojk/Pages/pojk11-kewajiban-penyediaan-modal-minimum-bank-umum.aspx, Retrieved December, 14; (2016) POJK Nomor 64/POJK.03/2016 tentang Perubahan Kegiatan Usaha Bank Konvensional Menjadi Bank Islamic, , http://www.ojk.go.id/id/kanal/perbankan/regulasi/regulasi-perbankan-Islamic/Pages/POJK-tentang-Perubahan-Kegiatan-Usaha-Bank-Konvensional-Menjadi-Bank-Islamic.aspx, Retrieved February, 21; (2017) Laporan Profile Industri Perbankan Triwulan II 2017, , https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/laporan-profil-industri-perbankan/Documents/LPIP%20TW%20II-17%20(Publikasi).pdf, Retrieved February, 21; (2017) Strategi nasional literasi keuangan Indonesia (Revisit 2017), , https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Strategi-Nasional-Literasi-Keuangan-Indonesia-(Revisit-2017)-/SNLKI%20(Revisit%202017)-new.pdf, Retrieved February 21; (2018) Indonesia Banking Statistics, , Jakarta, Indonesia: Otoritas Jasa Keuangan; (2018) Laporan Profil Industri Perbankan Triwulan II 2018, , https://www.ojk.go.id/id/kanal/perbankan/data-dan-statistik/laporan-profil-industri-perbankan/Pages/Laporan-Profil-Industri-Perbankan---Triwulan-II-2018.aspx, Retrieved February, 21; (2018) Sharia Banking Statistics September 2018, , https://www.ojk.go.id/en/kanal/perbankan/data-dan-statistik/statistik-perbankan-syariah/Pages/Sharia-Banking-Statistic---September-2018.aspx, Retrieved March 5; (2018) Snapshot Perbankan Islamic Indonesia, , https://www.ojk.go.id/id/kanal/Islamic/berita-dan-kegiatan/publikasi/Documents/Pages/Snapshot-Perbankan-Islamic-Indonesia-Juni-2018/Snapshot%20Juni%202018%20(final).pdf, Retrieved March 5; (2017) Indonesia Banking Survey 2017: Weathering the rise in credit risk, , https://www.pwc.com/id/en/publications/assets/financialservices/ibs-2017.pdf, What's next for Banks in Indonesia? Retrieved February 21; Rafay, A., Gilani, U.J., Banking Competition and Stability: Evidence from Inter-continental Markets (2016) DLSU Business and Economics Review, 25 (2), pp. 24-40; Rahmatullah, H., Sudarsono, R., Komara, R., Business analysis in conversion of regional development bank into Sharia banking: Case study in NTB province, Indonesia (2018) International Journal of Economics, Commerce, and Management, 6 (2), pp. 232-339; Sari, M.D., Bahari, Z., Hamat, Z., Perkembangan perbankan syariah di Indonesia: Suatu tinjauan (2013) Jurnal Aplikasi Bisnis, 3 (2), pp. 120-138; Shafii, Z., Shahimi, S., Saaid, A., Obstacles and motivation behind conversion of conventional banks to Islamic banks: An overview (2016) International Review of Management and Business Research, 5 (3), pp. 1021-1038; Siraj, K., Pillai, P.S., Comparative study on performance of Islamic banks and conventional banks in GCC region (2012) Journal of Applied Finance and Banking, 2 (3), pp. 123-161; Stapleton, T., Unlocking the transformative potential of branchless banking in Indonesia (2013) Bulletin of Indonesian Economic Studies, 49 (3), pp. 355-380; Syariah, B.T.P.N., (2018) Annual Report 2018, , https://www.btpnIslamic.com/images/BTPNS_AR_2018_en.pdf, Retrieved February 22; Tambunan, T.T.H., Development of small and medium enterprises in a developing country: The Indonesian case (2011) Journal of Enterprising Communities: People and Places in the Global Economy, 5 (1), pp. 68-82; (2010) At the Tipping Point? The Implications of Kenya's ICT Revolution: Kenya Economic Update, , http://siteresources.world-bank.org/KENYAEXTN/Resources/KEU-Dec_2010_Power-point.pdf, Retrieved March 6; Yudistira, G., OJK Dorong 62 Bank segera Tambah Modal (2017) Kontan, , http://keuangan.kontan.co.id/news/ojk-dorong-62-bank-segera-tambah-modal, Retrieved March 6},
correspondence_address1={Luthfi Hamidi, M.; Griffith University, Indonesia},
publisher={IGI Global},
isbn={9781799816126; 9781799816119},
language={English},
abbrev_source_title={Growth and Emerg. Prospect. of Int. Islam. Bank.},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Adam2020263,
author={Adam, M. and Muizzuddin, M.},
title={Banking governance: Perspective of islamic banking},
journal={Growth and Emerging Prospects of International Islamic Banking},
year={2020},
pages={263-277},
doi={10.4018/978-1-7998-1611-9.ch014},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85128058892&doi=10.4018%2f978-1-7998-1611-9.ch014&partnerID=40&md5=fb93f7f0e0b706987cf1a0e1d660dce7},
affiliation={Universitas Sriwijaya, Indonesia},
abstract={This chapter discusses governance in the context of Islamic banking. The discussion begins with various theories that underlie the concept of governance and empirical research in the application of governance. The theory and empirical research become the necessary foundation to understand the perspective of governance in Islamic banks. Both conventional banks and Islamic banks use governance as a control mechanism in providing some value addition by increasing protection of depositors' and investors' rights, facilitating access to finance, reducing capital costs, improving operational performance, and also improving the health of institutions against external/market shocks. This concept is basically in line with Chapra and Ahmed (2002), in that the primary concern in Islamic law is closely related to the idea of fair protection of the rights of all stakeholders, regardless of shareholders. © 2020 by IGI Global.},
references={Abdullah, H., Valentine, B., Fundamental and Ethics Theories of Corporate Governance (2009) Middle Eastern Finance and Economics, 4 (4), pp. 88-96; Abu-Tapanjeh, A.M., Corporate governance from the Islamic perspective: A comparative analysis with OECD principles (2009) Critical Perspectives on Accounting, 20 (5), pp. 556-567; Adams, R.B., Mehran, H., Bank board structure and performance: Evidence for large bank holding companies (2012) Journal of Financial Intermediation, 21 (2), pp. 243-267; Baysinger, B.D., Butler, H.N., Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition (1985) Journal of Law Economics and Organization, 1 (1), pp. 101-124; Bhat, G., Hope, O.-K., Kang, T., Does corporate governance transparency affect the accuracy of analyst forecasts (2006) Accounting and Finance, 46 (5), pp. 715-732; Chapra, M., Ahmed, H., (2002) Corporate Governance in Islamic Financial Institution, , Occasional Paper. Islamic Research and Training Institute/ Islamic Development Bank; Chen, H.-J., Lin, K.-T., How do banks make the trade-offs among risks? The role of corporate governance (2016) Journal of Banking & Finance, 72, pp. S39-S69; Daily, C.M., Dalton, D.R., Cannella, A.A., Jr., Corporate Governance: Decades of Dialogue and Data (2003) Academy of Management Journal, 28 (3), pp. 371-382; Deegan, C., Blomquist, C., Stakeholder influence on corporate reporting: An exploration of the interaction between WWF-Australia and the Australian minerals industry (2006) Accounting, Organizations, and Society, 31 (4-5), pp. 343-372; Erkens, D.H., Hung, M., Matos, P., Corporate governance in the 2007-2008 financial crisis: Evidence from financial institutions worldwide (2012) Journal of Corporate Finance, 18 (2), pp. 389-411; Fama, E.F., Jensen, M.C., Separation of Ownership and Control (1983) The Journal of Law & Economics, 26 (2), pp. 301-325; Farag, H., Mallin, C., Ow-Yong, K., Corporate governance in Islamic banks: New insights for dual board structure and agency relationships (2018) Journal of International Financial Markets, Institutions, and Money, 54, pp. 59-77; Gompers, P.A., Ishii, J.L., Metrick, A., Corporate Governance and Equity Prices (2003) The Quarterly Journal of Economics, 118 (1), pp. 107-155; Grais, W., Pellegrini, M., (2006) Corporate Governance and Shari'ah Compliance in Institutions Offering Islamic Financial Services, , World Bank Policy Research Working Paper. World Bank; Guo, L., Jalal, A., Khaksari, S., Bank executive compensation structure, risk taking and the financial crisis (2014) Review of Quantitative Finance and Accounting, 45 (3), pp. 609-639; Hanefah, M.H., (2018) Corporate and Shari'ah governance in public listed companies and public trust entities. Bandar Baru, , USIM Press; Hasan, Z., Corporate Governance: Western and Islamic Perspectives (2009) International Review of Business Research Papers, 5 (1), pp. 277-293; (2018) Islamic Finance Development Report 2018, , http://www.bitly/IFDatabaase; (2018) Islamic Finance Development Indicator, , https://www.zawya.com/islamic-finance-development-indicator/files/IFDI-Rulebook.pdf?v2, ICD-Thomson Reuters. Thomson Reuters. Retrieved from; (2009) Guiding Principles on Shari'ah Governance Systems for Institutions offering Islamic Financial Services, , Islamic Financial Services Board; Jensen, M.C., Value Maximization, Stakeholder Theory, and the Corporate Objective Function (2002) Business Ethics Quarterly, 12 (2), pp. 235-256; Jensen, M.C., Meckling, W.H., Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360; John, K., Sauders, A., Senbet, L.W., A Theory of Bank Regulation and Management Compensation (2000) Review of Financial Studies, 13 (1), pp. 95-125; Kirkpatrick, G., The corporate governance lessons from the financial crisis (2009) OECD Journal: Financial Market Trends, 2019 (1). , https://www.oecd-ilibrary.org/content/paper/fmt-v2009-art3-en; Laeven, L., Corporate Governance: What's Special About Banks (2013) Annual Review of Financial Economics, 5 (1), pp. 63-92; Levine, R., (2004) The Corporate Governance of Banks: A Concise Discussion of Concepts and Evidence, , World Bank Policy Research Working Paper. World Bank; (2004) OECD Principles of Corporate Governance, , OECD; (2018) Ekonomi Islam, , Jakarta: PT Rajagrafindo Persada; Peni, E., Vähämaa, S., Did Good Corporate Governance Improve Bank Performance during the Financial Crisis (2011) Journal of Financial Services Research, 41 (1-2), pp. 19-35; Pfeffer, J., Size, Composition, and Function of Hospital Boards of Directors: A Study of Organization Environment Linkage (1973) Administrative Science Quarterly, 18 (3), p. 17; Pfeffer, J., Salancik, G.R., (1978) The External Control of Organizations: A Resource Dependence Perspective, , New York: Harper & Row; Rafay, A., Farid, S., Dynamic Relationship between Islamic Banking System and Real Economic Activity: Evidence from Pakistan (2017) Journal of King Abdulaziz University. Islamic Economics, 30 (2), pp. 97-114; Sami, H., Wang, J., Zhou, H., Corporate governance and operating performance of Chinese listed firms (2011) Journal of International Accounting, Auditing, & Taxation, 20 (2), pp. 106-114; Setiyono, B., Tarazi, A., (2014) Disclosure, ownership structure and bank risk: Evidence from Asia, , Paper presented at the 27th Australasian Finance and Banking Conference, Sydney; Sierra, G.E., Talmor, E., Wallace, J.S., An Examination of Multiple Governance Forces within Bank Holding Companies (2006) Journal of Financial Services Research, 29 (2), pp. 105-123; Suchman, M.C., Managing Legitimacy: Strategic and Institutional Approaches (1995) Academy of Management Journal, 20 (3), pp. 571-610; Sulaiman, M., Abd Madjid, N., Moh Arifin, N., Corporate Governance of Islamic Financial Institutions in Malaysia (2015) Asian Journal of Business and Accounting, 8 (1), pp. 65-93; Syaltut, M., (1966) Al-Islam 'Aqidah wa Syari'ah, , Cairo, Egypt: Dar al-Qalam; Walsh, J.P., Seward, J.K., On the efficiency of internal and external corporate control mechanisms (1990) Academy of Management Review, 15 (3), pp. 421-458; Weir, C., Laing, D., McKnight, P.J., Internal and External Governance Mechanisms: Their Impact on the Performance of Large UK Public Companies (2002) Journal of Business Finance & Accounting, 29 (5-6), pp. 579-611},
correspondence_address1={Adam, M.; Universitas SriwijayaIndonesia},
publisher={IGI Global},
isbn={9781799816126; 9781799816119},
language={English},
abbrev_source_title={Growth and Emerg. Prospect. of Int. Islam. Bank.},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Root2020381,
author={Root, A.},
title={Crowdfunding-The Indonesian Experience},
journal={CrowdAsset: Crowdfunding for Policymakers},
year={2020},
pages={381-396},
doi={10.1142/9789811207822_0018},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85136426405&doi=10.1142%2f9789811207822_0018&partnerID=40&md5=8756aa7a621897286ebeac17d1d38e3f},
affiliation={AlliedCrowds, United Kingdom},
abstract={Crowdfunding has grown rapidly in the global North, developing into a multi-billion dollar industry annually. In emerging markets, crowdfunding has tremendous potential to close the multi-trillion MSME credit gap, thereby promoting job growth and stimulating economies. One country where crowdfunding is seeing accelerated growth is Indonesia. The country’s ministers set up friendly peer-to-peer (P2P) lending (lending-based crowdfunding) regulations that have encouraged new platforms to enter the market and borrowers to tap into the opportunity to raise capital from the crowd. From December 2016 to June 2018, P2P lending grew from having raised a total of US$17 million to US$486 million. Since the original P2P laws were released, the government has made tweaks to the regulations as well as worked with other bodies to encourage additional guidelines. These additions have not had the same effect in promoting P2P as the initial regulations. This chapter examines Indonesia’s P2P regulatory regime, focusing on Islamic finance and P2P. Indonesia’s initial success in promoting P2P can serve as a blueprint for other emerging market economies and showcases how crowdfunding can be adopted to country-specific circumstances. Its missteps can serve as learning opportunities to other governments. This chapter will be useful to policymakers considering crowdfunding, academia researching the topic, and development organisations looking to promote private capital flows to SMEs in emerging markets. © 2020 by World Scientific Publishing Co. Pte. Ltd.},
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(2014) Financing SMEs: Sharing Ideas for Effective Policies, , https://www.bi.go.id/id/umkm/penelitian/nasional/kajian/Documents/Financing%20SMEs%20Sharing%20Ideas%20For%20Effective%20Policies.pdf?Mobile=1, Bank Indonesia; Indonesia to Distribute Rp 120t to Small, Micro Businesses (2018) The Jakarta Post, , www.thejakartapost.com/news/2018/01/04/govt-to-distributerp-120t-to-small-micro-businesses.html, January 4; Al Azhari, M., Bank Indonesia’s New SME Loan Rules Spark Concern (2012) Jakarta Globe, , www.jakartaglobe.id/archive/bank-indonesias-new-sme-loan-rules-spark-concern/, November 27; Dipta, W., (2017) Indonesia SME Strategy, , www.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---ilo-jakarta/documents/presentation/wcms_564690.pdf, ILO, June 13; Caught in the Middle (2016) The Economist, , www.economist.com/finance-and-economics/2016/06/02/caught-in-the-middle, June 2; (2016) Time for Marketplace Lending, , Oliver Wyman; www.oliverwyman.com/content/dam/oliver-wyman/global/en/2016/apr/Time_For_Marketplace_Lending.pdf; 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Post, J., Fintech Regulation Coming Soon: OJK (2018) The Jakarta Post, , www.thejakartapost.com/news/2018/07/16/fintech-regulationcoming-soon-ojk.html, July 16; Nangoy, F., Indonesia’s Fintech Lending Boom Exploits Shortfall in Bank Loans (2018) Reuters, , www.reuters.com/article/us-indonesia-fintech/indonesias-fintech-lending-boom-exploitsshortfall-in-bank-loans-idUSKBN1FJ0F4, Thomson Reuters, January 30; Muna, F., Indonesia’s Fintech P2P Firms Disburse $486M Loans by June 2018 (2018) The Insiders Stories, , theinsiderstories.com/indonesias-fintech-p2p-firms-disburse-486m-loans-by-june-2018/, July 13; www.tradingeconomics.com/indonesia/loan-growth, TRADING ECONOMICS; Wirdana, A., Indonesia Identifies 227 Illegal P2P Lending Startups, Mostly from China (2018) DealStreetAsia, , www.dealstreetasia.com/stories/indonesia-identifies-227-illegal-p2p-lending-startups-mostlyfrom-china-103546/, July 30; Winosa, Y., Indonesia to Revise P2P Lending Regulation to Include Shariah-Compliant Financing (2018) Salaam Gateway, , www.salaamgateway.com/en/story/indonesia_to_revise_p2p_lending_regulation_to_include_shariahcompliant_financing-SALAAM31012018062112/, January 31; Overview of the Global Islamic Finance Industry (2017) GIFR, , www.gifr.net/publications/gifr2017/intro.pdf; The World’s Biggest Muslim Country Wants to Boost Sharia Finance (2018) The Economist, , www.economist.com/finance-and-economics/2018/05/10/the-worlds-biggest-muslim-country-wants-to-boost-sharia-finance, May 10; Tampubolon, N., Roadmap of Indonesian Islamic Banking 2015 -2019 (2015) OJK, , www.ojk.go.id/en/Documents/Pages/Islamic-Finance-OJK-2015/1.nelson.pdf, November 12; Maierbrugger, A., A new term is born: Shariah fintech, and it has quite some potential (2018) Gulf Times, , www.gulf-times.com/story/599050/A-new-term-is-born-Shariah-fintech-andit-has-quit, July 10; Winosa, Y., Indonesia to Revise P2P Lending Regulation to Include Shariah-Compliant Financing (2018) Salaam Gateway - Global Islamic Economy Gateway, , www.salaamgateway.com/en/story/indonesia_to_revise_p2p_lending_regulation_to_include_shariahcompliant_financing-SALAAM31012018062112/, January 31; The Race to Become the World’s Leading Islamic FinTech Hub (2018) Middle East | Bahrain FinTech Bay, , www.bahrainfintechbay.com/single-post/2018/04/02/The-race-to-become-the-world%E2%80%99s-leading-leading-Islamic-FinTech-hub, April 2; (2018), https://www.ojk.go.id/id/regulasi/Documents/Pages/Inovasi-Keuangan-Digital-di-Sektor-Jasa-Keuangan/pojk%2013-2018.pdf; Highlight Provision of OJK Regulation No. 13/POJK.02/2018 on Digital Financial Innovations (2018) Walalangi and Partners, , www.wplaws.com/news/highlight-provision-ojk-regulation-no-13-pojk-02-2018-digital-financial-innovations/, September 17; Hakim, E.F., Hidayat, R., OJK Issues Umbrella Regulation for Fintech Development, Establishes Regulatory Sandbox Regime | Lexology (2018) The Impact of Fake News: Economy-Part 2-Lexology, , www.lexology.com/library/detail.aspx?g=d3e294e3-c24f-4560-8908-b2b68bd01462, September 20; Association Launches Code of Conduct for Fintech (2018) The Jakarta Post, , www.thejakartapost.com/news/2018/08/23/associationlaunches-code-of-conduct-for-fintech.html, August 23; (2018) Code of Conduct Accountable Provision of Information Technology-Based Peer-to-Peer Lending Services, , f.datasrvr.com/fr1/618/70127/4255v3-COC_Fintech_AG-JAKLIB01_Final.pdf, Dewi Negara Fachri and Partners, July; Winosa, Y., Indonesia to Revise P2P Lending Regulation to Include Shariah-Compliant Financing (2018) Salaam Gateway, , www.salaamgateway.com/en/story/indonesia_to_revise_p2p_lending_regulation_to_include_shariahcompliant_financing-SALAAM31012018062112/, January 31; Layanan Pembiayaan Berbasis Teknologi InforIasi Berdasarkan Prinsip Syariah (2018) Dewan Syariah Nasional. Majelis Ulama Indonesia, , https://drive.google.com/file/d/1qCu2X6MTIFnYqK22eMx7uFL53AXBT9Vo/view, February 22; Hakim, E.F., Hidayat, R., OJK Issues Umbrella Regulation for Fintech Development, Establishes Regulatory Sandbox Regime | Lexology (2018) Lexology, , www.lexology.com/library/detail.aspx?g=d3e294e3-c24f-4560-8908-b2b68bd01462, September 20; Wirdana, A., Indonesia Identifies 227 Illegal P2P Lending Startups, Mostly from China (2018) DealStreetAsia, , www.dealstreetasia.com/stories/indonesia-identifies-227-illegal-p2p-lending-startups-mostlyfrom-china-103546/, July 30; OJK Belum Berencana Buat Aturan Khusus Fintech Syariah (2018) Republika Online, , republika.co.id/berita/ekonomi/syariah-ekonomi/18/09/01/pecs84349-ojk-belum-berencana-buat-aturan-khusus-fintechsyariah, September 1; Labuan Bajo Ready to Embrace P2P Lending Investment with Mekar (2018) Mekar News, , blog.mekar.id/en/labuan-bajo-ready-toembrace-p2p-lending-investment-with-mekar/, September 27},
correspondence_address1={Root, A.; AlliedCrowdsUnited Kingdom},
publisher={World Scientific Publishing Co.},
isbn={9789811207822; 9789811207815},
language={English},
abbrev_source_title={CrowdAsset: Crowdfunding for Policymakers},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Nobi2020241,
author={Nobi, K. and Singh, M.},
title={The conceptual framework of sustainable Islamic finance with special reference to Shariah index in India},
journal={World Review of Science, Technology and Sustainable Development},
year={2020},
volume={16},
number={3},
pages={241-256},
doi={10.1504/WRSTSD.2020.113047},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85100947417&doi=10.1504%2fWRSTSD.2020.113047&partnerID=40&md5=8e1b093db170ca0407dde5fe9d60cb08},
affiliation={Mata Ganga Khalsa College, Panjab University, Chandigarh, India; University School of Applied Management, Punjabi University, Patiala, Punjab, India},
abstract={This study attempts to explore the conceptual framework of Islamic finance emphasising on Shariah index in India. To bring forth the conceptual framework of Islamic finance huge body of literature has been reviewed concerning the Shariah Islamiiah (Islamic teachings), historical background of Islamic finance, Shariah law, different components of Islamic finance, introduction to Islamic capital market and discussed the screening practices followed by the companies under different Industries. It is observed that there is a need to bring in certain amendments in the rules and regulations by the Indian government to pave the way for introducing various forms of Islamic finance as it may gain by the way of investments, financial inclusion of Muslims, upliftment of Muslims, agricultural development and so on. It is recommended to make diversification concerning to the avenue of investment by introducing more Shariah funds and ETF. Further, it is revealed that there is a difference in screening practices of different countries. Therefore, it is suggested to have uniform screening practices to hold the faith of investors on Islamic finance. © 2020 Inderscience Enterprises Ltd.. All rights reserved.},
author_keywords={Conceptual framework;  India;  Islamic finance;  Shariah index;  Shariah law;  Shariah screening},
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W., Pellegrini, M., (2006) Corporate Governance in Islamic Offering Islamic Financial Services, , World Bank Policy Research Working Paper; Gumel, A.M., Othman, M.A., Reflecting customers' innovativeness and intention to adopt islamic banking in Nigeria (2013) Business Management Quarterly Review, 4 (3), pp. 27-37; Haider, J., Azhar, M., (2010) Islamic Capital Market: Sukuk and its Risk Management in the Current Scenario, , Master thesis, UMEA School of Business and Economics, UMEA University, Sweden; Haniffa, R., Hudaib, M., A conceptual framework for islamic accounting (2011) Islamic Accounting, , Napier, C. and Haniffa, R. (Eds): Edward Elgar; Hawwa, S., (1994) al-Asas fial-Sunnah wa fiqhima, Jilid 1. 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U., (2014) Moral Awareness (Taqwa) a Foundational Tenet of Islam, , https://wethemoderatemuslims.com, [online] (accessed 2 December 2016); Mahmud, A.A.H., (1994) Fiqh al-Da'wah al-Fardiyyah, , Third Printing, Dar al-Wafa Li alTiba'ah wa al-Nasyr wa al-Tawzi, al-Mansurah; Metawa, S.A., Almossawi, M., Banking behavior of Islamic bank customers: perspectives and implications (1998) International journal of bank marketing, 16 (7), pp. 299-313; Mian, K.M., Shariah screening and Islamic equity indexes (2008) Islamic Finance: A Practical Guide, 51 (4), pp. 25-39; Moore, P., (1997) Islamic Finance: A Partnership for Growth, , Euromoney, London; Nicholas, B.A., Islamic and Western banking: part I-Major features, structural forms, comparison with Western banks, Riba (1994) Middle East Executive Reports, 17 (12), pp. 9-14; Nobi, K., Singh, M., (2014) Islamic Finance and Banking in Indian Context: Challenges and Prospects, , LAP Lambert Academic Publishing; Possumah, B.T., Ismail, A.G., Shahimi, S., Bringing work back in Islamic ethics (2012) Journal of Business Ethics; Rafiki, A., Wahab, K.A., Islamic values and principles in the organization: a review of literature (2014) Asian Social Science, 10 (9), pp. 1-7; Ramadani, V., Abazi-Alili, H., Dana, L. P., Rexhepi, G., Ibraimi, S., The impact of knowledge spillovers and innovation on firm-performance: findings from the Balkans countries (2017) International Entrepreneurship and Management Journal, 13 (1), pp. 299-325; Ramadani, V., Dana, L.P., Ratten, V., Tahiri, S., The context of Islamic entrepreneurship and business: concept, principles and perspectives (2015) International Journal of Business and Globalisation, 15 (3), pp. 244-261; Rice, G., Islamic ethics and the implications for business (1999) Journal of Business Ethics, 18 (4), pp. 345-358; Sanusi, L., Banking reform and its impact on the Nigerian economy (2012) CBN Journal of Applied Statistics, 2 (2), pp. 115-122; Schoon, N., Islamic finance-a history (2008) Financial Services Review, 1 (1), pp. 10-12; Siddiqi, M.N., (1972) The Economic Enterprise in Islam, , Islamic Publications, Lahore; Siddiqui, A., Ethics in Islam: key concepts and contemporary challenges (1997) Journal of Moral Education, 26 (4), pp. 423-431; Spilka, B., Hood, WH., Hunsberger, B., Gorsuch, R., (2003) The Psychology of Religion, , Guilford Press, New York; Taymiyyah, I., Halim, A.B.A., (1995) Majmu'al-Fatawa, , Dar al-Kutub al-Ilmiyyah, Beirut; Uthmani, M.T., (2002) An Introduction to Islamic Finance, , Kluwer Law International, The Hague; Waheed, S., Hadith: Primary Definitions, , http://www.geocities.com/J-1975X/Science-of-Hadith.htm, (n.d) [online] (accessed 15 January 2018); Warde, I., (2000) Islamic Finance in the Global Economy, , Edinburgh University Press, Edinburgh; (2009) Islamic Finance as an Alternative, , http://aibim.com/content/view/934/77, WIEF World Islamic Economic Forum Jakarta, Malaysia [online] (accessed 28 February 2010); Wilson, R., (1997) Economics, Ethics and Religion: Jewish, Christian and Muslim Economic Thought, , Macmillan Press Ltd, London; Wilson, R., Islamic finance and ethical investment (1997) International Journal of Social Economics, 24 (11), pp. 1325-1342; Wilson, R., Islam and business (2006) Thunderbird International Business Review, 48 (1), pp. 109-123; Yaqoubi, N., Unstructured Interview [In Person] (2015) Background of Shariah Compliance Stocks Screening and Purification fatwa, , Interview by Farid Gamaleldin, 2 February 2015 GST 17:00 (own translation from Arabic language); Yusoff, N.M.A.B.N., (2002) Islam and Business, , Pelanduk, Selangor, Malaysia; Zaid, O.A., Were Islamic records precursors to accounting books based on the Italian method? (2000) Accounting Historians Journal, 27 (1), pp. 73-90; Zaid, O.A., The Appointment qualifications of Muslim accountants in the middle ages (2000) Accounting Education, 9 (4), pp. 329-342; Zamir, I., Greuning, H., (2008) Risk Analysis for Islamic Banks, , http://books.google.com/books?id=EjlsEs4yPMCandpg=PA128anddq=risk+associated+with+sukukandhl=enandei=jizxTMerIqCT4gbJvIzdBAandsa=Xandoi=book-resultandct=resultandresnum=2andsqi=2andved=0CCcQ6AEwAQ#v=onepageandqandf=false, The World Bank, Washington DC [online] (accessed 14 January 2018)},
correspondence_address1={Nobi, K.; Mata Ganga Khalsa College, India; email: kamrunnishaibm@gmail.com},
publisher={Inderscience Publishers},
issn={17412242},
language={English},
abbrev_source_title={World Rev. Sci. Technol. Sustainable Dev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Guizani2020123,
author={Guizani, M.},
title={The capital structure of islamic-compliant firms: Is there a financing hierarchy?},
journal={Asian Academy of Management Journal of Accounting and Finance},
year={2020},
volume={16},
number={2},
pages={123-144},
doi={10.21315/aamjaf2020.16.2.6},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85098956944&doi=10.21315%2faamjaf2020.16.2.6&partnerID=40&md5=a783c2566a9a3c82314ae97356459de5},
affiliation={College of Science and Humanity Studies in Slayel, Prince Sattam Bin Abdulaziz University, Saudi Arabia},
abstract={This article examines whether the basic premises according to the pecking order theory (POT) provide an explanation for the capital structure choice of firms operating under Islamic principles. Random effect regressions were performed to test the POT applying data from a sample of 93 Islamic-compliant firms listed on Saudi stock market over the period of 2006 to 2016. The results show that sale-based instruments (Murabahah, Ijara) track the financial deficit quite closely followed by equity financing and as a last alternative to finance deficit, Islamic-compliant firms’ issue Sukuk. In the crisis period, these firms seem more reliant on equity, then on sale-based instrument and on Sukuk as last option. The study findings also indicate that the cumulative financing deficit does not wipe out the effects of conventional variables, although it is empirically significant. This provides no support for the POT attempts by Saudi Islamic-compliant firms. © Asian Academy of Management and Penerbit Universiti Sains Malaysia, 2020.},
author_keywords={Capital structure;  Ijara;  Islamic-compliant firms;  Murabahah;  Pecking order theory;  Sukuk},
references={Ahmed, H., (2007) Issues in Islamic corporate finance: Capital structure in firms, , IRTI Research Paper Serie 70, Jeddah, Saudi Arabia; Allini, A., Rakha, S., McMillan, D. G., Caldarelli, A., Pecking order and market timing theory in emerging markets: The case of Egyptian firms (2018) Research in International Business and Finance, 44 (2), pp. 297-308. , https://doi.org/10.1016/j.ribaf.2017.07.098; Alnori, F., Alqahtani, F., Capital structure and speed of adjustment in non-financial firms: Does sharia compliance matter? Evidence from Saudi Arabia (2019) Emerging Markets Review, 39 (1), pp. 50-67. , https://doi.org/10.1016/j.ememar.2019.03.008; Alshamrani, A., Sukuk issuance and its regulatory framework in Saudi Arabia (2014) Journal of Islamic Banking and Finance, 2 (1), pp. 305-333; Baltagi, B. H., (1995) Econometric analysis of panel data, , New York: John Wiley; Bitar, M., Hassan, M. K., Hippler, W. 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R., Testing static tradeoff against pecking order models of capital structure: A critical comment (2000) Journal of Financial Economics, 58 (3), pp. 417-425; Dewally, M., Shao, Y., Liquidity crisis, relationship lending and corporate finance (2014) Journal of Banking & Finance, 39 (2), pp. 223-239; Fama, E. F., French, K. R., Financing decisions: Who issues stock? (2005) Journal of FinancialEconomics, 76 (3), pp. 549-582. , https://doi.org/10.1016/j.jfineco.2004.10.003; Frank, M. Z., Goyal, V. K., Testing the pecking order theory of capital structure (2003) Journal of Financial Economics, 67 (2), pp. 217-248. , https://doi.org/10.1016/S0304-405X(02)00252-0; Frank, M. Z., Goyal, V. K., Capital structure decisions: Which factors are reliably important? (2009) Financial Management, 38 (1), pp. 1-37; Guizani, M., The investment-cash flow sensitivity in gulf countries: Does Sharia-compliance matter? (2019) Review of Behavioral Finance, 11 (4), pp. 406-425. , https://doi.org/10.1108/RBF-03-2018-0024; Hausman, J., Specification tests in econometrics (1978) Econometrica, 46, pp. 1251-1271; Ivashina, V., Scharfstein, D., Bank lending during the financial crisis of 2008 (2009) Journal of Financial Economics, 97 (3), pp. 319-338. , https://doi.org/10.1016/j.jfineco.2009.12.001; Kennedy, P., (1985) A guide to econometrics, , Cambridge, MA: Massachusetts Institute of Technology Press; Klein, P. O., Weill, L., Why do companies issue Sukuk? (2016) Review of Financial Economics, 31 (4), pp. 26-33. , https://doi.org/10.1016/j.rfe.2016.05.003; Komera, S., Lukose, J., Capital structure choice, information asymmetry, and debt capacity: Evidence from India (2015) Journal of Economics and Finance, 39 (4), pp. 807-823; Kraus, A., Litzenberger, R. H., A state-preference model of optimal financial leverage (1973) The Journal of Finance, 28 (4), pp. 911-922; Lemmon, M. L., Roberts, M. R., Zender, J. F., Back to the beginning: Persistence and the cross-section of corporate capital structure (2008) The Journal of Finance, 63 (4), pp. 1575-1608; Modigliani, F., Miller, M., The cost of capital corporation finance, and the theory of investment (1958) American Economic Review, 48 (3), pp. 261-297; Myers, S. C., The capital structure puzzle (1984) The Journal of Finance, 39 (3), pp. 575-592; Myers, S. C., Majluf, N. S., Corporate financing and investment decisions when firms have information that investors do not have (1984) Journal of Financial Economics, 13 (2), pp. 187-221; Naz, I., Shah, S. M. A., Kutan, A. M., Do managers of sharia-compliant firms have distinctive financial styles? (2017) Journal of International of Financial Markets, Institutions and Money, 46 (1), pp. 174-187. , https://doi.org/10.1016/j.intfin.2016.05.005; O’Brien, R. M., A caution regarding rules of thumb for variance inflation factors (2007) Quality & Quantity, 41 (5), pp. 673-690; Sapuan, N. M., An evolution of mudarabah contract: A viewpoint from classical and contemporary Islamic scholars (2016) Procedia Economics and Finance, 35, pp. 349-358. , https://doi.org/10.1016/S2212-5671(16)00043-5; Shyam-Sunder, L., Myers, S., Testing static trade-off against pecking order models of capital structure (1999) Journal of Financial Economics, 51 (2), pp. 219-244. , https://doi.org/10.1016/S0304-405X(98)00051-8; Siddiqui, A., Financial contracts, risk and performance of Islamic banking (2008) Managerial Finance, 34 (10), pp. 680-694. , https://doi.org/10.1108/03074350810891001; Yildirim, R., Masih, M., Bacha, O. I., Determinants of capital structure:Evidence from Shari’ah compliant and non-compliant firms (2018) Pacific-Basin Finance Journal, 51 (5), pp. 198-219. , https://doi.org/10.1016/j.pacfin.2018.06.008; Zolfaghari, P., (2017) An introduction to Islamic securities (Sukuk), p. 2. , http://uu.diva-portal.org, Uppsala Faculty of Law Working Paper 2017: Retrieved from},
correspondence_address1={Guizani, M.; College of Science and Humanity Studies in Slayel, Saudi Arabia; email: guizani_m@yahoo.fr},
publisher={Penerbit Universiti Sains Malaysia},
issn={18234992},
language={English},
abbrev_source_title={Asian Acad. Manage. J. Account. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Arifin20201033,
author={Arifin, Z. and Mulyati, S.},
title={Prediction model for the persistence of Sharia Mutual fund performance in Indonesian capital market},
journal={International Journal of Business and Society},
year={2020},
volume={21},
number={3},
pages={1033-1044},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85097963784&partnerID=40&md5=09f718676657dc239f86d3327fa81df0},
affiliation={Universitas Islam Indonesia, Indonesia},
abstract={Over the period of 2010 to 2012, the performance of Islamic mutual funds in Indonesia saw a high degree of persistence. However, the persistence rate decreased in the period of 2014 to 2016. Given such fluctuated rate, this research tries to identify the factors that influence the persistence of the mutual fund performance and, based on these factors, creates the predictive modelling of persistence rate. The samples of the study included all sharia mutual funds offered from 2010 to 2016 in Indonesian capital market. To construct the model, we used the Logit equation, while to evaluate the accuracy of the prediction model, we used the ExpectationPrediction Evaluation with a prediction evaluation for success of 0.5. The results of this study indicate that, of the whole mutual fund, the best model is a model involving the following variables: (1) the time interval since the mutual fund was launched, (2) the rank of the mutual funds, whether it was at the top 5 within 1-2 years after the launch, and (3) the number of newcomer funds during persistence testing. The level of accuracy of this model, when it was used to predict the whole sharia mutual fund persistence, was 64%. When the model was used to predict the persistence of equity performance of mutual fund, its level of accuracy rose to 77.78%. Whereas in the use to predict the persistence of fixed income mutual funds the accuracy rate amounted to 70%. The persistence of predictive model for mixed funds was based on different factors of compositions: (1) the number of funds under management, (2) the fact whether the mutual funds are in the top 5 within 1-2 years after the launch, and (3) the number of newly coming funds during persistence testing. This model had an accuracy level of 75%. It is expected that this study be used as a guide for investors wishing to invest in sharia mutual funds. © 2020, Universiti Malaysia Sarawak. All rights reserved.},
author_keywords={Performance;  Persistence;  Predictive Model of Persistence;  Sharia Mutual Fund},
funding_text 1={The authors would like to thank the Directorate of Research and Community Service, and Directorate General of Research and Development Reinforcement of Ministry of Research, Technology and Higher Education of Indonesia for funding this research. The authors are also grateful for colleagues in the Department of Management of Universitas Islam Indonesia for their considerable inputs throughout the preparation of this research.},
funding_text 2={The authors would like to thank the Directorate of Research and Community Service, and Directorate General of Research and Development Reinforcement of Ministry of Research, Technology and Higher Education of Indonesia for funding this research. The authors are also grateful for colleagues in the Department of Management of Universitas Islam Indonesia for their considerable inputsthroughout thepreparation ofthisresearch.},
references={Abderrezak, F., (2008) The Performance of Islamic Equity Funds: A Comparison to Conventional, Islamic and Ethical Benchmarks, , Thesis, University of Maastricht, Netherlands; Altman, E. I., Financial ratios, discriminant analysis and the prediction of corporate bankruptcy (1968) The Journal of Finance, 23 (4), pp. 589-609; Arifin, Z., Mulyati, S., Relative Short-Term Persistence and Absolute Short-Term Persistence of Islamic Mutual Funds in Indonesia (2017) Advances in Economics, Business and Management Research (AEBMR), 35, pp. 94-100; Arifin, Z., Testing for Persistence in Sharia Mutual Fund Performance in Indonesia (2018) Review of Integrative Business and Economics Research, 7 (1), pp. 104-115; Bodie, Z., Kane, A., Marcus, A. J., (2009) Investment, , New York: McGraw-Hill Irwin; Carhart, M. M., On Persistence in Mutual Fund Performance (1997) The Journal of Finance, 52 (1), pp. 57-82; Dabbeeru, R. N., (2006) Performance Analysis of Mutual Funds in Saudi Arabia, , http://dx.doi.org/10.2139/ssrn.921523, SSRN eLibrary; Dwianggoro, A., Anantadjaya, S. P., Sibarani, M., Equity Mutual Funds in Indonesia: Persistence Analysis Period April 2006-March 2011 (2012) Finance & Accounting Journal, 1 (2), pp. 69-83; Elfakhani, S., Hassan, M. K., Sidani, Y., Comparative Performance of Islamic Versus Secular Mutual Funds (2005), Proceeding of Economic Research Forum Conference 2005, Cairo: Egypt; Elvani, V., Linawati, N., Consistency Test of Stock Fund Performance in Indonesia Stock Exchange Period 2008-2012 (2013) FINESTA, 1 (2), pp. 130-135; Grinblatt, M., Titman, S., The Persistence of Mutual Fund Performance (1992) The Journal of Finance, 67 (5), pp. 1977-1984; Gruber, J. M., Another Puzzle: The Growth in Actively Managed Mutual Fund (1996) The Journal of Finance, 51 (3), pp. 783-810; Hayat, R., Kraeussl, R., Risk and Return Characteristics of Islamic Equity Funds (2012) Emerging Market Review, 12 (2), pp. 189-203; Jones, S., Laan, S. van der., Frost, G., Loftus, J., The Investment Performance of Socially Responsible Investment Funds in Australia (2008) Journal of Business Ethics, 80, pp. 181-203; Khamlichi, A., Arouri, M., Teulon, F., Persistence of Performance Using The FourFactor Pricing Model: Evidence from Dow Jones Islamic Index (2014) The Journal of Applied Business Research, 30 (3), pp. 917-926; Mansor, F., Bhatti, M. I., The Islamic Mutual Fund Performance: New Evidence on Market Timing and Stock Selectivity (2011) Proceeding 2011 International Conference on Economics and Finance Research (ICEFR), , (March 14-16). Langkawi, Malaysia; Norman, L Trevor, Islamic Investment Funds (2004) Islamic Asset Management, , Sahail Jaffer (Editor), Euromoney Book-Kuwait Finance House-The National Commercial Bank, London, United Kingdom; Rahman, A., (2013) Comparative Analysis of Shari'a Mutual Fund Performance and Conventional Mutual Funds in Crisis Period and Subsequent Crisis Subprime Mortgage, , Master Thesis, Universitas Gadjah Mada, Indonesia; Romadon, G., (2012) Comparative Analysis of Sharia and Conventional Mutual Performance Using RMAR and RDIV, , Master Thesis, Universitas Gadjah Mada, Indonesia; Rubio, J. F., Hassan, M. K., Merdad, H. J., Non-Parametric Performance Measurement of International and Islamic Mutual Funds (2012) Accounting Research Journal, 25 (3), pp. 208-226; Susanto, H. A., (2012) Comparative Analysis of Conventional Mutual Fund Performance and Syariah Mutual Funds Using Sharpe Model, Treynor, Reward to Market Risk, and Reward to Diversification, , Master Thesis, Universitas Gadjah Mada, Indonesia; Zheng, L., Is Money Smart? A Study of Mutual Fund Investor's Fund Selection Ability (1999) The Journal of Finance, 54 (3), pp. 901-933},
correspondence_address1={Arifin, Z.; Universitas Islam Indonesia, Jl. Kaliurang Km. 14, 5 Sleman, Indonesia; email: zaenalarifin.fe@uii.ac.id},
publisher={Universiti Malaysia Sarawak},
issn={15116670},
language={English},
abbrev_source_title={Int. J. Bus. Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Benita20201333,
author={Benita, R.T. and Damayanti, S. and Ekaputra, I.A.},
title={Information distribution and informed trading in mixed and Islamic capital markets},
journal={International Journal of Business and Society},
year={2020},
volume={21},
number={3},
pages={1333-1351},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85097932519&partnerID=40&md5=90bd8dd71ed54f60e87d4c108cdd92a2},
affiliation={Universitas Indonesia, Indonesia},
abstract={The correlation between volume and frequency with return volatility can explicate the information distribution process and informed traders' transaction behavior in a stock market. In this study, the Indonesian stock market represents the mixed market, while the Saudi Arabian stock market represents the Islamic market. We find that 94% and 96% of sharia-compliant stocks in Indonesia and Saudi Arabia follow the Mixture of Distribution Hypothesis (MDH). Consequently, we may conclude that sharia-compliant stocks in both markets are informationally efficient. However, we find that informed traders tend to behave differently in both markets. In the Indonesian market, informed traders exhibit competitive behavior in 95% of shariacompliant stocks and strategic transaction behavior in only 5% of the stocks. In contrast, in the Saudi Arabian market, we find that informed traders exhibit competitive behavior in only 38% of the stocks and strategic behavior in 62% of the stocks. The findings suggest that social and religious contexts may affect market participants' behavior. © 2020, Universiti Malaysia Sarawak. All rights reserved.},
author_keywords={Indonesia;  Informed trading;  MDH;  Saudi Arabia;  SIAH},
funding_details={Universitas IndonesiaUniversitas Indonesia, UI, NKB-0812/UN2.R3.1/HKP.05.00/2019},
funding_text 1={We are grateful to the anonymous refrees for their valuable comments and input. We also acknowledge that Universitas Indonesia has partly funded this study with a research grant NKB-0812/UN2.R3.1/HKP.05.00/2019.},
references={Arago, V., Nieto, L., Heteroskedasticity in the returns of the main world stock exchange indices: volume versus GARCH effects (2005) Journal of International Financial Markets, Institutions, & Money & Money, 15, pp. 271-284. , https://doi.org/10.1016/j.intfin.2004.06.001; Bollerslev, T., Generalized Autoregressive Conditional Heteroskedasticity (1986) Journal of Econometrics, 31, pp. 307-327; Bose, S., Rahman, H., Examining the relationship between stock return volatility and trading volume: new evidence from an emerging economy (2015) Applied Economics, 47 (18), pp. 1899-1908. , https://doi.org/10.1080/00036846.2014.1002885; Canepa, A., Ibnrubbian, A., Does faith move stock markets? Evidence from Saudi Arabia (2014) Quarterly Review of Economics and Finance, 54 (4), pp. 538-550. , https://doi.org/10.1016/j.qref.2014.04.002; Chan, K., Fong, W., Trade size, order imbalance, and the volatility-volume relation (2000) Journal of Financial Economics, 57, pp. 247-273; Clark, P. K., A Subordinated Stochastic Process Model with Finite Variance for Speculative Prices (1973) Econometrica, 41 (1), pp. 135-155; Copeland, T. E., A Model of Asset Trading Under the Assumption of Sequential Information Arrival (1976) The Journal of Finance, 31 (4), pp. 1149-1168; Darrat, A. F., Rahman, S., Zhong, M., Intraday trading volume and return volatility of the DJIA stocks: A note (2003) Journal of Banking and Finance, 27, pp. 2035-2043. , https://doi.org/10.1016/S0378-4266(02)00321-7; Easley, D., Kiefer, N. M., O’Hara, M., One Day in the Life of a Very Common Stock (1997) The Review of Financial Studies, 10 (3), pp. 805-835; Ekaputra, I. A., Impact of foreign and domestic order imbalances on return and volatilityvolume relation (2014) Asian Academy of Management Journal of Accounting and Finance, 10 (1), pp. 1-19; Ekaputra, I. A., Asikin, E. S., Impact of tick size reduction on small caps price efficiency and execution cost on the Indonesia stock exchange (2012) Asian Academy of Management Journal of Accounting and Finance, 8, pp. 1-12. , (SUPPL); Fama, E., Efficient capital markets: A Review of theory and empirical work (1970) Journal of Finance, 25 (2), pp. 383-417; Harris, L., Transaction Data Tests of the Mixture of Distributions (1987) Journal of Financial and Quantitative Analysis, 22 (2), pp. 127-141; Hong, H., Rady, S., Strategic trading and learning about liquidity (2002) Journal of Financial Markets, 5, pp. 419-450; Jones, C. M., Kaul, G., Lipson, M. L., Transactions, Volume, and Volatility (1994) Review of Financial Studies, 7 (4), pp. 631-651; Karpoff, J. M., The Relation Between Price Changes and Trading Volume (1987) The Journal of Financial and Quantitative Analysis, 22 (1), pp. 109-126; Lamoureux, C. G., Lastrapes, W. D., Endogenous Trading Volume and Momentum in Stock-Return Volatility (1994) Journal of Business & Economic Statistics, 12 (2), pp. 253-260; (2018) MSCI Arabian Markets Islamic Index. Fact sheet, , http://www.msci.com/search, MSCI. (a). Retrieved from; (2018) MSCI Indonesia Islamic Index (USD). Fact Sheet, , http://www.msci.com/search, MSCI. (b). Retrieved from; Omran, M. F., McKenzie, E., Heteroscedasticity in stock returns data revisited: volume versus GARCH effects (2000) Applied Financial Economics, 10 (5), pp. 553-560. , https://doi.org/10.1080/096031000416433; Purwono, Y., Ekaputra, I. A., Husodo, Z. A., Estimation of Dynamic Mixed Hitting Time Model Using Characteristic Function Based Moments (2018) Computational Economics, 51 (2), pp. 295-321. , https://doi.org/10.1007/s10614-017-9692-6; Pyun, C. S., Lee, S. Y., Nam, K., Volatility and information flows in emerging equity market: A case of the Korean Stock Exchange (2000) International Review of Financial Analysis, 9 (4), pp. 405-420. , https://doi.org/10.1016/S1057-5219(00)00037-5; Ratsimalahelo, Z., Generalised Wald Type Test of Nonlinear Restrictions (2005) IFAC Proceedings Volumes, 38 (1), pp. 100-105. , https://doi.org/10.3182/20050703-6-CZ1902.02252; Sensoy, A., Aras, G., Hacihasanoglu, E., Predictability dynamics of Islamic and conventional equity markets (2015) North American Journal of Economics and Finance, 31, pp. 222-248. , https://doi.org/10.1016/j.najef.2014.12.001},
correspondence_address1={Ekaputra, I.A.; Universitas IndonesiaIndonesia; email: irwan.adi@ui.ac.id},
publisher={Universiti Malaysia Sarawak},
issn={15116670},
language={English},
abbrev_source_title={Int. J. Bus. Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kahyaoğlu20201,
author={Kahyaoğlu, S.B. and Akkuş, H.T.},
title={Volatility spillover between conventional stock index and participation index: The Turkish case},
journal={Contemporary Studies in Economic and Financial Analysis},
year={2020},
pages={1-17},
doi={10.1108/S1569-375920200000104002},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85095600692&doi=10.1108%2fS1569-375920200000104002&partnerID=40&md5=503e086d762e254ee7773b8f2afbc3a2},
abstract={Introduction – The rapid flow of information between the markets eliminates the possibility of diversifying the portfolio by bringing the markets closer, and may cause the volatility in a market to spread to another market. In this context, revealing the relationships between conventional and participation markets or financial assets is important in terms of portfolio diversification and risk management. Purpose – The major aim of this work is to analyse the existence of volatility spillover between conventional stock index and participation index based on the indexes in Turkish Capital Markets. BIST-30 and Katılım-30 indexes are used as the representatives of conventional stock index and participation index, respectively. Methodology – Firstly, the univariate HYGARCH (1,d,1) parameters are calculated, and secondly, the dynamic equicorrelation (DECO) methodology is applied. DECO model is proposed to simplify structural assumptions by introducing a structure in which all twosomes of returns take the same correlation for a given time period. In this way, DECO model enables to have an optimal portfolio selection in comparison to an unrestricted time varying-dynamic correlation approaches and gives more advanced forecasting ability for the duration of the financial crisis periods compared to the various portfolios. Findings – There is a strong correlation between BIST-30 and Katılım-30. They are affected by the same shocks. We expect to see different investor behaviours for Katılım-30 and BIST-30. However, they seem to have almost the same investor profile. In addition, there is a causality in both ways and volatility spillover between them. © 2020 by Emerald Publishing Limited.},
author_keywords={Conventional stock index;  Dynamic Equicorrelation (DECO) model;  HYGARCH model;  Islamic finance;  Islamic stock index;  Non-linear causality;  Participation index;  Sharia-compliant equity;  Volatility spillover},
references={Ajmi, A.N., Hammoudeh, S., Nguyen, D.K., Sarafrazi, S., How strong are the causal relationships between islamic and conventional finance systems? Evidence from linear and nonlin-ear tests (2014) Journal of International Financial Markets, Institutions & Money, 28, pp. 213-227; Albaity, M., Ahmad, R., Return performance, leverage effect, and volatility spillover in Islamic stock indices evidence from DJIMI, FTSEGII and KLSI (2011) Investment Management and Financial Innovations, 8 (3), pp. 161-171; Al-Khazali, O., Lean, H.H., Samet, A., Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach (2014) Pacific-Basin Finance Journal, 28, pp. 29-46; Aydin, N., (2012) Time Value of Money, 2577, pp. 56-83. , G. Sevil & M. Başar (Eds.), Financial management-I, T. C. Anadolu University Pub, (pp. , Eskişehir: Anadolu University; Beck, S., Demirguc-Kunt, A., Merrouche, Q., Islamic vs. Conventional banking: Business model, efficiency and stability (2013) Journal of Banking Finance, 37, pp. 433-447; Buğan, M.F., Islamic stock indices (2016) Islamic Economy and Finance, pp. 249-272. , S. Erdoğan, A. Gedikli, & D. Ç. Yıldırım (Eds.), (pp. , Kocaeli: Umuttepe Publishing; Celik, I., Ozdemir, A., Gulbahar, S.D., Return and volatility spillover between Islamic stock indices: An application of multivarite VAR-EGARCH on developed and emerging markets (2018) Bulletin of Accounting and Finance Reviews, 1 (2), pp. 89-100; Clements, A., Scott, A., Silvennoien, A., On the benefits of equicorrelation for portfolio allocation (2014) NCER Working Paper Series, (99). , http://www.ncer.edu.au/papers/documents/WP99.pdf, No. , Retrieved from; Conrad, C., Non-negativity conditions for the hyperbolic GARCH model (2010) Journal of Econometrics, 157, pp. 441-457; Dania, A., Malhotra, D.K., An empirical examination of the dynamic linkages of faith-based socially responsible investing (2013) The Journal of Wealth Management, 16 (1), pp. 65-79; Davidson, J., Moment and memory properties of linear conditional heteroscedasticity models, and a new model (2004) Journal of Business & Economic Statistics, 22, pp. 16-29; Dewandaru, G., Bacha, O.I., Masih, A.M.M., Masih, R., Risk-return characteristics of Islamic equity indices: Multi-timescales analysis (2015) Journal of Multinational Financial Management, 29, pp. 115-138; Dickey, D.A., Fuller, W.A., Distribution of estimators for autoregressive time series with a unit root (1979) Journal of the American Statistical Association, 74, pp. 427-431; Engle, R.F., Autoregressive conditional heteroskedasticity with estimates of the variance of United Kingdom inflation (1982) Econometrica, 50, pp. 987-1007; Engle, R.F., Dynamic conditional correlation: A simple class of multivariate generalized autoregressive conditional heteroskedasticity models (2002) Journal of Business and Economic Statistics, 20, pp. 339-350; Engle, R.F., Kelly, B., Dynamic equicorrelation (2012) Journal of Business & Economic Statistics, 30 (2), pp. 212-228; Engle, R.F., Sheppard, K., (2005) Theoretical and Empirical Properties of Dynamic Conditional Correlation Multivariate GARCH. Working Paper, , Oxford University; Gebka, B., Serwa, D., Intra-and inter-regional spillovers between emerging capital markets around the world (2007) Research in International Business and Finance, 21 (2007), pp. 203-221; Granger, C.W.J., Investigating causal relations by econometric models and cross-spectral methods (1969) Econometrica, 37, pp. 424-459; Hammoudeh, S., Mensi, W., Reboredo, J.C., Nguyen, D.K., Dynamic dependence of the global Islamic equity index with global conventional equity market indices and risk factors (2014) Pacific-Basin Finance Journal, 30 (C), pp. 189-206; Hayat, R., Kraussl, R., Risk and return characteristics of Islamic equity funds (2011) Emerging Markets Review, 12, pp. 189-203; (2018) Islamic Finance Development Report-2018, , https://repository.salaamgateway.com/images/iep/galleries/documents/20181125124744259232831. pdf, Accessed on January 8, 2019; Jawadi, F., Jawadi, N., Louhichi, W., Conventional and Islamic stock price performance: An empirical investigation (2014) International Economics, 137, pp. 73-87; Kılıç, Y., Buğan, M.F., Are Islamic equity markets “Safe Havens”? Testing the contagion effect using DCC-GARCH (2016) International Journal of Academic Research in Accounting, 6 (4), pp. 167-176. , Finance and Management Sciences; Kwiatkowski, D., Phillips, P.C.B., Schmidt, P., Shin, Y., Testing the null hypothesis of station-arity against the alternative of a unit root (1992) Journal of Econometrics, 54, pp. 159-178; Majdoub, J., Mansour, W., Islamic equity market integration and volatility spillover between emerging and US stock markets (2014) The North American Journal of Economics and Finance, 29, pp. 452-470; Majdoub, J., Sassi, S.B., Volatility spillover and hedging effectiveness among China and emerging Asian Islamic equity indexes (2017) Emerging Markets Review, 31, pp. 16-31; Masih, M., Kamil, N.K.M., Bacha, O.I., Issues in Islamic equities: A literature survey (2018) Emerging Markets Finance and Trade, 54 (1), pp. 1-26; Mensi, W., Hammoudeh, S., Sensoy, A., Yoon, S.M., Analysing dynamic linkages and hedging strategies between Islamic and conventional sector equity indexes (2016) Applied Economics, 49 (25), pp. 2456-2479; Milly, M., Sultan, J., (2012) Portfolio Diversification during Financial Crisis: Analysis of Faith Based Investment Strategies, , Building bridges across the financial communities: The global financial crisis, social responsibility, and faith-based finance (pp. 334–352). Harvard Law School, Islamic Finance Project; Mulyadi, M.S., (2009) Volatility Spillover in Indonesia, USA, and Japan Capital Market., , MPRA Paper No. 16914. Munich Personal RePEc Archive; Muyi, L., Li, W.K., Li, G., (2014) A New Hyperbolic GARCH Model, , https://pdfs. semanticscholar.org/efa6/682ba7e61f69a8941f22320a1630763652ff.pdf, Retrieved from; Nazlioglu, S., Hammoudeh, S., Gupta, R., Volatility transmission between Islamic and conventional equity markets: Evidence from causality-in-variance test (2015) Applied Economics, 47 (46), pp. 1-16; (2009) Shariah-Compliant Funds: A Whole New World of Investment, , https://www. pwc.com/gx/en/financial-services/islamic-finance-programme/assets/shariah-compliant-funds. pdf, Retrieved from; Rejeb, A.B., (2016) Volatility Spillover between Islamic and Conventional Stock Markets: Evidence from Quantile Regression Analysis, pp. 1-44. , MPRA Paper No. 73302; Saadaoui, A., Boujelbene, Y., Volatility transmission between Dow Jones stock index and emerging Islamic stock index: Case of subprime financial crises (2015) Emerging Markets Journal, 5 (1), pp. 40-49; Shahzad, S.J.H., Ferrer, R., Ballester, L., Umar, Z., Risk transmission between Islamic and conventional stock markets: A return and volatility spillover analysis (2017) International Review of Financial Analysis, 52, pp. 9-26; Umar, Z., Islamic vs conventional equities in a strategic asset allocation framework (2017) Pacific-Basin Finance Journal, 42, pp. 1-10; Wiener, N., (1956) The Theory of Prediction, , E. F. Beckenback (Ed.), The theory of prediction (Chap. 8 pp. 165–190.). New York, NY: McGraw-Hill},
publisher={Emerald Group Holdings Ltd.},
issn={15693759},
language={English},
abbrev_source_title={Contemp. Stud. Econ. Financ. Anal.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Clough2020400,
author={Clough, P.M.},
title={The moral economy of rural Hausaland: a perspective from long-term field research},
journal={Oxford Development Studies},
year={2020},
volume={48},
number={4},
pages={400-412},
doi={10.1080/13600818.2020.1787367},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85091388096&doi=10.1080%2f13600818.2020.1787367&partnerID=40&md5=9d95e21c744c8d5ba1c99a3a251d1abe},
affiliation={Anthropological Sciences, University of Malta, Msida, Malta},
abstract={This essay explores a model for inequality in Nigerian rural Hausaland based on fieldwork carried out from 1977 to 1979, with follow-up visits in 1996 and from 1997 to 1998. In the model, rural differentiation in areas of high population density and intensive market networks is theorized as resulting from a trajectory of non-capitalist accumulation. Capital accumulation in such areas is limited by ‘polygynous accumulation’ and ‘cliental accumulation’. Three accumulative forms are integrated by a culturally specific Islamic morality of hidima (social responsibility for others). This morality prevents the emergence of capitalist class differences. Case studies of accumulators from the summers of 2017 and 2018 show that rural accumulators continue to build polygynous households of extraordinary size. At the same time, economic growth in the national capital, Abuja, and to a lesser extent in other northern cities, has maintained high real labour rates. Rural accumulators continue to follow the trajectory of non-capitalist accumulation. © 2020 Oxford Department of International Development.},
author_keywords={Accumulation;  labour rates;  polygyny;  population},
keywords={capitalism;  economic growth;  fieldwork;  income distribution;  labor market;  morality;  polygyny;  rural economy, Abuja [Abuja (ADS)];  Abuja [Nigeria];  Hausaland;  Nigeria},
funding_details={Leverhulme TrustLeverhulme Trust},
funding_text 1={This work was supported by the Leverhulme Trust.},
references={Clough, P., Williams, G., Decoding berg: the world bank in rural Northern Nigeria (1987) State, oil, and agriculture in Nigeria, pp. 168-201. , Watts M., (ed), Institute of International Studies, University of California, &,. (Ed; Clough, P., (2014) Morality and economic growth in rural West Africa: Indigenous accumulation in Hausaland, , Berghahn Books; Forrest, T., (1995) Politics and economic development in Nigeria, , 2nd, Westview Press, ed; Geertz, C., (1973) The interpretation of cultures: Selected essays, , Basic Books; Gudeman, S., (2008) Economy’s tension: The dialectics of community and market, , New Berghahn Books; Hill, P., (1972) Rural Hausa: A village and a setting, , Cambridge University Press; Marx, K., (1976) Capital volume 1, , Ben Fowkes, Trans.), Penguin Books, (Original work published 1867; Mustapha, A.R., Understanding Boko Haram (2014) Sects and social disorder: Muslim identities and conflict in Northern Nigeria, pp. 147-198. , Mustapha A.R., (ed), James Currey,. (Ed; Post, K., (1963) The Nigerian federal election of 1959: Politics and administration in a developing political system, , Oxford University Press; Weber, M., (1992) The protestant ethic and the spirit of capitalism, , Harper Collins Academic, (Original work published 1930},
correspondence_address1={Clough, P.M.; Anthropological Sciences, Malta},
publisher={Routledge},
issn={13600818},
language={English},
abbrev_source_title={Oxf. Dev. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Mehta20201,
author={Mehta, A.M. and Sohail, A. and Ur Rehman, S. and Naqvi, F.N. and Sair, S.A.},
title={Pakistan's political economy and stock market returns},
journal={Academy of Accounting and Financial Studies Journal},
year={2020},
volume={24},
number={4},
pages={1-10},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85091249282&partnerID=40&md5=4657ddf16a568fedcfd6855c55d367aa},
affiliation={University of the Punjab, Pakistan},
abstract={The objective of this research is to find out the effect of uncertain political events on the Pakistan Stock exchange (KMI 30& KSE 30) from 2012 to 2019. This study examines how uncertain political events affect Pakistan's stock market using mean adjusted return models and event study methods. The findings of the study show that the Islamic stock market is significant at 5 events and conventional market is significant at 6 events out of 21 events. Both markets responded events count have a minor difference. Islamic market is more intense in response to political events; its significance level is high in responses. The findings of the study show that both markets are inefficient for short timeframe, after nearly 15 days, they absorb the noisy data and begins normalizing. The research contributes to the literature by proving that KSE 30 is less effective than KMI 30, as conventional markets respond more to different uncertain political events than Islamic markets. This research study is expected to make a significant contribution, especially in the Pakistan capital market literature as in this study researchers incorporate multiple political events and its impact on different stock markets performance. Further research may examine differences in the response of the KSE and other Pakistani stock exchanges (such as Lahore and Islamabad) to Pakistani political events. © 2020, Allied Business Academies.},
author_keywords={Abnormal returns;  KMI 30;  KSE 30;  Political Events;  Stock markets of Pakistan},
references={Latif, A., Safi, R., Hassan, W., Impact of political and catastrophic events (natural disasters) on stock returns of Karachi Stock Exchange (2017) Journal of Business and Tourism, 5 (1); Ahmad, W., Khan, N., Usman, A., Ahmad, F., Khalil, Y., Stock market reaction to political Event'sit-in'(Evidence from Pakistan) (2017) Journal of Managerial Sciences, 11 (1); Batool, S., Khan, Z.M., Haider, M., (2017) Impact of religious events on Pakistan stock exchange: Comparison of Islamic and Non-Islamic events; Brown, S.J., Warner, J.B., Using daily stock returns: The case of event studies (1985) Journal of financial economics, 14 (1), pp. 3-31; Chau, F., Deesomsak, R., Wang, J., Political uncertainty and stock market volatility in the Middle East and North African (MENA) countries (2014) Journal of International Financial Markets, Institutions and Money, 28, pp. 1-19; Janssen, E.A., Do election results affect the value of politically connected firms? (2014) Faculty of Business Administration and Economics, , https://ideas.repec.org/sZpdn/dispap.html; Random Walks in Stock Market Prices (1965) Financial Analyst Journal, 21 (5), pp. 55-59; Fama, E.F., Fisher, L., Jensen, M.C., Roll, R., The adjustment of stock prices to new information (1969) International economic review, 10 (1), pp. 1-21; Henderson, G.V., Jr., Problems and solutions in conducting event studies (1990) Journal of Risk and Insurance, pp. 282-306; Imelda, I., Siregar, H., Anggraeni, L., Abnormal returns and trading volume in the Indonesian Stock Market in relation to the presidential elections in 2004, 2009, and 2014 (2015) Bisnis & Birokrasi Journal, 21 (2), pp. 65-76; Khan, S., Razzi Abbas Jafri, R., Baig, N., Shaique, M., Usman, M., Stock index manipulation around election announcements: Evidence from Pakistan stock exchange (2017) International Journal of Accounting and Economics Studies, 5 (2), pp. 87-91; MacKinlay, A.C., Event studies in economics and finance (1997) Journal of economic literature, 55 (1), pp. 13-39; The efficient market hypothesis and its critics (2003) The Journal of Economic, 17 (1), pp. 59-82; Manzoor, H., Impact of pak-US relationship news on KSE-100 Index (2013) Basic Research Journal of Business Management and Accounts, 2 (2), pp. 1-24; Nazir, S., Khan, M.K., Akram, A., Ahmed, I., Impact of political and terrorist events on stock market returns: A case study in south Asian context (2018) Journal of Political Studies, 25 (1), pp. 179-200; Rehman, S., Burhan, M., Khan, S.A., Impact of CPEC, panama leak and surgical strike on stock market (2018) Bahria University Journal of Management & Technology, 2 (1), pp. 6-26; Rehman, S., Khilji, J.A., Kashif, M., Rehan, R., The impact of major terrorist attacks on stock prices: The case of Karachi stock exchange (2018) Asian Economic and Financial Review, 8 (3), p. 394; Sajid Nazir, M., Younus, H., Kaleem, A., Anwar, Z., Impact of political events on stock market returns: Empirical evidence from Pakistan (2014) Journal of Economic and Administrative Sciences, 30 (1), pp. 60-78},
publisher={Allied Business Academies},
issn={10963685},
language={English},
abbrev_source_title={Acad. Account. Financ. Stud. J.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Said20203,
author={Said, M. and Hamid, A. and Machmuddin, D.D.},
title={Shariah rural bank in empowering the small and micro enterprises: Strategies and differentiations},
journal={International Journal of Business and Globalisation},
year={2020},
volume={25},
number={1},
pages={3-22},
doi={10.1504/IJBG.2020.107832},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85087634518&doi=10.1504%2fIJBG.2020.107832&partnerID=40&md5=e23d25cefb5a7b47e5d6a3524b06f67b},
affiliation={Faculty of Economics and Business, Syarif Hidayatullah State Islamic University, Jakarta, Indonesia; Faculty of Law and Business, Langlang Buana University, Bandung, West Java, Indonesia},
abstract={This study aims at exploring the business networks of Shariah rural banks to compete in multi-business competition; the differentiation of BPRS in competitive business environments in building market share; and the domino effects of the Shariah rural bank lending activity in the community development of the rural areas. This study applied qualitative approach with in-depth interview with the manager, financing unit, financed customers and the micro and small enterprises actors, observation and documentation. The findings show that Shariah rural bank developed a market share network using religious emotion, approaching public figures, leaders of Islamic organisations, and individual customers including non-Muslim. SRB applied mosque-based empowerment to train the actors of SMEs, build product innovation and social capital. These differentiation indicates BPRS is not merely a business agent for the sake of economy but also carries out public education, and social function, especially in creating social cohesion, social responsibility and social solidarity and human capital. Copyright © 2020 Inderscience Enterprises Ltd.},
author_keywords={Human capital;  Mosque;  Product innovative;  Shariah rural bank;  Social capital;  SRB},
funding_details={British Paediatric Respiratory SocietyBritish Paediatric Respiratory Society, BPRS},
funding_text 1={Because this hand-made industry has product peculiarity, great prospect and economic potency, shariah-compliant financing bank in cooperation with BMT makes this sector one of market segments getting continuous attention and building. The need for funding can be met by utilising product and service of shariah financing bank with murabahah and qardhul hasan schemes taken from zakat (tithe) fund managed by BPRS and BMT. Norlena, among others, feels being helped with the fund support from shariah-compliant financing institution that can facilitate product purchasing corresponding to the customers’ need and resell it with the agreed margin determination. It is also true for Zaini who receives business funding and building from shariah-compliant financial institutions.},
references={Abdullah, D.V., Chee, K., (2010) Islamic Finance Why It Makes Sense: Understanding its Principles and Practices, , Marshall Cavendish Business, Singapore; Abozaid, A., The internal challenges facing islamic finance industry (2016) International Journal of Islamic and Middle Eastern Finance and Management, 9 (2), pp. 190-204; Ahmed, H.K., (2007) The Business of Culture: Morality and Practice in Islamic Finance, , PhD thesis, Dept. of Psychology: Human Development, University of Chicago, Chicago; Al-Jayyousi, O.R., (2012) Islam and Sustainable Development: New Worldviews, , Gower Publishing Limited, England; Amna, J., Umemoto, K., Kohda, Y., Co-creation of non-economic values in islamic banking: A new frontier in service science (2013) International Journal of Social, Human Science and Engineering, 7 (9), pp. 229-298; (2009) Pemetaan Potensi Perbankan Syariahdi Indonesia Dan Strategi Pengembangannya, , Conference paper; Asutey, M., A political economy approach to islamic economics: Systemic understanding for an alternative economic system (2007) Kyoto Bulletin of Islamic Area Studies, 1 (2), pp. 3-18. , https://www.researchgate.net/publication/313880624; Ayub, M., (2010) Understanding Islamic Finance, , John Wiley & Sons Ltd., England; Berber, M.A., (2014) From Interest to Usury: The Transformation of Murabaha in the Late Ottoman Empire, , Thesis submitted to the Graduate School of Social Sciences of İstanbul Şehir University; Čadila, J., Petkovováa, L., Blatnáb, D., Human capital, economic structure and growth (2014) Procedia Economics and Finance, 12 (2014), pp. 85-92; Chryssides, G.D., Kaler, J.H., (1995) An Introduction to Business Ethics, , Chapman and Hall, London, UK; Demirgüç-Kunt, A., (2008) Finance and Economic Development: The Role of Government, , Working paper; Di Mauro, F., Islamic finance in Europe (2013) Occasional Paper Series, (146), p. 11; Foo, J.P., Have banking and financial reforms in transition countries been effective? (2005) Managerial Finance, 31 (1), pp. 1-22; Haron, S., Azmi, W.N.W., (2009) Islamic Finance and Banking System. Philosophies, Principles & Practices, , McGraw Hill, Kuala Lumpur; Hearn, B., Piesse, J., Strange, R., Islamic finance and market segmentation: Implications for the cost of capital (2012) International Business Review, 21, pp. 102-113; Iqbal, Z., Mirarkhor, A., (2011) An Introduction to Islamic Finance: Theory and Practice, 2nd Ed., , John Willey & Sons, Asia Pte. Ltd; Jamal, A., Mosques, collective identity, and gender differences among arab American muslims (2005) Journal of Middle East Women's Studies, 1 (1), pp. 53-78; Khan, M.S., Semlali, A.S., (2000) Financial Development and Economic Growth: An Overview, , International Monetary Fund; Naser, K., Montinho, L., Strategic marketing management: The case of islamic banks (1997) International Journal of Bank Marketing, 15 (6); Ng, A., Mirakhor, A., Ibrahim, M.H., (2015) Social Capital and Risk Sharing, , Palgrave, Macmillan, New York; Pitluck, A.Z., Islamic banking and finance: Alternative or façade (2012) The Oxford Handbook of the Sociology of Finance, , Oxford University Press, Oxford; Pryor, F.L., The economic impact of islam on developing countries (2007) World Development; Sibind, A.B., Bimha, A., Banking sector development and economic growth: Evidence from Zimbabwe (2014) Banks and Bank Systems, 9 (2), pp. 51-58; Soros, G., (1998) The Crisis of Global Capitalism: Open Society Endangered, , Little, Brown and Company, London; Su, Y., Liu, Z., The impact of foreign direct investment and human capital on economic growth: Evidence from Chinese cities (2016) China Economic Review, 37, pp. 97-109; Tabot, S., Kamala, P., The accounts payable management practices of small, medium and micro enterprises in the cape metropolis, South Africa (2016) Investment Management and Financial Innovations, 13 (1), pp. 77-83; Venardos, A., (2010) Current Issues in Islamic Banking and Finance Resilience and Stability in the Present System, , World Scientific Press, New Jersey},
correspondence_address1={Said, M.; Faculty of Economics and Business, Indonesia; email: muhammad@uinjkt.ac.id},
publisher={Inderscience Publishers},
issn={17533627},
language={English},
abbrev_source_title={Int. J. Bus. Globalisation},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Saripudin20201,
author={Saripudin, U. and Djamil, F. and Rodoni, A.},
title={The Zakat, Infaq, and Alms farmer economic empowerment model},
journal={Library Philosophy and Practice},
year={2020},
volume={2020},
pages={1-13},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85083726075&partnerID=40&md5=86b2cbdbcf6d1608a649ba2b81cb8d8c},
affiliation={Program Pascasarjana Universitas Islam Bandung, Jl. Purnawarman No. 59, Bandung, Indonesia; Fakultas Syariah dan Hukum UIN Syarif Hidayatullah Jakarta, Jl. Ir. H. Juanda No. 95, Tangerang Selatan, Indonesia},
abstract={This study departs from the fact that the partial empowerment model of farmers has failed to improve the welfare of farmers. Therefore we need a comprehensive farmer empowerment model that integrates several partial empowerment models using Islamic economic principles. The intended integral empowerment model includes; empowerment in the area of capital access (financial institutions), the field of crop marketing (market access), and the field of capacity building (assistance and training). The purpose of this study is to design a comprehensive model of farmer economic empowerment, which integrates a model of capital assistance (natural capital), assistance, and marketing of agricultural products with zakat, infaq, alms and waqf as its main capital as well as implementing shari'a principles in its operations. This paper tries to develop a model of farmer economic empowerment with the Research and Depelovment (R & D) method. It starts by studying much literature and then arranges the desired model. A comprehensive, integrative and shari'a empowerment model is expected to improve the welfare of farmers. © 2020 University of Idaho Library.},
author_keywords={Economic empowerment;  Model;  ZIS},
references={Abisono, F.G., The Dynamics of the New Order's Food Policy; State Autonomy Vs. Global Market (2002) Journal of Social Sciences and Political Sciences, 5 (3), p. 273; Adi, I.R., (2002) Thoughts in Social Welfare Development, , Jakarta: FE-UI Publisher Institute; Adi, I.R., (2003) Empowerment, Community Development, and Intervention Community, , Jakarta: FE-UI; Ali, M.D., (1998) Islamic Economic System of zakat and endowments, , Jakarta: UI Press; Ariani, M., (2013) Food Diversification and Agricultural Development Transformation, , Jakarta: IAARD Press; Bamualim, C., Irfan, A.B., (2005) Revitalizing Islamic Philanthropy: A Case Study of Zakat and Waqf Institutions in Indonesia, , Jakarta: CRCS UIN Jakarta; Barbier, E.B., Bugas, J.S., Structural Change, Marginal Land and Economic Development in Latin America and the Caribbean (2014) LatAm Econ Rev, 23 (3), pp. 2-26; (2016) Indonesian Zakat Outlook2017, , Jakarta: BAZNAS Strategic Study Center; Budiasa, I.W., Ambarawati, I.G.A.A., Community-Based Agro-Tourism As an Innovative Integrated Farming System Development Model for Sustainable Agriculture and Tourism Towards in Bali (2014) J. ISSAAS, 20 (1), p. 29; Budiman, F., Characteristics of Al-Qardh Financing Agreement as Tabarru 'Agreement (2013) Yuridika, 28 (3), pp. 406-418; Budiningsih, S., Pujiharto, P., Risk Analysis of Shallot Farming in Klikiran Village, Jatibarang District, Brebes Regency (2006) Agritech, 8 (1), pp. 127-147; Conger, J.A., Rabindra, N.K., The Empowerment Process: Integrating Theory and Practice (1998) Academy of Management Review, 13 (3), pp. 471-482; Diao, X., Hazell, P., Resnick, D., Thurlow, J., The Role of Agriculture in Development: Implications for sub-Saharan Africa (2006) DSGD Discussion Paper 29 International Food Policy Research Institute; Entang Sastraatmadja, E., (2006) Farmers in Tanah Merdeka, , Bogor: Farmers Center; Fauzan, A., Principles of Tabarru Theory and Implementation in Islamic Banking (2016) Al-Amwal, 8 (2), pp. 400-411; Harsono, (2009) Income Distribution and Farmers' Economic Growth, , Jakarta: CV Rajawali; Hassan, M.K., An Integrated Poverty Alleviation Model Combining Zakat, Awqaf, and Micro-finance (2010) 7th International Conference-The Tawhidy Epistemology, Zakat, and Waqf Economy, pp. 261-281; Ife, J., (1995) Community Development: Creating Community Alternatives, Vision, Analysis and Practice, , Australia: Longman, 1995; Jaelani, A., Zakah Management for Poverty Alleviation in Indonesia and Brunei Darussalam (2016) MPRA Paper No, pp. 9-15. , 69646; Kahf, M., Zakat: Unresolved Issues in the Contemporary Fiqh (1989) Journal of Islamic Economics, 2 (1), pp. 1-22; Karim, A., (2003) Bank Islam Analisa Fiqh dan Keuangan, , Jakarta: The International Institute of Islamic Thought (IIIT); Leaman, O., Money (2006) The Qur'an: An Encyclopaedia, , in Oliver Leaman (ed.). London: Routledge; Lubowski, R.N., Bucholtz, S., Claassen, R., Roberts, M.J., Environmental Effects of Agricultural Land-Use Change (2005) Economic Research Report No. 25. Economic Research Service, US Department of Agriculture, pp. 1-74; Mannan, M.A., (1997) Teori dan Praktik Ekonomi Islam, (Dasar-Dasar Ekonomi Islam), , Yogjakarta: Dana Bhakti Wakaf; Nor, M., Razak, N.A., Mohd Ali, M.N., The Contribution of Zakat as an Income Creating Asset in SeJangor and Wilayah Persekutuan, Malaysia (2002) Jumal Ekonomi Malaysia, 36, pp. 69-80; Mubarok, A., dan Baihaqi, F., Penghimpunan Dana Zakat Nasional (Potensi, Realisasi dan Peran Penting Organisasi Pengelola Zakat) (2014) Permana, 5 (2), pp. 7-16; Muktasam, A., (2001) Why Rural Credit Programs Fail: Lessons Learned From Indonesian Rural Development Programs', , Paper presented at Workshop on Micro-finance for Agricultural Producers in Nusa Tengarra Barat, Indonesia; Obaidullah, M., (2008) Introduction to Islamic Microfinance, , India: International Institute of Islamic Business and Finance; Payne, M., (1997) Modern Social Work Theory, , Second Edition. London: Macmillan Press Ltd; (2011) Indonesia Shari'ah Economic Outlook (ISEO) 2011, , Jakarta: Lembaga Penerbit FEUI; Prijono, O.S., dan Pranarka, A.M.W., (1996) Pemberdayaan: Konsep, Kebijakan dan Implementasi, , Jakarta: CSIS; Puspitasari, I., Neneng, E.F., Annisa, N.S., Zakah Fund Distribution Model Trough Takaful Institution for The Welfare of The Poor Farmer (2016) Global Review of Islamic Economics and Business, 4 (1), pp. 41-52; Qardhawi, Y., (1991) FiqhuZakat, , Beirut: Muassasah Risalah; Qardhawi, Y., (1993) Al-Ibadah fil-Islam, , Beirut: Muassasah Risalah; Qardhawi, Y., (2009) Fiqh Al Zakat, 1. , Translated by MD Kahf. Jeddah: Scientific Publishing Centre; Ruslan, K., Petani Indonesia Tetap Miskin, Meskipun Presidennya Doktor Ekonomi Pertanian (2014) Kompasiana, , http://ekonomi.kompasiana.com/agrobisnis/2011/09/14/petani-indonesia-tetap-miskin-meskipun-presidennya-doktor-ekonomi-pertanian-393499.html, Diakses 26 Desember 2014; Sakti, A., (2007) Ekonomi Islam: Jawaban atas Kekacauan Ekonomi Modern, , Jakarta: Paradigma dan Aqsa Publishing; Setiyarini, H., dan Wisnu, Pemikiran Mohammad Hatta tentang Ekonomi Koperasi Tahun 1925-1953 (2014) AVATARA, e-JournalPendidikan Sejarah, 2 (3), pp. 2011-2223; Shardlow, S., Values, Ethics and Social Work (1998) Social Work: Themes, Issues and Critical Debates, , at Adams, Robert, Lena Dominelli dan Malcolm Payne (Eds), (London: MacMillan, 1998); Slamet, Y., (2011) Kemiskinan Petani Pedesaan; Analisis Mengenai Sebab-Sebab dan Alternatif Pemecahannya, , Semarang: Seminar Nasional Laboratorium Sosiologi Sosiologi-Fisip Universitas Sebelas Maret; Sunarti, E., dan Khomsan, A., Kesejahteraan Keluarga Petani, Mengapa Sulit Diwujudkan (2006) Institut Pertanian Bobor (IPB, pp. 1-13; Sunarti, D.K.K., (2013) Masyarakat Petani, Mata Pencaharian Sambilan dan Kesempatan Kerja di Kelurahan Cakung Timur Daerah Khusus Ibu Kota Jakarta, , Jakarta: Departemen Pendidikan dan Kebudayaan; Supartoyo, Y.H., dan Kasmiati, (2013) Asuransi Pertanian Sebagai Alternatif MengatasiRisiko Usaha Tani Menuju Pertanian Berkelanjutan: Tinjauan Konseptual, , Bogor: Institut Pertanian Bogor; Suryahadi, A., Gracia, H., dan Sudarno, S., Economic growth and poverty reduction in Indonesia before and after the Asian financial crisis (2012) Bulletin of Indonesian Economic Studies, 48 (2), pp. 209-227; Ullah, R., Ganesh, P.S., Farhad, Z., Kamran, M.A., Farm Risks and Uncertainties: Sources, Impacts, and Management (2016) Outlook on Agriculture, 45 (3), pp. 199-205; Warnadi dan Irma, L.N., Penyerapan Tenaga Kerja pada Usaha Tani Padi Sawah di Desa Ambarketawang Kecamatan Gamping, Sleman-DI Yogyakarta (2012) Spatial Wahana Komunikasi Dan Informasi Geografi, 10 (1); Yafie, A., (1994) Menggagas Fiqh Sosial, , Bandung; Zaim, S., Management of Zakah in Modern Muslim Society" (1989) Recent Interpretations on Economic Aspect of Zakah, pp. 101-120; (2013) Pengembangan Masyarakat, Wacana dan Praktik, , Jakarta: Kencana Prenada Media Group},
publisher={University of Idaho Library},
issn={15220222},
language={English},
abbrev_source_title={Libr. Philos. Pract.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Nagimova202080,
author={Nagimova, A.Z.},
title={Arab investments in Russian infrastructure},
journal={World Economy and International Relations},
year={2020},
volume={64},
number={3},
pages={80-87},
doi={10.20542/0131-2227-2020-64-3-80-87},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85082463999&doi=10.20542%2f0131-2227-2020-64-3-80-87&partnerID=40&md5=fa332e0a8a50e51ece5e56503c53755b},
affiliation={Strategic Studies Institute of the Republic of Bashkortostan (ISI RB), 15, Kirova Str., Ufa, 450008, Russian Federation; Ufa State Petroleum Technological University (UGNTU), 1, Cosmonauts Str., Ufa, 450062, Russian Federation},
abstract={The article deals with the investments from GCC countries infrastructure (energy, road, port, airport, warehouse, social and IT facilities) in Russia. The empirical data on more than 60 M&A-deals collected from databases and open sources show that such investments grew up in recent 5 years. The author estimates the total value of 40 deals completed and funded by GCC investors at 22 Billion US dollars. GCC companies which are mainly performed by sovereign wealth funds prefer to invest via private equity platforms. These platforms substitute Islamic finance vehicles in the Russian financial market. Since 2013 Russian sovereign fund RDIF founded seven private equity platforms with GCC sovereign wealth funds (Abu Dhabi Investment Authority, Mubadala, Qatar Investment Authority, Public Investment Authority, Kuwait Investment Authority and Mumtalakat) for funding M&A-deals in local infrastructure. Besides that, Russia attracted Islamic capital via murabaha vehicle to fund building facilities for the Universiade held in Kazan in 2013. The author concludes that GCC investments into Russian infrastructure do not reach its potential. It is associated with remaining institutional features of Russian economy such as preference to use bank loans vs. equity financing, lack of ready-to-invest projects and low qualification of government bureaucracy to initiate and support infrastructure projects. These problems together with deficiency of public funds explain why Russian public-private partnership market is not mature enough to boost infrastructure projects that can boost overall economic growth. © 2020, Russian Academy of Sciences. All rights reserved.},
author_keywords={Foreign direct investment;  GCC;  Gulf countries;  Infrastructure;  Investments;  Islamic finance;  Public-private partnership;  Sovereign wealth funds},
funding_text 1={The article deals with the investments from GCC countries infrastructure (energy, road, port, airport, warehouse, social and IT facilities) in Russia. The empirical data on more than 60 M&A-deals collected from databases and open sources show that such investments grew up in recent 5 years. The author estimates the total value of 40 deals completed and funded by GCC investors at 22 Billion US dollars. GCC companies which are mainly performed by sovereign wealth funds prefer to invest via private equity platforms. These platforms substitute Islamic finance vehicles in the Russian financial market. Since 2013 Russian sovereign fund RDIF founded seven private equity platforms with GCC sovereign wealth funds (Abu Dhabi Investment Authority, Mubadala, Qatar Investment Authority, Public Investment Authority, Kuwait Investment Authority and Mumtalakat) for funding M&A-deals in local infrastructure. Besides that, Russia attracted Islamic capital via murabaha vehicle to fund building facilities for the Universiade held in Kazan in 2013. The author concludes that GCC investments into Russian infrastructure do not reach its potential. It is associated with remaining institutional features of Russian economy such as preference to use bank loans vs. equity financing, lack of ready-to-invest projects and low qualification of government bureaucracy to initiate and support infrastructure projects. These problems together with deficiency of public funds explain why Russian public-private partnership market is not mature enough to boost infrastructure projects that can boost overall economic growth.},
references={The Global Competitiveness Report 2017–2018., , http://www3.weforum.org/docs/GCR2017–2018/05FullReport/TheGlobalCompetitivenessReport2017%E2%80%932018.pdf, Available at:, (accessed 12.06.2019); (2018) Mirovaya Ekonomika I Mezhdunarodnye Otnosheniya, 62 (2), pp. 57-61; (2019) Mobilizing Islamic Finance for Infrastructure Public Private Partnerships, , https://ppiaf.org/documents/5369/download(accessed19.06, Available at; RDIF Investments, , https://rdif.ru/Eng_Portfolio/, accessed 12.07.2019; https://www.reuters.com/article/russia-investment/middle-east-money-flows-into-russian-power-group-idUSL2E8FR1H520120427, Available at:, (accessed 15.07.2019); Mumtalakat Portfolio., , http://mumtalakat.bh/industry, Available at:, (accessed 18.07.2019); RDIF and Leading Investors from Middle East Finalize of Terms of CKAD-4 Construction Project., , https://rdif.ru/Eng_fullNews/4129, Available at:, (accessed 20.07.2019); Novorossiysk Port Will Be Sold by the Whole World, , https://www.kommersant.ru/doc/3157590, Available at:, (accessed 12.07.2019); (2019) DP World Evaluating Three Sites in Russia for $2Bn Investment, , http://www.shippingherald.com/dp-world-evaluating-three-sites-in-russia-for-2bn-investment, accessed 19.07; Russian Direct Investment Fund Multiplies Investment in Hyperloop Project, , https://rdif.ru/Eng_fullNews/1891, Available at:, accessed 17.07.2019); Nagimova, A., Arabskii kapital vstal na reide [Arab capital was raised to raid] (2016) Expert, 6 (974), pp. 20-21. , Febuary 8–14, no., pp; QIA Buys Stake in St Petersburg Airport, , https://www.infrastructureinvestor.com/qia-buys-stake-in-st-petersburg-airport, Available at, accessed 18.07.2019; Middle Eastern and Asian Co-Investors and Baring Vostok to Acquire an Equity Stake in Pulkovo Airport from VTB Capital., , https://rdif.ru/Eng_fullNews/2348, Available at:, (accessed 18.07.2019); Qatar Airways Takes 25% Stake in Moscow’s Vnukovo Airport, , https://www.ft.com/content/2ce1e410-30e7-11e8-b5bf-23cb17fd1498, Available at, accessed 18.07.2019; GCC Funds in $100M Russia Logistics Deal, , https://www.arabianbusiness.com/gcc-funds-in-100m-russia-logistics-deal-626037.html, Available at:, (accessed 18.07.2019); Saudi Group Enters PPP to Manage Medical Center in Russia, , https://www.healthcarebusinessinternational.com/medical-cluster-in-kazan-russia-receives-saudi-investment, accessed 20.07.2019; Infrastructure Investments 2019. Executive Summary., , https://infraone.ru/analitika/Investitsii_v_infrastrukturu_2019_InfraONE_Research.pdf, Available at:, (accessed 05.07.2019); Allocating to Infrastructure, , https://www.privatebank.citibank.com/ivc/docs/outlook-infrastructure.pdf, Available at, (accessed 05.07.2019)},
correspondence_address1={Nagimova, A.Z.; Strategic Studies Institute of the Republic of Bashkortostan (ISI RB), 15, Kirova Str., Russian Federation; email: nagimova_almira@mail.ru},
publisher={Russian Academy of Sciences},
issn={01312227},
language={Russian},
abbrev_source_title={World Economy Int. Relat.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bhutta2020471,
author={Bhutta, N.T. and Simonetti, B. and Ventre, V.},
title={Does islamic capital asset pricing model outperform conventional capital asset pricing model?},
journal={Studies in Systems, Decision and Control},
year={2020},
volume={247},
pages={471-482},
doi={10.1007/978-3-030-30659-5_27},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85076265060&doi=10.1007%2f978-3-030-30659-5_27&partnerID=40&md5=28bf292fe253d29d3ea62af54c106a54},
affiliation={University of Sannio, Benevento, Italy; WSB University in Gdansk, Gdansk, Poland; National Institute of Geophysics and Volcanology (INGV), Naples, Italy},
abstract={This chapter aims to identify the difference between conventional and Islamic capital asset pricing model in order to ensure the efficient investment management of products and markets. Based on theoretical literature and critical and empirical analysis, it provides key justifications for why and how Islamic capital asset pricing model outperforms the conventional capital asset pricing model. The data has been extracted from 69 companies in the period 2000 to 2017, listed at Karachi stock exchange. It provides potential contribution towards the existing body of knowledge through incorporating risk and return perspective in capital market theory. Here, it has been found that Islamic investment is a low risk investment as compared to a conventional one. Moreover, Islamic lenders must share some proportional in profit and risk, which trade-off in risk shares, not in risk-return. It is suggested that Islamic investment strategy is more profitable than the other in case of direct sharing contract. Lastly, recommendations and policy reforms have been discussed for implementation of Islamic investment strategy. © Springer Nature Switzerland AG 2020.},
author_keywords={Investment strategy;  Islamic capital asset pricing model;  Risk management},
funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, 31501127, 81502433, 81702588},
funding_details={Science and Technology Commission of Shanghai MunicipalityScience and Technology Commission of Shanghai Municipality, STCSM, 16411952501},
funding_text 1={This study was supported by the National Natural Science Foundation of China (No. 81702588 , 81502433 and 31501127 ), the Key Program of Shanghai Science and Technology Commission (No. 16411952501 ), the Program for Changjiang Scholars . Appendix A},
references={Black, F., Capital market equilibrium with restricted borrowing (1972) J. Bus., 45, pp. 444-455; Black, F., Jensen, M., Scholes, M., The capital asset pricing model: Some empirical tests (1972) Studies in the Theory of Capital Markets, , Jensen, M. (ed.), Praeger, New York; Cheung, Y.L., Wong, K.T., An assessment of risk and return: Some empirical findings from Hong Kong stock exchange (1992) Appl. Financ. Econ., 2, pp. 105-114; Davis, J.L., Fama, E.F., French, K.R., Characteristics, co variances and average returns: 1929 to 1997 (2000) J. Finance, 55, pp. 389-406; Eatzaz, A., Testing multifactor capital asset pricing model in case of Pakistani market (2008) Int. Res. J. Finance Econ., 25, pp. 114-138; Ernst, Y., (2013) World Islamic Banking Competitiveness Report 2013; Fama, E., French, K., The cross-section of expected stock returns (1992) J. Finance, 47, pp. 427-660; Fischer, I., (1930) The Theory of Interest. Augustus M. Kelly, , New York, NY; Fischer, I., (1965) The Theory of Interest (A Reprint), , New York, NY; Fraser, P., Hamelink, F., Time-varying betas and the cross sectional return risk relation: Evidence from the UK (2004) Eur. J. Finance, 10 (4), pp. 255-276; Groenewold, N., Fraser, P., Share prices and macroeconomics (1997) J. Bus. Finance Account., 24, pp. 1367-1383; Hanif, M., Bhatti, U., Validity of capital assets pricing model: Evidence from KSE-Pakistan (2010) Eur. J. Econ. Finance Adm. Sci., 20, pp. 148-161; Hirschleifer, J., On the theory of optimal investment decision (1958) J. Polit. Econ., 66; Jomo, K., (1992) Islamic Economic Alternatives, , Macmillan, London; Lau, S.C., Quay, S.R., Ramsey, C.M., The Tokyo stock exchange and the capital asset pricing model (1974) J. Finance, 29 (2), pp. 507-514; Lintner, J., The valuation of risk assets and selection of risky investments in stock portfolio and capital budgets (1966) Rev. Econ. Stat., 47 (1), pp. 13-47; Lotfy, A., The Foundations Islamic Finance: A Comparative Study with Conventional Methods. The American University in Cairo (2005) Economics Department, , Research paper (unpublished; Markowitz, H., Portfolio selection (1952) J. Finance, 12, pp. 71-91; Markowitz, H., Travels along the efficient frontier (1997) Dow Jones Asset Management; Mossin, J., Equilibrium in a capital asset pricing market (1966) Econometrica, 34, pp. 768-783; Raei, R., Mohammadi, S., Fractional return and fractional CAPM (2008) Appl. Financ. Econ. Lett., 4, pp. 269-275; Roll, R.W., A critique of asset pricing theory’s tests, Part 1: On past and potential testability of the theory (1977) J. Financ. Econ., 4, pp. 129-176; Sadaf, R., Andleeb, S., Islamic capital asset pricing model (2014) J. Islamic Bank. Finance, 2 (1), pp. 187-195; Selim, T.H., An Islamic capital asset pricing model (2008) Humanomics, 24 (2), pp. 122-129; Sen, K., (1987) On Ethics and Economics, , Blackwell, Oxford; Sharpe, W., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) J. Finance, September; Treynor, J.L., (1961) Toward a Theory of Market Value of Risky Assets. Unpublished Manuscript, , undated},
correspondence_address1={Ventre, V.; National Institute of Geophysics and Volcanology (INGV)Italy; email: viviana.ventre@unicampania.it},
publisher={Springer},
issn={21984182},
language={English},
abbrev_source_title={Stud. Syst. Decis. Control},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Hanif2019621,
author={Hanif, M. and Iqbal, A. and Shah, Z.},
title={Risk and returns in Shari’ah-compliant cross-section stocks: evidence from an emerging market},
journal={Journal of Islamic Accounting and Business Research},
year={2019},
volume={10},
number={5},
pages={621-643},
doi={10.1108/JIABR-03-2016-0030},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85075123038&doi=10.1108%2fJIABR-03-2016-0030&partnerID=40&md5=d2936d8f81dc7018d53806f0874b9e78},
affiliation={Ajman University, Ajman, United Arab Emirates; National University of Computer and Emerging Sciences, Islamabad, Pakistan; Kent Business School, Canterbury, United Kingdom; Faculty of Management Sciences, International Islamic University, Islamabad, Pakistan},
abstract={Purpose: This study aims to understand and document the impact of market-based – market returns and momentum – as well as firm-specific – size, book-to-market (B/M) ratio, price-to-earnings ratio (PER) and cash flow (CF) – factors on pricing of Shari’ah-compliant securities as explanation of variations in stock returns in an emerging market – Pakistan’s Karachi Stock Exchange. Design/methodology/approach: Initially, the authors test Fama and French (FF) three-factor model – market risk premium, size and B/M – followed by modified FF model by including additional risk factors (PER, CF and momentum) over a 10-year period (2001-2010). Findings: Our results support superiority of FF three-factor model over single-factor capital asset pricing model. However, addition of further risk factors – including PER, CF and momentum – improves explanatory power of the model, as well as refines the selection of risk factors. In this study, CF, B/M and momentum factors remain insignificant. Traditional B/M factor in FF model is replaced by PER. Practical implications: Based on the modified FF model, the authors propose a stock valuation model for Shari’ah-compliant securities consisting of three factors: market returns, size and earnings, which explains 76per cent variations in cross sectional stock returns. Originality/value: To the best of the authors’ knowledge, this is the first study (which combines market-based as well as fundamental factors) on pricing of Islamic securities and identification of risk factors in an emerging market – Karachi Stock Exchange. © 2019, Emerald Publishing Limited.},
author_keywords={Asset pricing;  Book to market;  Cash flow yield;  Fama and French model;  Price to earnings ratio;  Risk and return;  Shari’ah-compliant securities;  Size},
references={(2010) Shari’ah Standards, , Accounting and Auditing Organization for Islamic Financial Institutions, P.O. Box 1176, Manama, Bahrain; Ammann, M., Steiner, M., Risk factors for the Swiss stock market (2008) Swiss Journal of Economics and Statistics, 144 (1), pp. 1-35; Artmann, S., Finter, P., Kempf, A., Determinants of expected stock returns: large sample evidence from the German market (2012) Journal of Business Finance and Accounting, 39 (5-6), pp. 758-784; Arzac, E.R., Valuation of highly leveraged firms (1996) Financial Analysts Journal, 52 (4), pp. 42-50; Banz, R.W., The relationship between return and market value of common stock (1981) Journal of Financial Economics, 9 (1), pp. 3-18; Barber, B.M., Lyon, J.D., Firm size, book to market ratio and security returns: a holdout sample of financial firms (1997) The Journal of Finance, 52 (2), pp. 875-883; Basu, S., Investment performance of common stocks in relation to their price earnings ratios: a test of the efficient market hypothesis (1977) The Journal of Finance, 32 (3), pp. 663-682; Bodie, Z., Kane, A., Marcus, A.J., (2011) Investments and Portfolio Management, , Global ed., McGraw-Hill/Irwin, Avenue of the Americas, New York, NY: 1221 10020; Brown, G.T., Free cash flow appraisal … a better way? (1996) The Appraisal Journal, 64 (2), pp. 171-182; Campbell, J.Y., Shiler, R.J., (2001) Valuation ratios and the long-run stock market outlook: an update, , http://cowles.econ.yale.edu/, Cowles Foundation Discussion paper 1295; Capaul, C., Rowley, I., Sharpe, W.F., International value and growth stock return (1993) Financial Analysts Journal, 49 (1), pp. 27-36; Carhart, M.M., On persistence in mutual fund performance (1997) The Journal of Finance, 52 (1), pp. 57-82; Chan, L.K.C., Hamao, Y., Lakonishok, J., Fundamentals and stock returns in Japan (1991) The Journal of Finance, 46 (5), pp. 1739-1764; DavisFama, J.L., French, K.R., (2000) Characteristics, covariances and average returns: 1929-1997, , http://papers.ssrn.com/paper.taf?abstract_id=98678, (accessed, 1 July 2012; Demir, I., Muthuswamy, J., Walter, T., Momentum returns in Australian equities: the influences of size, risk, liquidity and return computation (2004) Pacific-Basin Finance Journal, 12 (2), pp. 143-158; Derigs, U., Marzban, S., Review and analysis of current sharia compliant equity screening practices (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 285-303; (2006) Stock picks: attractively valued free-cash-flow growers, , http://info.horizonpublishing.com/stories/dtffreestories.asp; (2014) World Islamic banking competitiveness, , www.ey.com/mena, (accessed, Report 2013-14: 13 June 2014; Fama, E.F., French, K.R., The cross-section of expected stock returns (1992) The Journal of Finance, 47 (2), pp. 427-466; Fernandez, P., (2002) Valuation Methods and Shareholder Value Creation, 84. , Academic Press, Theobalds Road: London WCIX 8RR, UK; Ferson, W.E., Harvey, C.R., Fundamental determinants of national equity market returns: a perspective on conditional asset pricing (1998) Journal of Banking and Finance, 21 (11-12), pp. 1625-1665; Francis, J., Olsson, P., Oswald, D.R., Comparing the accuracy and explain ability of dividend, free cash flow, and abnormal earnings equity value estimates (2000) Journal of Accounting Research, 38 (1), pp. 45-70; (2015) Global Islamic Finance Report, , www.edbizconsulting.com, (accessed: 9 January 2017; Hackel, K.S., Livnat, J., Rai, A., The free cash flow/small-cap anomaly (1994) Financial Analysts Journal, 50 (5), pp. 33-42; Hakim, S., Rashidian, M., How costly is investors’ compliance with sharia? 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(2000) Journal of Financial Economics, 57 (2), pp. 221-245; Lintner, J., The valuation of risk assets and the selection of risky investments in stock portfolios and Capital budgets (1965) The Review of Economics and Statistics, 47 (1), pp. 13-37; Liu, J., (2002) International equity valuation using multiples, , Doctoral dissertation, Columbia University; Mann, V.S., Schirman, W.N., The agency costs of free cash flow: acquisition activity and equity issues (1991) The Journal of Business, 64 (2), pp. 213-227; Markowitz, H., Portfolio selection (1952) The Journal of Finance, 7 (1), pp. 77-91; (2015) Islamic funds industry: 2015 review and outlook. Malaysia world Islamic finance marketplace, , www.mifc.com/index.php?ch=28&pg=72&ac=159&bb=uploadpdf, (accessed, 13 April 2017; (2016) Annual Report 2016, , www.mufap.com.pk/, (accessed, Mutual Funds Association of Pakistan: 1 January 2017; Mukherji, S., Dhatt, M.S., Kim, Y.H., A fundamental analysis of Korean stock returns (1997) Financial Analysts Journal, 53 (3), pp. 75-80; Penman, S.H., Combining earnings and book value in equity valuation (1998) Contemporary Accounting Research, 15 (3), pp. 291-324; Qayyum, A., Kemal, A.R., (2006) Volatility spill over between the stock market and the foreign exchange market in Pakistan, , http://mpra.ub.uni-muenchen.de/1715/; Rogers, P., Securato, R.J., (2007) Comparative study of CAPM, Fama and French model and reward beta approach in the Brazilian market, , http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1027134, (accessed: 22 June 2012; Ross, S., The arbitrage theory of capital asset pricing (1976) Journal of Economic Theory, 13 (3), pp. 341-360; (2016), Islamic Banking Bulletin (2011-2016; Senthilkumar, G., Behavior stock return in size and market-to-book ratio-evidence from selected Indian industries (2009) International Research Journal of Finance and Economics, 33 (10), pp. 142-153; Sharpe, W.F., A theory of market equilibrium under conditions of risk (1964) The Journal of Finance, 19 (3), pp. 425-442; Wang, Y., Chen, S.K., Lin, B., Wu, L., The frequency and magnitude of earnings management in China (2008) Applied Economics, 40 (24), pp. 3213-3225; Yusof, R.M., Majid, M.S.A., Stock market volatility transmission in Malaysia: Islamic versus conventional stock market (2007) JKAU-Islamic Economics, 20 (2), pp. 17-35; Zhang, L., The value premium (2005) The Journal of Finance, 60 (1), pp. 67-103},
correspondence_address1={Hanif, M.; Ajman UniversityUnited Arab Emirates; email: hanifacma@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={17590817},
language={English},
abbrev_source_title={J. Islamic Account. Bus. Res.},
document_type={Article},
source={Scopus},
}

@BOOK{Yavuz20191,
author={Yavuz, M.F. and Saiti, B.},
title={Eliminating trust issues in islamic interbank monetary system by blockchain technology},
journal={Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability},
year={2019},
pages={1-11},
doi={10.4018/978-1-7998-0039-2.ch001},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85077828715&doi=10.4018%2f978-1-7998-0039-2.ch001&partnerID=40&md5=adc7cc303cb346b0f4622b3af4b85be8},
affiliation={Istanbul Sabahattin Zaim University, Turkey; Department of Islamic Economics and Finance, Istanbul Sabahattin Zaim University, Turkey},
abstract={In the literature, it is argued that there is an agency or incentive problem in the Mudarabah Interbank Instrument (MII), an instrument where the depositor is the rabbul-mal (capital provider or investor) while the counterparty is the mudarib or entrepreneur. It is to the receiving bank's advantage to 'declare' a lower profit rate. To solve this problem, the Malaysian Central Bank revised the rules by setting a minimum benchmark rate for the MII. This practice is quite similar to the fixed interest rate in conventional financial system which may trigger several Shariah issues. In this chapter, the authors argue that the blockchain technology is a better way to address the issue and propose and how it overcomes the issue in the Islamic interbank money market. As implication of the study, Islamic banks can start using it as a testing process for the future businesses, and in accordance with the analyzing test results, they can implement the system for every occasion. © 2020, IGI Global.},
references={Abojeib, M., Habib, F., Blockchain for Islamic Social Responsibility Institutions (2019) FinTech as a Disruptive Technology for Financial Institutions, pp. 221-240. , IGI Global; Bacha, O.I., The Islamic interbank money market and a dual banking system: The Malaysian experience (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (3), pp. 210-226; (2018), https://en.bitcoin.it/wiki/Main_Page, Retrieved from; Crosby, M., Pattanayak, P., Verma, S., Kalyanaraman, V., Blockchain technology: Beyond bitcoin (2016) Applied Innovation, 2 (6-10), p. 71; (2018), https://bitcoin.org/en/faq#what-about-bitcoin-and-consumerprotection, Retrieved from; (2018), https://www.bitcoinmining.com/gettingstarted/, Retrieved from; Iansiti, M., Lakhani, K.R., The truth about blockchain (2017) Harvard Business Review, 95 (1), pp. 118-127; Julia Horowitz, C., (2017) JPMorgan's move into crypto puts the rest of the industry on notice, , https://edition.cnn.com/2019/02/19/business/jpmorgan-jpm-coin-banks-blockchain/index.html, Retrieved from; Blog, M., (2018) Public Vs Private Blockchain: What's Right For your Business?, , https://www.mobiloitte.com/blog/public-vs-private-blockchain-whats-right-for-your-business/, Retrieved from; Morabito, V., (2017) Business innovation through blockchain, , Cham: Springer International Publishing; Nakamoto, S., (2008) Bitcoin: A peer-to-peer electronic cash system, , https://bitcoin.org/bitcoin.pdf, Available at; Paluch, D., (2018) CryptoMonday: Russia, Ukraine, France, And Thailand | Blockchain24.co, , https://www.blockchain24.co/cryptomonday-russia-ukraine-france-and-thailand/, Retrieved from; Ray, S., Blockchains: The Technology of Transactions - Towards Data Science (2018) Towards Data Science, , https://towardsdatascience.com/blockchains-the-technology-of-transactions-9d40e8e41216, Available at; (2019) Solutions to Send Money Globally, Using Blockchain Technology, , https://ripple.com/ripplenet/, Retrieved from; Saiti, B., Hasan, A., Ali, E.R.A.E., Islamic interbank money market: Contracts, instruments and their pricing (2016) Islamic Capital Markets, pp. 67-100. , Cham: Palgrave Macmillan; Swan, M., (2015) Blockchain: Blueprint for a new economy, , O'Reilly Media, Inc; Zyskind, G., Nathan, O., Decentralizing privacy: Using blockchain to protect personal data (2015) 2015 IEEE Security and Privacy Workshops, pp. 180-184. , May, IEEE},
correspondence_address1={Yavuz, M.F.; Istanbul Sabahattin Zaim UniversityTurkey},
publisher={IGI Global},
isbn={9781799800415; 9781799800392},
language={English},
abbrev_source_title={Impact of Financ. Technol. (FinTech) on Islam. Financ. and Financ. Stab.},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Azid2019262,
author={Azid, T. and Rawashdeh, O.A. and Chaudhry, M.O.},
title={Formation of tangible capital from intangible capital and venture philanthropy: An innovation in Islamic finance},
journal={The Growth of Islamic Finance and Banking: Innovation, Governance and Risk Mitigation},
year={2019},
pages={262-280},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85116568998&partnerID=40&md5=eadde35f8aa6d52c50d4a39d532d38e1},
affiliation={Department of Finance and Economics, College of Business and Economics, Qassim University Qassim, Saudi Arabia; College of Business and Economics, Qassim University, Saudi Arabia; Chaudhry Department of Economics, Bahauddin Zakariya University, Multan, Pakistan},
abstract={In Islamic system market and philanthropy are moving side by side. According to the Islamic jurisprudence there is no any conflict between two of them. From the Islamic jurisprudence point of view, the sector of philanthropy is the basic requirement of the society. They generally mentioned two reasons. First, it develops a system of mutual bindings and responsibilities which are basically very significant component for the strength of the society and community, and it also establishes a link in between the giver and receiver which psychologically gives a utility to the giver and support to the receiver. In this way the utility of giver increases because he is expecting reward in the future from Allah (SWT). Consequently, he is willing to pay as much he can. Second, in the opinion of economists that always there is a gap in the provision of goods and services which cannot be filled by the government (public sector) and the market (private sector) so this gap fills by the philanthropy (voluntary sector). However, generally this voluntary sector is not well-organized and does not have an established mechanism so the society cannot be able to get the benefits from this sector which it should be. In the current scenario the Islamic financial industry can play a very important role. Islamic Financial Institutions and voluntary sector can start a joint venture (venture philanthropy) which can help and support the Islamic society in increasing its welfare and simultaneously increase the social and economic status of the members of the society in a well-organized manner. Furthermore, Islamic Financial Intuitions can play a role in strengthening the relationship in between the market and philanthropy which have a positive impact on the well-being of the economy as well as society. It is also worthwhile to note that conventional financial industry could not directly be able to provide the services particular to the Islamic community, whereas Islamic venture philanthropy can offer a distinctive product and services which can improve the status of the Islamic financial institutions and also able to fulfill the responsibility of the Islamic financial institutions towards providing the services to the society and especially serve the social justice. © 2020 selection and editorial matter, Hussain Mohi-ud-Din Qadri and M. Ishaq Bhatti All rights reserved.},
references={Adler, P.S., Kwon, S.-W., Social Capital: Prospects for a New Concept (2002) The Academy of Management Review, 27 (1), pp. 17-40; Albaugh, R., Analyzing the "Religious Capital", , nazarene.org/files/docs/albaugh_ryan_paper, Approach to Religious Participation, Point Loma Nazarene University, (visited on 10 November 2015); Asutay, M., (2013) Islamic Moral Economy as the Foundation of Islamic Finance in Islamic Finance in Europe: Towards a Plural Financial System, , Cheltenham, UK: Edward Elgar; Balbo, L., Heneberger, L., Mortell, D., Oostlander, P., (2010) Establishing a Venture Philanthropy Organisation in Europe: A Practical Guide, , Knowledge Centre: European Venture Philanthropy Association; Becker, G.S., Front matter, human capital: A theoretical and empirical analysis, with special reference to education (1975) Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, pp. 22-20. , Second Edition. NBER; Birner, J., Comment on Putting Philanthropy Order (2009) Conversations on Philanthropy, 6, pp. 115-139. , Donors Trust; Carnegie, A., (2006) The Gospel of Wealth and Other Writings, , New York: Penguin Classics; Dobuzinskis, L., French Perspectives on the Origin and Logic of the 'Philanthropic Order': A Critical Account (2009) Conversations on Philanthropy, 6, pp. 115-139. , Donors Trust; Finke, R., Innovative Returns to Tradition: Using Core Beliefs as the Foundation for Innovative Accommodation (2003) Journal for the Scientific Study of Religion, 43, pp. 19-34; Hayek, F.A., Opening Address to a Conference at Mont Pérèlin (1967) Studies in Philosophy, Politics, and Economics, pp. 148-159. , edited by F. A. Hayek. Chicago, IL: University of Chicago Press. 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Mercier Ythier.Amsterdam: North-Holland; Luthans, F., The Need for and Meaning of Positive Organizational Behav-ior (2002) Journal of Organizational Behavior, 23 (6), pp. 695-706; Luthans, F., Positive Organizational Behavior: Developing and Managing Psychological Strengths (2002) Academy of Management Executive, 16 (1), pp. 57-72; Luthans, F., Luthans, K.W., Luthans, B.C., Positive Psychological Capital: Beyond Human and Social Capital (2004) Business Horizons, 47 (1), pp. 45-50; Mauss, M., (1967) THE GIFT: Forms and Functions of Exchange in Archaic Societies, , Norton Library, New York: Norton; Mises, L.V., (1949) Human Action: A Treatise on Economics, , Albama: Ludwig von Mises Institute; Ochs, K., (2008) Social Innovation and Education: Examining the Venture Philanthropy Model of International Development, presentation to the Philanthropy SIG, American Educational Research Association Meeting; Otteson, J.R., Comments on 'the gospel of wealth' and true Philanthropy (2009) Conversations on Philanthropy: Identity, Interests, & Philanthropic Commerce, 6 (8), pp. 21-26; Park, J.Z., Smith, C., 'To Whom Much Has Been Given...': Religious Capital and Community Voluntarism Among Churchgoing Protestants (2000) Journal for the Scientific Study of Religion, 39, pp. 272-286; Polanyi, K., (2001) The Great Transformation: The Political and Economic Origins of Our Time, , 2nd ed. Foreword by Joseph E. Stiglitz; introduction by Fred Block. Boston, MA: Beacon Press; Putnam, R., Social capital: Measurement and consequences (2001) Canadian Journal of Policy Research, 2 (1), pp. 41-51; Rawashdeh, O.H., Azid, T., Qureshi, M.A., Philanthropy, Markets, and Islamic Financial Institutions: A New Paradigm (2017) Humanomics, 33 (4), pp. 563-578; Seligman, M.E.P., (2002) Authentic Happiness: Using the New Positive Psychology to Realize Your Potential for Lasting Fulfillment, , New York: Free Press; Smith, C., (2003) Moral, Believing Animals: Human Personhood and Culture, , New York: Oxford Press; Stajkovic, A.D., (2003) Introducing Positive Psychology to Work Motivation: Development of a Core Confidence Model, , Paper presented at Academy of Management national meeting, Seattle, Washington (August); Stark, R., Finke, R., (2000) Acts of Faith: Explaining the Human Side of Religion, , Berkeley: University of California Press; Steven, G., Philanthropy and Human Being (2009) Conversations on Philanthropy, 6, pp. 1-14. , Donors Trust; Tönnies, F., (1940) Fundamental Concepts of Sociology, , New York: American Book Company; Verter, B., Spiritual Capital: Theorizing Religion with Bourdieu against Bourdieu (2003) Sociological Theory, 21 (2), pp. 150-174},
correspondence_address1={Azid, T.; Department of Finance and Economics, Saudi Arabia; email: toseefazid@hotmail.com},
publisher={Taylor and Francis},
isbn={9780429553035; 9780367205881},
language={English},
abbrev_source_title={The Growth of Islam. Financ. and Bank.: Innov., Gov. and Risk Mitig.},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Shaikh2019187,
author={Shaikh, S.A. and Ismail, M.A. and Ismail, A.G. and Shahimi, S. and Shafiai, M.H.M.},
title={Overview of progress in Islamic commercial and social finance in Pakistan},
journal={The Growth of Islamic Finance and Banking: Innovation, Governance and Risk Mitigation},
year={2019},
pages={187-205},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85116531598&partnerID=40&md5=d7c1c4f83267ac0069f8643bb68de5fb},
affiliation={School of Economics, National University of Malaysia, Selangor, Malaysia; School of Commerce and Accountancy of Malaysia, Selangor, Malaysia},
abstract={This chapter provides an overview of Islamic finance in Pakistan. This chapter is divided into five subsections. Section 1 gives a brief overview of Islamic banking which enjoys a central place in the umbrella of Islamic financial services globally as well as in Pakistan. Section 2 discusses the progress and performance of Islamic capital markets in Pakistan, especially Halal stocks and Sukuk. Section 3 reviews the dynamics of Islamic asset management sector in Pakistan. Section 4 explores the footprint of Islamic microfinance sector, and Section 5 gives an account of the contribution of third sector social finance institutions like Zakat and Waqf in Pakistan. © 2020 selection and editorial matter, Hussain Mohi-ud-Din Qadri and M. Ishaq Bhatti All rights reserved.},
references={Ahmed, H., Financing Micro Enterprises: An Analytical Study of Islamic Microfinance Institutions (2002) Islamic Economic Studies, 9 (2), pp. 27-64; Akram, M.M., Afzal, M., (2014) Dynamic Role of Zakāt in Alleviating Poverty: A Case Study of Pakistan, pp. 1-46. , Germany: University Library of Munich; Ashraf, A., Hassan, M.K., Hippler, W.J., III, Performance of Microfinance Institutions in Muslim Countries (2014) Humanomics, 30 (2), pp. 162-182; Azam, M., Iqbal, N., Tayyab, M., Zakāt and Economic Development: Micro & Macro Level Evidence from Pakistan (2014) Bulletin of Business and Economics, 3 (2), pp. 85-95; Chachi, A., Origin and Development of Commercial and Islamic Banking Operations (2005) Journal of King Abdul Aziz University: Islamic Economics, 18 (2), pp. 3-25; (1980) Report of the Council of Islamic Ideology on the Elimination of Interest from the Economy, , CII, Pakistan; Diamond, D.W., Financial Intermediation as Delegated Monitoring: A Simple Example (1984) Review of Economic Studies, 51 (3), pp. 393-414; Ernst, Young, (2016) World Islamic Banking Competitiveness Report, , Ernst & Young Group; (2018) Global Islamic Finance Report, , London: Edbiz Consulting Group; Kahf, M., (1996) The Demand Side or Consumer Behavior: An Islamic Perspective, , http://monzer.kahf.com/papers/english/demand_side_or_consumer_behavior.pdf; Kahf, M., Zakāt: Unresolved Issues in Contemporary Fiqh (1989) Journal of Islamic Economics, 2 (1), pp. 1-22; Komi, M.E., Croson, R., Experiments in Islamic Microfinance (2013) Journal of Economic Behaviour & Organization, 95, pp. 252-269; Kuran, T., The Provision of Public Goods under Islamic Law: Origins, Impact, and Limitations of the Waqf System (2001) Law and Society Review, 35 (4), pp. 841-898; Malik, S.J., Waqf in Pakistan: Change in Traditional Institutions (1990) Die Welt Des Islams, New Series, 30 (1-4), pp. 63-97; Malik, S.J., Hussain, M., Shirazi, N.S., Role of Infāq in Poverty Alleviation in Pakistan (1994) Pakistan Development Review, 33 (4), pp. 935-952; Naveed, A., Ali, N., (2012) Clustered Deprivation - District Profile of Poverty in Pakistan, , Social Development Policy Institute; Obaidullah, M., (2008) Role of Microfinance in Poverty Alleviation: Lessons from Experiences in Selected IDB Member Countries, , Jeddah: Islamic Research Training Institute - Islamic Development Bank; (2010) Individual Philanthropy in the Punjab, , Pakistan Center for Philanthropy; (2013) Individual Philanthropy in the Sindh, , Pakistan Center for Philanthropy; Initiative, P.P., (2017) Pakistan Peace Collective Project, , Federal Ministry of Information and Broadcast; Samad, M.A., Islamic Microfinance: Tool for Economic Stability and Social Change (2014) Humanomics, 30 (3), pp. 199-226; Shirazi, N.S., Amin, M.F., Poverty Elimination through Potential Zakāt Collection in the OIC-member Countries: Revisited (2009) Pakistan Development Review, 48 (4), pp. 739-754; (2019) Islamic Banking Bulletin, , March 2019; (2015) Knowledge, Attitude and Practices of Islamic Banking of Pakistan, , State Bank of Pakistan, Karachi, Pakistan; (2015) National Financial Inclusion Strategy, , A Strategy for Building a Dynamic and Inclusive Financial Sector to Support Pakistan's Growth in the 21st Century, State Bank of Pakistan, Karachi, Pakistan},
correspondence_address1={Shaikh, S.A.; School of Economics, Malaysia; email: salman@siswa.ukm.edu.my},
publisher={Taylor and Francis},
isbn={9780429553035; 9780367205881},
language={English},
abbrev_source_title={The Growth of Islam. Financ. and Bank.: Innov., Gov. and Risk Mitig.},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Rashid201998,
author={Rashid, M. and Sibdoyal, V.K. and Islam, S. and Rahman, A.},
title={Ipo underpricing, regulation, sentiment and Shariah screening in Bangladesh},
journal={Islamic Corporate Finance},
year={2019},
pages={98-114},
doi={10.4324/9781351061506-5},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85108037937&doi=10.4324%2f9781351061506-5&partnerID=40&md5=2e8c33f875b85fea37d2077944d49e88},
affiliation={Universiti Brunei Darussalam, Brunei Darussalam; Deloitte, Mauritius; AM Securities Financial Services Limited, Bangladesh; BRAC EPL Stock Brokerage Limited, Dhaka, Bangladesh},
abstract={IPOs are underpriced globally. Average underpricing in Bangladesh reaches 200 per cent or even more. This comes as an incentive for a group of ‘seasonal/habitual IPO investors’ investing in IPOs. However, establishing a fair price of an IPO is a prerequisite to an efficient price recovery system in a developing capital market. With that in mind, the Government of Bangladesh introduced a new public issue rule in 2006, which replaced the earlier rule of 1998. The new regulations are intended to diffuse new information to the investors that will allow them to make informed decisions. From 2014, shariah screening activity started in the country, indicating a stronger demand for Islamic capital market activity in a majority Muslim country. This chapter investigates the determinants of IPO underpricing in Bangladesh, considering data from 149 fixed-price IPOs registered during 2002-2017. Public oversubscription, delay between issue open and first trading day, and the new regulations of 2006 have significantly contributed to existing understanding on the IPO underpricing. Higher public oversubscription and shorter time taken to open trade for investors signal higher underpricing. Public oversubscription has increased tremendously in recent years - from almost 19 times during 2002-2006 to 25 times during 2014-2017. Regulation can play an important role in controlling public oversubscription in fixed-price IPOs. © 2019 selection and editorial matter, M. Kabir Hassan, Mamunur Rashid and Sirajo Aliyu.},
references={Abdul-rahim, R., Yong, O., Initial returns of Shariah-compliant IPOs in Malaysia (2008) Capital Markets Review, 16 (2), pp. 270-279; Abdul-rahim, R., Yong, O., Initial returns of Malaysian IPOs and shariah-compliant status (2010) Journal of Islamic Accounting and Business Research, 1 (1), pp. 60-74; Agarwal, S., Liu, C., Rhee, S.G., Investor demand for IPOs and aftermarket performance: Evidence from the Hong Kong stock market (2008) Journal of International Financial Markets, Institutions and Money, 18 (2), pp. 176-190; Alqahtani, F., Boulanouar, Z., Sharia compliance status and investor demand for IPOs: Evidence from Saudi Arabia (2017) Pacific-Basin Finance Journal, 46 (2017), pp. 258-268; Baker, M., Stein, J.C., Market liquidity as a sentiment indicator (2004) Journal of Financial Markets, 7 (3), pp. 271-299; Baker, M., Wurgler, J., Market timing and capital structure (2002) The Journal of Finance, 57 (1), pp. 1-32; Baker, M., Wurgler, J., Yuan, Y., Global, local, and contagious investor sentiment (2012) Journal of Financial Economics, 104 (2), pp. 272-287; Benveniste, L.M., Spindt, P.A., How investment bankers determine the offer price and allocation of new issues (1989) Journal of Financial Economics, 24 (2), pp. 343-361; Bikhchandani, S., Hirshleifer, D., Welch, I., A theory of fads, fashion, custom, and cultural change as informational cascades (1992) Journal of Political Economy, 100 (5), pp. 992-1026; Black, B.S., Gilson, R.J., Venture capital and the structure of capital markets: Banks versus stock markets (1998) Journal of Financial Economics, 47 (3), pp. 243-277; Bradley, D.J., Gonas, J.S., Highfield, M.J., Roskelley, K.D., An examination of IPO secondary market returns (2009) Journal of Corporate Finance, 15 (3), pp. 316-330; Brau, J.C., Fawcett, S.E., Initial public offerings: An analysis of theory and practice (2006) The Journal of Finance, 61 (1), pp. 399-436; Brav, A., Brav, O., Jiang, W., (2009) The choice of going public and going private: Evidence from UK, , Working paper, Columbia University; Brealey, R., Myers, S., (1991) Principles of Corporate Finance, , New York: McGraw Hill; Bubna, A., Prabhala, N.R., (2006) When bookbuilding meets IPOs, , Working paper, Indian School of Business and University of Maryland; Caglio, C., Hanley, K.W., Marietta-westberg, J., (2011) Going public abroad: The role of international markets for IPOs, , Working paper, US Securities and Exchange Commission, Washington D.C; Cai, J., Wei, K.C., The investment and operating performance of Japanese initial public offerings (1997) Pacific-Basin Finance Journal, 5 (4), pp. 389-417; Chemmanur, T.J., Fulghieri, P., A theory of the going-public decision (1999) Review of Financial Studies, 12 (2), pp. 249-279; Chowdhry, B., Sherman, A., The winner’s curse and international methods of allocating initial public offerings (1996) Pacific-Basin Finance Journal, 4 (1), pp. 15-30; Daily, C.M., Trevis Certo, S., Dalton, D.R., Roengpitya, R., IPO underpricing: A meta-analysis and research synthesis (2003) Entrepreneurship Theory and Practice, 27 (3), pp. 271-295; Daniel, K., Hirshleifer, D., Teoh, S.H., Investor psychology in capital markets: Evidence and policy implications (2002) Journal of Monetary Economics, 49 (1), pp. 139-209; Demers, E., Lewellen, K., The marketing role of IPOs: Evidence from internet stocks (2003) Journal of Financial Economics, 68 (3), pp. 413-437; Ellis, K., Michaely, R., O’Hara, M., (1999) A Guide to the initial Public Offering Process, , Citeseer; Firth, M., An analysis of the stock market performance of new issues in New Zealand (1997) Pacific-Basin Finance Journal, 5 (1), pp. 63-85; Ghosh, S., (2004) Revisiting IPO underpricing in India, , http://ssrn.com/abstract=703501orhttp://dx.doi.org/10.2139/ssrn.703501; Gompers, P.A., Metrick, A., Institutional investors and equity prices (2001) The Quarterly Journal of Economics, 116 (1), pp. 229-259; Grinblatt, M., Hwang, C.Y., Signalling and the pricing of new issues (1989) The Journal of Finance, 44 (2), pp. 393-420; Hanley, K.W., Hoberg, G., The information content of IPO prospectuses (2010) The Review of Financial Studies, 23 (7), pp. 2821-2864; Hassan, M.K., (2001) Bangladesh capital market development: Issues, problems and policy formulation, , International Monetary Fund; Hirshleifer, D., Investor psychology and asset pricing (2001) The Journal of Finance, 56 (4), pp. 1533-1597; Ibbotson, R.G., Jaffe, J.F., “Hot issue” markets (1975) The Journal of Finance, 30 (4), pp. 1027-1042; Islam, M.A., Ali, R., Ahmad, Z., An empirical investigation into the underpricing of initial public offerings in the Chittagong stock exchange (2010) International Journal of Economics and Finance, 2 (4), pp. 36-46; Islam, M.D.A., Ali, R., Ahmad, Z., Why IPOs are underpriced? (2010) Evidence from Dhaka Stock Exchange, Bangladesh, , www.researchgate.net/profile/Md_Aminul_Islam3/publication/228358023_Why_IPOS_are_Underpriced_Evidence_from_the_Dhaka_Stock_Exchange_Bangladesh/links/0046352d4176a397cc000000.pdf, accessed January 2018; Islam, M.S., Munira, S., IPO flipping and its determinants in Bangladesh (2004) Dhaka University Journal of Business Studies, 25 (1). , www.researchgate.net/profile/Mohammad_Islam38/publication/249404410_IPO_Flipping_and_its_Determinants_in_Bangladesh/links/55a79bd808ae345d61db5ea1/IPO-Flipping-and-its-Determinants-in-Bangladesh.pdf, accessed as January 2018; Jeng, L.A., Wells, P.C., The determinants of venture capital funding: Evidence across countries (2000) Journal of Corporate Finance, 6 (3), pp. 241-289; Kaniel, R., Saar, G., Titman, S., Individual investor sentiment and stock returns (2004) Journal of Finance, 63 (1), pp. 273-310; Kiymaz, H., The initial and aftermarket performance of IPOs in an emerging market: Evidence from Istanbul stock exchange (2000) Journal of Multinational Financial Management, 10 (2), pp. 213-227; Lamont, O.A., Stein, J.C., Investor sentiment and corporate finance: Micro and macro (2005) American Economic Review, 95 (4), pp. 147-151; Lee, C.M., Shleifer, A., Thaler, R.H., Investor sentiment and the closed-end fund puzzle (1991) The Journal of Finance, 46 (1), pp. 75-109; Leite, T., Returns to sentiment investors in IPOs (2005) Economics Letters, 89 (2), pp. 222-226; Loughran, T., Ritter, J.R., Rydqvist, K., Initial public offerings: International insights (1994) Pacific-Basin Finance Journal, 2 (2-3), pp. 165-199; Loughran, T., Ritter, J.R., Why don’t issuers get upset about leaving money on the table in IPOs? (2002) The Review of Financial Studies, 15 (2), pp. 413-444; Low, S.W., Yong, O., Explaining over-subscription in fixed-price IPOs - Evidence from the Malaysian stock market (2011) Emerging Markets Review, 12 (3), pp. 205-216; Lowry, M., Why does IPO volume fluctuate so much? (2001) Journal of Financial Economics, 67 (1), pp. 3-40; Lowry, M., Shu, S., Litigation risk and IPO underpricing (2002) Journal of Financial Economics, 65 (3), pp. 309-335; Mahmud, M.A.F., (2009) IPO underpricing and short run performance in Bangladesh: Determinant attribution and explanation, , Working Paper, University of Dhaka, Bangladesh; Maug, E., Ownership structure and the life-cycle of the firm: A theory of the decision to go public (2001) European Finance Review, 5 (3), pp. 167-200; Narayanasamy, C., Rashid, M., Unexplained volume and after-market divergence of opinion of fixed IPOs (2015) Taylor’s Business Review, 5 (1), pp. 31-49; Narayanasamy, C., Rashid, M., Ibrahim, I., Divergence of opinion and moderating effect of investors’ attentions in IPO market: Malaysian evidence (2018) Review of Behavioral Finance, 10 (1), pp. 105-126; Nashirah, A.B.B., Long term performance of Islamic share price for initial public offerings (IPOs) in Malaysia: Evidence from sharia-compliant companies listed on the Malaysian stock exchange (2006-2010) (2016) International Journal of Management Science and Business Administration, 2 (6), pp. 55-66; Nashirah, A.B.B., Uzaki, K., An empirical study of initial public offerings underpricing for shariah-compliant companies: The case of Malaysian market (2013) International Journal of Economics, Business and Finance, 1 (9), pp. 262-274; Rashid, M., Hassan, M.K., Amin, N., Samina, Q.S., Shari’ah compliant companies in Bangladesh (2017) Journal of Islamic Economics Business and Finance, 13 (2), pp. 129-143; Ritter, J.R., The long-run performance of initial public offerings (1991) Journal of Finance, 46 (1), pp. 3-27; Ritter, J.R., Initial public offerings (1998) Contemporary Finance Digest, 2 (1), pp. 5-30; Ritter, J.R., Behavioural finance (2003) Pacific-Basin Finance Journal, 11 (4), pp. 429-437; Ritter, J.R., Investment Banking and Securities Issuance (2003) Handbook of the Economics of Finance, 1, pp. 255-306. , Constantinides, G. M., Harris, M., & Stulz, R.M. (Eds); Ritter, J.R., Welch, I., A review of IPO activity, pricing, and allocations (2002) The Journal of Finance, 57 (4), pp. 1795-1828; Rock, K., Why new issues are underpriced (1986) Journal of Financial Economics, 15 (1-2), pp. 187-212; Subrahmanyam, A., Behavioural finance: A review and synthesis (2007) European Journal of Financial Management, 14 (1), pp. 12-29; Tajuddin, A.H., Mohd-rashid, R., Abdullah, N.A.H., Abdul-rahim, R., An empirical examination of over-subscription in the Malaysian IPO market (2015) International Journal of Economics and Management, 9 (SPECIAL ISSUE), pp. 81-102; Tian, L., (2003) Financial regulations, investment risks, and determinants of Chinese IPO underpricing, , http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.581.2724, accessed January 2018; Tinic, S.M., Anatomy of initial public offerings of common stock (1988) Journal of Finance, 43 (4), pp. 789-822; Welch, I., Seasoned offerings, imitation costs, and the underpricing of initial public offerings (1989) The Journal of Finance, 44 (2), pp. 421-449; Yong, O., A review of IPO research in Asia: What’s next? (2007) Pacific-Basin Finance Journal, 15 (3), pp. 253-275; Yong, O., Investor demand, size effect and the immediate post-listing behaviour of Malaysian IPOs (2011) Universiti Tun Abdul Razak E-Journal, 7 (2), pp. 23-32; Yong, O., Isa, Z., Initial performance of new issues of shares in Malaysia (2003) Applied Economics, 35, pp. 919-930},
publisher={Taylor and Francis},
isbn={9781351061490; 9781138480919},
language={English},
abbrev_source_title={Islamic Corporate Finance},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Abubakar2019136,
author={Abubakar, M. and Abdullahi, N.},
title={Sukuk: Meaning, valuation, benefits and challenges},
journal={Islamic Corporate Finance},
year={2019},
pages={136-146},
doi={10.4324/9781351061506-7},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85108031624&doi=10.4324%2f9781351061506-7&partnerID=40&md5=673b778d659b6ec6e3a77f75cacead15},
affiliation={Department of Banking and Finance, Ahmadu Bello University Business School, Zaria, Nigeria; Department of Business Administration, Ahmadu Bello University Business School, Zaria, Nigeria},
abstract={There are several types of sukuk or Islamic bonds; they are classified on the basis of the different Islamic modes of financing used to arrive at their respective structures, the types and nature of the underlying assets, as well as their commercial and technical features. The structures include murabaha, mudaraba, salam, istisna, ijarah and musharaka. Based on underlying assets, sukuk are classified as asset-based or asset-backed. The sukuk segment of the Islamic capital market industry has gained considerable attention from writers due to its growing popularity as an avenue for raising capital by corporate entities among other seekers of funds. This chapter discusses issues related to sukuk such as the evolution and meaning, types and valuation of sukuk, how they differ from conventional bonds, benefits of their use, and the challenges involved, as well as various sharia explanations of sukuk features as currently utilised. © 2019 selection and editorial matter, M. Kabir Hassan, Mamunur Rashid and Sirajo Aliyu.},
references={Ahmad, N., (2009) The parameters of forward ijarah and its application in financing services in Islamic financial institutions, , www.academia.edu/235360; Dusuki, A.W., Mokhtar, S., Critical appraisal of shariah issues on ownership in asset-based sukuk as implemented in the Islamic debt market (2010) ISRA Research Paper No 8; (2016) IIFM sukuk report: A comprehensive study of the global sukuk market, , www.iifm.net, 6th ed; (2009) Capital adequacy requirements for sukuk IFSB 7, , www.ifsb.org/published.php; Ismail, A., (2013) Public private partnerships: Lesson from sukuk, , IRTI Working Paper 1435-04; Jobst, A., Kunzel, P., Mills, P., Sy, A., Islamic bond issuance: What sovereign debt managers need to know (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (4), pp. 330-344; Khan, T., Elsiefy, E., Kyoung, L.E., (2015) Legal and regulatory issues in issuing sukuk in muslim-minority countries: Lessons from developed countries’ experience, , swfa2015.uno.edu/G_Islamic_Finance_I/p201.docx; Naifar, N., Mseddi, S., Sukuk spreads determinants and pricing model methodology (2013) Afro-Asian Journal of Finance and Accounting, 3 (3), pp. 241-257; Nawawi, A., Syarif, Y., (1992) Sahih muslim bi Syarhi al-Nawawi, , Beirut: Daar Ihya’ Al-Turath Al-Arabi; (2018) AAOIFI statement on Sukuk and its implications, , www.nortonrosefulbright.com/knowledge/publications/16852/aaoifi-statement-on-sukuk-and-its-implications, (accessed 4 May 2018); Rohim, M., Shereeza, M.S., Analysis on the thoughts of Imam Abu Hanifah and Imam Syafi’i on the ijtihad method for sukuk instrument (2013) Jurnal Teknologi, 62 (1), pp. 17-24. , www.jurnalteknologi.utm.my; Usmani, T., (2008) Sukuk and their contemporary applications, , http://Sukuk.net/library/education/MuftiTaqiSukukpaper.pdf; Yunita, I., The development, scheme, risk and fair market value model of sukuk ijarah and mudharabah in Indonesia (2015) American Journal of Economics, 5 (2), pp. 56-63; Zulkhibri, M., A synthesis of theoretical and empirical research on sukuk (2015) Borsa Istanbul Review, 15 (4), pp. 237-248. , www.sciencedirect.com},
publisher={Taylor and Francis},
isbn={9781351061490; 9781138480919},
language={English},
abbrev_source_title={Islamic Corporate Finance},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Ahmad2019233,
author={Ahmad, N.F.G. and Zamil, N.A.M. and Basiruddin, R. and Saruchi, S.A.},
title={Ownership structure, bank capital and bank lending/financing behaviour in a dual banking system},
journal={International Journal of Engineering and Advanced Technology},
year={2019},
volume={8},
number={5C},
pages={233-237},
doi={10.35940/ijeat.E1034.0585C19},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85073735860&doi=10.35940%2fijeat.E1034.0585C19&partnerID=40&md5=6dd1f13ce142234728c995a8f9bd2756},
affiliation={Azman Hashim International Business School, Universiti Teknologi Malaysia54100, Malaysia},
abstract={Credit supply in the market is crucial in order to ensure sustainable real production can survive in the market as well as to strengthen economic activity. Therefore, it is not surprising that when the financial crisis occurred in 2008 to 2009, policymakers continued to use a variety of mechanisms such that banks could continue to maintain their credit supply. Nevertheless, risk sharing based on the business model that was adopted by Islamic banks displayed different behaviour from the conventional banks. Based on prior studies, the stability of financing growth by Islamic banks as compared to lending growth of conventional banks showed the model used by Islamic banks was more capable of effectively withstanding the financial crisis. Therefore, research into the quality of lending and financing is important to understand the growth of bank lending and financing behaviour in the market. Hence, the main objective of this study is to review the effect of ownership structure, bank capital and bank lending including financing behaviour in Islamic versus conventional banks. In addition, this study proposes a conceptual framework to further comprehend the decisions made in undertaking ownership structure, bank capital and lending in the dual banking system. © 2019, Blue Eyes Intelligence Engineering and Sciences Publication. All rights reserved.},
author_keywords={Bank capital;  Bank lending;  Conventional banks;  Islamic banks;  Ownership structure},
references={Kapan, T., Minoiu, C., Balance Sheet Strength and Bank Lending: Evidence from the Global Financial Crisis (2018) Journal of Banking and Finance; Ibrahim, M.H., Capital regulation and Islamic banking performance: Panel evidence (2019) Bulletin of Monetary Economics and Banking, 22 (1), pp. 47-68; Salachas, E.N., Laopodis, N.T., Kouretas, G.P., The bank-lending channel and monetary policy during pre-and post-2007 crisis (2017) Journal of International Financial Markets, Institutions and Money, 47, pp. 176-187; Louhichi, A., Boujelbene, Y., Bank capital, lending and financing behaviour of dual banking systems (2017) Journal of Multinational Financial Management, 41, pp. 61-79. , september 2008; Hogan, T.L., Capital and risk in commercial banking: A comparison of capital and risk-based capital ratios (2015) Quarterly Review of Economics and Finance; Ibrahim, M.H., Capital regulation and Islamic banking performance: Panel evidence (2019) Bulletin of Monetary Economics and Banking, 22 (1), pp. 47-68; Grassa, R., Shariah supervisory systems in Islamic finance institutions across the OIC member countries: An investigation of regulatory frameworks (2015) Journal of Financial Regulation and Compliance; Farooq, M., Zaheer, S., Are islamic banks more resilient during financial panics? (2015) Pacific Economic Review; Ghassan, H.B., Fachin, S., Time series analysis of financial stability of banks: Evidence from Saudi Arabia (2016) Review of Financial Economics; Brei, M., Schclarek, A., Public bank lending in times of crisis (2013) Journal of Financial Stability, 9 (4), pp. 820-830; Brei, M., Schclarek, A., A theoretical model of bank lending: Does ownership matter in times of crisis? (2015) Journal of Banking and Finance, 50, pp. 298-307; Jackowicz, K., Kowalewski, O., Kozłowski, Ł., The influence of political factors on commercial banks in Central European countries (2013) Journal of Financial Stability, 9 (4), pp. 759-777; Chen, Y.S., Chen, Y., Lin, C.Y., Sharma, Z., Is there a bright side to government banks? Evidence from the global financial crisis (2016) Journal of Financial Stability, 26, pp. 128-143; Malede, M., Determinants of Commercial Banks Lending: Evidence from Ethiopian Commercial Banks (2013) Asian Journal of Empirical Research, 3 (8), pp. 933-943; Sanfilippo-Azofra, S., Torre-Olmo, B., Cantero-Saiz, M., López-Gutiérrez, C., Financial Development and Banks’ Loan Supply in Developing Countries (2017) Journal of Macroeconomics, 55, pp. 215-234. , April 2017; Coleman, N., Feler, L., Bank ownership, lending, and local economic performance during the 2008-2009 financial crisis (2015) Journal of Monetary Economics, 71, pp. 50-66; Pan, X., Tian, G.G., Political connections and corporate investments: Evidence from the recent anticorruption campaign in China (2017) Journal of Banking and Finance; Shleifer, A., Vishny, R.W., Politicians and Firms (2006) The Quarterly Journal of Economics; Popper, N., (2013) Islamic banks, stuffed with cash, explore partnership in West, , The New York Times, Dec 25th, 2013, Price Waterhouse Cooper. (2011). Shariah Audit: industry insights. PWc Report. Rahman; Belanès, A., Ftiti, Z., Regaïeg, R., What can we learn about Islamic banks efficiency under the subprime crisis? Evidence from GCC Region (2015) Pacific Basin Finance Journal; Othman, N., Abdul-Majid, M., Abdul-Rahman, A., Determinants of Banking Crises in ASEAN Countries (2019) Journal of International Commerce, Economics and Policy; Farook, S., Hassan, M.K., Clinch, G., Islamic bank incentives and discretionary loan loss provisions (2014) Pacific Basin Finance Journal, 28, pp. 152-174; Ibrahim, M.H., Rizvi, S.A.R., Bank lending, deposits and risk-taking in times of crisis: A panel analysis of Islamic and conventional banks (2018) Emerging Markets Review; Al-Deehani, T., Karim, R.A.A., Murinde, V., The capital structure of Islamic banks under the contractual obligation of profit sharing (2003) International Journal of Theoretical and Applied Finance; Duasa, J., Raihan Syed Mohd Zain, S., Tarek Al-Kayed, L., The relationship between capital structure and performance of Islamic banks (2014) Journal of Islamic Accounting and Business Research; Hunter, H., (1977) The Structure of Economic Systems. By John Michael Montias, 12, p. 323. , New Haven and London: Yale University Press, 1976, Slavic Review; Ferri, G., Kalmi, P., Kerola, E., Does bank ownership affect lending behavior? Evidence from the Euro area (2014) Journal of Banking and Finance, 48, pp. 194-209. , May; Shaban, M., James, G.A., The effects of ownership change on bank performance and risk exposure: Evidence from indonesia (2018) Journal of Banking and Finance; Jensen, M.C., Meckling, W.H., Theory of the firm: Managerial behavior, agency costs and ownership structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360; Cull, R., Martínez, M.S., Bank ownership and lending patterns during the 2008-2009 financial crisis: Evidence from latin America and Eastern Europe (2013) Journal of Banking and Finance, 37 (12), pp. 4861-4878; Linda, G., (2004) Financial-Sector FDI and Host Countries: New and Old Lessons, , NBER Working Paper; Curi, C., Lozano-Vivas, A., Zelenyuk, V., Foreign bank diversification and efficiency prior to and during the financial crisis: Does one business model fit all? (2015) Journal of Banking and Finance; Temesvary, J., Banai, A., The drivers of foreign bank lending in Central and Eastern Europe: The roles of parent, subsidiary and host market traits (2017) Journal of International Money and Finance, 79, pp. 157-173; De Haas, R., Van Lelyveld, I., Multinational banks and the global financial crisis: Weathering the perfect storm? (2014) Journal of Money, Credit and Banking, 46, pp. 333-364; De Haas, R., Van Horen, N., Running for the Exit? International Bank Lending During a Financial Crisis (2013) Review of Financial Studies, 26 (1), pp. 244-285; Beltratti, A., Stulz, R.M., The credit crisis around the globe: Why did some banks perform better? (2012) Journal of Financial Economics; Ivashina, V., Scharfstein, D., Bank lending during the financial crisis of 2008 (2010) Journal of Financial Economics; Jung, H., Kim, D., Bank funding structure and lending under liquidity shocks: Evidence from Korea (2015) Pacific Basin Finance Journal; Zeitun, R., Temimi, A., Mimouni, K., Do financial crises alter the dynamics of corporate capital structure? Evidence from GCC countries (2017) Quarterly Review of Economics and Finance; Cull, R., Martinez Peria, M., Verrier, J., (2017) Bank Ownership: Trends and Implications, , IMF Working Papers},
publisher={Blue Eyes Intelligence Engineering and Sciences Publication},
issn={22498958},
language={English},
abbrev_source_title={Int. J. Eng. Adv. Technol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Fauzi20191048,
author={Fauzi and Irviani, R.},
title={Identification of shariah marketing digital constraints in Indonesia},
journal={International Journal of Advanced Science and Technology},
year={2019},
volume={29},
number={5},
pages={1048-1059},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85083517628&partnerID=40&md5=5e21afc58166ee6f043e382f41a0ed2e},
affiliation={College of Information and Computer Management (STMIK), Pringsewu, Indonesia},
abstract={The purpose of this study is to identify various barriers to sharia marketing. The method used is descriptive research, using a variety of relevant literature. Secondary data from various literatures were analyzed to draw conclusions using the four steps of qualitative analysis, namely data collection, data classification, data reduction, and drawing conclusions. Based on the results of data analysis, it can be concluded that the types of sharia marketing viewers are: a) the lack of qualified human resources, especially graduates and human resources who are competent in sharia marketing, b) future growth is highly dependent on the availability of venture capital, resources and international segments, c) lack of coordination with the government, especially in terms of legality, d) difficulties in entering markets where the majority of consumers are more familiar with conventional, e) products are still less varied than conventional, f) distribution and supervision is still minimal. The various threats that threaten Islamic marketing include: a) competitors, especially conventional, creating various innovations and promotions that are intense in the community, b) the global economic conditions that are less friendly, c) the slow process of supporting government regulations, d) Islamic marketing is still slow in empowering technology which continues to grow rapidly, e) Developed countries still dominate world markets, f) cultural and racial conflicts often occur, and f) competitors have unlimited financial support. © 2020 SERSC.},
author_keywords={Constraints;  Marketing;  Products;  Services;  Sharia},
references={Tim, 5 Tantangan Bisnis Syariah, , https://pegadaiansyariah.co.id/5-tantangan-bisnis-syariah-detail-10382, Pegadaian Syariah.co.id, Accessed to March 20, (2020); Nurasyiah, A., Utami, S.A., Mahri, A.J.W., Firmansyah, He Challenges of Human Capital Performance in Developing Baitul Maal Wat Tamwil in Indonesia (2016) 1St Global Conference on Business, Management and Entreupreuneurship (GCBME-16), 15, pp. 599-604. , https://doi.org/10.2991/gcbme-16.2016.112, Atlantis Press, Bandung, (,); Hasan, A., (2010) Marketing Bank Syariah, , Ghalia Indonesia, Bogor; Arens, A.A., Randal, J.E., Mark, S.B., (2008) Auditing and Verification Services, Pendekatan Terpadu. Jilid-1, Edisi Ke-9, , Indeks, Jakarta; Ibrahim, A., (2008) Theories and Concepts of Public Services and Their Implementation, , Mandar Maju, Jakarta; Baidhowi, Sharia Banking Opportunities and Challenges in the Digital Era 1St International Conference on Indonesian Legal Studies (ICILS 2018) Sharia, 192, pp. 157-161. , https://doi.org/https://dx.doi.org/10.2991/icils-18.2018.30, Atlantis Press; Financial Media: Fiscal Financial Information Transparency (2020) Financial Media, , https://www.kemenkeu.go.id/media/12402/media-keuangan-mei-2019.pdf, Accessed to March 20; Purwanto, D., (2020) The Five Biggest Problems of Sharia Banks, , https://money.kompas.com/read/2012/08/13/15282835/Tiga.Masalah.Terbesar.di.Bank.Syariah, money.kompas.com, Accessed to March 20; Didin, H., Tanjung, H., (2003) Sharia Management in Practice, , Gema Insani Press, Jakarta; Kartajaya, H., Syakir Sula, M., (2006) Syariah Marketing, , Salemba Empat, Jakarta; Muhyidinzuraya, N., (2020) Sharia Business Opportunities in Indonesia are Very Large., , https://republika.co.id/berita/pxhw40383/peluang-bisnis-syariah-di-indonesia-sangat-besar, Accessed to March 20; Media, I.A.E.I., (2020) Large Potential of Indonesian Halal Industry., , https://www.iaei-pusat.org/article/ekonomi-syariah/potensi-besar-industri-halal-indonesia?language=id, Accessed to March 20; Arham, M., Islamic Perspectives on Marketing (2010) Journal of Islamic Marketing, 1 (2), pp. 149-164. , https://doi.org/10.1108/17590831011055888; Abdullah, M., (2012) Sharia Based Management, , https://idr.uin-antasari.ac.id/5010/1/Manajemen_Syariah.pdf, Edited by Budi Rahmat Hakim, Aswaja Pressindo, Yogyakarta; Ismail Yusanto, M., Kusuma, W., Karebet, M., (2002) Initiating Islamic Business, , Gema Insani Press, Jakarta; Tabatabai Nasab, M., Banejad, B., Marketing and Branding in Islamic Countries, Challenges, and Capacities (2016) Journal of Fundamental and Applied Sciences ISSN, 8 (3), pp. 721-737. , https://doi.org/http://dx.doi.org/10.4314/jfas.v8i3s.257; Kotler, P., Keller, K.L., (2016) Marketing Management 15th, , Pretice Hall, Editon New Jersey; Mohezar, S., Zailani, S., Tieman, M., (2016) Tapping into the Halal Pharmaceutical Market: Issues and Challenges, , https://doi.org/10.1007/978-981-10-1452-9, Kuala Lumpur, Malaysia; Wahyudi, S.T.R.I., A Comparative Market Analysis of Indonesia Export Commodities: An Opportunities and Challenges (2017) The 1St Unimed International Conference on Economics and Business, 119. , https://doi.org/http://digilib.unimed.ac.id/id/eprint/28335; Hani Handoko, T., (2012) Personnel Management and Human Resources, , BPFE, Yogyakarta},
publisher={Science and Engineering Research Support Society},
issn={20054238},
language={English},
abbrev_source_title={Int. J. Adv. Sci. Technol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kociemska2019175,
author={Kociemska, H.},
title={Conclusion: Heterodox Approach to Public-Private Partnership},
journal={Advances in African Economic, Social and Political Development},
year={2019},
pages={175-177},
doi={10.1007/978-3-030-14753-2_7},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85107056454&doi=10.1007%2f978-3-030-14753-2_7&partnerID=40&md5=96be5cc2b21561043564f9e9f592aba0},
affiliation={Wroclaw University of Economics, Wrocław, Poland},
abstract={This monograph gives the foundation for shaping new theoretical solutions in the area of public finance in emerging, developing countries, particularly in sub-Saharan Africa region. It is a kind of provocation that encourages the revision of the perception of the often-disjointed systems of conventional public finances and Islamic finance. As a consequence, it creates a new concept called heterodox approach to public-private partnership, attractive and adequate to the needs of the market, in times of uncertainty and crisis of public finance worldwide. The conducted discourse is a contribution to the further discussion on the development of public finance theories and the inclusion of various developments, including the Islamic Moral Economy. Thus, the heterodox approach in PPP directs to obtain the convergence between selected goals: conventional private investors—maximizing profits, Islamic investors—maximizing social well-being and profits, as well as public entities goals—provision of public services with specified quality and accessibility. At the same time, the proposed platform for the interpenetration of both financial systems and the principles of financial management (public or private) guarantees equal opportunities for cooperation between those parties from different socio-economic and religious orders. Each partner waives some of their rights, invests what is their key, material or financial capital and seeks to achieve stable, predetermined shared profits over the long term, with particular emphasis on the positive impact of cooperation on the society. © 2019, Springer Nature Switzerland AG.},
correspondence_address1={Kociemska, H.; Wroclaw University of EconomicsPoland; email: hanna.kociemska@ue.wroc.pl},
publisher={Springer Nature},
issn={21987262},
language={English},
abbrev_source_title={Adv. Afr. Econ. Soc. Polit. Dev.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Isaeva2019915,
author={Isaeva, F. and Bakhramova, M.},
title={How to develop a company in the uae? Pros and cons of different types of companies},
journal={Journal of Advanced Research in Dynamical and Control Systems},
year={2019},
volume={11},
number={7},
pages={915-921},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85086485201&partnerID=40&md5=54d6d6c93a2e1d0da1b5797d7c008438},
affiliation={State law and governance department,lawyer of the 2category, Tashkent state university of Law, Tashkent, Uzbekistan; Intellectual property department, Tashkent state university of law, Tashkent, Uzbekistan},
abstract={An important aspect of a business organization in the UAE is the right choice of a legal entity. Selecting such a situation may depend on your business location, strategic goals and direction, and other factors. Depending on how you manage your business in the local and foreign markets, you need to define the type of legal form of your potential company. Several years since the United Arab Emirates State worked hard to improve the economic environment. The Government introduced a law No.2 dealing with trading companies in 2015. According to this new law, all companies in the United Arab Emirates must change their work until June 2016. The new law now enacts the law of holding companies. © 2019, Institute of Advanced Scientific Research, Inc.. All rights reserved.},
author_keywords={Bankruptcy;  Business Corporations Legislation;  Capital markets;  Civil Code principles and Islamic Sharia laws;  Company;  Company formation;  Corporate governance;  Doing business in the UAE;  Financing;  Foreign investors;  Gulf Cooperation Council;  Investor visa;  Investor's status;  Joint venture(JV);  Limited liability companies (LLC);  National jurisdictions;  On land or free zones;  Shareholders},
references={(1981) United Arab Emirates Commercial Code, , Federal Law; Ministerial Resolution No. (518) of 2009 Concerning Governance Rules and Corporate Discipline Standards, as amended pursuant to Ministerial Resolution (84) of 2010; (2003) Comparative Corporate Governance: Essays and Materials, , (klaus j. Hopt and eddy wymeersch (eds.), 1997); and mark j. Roe, political determinants of corporate governance; Black, B.S., Coffee, J.C., Hail britannia? Institutional investor behavior under limited regulation Michigan Law Review, 92; Roe, M.J., Some Differences in Corporation Structure in Germany, Japan, and the United States (1927) YALE LAW Journal, 102 (1993); Gilson, R.J., Roe, M.J., Understanding the Japanese Keiretsu: Overlaps Between Corporation Governance and Industrial Organization (1993) YALE LAW JOURNAL, 102 (871); Shabna, E., Shri Hari Subhashri, R., Sridevi, R., Monisha, P., Kavimani, S., Role of certain drugs in cardiotoxicity induction for the experimental purpose (2018) Journal of Critical Reviews, 5 (4), pp. 1-5; Kristina, S.A., Wijoyo, Y., Assessment of Pharmacy Students’ Clinical Skills using Objective Structured Clinical Examination (OSCE): A Literature Review (2019) Systematic Reviews in Pharmacy, 10 (1), pp. 55-60; Katz, J., Zimmerman, S., Recent Developments in Acquisition Finance Transactionadvisors; http://www.uae.doingbusinessguide.co.uk/the-guide/business-etiquette,-language-culture/; https://www.pwc.com/m1/en/tax/documents/doing-business-guides/doing-business-guide-uae.pdf; http://www.mondaq.com/x/80106/Corporate+Commercial+Law/UAE+Company+Law+Overvie},
correspondence_address1={Isaeva, F.; State law and governance department,lawyer of the 2category, Uzbekistan; email: moot.arbitrations@tsul.uz},
publisher={Institute of Advanced Scientific Research, Inc.},
issn={1943023X},
language={English},
abbrev_source_title={J. Adv. Res. Dyn. Control. Syst.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hamzah2019156,
author={Hamzah and Oktariatas Kesumayuda, A.},
title={International organization of securities commissions role on transactions in Indonesia Sharia Capital Market},
journal={International Journal of Innovation, Creativity and Change},
year={2019},
volume={6},
number={8},
pages={156-164},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85073143651&partnerID=40&md5=f4cdc1c0ff6a58830400fbbb23251f5a},
affiliation={Law Faculty, University of Lampung, Indonesia; Lampung University, Indonesia},
abstract={The variety of investment activities currently provides variation to the community in determining the form of their economic investment plans in a certain period. However, it should be noted also the legal provisions that apply, so that investment activities are not carried out carelessly or violating the prevailing norms in the community or are feared to be detrimental to some parties concerned. Indonesia in its financial system, especially in the Capital Market, adheres to two systems, namely conventional and sharia. The capital market facilitates long-term funding for business people and entrepreneurs by attracting deposits from many investors. This market provides long-term capital for entrepreneurs through a series of short-term contracts (securities) with investors who can enter out according to their own will. In the late 1990s Islamic financial markets have realized that the development of capital markets is important for survival and for future growth. In this context, the organization that exists in Indonesia are listed on the Indonesia Stock Exchange, whereas if it is pursued internationally there is the International Organization Of Securities Commissions (IOSCO). The legal issue that is the main study to be discussed in this paper is the Role of IOSCO on Sharia Capital Market transactions in Indonesia, which is presented by normative research methods, namely research carried out by conducting applicable legislation studies and their application to sharia capital market transactions. The results of this paper are in the form of an overview of IOSCO which explains its general position, and the role of IOSCO in the Islamic Capital Market in Indonesia. The conclusion of this paper is that the role of IOSCO in the Sharia Capital Market in Indonesia is not much different from its authority as an International Capital Market organization, namely exchanging information based on each experience to encourage the development of the domestic market; bringing together efforts to create effective supervision standards for international securities transactions and to provide assistance together to ensure market integrity through the application of strict standards and effective enforcement of violations. © 2019 Primrose Hall Publishing Group.},
author_keywords={IOSCO;  Sharia Capital Market;  Transactions},
references={Hamzah, A.A., Capital Market Products and Investor Protection (2018) European Research Studies Journal, 21 (2); Noor, H.F., (2009) Investasi Pengelolaan keuangan bisnis dan Pengembangan Ekonomi Masyarakat, , Jakarta: PT. Indeks; HilmiahDimyati, H., PerlindunganBagi Investor Dalam Pasar Modal (2014) JurnalCitaHukum, 1 (2). , Desember; Hossein, A., Zamir Iqbal, and friends, The Stability of Islamic Finance Creating A Resilent Financial Environment For A Secure Future (2010) Singapore,Topan Security Printing; http://repository.wima.ac.id/2385/2/Bab%201.pdf; https://www.bappenas.go.id/files/6313/5027/3393/bab-23---matriks__20090129022735__65.doc; http://repository.wima.ac.id/2385/2/Bab%201.pdfhlm; https://www.iosco.org.my/; https://www.ojk.go.id/id/kanal/pasar-modal/berita-dan-kegiatan/info-terkini/Pages/IOSCO-GEm-c-2016-nusa-dua-bali-info-rundown-dan-acara.aspx; Nasyah Agus Saputra, M., Pasar Modal Syariah di Indonesia (2014) Jurnal Al-Qanun, 17 (1). , Juni; Abdul, M., (2009) AspekHukumdalamPenyelenggaraanInvestasi di Pasar Modal Syariah Indonesia, , Jakarta: Kencana; Mardani, (2015) Hukum Sistem Ekonomi Islam, , Jakarta, PT. Raja Grafindo Persada; RafiqAhmad, (2015) HukumPerdata Islam di Indonesia, , Jakarta, PT. RajaGrafindoPersada; Fitria, T.N., KontribusiEkonomi Islam Dalam Pembangunan Ekonomi Nasional, STIE-AAS Surakarta (2016) JurnalIlmiahEkonomi Islam, 2 (3). , November; (2015) PengantarKeuangan Islam, Jakarta, , PranamediaGorup},
correspondence_address1={Hamzah; Law Faculty, Indonesia; email: agizaddien@gmail.com},
publisher={Primrose Hall Publishing Group},
issn={22011315},
language={English},
abbrev_source_title={Int. J. Innov. Creat. Change},
document_type={Article},
source={Scopus},
}

@ARTICLE{Aziz2019282,
author={Aziz, N.A. and Bakar, A.A. and Isa, M.Y. and Abdul Aziz, I.},
title={Promotion and service as strategic marketing tools towards Islamic house financing},
journal={Journal of Advanced Research in Dynamical and Control Systems},
year={2019},
volume={11},
number={8 Special Issue},
pages={282-285},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85071871709&partnerID=40&md5=feb8828f545675d01ebd6dcf3c24596e},
affiliation={Universiti Utara Malaysia, Sintok, Malaysia; Keretapi Tanah Melayu Berhad, Sintok, Malaysia},
abstract={This paper focused on the effect of promotion and service as strategic marketing tools that influence customers’ selection towards Islamic house financing. The findings revealed that the levels of satisfaction in promotion and service among customers were positive. The findings from the study can give impact and implication to bank marketers to understand the salient criteria used by customers in choosing Islamic house financing. It should help those banks which operate in a dual-banking system to develop human capital with sufficient appropriate knowledge and skills, and to equip themselves with engineered market segmentations and targeted marketing strategies. © 2019, Institute of Advanced Scientific Research, Inc. All rights reserved.},
author_keywords={Islamic House Financing;  Promotion;  Service;  Strategic Marketing},
references={Abd Aziz, N., (2016) The Perspective of Muslims and Non-Muslims Towards Islamic Housing Financing: A Case Study of Hong Leong Bank and Hong Leong Islamic Bank Customers.Unpublished Phd Dissertation, , Universiti Sains Malaysia; Abdullah, A.A., Sidek, R., Adnan, A.A., Perception of non-Muslim customers towards Islamic banking in Malaysia (2012) International Journal of Business Management, 3 (11), pp. 151-164; Ahmad, S., (2006) Islamic Banking Finance and Insurance: A Global Overview, p. 205; Ajzen, I., The theory of planned behaviour (1991) Organizational Behaviour and Human Decision Processes, 50, pp. 179-211; Ali, N., Habidin, N.F., Jamaludin, N.H., Khaidir, N.A., Shazali, N.A., Customer relationship management and organizational performance in Malaysian healthcare industry (2013) International Journal of Advancements in Research and Technology, 2 (1), pp. 1-5; Amin, M., Isa, Z., An examination of the relationship between service quality perception and customer satisfaction. A SEM approach towards Malaysian Islamic banking (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1 (3), pp. 191-209; Amin, H., Abdul Rahman, A.R., Sondoh, S., Hwa, A.M.C., Determinants of customers’ intention to use Islamic personal financing: The case of Malaysian Islamic banks (2011) Journal of Islamic Accounting and Businessresearch, 2 (1), pp. 22-42; Abdul Qader, O.A.J., Sukmasari, S., Doolaanea, A.A., Abdul Rahman, M.N., Ismail, A.F., The effect of incorporating Baccaurea Angulata extract on rheological properties of various gelling polymers (2018) International Journal of Pharmaceutical Research, 10 (2), pp. 246-250; Awan, H.M., Bukhari, K.S., Customer’s criteria for selecting an Islamic bank: Evidence from Pakistan (2011) Journal of Islamic Marketing, 2 (1), pp. 14-27; Aziz, Z.A., (2006) Islamic Banking and Finance Progress and Prospects: Collected Speeches 2000-2006, , Kuala Lumpur: Bank Negara Malaysia; Dusuki, A.W., Abdullah, N.I., (2006) The Ideal of Islamic Banking: Chasing a Mirage? Paper Presented at INCEIF Islamic Banking and Finance Educational Colloquium, , (, Bank Negara Malaysia, Kuala Lumpur, Malaysia; Dusuki, A.W., Abdullah, N.I., Why do Malaysian customers patronise Islamic banks (2007) International Journal of Bank Marketing, 25 (3), pp. 142-160; Erol, C., El-Bdour, R., ). Attitudes, Behaviour and Patronage Factors of Bank Customers towards Islamic Banks (1989) International Journal of Bank Marketing, 7 (6), pp. 31-37; Erol, C., Kaynak, E., El-Bdour, R., Conventional and Islamic Banks: Patronage Behaviour of Jordanian Customers (1990) International Journal of Bank Marketing, 8 (4), pp. 25-36; Grady, B., Spencer, H., (1990) Managing Commercial Banks, , Englewood Cliff, NJ: Prentice-Hall; Haque, A., Osman, J., Ismail, A.Z., Factor Influences selection of Islamic banking: A study on Malaysian customer preferences (2009) American Journal of Applied Sciences, 6 (5), pp. 922-928; Haron, S., Ahmad, N., Planisek, S., Bank patronage factors of Muslim and non-Muslim customers (1994) International Journal of Bank Marketing, 12 (1), pp. 32-40; Hassan, A., Risk Management Practice of Islamic Banks of Brunei Darussalam (2009) The Journal of Risk Finance, 10 (1), pp. 23-37; Holstius, K., Kaynak, E., Retail banking in Nordic countries: The case of Finland (1995) International Journal of Bank Marketing, 13 (8), pp. 10-20; Jones, S., (2007) Exploring Corporate Strategy: Text & Cases, , (8th edition); Kader, R., (1995) Bank Islam Malaysia: Market Implication in Leading Issues in Islamic Banking and Finance, , Al-Harran (Ed.). Kuala Lumpur: Pelanduk Publications; Kaynak, E., Kucukemiroglu, O., Odabasi, Y., Commercial bank selection in Turkey (1991) International Journal of Bank Marketing, 9 (4), pp. 30-45; Khan, M.S.N., Hassan, M.K., Shahid, A.I., Banking behaviour of Islamic bank customers in Bangladesh (2008) Journal of Islamic Economics, Banking and Finance, 3 (2), pp. 159-195; Kotler, P., (2005) Marketing: An Introduction, , New Jersey: Pearson Education Inc; Kotler, P., Armstrong, G., (2009) Marketing: An Introduction, , (9th Edition). New Jersey: Pearson Prentice Hall; Laroche, M., Rosenblatt, J., Manning, T., Services used and factors considered important in selecting a bank: An investigation across diverse demographic segments (1986) International Journal of Bank Marketing, 4 (1), pp. 35-55; Mokhlis, S., Nik Mat, N.H., Salleh, H.S., Commercial bank selection: The case of undergraduate students in Malaysia (2009) International Review of Business Research Papers, 4 (5), pp. 258-270; Okumus, H.S., Interest-free banking in Turkey (2005) Journal of Economic Cooperation, 26 (4), pp. 51-86; Riggall, J., A New Study: How Newcomers Select Banks (1980) ABA Banking Journal, 72 (7), pp. 93-94; Rupolia, M., Choudhary, R., Purohit, H., A study on promotional strategies adopted by apparel street vendors influencing customers shopping decision. Presented at the 8th International Business Research Conference, Mumbai, India (2013) IOSR Journal of Business and Management, pp. 20-27. , www.iosrjournals.org, e-ISSN: 2278-487X, p-ISSN: 2319-7668; Star, T., (2002) Malaysia to Host Islamic Banking Committee, , Malaysia; Turnbull, P.W., Gibbs, M.J., The selections of banks and banking services among corporate customers in South Africa (1989) International Journal of Bank Marketing, 7 (5), pp. 36-39; Zeithaml, V.A., Parasuraman, A., Berry, L.L., Problems and Strategies in Services Marketing (1985) J. Mark, 49, pp. 33-46},
correspondence_address1={Aziz, N.A.; Universiti Utara MalaysiaMalaysia; email: norizaaziz@uum.edu.my},
publisher={Institute of Advanced Scientific Research, Inc.},
issn={1943023X},
language={English},
abbrev_source_title={J. Adv. Res. Dyn. Control. Syst.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kavuri-Bauer201943,
author={Kavuri-Bauer, S.},
title={The Impact of Akhlaq-i Nasiri on the Forms and Spaces of Akbar’s Fatehpur Sikri},
journal={South Asian Studies},
year={2019},
volume={35},
number={1},
pages={43-62},
doi={10.1080/02666030.2019.1605574},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85071608069&doi=10.1080%2f02666030.2019.1605574&partnerID=40&md5=2686946bebb39d91509fd7df0ad446d9},
affiliation={School of Art, San Francisco State University, San Francisco, United States},
abstract={In this article, I examine the structures and spatial dynamics of Fatehpur Sikri to show how the overall design of the Mughal capital city was informed by Islamic philosophy and ethical texts known as akhlaq. Both discourses used the concept of the city to theorize how the ideals of justice could be materialized. After creating an interpretative framework based on these texts, I focus on four spaces of interaction at Fatehpur Sikri, the Jami Masjid, Diwan-i Aam, Ibadat Khana, and markets, to show how the phenomenology of Peripatetic Islamic philosophy, later translated for Mongol kings by Nasir al-Din Tusi (1201–74), influenced the meaning of the city. Through this investigation, I argue that Fatehpur Sikri was a means of bringing the ethical concepts of Persianate philosophy to life in sixteenth-century Mughal India and introducing a new set of social and religious norms to the people. © 2019, © 2019 The British Association for South Asian Studies.},
author_keywords={Akbar;  akhlaq;  architecture;  Fatehpur Sikri;  Mughal;  Tusi},
correspondence_address1={Kavuri-Bauer, S.; School of Art, United States; email: santhi@sfsu.edu},
publisher={Routledge},
issn={02666030},
language={English},
abbrev_source_title={South Asian Stud.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Prasetyo2018,
author={Prasetyo, I. and Dwianto, R.D.},
title={Economic inclusion of un-bankable micro-scale traders in Indonesian traditional market: Learning from micro-scale traders in Islamic financial co-operative},
journal={E3S Web of Conferences},
year={2018},
volume={74},
doi={10.1051/e3sconf/20187401008},
art_number={01008},
note={cited By 0; Conference of 2018 International Conference Series on Life Cycle Assessment: Life Cycle Assessment as A Metric to Achieve Sustainable Development Goals, ICSoLCA 2018 ; Conference Date: 24 October 2018 Through 25 October 2018;  Conference Code:143336},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059088970&doi=10.1051%2fe3sconf%2f20187401008&partnerID=40&md5=3327f2a941ca01f04140e5703faf9669},
affiliation={Departement of Sociology, Universitas Indonesia, Jakarta, 16424, Indonesia},
abstract={Central Bank in Indonesia has launched an inclusive economy strategy, whose aim includes people of low income and micro-scale business owner. Micro-scale traders in rural traditional market in Indonesia in general face the challenge of limited access to formal financial institution, since they are considered un-bankable. The difficulty of accessing capital from banking financial institutions becomes an obstacle to increasing the scale of their business. The situation often causes market micro-scale traders to fall into the practice of loan sharks. As an alternative, traditional market traders turn to Islamic microfinance co-op. This paper studies the case of micro-scale traders in a rural are in Central Java, in their relationship with a local Islamic Financial Cooperative (Syariah Baitul Maal Wat Tamwil) that provides financial products/services. Using qualitative approach, the findings field research conducted from 2016 until 2018 points out to the success of Islamic Financial Coop as an inclusive financial institution for the local micro-scale traders, which supports promotion of sustained economic growth and productivity, despite (or, because of) its traditional way of trust-building. © The Authors, published by EDP Sciences, 2018.},
keywords={Economic analysis;  Finance;  Life cycle;  Planning;  Sustainable development, Business owners;  Economic growths;  Field research;  Financial institution;  Financial products;  Qualitative approach;  Traditional markets;  Trust building, Commerce},
funding_details={Universitas IndonesiaUniversitas Indonesia, UI},
funding_text 1={This work is supported by Hibah PITTA 2018 fund ed by DRPM Universitas Indonesia No.5000/UN2.R3.1/HKP.05.00/2018},
references={Hannig, A., Jansen, S., (2010) Financial Inclusion and Financial Stability: Current Policy Issues. ADBI, , http://www.adbi.org/working-paper/2010/12/21/4272.financial.inclusion.stability.policy.issues/, Working Paper 259. Tokyo: Asian Development Bank Institute; Khan, H.R., (2011) Financial Inclusion and Financial Stability: Are They Two Sides of the Same Coin?, , Address by Shri H. R. Khan, Deputy Governor of the Reserve Bank of India, at BANCON 2011, organized by the Indian Bankers Association and Indian Overseas Bank, Chennai, India, 4 November; (2005) Indicators of Financial Access-Household-Level Surveys, , World Bank; Gupta, B.D., Dahlberg, D., Indonesia: Getting Serious about Financial Inclusion (The Institute of International Finance, Inc, 2015; (2012), http://finance.detik.com/read/2012/05/14/174753/1916933/5/soal-jumlah-rekening-bank-ri-paling-ketinggalan-di-asean; Amin, A., (2004) Pedoman Pendirian BMT. (Pinbuk Press, Jakarta; Ismaniyati, N.S., Aspek Aspek Hukum BMT.Bandung (Citra Aditya Bakti, 2010; Indonesia, B., Booklet keuangan inklusif Departemen Pengembangan Akses Keuangan Dan UMKM BI. (2014; Tnp2k Modul Meningkatkan Pemberdayaan Masyarakat Melalui Koperasi Lembaga Keuangan Mikro (Sekretariat Tim Nasional Percepatan Penanggulangan Kemiskinan, Jakarta, 2015; Peraturan Menteri Negara Koperasi Dan UMKM Nomor 35.2/PER/M.KUKM/X/2007 Tentang Pedoman Standar Operasional Manajemen Koperasi Jasa Keuangan Syariah Dan Unit Jasa Keuangan Syariah Koperasi; (2017), https://temanggungkab.bps.go.id/},
correspondence_address1={Dwianto, R.D.; Departement of Sociology, Indonesia; email: raphaella.dwianto@ui.ac.id},
editor={Herdiansyah H.},
publisher={EDP Sciences},
issn={22671242},
language={English},
abbrev_source_title={E3S Web Conf.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Arifin201815,
author={Arifin, Z.},
title={Investment strategy in the Islamic capital market: Study on the Indonesia stock exchange},
journal={Pertanika Journal of Social Sciences and Humanities},
year={2018},
volume={26},
number={August},
pages={15-26},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049751272&partnerID=40&md5=cf17d59d5798b921dc9072c6fc8afde1},
affiliation={Universitas Islam Indonesia, Condong Catur, Sleman, Yogyakarta, 55283, Indonesia},
abstract={The Islamic capital market is a capital market selling Islamic stocks, and is traded based on Islamic principles. Currently, there are many capital markets providing Islamic stock. Islamic capital market concepts have been developed by a number of experts, such as Metwally (1992), Chapra (1992), and Taj-El-Din (2002). This study aims to create a model of investing in Islamic capital markets. It tests whether existing Islamic capital market models are adequate. The results of these tests show that Metwally’s model is quite attractive in terms of return and risk, but is constrained by technical problems relating to capital markets that do not allow trade restrictions, as required by Metwally. In contrast, the Chapra model has no constraints in implementation, but its appeal does not consistently outperform or match existing capital market models. Therefore, the study will also examine Islamic capital market models that are both attractive to investors and can be effectively implemented. Findings of this research show the Islamic capital market model using a long-term investment strategy is an attractive option, and proves that investments over longer periods will generally yield higher annualised returns. The annual investment yields the greatest returns, followed by the period of a semester, and then quarterly. Investors who do not have large amounts of cash will generally only invest in certain stocks to serve as their portfolio. The strategy of selecting stocks based on price-to-book ratio (PBR) is quite successful in generating higher return/risk. © Universiti Putra Malaysia Press.},
author_keywords={Islamic capital market models;  Long-term investment strategy;  Price to book ratio;  Stock return},
references={Banz, R.W., The relationship between return and market value of common stocks (1981) Journal of Financial Economics, 9, pp. 3-18; Bodie, Z.A.K., Marcus, A.J., (2009) Investment, , McGraw-Hill Irwin, NY; Chapra, U.M., Comment on Metwally’s “The role of the stock exchange in an Islamic economy (1992) An Introduction to Islamic Finance, , G. S. Abod, A. Ghazali and O. S. Agil Eds, Kuala Lumpur: Quill Publisher; (2011) Fatwa DSN No. 80/ DSN-MUI/III/2011 Tentang Penerapan Prinsip Syariah Dalam Mekanisme Perdagangan Efek Bersifat Ekuitas Di Pasar Reguler Bursa Efek, , Dewan Syari’ah Nasional DSN-MUI; Fama, E.F., French, K.R., The cross section of expected Return (1992) The Journal of Finance, 47, pp. 427-465; Fama, E.F., French, K.R., A five-factor asset pricing model (2015) Journal of Financial Economics, 116, pp. 1-22; Kasim, N., NuHtay, S.N., Salman, S.A., Shariah governance for Islamic capital market: A step forward (2013) International Journal of Education and Research, 1 (6), pp. 1-14; Khan, A.M., Commodity exchange and stock exchange. In an Islamic economy (1992) An Introduction to Islamic Finance, , G. S. Abod, A. Ghazali & O. S. Agil Eds, Kuala Lumpur: Quill Publisher; Kurniawan, T., Volatilitas saham syariah (analisis atas Jakarta Islamic Index) (2008) KARIM Review, Special Edition, 1 (8), pp. 41-56; Mannan, M., Islamic capital market (2008) Islamic Finance: A Guide for International Business and Investment, , R. Millar & H. Anwar Eds. United Kingdom: GBM Publishing Ltd; Mahfooz, S., Ahmed, H., Sharīah investment screening criteria: A critical review (2014) Journal of King Abdul Aziz University: Islamic Economics, 27 (1), pp. 3-37; Metwally, M.M., The role of stock exchange in an Islamic economy (1992) An Introduction to Islamic Finance, , G. S. Abod, A. Ghazali & O. S. Agil Eds, Kuala Lumpur: Quill Publisher; Sadeghi, M., Financial performance of shariah-compliant investment: Evidence from Malaysian stock market (2008) International Research Journal of Finance and Economics, 20 (8), pp. 15-24; Shanmugam, B., Zahari, Z.R., (2009) A Primer on Islamic Finance, , The Research Foundation of CFA Institute; Siskawati, E., Islamic capital market interconnection: Evidence from Jakarta Islamic index to the regional Islamic market and global Islamic market (2011) Proceedings of The ICSCEA 2011, , Malaysia; Taj El-Din, I.S., Toward an Islamic model of stock market (2002) Journal of King Abdul Aziz University: Islamic Economics, 14, pp. 3-29; Yusof, R.M., Majid, M.S.A., Stock market volatility in Malaysia: Islamic versus conventional stock market (2007) Journal of King Abdul Aziz University: Islamic Economics, 20 (2), pp. 17-35},
correspondence_address1={Arifin, Z.; Universitas Islam IndonesiaIndonesia; email: zaenalarifin.fe@uii.ac.id},
publisher={Universiti Putra Malaysia},
issn={01287702},
language={English},
abbrev_source_title={Pertanika J. Soc. Sci. Humanit.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ghosh2018284,
author={Ghosh, S.},
title={Capital structure, ownership and crisis: evidence from Middle East and North African banks},
journal={Accounting Research Journal},
year={2018},
volume={31},
number={2},
pages={284-300},
doi={10.1108/ARJ-09-2015-0121},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053234594&doi=10.1108%2fARJ-09-2015-0121&partnerID=40&md5=ecffe252f89040d880b8d9358e4a7f46},
affiliation={Reserve Bank of India, Mumbai, India},
abstract={Purpose: Although understanding the capital structure of firms has been quite commonplace in the empirical literature, there is admittedly limited evidence with regard to the determinants of capital structure for banks. In this context, using data for the period 2000-2012, this paper aims to examine the factors affecting the capital structure of Middle East and North African (MENA) banks. Design/methodology/approach: The data span the period 2000-2012 and comprise of over 100 banks from 12 MENA countries. Given the longitudinal nature of the data, the panel uses panel data techniques and controls for unobserved bank characteristics that might affect capital structure. Findings: The findings indicate that the factors driving book leverage are similar to those influencing market leverage. These findings refute the conventional wisdom that bank capital structure is purely a response to the regulatory requirements, as otherwise, regulatory concerns would have driven a wedge between these two leverage measures. Second, the crisis appears to have exerted a perceptible impact on bank capital. Third, in terms of ownership, it appears that the crisis-support measures had a salutary effect on Islamic banks, in turn improving their growth opportunities. Research/limitations/implications: This is the first study to examine the determinants of capital structure for MENA banks and how it evolved during the crisis. By using both book- and market-related measures of capital structure, the study is able to shed light whether regulatory concerns are a major driven of bank capital. As the recent financial crisis indicates, bank failures impose enormous social and economic costs, which are protracted and significant. Practical implications: From a practical standpoint, the study seeks to inform the policy debate on the role of regulation in impacting bank capital, especially in the light of the envisaged Basel III reforms. In addition, the study suggests that classroom teaching on bank capital needs to be suitably refined to take on board country-specific requirements and, in addition, focus on how such behavior evolved during the crisis. Originality/value: This is the first study to examine the determinants of capital structure for MENA banks and how it evolved during the crisis. By using both book- and market-related measures of capital structure, the study is able to shed light whether regulatory concerns are a major driven of bank capital. As the recent financial crisis indicates, bank failures impose enormous social and economic costs, which are protracted and significant. © 2018, Emerald Publishing Limited.},
author_keywords={Banking;  Capital structure;  MENA},
references={Abedifar, P., Tarazi, A., Molyneux, P., Risk in Islamic banking (2013) Review of Finance, 17 (6), pp. 2035-2096; Acharya, V., Gromb, D., Yorulmazer, T., Imperfect competition in the interbank market for liquidity as a rationale for central banking (2012) American Economic Journal: Macroeconomics, 4 (2), pp. 184-217; Allen, F., Carletti, E., Marquez, R., Credit market competition and capital regulation (2011) Review of Financial Studies, 24 (4), pp. 983-1018; Ayuso, J., Pérez, D., Saurina, J., Are capital buffers pro-cyclical? Evidence from Spanish panel data (2004) Journal of Financial Intermediation, 13 (2), pp. 249-264; Barth, J., Caprio, G., Levine, R., Bank regulation and supervision: What works best? (2004) Journal of Financial Intermediation, 13 (2), pp. 205-248; Beck, T., Demirguc Kunt, A., Merrouche, O., Islamic vs conventional banking: business model, efficiency and stability (2013) Journal of Banking and Finance, 37 (2), pp. 433-447; Beltratti, A., Stulz, R., (2009) Why did some banks perform better during the credit crisis? A cross-country study of the impact of governance and regulation, , Fischer College of Business Working Paper 12, Ohio State University, OH; Berger, A.N., Bouwman, C.H.S., How does capital affect bank performance during financial crisis? (2013) Journal of Financial Economics, 109 (1), pp. 146-167; Berger, A.N., Herring, R.J., Szego, G.P., The role of capital in financial institutions (1995) Journal of Banking and Finance, 19 (3-4), pp. 393-430; Berger, A.N., El-Ghoul, S., Guedhami, O., Roman, R., (2015) Internationalization and bank risk, , FRB Kansas City Working Paper 8, FRB, Kansas; Berger, A.N., Klapper, L., Turk-Ariss, R., Bank competition and financial stability (2009) Journal of Financial Services Research, 35 (2), pp. 99-118; Brewer, E., Kaufman, G., Wall, L., Bank capital ratios across countries: Why do they vary? (2008) Journal of Financial Services Research, 34 (2-3), pp. 177-201; Chernykh, L., Cole, R., Does deposit insurance improve financial intermediation? Evidence from the Russian experiment (2011) Journal of Banking and Finance, 35 (2), pp. 388-402; Cihak, M., Hesse, H., (2008) Islamic banks and financial stability: an empirical analysis, , IMF Working Paper 16, IMF, Washington, DC; Demirguc Kunt, A., Detragiache, E., Does deposit insurance increase banking system stability? An empirical investigation (2002) Journal of Monetary Economics, 49 (7), pp. 1373-1406; Demirguc Kunt, A., Detragiache, E., Merrouche, O., Bank capital: lessons from the financial crisis (2013) Journal of Money Credit and Banking, 45 (6), pp. 1147-1164; Demirguc Kunt, A., Huizinga, H., Market discipline and deposit insurance (2004) Journal of Monetary Economics, 51 (2), pp. 375-399; Demirguc Kunt, A., Karacaovali, B., Laeven, L., (2005) Deposit insurance around the world: a comprehensive database, , World Bank Policy Research Working Paper 3628, The World Bank, Washington, DC; Flannery, M., Rangan, K., What caused the bank capital build-up of the 1990s? (2008) Review of Finance, 12 (2), pp. 391-429; Frank, M., Goyal, V., Capital structure decisions: which factors are reliably important? (2004) Financial Management, 38 (1), pp. 1-37; Ghosh, S., Nachane, D.M., Narain, A., Sahoo, S., capital requirements and bank behaviour: an empirical analysis of Indian public sector banks (2003) Journal of International Development, 15 (2), pp. 145-156; Gropp, R., Heider, F., The determinants of bank capital structure (2010) Review of Finance, 14 (4), pp. 587-622; Hanson, S.G., Shleifer, A., Stein, J., Vishny, R., Banks as patient fixed-income investors (2015) Journal of Financial Economics, 117 (3), pp. 449-469; Harris, M., Raviv, A., The theory of capital structure (1991) Journal of Finance, 46 (1), pp. 297-356; Hasan, M., Dridi, J., (2010) The effect of the global crisis on Islamic and conventional banks: a comparative study, , IMF Working Paper 201, IMF, Washington DC; Hellmann, T., Murdock, K., Stiglitz, J., Liberalization, moral hazard in banking and prudential regulation: are capital requirements enough? (2000) American Economic Review, 90 (1), pp. 147-165; (2009) Regional Economic Outlook (November), , IMF, Washington DC; Khamis, M., Senhadji, A., Hasan, M., Kumah, F., Prasad, A., Sensenbrenner, G., (2010) Impact of the Global Financial Crisis on the Gulf Cooperation Countries and Challenges Ahead, , Prepared by a team led by and and comprising, and, IMF, Washington DC; (2012) Regional Economic Outlook (November), , IMF, Washington DC; Jimenez, G., Ongena, S., Peydro, J., Saurina, J., Hazardous times for monetary policy: What do twenty-three million bank loans say about the effect of monetary policy on credit risk? (2014) Econometrica, 82 (2), pp. 463-505; Jokipii, T., Milne, A., The cyclical behaviour of European bank capital buffers (2008) Journal of Banking and Finance, 32 (8), pp. 1440-1451; Laeven, L., Levine, R., Bank governance, regulation and risk taking (2009) Journal of Financial Economics, 93 (2), pp. 259-275; Mehran, H., Thakor, A.V., Bank capital and value in the cross section (2011) Review of Financial Studies, 24 (4), pp. 1019-1067; Myers, S., Capital structure (2001) Journal of Economic Perspectives, 15 (2), pp. 81-102; Nier, E., Baumann, U., Market discipline, disclosure and moral hazard in banking (2006) Journal of Financial Intermediation, 15 (3), pp. 332-361; Rajan, R., Zingales, L., What do we know about capital structure? Some evidence from international data (1995) Journal of Finance, 50 (5), pp. 1421-1460; Rime, B., Capital requirements and bank behavior: empirical evidence for Switzerland (2001) Journal of Banking and Finance, 25 (4), pp. 789-805; Shrieves, R., Dahl, D., The relationship between risk and capital in commercial banks (1992) Journal of Banking and Finance, 16 (2), pp. 439-457; Srairi, S., Ownership structure and risk-taking behaviour in conventional and Islamic banks: evidence from MENA countries (2013) Borsa Istanbul Review, 13 (4), pp. 115-127; Stein, J.C., An adverse selection model of bank asset liability management with implications for transmission of monetary policy (1998) RAND Journal of Economics, 29 (3), pp. 466-486; Stolz, S., Wedow, M., Banks’ regulatory capital buffer and the business cycle: evidence for Germany (2011) Journal of Financial Stability, 7 (2), pp. 98-110; Flannery, M., Debt maturity and the deadweight cost of leverage: optimally financing banking firms (1994) American Economic Review, 84 (1), pp. 320-321},
correspondence_address1={Ghosh, S.; Reserve Bank of IndiaIndia; email: saibalghosh@rbi.org.in},
publisher={Emerald Group Publishing Ltd.},
issn={10309616},
language={English},
abbrev_source_title={Account. Res. J.},
document_type={Article},
source={Scopus},
}

@BOOK{Mohammed20181003,
author={Mohammed, W.S. and Abdur Raqeeb, H. and Waheed, K.},
title={Islamic finance in India: Financial regulations challenges and possible solutions},
journal={Global Business Expansion: Concepts, Methodologies, Tools, and Appl.},
year={2018},
pages={1003-1026},
doi={10.4018/978-1-5225-5481-3.ch046},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046599428&doi=10.4018%2f978-1-5225-5481-3.ch046&partnerID=40&md5=dc4fe297c4f90f91b54a03d7b0607f8f},
affiliation={B. S. Abdur Rahman University, India; Indian Center for Islamic Finance, India},
abstract={In order to provide financial services effectively to almost 1.21 billion people, India has adopted a comprehensive financial system governed under a number of financial regulations. These regulations, through regular amendments, are kept updated and inclusive of modern financial concepts that emerge in national and international markets. Islamic finance is one of such modern concepts emerged at global level. Growing with an annual growth rate of 15-20 percent the Islamic finance industry is holding total assets, value estimated to be more than USD 1.6 trillion. Hence, the authors, in this paper tried to study the feasibility of providing Islamic financial services in India, especially in the areas of Retail banking, Microfinance, Venture Capital financing. The objective of this paper is to identify the major regulatory challenges facing Islamic finance and to propose the possible solutions so as to make this emerging industry an internal part of the Indian financial system. © 2018, IGI Global.},
references={(2010) Shariah Standards., , Manama, Bahrain: Author; Bagsiraj, M.I., (2003) Islamic Financial Institutions of India - Progress, Problems and Prospects., , Jeddah, Saudi Arabia: Scientific Publishing Centre, King Abdulaziz University; Chakrabarty, K.C., (2012) M - Banking in India - Regulations and Rationale., , March, Speech delivered at International Banking Summit on Regulation of Cross-Border Mobile Payments and Regional Financial Integration organized by RBI, Mumbai, India; Iqbal, Z., Mirakhor, A., (2011) An Introduction to Islamic Finance., , Singapore: John Wiley & Sons (Asia) Pte. Ltd; (2013) Islamic Financial Services Stability Report., , http://www.ifsb.org/docs/IFSB%20-%20IFSI%20Stability%20Report%202013%20%28Final%29.pdf, Retrieved on September, 29, 2014 from; Khatkhatay, M.H., (2009) Road to Islamic Banking in India., , August, Paper presented at Seminar on Islamic Banking and Finance, Bhatkal, India; Khatkhatay, M.H., (2009) Some Thoughts and Suggestions on Muslim Participation in the Finance Sector., , October, Paper presented at National Seminar on Economic Advancement of Indian Muslims:Situations, Scope and the Islamic Guidance, India; Khatkhatay, M.H., (2011) Islamic Real Estate Venture Capital in India., , May, Paper presented at Seminar on Venture Capital Financing organised by the Institute of Objective Studies (IOS), New Delhi, India; Lines, B., (2012) Secura Launches Real Estate Venture Capital Fund., , http://www.thehindubusinessline.com/markets/secura-launchesreal-estate-venture-capital-fund/article4139782.ece, Kochi, India: Business Line, Retrieved on September 22, 2014 from; (2009) Islamic Finance Regulations in Non-OIC Jurisdictions., , Indian Centre for Islamic Finance; Microfinance, S., (2012) Multi-state Cooperative Society Act, , 2002. New Delhi, India; (2014) The Indian Infrastructure Debt Funds., , http://www.finmin.nic.in/the_ministry/dept_eco_affairs/infrastructure_div/IDF_Brochure0062014.pdf, New Delhi, India: Government of India Publication. Retrieved on September 29, 2014 from; (2011) Census of India 2011 Primary Census Abstract Figure at a Glance, India., , http://www.censusindia.gov.in/2011census/PCA/PCA_Highlights/pca_highlights_file/India/5Figures_at_glance.pdf, New Delhi, India: Ministry of Home Affairs, Government of India. Retrieved on September 29, 2014 from; (2014) The Banking Regulation Act, 1949., , https://www.nabard.org/pdf/India_Banking_BankingRegulationAct1949.pdf, Mumbai, India: National Bank for Agricultural and Rural Development Publication. Retrieved on September 20, 2014 from; Nimrah, K., Tarazi, M., Reille, X., (2008) Islamic Microfinance: An Emerging Market Niche., , http://www.cgap.org/sites/default/files/CGAP-Focus-Note-Islamic-Microfinance-An-Emerging-Market-Niche-Aug-2008.pdf, August, Focus Note: 49. Washington, DC: Consultative Group to Assist the Poor (CGAP). Retrieved on September 29, 2014 from ; Obaidullah, M., (2008) Introduction to Islamic Microfinance., , Jeddah, Saudi Arabia: Islamic Research & Training Institute (IRTI), Islamic Development Bank (IDB); (2011) Guide Lines to NBFC-MFI, , http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6857&Mode=0, (Notification DNBS. PD. No. 234 dated December 02, 2011 enclosed with RBI Letter reference: RBI/2011-12/290 dated December 02, 2011). Mumbai, India: RBI Publication. Retrieved on September 22, 2014 from; (2014) RBI Act, 1934., , http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/RBIA1934170510.pdf, Retrieved on September 22, 2014 from; (2006) Existing Legal and Regulatory Frame work for the Microfinance Institutions in India: Challenges and Implications., , http://www.sa-dhan.net/Adls/Microfinance/Article/Publications/ExistingLegalRegulatoryFramework.pdf, New Deli, India: Sa-Dhan. Retrieved on September 29, 2014 from; (2014) Securities Exchange Board of India-Venture Capital Fund Regulations, 1996., , http://www.sebi.gov.in/cms/sebi_data/commondocs/vcregu_p.pdf, Mumbai, India: SEBI Publication. Retrieved on September 22, 2014 from; (2014) Securities Exchange Board of India-Foreign Venture Capital Investor Regulations, 2000., , http://www.sebi.gov.in/acts/fvcregu.pdf, Mumbai, India: SEBI Publication, Retrieved on September 22, 2014 from; Shison, D., (1984) Venture Capital in the United Kingdom., , Bank of England},
correspondence_address1={Mohammed, W.S.; B. S. Abdur Rahman UniversityIndia},
publisher={IGI Global},
isbn={9781522554820; 1522554815; 9781522554813},
language={English},
abbrev_source_title={Glob. Bus. Expans.: Concepts, Methodol., Tools, and Appl.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Ghazali201899,
author={Ghazali, A.W. and Suffian, M.T.M. and Sanusi, Z.M. and Alsudairi, F.S.},
title={Managerial Opportunism: Monitoring Financial Risk of Malaysian Shariah-compliant Companies},
journal={Global Journal Al-Thaqafah},
year={2018},
number={Special Issue},
pages={99-115},
doi={10.7187/GJATSI2018-07},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85120083740&doi=10.7187%2fGJATSI2018-07&partnerID=40&md5=0d73f86f2a2df96bb658468b774dc169},
affiliation={Kingston Business School, Kingston University London, Kingston Hill campus Kingston Hill Kingston Upon Thames, London, KT2 7LB; Faculty of Accountancy & Accounting Research Institute (ARI), Universiti Teknologi MARA Perak, Shah Alam, Selangor  40450, Malaysia; Accounting Research Institute (ARI), Universiti Teknologi MARA, Shah Alam, Selangor  40450, Malaysia; Faculty of Economics & Administration, King Abdul Aziz University, 2907 Muhamadia-Jeddah23623-9073, Saudi Arabia},
abstract={Managerial opportunism, such as earnings management, is a rampant, but often discreet, among certain managers. Agency theory and the notion of conflict of interest are used as bases to assume that managers would resolve to engage with inappropriate activities for their personal benefits. Distortion of earnings would erode investor confidence and is detrimental to the capital market. The Islamic capital market with Shariah-compliant firms is expected not to engage in activities that go against the religion code of conduct. The main purpose of this study is to investigate managerial opportunism among Shariah-compliant companies, specifically the relationship between real earnings management and the risk of financial distress, leverage, and free cash flow. This study employs 4,115 data from 694 sample companies for five years (2009-2013). Findings conclude that the risk of financial distress, leverage, and free cash flow have a significant relationship with earnings management among Shariah-compliant companies. This study provides evidence that further improvements on corporate governance are necessary to ensure that Shariah-compliant companies adhere with the Shariah requirement. © 2018. All Rights Reserved.},
author_keywords={Financial Distress;  Free Cash Flow;  Managerial Opportunism;  Real Earnings Management;  Shariah-compliant Companies},
funding_details={Ministry of Higher Education, MalaysiaMinistry of Higher Education, Malaysia, MOHE},
funding_details={Universiti Teknologi MARAUniversiti Teknologi MARA, UiTM},
funding_details={Lixin Accounting Research InstituteLixin Accounting Research Institute},
funding_text 1={The authors would like to express their gratitude to the Accounting Research Institute (ARI), Ministry of Education, Malaysia and Universiti Teknologi MARA for funding and facilitating},
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W., Shin, H.-H., Board composition and earnings management in Canada (2004) Journal of Corporate Finance, 10 (3), pp. 431-457; Ronen, J., Yaari, V. L., (2008) Earnings Management: Emerging Insights in Theory, Practice, and Research, , Springer; Rosner, R. L., Earnings manipulation in failing firms (2003) Contemporary Accounting Research, 20 (2), pp. 361-408; Roychowdhury, S., Earnings management through real activities manipulation (2006) Journal of Accounting and Economics, 42, pp. 335-370; Schelling, T. C., Game Theory and the Study of Ethical Systems (1968) Conflict Resolution, pp. 34-44; Schipper, K., Commentary on earnings management (1989) Accounting Horizons, 3 (4), p. 91; Scott, W., (2011) Financial Accounting Theory 6th edition, , Prentice Hall; (2013) Islamic Capital Market Statistics, , http://www.sc.com.my/data-statistics/islamic-capital-market-statistics/, Securities Commission Malaysia. Retrieved Jun 2013, from; Sun, L., Rath, S., An empirical analysis of earnings management in Australia (2009) International Journal of Human and Social Sciences, 4 (14), pp. 1069-1085; Sweeney, A. P., Debt covenant violations and manager's accounting responses (1994) Journal of Accounting and Economics, 17, pp. 281-308; Ujah, N. U., Brusa, J. O., (2011) Earnings management, financial leverage, and cash flow volatility: do economic conditions matter?, , http://ssrn.com/abstract=1929550, SSRN; Watts, R. L., Zimmerman, J. L., (1986) Positive accounting theory, , Englewood Cliff: Prentice Hall},
correspondence_address1={Ghazali, A.W.; Kingston Business School, Kingston Hill campus Kingston Hill Kingston Upon Thames},
publisher={Kolej University Islam Sultan Azlan Shah},
issn={22320474},
language={English},
abbrev_source_title={Global J. Al-Thaqafah},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Wicaksonoputro20182593,
author={Wicaksonoputro, H.B. and Arundina, T.},
title={Analysis of investor sentiments and macroeconomic variables effects to islamic stock index in Indonesia},
journal={Proceedings of the 32nd International Business Information Management Association Conference, IBIMA 2018 - Vision 2020: Sustainable Economic Development and Application of Innovation Management from Regional expansion to Global Growth},
year={2018},
pages={2593-2602},
note={cited By 0; Conference of 32nd International Business Information Management Association Conference, IBIMA 2018 ; Conference Date: 15 November 2018 Through 16 November 2018;  Conference Code:145733},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063029053&partnerID=40&md5=44033d72b7e956da4a262ac11bdfec2d},
affiliation={Faculty of Economics and Business, Universitas Indonesia, West Java, Depok, 16424, Indonesia},
abstract={This study examines the level of exposure Islamic stock price indices in Indonesia to the relative change in investor sentiment index and macroeconomic factors. This study observes the influence of investor sentiment represent by Consumer Confidence Index (CCI), and several macroeconomics variables such as Indonesia Composite Index, industrial production index, consumer price index, exchange rate, money supply, and interest rates to the price of Jakarta Islamic Index. It conducts the ordinary least square (OLS) test with the monthly data from January 2006 to June 2016. Surprisingly, the study reports that CCI statistically shows significant influence in Islamic Price Index in Indonesia. This result raises the debates on sharia complaint requirement on Islamic capital market instruments since speculation is prohibited in Islam and sentiment investor allows the price to change more than the fundamental condition. Apart from that, other variables such as Indonesia Composite Index, and money supply are also found significant to affect Islamic Price Index in the case of Indonesia. Copyright © 2018 International Business Information Management Association (IBIMA).},
author_keywords={Consumer Confidence Index;  Investor sentiment;  Islamic price index return},
keywords={Commerce;  Financial markets;  Information management, Confidence indices;  Consumer price index;  Industrial production;  Investor sentiment indices;  Investor sentiments;  Macroeconomic variables;  Ordinary least squares;  Price index, Investments},
funding_details={Universitas IndonesiaUniversitas Indonesia, UI},
funding_text 1={We gratefully thank to Universitas Indonesia, PITTA program for the financial support},
references={Ahmad, A.U., Hasan, M.K., The time of value of money concept in islamic finance (2006) The American Journal of Islamic Social Sciences, 23; Albaity, M., Mudor, H., Return performance, cointegration and short run dynamic of Islamic and non-Islamic indices: Evidence from the US and Malaysia te the subprime crisis (2012) The Atlantic Review of Economics, 1; Antweiler, W., Frank, M.Z., Is all that talk just noise? The information content of internet stock message boards (2004) The Journal of Finance, 59, pp. 1259-1294; Baker, M., Wurgler, J., Investor sentiment and the Cross-Section of Stock Returns (2006) The Journal of Finance, 61, pp. 1645-1680; Baker, M., Wurgler, J., Investor sentiment in the Stock Market (2007) The Journal of Economic Perspectives, 21, pp. 129-151; Baker, M., Wurgler, J., Yuan, Y., Global, Local, and Contagious Investor sentiment (2012) The Journal of Financial Economics, 104, pp. 272-287; Black, F., Noise (1986) The Journal of Finance, 41, pp. 529-543; Brooks, C., (2008) Introductory Econometrics for Finance, , New York: Cambridge University Press; Brown, G.W., Cliff, M.T., Investor sentiment and the Near-Term Stock Market (2004) The Journal of Empirical Finance, 11, pp. 1-27; Chapra, M., (1985) Toward a Just Monetary System, , Leicester: The Islamic Foundation; Chen, Economic forces and the stock market (1986) The Journal of Business, 59, pp. 383-403; Chen, M., Understanding the impact of changes in Consumer Confidence on Hotel Stock Performance in Taiwan (2015) International Journal of Hospitality Management, 50, pp. 55-56; Ciccone, S., Does analyst optimism about future earnings distort stock prices (2003) The Journal of Behavioral Finance, 4, pp. 59-64; Das, (2004) E-Information: A Clinical Study of Investor Discussion and Sentiment, , Working Paper; Long, D., Noise trader risk in financial markets (1990) The Journal of Political Economy, pp. 703-738; Dhakal, Causality between the money supply and share prices: A VAR investigation (1993) Quaterly Journal of Business and Economics, 32, pp. 52-74; Fama, F., Efficient capital markets: A review of theory and empirical work (1970) The Journal of Finance, 25, pp. 383-417; Fama, E.F., French, K.R., The Common risk factors in the returns on write and bonds (1993) The Journal of Financial Economics, 33, pp. 3-56; Finter, P., Investor sentiment on the German Stock Market (2012) Zeitschroft Bundesanstalt Betriebswirtschaft, 82, pp. 133-163; Fitrahadi, I., (2012) Analisis Pendekatan Perilaku Terhadap Harga Saham Perusahaan (Studi Pada Peruahaan Non-Keuangan Di Bursa Efek Indonesia Peridoe 2006-2010, , Bachelor thesis of FISIP UI; Geske, R., Rolls, R., The Monetary and Fiscal Linkage between Stock Returns and inflation (1983) The Journal of Finance, pp. 1-33; Hussin, M., Macroeconomic variables and Malaysian Islamic stock market: A time series analysis (2012) The Journal of Business Studies Quaterly, 3, pp. 1-13; Madjid, M.S., The short run and long-run relationship in Indonesian islamic stock returns (2016) Al-Iqtishad, 8, pp. 1-18; Mukherjee, T.K., Naka, A., Dynamic relationship between"macroeconomic variables and the Japanese stock market: An application of a VECM (1995) The Journal of Financial Research, 18, pp. 223-237; Nieh, C., Lee, C., Dynamic Relationship between Stock Prices and exchange rates for G-7 countries (2001) The Quaterly Review of Economics and Finance, 41, pp. 477-490; Rashid, M., Macroeconomics, Investor sentiment, and Islamic Stock Price Index in Malaysia (2014) The Journal of Economic Cooperation and Development, 35, pp. 221-236; Reuer, J., Tong, T., Corporate investments and growth options (2007) Managerial and Decission Economics, 28, pp. 863-877; Qiu, L.X., Welch, I., (2006) Investor Sentiment Measures, , Working Paper Brown University and NBER; Selim, T.H., An islamic capiral asset pricing model (2008) Humanomics, 24, pp. 122-129; Shefrin, H., Risk and return in behavioral SDF-based asset pricing system models (2007) International Journal of Forecasting, 6, pp. 4-22; Shefrin, H., Statman, M., (2011) Behavioral Finance in the Financial Crisis: Market Fouling, Minsky, and 'Authors' Keynes, pp. 1-62. , Working Paper of Santa Clara University; Shleifer, A., VIshny, R.W., The limits of Arbitrage (1997) The Journal of Finance, 52, pp. 19-33; Subramnian, K., Efficient market hypothesis: The model that failed (2010) Economic and Political Weekly, pp. 20-22},
correspondence_address1={Arundina, T.; Faculty of Economics and Business, Indonesia; email: tikarundina@ui.ac.id.com},
editor={Soliman K.S.},
publisher={International Business Information Management Association, IBIMA},
isbn={9780999855119},
language={English},
abbrev_source_title={Proc. Int. Bus. Inf. Manag. Assoc. Conf., IBIMA - Vis.: Sustain. Econ. Dev. Appl. Innov. Manag. Reg. Expans. Glob. Growth},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Aziz20182073,
author={Aziz, M.R.A. and Harun, M.S. and Noor, M.N.M.},
title={Preliminary study on talent enhancement programme for building capacities and talent in islamic finance},
journal={Journal of Engineering and Applied Sciences},
year={2018},
volume={13},
number={8},
pages={2073-2076},
doi={10.3923/jeasci.2018.2073.2076},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85048610529&doi=10.3923%2fjeasci.2018.2073.2076&partnerID=40&md5=03800249676bd0935648b3f68c292ad4},
affiliation={Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Nilai, Malaysia},
abstract={Talent development in the Islamic financal industry is very pivotal in promoting a well-functioning financial sector. The increasing challenges in the Islamic financial environment now a days has placed talent enhancement programme and capacity building as a high priority to achieve a sustainable development in the Islamic finance industry. The financial needs of the market participants continue to grow which has led to a demand for greater human capital creativity and innovation in the Islamic financal sector. The aim of this study is to analyze all the talent enhancement programmes in Islamic finance provided by various institutions in Malaysia to be a bridge to connect the requirements of the industry with the talents produced by institutions of higher learning. The methodology of research in this study is through qualitative research based on document analysis on various literatures and information pertaining to various talent enhancement programmes in Islamic finance provided by various institutions in this country. The general finding in this study shows that with the right talent enhancement programme and training able to strengthen graduate skills for a brighter career development in Islamic finance industry. © Medwell Journals, 2018.},
author_keywords={Buildmg capacities and talent;  Country;  Islamic finance;  Islamic financial service industry;  Skills;  Talent enhancement programme},
references={(2007) An assessment of Islamic finance education talent and professional training in Malaysia: Issues and solutions, , https://www.faa.org.my/article/an-assessment-of-islamic-finance-education-talent-and-professional-training-in-malaysia, Finance Accreditation Agency, Kuala Lumpur, Malaysia; (2013) EPP7: Building an Islamic finance and business education centre, , http://etp.pemandu.gov.my/Education-Education_-_EPP_7-;_Building_an_Islamic_Finance:and_Business_Education_Centre.aspx, Economic Transformation Programme (ETP), International Islamic University (IIUM), Selangor, Malaysia; (2013) Human capital development: Sustaining the growth of Islamic Finance, , http://webcache.googleusercontent.com/search?q=cache:z0pac2G7ns8J:www.mifc.com/index.php%3Fch%3D28%26pg%3D72%26ac%3D56%26bb%3Duploadpdf+&cd=1&hl=en&ct=clnk&gl=pk, Malaysia International Islamic Financial Centre, Malaysia; (2014) Building capacities and talent in islamic finance, , http://webcache.googleusercontent.com/search?q=cache:Z06dVyG8D_QJ:www.mifc.com/index.php%3Fch%3D28%26pg%3D72%26ac%3D99%26bb%3Duploadpdf+&cd=1&hl=en&ct=clnk&gl=pk, Malaysia International Islamic Financial Centre, Malaysia; Ariff, M., Islamic banking, a variation of conventional banking (2006) Monash Bus. Rev, 4, pp. 1-8; Berge, Z., De Verneil, M., Berge, N., Davis, L., Smith, D., The increasing scope of training and development competency (2002) Benchmarking Int. J, 9, pp. 43-61; (2002) A Model of Strategic Human Capital Management, , General Accounting Office, New York, USA; Horwitz, F.M., The emergence of strategic training and development: The current state of play (1999) J. Eur. Ind. Training, 23, pp. 180-190; Ibrahim, M., (2016) Governor's speech at the launch of the educator's manual on Shariah Standard Murabahah, , http://webcache.googleusercontent.com/search?q=cache:udhRmbjlYc8J:www.bnm.gov.my/index.php%3Fch%3Den_speech%26pg%3Den_speech%26ac%3D695%26lang%3Den+&cd=1&hl=en&ct=clnk&gl=pk, Bank NEGARA Malaysia, Kuala Lumpur, Malaysia; Morrow, T., Training and development in the Northern Ireland clothing industry (2001) J. Eur. Ind. Training, 25, pp. 80-89; Natt, A., Al-Habshi, O., Zainal, M.P., A proposed framework for human capital development in the Islamic financial services industry (2009) J. Knowl. Economy Manage, 1, pp. 9-26; Reed, J., Vakola, M., What role can a training needs analysis play in organisational change? (2006) J. Organiz. Change Manage, 19, pp. 393-407; Vermeulen, W., Crous, M.J., Training and education for TQM in the commercial banking industry of South Africa (2000) Managing Serv. Qual. Intl. J, 10, pp. 61-67},
correspondence_address1={Aziz, M.R.A.; Faculty of Economics and Muamalat, Malaysia},
publisher={Medwell Journals},
issn={1816949X},
language={English},
abbrev_source_title={J. Eng. Appl. Sci.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Muneeza2018373,
author={Muneeza, A.},
title={Establishment of Islamic capital market in jurisdictions with limited Islamic financial services: Case study of Maldives},
journal={International Journal of Law and Management},
year={2018},
volume={60},
number={2},
pages={373-385},
doi={10.1108/IJLMA-12-2016-0146},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047660889&doi=10.1108%2fIJLMA-12-2016-0146&partnerID=40&md5=924a2ed2efff4903a3e4f4a9472ef795},
affiliation={School of Professional Studies, International Centre for Education in Islamic Finance (Global University of Islamic Finance), Kuala Lumpur, Malaysia},
abstract={Purpose: It is said that to establish an Islamic Capital Market, the first step would be to have a strong Islamic finance industry with numerous institutions offering Islamic financial services. This way it is easy to know that the demand for Islamic capital market would be there and that market will be sophisticated enough to comprehensive the nature of shariah compliant products. Generally, in most of the jurisdictions, this is how the Islamic capital market is created. The purpose of this paper is to understand the establishment of Islamic capital market in Maldives, small island nation where the establishment of Islamic capital market happened when at a time there was only one takaful company and one Islamic bank established. Design/methodology/approach: This paper is a legal exploratory research that is based on the review of primary and secondary data available on the subject matter. Findings: It is anticipated that this paper will provide assistance and inspiration to those jurisdictions that aims to create Islamic capital market from scratch. Originality/value: It shall be noted that there are no literature available on this subject about Maldives, and as such, this paper can be starting point to preserve knowledge in this area. © 2018, Emerald Publishing Limited.},
author_keywords={Islamic Capital market;  Islamic finance;  Shariah governance},
references={(2014) Published by the Central Bank of Maldives, , www.mma.gov.mv/mmr/AER14.pdf, Maldives Monetary Authority; (2011) Developing a Sukuk Market in the Maldives, , http://cmda.gov.mv/docs/Sukuk-Market-Final-Report-%28SiiA%29.pdf, (accessed: October 2015; (2014) National Bureau of Statistics, Maldives Ministry of Finance and Treasury, , http://planning.gov.mv/nbs/wp-content/uploads/2015/09/CensusLeaflet.pdf; (2005) Tsunami: Impact and Recovery, , http://siteresources.worldbank.org/INTMALDIVES/Resources/mv-na-full-02-14-05.pdf, (accessed: October 2015; (2014) Census, , http://planning.gov.mv/nbs/wp-content/uploads/2015/09/CensusLeaflet.pdf, (accessed: October 2015; (2010), 24/2010; (2006), 2/2006; (2013), 2013/R-53; (2013), 2013/R-55; (2013), 2013/R-54; (2013), 2013/R-585; (1981), 6/1981; (1996), 10/1996; (2014), 2014/R-4; },
correspondence_address1={Muneeza, A.; School of Professional Studies, Malaysia; email: muneeza.aishath@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={1754243X},
language={English},
abbrev_source_title={Int. J. Law Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{SitiKhadijah201715,
author={Siti Khadijah, A.M. and Ezani, Y.},
title={Industry need for educators in shariah compliant financial services},
journal={Pertanika Journal of Social Sciences and Humanities},
year={2017},
volume={25},
number={December},
pages={15-24},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047329197&partnerID=40&md5=b306d12db13864bce34cb2e85e21b857},
affiliation={Academy of Contemporary Islamic Studies (ACIS), Universiti Teknologi MARA (UiTM), Shah Alam, Selangor, 40450, Malaysia},
abstract={Shariah compliant financial service has expanded in size and geographic coverage, with its presence even in many non-Muslim countries. One of the biggest challenges facing the industry today is inadequate human capital. The demand for human resources in the industry has increased tremendously, leading to shortage of supply. Hence, there is a need for educators to develop the required human capitals to meet market demand. This study would therefore examine the competency of educators in moulding and producing high quality human capital to meet industry need. Using secondary data, the study analyses qualifications of educators as well as their academic activities to measure their competency. Findings of this study indicate that there are still rooms for improvement as far as competency of educators is concerned. It is recommended that in-house training by way of ToT (Training of Trainers) as well as exposure to industrial practice would be necessary for enhancing the competency of the educators. © Universiti Putra Malaysia Press.},
author_keywords={Educators;  Industry need;  Islamic finance educators;  Shariah compliant financial services},
funding_details={Ministry of Higher EducationMinistry of Higher Education, MOHE, 100-RMI/GOV 16/6/2, 17/2015},
funding_text 1={The authors thank Ministry of Higher Education (MoHE) Malaysia (Project Code: 100-RMI/GOV 16/6/2 (17/2015) for funding this research.},
references={Abdul Halim, A.H., Norizaton, A.M., A study on islamic banking education and strategy for the new millennium-Malaysian experience (2001) International Journal of Islamic Financial Services, 2 (4), pp. 3-11; Abdullah, A.A., Sidek, R., Adnan, A.A., Perception of non-muslims customers towards islamic banks in Malaysia (2012) International Journal of Business and Social Science, 3 (11), pp. 1-18; Al-Zaquan, A.H., Training gap overshadows Malaysia's islamic finance growth (2013) Reuters, , http://www.reuters.com/article/islamic-financeeducationidUSL5N0IF03020131029; (2013) MIFC Newsletter, , http://www.mifc.com/?tpl=th001_newsinsightlist.tsl, Developing talent in Islamic finance. (, November); (2015) MIFC Newsletter, , http://www.mifc.com/?tpl=th001_newsinsightlist.tsl, Growing demand for talents in Islamic finance. (June); (2015) Islamic Finance News, , https://www.ifneducation.com/, Human capital: What does the industry really need? (, March); (2013) Islamic Finances Services Industry Stability Report, , IFSI Stability Report. Kuala Lumpur. IFSB; Khiyar, K.A., Malaysia: 30 years of islamic banking experience (1983-2012) (2012) International Business & Economics Research Journal, 11 (10), pp. 1-15; Loo, M., Attitudes and perceptions towards islamic banking among muslims and non- muslims in Malaysia: Implications for marketing to baby boomers and X-generation (2010) International Journal of Arts and Sciences, 3 (13), pp. 453-485; Mohd Yusof, R., Maamor, S., Al-Aidaros, A.H., Bridging the supply gap in islamic finance education: Current landscape and future marketability of talents (2016) Journal of Emerging Economies and Islamic Research, 4 (3), pp. 1-10; (2012) Programme Standards: Muamalat and Islamic Finance PS MIF, , MQA Standards. Kuala Lumpur, Malaysia: Author; Muhammed, S.M.K., Application of islamic economic principles to indian financial sectors: Prospects and challenges (2015) International Journal of Management, Innovation & Entrepreneurial Research, 1 (2), pp. 37-42; Ngui, C.Y.K., A bank for all (2004) Malaysian Business, 40. , May 16},
correspondence_address1={Siti Khadijah, A.M.; Academy of Contemporary Islamic Studies (ACIS), Malaysia; email: sitik274@salam.uitm.edu.my},
publisher={Universiti Putra Malaysia},
issn={01287702},
language={English},
abbrev_source_title={Pertanika J. Soc. Sci. Humanit.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Abdullah201791,
author={Abdullah, A. and Hassan, R. and Kassim, S.},
title={Modeling the performance of bulk-carriers for Islamic equity investors},
journal={Journal of Islamic Economics, Banking and Finance},
year={2017},
volume={13},
number={4},
pages={91-118},
doi={10.12816/0051003},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85043452048&doi=10.12816%2f0051003&partnerID=40&md5=c7493edf3405c9bdc2772d751af86cbd},
affiliation={IIUM Institute of Islamic Banking and Finance (IIiBF), Malaysia},
abstract={This paper investigates the performance of bulk-carriers as a primary shipping segment for Islamic equity investors. Shipping is a strong growth industry with 84% of global trade carried by the shipping industry, although 75% of ship lending is debt-based. Moreover, many Islamic investors have minimal exposure to ship-finance and investment. We adopt an investment analysis of a full population of historical data over 20 years, to evaluate performance involving a maritime return on investment, IRR, net yield and standard deviation measures of risk and return. Our findings reveal that whilst earnings are volatile in comparison to capital market expectations, unlevered, tax-free returns on bulk-carrier investments out-perform other assets. By communicating risk and reward more effectively, Islamic equity investors, will realize the benefit of equity finance on the basis of profit sharing, is more efficient at allocating investible resources than debt finance at interest, thereby increasing investment and economic growth. © IBTRA 2007-2018.},
author_keywords={International shipping;  Investment;  Islamic finance},
funding_details={Ministry of Higher EducationMinistry of Higher Education, MOHE, FRGS/1/2016/SS01/UIAM/02/4},
funding_text 1={This research was funded by the Ministry of Higher Education (MOHE) of Malaysia through national research grant FRGS/1/2016/SS01/UIAM/02/4. Accordingly, we wish to acknowledge the support of both MOHE and IIUM's Research Management Centre (RMC) in this regard.},
references={Abdullah, A., Hassan, R., Kassim, S., (2016) 'A Conceptual Framework of the Suitability of Islamic Private Equity in International Shipping', pp. 115-138. , Dec Al-Shajarah, Special Issue on Islamic Banking & Finance; Abdullah, A., Hassan, R., Kassim, S., 'Developing an Islamic Investment Framework for Maritime Assets' (2017) The Social Sciences, 12 (10). , Jul; (2017) BIS Statistics, , https://www.bis.org/; (2016) Shipping Intelligence Network database, , https://sin.clarksons.net/, Clarksons Research Services, London; Downard, J.M., (1994) Running Costs, , Published (1981), reprinted, Coulsdon: Fairplay; Fisher, I., (1930) The Theory of Interest, , New York: Macmillan; (1957) Ahkam al-Quran, Cairo: Isa al-Babi al-Halabi; (2017) International Financial Statistics (IFS), , http://www.imf.org/en/Data; Morgan, J.P., (2010) J.P. Morgan Global Maritime Investment Fund (GMIF), , 20 May Presentation to San Diego County Employees Retirement Association (SDCERA); Morgan, J.P., (2014) J.P. Morgan GMIF and Market Update, , May Presentation to Omaha School Employees Retirement System of Douglas Country School District 0001; Morgan, J.P., (2015) 'Maritime Investing: An Income Opportunity', , https://am.jpmorgan.com/nl/institutional/library/maritime-investing, Jan Insights and Research, Investment Insights, J. P. Morgan Asset Management; Keynes, J.M., (1936) The General Theory of Employment, , Interest and Money; (1936) Re-published (2007) for the Royal Economic Society, , Basingstoke: Palgrave Macmillan; MacMinn, R.D., (2005) The Fisher Model and Financial Markets, , Singapore: World Scientific; Mayr, D., (2015) 'Valuing Vessels' in HSBA (Hamburg School of Business Administration) Handbook on Ship Finance, pp. 141-163. , Schinas, O. et al (Eds). Heidelberg: Springer; (2001) The Mejelle: Being An English Translation of Majallah el-Ahkam-I-Adliya, , And A Complete Code of Islamic Civil Law, enacted in Imperial Turkey 1869-1876, trans. by Tyser C.R., Demetriades D.G. & Effendi, I.H. in 1901. Petaling Jaya: The Other Press; Modigliani, F., Miller, M., 'The Cost of Capital, Corporation Finance and the Theory of Investment' (1958) American Economic Review, 48 (3), pp. 261-297; Modigliani, F., Miller, M., 'Corporate Income Taxes and the Cost of Capital: A Correction' (1963) American Economic Review, 53 (3), pp. 433-443; Stephens, M., (2016) Vessel online operating costs database (OpCost), , https://www.moorestephens.co.uk/andhttps://www.opcostonline.com/#/; Rosly, S.A., Sanusi, M., Mohd Yasin, N., 'The Role of Khiyar Al-'Ayb in Al-Bay' Bithaman Ajil Financing' (1999) International Journal of Islamic Financial Services, 2 (3), pp. 1249-1265; Rosly, S.A., 'Iwad as a Requirement of Lawful Sale: A Critical Analysis' (2001) IIUM Journal of Economics and Management 2001, 9 (2), pp. 187-201; Rosly, S.A., (2005) Critical Issues on Islamic Banking and Financial Markets, , Author House; Schumpeter, J.A., (1994) History of Economic Analysis, , First published (1954) New York: Oxford University Press; Sharpe, W., 'Capital asset prices: a theory of market equilibrium under conditions of risk' (1964) The Journal of Finance, 19 (3), pp. 425-442; Slogget, J.E., (1984) Shipping Finance, , Coulsdon: Fairplay; Stopford, M., (2009) Maritime Economics, , 3e. London: Routledge; Ziaul, H., Riba: The Moral Economy of Usury, Interest and Profit, (1995). , Kuala Lumpur: S. Abdul Majeed & Co. for Ikraq},
publisher={Islamic Bank Training and Research Academy},
issn={20704658},
language={English},
abbrev_source_title={J. Islam. Econ. Bank. Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Habib201789,
author={Habib, F.},
title={The issue of speculation in the Islamic capital market},
journal={Journal of Islamic Economics, Banking and Finance},
year={2017},
volume={13},
number={2},
pages={89-101},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85034635320&partnerID=40&md5=42f6a9599dba64d02e8459baaecca8ed},
affiliation={International Shari'ah Research Academy for Islamic Finance (ISRA), Malaysia},
abstract={Islamic capital market (ICM) is an integral part of Islamic financial system without which Islamic finance would have faced great difficulty in delivering its value proposition of profit and loss sharing, circulation of wealth, promoting business partnerships and stimulating real economic activities. There are many serious sharia concerns that need to be addressed before the real potential and growth of the capital market, particularly the ICM, can be fully realized by Oman. One of those major vital concerns from Islamic legal perspective is the presence of speculative activities in the capital market. In the context of the capital market, speculation is the activity of buying shares at a specific price with the intention to sell them at a higher price in the future. However, the buyers/investors do not possess complete information based on which they could ascertain that they would gain profit from their transaction later. Due to this uncertainty, few scholars argue that such speculative activity is tantamount to gharar and maysir; hence, it is not allowed to be involved in the capital market from the Islamic law perspective. This paper, on the contrary, submits that this is a misconception. Speculation, as described in this paper, does not involve excessive uncertainty leading to gharar in the contract. It also does not entail a zero-sum game, where one party wins at the expense of the other party. As long as, all the elements of a sale contract are present, and all the conditions of a valid sale contract are met, then such speculative activity should be tolerated.},
author_keywords={Capital market;  Gambling;  Gharar;  Maysir;  Qimar;  Speculation},
references={Ahmad, N.W., Ripain, N., Noor, N.H., Investment in Stock Market: A Review on Islamic Perspectives (2014) Conference on Management & Muamalah 2014, pp. 393-403. , (CoMM 2014) Selangor Darul Ehsan: Kolej Universiti Islam Antarabangsa Selangor (KUIS); Al-Baji, S., (1913) Al-Muntaqa Shark Al-Muwatta, , Cairo: Matbaah Al-Saadah; Al-Barkati, M.A., (2003) Al-Ta 'rifaat Al-Fiqhiyyah, , Beirut Lebanon: Dor Al-Kotob Al-Ilmi-yah; Al-Darir, S.M.-A., (2012) Gharar: Impact on Contracts in Islamic Fiqh, , Manama: Al Baraka Banking Group. Al-Dasuqi M. (N.D.). Hashiyah Al-Dasuqi. Beirut: DarAl-Fikr; Al-Jurjani, S.S.A., Mu'jam Al-Tayifaat. Cairo, Egypt: Dar Al-Fadhilah; Al-Nasafi, A., (2011) Kanz Al-Daqaiq, , Medina Saudi Arabia: Dar Al-Bashair Al-Islamiyyah, DarAl-Siraj. Al-Qarrafi, A. (N.D.). Al-Furooq. Beirut: Alam Al-Kotob; Al-Sarakhsi, M., (1993) Al-Mabsoot, , Beirut: Dar Al-Marefah; Al-Sayuti, A.R., (1990) Al-Ashbah Wa Al-Nadhair, , Beirut: Dar Al-Kotob Al-Ilmiyyah; Al-Tabari, M., (2000) Tafseer Al-Tabari, , Beirut Lebanon: Mu'ssasah Al-Resalah; Al-Tirmidhi, M., (1975) Sunan Al-Tirmidhi, , Cairo: Mustafa Al-Babi Al-Halabi; El-Din, S.E.T., The Stock-Exchange from an Islamic Perspective (1996) Journal of King Abdulaziz University, 8, pp. 29-48; El-Din, S.E.T., Hassan, M.K., Islam and speculation in the stock exchange (1998) In the Handbook of Islamic Banking, pp. 240-255. , Eds. Hassan, M. K. & Lewis, M. K. Cheltenham, UK: Edward Elgar Publishing Limited; Farooq, M.O., Reza, M.H., Dow Jones Islamic Market US Index: Applying technical analysis from a comparative perspective (2014) International Journal of Islamic and Middle Eastern Finance and Management, 7 (4), pp. 395-420. , https://doi.org/10.1108/IMEFM-12-2013-0134; Ibn Al-Hummam, M., Fath Al-Qadeer. Beirut: Dor Al-Fikr; Ibn Rushd, M., (1988) Al-Muqaddamat Al-Mumahhadat, , Beirut: DarAl-Gharb UAl-Islami; Ibn Taymiyyah, A., (1951) Al-Qawaid Al-Noraniyyah Al-Fiqhiyyah, , Cairo: Al-Matbaah Al-Sunnah Al-Muhammadiyyah; Ibn Taymiyyah, A., (1987) Al-Fatawa Al-Kubra lilbn Taymiyyah, , Beirut Lebanon: DarAl-Ko-tob Al-Ilmiyah; (2016) Islamic Financial Services Industry Stability Report, , Kuala Lumpur: Islamic Finance Services Board (IFSB); (2017) Islamic Financial Services Industry Stability Report, , Kuala Lumpur: Islamic Finance Services Board (IFSB); (2010) ISRA Compendium for Islamic Financial Terms. Kuala Lumpur, , Malaysia: International Shari 'ah Research Academy for Islamic Finance (ISRA); Laldin, M.A., (2013) Islamic Legal Maxims & their Application in Islamic Finance. Kuala Lumpur, , Malaysia: International Shari 'ah Research Academy for Islamic Finance (ISRA); Al-Fiqhiyyah, M., (2007) Mausooah Al-Fiqhiyyah, , Kuwait: Ministry ofAwqaf& Islamic Affairs; Muslim, A.N., (1955) Sahih Muslim, , Istanbul: Al-Maktabah Al-Islamiyyah; Nehad, A., Khanfar, A., A Critical Analysis of the Concept ofGharar in Islamic Financial Contracts: Different Perspective (2016) Journal of Economic Cooperation and Development, 37 (1), pp. 1-24; Niazi, L.A.K., (1991) Islamic Law of Contract. Lahore, , Pakistan: Research Cell, Dyal Sing Trust Library; Rosenthal, F., (1975) Gambling in Islam. Leiden, , Holland: E. J. Brill; El-Din, T., El-Din, S., Hassan, M.K., 'Islam and speculation in the stock exchange,' as Chapter 15 in M.K. Hassan and Mervyn Lewis (editors) (2007) Handbook of Islamic Banking, , Published by Edward Elgar Publishing Company, U.K. and U.S.A., April; Usmani, M.T., (2007) Islam Aur Jadeed Maishat wa Tijarat (Urdu), , Karachi: Maktabah MaarifAl-Quran},
correspondence_address1={Habib, F.; International Shari'ah Research Academy for Islamic Finance (ISRA)Malaysia},
publisher={Islamic Bank Training and Research Academy},
issn={20704658},
language={English},
abbrev_source_title={J. Islam. Econ. Bank. Finance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Abdullah201727,
author={Abdullah, A. and Hassan, R. and Kassim, S.},
title={An investment appraisal of international maritime assets for Malaysian Islamic financial institutions-the case for equity finance},
journal={Al-Shajarah},
year={2017},
number={Special Issue:Islamic banking and Finance},
pages={27-59},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85039914282&partnerID=40&md5=418ff5ec4f9203978b92682464c267f2},
abstract={The purpose of this research is to investigate the overall investment performance of international maritime assets in order to facilitate Islamic equity finance and investment involving Malaysian Islamic finance institutions, retail and also institutional investors. Shipping is a strong growth industry with about 84%of global trade carried by the international shipping industry. The problem is that Malaysian Islamic financial institutions have essentially no exposure and thus understanding of international shipping. However, shipping is a highly capital intensive industry and currently 75%of ship lending has been conducted by European banks and financed on a conventional basis. This research involves an investment analysis of a full population of historical data over a period of 20 years to evaluate maritime performance by adopting IRR, net yield and standard deviation measures of risk and return. We also develop a correlation matrix for maritime assets and compare returns to other real and financial investments. Our findings reveal that whilst earnings are volatile in comparison to capital market financial products, unlevered, tax-free returns on maritime assets are very attractive. The significance is that Islamic equity finance, rather than debt at the time-value-of-money should enable the development of international shipping in Malaysia.},
author_keywords={International shipping;  Investment;  Islamic finance},
references={Morgan, J.P., (2017) Asset Management, Maritime Investing: An Income Opportunity Insights and Research, , https://am.jpmorgan.com/nl/institutional/library/maritime-investing, March 6, 2015), accessed Jan. 31; (2017) International Financial Statistics (IFS, , http://www.imf.org/en/Data, International Monetary Fund (IMF database, accessed on Jan. 31; Abdullah, A., Hassan, R., Kassim, S., Developing an islamic investment framework for maritime assets (2017) The Social Sciences, 12, p. 10; Rosly, S.A., Sanusi, M., Mohd Yasin, N., The role of khiyar al-'ayb in al-bay' bithaman ajil financing (1999) International Journal of Islamic Financial Services, 2 (3), p. 1249; Rosly, S.A., Iwad as a requirement of lawful sale: A critical analysis (2001) IIUM Journal of Economics and Management, 9 (2), pp. 187-201; Rosly, S.A., Critical issues on islamic banking and financial markets (2005) Bloomington, Indiana: Author House, p. 30; Tyser, C.R., Demetriades, D.G., Effendi, I.H., (2001) Petaling Jaya: The Other Press, p. 87; Keynes, J.M., (2007) The General Theory of Employment, Interest and Money. Originally Published 1936), Re-published for the Royal Economic Society, p. 135. , Basingstoke: Palgrave Macmillan; Modigliani, F., Miller, M., The cost of capital, corporation finance and the theory of investment (1958) American Economic Review, 48 (3), pp. 268-269; Downard, J.M., (1994) Running Costs. Published 1981), Reprinted (Coulsdon: Fairplay, p. ix; Mayr, D., Valuing vessels" in hsba (hamburg school of business administration (2015) Handbook on Ship Finance, p. 151. , Heidelberg: Springer; Stopford, M., (2009) Maritime Economics, 3e, p. 263. , (London: Routledge; Slogget, J.E., (1984) Shipping Finance, , Coulsdon: Fairplay; Sharpe, W., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) The Journal of Finance, 19 (3), pp. 425-442; Modigliani, F., Miller, M., (1958) The Cost of Capital, Corporation Finance and the Theory of Investment; Modigliani, F., Miller, M., Corporate income taxes and the cost of capital: A correction (1963) American Economic Review, 53 (3), pp. 433-443; Modigliani, F., Miller, M., (1958) The Cost of Capital, Corporation Finance and the Theory of Investment, p. 268; (2017), https://www.bis.org; Morgan, J.P., (2015) Maritime Investing: An Income Opportunity, , Insights and Research, (March 6; Morgan, J.P., (2014) Asset Management, Global Maritime Investment Fund (GMIF) and Market Update, Presentation to Omaha School Employees Retirement System of Douglas Country School District 0001, , May; Morgan, J.P., (2014) Asset Management, Global Maritime Investment Fund and Market Update, , May},
publisher={International Islamic University Malaysia},
issn={13946870},
language={English},
abbrev_source_title={Al-Shajarah},
document_type={Article},
source={Scopus},
}

@ARTICLE{Alhabshi2017215,
author={Alhabshi, S.M.B.S.J.},
title={Exploring multi-domains of Islamic finance education curriculum},
journal={Al-Shajarah},
year={2017},
number={Special Issue:Islamic banking and Finance},
pages={215-232},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85039906623&partnerID=40&md5=6c66b1c6571aa54c020e7cf3067ef45c},
abstract={With exponential growth in the Islamic financial services industry (IFSI), issues on the quality of Islamic finance curriculum and professional development, relevant to the sustainability of the IFSI have been raised in both academia and industry. In particular, the definitions of Islamic finance and program nomenclature of Islamic finance programmes need clarification and systemization to facilitate the development of meaningful and coherent Islamic finance education initiatives. The fundamentals of Islamic education and its relevance to Islamic finance, are highlighted in this concept paper to emphasize the importance of the nature of man as an ethical being, infused with right and proper knowledge in Islamic finance education. Derived principles involving finance behaviour with reference to 'efficiency' or 'opportunistic gains' are re-examined in the light of Shari'ah based on the sources of belief, values and practice of the Religion of Islam. This is to facilitate clarity in the definition of Islamic finance and the purpose of Islamic finance education. Furthermore, the Malaysian Qualifications Agency (MQA) Muamalat Islamic Finance (MIF) Standard was analysed to explore the domains for an inclusive Islamic finance curriculum domain framework to facilitate the development of 'fit and proper' Islamic finance educators and professionals. Shari'ah prescribed guiding principles and rulings are then discussed within the legal and economic perspectives of banking, capital markets and takaful/insurance. This paper reaffirms the essence of Islamic finance education, given proper adab and akhlaq, in realizing the goals of the maqasid al-Shari'ah in Islamic finance.},
author_keywords={Ethics and efficiency;  Islamic finance education},
references={Naquib Al-Attas, S.M., (1991) The Concept of Education in Islam: A Framework for An Islamic Philosophy of Education, , Kuala Lumpur: International Institute of Islamic Thought and Civilization; BNM/RH/GL 018-5 Prudential Financial Policy Department Islamic Banking and Takaful Department Fit and Proper Criteria, Issued On: 28 June 2013; Programme Standards: Muamalat and Islamic Finance, p. 13. , Malaysian Qualifications Agency (MQA) Kuala Lumpur: MQA, 2013; Malaysian Islamic Finance Education Report (MIFER), , International Council of Islamic Finance Educators (ICIFE Kuala Lumpur: ICIFE, 2016; Sharia'ah Islamic Law Is Derived from Religion of Islam (Ad-Deen), Cf. Al-Qur'an, 42, p. 13; (2016) ICIFE, Malaysian Islamic Finance Education Report (MIFER},
correspondence_address1={Alhabshi, S.M.B.S.J.},
publisher={International Islamic University Malaysia},
issn={13946870},
language={English},
abbrev_source_title={Al-Shajarah},
document_type={Article},
source={Scopus},
}

@ARTICLE{Oktaviani2017908,
author={Oktaviani, R.F.},
title={Indirect relation of Islamic international stock price index to Jakarta Islamic index with IDR-dollar rate as intervening},
journal={Journal of Advanced Research in Dynamical and Control Systems},
year={2017},
volume={9},
number={Special Issue 12},
pages={908-917},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85037740832&partnerID=40&md5=fb5ea741dc24c70b28bd4d95e08b6a18},
affiliation={Universitas Budi Luhur, Jakarta, Indonesia},
abstract={The development of sharia capital market cannot be separated from the influence of foreign capital market. This factor is one of the implications of globalization. Globalization occurs because of technological advances in the field of information and the opening of the world economy. The weakening rupiah exchange rate against the dollar also influences because investors other than can invest in the capital market they can also invest in the forex market. This study aims to explain the effect of indirect relationship between international stock index represented by Dow Jones Islamic Market Europe variable, Dow Jones Islamic Market US, Dow Jones Islamic Japan, Dow Jones Islamic Malaysia against Jakarta Islamic Index and Rupiah-USD Rate as intervening variable. The data used are secondary data in the form of daily data period from May 1, 2017 until March 31, 2017. The analysis technique used is Structure Equation Model with Amos software. The test results conclude that the Rupiah-USD exchange rate can differentiate the effect of the relationship between Dow Jones Islamic Market Europe, US, Japan and Malaysia on the Jakarta Islamic Index. This is indicated by the direct change of direct DJIM Europe relationship is positive and the indirect relationship is negative. And also the direct change of direct Malaysian DJIM relationship is negative and the indirect relationship is positive. The fit model measurement value indicates this model is feasible and can describe the state of the research data. © 2017, Institute of Advanced Scientific Research, Inc. All Rights Reserved.},
author_keywords={Dow Jones Islamic Market Europe;  Dow Jones Islamic Market Japan;  Dow Jones Islamic Market Malaysia;  Dow Jones Islamic Market US;  Jakarta islamic index;  Rupiah-USD exchange},
references={Mohamed, A., Ahmad, R., Return performance and leverage effect in Islamic and socially responsible stock indices evidence from Dow Jones (DJ) and Financial Times Stock Exchange (FTSE) (2011) African Journal of Business Management, 5 (16), pp. 6927-6939; Antonio, M.S., (2013) The Islamic Capital Market Volatility: A Comparative between in Indonesia and Malaysia, , Buletin Ekonomi Moneter dan Perbankan April, Jakarta; Beik, I.S., Pengamh Indeks Harga Saham Svariah Internasional dan Variabel Makro Ekonomi Terhadap Jakarta Islamic Index (2014) Jumal Ilmu Ekonomi Syariah Al Iqtishad, 8 (1); Analisis Pengamh Nilai Tukar, SBI dan Inflasi dan Pertumbuhan GDP Terhadap Pergerakan Indeks Harga Saham Gabungan Di Bursa Efek Indonesia (2013) Jumal Ilmu Ekonomi Universitas Syiah Kuala, 1 (2); Huda, N., Nasution, M.E., (2008) Investasi Pada Pasar Modal Syariah, , Jakarta: Kencana Prenada Media Group; Inidadullah, M., Aslam, M., Altaf, S., An R Package for Detection of Collinearity among Regressors (2016) The R Journal, 8 (2), pp. 495-505; Indarto, B.S., (2012) Analisis Faktor-Faktor Yang Mempengamhi IHSG Di Bursa Efek Indonesia Periode Tahun 2007-2011, , Jurnal Ilmiah USM: Semarang; Analisis Model CAPM Dalam Memprediksi Tingkat Return Saham Syariah dan Konvensional (2014) Jumal Ilmiah Manajemen Bisnis Dan Terapan Tahun, 9 (1); Khamlichi, A.E., Sarkar, K., Arouri, M., Teulon, F., Are Islamic Equity Indices More Efficient Than Their Conventional Counterparts? Evidence From Major Global Index Families (2014) The Journal of Applied Business Research, 30 (4), pp. 1137-1150; Khamlichi, A., Arouri, M., Teulon, F., Persistence Of Performance Using The Four-Factor Pricing Model: Evidence From Dow Jones Islamic Index (2014) The Journal of Applied Business Research, 30 (3), pp. 917-928},
correspondence_address1={Oktaviani, R.F.; Universitas Budi LuhurIndonesia; email: retno.fujio@gmail.com},
publisher={Institute of Advanced Scientific Research, Inc.},
issn={1943023X},
language={English},
abbrev_source_title={J. Adv. Res. Dyn. Control. Syst.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hosen2017173,
author={Hosen, M.N. and Rahmawati, R.},
title={Analysis of the efficiency, profitability and soundness of Islamic banks in Indonesia for the period of 2010-2013},
journal={International Journal of Applied Business and Economic Research},
year={2017},
volume={15},
number={6},
pages={173-192},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85019457515&partnerID=40&md5=60204acebf2b6acfafa9eb2465ba66e1},
affiliation={Fakultas Syariah dan Hukum, UIN Syarif Hidayatullah, Jakarta, Indonesia},
abstract={Islamic banking nowadays is required to perform better in order to compete with its conventional counterpart in national and international market share pursuing to the ASEAN Economic Community (MEA) 2015. In measuring performance of a bank, there is variation of methods to do so. In this research, the measurement of Islamic banking performance can be done by analyzing the cost-efficiency, profitability level and the soundness of a bank. The purpose of this research is to foresee the financial performance of banks, especially the Islamic banking system inclusively by using the 3 methods mentioned above. The efficiency level was examined by using the SFA (StochasticFrontier Approach), and profitability level was measured by the ratio of ROA (Return on Assets), the soundness of Islamic banking system was studied by measuring the CAMEL ratio's. The data used to do the study were annual reports of 5 Islamic Banks under study for the period of 2010 to 2013, the result showed that for the result of study of the cost of efficiency, Bank Mega Syariah was the top score which was 92.38% with the variable of Human Capital expense, margin expense, and the total of financing distributions which has a significant impact on the efficiency level. In the meantime, the profitability analysis of Bank Mega Syariah, it has a score of 2.77% for BOPO (operating expense to operating income) has a significant influence to the profitability level. For the soundness of a bank, Bank Muamalat Indonesia earned the highest score which was 84.48%, the ratio of CAR, KAP, ROA, FDR and NPF which has a significant impact to the soundness of the bank. The study found out there are some discrepancies and inconsistencies of the result for the financial performance of each analysis method. © Serials Publications Pvt. Ltd.},
author_keywords={CAMEL;  Efficiency;  Profitability;  Roa;  SFA},
references={Al-Tamimi, H.A.H., Factors influencing performance of the uea islamic and conventional national banks (2010) Global Journal of Bussiness Research, 4 (2); Akhtar, M.F., Factors influencing the probability of islamic banks of Pakistan (2011) International Research Journal of Finance and Economics, , dkk; Almilia, L.S., Herdiningtyas, W., Analisis Rasio CAMEL terhadap Prediksi Kondisi Bermasalah pada Lembaga Perbankan Periode 2000-2002 (2005) Jurnal Akuntansi Dan Keuangan, 7 (2), pp. 1-27; Alper, D., Anbar, A., Bank specific and macroeconomic determinants of commercial bank profitability: Empirical evidence from Turkey (2011) Business and Economic Research Journal, 2 (2), pp. 139-152; Ana, L., (2012) Efisiensi Bank-bank Merger Dan Akuisisi di Indonesia, , Tesis Program Studi Ilmu Ekonomi Sekolah Pascasarjana Institut Pertanian Bogor; Ariffin, N., Archer, M.S., Karim, R.A.A., Risk reporting of islamic banks: Evidence from empirical research (2006) Jurnal Eksis, 2 (1), pp. 27-37; Aryati, T., Balafif, S., Analisis Faktor yang Mempengaruhi Tingkat Kesehatan Bank dengan Regresi Logit (2007) Journal the Winners, 8 (2), pp. 111-125; Ascarya, Yumanita, D., Comparing the efficiency of islamic banks in Malaysia dan Indonesia (2008) Buletin Ekonomi Moneter Dan Perbankan, 11 (2), pp. 95-119; Indonesia, B., (2013) Statistik Perbankan Syariah Mei 2012, , http//:www.bi.go.id, Diambil 15 Oktober 2013 dari; Berger, A.N., Dan Humphrey, D.B., Efficiency of financial institutions: International survey and directions for future research (1997) Europe an Journal of Operational Research, pp. 1-51; Bobykin, L., (2010) Ukranian Bank Failure Prediction Using Efficiency Measures, , Thesis MA in Economic, Kyiv School of Economics; Chisti, K.A., The impact of asset quality on profitability of private banks in India; a case study of JK, ICICI, HDFC 5 yes banks (2012) Journal of African Macroeconomic Review, 2 (1), pp. 126-146; (2004) Kajian Tentang Konsep Tingkat Kesehatan Bagi Bank Syariah, , Direktorat Perbankan Syariah Bank Indonesia; Endri, Analisis Kinerja Keuangandengan Menggunakan Rasio-rasio Keuangandan Economic Value Added (Studi Kasus: PT Bank Syariah Mandiri) (2008) Jurnal Ekonomi, 13 (1), pp. 123-140. , Mei; Firdaus, M.F., Efisiensi Bank Umum Syariah Menggunakan Pendekatan (2013) Two-stage Data Envelopment Analysis. Buletin Ekonomi Moneterdan Perbankan, 16 (2), pp. 150-167. , 2013; Gul, S., Factors affecting bank profitability in Pakistan (2011) The Romanian Economic Journal, 14 (39), pp. 61-87; Gozali, I., (2007) Pengaruh CAR (Capital Adequacy Ratio), FDR (Financing to Deposit Ratio), BOPO (Biaya Operasional Terhadap Pendapatan Operasional) Dan NPL (Non Performing Loan) Terhadap Profitabilitas Bank Syariah Mandiri (Januari: 2004-oktober: 2006), , Skripsi S1 Fakultas Ekonomi Universitas Islam Indonesia Yogyakarta; Hadad, M.D., Analisis efisiensi industri perbankan Indonesia: Penggunaan metode nonparametrik data envelopment analysis (DEA) (2003) Jurnal Bank Indonesia, , dkk, Desember; Hadad, M.D., Pendekatan Parametrikuntuk Efisiensi Bank Syariah (2003) Jurnal Bank Indonesia, , dkk; Hartono, E., (2009) Analisis Efisiensi Biaya Industri Perbankan Indonesia Dengan Menggunakan Metode Parametrik Stochastic Frontier Analysis (Studi Pada Perbankan Yang Terdaftar di Bursa Efek Indonesia Periode 2004-2007), , Tesis Program Studi Magister Manajemen Universitas Diponegoro; Idris, Determinant of islamic banking institutions' profitability in Malaysia (2011) World Applied Sciences Journal, 12, pp. 1-7; Dan Idroes, F.N.S., (2006) Manajemen Risiko Perbankan Dalam Konteks Kesepakatan Basel Dan Peraturan Bank Indonesia, , Yogyakarta: GrahaIlmu; Kusmargiani, I.S., (1999) Analisis Efisiensi Operasionaldan Efisiensi Profitabilitas Pada Bank Yang Merger Dan Akuisisi di Indonesia (Studi Pada Bank Setelah Rekapitalisasidan Restrukturisasi Tahun, , Tesis Program Studi Magister Manajemen Universitas Diponegoro, 2006; Kusumawardani, D., Haryantodan Wisnu Wibowo, T., Tingkat KesehatandanEfisiensi Bank Perkreditan Rakyat Jawa Timur (2008) Majalah Ekonomi, 18 (2), pp. 114-132; Mester, L.L., (2003) Applying Efficiency Measurement Techniques to Central Banks, , July, Working Paper, Finance Department, The Wharton School, University of Pennsylvania; Mokhtar, H.S.A., Efficiency of islamic banking in Malaysia, a stochastic frontier approach (2006) Journal of Economic Cooperation, p. 27. , dkk, Februari; Muhan, S., Nadratuzzaman Hosen, M., Efficiency of the sharia rural bank in Indonesia lead to modified CAMEL (2013) Journal of Academic Research in Economics and Management Sciences, 2 (5); Muhan, S., Nadratuzzaman Hosen, M., (2013) Analisis Tingkat Efisiensi BPRS di Indonesia Dengan Menggunakan Data Envelopment Analysis (DEA) Dan Hubungannyadengan CAMEL, , 27 November, Paper dipresentasikanpada KonferensiRisetManajemen VII, Palembang; Nusantara, A.B., (2009) Analisis Pengaruh NPL, CAR, LDR, Dan BOPO Terhadap Profitabilitas Bank (Perbandingan Bank Umum Go Publikdan Bank Umum Non Go Publik di Indonesia Periode Tahun 2005-2007), , Tesis Program Studi Magister Manajemen Universitas Diponegoro Semarang; Tobias, O., Mamba Shipho, T., Effects of banking sectoral factors on the profitability of commercial s in Kenya (2011) Economic and Finance Review, 1 (5), pp. 1-30; Paramita, D.P.R., (2008) Efisiensi Bank Perkreditan Rakyat (BPR) di Indonesia: Pendekatan Stochastic Frontier Analysis (SFA) Dan Data Envelopment Analysis (DEA), , September, Skripsi Departemen Ilmu Ekonomi, Fakultas Ekonomidan Manajemen, Institut Pertanian Bogor; Putri, V.R.N.L., Pengukuran Kinerja Bank Komersial Dengan Pendekatan Efisiensi, Studi Terhadap Perbankan Go-Public di Indonesia (2008) Journal JAAI, 12 (1). , Juni; Said, A., Evaluating the overall technical efficiency of islamic banks operation in the MENA region during the financial cnsis (2013) International Journal of Economic and Financial Issues, 3 (2), pp. 426-434; Stiawan, A., (2009) Analisis Pengaruh Faktor Makroekonomi, Pangsa Pasardan Karakteristik Bank Terhadap Profitabilitas Bank Syariah (Studi Pada Bank Syariah Periode 2005-2008), , Tesis Program Studi Magister Manajemen Universitas Diponegoro Semarang; Sumantri, Teddy, J., Manfaat Rasio Keuangan dalam Memprediksi Kepailitan Bank Nasional (2010) Jurnal Bisnis Dan Akuntansi, 12 (1), pp. 39-52; Suseno, P., Analisis Efisiensidan Skala Ekonomi Pada Industri Perbankan Syariah di Indonesia (2008) Journal of Islamic and Economics, 2 (1). , Juni; Susyanti, J., Triyuwono, I., Burhan, M.U., Indikasi Potensi Economic Value Added dan Analisis Rasio CAMEL dalam Memprediksi Kesehatan Bank yang Listing di Bursa Efek Jakarta (2003) Jurnal Aplikasi Manajemen, 1 (3), pp. 460-484; Factors affecting bank profitability in Indonesia (2012) The 2012 International Conference on Business and Management, pp. 236-242. , Syafri, 6-7 September 2012, Phuket Thailand; Thomson, J.B., Predicting bank failures in 1980s (1991) Economic Review, 27, pp. 9-20. , Second Quarter; Utomo, A.P., (2008) Pengaruh Non Performing Loan Terhadap Kinerja Keuangan Bank Berdasarkan Rasio Likuiditas, Rasio Solvabilitas, Dan Rasio Profitabilitaspada PT Bank Mandiri (Persero), Tbk, , Tesis Program Pasca Sarjana Universitas Gunadarma; Undang-undang No. 21 Tahun 2008 Tentang Perbankan Syariah; Warraich, K., Khyzer Bin Dost, M., Scale efficiency of islamic banks of Pakistan (2013) African Journal of Business Management, 7 (23), pp. 2249-2256; Whalen, G., Thomson, J.B., Using fianancial data to identify changes in bank condition (1988) Economic Review. Second Quarter, pp. 17-26; (2007) Manajemen Kinerja, , Wibowo, Jakarta: PT. Raja GrafindoPersada; Widiharto, R.C., (2008) Analisis Pengaruh Rasio Keuangan Terhadap Prediksi Kondisi Bermasalah Bank Perkreditan Rakyat, , Tesis Magister Manajemen Universitas Diponegoro; Yaumidin, U.K., Efficiency in islamic banking: A non-parametric approach (2007) Buletin Ekonomi Moneterdan Perbankan, 9 (4). , April; Yilmaz, A.A., Profitability of banking system: Evidence from emerging markets (2013) WEI International Academic Conference Proceedings, pp. 105-111. , January 14-16, 2013, Antalya Turkey; Yuliani, Hubungan Efisiensi Operasionaldengan Kinerja Profitabilitaspada Sektor Perbankan yang Go Public di Bursa Efek Jakarta (2007) Jurnal Manajemendan Bisnis Sriwijaya, 5 (10). , Desember},
publisher={Serials Publications},
issn={09727302},
language={English},
abbrev_source_title={Int. J. Appl. Bus. Econ. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Septyanto2017353,
author={Septyanto, D. and Sudarwan and Dewanto, I.J.},
title={Model behavior of Sharia investment decision on Muslim investor in Indonesia stock exchange (IDX)},
journal={International Journal of Economic Research},
year={2017},
volume={14},
number={4},
pages={353-363},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85016490173&partnerID=40&md5=14ac2080a7d6e141c9d8aa777b748c4d},
affiliation={Fakultas Ekonomi and Bisnis Universitas Esa Unggul, Indonesia; Magister Teknik Informatika STMIK Raharja, Indonesia},
abstract={Investment securities in the capital market is influenced by many factors, such as: information, risk, politics, security issues, rumors, policies, global markets, news, as well as consideration of market confidence in doing the intention to invest. Objective studies to determine the model of Islamic sharia investor behavior intention to invest a sophisticated and rational significance with utility maximization in the investment decisionmaking process in Sharia-compliant stocks in the Indonesia Stock Exchange. This selection is determined to find out the benefits of financial information, advanced and rational attitude, as well as the risk preferences of investors utility maximization in the investment decision making process, especially in stocks included in the Jakarta Islamic Index. The instrument was developed to capture the intent to invest investors perceptions of Islam in making decisions related to the time of investment, investment interest, investment knowledge, and attitudes in maximizing the utility based on behavior hablumminanas and hablumminallah. Data collection method was survey. The type of data in a form of expression, experience, or the characteristics of the study subjects individually. The dimension of time is one shot study. The respondents were investors Muslim/ Islam in Indonesian Capital Market by the number of 120 respondents. Data analysis using SPSS which produces a model that is a representation of the theory. The aim of this study was to determine the model of Islamic sharia investor behavior in their intent to invest in stock investment decisions to maximize sharia in the Jakarta Stock Exchange. The results showed that Islamic investors of all ages scattered adults and there is still the largest in the productive age range 41-45 years, as for the dominant factor in the decision making on the ratings outlook for shares in fundamental knowledge than the technical aspects. Attitude and confidence in the intention to invest, the revision of the decision making of investors through stock ratings prospects based on the merits of financial information, price information, and hamblumminannas, hablumminallah factors have a significant influence. © Serials Publications Pvt. Ltd.},
author_keywords={Beliefs revision;  Financial information;  Intention to invest;  Investor behavior of Muslims},
references={Anderson, R.H., Epstein, M.J., Individual investors and corporate annual reports: An international comparison (1997) The 8th World Congress of the International Association for Accounting Education and Research, , Paper presented at Paris; Antonides, G., Sar Der Van, N.L., Individual expectations, risk perception and preferences in relation to investment decision making (1989) The Social Science Research Network Electronic Paper Collection, pp. 1-31. , http://papers.ssrn.com/abstract=244281; Arbuckle, J.L., (1997) Amos Users' Guide Version 3.6, , Small Waters Corporation; Arrozi, M.F., Manfaat Informasi Keuangan dalam Memprediksi Return Saham (2006) Jurnal Akuntansi Dan Keuangan Teropong, 1 (2). , Mei 2006, Jakarta; Beaver, W.H., Clarke, R., Wright, W.F., The association between unsystematic security return and the magnitude of earnings forecast errors (1979) Journal of Accounting Reasearch, pp. 316-340; Belkoui, A.R., (2007) Accounting Theory, , 5th ed, Buku Dua, Edisi Terjemahan, Jakarta: Penerbit Salemba Empat; Bruns, W.J., Jr., Accounting information and decision making: Some behavioral hypoyheses (1968) The Accounting Review, pp. 469-480. , July; Calantone, R.J., Benedetto, C.A., Bhhovaraghavan, S., Examining the relationship between degree of innovation and new product succes (1994) Journal of Business Research, 30, pp. 143-148; Clark, T., Varadarajan, P., Rajan, P.W.M., Environmental management: The construct and research propositions (1994) Journal of Business Research, 29, pp. 23-28. , University of Notre Dame, New York; Cooper, D.R., Schindler, P.S., (2001) Business Research Methods, , 7th ed., McGraw-Hill: Irwin; East, R., Investment decision and the theory of planned behaviour (1993) Journal OfEconomic Psychologi, 14, pp. 337-375; Farrelly, G., Ferris, K., Reichenstein, W., Perceived risk, market risk, and accounting determined risk measures (1985) The Accounting Review, 60, pp. 278-288; (1980) Tujuan Pelaporan Keuangan Oleh Perusahaan Bisnis, , FASB tentang SFAC No.1; Harianto, F., Sudomo, S., (1998) Perangkat Dan Teknik Analisis Investasi, , Jakarta, Penerbit: PT. Bursa Efek Jakarta (BEJ; Ferdinand, A., (2002) Structural Equation Modeling Dalam Penelitian Manajemen: Aplikasi Model-Model Rumit Dalam Penelitian Untuk Tesis Magister & Disertasi Doktor, , Edisi 2, Semarang:BP-UNDIP; Fishbein, M., Ajzen, I., (1975) Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research, , Massachusetts: Addison-Weshley; Fischoff, B., (1995) Judgement and Decision Making, Analysis of Actual Vs. Perceived Risk, pp. 235-249; Gibson, L.J., Ivancevich, M.J., Donnelly, J.L., Jr., (1997) Organisasi, , Perilaku, Struktur, dan Proses, Edisi 8, Jakarta: Penerbit Binarupa Aksara; Goldberg, J., Von Nitzsch, R., (2001) Behavioral Finance, , John Wiley & Sons Ltd, England; Hartono, J., (2007) Sistem Informasi Keperilakuan, , Edisi 1, Jogjakarta: Penerbit Andi; Kren, L., Kerr, The effect of behaviour monitoring and uncertainty on the use of performance contingent comparison (1993) Accounting and Business Research, 23, pp. 159-168; Lipe, M.G., (1998) Individual Investors' Risk Judgment and Investment Decisions: The Impact of Accounting and Market Data, Accounting, Organizations, and Society, 23 (7), pp. 625-640; Messier, W.F., Tubbs, R.M., Recency effects in belief revision: The impact of audit experience and the review process auditing (1994) A Journal of Practice and Theory, 13, pp. 57-72},
publisher={Serials Publications},
issn={09729380},
language={English},
abbrev_source_title={Int. J. Econ. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Miskam201711,
author={Miskam, S. and Yaakub, N.I. and Hamid, M.A.},
title={Shari’ah governance framework in Islamic capital market: A review of the literature},
journal={Advanced Science Letters},
year={2017},
volume={23},
number={1},
pages={11-14},
doi={10.1166/asl.2017.7216},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85013176759&doi=10.1166%2fasl.2017.7216&partnerID=40&md5=9c567044ba9fefb9bd79a6bf28b15d63},
affiliation={Faculty of Management and Muamalah, International Islamic University College Selangor (KUIS), Bandar Seri Putra, Kajang, Selangor  43000, Malaysia; Islamic University Malaysia, Cyberjaya, Selangor  63000, Malaysia},
abstract={Shari’ah governance framework is the essence of a comprehensive regulatory and supervisory infrastructure within the Islamic capital market system (ICM) which determines the adequacy and efficiency of the Shari’ah compliance requirement of the ICM itself. The increasing demand for Shari’ah-compliant financial products in recent years has raised the importance of a Shari’ah governance framework within the Islamic capital market system. So far, however the literature on Shari’ah governance in ICM remains limited. The objective of this paper is therefore to review the available literature on Shari’ah governance framework in Islamic capital market. The literature is expected to provide an overview of the Shari’ah governance framework in the Islamic capital market. © 2017 American Scientific Publishers All rights reserved.},
author_keywords={Corporate governance;  Shari’ah compliance;  Shari’ah governance},
references={Abbes, M.B., (2012) Int. J. Euro-Mediter. Stud, 5, p. 1; Muneeza, A., Hassan, R., (2014) Corporate Governance, 14, p. 120; Rahman, A.A., Yahya, M.A., Nasir, M.H.M., (2010) International Journal of Islamic and Middle Eastern Finance and Management, 3, p. 228; Ho, C.S.F., (2015) International Journal of Islamic and Middle Eastern Finance and Management, 8, p. 222; De, L., Talal, Y., Shari‘ah supervision of islamic mutual funds (2000) 4Th Annual Harvard Forum on Islamic Finance; Garas, S.N., Pierce, C., (2010) Journal of Financial Regulations and Compliance, 18, p. 386; Hamza, H., (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6, p. 226; Kasri, R., (2009) Corporate Governance: Conventional versus Islamic Perspective, , http://ssrn.com/abstract, http://dx.doi.org/10.2139/ssrn.1685222 (2009); Laldin, M.A., The role of Shari’ah advisors in the development of islamic securities (2008) Fundamentals and Practices in Islamic Finance, ISRA Series in Contemporary Islamic Finance, Kuala Lumpur; Choudhury, M.A., Alam, M.N., (2013) International Journal of Islamic and Middle Eastern Finance and Management, 6, p. 180; McMillen, Michael, J.T., (2013) Islamic Capital Markets for United States Parties: Overview and Select shari’ah Governance Elements, inside the Minds: Financial Services Enforcement and Compliance, , http://ssrn.com/abstract, Aspatore Books, Forthcoming; Minhas, Hussain, I., (2012) Shari’ah Governance Model (SGM) and Its Four Basic Pillars, Islamic Finance News Malaysia, , http://ssrn.com/abstract, Published by Red Money Publication; Kasim, N., Htay, S.N.N., Salman, S.A., (2013) International Journal of Trade, Economics and Finance, 4, p. 336; Onagun, A.I., Mikail, A., Shari’ah governance system: A need for professional approach (2013) Proceeding of Sharia Economics Conference-Hannover, , February; Hassan, R., Abdullah, N.I., Hassan, A., Ibrahim, U., Sawari, M.F.M., Aziz, A.A., Triyanta, A., (2013) A Comparative Analysis of shari’ah Governance in Islamic Banking Institutions across Jurisdictions, , ISRA Research Paper; Akhtar, S., (2006), Shari’ah compliant corporate governance, Presented at Annual Corporate Governance Conference, Dubai; Alnasser, S.A.S., Muhammed, J., (2012) Humanomics, 28, p. 220; Zaidi, S.A.H., Shah, I.H., Ashraf, R.U., Ghauri, S.M.K., Hassan, I., (2015) International Journal of Commerce and Management, 25, p. 240; Derigs, U., Marzban, S., (2008) International Journal of Islamic and Middle Eastern Finance and Management, 1, p. 285; Pok, W.C., (2012) Investment Management and Financial Innovations, 9; Hasan, Z., (2011) International Journal of Middle Eastern Finance and Management, 4, p. 30},
correspondence_address1={Miskam, S.; Faculty of Management and Muamalah, Malaysia},
publisher={American Scientific Publishers},
issn={19366612},
language={English},
abbrev_source_title={Adv. Sci. Lett.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Rousselin2016196,
author={Rousselin, M.},
title={In the name of allah and of the Market: The capitalist leanings of tunisian islamists},
journal={Science and Society},
year={2016},
volume={80},
number={2},
pages={196-220},
doi={10.1521/siso.2016.80.2.196},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84962176739&doi=10.1521%2fsiso.2016.80.2.196&partnerID=40&md5=847dfaa571a6bb6ee6a3d33c9d729212},
affiliation={University of DuisburgEssen, Jagdhausstrasse 5, Dortmund, 44225, Germany},
abstract={Congruent both with Maxime Rodinson's theoretical reflections on the articulation between Islam and capitalism and with the embrace of neoliberalism by the Turkish AKP and Egyptian Muslim Brotherhood, the Tunisian Islamist party Ennahdha can be shown to have skillfully combined Islamic ideology with capitulation to the dictates of international capital and its ideology of the free market. In particular, under the premierships of Hamadi Jebeli and Ali Larayedh, Ennahdha worked closely with neoliberal institutions to implement structural adjustment programs and to develop a supply-based, export-oriented economy in which public subsidies partly make up for shockingly low wages while religious discipline is used to keep workers from striking for improved working conditions.},
references={Achcar, G., Le 'capitalisme extreme' des freres musulmans (2013) Le Monde Diplomatique, , (February); Atasoy, Y., (2009) Islam's Marriage with Neo-Liberalism: State Transformation in Turkey, , Houndsmills, England: Palgrave Macmillan; Atasoy, Y., Supermarket expansion in Turkey: Shifting relations of food provisioning (2013) Journal of Agrarian Change, 13 (4), pp. 547-570; Atia, M., (2013) Building a House in Heaven: Pious Neoliberalism and Islamic Charity in Egypt, , Minneapolis, Minnesota: University of Minnesota Press; Awad, M., Egypt Brotherhood Businessman: Manufacturing Is Key (2011) Reuters, , http://www.reuters.com/article/2011/10/28/us-egypt-brotherhood-investment-idUSTRE79R1NQ20111028, (October 28); Ben Hamadi, S., Caisse générale de compensation: La tunisie révise son systeme de subvention (2013) HuffPost Maghreb, , (September 27); Ben Rejeb, K., Economic profile of ennahda: Diversification of banking system and open sky membership (2011) Tunisialive, , (November 5); Bond, P., Sharife, K., Will neoliberalism make a comeback in Africa via Tunisia? (2012) Global Policy Forum, , (February 2); Chossudovsky, M., (2011) Tunisia and the IMF's Diktats: How Macro-Economic Policy Triggers Worldwide Poverty and Unemployment, , Centre for Research on Globalization; Cosar, S., Yücesan-Özdemir, G., (2012) Silent Violence: Neoliberalism, Islamist Politics and the AKP Years in Turkey, , eds. Ottawa, Canada: Red Quill Books; Cosar, S., Özman, A., Centre-right politics in Turkey after the November 2002 general election: Neo-liberalism with a muslim face (2004) Contemporary Politics, 10 (1), pp. 57-74; Crane, E., Prime minister suspends new vehicle taxes after protests (2014) TunisiaLive, , (January 9); Fam, M., Reed, S., Egypt's muslim brotherhood embraces business (2011) Bloomberg Business Week, , http://www.businessweek.com/magazine/egypts-muslim-brotherhood-embraces-business-07072011.html, (July 7; Frank, T., What's the matter with Kansas? (2004) How Conservatives Won the Heart of America, , New York: Metropolitan Books; Gerges, F., (2012) The Political Economy of the Rising Islamists, p. 56. , Institute for Social Policy and Understanding, Policy Brief; Habibi, N., (2012) The Economic Agendas and Expected Economic Policies of Islamists in Egypt and Tunisia, p. 67. , Crown Center for Middle East Studies, Brandeis University. Middle-East Brief; Halimi, S., (2004) Le Grand Bond en Arrière: Comment L'ordre Libéral S'est Imposé Au Monde, , Paris: Fayard; Halimi, S., Quel cap pour la tunisie? (2014) Le Monde Diplomatique, p. 721. , (Avril); Hammami, M.D., La genese du Code d'investissement ou comment le gouvernement confie la préparation des lois aux privés et étrangers (2013) Nawaat, , http://nawaat.org/portail/2013/08/06/la-genese-du-code-dinvestissement-ou-comment-le-gouvernement-confie-la-prepartion-des-loisaux-prives-et-etrangers/, (August 6); Hansen, S., The economic vision of Egypt's muslim brotherhood millionaires (2012) Bloomberg Business Week, , http://www.businessweek.com/articles/2012-04-19/the-economic-vision-of-egypts-muslim-brotherhood-millionaires, (April 19); Hickel, J., Neoliberal Egypt: The hijacked revolution (2012) Al-Jazeera, , http://www.aljazeera.com/indepth/opinion/2012/03/201232784226830522.html, (March 29); Houellebecq, M., The possibility of an island (2005) Translated from the French by Gavin Bowd, , London: Weidenfeld &Nicholson; Kalin, S., Sisi's Economic Vision for Egypt: Back to the Future (2014) Reuters, , http://www.reuters.com/article/2014/05/22/us-egypt-sisi-economyidUSBREA4L0KL20140522, (May 22); Kirkpatrick, D., (2012) Keeper of Islamic Flame Rises as Egypt's New Decisive Voice, , http://www.nytimes.com/2012/03/12/world/middleeast/muslim-brotherhood-leader-rises-as-egypts-decisive-voice, The New York Times (March 12). html?pagewanted=1&-r=0; Khodjet El Khil, M., La dette extérieure: Un frein au développement de la tunisie (2011) Nawaat, , (April 7); Lang, H., Awad, M., Juul, P., Katulis, B., (2014) Tunisia's Struggle ForPolitical Pluralism after Ennahda, , https://www.americanprogress.org/wp-content/uploads/2014/04/Tunisia-report.pdf, Center for American Progress (April); Onaran, Ö., (2013) Authoritarian Neoliberalism Hits a Wall in Turkey, , http://www.newleftproject.org/index.php/site/article_comments/authoritarian_neoliberalism_hits_a_wall_in_turkey, New Left Project (June 6); OECD, Organisation for economic cooperation and development (2012) OECD Investment Policy Reviews: Tunisia 2012, , http://www.oecd.org/countries/tunisia/tunisia-investmentpolicyreview-oecd.htm, OECD Publishing; Patton, M., The economic policies of Turkey's AKP government: Rabbits from a hat? (2006) Middle East Journal, 60 (3), pp. 513-536; Prince, R., Structural adjustment: Former president ben ali's gift to Tunisia (2013) Foreign Policy in Focus, , Part One. (April 15); Prince, R., Tunisia and the IMF: Ennahdha's mana from Washington (2013) Foreign Policy in Focus, , Part Two. (April 22); Prince, R., Tunisia: New government, old ways? (2013) Foreign Policy in Focus, , (December 31); Ridha, K., (2014) Le Capitalisme, L'Islam et Le Socialisme, , Paris: Publibooks; Rodinson, M., (2014) Islam et Capitalisme, , (1966). Paris: Demopolis; Roy, O., (1992) L'Échec de L'Islam Politique, , Paris: Le Seuil; Roy, O., L'entrée dans une ere post-islamiste? (2011) Esprit, , (December); Saif, I., Rumman, M.A., (2012) The Economic Agenda of the Islamic Parties, , http://carnegieendowment.org/files/islamist_econ.pdf, The Carnegie Papers. Washington, D. C.: Carnegie Middle East Center/Carnegie Endowment for International Peace; Skocpol, T., Williamson, V., (2012) The Tea Party and the Remaking of Republican Conservatism, , New York: Oxford University Press; Tansel, C.B., (2013) The Gezi Park Occupation: Confronting Authoritarian Neoliberalism, , https://www.opendemocracy.net/cemalburak-tansel/gezi-park-occupation-confronting-authoritarian-neoliberalism, Open Democracy (June 2); Webb, E., Changing the player, not the game: Ennahda's homo islamicus (2014) Air & Space Power Journal - Africa and Francophonie, 5 (1), pp. 4-18; (2005) Egypt - Towards a More Effective Social Policy: Subsidies and Social Safety Net, , World Bank. ", " No. 33550-EG (December 16). siteresources. worldbank.org/INTPSIA/Resources/490023-1171551075650/Egypt-PSIA-121605.pdf},
correspondence_address1={Rousselin, M.; University of DuisburgEssen, Jagdhausstrasse 5, Germany; email: rousselin.mathieu@gmail.com},
publisher={Guilford Publications},
issn={00368237},
language={English},
abbrev_source_title={Sci. Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Pyeman20167,
author={Pyeman, J. and Jaafar, M.N. and Ahmad, I.},
title={Dynamic model of islamic hybrid securities: Empirical evidence from malaysia islamic capital market},
journal={Global Journal Al-Thaqafah},
year={2016},
volume={6},
number={2},
pages={7-17},
doi={10.7187/gjat11020160602},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85010931309&doi=10.7187%2fgjat11020160602&partnerID=40&md5=5ce8fd14d9e93e1c7ce1a6702a915391},
affiliation={Faculty of Business and Management, Universiti Teknologi Mara, Bandar Puncak Alam, Selangor Darul Ehsan, 42300, Malaysia},
abstract={Capital structure selection is fundamentally important in corporate financial management as it influence on mutually return and risk to stakeholders. Despite of Malaysia's position as one of the major players of Islamic Financial Market, there are still lack of studies has been conducted on the capital structure of shariah compliant firms especially related to hybrid securities. The objective of this study is to determinant hybrid securities issuance model among the shariah compliant firms in Malaysia. As such, this study is to expand the literature review by providing comprehensive analysis on the hybrid capital structure and to develop dynamic Islamic hybrid securities model for shariah compliant firms. We use panel data of 50 companies that have been issuing the hybrid securities from the year of 2004- 2012. The outcomes of the studies are based on the dynamic model GMM estimation for the determinants of hybrid securities. Based on our model, risk and growth are considered as the most determinant factors for issuing convertible bond and loan stock. These results suggest that, the firms that have high risk but having good growth prospect will choose hybrid securities of convertible bond. The model also support the backdoor equity listing hypothesis by Stein (1992) where the hybrid securities enable the profitable firms to venture into positive NPV project by issuing convertible bond as it offer lower coupon rate as compare to the normal debt rate.},
author_keywords={Capital structure;  GMM;  Islamic hybrid securities;  Panel data},
references={Anderson, C.W., Makhija, A.K., Deregulation, disintermediation and agency costs of debt: evidence from Japan (1999) Journal of Financial Economics, 51 (2), pp. 309-339; Bhaduri, S., Determinants of corporate borrowing: Some evidence from the Indian corporate structure (2002) Journal of Economics and Finance, 26 (2), pp. 200-215. , Summer; Beaver, W., Eger, C., Ryan, S., Wolfson, M., Financial reporting, supplemental disclosures, and bank share prices (1989) Journal of Accounting Research, 27 (2), pp. 157-178; Fama, F., French, R., Taxes, Financing Decisions, and Firm Value (1998) Journal of Finance, 53 (3), p. 819; Florackis, C., Agency costs and corporate governance mechanisms: evidence for UK firms (2008) International Journal of Managerial Finance, 4 (1), pp. 37-59; Friend, I., Hasbrouk, J., (1988) Determinants of Capital Structure, Research in Finance, pp. 1-19. , V7, JAI Press Inc; Ghosh, A., Cai, F., Li, W., The determinants of capital structure (2000) American Business Review, 18 (2), pp. 128-132; Green, R., Investment Incentives, Debt, and Warrants (1984) Journal of Financial Economics, 13, pp. 115-136. , (March); Hovakimian, A., Opler, T., Titman, S., The debt equity choice (2001) Journal of financial quantitative Analysis, 36, pp. 1-24; Hovakimian, A., Hutton, I., Market feedback and equity issuance: Evidence from repeat equity issues (2010) Journal of Financial and Quantitative Analysis, 45 (3), pp. 739-762; Jensen, M.C., Meckling, W.H., Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure (1976) Journal of Financial Economics, V3, pp. 305-360; Jensen, M.C., Agency Costs of Free Cash Flow, Corporate Finance and Takeovers (1986) American Economic Review, V76, pp. 323-329; Jensen, M., Geralg, P., Thomas, S., Simultaneous Determination of Insider Ownership, Debt, and Dividend policies (1992) Journal of financial and QuantitativeAnalysis, 27, pp. 247-263; Kim, C.S., Mauer, D.C., Sherman, A.E., The determinant of corporate liquidity: Theory and evidence (1998) Journal of financial and qualitative analysis, 33, pp. 335-358; Saeng, K.W., Sorenson, E.H., Evidence on the Impact of Agency Costs of Debts in Corporate debt Policy (1986) Journal of Financial Economics, 22, pp. 189-205; Marsh, P., The Choice between Equity and Debt: An Empirical Study (1982) Journal of Finance, 37 (1), pp. 121-144; Modigliani, F., Miller, M.H., The cost of capital, corporate finance and the theory of investment (1958) The American Economic Review, 67 (3), pp. 261-297; Modigliani, F., Miller, M., Corporate Income Taxes and the Cost of Capital, A correction (1963) American Economic Review, 53, pp. 433-443; Myers, S.C., Why firms issue Convertible bonds: The matching financial and real investment options (1998) Journal of Financial Economics, 47, pp. 83-102; Myers, S.C., Convertible bonds: Matching financial and real option (2000) Journal of Applied Corporate Finance, 13 (1), pp. 8-21; Myers, S.C., Capital Structure (2001) Journal of Economic Perspectives, 15 (2), pp. 81-102; Myers, S.C., Majluf, N.S., Corporate Financing and Investment Decisions When Firms have Information That Investors Do Not Have (1984) Journal of Financial Economics, V13, pp. 187-221; Pinegar, J.M., Wilbricht, L., What Managers Think of Capital Structure Theory: A Survey" Financial Management, pp. 82-91. , (Winter, 1989); Rajan, R.G., Zingales, L., What Do We Know about Capital Structure? Some Evidence from International Data (1995) Journal of Finance, V50 (5), pp. 1421-1460; Shyam-Sunder, L., Myers, S.C., Testing static tradeoff against pecking order models of capital structure (1999) Journal of Financial Economics, 51 (2), pp. 219-244; Smith, C., Warner, J., On Financial Contracting: An Analysis of Bond Covenants (1979) Journal of Financial Economics, pp. 117-162. , (June); Smith, C., Watts, R., 'The Investment Opportunity Set and Corporate financing, Dividend, and Compensation Policy' (1992) Journal of Financial Economics, 32, pp. 263-292; Stein, J.C., Convertible debt as backdoor equity financing (1992) Journal of Financial Economics, 32, pp. 3-21; Stulz, R., Managerial Discretion and Optimal Financing Policies (1990) Journal of Financial Economics, 26, pp. 3-27; Suchard, J.A., Singh, M., The determinants of the hybrid securities issuance decision for Australian firms (1996) Pacific Basin Finance Journal, 14, pp. 269-290; Titman, S., Wessels, R., The Determinants of Capital Structure Choice (1988) Journal of Finance, 43 (1), pp. 1-19; Warner, J., Bankruptcy Costs: Some Evidence (1977) Journal of Finance, 32, pp. 337-347},
correspondence_address1={Pyeman, J.; Faculty of Business and Management, Malaysia; email: jaaf@salam.uitm.edu.my},
publisher={Kolej University Islam Sultan Azlan Shah},
issn={22320474},
language={English},
abbrev_source_title={Global J. Al-Thaqafah},
document_type={Article},
source={Scopus},
}

@ARTICLE{Parmitasari20164483,
author={Parmitasari, R.D.A.},
title={Ownership structure, financial decisions and their impact on firm value: Jakarta Islamic index},
journal={Man in India},
year={2016},
volume={96},
number={11},
pages={4483-4502},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85009260602&partnerID=40&md5=2427b37d2cc79a6617e1656fdb2cb852},
affiliation={Faculty of Islamic Economic and Business, State Islamic University Alauddin Makassar, Indonesia},
abstract={The Research is about ownership structure, financial decisions and their impact on firm value among companies listed in the Jakarta Islamic Index. Jakarta Islamic Index as the benchmark of the performance of the Islamic capital market has a major role in attracting investors in the Islamic capital market with the largest market capitalization and the most liquid cash traded on the Islamic capital market. One indicator of the successful performance of companies listed in the Islamic capital market from the standpoint of the investor is the value of the company. The company's value is influenced by the ownership structure, but on the other hand the value of the company is also affected by management decisions in managing corporate finance. Samples are from 12 companies listed in the Jakarta Islamic Index for a period of 2010 to 2014. The analysis followed quantitative methodology with the tools of structural equation modeling with AMOS. The results showed that the ownership structure of firms in JII is dominated by the institutional ownership, which affects corporate dividend decision in a positive and significant, manner although the dividend's decision negatively and significantly affect the value of the company. Therefore, the influence of institutional ownership on firm value through dividend decision is negative and significant. Meanwhile, institutional ownership does not affect the company's investment decision and corporate investment affects firm value positively and significantly. Finally, institutional ownerships do not affect funding decisions and funding decisions do not affect the value of the company. The results showed that institutional ownership is more focused on the incremental value (capital gain) than dividends. The high dominance of institutional ownership to management indicates the magnitude of monitoring and involvement in the management process. Companies with the dominance of institutional ownership will result in decreasing trend of the marketability of the company itself and it causes a decrease in the value of the company which contradicts with the monitoring hypothesis. © Serials Publications.},
author_keywords={Dividen;  Financing and firm value;  Investment;  Ownership structure},
references={Aivazian, V.A., Ying, G.E., Qiu, J., (2005) The Impact of Leverage on Firm Investment: Canadian Evidence Journal of Corporate Finance, 11, pp. 277-291; Eugene, F.F., French, K.R., Value Vs growth: The international evidence (1998) The Journal of Finance, 3; Mohammed, A., Determinants of capital structure of banks in Ghana: An empirical approach (2007) Baltic Journal of Management, 2 (1), pp. 67-79; Samuel, A.E.M., Chao, X., (2012) Capital Structure and Firm Value: Empirical Evidence from Ghana, International Journal of Business and Social Science, 3 (22). , November; Yasser, A.M., Warroka, A., Suryasaputra, R., Capital structure and investment decision: What does emerging consumer industry tell us? (2014) Journal of Financial Study & Research; Karim, B., Meredith, G.G., Marchant, T., Improved capital budgeting decision making: Evidence from Canada (2010) Management Decision, 48 (2), pp. 225-247; Richard, B.A., Myer, S.C., Allen, F., (2011) Principles of Corporate Finance, , 10th edition McGraw Hill, USA; Eugene, B.F., Gapenski, I.C., (1996) Intermediate Financial Management, , Fifth Edition. New York: The Dryden Press; Brian, B., Identifying and attracting the right investors: Evidence on the behavior of institutional investors (2004) Journal of Applied Corporate Finance, 16 (4), pp. 28-35; Claessens, S., Djankov, S., Lang, L.H.P., The Separation of ownership and control in East Asian corporations (2000) The Journal of Financial Economics, 58, pp. 81-112; Dalton, D., Daily, C., Certo, S.T., Roengpitya, R., Meta-analysis of financial performance and equity: Fusion or confusion (2003) Academy of Management Journal, 46, pp. 13-26; De Andres, P., Iturriaga, F.J., Sanz, J.A.R., Financial decisions and growth opportunities: A Spanish firms panel data analysis (2005) Applied Financial Economics, (15), pp. 391-407; Hans, D., De Jong, A., Investment and internal finance: Asymmetric information or managerial discretion? (2006) International Journal of Industrial Organization, 24 (1), pp. 125-147; Harold, D., Villalonga, B., Ownership structure and corporate performance (2001) Journal of Corporate Finance, 7, pp. 209-233; Nurul, D.H., Corporate governance in the effort of increasing the company's value (2012) Journl of Economics, Business and Accountancy Ventura, 15 (2), pp. 331-342; Fama, E.F., Jensen, M.C., Separation of ownership and control (1983) The Journal of Law and Economics, 26, pp. 301-325; Farrar, D.E., Selwyn, L.L., Taxes, corporate financial policy and return to investors (1967) National Tax Journal, 20, pp. 444-462; Forte, G., Miglietta, F., A comparison of socially responsible and islamic equity investments (2011) Journal of Money, Investment and Banking, (21); Grossman, S., Hart, O., One share-one vote and the market for corporate control (1988) Journal of Financial Economics, 20, pp. 175-202; Charles, H.J., Ownership, liquidity, and investment (1998) Rand Journal of Economics, (4); Munawar, I., Ali, S.S., Introduction, advances in Islamic economics and finance (2007) Proceedings of 6th International Conference on Islamic Economics and Finance, , Islamic Development Bank Group; Iturriaga, F.J.L., Crisostomo, V.L., Financial decisions, ownership structure and growth opportunities: An analysis of Brazilian firms (2010) Emerging Market Finance and Trade, 46 (3); Jensen, M.C., Meckling, W.H., Theory of the firm: Managerial behavior, agency costs and ownership structure (1976) The Journal of Financial Economics, 3, pp. 305-360; Jensen, M.C., Agency costs of free cash flow, corporate finance, and takeovers (1986) AEA Papers and Proceedings, 76 (2), pp. 323-329; Arthur, K.J., Martin, J.H., Petty, J.W., Scott, D.F., (2004) Financial Management: Principles and Applications, , 10th Edition Prentice Hall, USA; Kim, W., Sorensen, E., Evidence on the impact of the agency cost of debt on corporate debt policy (1986) Journal of Financial and Quantitative Analysis, pp. 247-263; Larry, L., Ofek, E., Stub, R.C., Leverage, investment, and firm growth (1994) Working Paper, , New York University, New York, NY; Ohio State University, Columbus, OH; Litzenberger, R., Ramaswamy, K., The effects of personal taxes and dividends on capital asset prices: Theory and empirical evidence (1979) Journal of Financial Economics, 7, pp. 163-195; McConnel, J.J., Servaes, H., Equity ownership and the two faces of debt (1995) Journal of Financial Economics, 39, pp. 131-157; Miller, M.H., Modigliani, F., (1961) Dividend Policy under Asymetric Information, Journal of Finance, pp. 411-433; Abbas, M., Keynote speech, advances in Islamic economics and finance (2007) Proceedings of 6th International Conference on Islamic Economics and Finance, , Islamic Development Bank Group; Mohd, The impact of ownership structure on corporate debt policy: A time-series cross-sectional analysis (1998) Financial Review, 33, pp. 85-98; Hendragunawan, H., Alamzah, N., Sanusi, A., Financial decision, innovation, profitability and company value: Study on manufacturing company listed in Indonesian stock exchange (2015) Information Management and Business Review, 7 (2), pp. 72-78. , April 2015; Myers, S.C., The capital structure puzzle (1984) Journal of Finance, 39, pp. 575-592; Muhammad, N., Akal, A.T.U., The influence of ownership structure and corporate governance to investment decision companies listed on Indonesian stock exchange (2015) International Journal of Science and Research (IJSR), 4 (2). , February; Daniel, P., Matts, R., The impact of stock option incentives on investment and firm value, Swedish school of economics and business administration (2002) Working Papers, , November; Ruiz, P.A., Mateo, C.L., The separation of ownership and control and investment decisions in mexican manufacturing firms (2011) International Business Research, 4 (1). , January; Mazna, R.N., Ownership structure and dividend policy: Evidence from Malaysian companies (2010) , International Review of Business Research Papers, 6 (1), pp. 170-180; Juan, R., Jorge, E.A., Ownership structure, firm value and investment opportunities set: Evidence from mexican firms (2012) Journal of Entrepreneurship, Management and Investment, 8 (3), pp. 35-57; Stephen, R.A., The determination of financial structure: The incentive-signalling approach (1977) The Bell Journal of Economics, 8 (1), pp. 23-40; Ahn, S., Denis, D.J., Denis, D.K., Leverage and investment in diversified firms (2006) Journal of Financial Economics, 79 (2), pp. 317-337; Nendy, S.P., Public shareholding structure exploration in Indonesia in 2004-2008 (2011) The Indonesian Accounting Review, 1 (2), pp. 145-154; Clifford, S.W., Watts, R.L., The investment opportunity set and corporate financing, dividend, and compensation policies (1992) Journal of Financial Economics, 32; Konari, U., (2006) Agency Costs of Debt and the Relationship between Firm Performance and Managerial Ownership: Evidence from Japan, , The University of Kitakyushu Working Paper Series 2006-4, Japan; Hamid, U., Fida, A., Khan, S., The impact of ownership structure on dividend policy evidence from emerging markets KSE-100 index Pakistan (2012) International Journal of Business and Social Science, 3 (9); James, V.H., Wachowicz, J.M., (2005) Fundamentals of Financial Management, , 12th edition Prentice Hall, USA; Untung, W., Pawestri, H.P., (2006) Implications of Ownership Structure Against Value Company with Financial Decisions As An Intervening Variable, , Accounting National Symposium IX, Padang; Wardani, D.K., Hermuningsih, S., Effect of ownership structure against value company financial performance and policy debt as an intervening variable (2011) Journal of Business Strategy, 15 (1), pp. 27-36; Wijaya, L.R.P., Anas, W.B., Effect of investment policy, funding and policy dividend policy against corporate values (2010) Accounting National Symposium, 23. , Purwokerto.www.idx.co.id},
correspondence_address1={Parmitasari, R.D.A.; Faculty of Islamic Economic and Business, Indonesia},
publisher={Serials Publications},
issn={00251569},
language={English},
abbrev_source_title={Man India},
document_type={Article},
source={Scopus},
}

@ARTICLE{Sakurai2016271,
author={Sakurai, H. and Sendo, A.},
title={Toward a socially rational management: Insights from Japanese and islamic business ethics},
journal={Critical Studies on Corporate Responsibility, Governance and Sustainability},
year={2016},
volume={11},
pages={271-292},
doi={10.1108/S2043-905920160000011012},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85006459500&doi=10.1108%2fS2043-905920160000011012&partnerID=40&md5=e4aece69d1def248eb9f300e1b75d60f},
affiliation={Chuo University, Tokyo, Japan; Takushoku University, Tokyo, Japan},
abstract={Purpose - This study investigates an approach for business management based on social rationality, which is attained through a proper balance between profits from economic exchange and benefits from social exchange. Methodology/approach - First, this study examines the economic rationalization process developed by the business corporation, which is a great innovation in the modern West, but criticized for dominating people through overwhelming capital and power. Second, social rationality is explained by focusing on the balance between economic exchange and social exchange. Third, the ethics and practices of traditional Japanese and Islamic business management are examined including their underlying social rationality in business and shared commonalities in business practices that circulate economic gains in their societies. Findings - By encapsulating all the relevant elements drawn from traditional Japanese and Islamic business, four conditions were found which successfully establish socially rational management based on sharing and reciprocity: an appropriately life-sized economy; relation-oriented management; a market in which a profit-seeking exchange economy and a profit-cyclical gift economy coexist; autonomous associations that are independent from the control of both state and business corporations. Research implications - This research reevaluates the rationality of management complying with business ethics, which has been kept in traditional and non-Western business practices. These management styles are considered to be incongruous with modern management philosophies that solely rely on economic gain, resulting in the neglect of significant cultural principles in modern management. Practical/social implications - This chapter suggests a way to circulate the profits among people through sharing and reciprocity for the public to diminish external diseconomies and solve social problems such as poverty, pollution, war, and alienation through business. Originality/value - This study presents a method of shifting the paradigm from economically rational to socially rational management, which is urgently required in current business practices worldwide. Copyright © 2017 by Emerald Group Publishing Limited.},
author_keywords={Business ethics;  Islamic management;  Japanese management;  Postcorporatism;  Reciprocity;  Social rationality},
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Matérielle, Économie et Capitalisme: XVe-XVIIIe Sie'cle, 1-3. , Paris: Colin; Çizakça, M., (2011) Islamic Capitalism and Finance: Origins, Evolution and the Future, , Cheltenham: Edward Elgar Publishing Limited; Cook, K.S., Rice, E.R.W., Exchange and power (2001) Handbook of Sociological Theory, pp. 699-719. , In J. H. Turner (Ed.), New York, NY: Springer; Fiore, M., (2011) CorporateLand [YouTube], , https://www.youtube.com/watch?v=OHgJ0n-fbQ0, February 1; Frank, A.G., (1998) Reorient: Global Economy in the Asian Age, , Berkeley, CA: University of California Press; George, S., (2010) Whose Crisis, Whose Future?: Towards A Greener, Fairer, Richer World, , Cambridge: Polity; Hallaq, W.B., (2009) Shari'A: Theory, Practice, Transformations, , New York, NY: Cambridge University Press; Hallaq, W.B., (2013) The Impossible State: Islam, Politics and Modernity's Moral Predicament, , New York, NY: Columbia University Press; Hennigan, P.C., (2004) The Birth of A Legal Institution: The Formation of the Waqf in Third-century A, , H. Hanafi legal discourse. 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Paris, France: Les Liens qui libe' rent]; Maier, P., The revolutionary origins of the American corporation (1993) The William and Mary Quarterly, 50 (1), pp. 51-84; Mawdudi, S.A.A., (2011) First Principles of Islamice Economics, , (A. I. S. Hashemi, Trans.). Leicestershire: Islamic Foundation; Micklethwait, J.A., Wooldridge, A., (2003) The Company: A Short History of A Revolutionary Idea, , London: Weidenfeld & Nicolson; Mitchell, L.E., (2001) Corporate Irresponsibility: America's Newest Export, , New Haven, CT: Yale University; Miyamoto, M., The management system of Edo period merchant houses (1996) The Japanese Year Book of Business History, 13, pp. 97-142; Mushtaq, A., (1999) Business Ethics in Islam, , New Delhi: Kitab Bhavan; Najita, T., (2009) Ordinary Economies in Japan: A Historical Perspective, 1750-1950, , London: University of California Press; Nakano, S., (1981) Shoka-duozoku-shudan No Kenkyu, 2. , (2nd ed.), [A study on a mercantile- family concern group]. Tokyo: Miraisha; Nouraei, M., Chelongar, M.A., Abadi, A.H., Functions of charity foundations in the middle east; Case study: Astan Quds Razavi, Mashhad, Iran (2013) Interdisciplinary Journal of Contemporary Research in Business, 4 (9), pp. 1352-1371. , http://journal-archieves27.webs.com/1352-1371.pdf; Okumura, H., (2000) Corporate Capitalism in Japan, , (D. Anthony and N. Brown, Trans.). 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Kuwana (Eds.), Tokyo: Hakutoshobo; Saleh, N.A., (1988) Unlawful Gain and Legitimate Profit in Islamic Law: Riba, Gharar and Islamic Banking, , Cambridge: Cambridge University Press; Schumacher, E.F., (1993) Small Is Beautiful: Economics As if People Mattered, , London: Vintage; Sendo, A., (2014) Nihonjin to CSR: Yugi, Flou-taiken, Tayousei [Japanese and CSR: Play, Flow, and Diversity], , Tokyo: Hakutoshobo; Singer, A., (2008) Charity in Islamic Societies, , New York, NY: Cambridge University Press; Suenaga, K., (2011) Oumi Shounin: Sanpo-yoshi Keiei Ni Manabu [Oumi Merchants: Learning from Their Sanpo-yoshi Management], , Kyoto: Menerva; Tabatabai, S.M.H.A., (1983) Falsaf-e Eghtesad-e Islami [Philosophy of Islamic Economy], , Tehran: At'ai; Takubo, Y., (2014) Sougyo 300-nen No Chouju-kigyo Ha Naze Sakaetuzukerunoka [the Conditions of the Sustainable Companies of 300-years' Longevity in Japan], , Tokyo: Toyokeizai Shinposha; Uchihashi, K., (2006) Akumu No Saikuru: Neo Riberarizumu No Junkan [Neo-liberalism: A Cycle of Nightmare], , Tokyo: Bungei-shunju; Uchihashi, K., (2011) Kyousei Keizai Ga Hajimaru: Ningen-fukkou No Shakai Wo Motomete [A Start for Reciprocal Economy: Reconstruction of Humanistic Society], , Tokyo: Asahi-bunko; Udovich, A.L., (1970) Partnership and Profit in Medieval Islam, , Princeton, NJ: Princeton University Press; Wallerstein, I., (1974) The Modern World System, 1. , Capitalist agriculture and the origins of the European world economy in the sixteenth century. 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publisher={Emerald Group Publishing Ltd.},
issn={20439059},
language={English},
abbrev_source_title={Crit. Stud. Corp. Responsib. Governance Sustainability},
document_type={Article},
source={Scopus},
}

@ARTICLE{MohdAli2016290,
author={Mohd Ali, A.N. and Yeon, A.L. and Hussain, M.A.},
title={Private retirement scheme in Malaysia: Legal analysis},
journal={International Journal of Economics and Financial Issues},
year={2016},
volume={6},
number={7Special Issue},
pages={290-295},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84996477470&partnerID=40&md5=c0b6ce6b0281041f88bf6cbccd660246},
affiliation={School of Law,College of Law, Government and International Studies, Universiti Utara Malaysia, Sintok, Kedah  06010, Malaysia},
abstract={The Government recognizes the significance of savings to guarantee sufficient savings after retirement. In this regard,the Malaysian Government established the private retirement scheme (PRS) in 2012 as a complementary scheme to the existing pension schemes. PRS seeks to provide alternatives for employed or self-employed Malaysian citizens,to enhance a well-structured and regulated scheme. By using a legal research approach,this study seeks to analyze the existing legislations governing PRS in Malaysia. The study found that the PRS is mainly regulated by Capital Markets and Services Act (CMSA) 2007 and other legislations. There are several legal challenges that can be observed in PRS system. Among them are PRS Guidelines 2012 only provide a minimum standard in relation to the governance policy of PRS providers and CMSA is silent in the matters regarding PRS scheme based on Shariah principles to be offered by the providers. © 2016,Econjournals. All rights reserved.},
author_keywords={Investment law;  Islamic private retirement scheme;  Legal framework;  Private retirement scheme},
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publisher={Econjournals},
issn={21464138},
language={English},
abbrev_source_title={Int. J. Econ. Financ. Issues},
document_type={Article},
source={Scopus},
}

@ARTICLE{Pasaribu2016211,
author={Pasaribu, F.},
title={The struggle of shariah investment challenges in Indonesia},
journal={International Journal of Economic Research},
year={2016},
volume={13},
number={1},
pages={211-225},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84976571438&partnerID=40&md5=6f1007811e2a232b849421cee0a0c35c},
affiliation={Faculty of Economy, Muhammadiyah University of North Sumatera (UMSU), Medan, Indonesia},
abstract={There are many things to be done before we decide to invest our many at shariah banking in Indonesia. No doubt, to see the development of the Islamic capital market industry is still new, still very possible if the effect of conventional economic outlook is still thick felt. However, this is not supposed to make the people and the Muslim market participants permissive and not critical to reassess the facts. Indeed, this is a challenge to the concept and the Islamic economic system to prove to the applicative able to becomecommunity economic alternative system. There are several motives why someone making investments, among other things: a. To get a better life is the desire of every human being. b. Reducing inflation pressures. c. In an effort to save on taxes.},
author_keywords={Capital Market;  Investment;  Shariah},
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correspondence_address1={Pasaribu, F.; Faculty of Economy, Indonesia; email: bukharyahmedal@gmail.com},
publisher={Serials Publications},
issn={09729380},
language={English},
abbrev_source_title={Int. J. Econ. Res.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Simon2015,
author={Simon, S. and Omar, M. and Lazam, N.M. and Amin, M.N.M.},
title={Factor investing based on Musharakah principle},
journal={AIP Conference Proceedings},
year={2015},
volume={1682},
doi={10.1063/1.4932468},
art_number={030005},
note={cited By 0; Conference of 22nd National Symposium on Mathematical Sciences: Strengthening Research and Collaboration of Mathematical Sciences in Malaysia, SKSM 2014 ; Conference Date: 24 November 2014 Through 26 November 2014;  Conference Code:117560},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84984581028&doi=10.1063%2f1.4932468&partnerID=40&md5=1f64795961719fcdd87cdcd7bb3ac90f},
affiliation={Institute of Mathematical Sciences, Faculty of Science University of Malaya, Kuala Lumpur, 50603, Malaysia; Centre for Actuarial Studies, Faculty of Computer and Mathematical Sciences Universiti Teknologi MARA, Shah Alam, Selangor, 40450, Malaysia},
abstract={Shariah stock investing has become a widely discussed topic in financial industry as part of today's investment strategy. The strategy primarily applies market capitalization allocations. However, some researchers have argued that market capitalization weighting is inherently flawed and have advocated replacing market capitalization allocations with factor allocations. In this paper, we discuss the rationale for factor investing based on Musharakah principle. The essential elements or factors of Musharakah principle such as business sector, management capability, profitability growth and capital efficiency are embedded in the Shariah-compliant stock. We then transform these factors into indexation for better analysis and performance measurement. Investment universe for this research covers Malaysian stocks for the period of January 2009 to December 2013. We found out that these factor indexes have historically earned excess returns over market capitalization weighted indexes and experienced higher Sharpe Ratios. © 2015 AIP Publishing LLC.},
author_keywords={Factor Analysis;  Indexation;  Islamic Finance;  Mathematical Modeling;  Musharakah},
references={(2010) Shari'a Standards for Islamic Financial Institutions, , Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Manama, Bahrain; Ahmad, A.U.F., Sharia'h parameters of musharakah mutanaqisah in islamic finance: The experience of australian institutions offering islamic financial services (2011) ISRA International Journal of Islamic Finance, 3 (2). , Dec. 2011; Wahbah, A.-Z., (2003) Islamic Jurisprudence and Its Proofs, 1. , Dar al-Fikr, Damascus, Syria; Arnott, R.D., Hsu, J.C., Moore, P., Fundamental indexation (2005) Financial Analysts Journal, 61 (2), pp. 83-99. , March/April; Arshad, N.C., Ismail, A.G., Shariah parameters for Musharakah Contract: A comment (2010) ISRA International Journal of Business and Social Science, 1 (1). , Oct. 2010; Carhart, M.M., On persistence in mutual fund performance (1997) Journal of Finance, 52 (1), pp. 57-82. , Mar. 1997; Chen, N.-F., Roll, R., Ross, S., Economic forces and the stock market (1986) Journal of Business, 59, pp. 383-403; Gregory, C., The three types of factor models: A comparison of their explanatory power (1995) Financial Analysts Journal, 51 (3), pp. 42-46. , May/June 1995; Elton, E.J., Gruber, M.J., Brown, S.J., Goetzmann, W.N., (2007) Modern Portfolio Theory and Investment Analysis, , John Wiley & Sons, Inc., Hoboken, NJ; Fama, E.F., French, K.R., The cross-section of expected stock return (1992) Journal of Finance, 47 (2); Fama, E.F., French, K.R., Common risk factors in the returns on stock and bonds (1993) Journal of Financial Economics, 33, pp. 3-56; Grinold, R.C., Kahn, R.N., (1995) Active Portfolio Management: Quantitative Theory and Applications, , Probus Publishing, Chicago, IL; Jaffar, M.M., New mushrakah model in managing islamic investment (2010) ISRA International Journal of Islamic Finance, 2 (2). , Dec. 2010; Lintner, J., Portfolios and capital budgets (1965) The Review of Economics and Statistics, 47 (1), pp. 13-37; Guy, M., Needles, haystacks, and hidden factors (2006) Journal of Portfolio Management, 32 (2), pp. 25-32; Mossin, J., Equilibrium in a capital asset market (1966) Econometrica, 34, pp. 768-783; Manual, O.C., (2005) Al Majalla Al Ahkam Al Adaliyyah, , edited by Royal Iradah (International Islamic University Malaysia); Barr, R., Marathe, V., (1976) Common Factors in Security Returns: Microeconomic Determinants and Macroeconomic Correlates, , University of California Institute of Business and Economic Research, Research Program in Finance, Working paper No 44; Stephen, R., The arbitrage theory of capital asset pricing (1976) Journal of Economic Theory, 13 (3), pp. 341-360; William, S., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) Journal of Finance, 19, pp. 425-442; Treynor, J.L., (1961) Unpublished Manuscript, , Market Value, Time, and Risk. Rough draft dated 8/8/61, #95-209},
editor={Mohamed I., Bin W.K., Mui A.C.Y., How L.T.},
sponsors={},
publisher={American Institute of Physics Inc.},
issn={0094243X},
isbn={9780735413290},
language={English},
abbrev_source_title={AIP Conf. Proc.},
document_type={Conference Paper},
source={Scopus},
}

@CONFERENCE{Ismail2015,
author={Ismail, N. and Ismail, M.T. and Karim, S.A.A. and Hamzah, F.M.},
title={Modeling and forecasting the volatility of Islamic unit trust in Malaysia using GARCH model},
journal={AIP Conference Proceedings},
year={2015},
volume={1682},
doi={10.1063/1.4932500},
art_number={050009},
note={cited By 0; Conference of 22nd National Symposium on Mathematical Sciences: Strengthening Research and Collaboration of Mathematical Sciences in Malaysia, SKSM 2014 ; Conference Date: 24 November 2014 Through 26 November 2014;  Conference Code:117560},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84984540687&doi=10.1063%2f1.4932500&partnerID=40&md5=17b36a52be98ef5cbcf1bb858f96038b},
affiliation={School of Mathematical Sciences, Universiti Sains Malaysia, Minden, Pulau Pinang, 11800, Malaysia; Fundamental and Applied Sciences Department Universiti Teknologi PETRONAS, Bandar Seri Iskandar, Tronoh, Perak Darul Ridzuan, 31750, Malaysia; Unit of Fundamental Engineering Studies, Faculty of Engineering and Built Environment, UKM Bangi Selangor, 43600, Malaysia},
abstract={Due to the tremendous growth of Islamic unit trust in Malaysia since it was first introduced on 12th of January 1993 through the fund named Tabung Ittikal managed by Arab-Malaysian Securities, vast studies have been done to evaluate the performance of Islamic unit trust offered in Malaysia's capital market. Most of the studies found that one of the factors that affect the performance of the fund is the volatility level. Higher volatility produces better performance of the fund. Thus, we believe that a strategy must be set up by the fund managers in order for the fund to perform better. By using a series of net asset value (NAV) data of three different types of fund namely CIMB-IDEGF, CIMB-IBGF and CIMB-ISF from a fund management company named CIMB Principal Asset Management Berhad over a six years period from 1st January 2008 until 31st December 2013, we model and forecast the volatility of these Islamic unit trusts. The study found that the best fitting models for CIMB-IDEGF, CIMB-IBGF and CIMB-ISF are ARCH(4), GARCH(3,3) and GARCH(3,1) respectively. Meanwhile, the fund that is expected to be the least volatile is CIMB-IDEGF and the fund that is expected to be the most volatile is CIMB-IBGF. © 2015 AIP Publishing LLC.},
author_keywords={ARCH;  GARCH;  Unit trust;  Volatility},
references={Hassan, M.K., (2000) Proceedings of the 5th Harvard University Forum on Islamic Finance, pp. 43-67; Abdullah, F., Hassan, T., Mohamad, S., (2007) Man. Fin, 33 (2), pp. 142-1530; Bashir, M.S., Nawang, W.R.W., (2011) J. Islamic Eco., Ban. & Fin, 7 (4), pp. 9-24; Bhatti, M.I., Mansor, F., (2011) Proceedings of the International Conference on Economics and Finance Research, pp. 487-494; Bhatti, M.I., Mansor, F., (2011) 2nd International Conference on Business and Economic Research (2nd ICBER 2011) Proceeding, pp. 770-789; Norman, N., Almsafir, M.K., Smadi, A., (2013) Aus. J. Basic & App. Sci, 7 (9), pp. 354-363; Fama, E.F., French, K.R., (2004) J. Eco. Pers, 18 (3), pp. 25-46; Perold, A.F., (2004) J. Eco. Perspectives, 18 (3), pp. 3-24; Bollerslev, T., (1986) J. Eco, 31, pp. 307-327; Shamiri, A., Abu Hassan, M.S.N., (2007) J. Mal. Math. Sci, 1 (1), pp. 83-102; Engle, R.F., (1982) Eco, 50 (4), pp. 987-1007; Engle, R.F., Patton, J.A., (2001) Quan. Fin, 1, pp. 237-245; Wang, W., Van Gelder, P.H.A.J.M., Vrijling, J.K., Ma, J., (2005) Nonlinear Processes in Geophysics, 22, pp. 55-60; Shapiro, S.S., Wilk, M.B., (1965) Biometrika, 52 (3), pp. 591-599; Royston, J.P., (1982) Appl. Statist, 31, pp. 115-124; Royston, J.P., (1991) Statistics in Medicine, 10, pp. 1283-1293},
editor={Mohamed I., Bin W.K., Mui A.C.Y., How L.T.},
sponsors={},
publisher={American Institute of Physics Inc.},
issn={0094243X},
isbn={9780735413290},
language={English},
abbrev_source_title={AIP Conf. Proc.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Hafizi20151,
author={Hafizi, A.M. and Shahimi, S. and Abdullah, M.H.S.B. and Daud, M.B.H.},
title={Road to default: Tracoma holding Berhad Bai Bithaman Ajil Debt securities (BaIDS)},
journal={Emerald Emerging Markets Case Studies},
year={2015},
volume={5},
number={5},
pages={1-6},
doi={10.1108/EEMCS-09-2014-0231},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85081016543&doi=10.1108%2fEEMCS-09-2014-0231&partnerID=40&md5=c8f1895a7d9adb24c8728c4b4994eed1},
affiliation={Universiti Kebangsaan, Malaysia},
abstract={Subject area: Islamic Finance and Investment Study level/applicability: Level of program/audience: Advanced undergraduate and postgraduate. Courses: Intermediate and Advanced Finance, Economics, Islamic Economics & Finance, Islamic Banking & Finance, Islamic Capital Market and other relevant courses. Specifictopics/syllabus: Capital markets instruments, conventional or Islamic. Case overview: This case focuses on Tracoma Holding Berhad Bai Bithaman Ajil Debt Securities (BaIDS) amounting to RM 100 million which was issued by Tracoma Holding Berhad in 2005. It was the first issuance of a sukuk (Islamic debt securities or bond) by the company. The proceeds were used to finance its growth and to repay existing bank borrowings and capital requirements. This case is interesting, as it allows students to study the bai bithaman ajil sukuk structure and issuance process in the Malaysian capital market. It also provides basic financial transaction and credit rating of sukuk which requires analytical skills. Being a debt-based facility, the sukuk was subjected to credit rating evaluation by the MARC, the rating agency appointed by the company. Further downgrading of the sukuk meant it would lead to the worst-case scenario. Some actions needed to be taken to solve this issue; therefore, the CFO suggested an urgent meeting with the sukuk holders. Expected learning outcomes: The students should be able to: understand the issuance process and the principle of BBA (bai bithamin ajil) in sukuk structure; understand reason(s) methods of fund raising by firm and the allocations of fund; understand the sukuk default issue; analyze the reasons for sukuk default; understand the importance of debt securities credit ratings; and identify investors' protection in the case of sukuk default. Supplementary materials: Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. © 2015, Emerald Group Publishing Limited.},
author_keywords={Bai bithaman ajil;  Credit rating;  Default;  Sukuk;  Tracoma},
references={Bandyopadhyay, A., Predicting probability of default of Indian corporate bonds: logistic and Z-score model approaches (2006) The Journal of Risk Finance, 7 (3), pp. 255-272; Majid, H.A., Shahimi, S., Abdullah, M.H.S.B., Sukuk defaults and its implication: a case study of Malaysian capital market (2011) paper presented at The 8th International Conference on Islamic Economics and Finance, 19-21 December, Center for Islamic Economics and Finance, Qatar Faculty of Islamic Studies, , Qatar; Majid, H.A., Shahimi, S., Abdullah, M.H.S.B., Kan, Z.K.Z., Sukuk defaults and rating performance in Malaysia: a case study of Sukuk Bai' Bithaman Ajil (2010) paper presented at the 13th International Business Research Conference, , 22-24 November, Melbourne; (2010) Sukuk Report: A Comprehensive Study of the International Sukuk Market, , www.iifm.net/default.asp?action=category&id=66, (accessed, 1st eds.: 5 September 2010; (2005) National Automotive Policy Framework, , www.maa.org.my, (accessed, 29 October 2011; (2004) Credit analysis report: Tracoma holding Berhad-November 2004, , www.marc.com.my, (accessed: 29 October 2011; (2010) Sukuk Focus August 2010, , RAM Rating Services Berhad, Kuala Lumpur; (2007) Joint information note on the issuance of foreign currency-denominated bonds and Sukuk in Malaysia, , www.bnm.gov.my/documents/notes_sc_bnm.pdf, (accessed: 26 October 2011},
correspondence_address1={Hafizi, A.M.; Universiti KebangsaanMalaysia; email: hafizi_m@ukm.edu.my},
publisher={Emerald Group Publishing Ltd.},
issn={20450621},
language={English},
abbrev_source_title={Emerald Emerg. Mark. Case Stud.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Simon2015594,
author={Simon, S. and Omar, M. and Md Lazam, N.},
title={The asset pricing model of musharakah factors},
journal={AIP Conference Proceedings},
year={2015},
volume={1643},
pages={594-601},
doi={10.1063/1.4907499},
note={cited By 0; Conference of 2nd ISM International Statistical Conference 2014: Empowering the Applications of Statistical and Mathematical Sciences, ISM 2014 ; Conference Date: 12 August 2014 Through 14 August 2014;  Conference Code:111150},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063828983&doi=10.1063%2f1.4907499&partnerID=40&md5=2cba981b6dad4c5857cd1aa001a5d74d},
affiliation={Universiti Malaya, Kuala Lumpur, 50603, Malaysia; Universiti Teknologi Mara, Shah Alam, Selangor, 40450, Malaysia},
abstract={The existing three-factor model developed by Fama and French for conventional investment was formulated based on risk-free rates element in which contradict with Shariah principles. We note that the underlying principles that govern Shariah investment were mutual risk and profit sharing between parties, the assurance of fairness for all and that transactions were based on an underlying asset. In addition, the three-factor model did not exclude stock that was not permissible by Shariah such as financial services based on riba (interest), gambling operator, manufacture or sale of non-halal products or related products and other activities deemed non-permissible according to Shariah. Our approach to construct the factor model for Shariah investment was based on the basic tenets of musharakah in tabulating the factors. We start by noting that Islamic stocks with similar characteristics should have similar returns and risks. This similarity between Islamic stocks was defined by the similarity of musharakah attributes such as business, management, profitability and capital. These attributes define factor exposures (or betas) to factors. The main takeaways were that musharakah attributes we chose had explain stock returns well in cross section and were significant in different market environments. The management factor seemed to be responsible for the general dynamics of the explanatory power. © 2015 AIP Publishing LLC.},
author_keywords={Asset pricing model;  Factor model;  Islamic finance;  Musharakah;  Shariah investment},
references={Abdul Rahim, R., Mohd Nor, A.H.S., A comparison between fama and french model and liquidity-based three-factor models in predicting the portfolio returns (2006) Asian Academy of Management Journal of Accounting and Finance, 2 (2), pp. 43-60; Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), (2010) Shari'a Standards for Islamic Financial Institutions, , Manama, Bahrain; Ahmad, A.U.F., Sharia'h parameters of musharakah mutanaqisah in islamic finance: The experience of australian institutions offering islamic financial services (2011) ISRA International Journal of Islamic Finance, 3 (2). , Dec 2011; Al-Zuhayli, W., (2003) Islamic Jurisprudence and Its Proofs, 1. , Dar al-Fikr, Damascus, Syria; Arshad, N.C., Ismail, A.G., Shariah parameters for musharakah contract: A comment (2010) ISRA International Journal of Business and Social Science, 1 (1). , Oct 2010; Banz, W.R., The relationship between return and market value of common stocks (1981) Journal of Financial Economics, 9, pp. 3-18; Bhandari, L.C., Debt/equity ratio and expected common stock returns: Empirical evidence (1988) Journal of Finance, 43 (2), pp. 507-528. , Jun., 1988; Carhart, M.M., On persistence in mutual fund performance (1997) Journal of Finance, 52 (1), pp. 57-82. , Mar., 1997; Connor, G., Korajczyk, A.R., A Test for the Number of Factors in an Approximate Factor Model (1993) Journal of Finance, 48 (4), pp. 1263-1291. , Sep., 1993; Damodaran, A., Return on capital (roc), return on invested capital (roic) and return on equity (roe) (2007) Measurement and Implications, , Working paper, Stern School of Business, New York University; Fama, E.F., French, K.R., The cross-section of expected stock return (1992) Journal of Finance, 47 (2); Fama, E.F., French, K.R., Multifactor explanations of asset pricing anomalies (1996) Journal of Finance, 51 (1); Fama, E.F., French, K.R., Average returns, B/M, and share issues (2008) Journal of Finance, 63 (6); Elton, J.E., Gruber, J.M., Brown, J.S., Goetzmann, N.W., (2007) Modern Portfolio Theory and Investment Analysis, , John Wiley & Sons, Inc., Hoboken, NJ; Grinold, C.R., Kahn, N.R., (1995) Active Portfolio Management: Quantitative Theory and Applications, , Probus Publishing, Chicago, IL; Hanif, M., Risk and return under shari'a framework: An attempt to develop shari'a compliant asset pricing model (2011) Pakistan Journal of Commerce & Social Sciences, 5 (2), pp. 283-292; Huang, A.G., (2004) Expected Stock Returns and Earnings Volatility, , Working paper, Department of Finance, Leeds School of Business, University of Colorado, Boulder, CO; Al-Munzir, I.I., (1904) Kitab Al-Ijma', Cairo, , Egypt, 1904; Jaffar, M.M., New mushrakah model in managing islamic investment (2010) ISRA International Journal of Islamic Finance, 2 (2). , Dec., 2010; French, K.R., Schwert, G.W., Stambaugh, R.F., Expected stock returns and volatility (1987) Journal of Financial Economics, 19 (1987), pp. 3-29; Kresta, A., Tichy, T., International equity portfolio risk modeling: The case of the nig model and ordinary copula functions (2012) Journal of Economics and Finance, 62 (2). , 2012; Laldin, M.A., (2011) Introduction to shari'Ah & Islamic Jurispudence, , Third Edition, CERT Publications, Kuala Lumpur; Larsen, J.R., Marx, L.M., (2011) An Introduction to Mathematical Statistics and Its Applications, p. 282. , Fifth Edition, Pearson; MSCI Inc., (2012) Morgan Stanley Capital International, , Global Industrial Classification Standard, New York. Ottoman Courts Manual, Al Majalla Al Ahkam Al Adaliyyah, edited by Royal Iradah (International Islamic University Malaysia, 2005; Rudd, A., Clasing, K.H., (1988) Modern Portfolio Theory: The Principles of Investment Management, , Orinda, CA, Andrew Rudd; Tsay, S.R., Outliers, level shifts, and variance changes in time series (1988) Journal of Forecasting, 7 (1), pp. 1-20. , Jan., 1988},
editor={Noar N.A.Z., Zakaria R., Yusoff W.N.S.W., Mohamad M.S., Hamid M.R.},
sponsors={et al.; Kerajaan Negeri Pahang; Ministry of Science, Technology and Innovation; Penerbit UMP; Persatuan Sains Matematik Malaysia; UMP Holdings},
publisher={American Institute of Physics Inc.},
issn={0094243X},
isbn={9780735412811},
language={English},
abbrev_source_title={AIP Conf. Proc.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Naser2015979,
author={Naser, K. and Al-Mutairi, A. and Al Kandari, A. and Nuseibeh, R.},
title={Cogency of capital structure theories to an Islamic country: Empirical evidence from the Kuwaiti banks},
journal={International Journal of Economics and Financial Issues},
year={2015},
volume={5},
number={4},
pages={979-988},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84979822654&partnerID=40&md5=88ebb915ce887ea9dfb103950b433078},
affiliation={Kuwait Fund, Kuwait; Department of Economics and Finance, Gulf University for Science and Technology, Kuwait; Department of Banking and Insurance, Public Authority for Applied Education and Training, Kuwait; Free Financial Analyst, United Kingdom},
abstract={This study is set out to examine the cogency of capital structure theories in a unique Islamic financial environment where tax shield is irrelevant, paying or receiving interest is undesirable and government exercises control over major economic activities. To achieve this objective, the annual reports of all Kuwaiti banks listed on the Kuwait Stock Exchange for the period between 2010 and 2014 were used to extract internal bank variables. In addition, external macroeconomic data were extracted from World Bank statistics. The results of the pooled regression analysis disclosed that the capital structure of the Kuwaiti banks are influenced by their size measured by total assets, cash dividends paid and the market value/book value of the bank’s share. While the result was inconsistent with agency theory, it provides support to the pick-order, trade off and market theories. © 2015 Econjournals. All rights reserved.},
author_keywords={Banking sector;  Capital structure;  Firm size;  Kuwait;  Kuwait stock exchange;  Pecking order theory;  Static trade-off theory},
references={Aggarwal, R., Jamdee, S., Determinants of capital structure: Evidence from the G-7 countries (2003) In: Presentation at Financial Management Association Meeting, , Denver, Colorado; Aktas, R., Acikalin, S., Bakin, B., Celik, G., The determinants of banks’ capital adequacy ratio: Some evidence from South Eastern European countries (2015) Journal of Economics and Behavioral Studies, 7 (1), pp. 79-88; Ali, K., Akhtar, M., Sadaqat, S.H., Innovations and changes in capital structure: Using econometric practices fixed versus random - A case of commercial banks in focus (2011) Research Journal of International Studies, 20, pp. 130-139; Alkhazaleh, A., Almsafir, M., Does asymmetry of information drive banks’ capital structure? Empirical evidence from Jordan (2015) International Journal of Economics and Finance, 7 (3), pp. 86-97; Amidu, M., Determinants of capital structure of banks in Ghana: An empirical approach (2007) Baltic Journal of Management, 2 (1), pp. 67-79; Asarkaya, Y., Ozcan, S., Determinants of capital structure in financial institutions: The case of Turkey (2007) Journal of BRSA Banking and Financial Markets, 1 (1), pp. 91-109; Baker, M., Wurgler, J., Market timing and capital structure (2002) Journal of Finance, 57, pp. 1-32; Baltac, N., Ayaydın, H., Firm, country and macroeconomic determinants of capital structure: Evidence from Turkish banking sector (2014) Emerging Market Journal, 3 (3). , http://www.dx.doi.org/10.5195/emaj.2014.46; Binici, M., Köksal, B., Is the leverage of Turkish banks procyclical? (2012) Central Bank Review, 12 (2), pp. 11-24; Booth, L., Aivszian, A., Demirgug-Kunt, A., Makasovic, V., Capital structure in developing countries (2001) Journal of Finance, 56, pp. 87-130; Butt, S., Khan, Z., Nafees, B., Static trade-off theory or pecking order theory which one suits best to the financial sector (2013) Evidence from Pakistan. European Journal of Business and Management, 5 (23), pp. 131-140; Çağlayan, E., Şak, N., The determinants of capital structure: Evidence from the Turkish banks. Journal of Money (2010) Investment and Banking, 15, pp. 57-65; Céspedes, J., González, M., Molina, C., Ownership and capital structure in Latin America (2010) Journal of Business Research, 63 (3), pp. 248-254. , http://www.dx.doi.org/10.1016/j.jbusres.2009.03.010; Diamond, D., Rajan, R., A theory of bank capital (2000) Journal of Finance, 55, pp. 2431-2465; Fama, E., French, K., Testing trade-off and picking order prediction about dividends and debt (2002) Review of Financial Studies, 15, pp. 1-33; Frank, M., Goyal, V., Capital structure decisions: Which factors are reliably important? (2009) Financial Management, 38 (1), pp. 1-37; Gatsi, J., Akoto, R., (2010) Capital Structure and Profitability in Ghanaian Banks, , http://www.ssrn.com/abstract=1618952; Graham, J., Campbell, H., The theory and practice of corporate finance: Evidence from the field (2001) Journal of Financial Economics, 60, pp. 187-243; Gropp, R., Heider, F., (2008) The Determinants of Capital Structure: Some Evidence from Banks, , http://www.florian.heider.googlepages.com/bankcapital.pdf; Heaton, J., Managerial optimism and corporate finance (2002) Financial Management, 31 (2), pp. 33-45; Iwarere, H., Akinleye, G., Capital structure determinants in the Nigerian banking industry: Financial managers’ perspectives (2010) Pakistan Journal of Social Sciences, 7, pp. 205-213; Jensen, M., Agency costs of free cash flow, corporate finance and takeovers (1986) American Economic Review, 76, pp. 323-339; Jensen, M., Meckling, W., Theory of the firm: Managerial behavior, agency costs and capital structure (1976) Journal of Financial Economics, 3, pp. 305-360; Kensington, N., Determinants of capital structure of Australian trading banks (1995) Asia Pacific Journal of Management, 12 (2), pp. 97-121; Kleff, V., Weber, M., How do banks determine capital? Empirical evidence for Germany (2008) German Economic Review, 9 (3), pp. 354-372; Kraus, A., Litzenberger, R., A state preference model of optimal financial leverage (1973) Journal of Finance, 28, pp. 911-922; Kuo, H., The determinants of capital structure for commercial banks in Taiwan: An analysis (2000) International Journal of Management, 17 (4), pp. 505-511; Kuo, H., Lee, C., Determinants of the capital structure of commercial banks in Taiwan (2003) The International Journal of Management, 20 (4), pp. 515-522; Kurshev, A., Strebulaev, I., (2005) Firm size and capital structure, , http://www.haas.berkeley.edu/groups/finance/KuSt-Paper-2005-11-01-3.pdf; Li, X., Empirical study of the determinants of capital structure of listed commercial banks in China, Electronics, Communications and Control (ICECC) (2011) International Conference on Date of Conference, pp. 9-11. , September; Marques, M., Santos, M., (2003) Capital Structure Policy and Determinants: Evidence from the Portuguese Banking Industry, , http://www.fep.up.pt/investigacao/cempre/actividades/sem_fin/sem_fin_01/PAPERS_PDF/paper_sem_fin_14nov03.pdf; Modigliani, F., Miller, M., The cost of capital, corporation fiancé and the theory of investment (1958) American Economic Review, 48 (3), pp. 261-297; Modigliani, F., Miller, M., Corporate income taxes and the cost of capital: A correction (1963) American Economic Review, 5 (3), pp. 433-443; Mooij, R., Keen, M., Orihara, M., (2013) Taxation, Bank Leverage, and Financial Crises. International Monetary Fund, WP/13/48, , https://www.imf.org/external/pubs/ft/wp/2013/wp1348.pdf, February 2013; Myers, S.C., Determinants of Corporate Borrowing (1977) Journal of Financial Economics, 5 (2), pp. 443-453. , November; Myers, S., Capital structure (2001) Journal of Economic Perspectives, 15 (2), pp. 81-102; Myers, S., Majluf, N., Corporate financing and investment decisions when firms have information that investors do not have (1984) Journal of Financial Economics, 13, pp. 187-221; Nguyen, H., Kayani, Z., Determinants of banks’ capital structure in Asia - A comparison amongst developed and developing countries (2013) Master Thesis in Business Administration, , School of Economics and Management, Lunds University, Lund, Sweden; Rajan, R., Zingalies, L., What do we know about capital structure? Some evidence from international data (1995) Journal of Finance, 50, pp. 1421-1460; Roerink, S., (2014) Testing the Static Trade-Off Theory and the Pecking Order Theory of Capital Structure: Evidence from Dutch Listed Firms, , http://www.purl.utwente.nl/essays/65316, University of Twente, The Netherlands; Saeed, M., Gull, A., Rasheed, M., Impact of capital structure on banking performance: A case study of Pakistan (2013) Journal of Contemporary Research in Business, 4 (10), pp. 293-403; Sen, M., Pattanayak, J., An empirical study of the factors influencing the capital structure of Indian commercial banks (2005) The ICFAI Journal of Applied Finance, 11 (3), pp. 53-67; Sen, M., Pattanayak, J.K., Factors Influencing the liability structure: A study of Indian Commercial Banks (2009) Indian Accounting Review, 13 (1), pp. 48-66; Serrasqueiro, Z., Rogão, M., Nunes, P., Capital structure decisions of European and U.S. Listed firms: Is there a unique financial theory (2014) Research and Applications in Economics, 2, pp. 1-15; Sharpe, I., Determinants of capital structure of Australian trading banks (1995) Asia Pacific Journal of Management, 12 (2), pp. 97-121; Siam, W., Khrawish, H., El-Hammoury, B., The capital structure of banking sector in Jordan (2005) Dirasat Administrative Sciences, 32 (1), pp. 196-205; Siddiqui, M., Shoaib, A., Measuring performance through capital structure: Evidence from banking sector of Pakistan (2011) African Journal of Business Management, 5 (5), pp. 1871-1879; Titman, S., Wessels, R., The determinants of capital structure (1988) Journal of Finance, 43 (1), pp. 1-19; Vitor, D., Badu, J., Capital structure and performance of listed banks in Ghana (2012) Global Journal of Human Social Science, 12 (5), pp. 56-62; Warner, J., Bankruptcy costs: Some evidence (1977) Journal of Finance, 32 (2), pp. 337-347; Wong, J., Choi, K., Fong, T., Determinants of the capital level of banks in Hong Kong (2005) Hong Kong Monetary Authority Quarterly Bulletin, 44, pp. 14-37; Yang, S.H., (2005) Empirical Analysis on the Factors Affecting the Capital Structure of Chinese Commercial Banks, , http://www.economics-papers.com/an-empirical-study-on-the-determinants-ofcapital-structure-of-chinas-commercial-banks.html; Yueh-Hsiang, L., Shing-Yang, H., Ming-Shen, C., Managerial optimism and corporate investment: Some empirical evidence from Taiwan (2005) Pacific Basin Finance Journal, 13 (5), pp. 523-546},
publisher={Econjournals},
issn={21464138},
language={English},
abbrev_source_title={Int. J. Econ. Financ. Issues},
document_type={Article},
source={Scopus},
}

@ARTICLE{Meihami2014178,
author={Meihami, B. and Karami, J.},
title={The relationship between intellectual capital reporting and universities performance},
journal={Advances in Environmental Biology},
year={2014},
volume={8},
number={25},
pages={178-183},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063830167&partnerID=40&md5=102413629c9f4428a27a6cabcd8883a8},
affiliation={Department of Accounting, Ghorveh Branch, Islamic Azad University, Ghorveh, Iran; Young Researchers and Elite Club, Ghorveh Branch, Islamic Azad University, Ghorveh, Iran},
abstract={Today, the performance cannot be evaluated and judged based solely on financial measures That, since research has shown, the market value of firms and financial institutions, primarily asset. The nonfinancial in tangible assets or intellectual capital refers to their substance is determined. Intellectual capital(IC) is organisational intangible asset which is frequently associated with performance.(IC) is commonly categorized into three core component: human capital, structural capital and relational capital. Recently the role of intellectual is becoming very important inside small and medium enterprises, the main reason is because of their influence in formulation and implementation of strategies in these enterprises. The research included Islamic Azad University Qhorveh professors are the number of samples to 112 people. Distribute and collect the questionnaires it was found that the intellectual capital reporting on university performance (financial performance, Educational performance and research function) has a positive effect. © 2014 AENSI Publisher All rights reserved.},
author_keywords={Capital;  Educational performance;  Financial Performance;  Intellectual capital(IC);  Research performance},
references={Bontis, N., Chua, W., Richardson, S., Intellectual Capital and Business Performance in Malaysian Industries (1998) Journal of Intellectual Capital, 1 (1), pp. 85-100; Bounfour, A., (2005) The Management of Intangibles: The Organization’s Most Valuable Assets, , London: Routledge; Chen, M., Cheng, S., Yuchang, H., An Empirical Investigation of the Relationship between Intellectual Capital and Firms’ Market Value and Financial Performance Journal of Intellectual Capital, 6, pp. 159-176; Chung, K.H., Pruitt, S.W., A Simple Approximation of Tobin’s Q (1994) The Journal of Financial Management Association, 23, pp. 70-74; Abdullah, D.F., Sofiana, S., The Relationship between Intellectual Capital and Corporate Performance, The 2012 International Conference on Asia Pacific Business Innovation & Technology Management (2012) Procedia - Social and Behavioral Sciences, 40, pp. 537-541; Dimitrios, G.M., Konstantinos, V., Intellectual Capital Accounting Indicators (2012) International Conference on Applied Economics (ICOAE) 2012, Procedia Economics and Finance, 1, pp. 276-285; Role of intellectual capital in creating enterprise strategy, 2nd International Conference on Leadership, Technology and Innovation Management (2013) Procedia - Social and Behavioral Sciences, 75, pp. 44-51; Berzkalnea, I., Zelgalve, E., Intellectual capital and company value, Contemporary Issues in Business Management and Education 2013, 110, pp. 887-896. , Procedia - Social and Behavioral Sciences; Kaplan, R., Norton, D.P., (1996) The Balanced Scorecard: Translating Strategy into Action, , Harvard Business School Press, Boston; Gogan, L.M., Anca, D., A model to evaluate the intellectual capital, CENTERIS 2013 (2013) Conference on Enterprise Information Systems Projman 2013, 9, pp. 867-875. , International Conference on Project MANagement HCIST 2013, International Conference on Health and Social Care Information Systems and Technologies, Procedia Technology; Al-Musallia, M.A.K., Nor Izah Ku Ismail, K., Intellectual Capital Performance and Board Characteristics of GCC Banks, 2nd Annual International Conference on Accounting and Finance (AF 2012) (2012) Procedia Economics and Finance, 2, pp. 219-226; Gogan, M., An innovative model for measuring intellectual capital (2014) Procedia - Social and Behavioral Sciences, 124, pp. 194-199; Dong, Q., Changchun, G., Knowledge Engineering, Intellectual Capital of Creative Industry Park Based on Multi-objective Decision-Making and Entropy Methods (2012) Systems Engineering Procedia, 3, pp. 326-332; Roos, G., Pike, S., Fernström, L., (2005) Managing Intellectual Capital in Practice, , Oxford: Butterworth-Heinemann; Sumedrea, S., Intellectual Capital and Firm Performance: A Dynamic Relationship in Crisis Time (2013) International Economic Conference of Sibiu 2013 Post Crisis Economy: Challenges and Opportunities, 6, pp. 137-144. , IECS 2013, Procedia Economics and Finance; Stewart, T.A., Intellectual Capital: The New Wealth of Organizations (1997) Doubleday Currency, , New York, NY; Taylers, M., Pike, R., Sofian, S., Intellectual Capital, management accounting practices and corporate performance (2007) Accounting. Auditing & Accountability Journal, 20 (4-2), pp. 522-548; Yeganeh, V., Mohammad, B.Y.S., Mohammadic, E., Beigi, F.H., A Survey of Intellectual Capital in Public and Private Insurance Companies of Iran Case: Tehran city (2013) 4Th World Conference on Psychology, Counselling and Guidance WCPCG-2013, 114, pp. 602-609. , Procedia - Social and Behavioral Sciences; Yeganeh, V., Mohammad, B.Y.S., Mohammadic, E., Beigi, F.H., A Survey of the Relationship between Intellectual Capital and erformance of the Private Insurance Companies of Iran (2014) 4Th World Conference on Psychology, Counselling and Guidance WCPCG, 114, pp. 699-705. , Procedia - Social and Behavioral Sciences},
correspondence_address1={Meihami, B.; Department of Accounting, Iran},
publisher={American-Eurasian Network for Scientific Information},
issn={19950756},
language={English},
abbrev_source_title={Adv. Environ. Biol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kasim20142146,
author={Kasim, N. and Htay, S.N.N. and Salman, S.A.},
title={Proposed approach for best practices of Shari'ah corporate governance in the Malaysian Islamic capital market},
journal={Research Journal of Applied Sciences, Engineering and Technology},
year={2014},
volume={8},
number={20},
pages={2146-2149},
doi={10.19026/rjaset.8.1211},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84924692779&doi=10.19026%2frjaset.8.1211&partnerID=40&md5=fbb6966911723eb8e14fb6ecbedfbfb4},
affiliation={Faculty of Accountancy, Accounting Research Institute, Universiti Teknologi MARA, Shah Alam, Malaysia; International Council of Islamic Finance Educators, International Islamic University Malaysia, Kuala Lumpur, Malaysia; Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia},
abstract={With the rapid growth of Islamic finance industry, the countries offering Islamic products should be preparing standards and guidelines to cater for current market needs to ensure that the industry is operating in a conducive environment. Since Malaysia strives to position itself as a hub for Islamic finance, it must ensure that it proactively works towards moulding the industry. With the needs of the industry, the Central Bank of Malaysia has issued the Shari'ah Governance Framework for Islamic banks and Takaful. This was necessary in view of the lack of guidelines best practices in Shari'ah corporate governance in the Malaysian Islamic capital market. To this end, this study seeks to determine the approach best suited to establish a framework of Shari'ah corporate governance for listed companies in Malaysia. The interview results show that the hybrid approach is best suited to provide the general guidelines as a reference while accommodating the flexibility of Islamic law. © Maxwell Scientific Organization, 2014.},
author_keywords={Hybrid approach;  Islamic capital market;  Malaysia;  Shari'ah governance},
references={Alnasser, S., What has changed? the development of corporate governance in Malaysia (2012) J. Risk Financ., 13 (3), pp. 269-276; Bilal Philips, A.A., The Evolution of Fiqh (Islamic Law&the Madh-Habs) (2014), International Islamic Publishing House, Riyadh; (2014), http://www.bursamalaysia.com/market/islamic-markets/products/Islamiccapital-market/shariah-compliant-listed-equities; Report of the Committee on the Financial Aspects of Corporate Governance (1992), Gee, London; Elasrag, H., Corporate Governance in Islamic Financial Institutions (2014), http://mpra.ub.unimuenchen.de/56262/; (2014), http://www.ecgi.org/codes/allcodes.php; Directors' Remuneration- report of a Study Group (Chaired by Sir Richard Greenbury) (1995), Gee Publishing, London, (July 17); Guiding Principles on Shari'ah Governance Systems for Institutions Offering Islamic Financial Services (2009), http://www.ifsb.org/standard/IFSB-10%20Shariah%20Governance.pdf; Othman, Z., Rahman, R.A., Ethics in Malaysian corporate governance practices (2010) Int. J. Bus. Soc. Sci., 1 (3); Shehada, N., Flexibility versus rigidity in the practice of islamic family law (2009) PoLAR, 32 (1), pp. 28-46; (2012), http://www.mia.org.my/new/downloads/circularsandresources/circulars/2012/21/MCCG_2012.pdf; Zulkafli, A., Adul Samad, M.F., Ismail, M.I., Corporate governance in Malaysia (2014) Malays. Inst. Corp. Govern., 1, p. 18},
correspondence_address1={Kasim, N.; Faculty of Accountancy, Malaysia},
publisher={Maxwell Science Publications},
issn={20407459},
language={English},
abbrev_source_title={Res. J. Appl. Sci. Eng. Technol.},
document_type={Article},
source={Scopus},
}

@BOOK{Insoll201319,
author={Insoll, T.},
title={Survey and settlement},
journal={The Land of Enki in the Islamic Era},
year={2013},
pages={19-52},
doi={10.4324/9780203823842-7},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85084542528&doi=10.4324%2f9780203823842-7&partnerID=40&md5=f2abc9bb4cd45f611a7f63624b865889},
affiliation={School of Art History and Archaeology, University of Manchester, United Kingdom},
abstract={The area of Bilad al-Qadim surrounding the axis formed by the AlKhamis and the Al-Hassan/Haroun mosques was surveyed in an attempt to gain an understanding of the overall extent of the former settlement (Figure 2.1). The centre ofthis area, as noted, is formed by the Al-Khamis mosque, which is sometimes also referred to as the Suq Al-Khamis mosque, a reference to the market which used to be held in its vicinity on a Thursday. The meaning of Bilad alQadim is also a clue to the former importance of the area, it being "The Old Town" or alternatively, "The Old Country". However, demarcating the physical extent of the Early and Middle Islamic capital is difficult today, though Belgrave (1973: 148) describes it as lying between the Al-Khamis Mosque and the Khor Mukhtar inlet to the east, and a place once of "considerable size and importance" indicated by its various "walls and mounds". However, Belgrave's (1973:89) identification of its extent was made easier by the fact that Bilad al-Qadim was then "a sorry spectacle and with the exception of the south-west comer the town is deserted and in ruins". © Timothy Insoll, 2005.},
correspondence_address1={Insoll, T.; School of Art History and Archaeology, United Kingdom},
publisher={Taylor and Francis},
isbn={9781136774980; 0710309600; 9780710309600},
language={English},
abbrev_source_title={The Land of Enki in the Islamic Era},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Gray2012282,
author={Gray, R. and Ismail, A.},
title={Regulating Islamic Capital Markets},
journal={Islamic Finance: The Regulatory Challenge},
year={2012},
pages={282-291},
doi={10.1002/9781118390443.ch15},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84886512271&doi=10.1002%2f9781118390443.ch15&partnerID=40&md5=91d704192c903b564ae569a5cd048e93},
affiliation={HSBC Bank plc, United Kingdom},
author_keywords={Debt-backed Islamic securities;  Islamic capital markets regulation;  Murabahah;  Shar'iah;  Sukuk transactions},
references={''Islamic securities'' and ''sukuk'' are used interchangeably in this chapter; Resolution No. (60/11/6) issued at the sixth session of the Council of the Islamic Fiqh Academy held in Jeddah, Kingdom of Saudi Arabia, 17-23 Sha'baan 1410 H (corresponding to March 14-20, 1990), Concerning ''Bonds,'' Resolutions and Recommendations of the Council of the Islamic Fiqh Academy 1985-2000, Islamic Development Bank, 2000; Section 1.2, Ground Rules for the Management of the FTSE Global Islamic Index Series; Mohammad, H.K., Islamic Commercial Law, An Analysis of Futures and Options, Ilmiah Publishers, 2002; Governance Standard for Islamic Financial Institutions No. 1, Shari'ah Supervisory Board: Appointment, Composition and Report; Governance Standard for Islamic Financial Institutions No. 2, Shari'ah Review; Ibid., para. 3; Guiding Principles on Corporate Governance for Institutions Offering Only Islamic Financial Services (excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds) (2005), Exposure Draft No. 3, issued on December 21; Ibid., Part 3, Principle 3.1},
correspondence_address1={Gray, R.; HSBC Bank plcUnited Kingdom},
publisher={John Wiley and Sons},
isbn={9780470821893},
language={English},
abbrev_source_title={Islamic Finance: The Regulatory Chall.},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Khan2012193,
author={Khan, S.S.A.},
title={The role of IDB in Islamic capital market development},
journal={The Islamic Debt Market for Sukuk Securities: The Theory and Practice of Profit Sharing Investment},
year={2012},
pages={193-205},
doi={10.4337/9780857936219.00024},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84881821250&doi=10.4337%2f9780857936219.00024&partnerID=40&md5=677aae230581456ab45806b89dfd5335},
affiliation={Islamic Development Bank, Saudi Arabia},
correspondence_address1={Khan, S.S.A.; Islamic Development BankSaudi Arabia},
publisher={Edward Elgar Publishing Ltd.},
isbn={9780857936202},
language={English},
abbrev_source_title={The Islamic Debt Market for Sukuk Securities: The Theory and Practice of Profit Sharing Investm.},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Ilias201121,
author={Ilias, S.},
title={Islamic finance: Overview and policy concerns},
journal={Modern Islam: Traditions and Concerns},
year={2011},
pages={21-33},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84895395218&partnerID=40&md5=4971e29a58ea4dba08b99c530588ecdf},
abstract={Islamic finance is based on principles of shariah, or "Islamic law." Majorfinancial principles of shariah are a ban on interest, a ban on contractualuncertainty, adherence to risk-sharing and profit-sharing, promotion of ethical investments that enhance society, and asset-backing.While the Islamic finance industry represents a fraction of the globalfinance market, it has grown at double-digit rates in recent years. By someestimates, total assets held globally under Islamic finance reached $1 trillion in2010. Islamic banks have appeared to be more resilient than conventionalbanks to the immediate effects of the international financial crisis and globaleconomic downturn. Some analysts have attributed this to Islamic banks'avoidance of speculative activities. However, the Islamic finance industry hasnot been completely immune to the general decline in demand and investoruncertainty. Global issuance of Islamic capital market securities (sukuk), afast-growing segment of the Islamic finance industry, peaked in 2007 at $35billion, declined to $15 billion in 2008 and then rose to $20 billion in 2009.Islamic finance historically has been concentrated in Muslim-majoritycountries of the Middle East and Asia, but has expanded globally to countrieswith smaller Muslim populations. A number of European and other countries are working to reform their tax, legal, and regulatory frameworks to attractIslamic investments. There is a small but growing market for Islamic financein the United States.Through international and domestic regulatory bodies, there have beenefforts to standardize regulations in Islamic finance across different countriesand financial institutions, although challenges remain. Critics of Islamicfinance express concerns about possible ties between Islamic finance andpolitical agendas or terrorist financing and the use of Islamic finance tocircumvent U.S. economic sanctions. Supporters argue that Islamic financepresents significant new business opportunities and provides alternate methodsfor capital formation and economic development. © 2011 by Nova Science Publishers, Inc. All rights reserved.},
references={Silva, M., Islamic Banking Remarks (2006) Law and Business Review of the Americas, 12 (2). , Spring; Imam, P., Kpodar, K., (2010) Islamic Banking: How Has it Diffused, p. 3. , International Monetary Fund (IMF), WP/10/195, August; Jobst, A., (2007) The Economics of Islamic Finance and Securitization, , IMF Working Paper WP/07/117, August; (2008) Islamic Finance: Global Trends and Challenges, 18 (4). , The National Bureau of Asian Research Standard & Poor's, "Islamic Finance Outlook 2008; Solé, J., (2007) Introducing Islamic Banks into Conventional Banking Systems, , IMF Working Paper WP/07/175, July; http://www.aaoifi.com, AAOIFI standards and membership body information are; http://ifsb.org, IFSB standards and membership body information; Watchdog is Developing Governance Standards (2008) Misr Information Services and Trading News, , July 28; Islamic Banks: A Novelty No Longer (2005) BusinessWeek, , August 8; Liau, Y.-S., Richter, F., (2010) Islamic Finance Seems Overwhelmed by Scholar Reforms, , Reuters, September 28; Liau, Y.-S., (2010) Default Woes May Spell Islamic Finance Turning Point, , Reuters, August 5; Oakley, D., Bond, S., O'Murchu, C., Jones, C., Islamic Finance Explained (2008) Financial Times, , May 30; Jacobs, J., Special Focus: Islamic Finance Gains Ground (2010) The Edge Malaysia, , October 25; Islamic Finance Set to Cross $1 Trillion: Moody's (2010) The Economic Times, , Reuters October 21; DiVanna, J., Caplen, B., Top 500 Islamic Financial Institutions (2010) The Banker, , November 2; Timewell, S., A Template for Averting Disaster? -Roundtable (2009) The Banker, , January 1, 2009, Academic OneFile, Gale, Library of Congress, accessed February 6; Islamic Banking: An Asset of Promise? (2009) OECD Observer, , No. 275, November; Smith, E., Islamic Finance: Investment Strategy About More Than Faith (2010) Financial Times, , June 21; Hawser, A., Market Forces: Islamic Finance in Asia (2010) Global Finance, p. 76. , June; Faith-based finance (2008) Economist, 388 (8596), p. 82. , September 6; Imam, P., Kpodar, K., (2010) Islamic Banking: How Has it Diffused, , IMF, WP/10/195, August; Hawser, A., Market Forces: Islamic Finance in Asia (2010) Global Finance, p. 75. , January; Thornton, G., Ireland Attracts Shari'a Finance (2010) International Tax Review, , July/August; Thornton, G., (2010) The Road Ahead -Writing New Rules for Islamic Finance, , The Gulf, October 1; Hasan, O., (2010) Growing Islamic Finance Should Diversify, Regulate: Analysts, , Agence France Press, September 4; Chiu, S., Newberger, R., Paulson, A., Islamic Finance in the United States (2005) Society, , September/October; Smith, E., Islamic Finance: Investment Strategy About More Than Faith (2010) Financial Times, , June 21; (2009) Islamic Banking: A Guide for Small and Medium-Sized Enterprises, , International Trade Centre Geneva; (2009) Dow Jones Islamic Market Indexes Index Review Results: 4th Quarter 2009, , http://press.djindexes.com/index.php/dow-jonesislamic-market-indexes-index-review-results-4th-quarter-2009, Dow Jones Indexes press release, December 10; http://www.djindexes.com/islamicmarket/?go=supervisoryboard; (2010) Moody's: Islamic Industry Faces Need for Innovation, Including Its Own Derivative Products, , http://www.moodys.com/cust/content/content.ashx?source=StaticContent/Free%20Pages/Products%20and%20Services/Downloadable%20Files/Derivatives%20in%20Islamic%20Finance%20Needs%20Innovation.pdf, Moody's Investor Services press release, April 6; (2010) "Global Takaful -Lack of Shariah Uniformity May Hold Back Islamic Finance -Regulators,", , Middle East Insurance Review, August 1; Smith, E., Islamic Finance: Investment Strategy About More Than Faith (2010) Financial Times, , June 21; Gooch, L., Asia-Pacific Universities and Islamic Finance Slots; Institutions Respond to Shortage of Skills Professional in Sector (2010) International Herald Tribune, , September 27; Jacobs, J., (2010) Special Focus: Islamic Finance Gains Ground, , The Edge Malaysia, October 25; Hawser, A., Market Forces: Islamic Finance in Asia (2010) Global Finance, p. 76. , June; Oakley, D., Sukuk: Islamic Bonds Go the Way of the World (2008) Financial Times, , November 24; Jobst, A., Kunzel, P., Mills, P., Sy, A., (2008) Islamic Bond Issuance -What Sovereign Debt Managers Need to Know, , IMF Discussion Paper, PDP/08/3, July; (2009) Sukuk Market Decline Sharply in 2008, But Long-Term Prospects Remain Strong, , Standard & Poor's January 14; Default Woes May Reshape Islamic Finance (2010) MIST News, , August 5; Liau, Y.-S., Default Woes May Spell Islamic Finance Turning Point (2010) Reuter News, , August 5; Brougher, C., The Law of Church and State: General Principles and Current Interpretations, , CRS Report RS22833; Apps, P., Global Financial Centers Battle for Islamic Markets (2008) International Herald Tribune, , July 25; Aizenman, N.C., (2008) A Higher Law for Lending, , The Washington Post, May 13; Chiu, S., Newberger, R., Paulson, A., (2005) Islamic Finance in the United States, , Society, September/October; Aizenman, N.C., (2008) A Higher Law for Lending, , The Washington Post, May 13; Aizenman, N.C., (2007) Islamic Finance Gaining Traction in the U.S., , Dinar Standard, November 22; (2007) Ali: Islamic Banking is a Rapidly Growing Industry, , Council of Foreign Relations interview, June 8; (2006) The Islamic Financial Industry Comes of Age, , Standard & Poor's Commentary Report, October 25; Slater, J., Kate, H., GE Capital Enters Sukuk Market (2009) The Wall Street Journal, , November 20; Apps, P., Global Financial Centers Battle for Islamic Markets (2008) International Herald Tribune, , July 25; Baxter, T.C., (2005) Regulation of Islamic Financial Services in the United States, , Remarks Before the Seminar on Legal Issues in Islamic Financial Services Industry, March 2; Modi, V., Writing the Rules: The Need for Standardized Regulation of Islamic Finance (2007) Harvard International Review, , Spring; (2007) Islamic Bonds Improve LSE Standing, , Oxford Analytica, March 8; Silva, M., Islamic Banking Remarks (2006) Law and Business Review of the Americas, , Spring},
correspondence_address1={Ilias, S.},
publisher={Nova Science Publishers, Inc.},
isbn={9781613243497},
language={English},
abbrev_source_title={Modern Islam: Tradit. and Concerns},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Saidi2011348,
author={Saidi, N.},
title={Corporate governance in the islamic finance industry and mitigation of risks post the global financial crises},
journal={Corporate Governance and the Global Financial Crisis},
year={2011},
pages={348-364},
doi={10.1017/CBO9780511736599.015},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84926116385&doi=10.1017%2fCBO9780511736599.015&partnerID=40&md5=b76dc4be20d37f61fd749994c5de0bda},
affiliation={Hawkamah Institute for Corporate Governance, Dubai International Finance Centre Authority, United Arab Emirates},
abstract={The ongoing financial crisis poses a series of challenges to policymakers and regulators as they attempt to stabilize financial markets and prevent a meltdown. The political and popular backlash is eliciting and promising deep banking and financial sector reform, including in the Bretton Woods international financial architecture and a wave of regulations, encompassing corporate governance. At the most basic level, the current crisis stemmed from excessive risk-taking for short-term profit by senior managements in highly leveraged banking and financial institutions. Boards were not fulfilling their obligations in ensuring the sustainability of their operations. Regulators were failing to provide satisfactory oversight of a system that provided incentive to leverage through securitization and sent the wrong prudential signals through the pro-cyclicality of capital adequacy and value-at-risk measures. In other words, the crisis originated from failures on three principal levels: the senior management level, the board level and at the regulatory level: the senior management level, the board level and at the regulatory level. © Cambridge University Press 2011.},
references={Khamis, M., Senhadji, A., (2010) Learning from the Past: IMF Survey March 2010, , www.reuters.com/article/idUSTRE5BD0D720091214;; Saidi, N., Corporate governance in islamic finance (2008) Islamic Wealth Management: A Catalyst for Global Change and Innovation, , Jaffer, S. (ed.), London: Euro money Institutional Investor; Saidi, N., (2009) Financial Crises and the Corporate Governance Solution: Moving Forward on Remedies, , keynote address at, SAMA Institute of Banking, 24 March 2009, Riyadh, KSA; Saidi, N., Islamic finance is coming of age (2009) Formiche, , June 2009},
publisher={Cambridge University Press},
isbn={9780511736599; 9781107001879},
language={English},
abbrev_source_title={Corporate Gov. and the Global Financial Crisis: International Perspectives},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Henry201069,
author={Henry, C.M.},
title={Population, urbanisation and the dialectics of globalisation},
journal={The New Cambridge History of Islam: Muslims and Modernity Culture and Society Since 1800},
year={2010},
pages={69-106},
doi={10.1017/CHOL9780521844437.004},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84927089595&doi=10.1017%2fCHOL9780521844437.004&partnerID=40&md5=6db559103fc281b50f8c163ee2876b43},
affiliation={University of Texas, Austin, United States},
abstract={Introduction: In the nineteenth and early twentieth centuries European colonialism created the infrastructure for a new and more global system of economic production and exchange. In the aftermath of the Second World War, colonial capitalism gave way to less directly coercive linkages of market and state, but events have otherwise preserved a general pattern of Western economic dominance.This chapter examines the impact of the phases of economic globalisation and Western dominance since the late nineteenth century on urbanisation, industrialisation and inequality in the Muslim world. It also examines how mainstream Islam is responding to the challenges of globalisation. Special attention is given to the colonial legacies of population, urban growth and class inequalities; the implications of globalisation and international economic restructuration during the 1980s and 1990s; contrasts between oil-producing and non-oil Muslim economies and alleged affinities between the rentier state and political authoritarianism; the new alliance between Islamic financiers, the ʿulamāʾ and global capitalism; and the impact of today’s ‘demographic bulge’ on future trends in population and politics.Colonial legacies: The development of the telegraph, coupled with the opening of the Suez Canal in 1869, ushered in the first phase of economic globalisation, 1870–1914. Movements of peoples, goods, capital and information accelerated across the globe, and the governments of the principal owners of the capital and technology in turn extended their empires for the sake of increased efficiency and to defend themselves from one another © Cambridge University Press 2010.},
references={Brown, L.C., (2000) Religion and State: The Muslim Approach to Politics, , New York; Gray, J., (1998) False Dawn: The Delusions of Global Capitalism, , New York; Henry, C.M., (1996) The Mediterranean Debt Crescent: Money and Power in Algeria, Egypt, Morocco, Tunisia, and Turkey, , Gainesville, FL; Kotkin, J., (2005) The City: A Global History, , New York; Lapidus, I., (1988) A History of Islamic Societies, , Cambridge; Lerner, D., (1958) The Passing of Traditional Society, , New York and London; Roger, O., (1981) The Middle East in the World Economy 1800–1914, , London; Stiglitz, J.E., (2002) Globalization and Its Discontents, , New York; (2005) Freedom in the World, , www.freedomhouse.org/research/freeworld/2005/charts2005.pdf, assorted charts, retrieved 24 July 2005; Galbraith, J., University of Texas Inequality Project, , http://utip.gov.utexas.edu/; Mahdavy, H., Introductory remarks, and ‘the patterns and problems of economi c development in rentier states: The case of iran’ (1970) Studies in the Economic History of the Middle East, pp. 255-267. , M. A. Cook, London, and 428–67; (2005) Arab human development report 2004: Toward freedom in the Arab world, , New York; (2004) Unlocking the Employment Potential in the Middle East and North Africa: Toward a New Social Contract, , MENA Development Report, Washington, DC; (2005) The World Development Indicators 2005, , cd-rom, Washington, DC; (1997) World development report 1997: The state in a changing world, , New York; Abu-Lughod, J.L., (1971) Cairo: 1001 years of the city victorious, , Princeton; Abu-Lughod, J.L., (1980) Rabat: Urban Apartheid in Morocco, , Princeton; Ali, S.N., (2005) Islamic finance: Current legal and regulatory issues, , Cambridge, MA; Batatu, H., (1978) The old social classes and the revolutionary movements of Iraq: A study of Iraq’s old landed and commercial classes and of its Communists, Ba’thists, and Free Officers, , Princeton; Batatu, H., (1999) Syria’s peasantry, the descendants of its lesser rural notables, and their politics, , Princeton; Beblawi, H., Luciani, G., (1987) The Rentier State, , New York; Brouksy, L., (2004) La mémoire du temps: Maroc, pays de l’inachevé, , Paris; Chaudhry, K.A., (1997) The Price of Wealth, , Ithaca; Elsheshtawy, Y., (2004) Planning Middle East Cities: An Urban Kaleidoscope in a Globalizing World, , London; Fuller, G.B., (2003) The Youth Factor: The New Demographics of The Middle East and The Implications for U.S. Policy, , Brookings Institution, Analysis Paper # 3, June; Galbraith, J., Berner, M., (2001) Inequality and Industrial Change: A Global View, , Cambridge and New York; Ghannam, F., (2002) Remaking the Modern: Space, Relocation, and the Politics of Identity in a Global Cairo, , Berkeley; Harik, I., Sullivan, D.J., (1992) Privatization and Liberalization in the Middle East, , Bloomington; Hefner, R.W., (2000) Civil Islam: Muslims and Democratization in Indonesia, , Princeton; Henry, C.M., Springborg, R., (2001) Globalization and the Politics of Development in the Middle East, , Cambridge; Henry, C.M., Wilson, R., (2004) The politics of Islamic finance, , Edinburgh; Herb, M., No representation without taxation? Rents, development, and democracy (2005) Comparative Politics, 37 (3), pp. 297-316; Huntington, S.P., (1991) The Third Wave: Democratization in the Late Twentieth Century, , Norman, OK, and London; Jang, J.H., (2005) Taming Political Islamists by Islamic Capital: The Passions and The Interests in Turkish Islamic Society, , Ph.D. thesis, University of Texas at Austin; Kuran, T., (2004) Islam and Mammon: The Economic Predicaments of Islamism, , Princeton; Mitchell, T., (2002) Rule of Experts: Egypt, Techno-Politics, Modernity, , Berkeley; Perkins, K.J., (2004) A History of Modern Tunisia, , Cambridge; Riaz, A., (2004) God Willing: The Politics of Islamism in Bangladesh, , New York; Ross, M.L., Does oil hinder democracy? (2001) World Politics, 53, pp. 325-361. , (April); Slyomovics, S., (2005) The Performance of Human Rights in Morocco, , Philadelphia; Vogel, F., Samuel, L.H., (1998) Islamic law and finance: Religion, risk, and return, , The Hague, London and Boston; Waterbury, J., Hate your policies, love your institutions (2003) Foreign Affairs, 82 (1), pp. 58-69. , January–February},
correspondence_address1={Henry, C.M.; University of TexasUnited States},
publisher={Cambridge University Press},
isbn={9781139055925; 9780521844437},
language={English},
abbrev_source_title={The New Camb. History of Islam: Muslims and Modernity Culture and Society Since 1800},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Bouhaider20103,
author={Bouhaider, R. and Laraba, M.},
title={The reality of the application of base II accord requirements by islamic banks},
journal={Journal of King Abdulaziz University, Islamic Economics},
year={2010},
volume={23},
number={2},
pages={3-50},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78149475438&partnerID=40&md5=0a7b1ba3a92af7d04b3e18c6241e74c8},
affiliation={University of Jijel, Algeria; University of Constantine, Algeria},
abstract={The banking system in general incorporates various risks that require taking precautions and adequate procedures to manage and control these risks according to the international best practice in order to mitigate potential risk exposures or avoid them. As a result of the increasing financial crisis in countries around the globe that resulted in the collapse of many reputable international banking institutions? which was a result of the inadequate managing and controlling their risks. In this context, the Basel II accords was introduced in the year 2006, and made a major impact on the banking supervision. Although major differences exist between Islamic and conventional banks, it is required for Islamic banks to cope with international banking standards and provide viable and safe banking grounds. Generally, this study has revealed that the two selected banks have: a capital adequacy ratio higher than the Basel Committee's minimum level of 8%, there are a growth intentions of risk management and required to comply with the standardized approach and measure risk exposure for capital adequacy. In the other hand most of the Islamic banks have a lot of problems in: calculating capital adequacy ratio, the supervisory review process and the market discipline. As in the case of all banks in emerging countries that are not fully capable of implementing Basel II accords, Islamic banks do not have posses the adequate levels of core requirements for such practices, which reflect a negative outlook for the readiness to commit to Basel II requirements.},
references={Abdul Rahim, A.W., (2006) Takaful Business Models based on WAQF: Shariah and Actuarial concerns and Proposed Solutions, , Presented at the second International Symposium on Takaful, Malaysia, 21-22 February; Emmanuel, D., (2002) Gestion des risques de crédit: la prise en compte des systèmes de notation interne par la comité de bale; quels impacts opérationnels pour les banques, , BANQUEmagazine. N°639, Septembre; Ali, E.M., Credit Risk in Islamic Banking and Finance (2003) Islamic Economic Studies, 10 (2). , Muharram 1424H March; Hassan, M.K., Mehmet, D., Basle II and Capital Requirements for Islamic Banks (2005) 6th International Conference on Islamic Economics and Finance, , (November: 21-24) (Islamic Economics and Banking in the 21st centry, Jakarta: Indonesia; Heffernan, S., (2005) Modern Banking, , England: John Wiley& Sons Ltd; Kahf, M., Basel II: Implications for Islamic Banking (2005) 6th International Conference on Islamic Economics and Finance, , (November: 21-24) (Islamic Economics and Banking in the 21st centry), Jakarta: Indonesia; Karacadag Cem et, W., Michael, T., (2000) vers une nouvelle norme bancaire mondiale, Propositions du Comité de Bâle, , Finances & Développement, Décembre; Aly, K., (2004) Islamic insurance: A modern approach to Islamic banking, , First published, London: Routledgcurzon; Seref, T., (2000) performance and risk analysis of Islamic Banks: The case of Bahrain Islamic Banks, 8. , JKAU Islamic Econ, (1416 A.H/1996. A.D); www.bis.org, Arabian source; www.ifsb.org, Arabian sources; www.qcb.gov.qa, Arabian sources; www.qib.com.qa, Arabian sources; www.bnm.gov.my, Arabian sources; www.bankislam.com.my, Arabian sources; (2006) Basel Committee on Banking Supervision, , International Convergence of Capital Measurement and Capital Standards, Bank for International Settlements},
correspondence_address1={Bouhaider, R.; University of JijelAlgeria; email: roukia_am@yahoo.fr},
publisher={King Abdulaziz University Scientific Publishing Center},
issn={10187383},
language={Arabic},
abbrev_source_title={J. King Abdulaziz Univ. Islam. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Dreassi2009469,
author={Dreassi, A.},
title={Insurance solvency supervision, european regulation and takaful products},
journal={Savings and Development},
year={2009},
volume={33},
number={4},
pages={469-491},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78349279198&partnerID=40&md5=1921afd3249afb130e6c115ca342d373},
abstract={This paper investigates the application of global solvency supervisory principles and the European Solvency II regulatory framework to Takaful schemes, given their growth potential in both Western and Islamic countries. Due to their particular nature, concerns have been raised as to the suitability of international standards for sound and proper supervision. On the one hand, growing numbers of potential customers are already present in many Western countries, but only in a few of these countries are these products available, and even then in limited numbers, due at least in part to regulatory and supervisory constraints. In many emerging countries, on the other hand, these schemes represent a significant portion of insurance business, despite low levels of insurance penetration and a limited diffusion of specific regulation and supervision, driving attention to risks for customers arising from extreme events. This contribution focuses on major supervisory complexities surrounding the introduction of Takaful in European countries, with regard to the forthcoming Solvency II framework. Its three-pillared approach encompasses financial, governance and risk management requirements, as well as transparency and enhanced disclosure: in all these areas, several issues arise when considering Takaful schemes (e.g. size of market risks, definition of eligible capital, potential conflicts of interest, segregation of funds and accountability). Some concerns are shared by mutual and cooperative insurers, whereas others are more specific: the application of the proportionality principle is still under development, and its reconciliation might prove a difficult task. The objective of this study is to highlight these main areas of concern, with particular regard to the issues of solvency and prudential supervision: this might be useful to emerging economies and their improving solvency regulation as well, should risk-based supervision be increasingly adopted as a world-wide standard.},
author_keywords={Capital adequacy;  Disclosure;  Governance;  Insurance supervision;  Islamic insurance;  Solvency ii;  Solvency regulation;  Takaful},
keywords={capital market;  economic development;  economic growth;  financial provision;  governance approach;  insurance system;  risk assessment, Europe},
references={Ainley, M., Mashayekhi, A., Hicks, R., Rahman, A., Ravalia, A., (2007) Islamic Finance in the UK: Regulation and Challenges, , www.fsa.gov.uk, [Retrieved:31stJuly2008], FSA - Financial Services Authority (UK), November, available on; (2007) AISAM-ACME's Proposal Regarding the Application Threshold of Solvency II for Very Small Variable Premium Mutual Insurers and Equivalent, , www.amice-eu.org, AISAM, ACME, Brussels, 14th June, available on [Retrieved: 30th May 2008]; (2007) The European Mutual Insurance Sector and Solvency II: An Overview, Brussels, , www.amice-eu.org, AISAM, ACME, 10th July 2007, available on [Retrieved: 30 th June 2008]; (2007) Initial Comments on the Proposal for A Solvency II Framework Directive COM (2007) 361 of 10 July 2007, , www.amice-eu.org, AISAM, ACME, Brussels, 21st December, available on [Retrieved: 30th May 2008]; Is Solvency II Set to Harm Consumer Choice and Smaller Insurers?, 11. , www.amice-eu.org, AMICE, 2010, press release, [Retrieved: 15 April 2010]; Best, A.M., (2008) Takaful (Shari'a Compliant) Insurance Companies, , www.ambest.com/ratings/methodology.asp, Best's Rating Methodologies, 11th February, available on [Retrieved: 30th August 2008]; Bekkin, R.I., Islamic Insurance: National features and legal regulation (2007) Arab Law Quarterly, 21 (1), pp. 3-34; Bhatty, A., (2007) Aspects of Business Operations in Different Takaful Modalities, , www.bnm.gov.my/microsites/giff2007/pdf/frf/07-06.pdf, presentation to the Global Islamic Financial Forum, 26 th-29th March, Kuala Lumpur, available on [Retrieved: 30th June 2008]; Billah, M.M., Life Insurance? An islamic view (1993) Arab Law Quarterly, 8 (4), pp. 315-324; Billah, M.M., Islamic Insurance: Its origins and development (1998) Arab Law Quarterly, 13 (4), pp. 386-422; Billah, M.M., Insurable Interest: Can the modern law be adopted in takaful operations? (2000) Arab Law Quarterly, 15 (2), pp. 206-209; Casey, P., Establishing a robust legal and regulatory framework for takaful (2007) Financial Regulators Forum in Islamic Finance, , www.bnm.gov.my, 29th March, available on [Retrieved: 30th August 2008]; Dingwall, S., Griffiths, F., The United Kingdom: Regulatory approach to takaful (2006) ICMIF Series of Takaful Articles, (7). , www.icmif.org/services/takaful/ICMIF-articles.asp, November, available on, [Retrieved:30thAugust2008]; Ernst, Young, The World takaful report 2008 (2008) Presentation at the 3rd Annual World Takaful Conference, , www.ey.com, [Retrieved: 30th June 2008]; (2009) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the Taking-up and Pursuit of the Business of Insurance and Reinsurance (Solvency II), , EU, COD(2007)-143; (2009) Annex 1 - Updated Timetable, Letter of Director-General Jörgen Holmquist to CEIOPS, , http://ec.europa.eu, EU, [Retrieved: 30th September 2009]; Ghani, D.Z.A., (2007) Deputy Governor's Opening Address at the 3rd International Convention on Takaful and Retakaful, , www.bnm.gov.my/index.php?ch=9&pg=15&ac=257, Nikko Hotel, Kuala Lumpur, 29 August 2007, available on [Retrieved: 30th May 2008]; (2006) Issues Paper on Issues in Regulation and Supervision of Takaful (Islamic Insurance), , www.iaisweb.org, IAIS-IFSB, August, Available on, [Retrieved:30thMay2008]; (2009) Global mutual market share 2006-2007, , www.icmif.org, ICMIF, 14th October, Available on [Retrieved: 15th December 2009]; Ishak, B., Establishing a robust legal and regulatory framework for takaful (2007) Financial Regulators Forum in Islamic Finance, , www.bnm.gov.my, 29th March, available on [Retrieved: 30th August 2008]; Population, I., (2008) World Muslim Population, , www.islamicpopulation.com, [Retrieved: 30th August 2008]; Jaffer, S., (2006) 2005 Global Takaful Review: Evolving Trends, Opportunities and Challenges, , www.islamicfinancenews.com, Islamic Finance News Guide 2006, available on [Retrieved 30th May 2008]; Kuen, Y.L., Essential elements for effective supervision of takaful operators (2007) Financial Regulators Forum in Islamic Finance, , www.bnm.gov.my, 29th March, available on [Retrieved: 30th August 2008]; Kwon, W.J., Islamic principle and takaful insurance: Re-evaluation (2007) Journal of Insurance Regulation, 26 (1), pp. 53-82. , Fall; Macfarlane, B., (2006) Shariah Compliant Insurance Products - Takaful in the UK, , www.islamicfinancenews.com, 9th July issue [Retrieved: 30th May 2008]; Mahmood, N.R., Takaful: The Islamic system of mutual insurance: The malaysian experience (1991) Arab Law Quarterly, 6 (3), pp. 280-296; Maysami, R.C., Kwon, W.J., (1999) An Analysis of Islamic Takaful Insurance - A Cooperative Insurance Mechanism, 18 (1), pp. 109-132. , Journal of Insurance Regulation, Fall; Obaidullah, M., (2005) Islamic Financial Services, , islamiccenter.kau.edu.sa, Islamic Economics Research Center - Saudi Arabia, publication available on [Retrieved: 30th May 2008]; Wyman, O., Takaful: A new global insurance growth opportunity (2007) Financial Services, , www.oliverwyman.com, originally published in 2006, available on [Retrieved: 31st July 2008]; Rhi-Sausi, J.L., (2008) Analisi dei bisogni finanziari e assicurativi degli immigrati in Italia, , www.cespi.it/powerpoint/Presentazione%20Forum%20ABI%20CSR%202008.ppt, Analysis of financial and insurance needs of immigrants on Italy, presentation to the ABI-CSR 2008, available on [Retrieved 17 October 2008]; Sabbagh, A., Mutuality and Takaful, the case of jordan (2004) Mutuality, Cultural Diversity and Sustainable Development Seminar, 21. , www.icmif.org/services/takaful/welcome.asp, paper presented at the, [Retrieved:30thAugust2008]; Tolefat, A.R., Essential elements for effective supervision of takaful operators (2007) Financial Regulators Forum in Islamic Finance, , www.bnm.gov.my, Presentation at the 29th March, available on [Retrieved: 30th August 2008]},
correspondence_address1={Dreassi, A.},
issn={03934551},
language={English},
abbrev_source_title={Sav. Dev.},
document_type={Article},
source={Scopus},
}

@CONFERENCE{Omidvar2008661,
author={Omidvar, H.},
title={Natural gas industry in Iran},
journal={International Gas Research Conference Proceedings},
year={2008},
volume={1},
pages={661-668},
note={cited By 0; Conference of International Gas Union Research Conference 2008, IGRC 2008 ; Conference Date: 8 October 2008 Through 10 October 2008},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-77953698282&partnerID=40&md5=0bea9353b49f3609b464a7452de92485},
affiliation={Research and Technology Dept., National Iranian Gas Company, No.77-Southern Aban St. - Karimkhan Ave., Tehran-1598753113, Iran},
abstract={AT the end of March 2007, the remaining quantity of recoverable gas reserves in the country has been in excess of 28.3 trillion cubic meters that is the second gas rich country in the word. While the geological studies in certain geographical regions of the country have not been thoroughly conducted yet. it is likely to explore further reserves of gas in the future. Therefore a thorough and explicit planning knowledge is essential for utilization of this energy carrier. Iran is one of the largest gas rich countries in the world that production potentials exceed gas injection and domestic consumption requirements. Gas can be utilized as feedstock for petrochemical and refining products or exported through pipelines or as LNG. By injecting gas into oil reservoirs while increasing the oil recovery ratio of oil fields, gas storage from production of shared reservoirs into non- shared reservoirs is as well accomplished. Gas consumption in domestic markets and its substitution with oil products in addition to environmental benefits, will also result into the optimum consumption of these products and relieve the government from the heavy burden of existing subsidies and the heavy expenditures of importing these products into the country. To supply gas requirements, proper operation and appropriate production of shared reservoirs such as south pars with the objective of securing gas requirements and providing balance of supply and demand as well as utilization of maximum share in these reservoirs are other essentials towards development of this vital industry. Several energy experts and Iran's economy analysts believe that further expansion and utilization of natural gas is an essential element for sustainable development and this energy carrier is considered the superior fuel of the 21 century. According to reliable estimations, natural gas in regard to its intrinsic characteristics and especially environmental suitability is one of the energy carriers that will attain the highest growth rate among other energy carriers with in the next two decades which itself is indicative for consumption growth of this substance in the global basket of energy consumption. The need of the world's countries for energy sources along the enormous natural gas reserves in the country opens broad economical, political dialogue scene towards us and contributes an outstanding strategic significance to our gas resources. Iran, regard to her geographical and political strategic situation. Can play a leading role in global gas supply and act as a bridge between the enormous Middle Eastern gas reserves with major gas consumption and demand centers in Europe and Asia Planning and policy making regarding the development of gas industry, it is essential to manage all aspects of gas from exploration and production to consumption, injection and exports and etc. is essential to be administered by the national Iranian gas company so that prepared plans could be implemented without being subject to such problems as lack of coordination, parallel activities and organizational difficulties. The Islamic republic of Iran having access to enormous quantities of gas reserves, towards attaining the appropriate disposition in regard to her volume of reserves should as well furnish the provision of absorbing the world's up to date technological capital, to compensate her remoteness from worlds gas markets. The 21 century is the century of gas and our country potentially and in an exceptional manner, by adopting an organized strategy ,could portray the most natural and influential role for the people and the country's economy as well as in the region and the world. The increasing global needs for hydrocarbon energies and related industries / encompasses one of the golden opportunities for our country. In conclusion it is worth mentioning that within that the next 10 years Iran requires capital investment in excess of $50 billion in her gas industry to become capable of accomplishing objectives such as supply of domestic demands/provide the necessary gas for injection to oil wells / increase gas reservoirs/added value through transaction with industries and to realize proper disposition in regional and global gas market.},
correspondence_address1={Omidvar, H.; Research and Technology Dept., No.77-Southern Aban St. - Karimkhan Ave., Tehran-1598753113, Iran; email: omidvar@nigc.ir},
sponsors={Petronas; Kiwa; Logica},
address={Paris},
issn={07365721},
isbn={9781615678709},
coden={PGRCD},
language={English},
abbrev_source_title={Int. Gas Res. Conf. Proc.},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Kolcunová2004354,
author={Kolcunová, E.},
title={Islamic financial system [Islámský finanční systém]},
journal={Ekonomicky casopis},
year={2004},
volume={52},
number={3},
pages={354-363},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-2642576756&partnerID=40&md5=7bb6d62d55efb5708f177277e92388cd},
affiliation={Vysoka Skola Banska-Technicka Univ., Ekonomická Fakulta, Sokolská 33, Ostrava 1 701 00, Czech Republic},
abstract={More than 150 financial institutions are estimated to offer their services in various forms of the Islamic financial system (IFS) in more than 50 countries in the world. The rate of growth of IFS exceeds 15 % p. a. Islam rejects a designated and guaranteed profit and a certain kind of the interest. The IFS follows sharia - an Islamic set of rules. Among the most used financial instruments and techniques in IFS ranks: profit margin or additional costs, leasing, profit sharing, co-partnership, sale contracts, non-interest-loan. Central banks in Islamic world began to appear in 50's and 60's in the 20th century. The petrol trade led to boom of commercial banks in 70's. Islamic capital markets as well as the banking sector are far from making full use of their potential and face barriers.},
author_keywords={Financial instruments and techniques of IFS;  Islamic capital markets;  Islamic financial system rejects of the interest},
keywords={banking;  capital market;  central bank;  financial system;  Islamism;  profitability},
references={Iqbad, Z., Les systèmes financiers islamiques (1998) Problèmes économiques, (2553), pp. 19-22; Jurečka, V., K vývoji ekonomického myšleni. K nčkterým problémům islámské ekonomické teorie a politiky (1982) Politická Ekonomie, 30 (8), pp. 875-883; Khan, A., Développement financier et croissance économique: un débat ancien (2000) Monnaie et Finance, (2666), pp. 20-24; (2000) Islamic Banking and Finance, 27, p. 10; http:/www.dc3.co.uk/islamicbankingnews.htm; http://www.ladocfrancaise.gouv.fr; http://www.alahli.com/islamic_banking},
correspondence_address1={Kolcunová, E.; Vysoka Skola Banska-Technicka Univ., Ekonomická Fakulta, Sokolská 33, Ostrava 1 701 00, Czech Republic; email: Eva.Kolcunova@vsb.cz},
publisher={Slovak Academic Press Ltd},
issn={00133035},
language={Slovak},
abbrev_source_title={Ekon. Cas.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Grešš2003203,
author={Grešš, M. and Lipková, L.},
title={Organisation of petroleum exporting countries - 40 years of existence [Organizácia krajín vyvážajúcich ropu - 40 rokov existencie]},
journal={Ekonomicky casopis},
year={2003},
volume={51},
number={2},
pages={203-216},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0037541115&partnerID=40&md5=498075b5d29a5b23aabf708a7dcc8c81},
affiliation={Ekonomicka univerzita v Bratislave, Fakulta medzinarodnych vzt'ahov, Kat. dipl. a medzinarodnych vzt'ahov, Dolnozemská cesta 1, Bratislava 5 852 35, Slovakia},
abstract={In the seventies OPEC substantially changed the global environment by increasing the oil prices from 1.5 USD/barrel to almost 15 USD/barrel in 1975 and over 30 USD/barrel in the 1979 - 1980. These oil shocks had a great impact on the nations all over the world. There was an essential change in territorial and commodity structure of international trade. Oil shocks also accelerated the research and development and application of its results. There were various economical and political reasons that led to the oil shocks. First of all, the unbalance between oil supply and demand on the world oil market (demand exceeded the production capacity of all oil producing countries). Second, the oil price was underestimated for a very long time (and cheap energy supplies made the world economy significantly dependent on the energy supplies such as oil). Third, there was a fear in OPEC member countries of depletion of their oil reserves. Main political reasons were the Yom-Kippur War in 1973, Islamic Revolution in Iran, and Gulf War in 1991. Even though the high oil prices after two oil shocks raised oil revenues in OPEC member countries, they also gave rise to start the production in non-OPEC (NOPEC) countries. Present situation requires the co-operation among OPEC and NOPEC countries. This co-operation is important in contemporary oil cut production. The most important partner for OPEC countries is Russian Federation (RF), which is trying to regain its position in the world economy that it lost after the end of communist regime in former USSR. RF is the second world oil producer and exporter after Saudi Arabia. World oil demand is projected to increase to 118.9 million barrels per day in 2020. OPEC oil production is expected to reach 57.5 million barrels per day in 2020, nearly double the production in 2000, assuming sufficient capital to expand production capacity. Production from the Caspian Basin is expected to exceed 6.5 million barrels per day by 2020. By 2010, projected production in Brazil reaches nearly 2 million barrels per day.},
keywords={export;  hydrocarbon resource;  international trade;  organizational framework;  trade flow},
references={Baláž, P., (2001) Ropa a Svetové Hospodárstvo V Období Globalizácie, , Bratislava: Sprint vfra; Lipková., L'., (2000) Medzinárodné Hospodárske Vzt'ahy, , Bratislava: Sprint vfra; Lipková, L'., (1998) Zahraničnoobchodná Politika - Praktikum, , a kol. Bratislava: Ekonóm; (2001) Vienna: Ueberreuter Print and Digimedia, , OPEC Annual Report 2000; (1999) Vienna: Sekretariát OPEC, , Opec General Information 1999; (1998) Vienna: Sekretariát OPEC, , Opec Statute 1998; (2002), Hospodársky denník, 28. 02; www.dieoff.com; www.eia.doe.gov; www.ft.com; www.opec.org; www.un.org; www.worldenergy.com; www.wtrg.com},
correspondence_address1={Grešš, M.; Ekonomicka univerzita v Bratislave, Fakulta medzinarodnych vzt'ahov, Kat. dipl. a medzinarodnych vzt'ahov, Dolnozemská cesta 1, Bratislava 5 852 35, Slovakia},
publisher={Slovak Academic Press Ltd},
issn={00133035},
language={Slovak},
abbrev_source_title={Ekon. Cas.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Al-Rimawi2000349,
author={Al-Rimawi, L.M.},
title={Jordanian, Kuwaiti and Omani securities regulation: Can they be the subject matter of a viable comparative study with EU securities regulation? (Part One)},
journal={Journal of Financial Regulation and Compliance},
year={2000},
volume={8},
number={4},
pages={349-358},
doi={10.1108/eb025056},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85033266950&doi=10.1108%2feb025056&partnerID=40&md5=da82c57bd140a66b75cfa004a3b66a1f},
affiliation={Law Department, London School of Economics, Houghton Street, London, WC2A 2AE, United Kingdom},
abstract={This is the first of two papers which examine whether Arab securities regulations can be the subject of a methodological study in comparative securities regulation, especially with reference to EU regulations. Little is known about Arab securities regulation in European academic discourse on financial regulation. Needless to say, the sociopolitical dynamics of Shari’a (Islamic law) have occasionally been decontextualised by Western researchers in a manner that has often resulted in obfuscating a balanced projection of Shari’a’s juridical impact. In order, therefore, to provide a fuller analysis, this first paper starts by explaining the importance of examining Shari’a juridically in the broader context of commercial legislation, as despite the relatively stable regulatory status quo, Shari’a still poses juridical risks to imported Western legal concepts. It also examines Shari’a’s juridical impact on Jordan, Kuwait and Oman. The second paper, which will appear in a future issue of the Journal, addresses the specific juridical impact of Shari’a on capital markets, before looking at its impact on capital market laws of Jordan, Kuwait and Oman. In order to provide an insight into existing Arab securities regulations, it then moves to survey the securities and company laws in the aforementioned countries. The discussion also includes a brief examination of market conditions, especially the early factors that accompanied the genesis of such Arab securities markets, notably in Kuwait. The second paper concludes by addressing the question of the suitability of the case study Arab markets to comparative studies in EU securities regulation. It explains in the process why the European experience is relevant (particularly in light of the many EU-Arab association agreements due to take effect from 2010, together with EU ‘harmonisation’, ‘minimum standards’, and ‘single Passport’ regulatory concepts). © Henry Stewart Publications.},
references={(1996) The law of business contracts in the Arab Middle East: A theoretical and practical comparative analysis with particular reference to modern legislation, p. 12. , See, Comair-Obied, Kluwer Law International; (1926), See for example the constitutions of Qatar, United Arab Emirates, Bahrain. Lebanon, however, is an example of one of the very few Arab countries, the constitution of which does not designate Shari’a as a source of legislation. Art. 1(4) of the 23rd May, Lebanese Constitution states that ‘The people are the source of authority and sovereignty…'; Art.2 had previously stated that Shari’a is (a) principal source of law; This refers to Art.226 of the 1948 Egyptian Civil Code; Habachy, S., Commentary on the decision of the Supreme Court of Egypt given on 4 May 1985 concerning the legitimacy of interest and the constitutionality of Article 226 of the New Egyptian Civil Code of 1948 (1986) Arab Law Quarterly, 1 (2), p. 240. , See; Royal Decree No.102/1996 promulgated Oman’s first Basic Law; (1981), See Royal Decree No.67 of 1980, Pertaining to Enacting the Civil Code. Promulgated in Official Gazette No. 1335, dated 5th January, However, Kuwait made Shari’a the first source by Law No.15/ 1996, which replaced custom as it was then the first source of law to the Civil Code; See subsection on the effects of riba and gharar, which considers the juristic meaning of the terms fasid and batil; Want of knowledge of, inter alia, aspects relating to consideration, date and place of delivery, existence of subject-matter, etc; Buang, A., (1995) The prohibition of gharar in the Islamic law of contracts: A conceptual analysis with special reference to the practice of Islamic commercial contracts in Malaysia, , For its part, the Ottoman Empire did not rely exclusively on Shari’a to govern all its commercial transactions. French models influenced the Ottoman 1850 Commercial Code and the 1861 Commercial Code Procedures. See generally, PhD thesis, London University, section dealing with relationship between Shari’a and Arab civil codes; Note that Egypt had its own Civil Code of 1875 which is often seen as a hybrid of Shari’a and Western laws; (1949), In; (1951), In; (1976), In; (1980), In; (1985), In; Bill, J., (1984) Resurgent Islam in the Persian Gulf, , See, Foreign Affairs, Fall; Ballantyne, W., The second Coulson Memorial Lecture: Back to the Shari’a? (1988) Arab Law Quarterly, 3 (4), pp. 317-328. , Nov; Al-Moqatei, M., Introducing Islamic Law in the Arab Gulf States: A case study of Kuwait (1989) Arab Law Quarterly, 4 (2), pp. 138-148. , May; Peters, R., Divine law or man-made law? Egypt and the application of the Shari’a (1988) Arab Law Quarterly, 3 (3), pp. 229-230. , August; Khan, M., (1987) Islamic interest-free banking: A theoretical analysis, p. 15. , See for example, reprinted from IMF Staff Papers, March 1986, in Khan, M. and Mirakhor, A. ‘Theoretical studies in Islamic banking and finance’, IRIS Books, USA; Moghaizel, F., (1991) Insurance in the light of Islamic legal principles, , See generally, PhD thesis, London University; Al-Zarqa, M., (1984) Nazam Al-Ta’min’ (Insurance system), , Beirut; Muslehuddin, M., (1982) Insurance and Islamic Law, , New Delhi; Rahman, A., (1979) Banking and Insurance, , London; Siddiqi, M., Insurance in an Islamic economy, The Islamic Foundation; Billah, M., A model of life insurance in the contemporary Islamic economy (1997) Arab Law Quarterly, 12 (3), pp. 287-306. , September; Haberbeck, A., Risk sharing in an Islamic society (1987) Arab Law Quarterly, 2 (2), pp. 138-147. , May; Mankabady, S., Insurance and Islamic law: The Islamic insurance company (1989) Arab Law Quarterly, 4 (3), pp. 199-205. , August; Ghanem, I., (1987) The role of Islamic law in commercial litigation in North Yemen, , See for example, PhD thesis, University of London; Siddiqi, M., (1983) Banking without interest, , See for example, The Islamic Foundation; Homoud, S., (1985) Islamic banking, , Arabian Information (London); Zineldin, M., (1990) The economics of money and banking: A theoretical and empirical study of Islamic interest-free banking, , Almqvist & Wiksell International, Stockholm; Kazarian, E., (1991) Finance and economic development: Islamic banking in Egypt, , PhD thesis, Lund University, Sweden; Saleh, N., (1992) Unlawful gain and legitimate profit in Islamic law, , Graham & Trotman; Saeed, E., Islamic banking and interest: A study of the prohibition of riba and its contemporary interpretation, , EJ Brill, The Netherlands; Moore, P., (1997) Islamic finance: A partnership for growth, pp. 86-88. , See also, Euromoney Publications; Martin, J., Security in Islamic banking, pp. 69-76. , For a Western perspective on Isla banking in general and Islamic financing techniques see for example, ‘European perceptions of Islamic banking’, a collection of articles issued by the Institute of Islamic banking and Insurance (London) 1996, particularly the article by; Al-Kuhaimi, S., (1982) Contract law and the judicial system in Saudi Arabia, , See generally, PhD thesis, London University; Edge, I., (1985) Comparative commercial law of Egypt and the Arabian Gulf, Cleveland State Law Review, p. 34; Mahmasani, S., (1972) The general theory of the law of obligation and contracts under Islamic jurisprudence, 2. , Beirut; Owsia, P., (1994) Formation of contract: A comparative study under English, French, Islamic and Iranian law, , Graham & Trotman; Anderson, N., The Shari’a and civil law:The debt owed by the new civil codes of Egypt to the Shari’a (1954) The Islamic Quarterly, 1; Saleh, N., (1990) Definition and formation of contract under Islamic and Arab laws, , Arab Law Quarterly, May; Schacht, J., (1964) An introduction to Islamic law, , See also generally, Oxford; Coulson, N., (1964) A history of Islamic law, , Edinburgh; Moore, (1997) A history of Islamic law, p. 75. , See, Edinburgh, ref. 21; Ballantyne, W., (1986) Commercial law in the Arab Middle East: The Gulf States, p. 122. , See, Lloyd’s of London, London; (1996) Commercial law in the Arab Middle East: The Gulf States, p. 43. , Comair-Obied, Lloyd’s of London, London, ref. 1; (1996) Commercial law in the Arab Middle East: The Gulf States, p. 270. , Comair-Obied, Lloyd’s of London, London, ref. 1; Ireland, P., Company law and the myth of shareholder ownership (1999) The Modern Law Review, 62 (1), p. 37. , See, January; Homoud, Company law and the myth of shareholder ownership The Modern Law Review, 62 (1), pp. 64-85. , Main Quaranic Verses are found in ‘Suret Ar Rum, Suret An Nissa’, Suret Al Imran, Suret Al-Baqara’. For an excellent synopsis of these Quaranic Verses and Citations see, January, ref. 21; Madi, S., (1989) The concept of unlawful gain and legitimate profit in Islamic law, p. 96. , Narrated and authenticated by Al-Tirmithi. Quoted in, PhD thesis, London University; Buang, The concept of unlawful gain and legitimate profit in Islamic law, p. 131. , See, PhD thesis, London University, ref. 10; Buang, The concept of unlawful gain and legitimate profit in Islamic law, pp. 129-165. , For an account of such Quaranic Verses and Prophet Citations see, PhD thesis, London University, ref. 10; Buang, The concept of unlawful gain and legitimate profit in Islamic law, pp. 132-134. , For an account of such Quaranic Verses and Prophet Citations see, PhD thesis, London University, ref. 10; Saleh, (1992) The concept of unlawful gain and legitimate profit in Islamic law, p. 63. , See, PhD thesis, London University, ref. 10, ref. 21; Comair-Obeid, N., (1994) Particularity of the contract’s subject-matter in the laws of the Arab Middle East, p. 335. , For, in a contract of sale under Shari’a (and generally under most Arab civil codes) the subject matter must be licit or Mashru’ necessitating the fulfilment of four conditions. First, the existence of the subject matter when contracting. Secondly, the possibility of delivering the subject matter. Thirdly, the subject matter should be legitimate, not contravening public order and moral. Fourthly, its genus, specie, value and quality must be determined. See, Arab Law Quarterly; Bahrain is one exception as it has often followed the British common law system; Saleh, (1988), p. 26. , Such commercial codes offer more flexible rules of evidence, imposing shorter statutory limitations, addressing wider issues in bankruptcy, presuming solidarity among debtors in a manner seen as more protective of debtors, etc. See, Bahrain is one exception as it has often followed the British common law system, ref. 40; This is usually between 7 and 12 per cent; (1999), It is acceptable for corporations in Oman, Jordan and Kuwait to distribute dividends with pre-determined interest. A recent example on such distribution of dividends was the Jordan Insurance Company (JIC), which distributed dividends for the financial year ending in mid-August, reaching 14 per cent; Turner, R., (1991) Security and enforcement in Dubai and the other United Arab Emirates, p. 312. , See, Arab Law Quarterly; Moore, (1997) Security and enforcement in Dubai and the other United Arab Emirates, pp. 155-156. , See, Arab Law Quarterly, ref. 21; Saleh, N., (1988) Financial transactions and the Islamic theory of obligations and contracts, p. 26. , See; Mallat’s, C., Islamic Law and Finance, p. 21. , Graham & Trotman Ltd; Saleh, (1992) Islamic Law and Finance, pp. 63-64. , Graham & Trotman Ltd, ref. 21; Madi, S., (1989) The concept of unlawful gain and legitimate profit in Islamic law, pp. 175-176. , As the rationale behind bay’ salam was initially to enable Muslims to sell their unripe fruits, some jurists argued that the future subject matter should be measurable, weighable and countable whenever possible, PhD thesis, London University; Ray, N., (1995) Arab Islamic banking and the renewal of Islamic law, p. 30. , Other jurists stipulated specifying the characteristics and quantity of the subject matter, existence during delivery, together with specifying the date, place of delivery and price, adding that payment should be made immediately. See, Graham & Trotman; Most Arab civil codes associate material gharar with an accident of chance. See for example Art.168 of the Kuwaiti Civil Code (discussed infra); Saleh, (1988), pp. 20-21. , See also, Most Arab civil codes associate material gharar with an accident of chance. See for example Art.168 of the Kuwaiti Civil Code (discussed infra), ref. 40; Buang, , pp. 223-224. , See, Most Arab civil codes associate material gharar with an accident of chance. See for example Art.168 of the Kuwaiti Civil Code (discussed infra), ref. 10; A future contract may in the absence of material gharar be the subject matter of financial compensatory transaction, , Art.160(1) of the JCC reads; Art.124 of the KCC, inter alia, reads: ‘Where both contracting parties fail to fix a price for the sold item, the sale shall not be void … if both were intent on applying the prevailing price in trade; Art.125 of the KCC, inter alia, reads: ‘A third party may be delegated to fix the price … but should he fail, the buyer shall be bound by market price … or if this proves impossible the judge shall determine the price; Art.168 of the Kuwait Civil Code reads: ‘A future thing may be the subject-matter of a contract, providing that it is not contingent on mere chance; Art.100 of the OCC reads: ‘Sales of goods which are not available at the time of the sale but can be made available at the time of delivery, shall be valid},
correspondence_address1={Al-Rimawi, L.M.; Law Department, Houghton Street, London, WC2A 2AE, United Kingdom; email: L.M.Rimawi@Ise.ac.uk},
issn={13581988},
language={English},
abbrev_source_title={J. Financ. Regul. Compliance},
document_type={Article},
source={Scopus},
}

@ARTICLE{Uppal199525,
author={Uppal, J.Y.},
title={Cost of capital under local constraint on debt financing},
journal={Journal of Asia-Pacific Business},
year={1995},
volume={1},
number={2},
pages={25-44},
doi={10.1300/J098v01n02_03},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0029513356&doi=10.1300%2fJ098v01n02_03&partnerID=40&md5=f588ec15c546c4307c526ef782a58dfd},
affiliation={Washington, DC, 20064, United States},
abstract={A unique constraint on financing of direct foreign investment by MNCs IS a total or partial prohibition on debt financ-ing in many Islamic countries. This paper analyzes the implications of such a constraint for an MNC's financing and investment deci-sions. The comparative investment levels under alternative financing instruments based on profit and loss sharing (PLS) contracts are examined considering the effects of market imperfections and secu- rity related differences with reference to the existing literature on capital structure. The analysis shows that when debt financing is constrained the cost of capital to a firm will be higher and the invest- ment levels lower. © Taylor & Francis Group, LLC.},
keywords={capital;  debt financing;  foreign direct investment;  Islamic economics},
references={Abdullah, E.A., (1987) Financial Management for the Multinational Firm, , Englewood Cliffs, NJ: Prentice Hall; Alwi, Z., Casting the Fit Stone (1992) Malaysian Business, pp. 23-26; Baker, J.C., (1987) The Cost of Capital of Multinational Companies: Facts and Fallacies, pp. 12-17. , Managerial Finance, (September; Basheer, H., Darrat, A., Suliman, M., Equity Capital, Profitability and Investment: An Islamic Perspective (1990) Resource Mobilization and Investment in an Islamic Economic Framework, pp. 87-105. , 2. Sattar (Ed), Washington D.C.: AMSS and IlIT; Haque, N., Mirakhor, A., (1986) Optimal Profit Sharing Contracts and Investment in an Interest-Free Islamic Economy, IMP Working Paper No. 12, , Washington, D.C.: IMP; Harris, M., Raviv, A., Capital Structure and the Informational Role of Debt (1990) Journal of Finance, 45 (2), pp. 321-350; Harris, M., Raviv, A., The Theory of Capital Structure (1991) Journal of Finance, 46 (1), pp. 297-355; Jensen, M., Meckling, W., Theory of the Firm Managerial Behavior, Agency Costs, and Ownership Structure (1976) Journal of Financial Economics, 3 (4), pp. 305-367; Jensen, M., Agency Cost of Free Cash Flows, Corporate Finance and Takeovers (1986) American Economic Review, pp. 323-339. , (May); Khan, E., Investment Demand Function Under Profit-Loss Sharing Based Financial System (1990) Resource Mobilization and Invesfment in an Islamic Ecortontic Framework, pp. 71-85. , Z. Sattar (Ed.), Washington D.C.: AMSS and IIIT; Khan, M., Mirakhor, A., The Financial System and Monetary Policy in an Islamic Economy. Journal of King Abdul Aziz Universify (1989) Islamic Ecanontics, 1 (1), pp. 39-57; Khan, W., Towards an Interest-Free Islamic Economic System. Journal of King Abdul Aziz Universily (1989) Islamic Economics, 1 (1), pp. 3-37; Leland, H., Pyle, D., Information Asymmetries, Financial Structure, and Financial Intermediation (1977) Journal of Finance, 32 (2), pp. 371-388; Lintner, J., The Valuation of Risk Assets and the Selection of Risk Investment in Stock Portfolios and Capital Budgets (1965) Review of Economics and Statistics, pp. 13-37. , (February); Mangla, I., Uppal, J., Islamic Banking: A Survey and Some Conceptual Issues (1990) Research in Financial Services: Private and Public Policy, 2, pp. 179-215; Masulis, R., (1988) The Debtlequity Choice, , Cambridge, Massachusetts: Ballinger; Modigliani, F., Miller, M., The Cost of Capital, Corporation Finance, and the Theory of Investment (1958) American Economic Review, 48, pp. 261-297; Mossin, J., Equilibrium in a Capital Asset Market (1966) Econometrica, 34, pp. 768-783; Myers, S., Determinants of Corporate Borrowing (1977) Journal of Financial Economics, 5 (2), pp. 147-175; Myers, S., Majluf, N., Financing and Investment Decisions when Firms have Information that Investors do not have (1984) Journal of Financial Economics, 13 (2), pp. 187-221; O'sullivan, E., New Dawn Beckons for Islam Unlimited (1992) MEED Middle East Business Weekly, pp. 2-3; Ross, S., The Determination of Financial Structure: The Incentive Signalling Approach (1977) Bell Journal of Economics, 8, pp. 23-40; Sattar, Z., A Dynamic Investment Model With Rofit-Sharing in an Interest- Free Economy (1990) Resource Mobilization and Investment in an Islamic Economic Framework, pp. 107-127. , Z. Sattar, Washington D.C.: AMSS and IIIT; Scott, J., A Theory of Optimal Capital Structure (1976) Bell Journal of Economics, 7, pp. 33-53; Shapiro, A., Financial Structure and Cost of Capital in the Multinational Corporation (1978) Journal of Financial and Quantitative Analysis, 13, pp. 211-226; Sharpe, W., Simplified Model for Portfolio Analysis (1963) Management Science, 9, pp. 277-293; Stonehill, A., Dullum, K., (1982) Internationalizing the Cost of Capital, , Chi- Chester, NY: John Wiley and Sons; Stulz, R., Managerial Discretion and Optimal Financial Policies (1990) Journal of Financial Economics, 26 (1), pp. 3-27; Vatikiotis, M., (1992) God’s Name. Far Eastern Economic Review, 13p},
correspondence_address1={Uppal, J.Y., Washington, DC, 20064, United States},
issn={10599231},
language={English},
abbrev_source_title={J. Asia-Pac. Bus.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Newcomb19851,
author={Newcomb, L.},
title={Federation of Malaysia. Country profile.},
journal={International demographics},
year={1985},
volume={4},
number={1},
pages={1-8},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0021780633&partnerID=40&md5=437dd7e6c8d34435a5453284cdaedc5f},
abstract={The 1984 population of Malaysia has been estimated at 14.7 million and the population growth rate averaged 2.3% in 1970-80. Population growth is officially encouraged to form a substantial home market for economic development. Toward this end, the 1985 budget has increased tax deductions for families with 5 children. The capital city of Kuala Lumpur is the largest metropolitan area (1 million population) and the Federal Territory is the most densely populated region. Immigration is strictly controlled by the government, and the percentage of foreign-born citizens was 5% in 1980. China, India, and Pakistan are decreasing in importance as countries of origin. Internal mobility, however, is increasing. Rural-rural migration accounted for 45% of internal migration in 1970-80 and was largely motivated by family reasons. Only 7% of Malaysians are estimated to move in search of work. Racial tensions led the government to grant special economic privileges to native-born Islamic Malays. The greatest proportion of the population is centered in the lowest age groups. The percentage of females 15-29 years of age rose from 26% in 1970 to 30% in 1980 and is expected to continue to rise. Fertility is on the decline. The majority of households in the country involve nuclear families. There has been an increase in the number of men and women who delay marriage or remain single. Education is widely available for children aged 6-15 years and those who meet certain academic standards receive free education up to age 19 years. The current labor force is estimated at 5.4 million, with an annual growth rate of 3.1%. Malaysia's per capita income (US $1860 in 1982) is among the highest in Southeast Asia and the gross national product increased by an average annual rate of 8% in 1970-81. The government plans to move toward the development of heavier industries and more manufacturing concerns.},
keywords={article;  Asia;  Demographic Factors;  demography;  developing country;  Development Planning;  economic development;  Economic Factors;  economics;  Macroeconomic Factors;  Malaysia;  migration;  policy;  population;  population and population related phenomena;  population dynamics;  Southeast Asia;  Southeastern Asia, Asia;  Demographic Factors;  Developing Countries;  Development Planning;  Economic Development;  Economic Factors;  Macroeconomic Factors;  Malaysia;  Migration;  Population;  Population Characteristics;  Population Dynamics;  Southeastern Asia, Asia;  Asia, Southeastern;  Demography;  Developing Countries;  Economics;  Emigration and Immigration;  Malaysia;  Population;  Population Characteristics;  Population Dynamics;  Social Planning},
correspondence_address1={Newcomb, L.},
issn={07315414},
pubmed_id={12266604},
language={English},
abbrev_source_title={Int Demogr},
document_type={Article},
source={Scopus},
}
