The purpose of this study is to analyze the robust performance of equity-based sukuk in Malaysia, that is, Musharakah and Mudharabah contract. Accounting and Auditing Organization for Islamic Financial Institutions （...The purpose of this study is to analyze the robust performance of equity-based sukuk in Malaysia, that is, Musharakah and Mudharabah contract. Accounting and Auditing Organization for Islamic Financial Institutions （AAOIFI）, as an international standard-setting organization for Islamic finance, raised an issue that 85% issuances of Musharakah and Mudharabah sukuk have breached the shariah rulings and do not comply with Islamic principles （AAOIFI, 2002）. Consequently, the performance of equity-based sukuk in Malaysia was affected. This study used a secondary data for size of issuances which are gathered from Bank Negara Malaysia （BNM）＇s Bond Info website and Securities Commission （SC） website. The performance of equity-based sukuk, either Musharakah or Mudarabah, is robust in the study year period of 2000-2012 as regards their sizes of issuances.展开更多
The growth in shadow banking system over the past few years is acknowledged as the key risk to Malaysia＇s financial stability. This is because that it is associated with growth in the household debts extended by the ...The growth in shadow banking system over the past few years is acknowledged as the key risk to Malaysia＇s financial stability. This is because that it is associated with growth in the household debts extended by the shadow banks. In line with initiatives by the Bank Negara Malaysia （the Central Bank of Malaysia） to enhance surveillance on the activities of the shadow banks in Malaysia, this study attempts to examine the determinants of default risks of shadow banks restricting to focus on their two main activities： securitization and collateralization. The results provide empirical evidence that future methodology to examine the systemic risks in the shadow banking system may need to account for additional explanatory variables that measure collateralized assets that are being intermediated.展开更多
The objective of this paper is to measure the risk charge for credit risk as one of the components in the risk based capital of the capital adequacy framework. Currently, the risk charge for credit risk is measured by...The objective of this paper is to measure the risk charge for credit risk as one of the components in the risk based capital of the capital adequacy framework. Currently, the risk charge for credit risk is measured by referring it to the credit rating of a company. Following the subprime crisis in 2007, the markets start to question the soundness of the credit rating issued as it has resulted in an inadequate risk charge. Therefore, this study attempts to determine the risk charge for credit risk using the probability of default （PD） for life insurers in Malaysia. The credit risk has been categorized into several types of debt obligations. Whereby, the KMV-Merton model has been used to measure the distance to default and estimate the probability of default. The estimation of default probability is based on the movement in the price index of several debt obligations. The price index of debt obligations from year 2004 to 2009 is collected inclusive of the subprime crisis period during the crisis period. Therefore, Malaysia insurance industry is The results found that the risk charges are lower not affected by the subprime crisis in 2007.展开更多
Soy yogurt has gained significant popularity due to its nutritional health benefits. The objectives of this study were to develop flavored yogurt from soybean milk with reduced soy aftertaste by the addition of 30% （...Soy yogurt has gained significant popularity due to its nutritional health benefits. The objectives of this study were to develop flavored yogurt from soybean milk with reduced soy aftertaste by the addition of 30% （wt/wt） strawberry or orange jam in conjunction with a lactic acid fermentation. Soy milk-based yogurt products were assessed for microbial quality and for acceptability by a panel of Jordanian and Malaysian consumers. Sixty-one individuals, of whom 75.4% （n = 46） were Jordanian and 24.6% （n = 15） were Malaysian, evaluated the plain and flavored soy milk-based yogurt. The overall acceptability of orange and strawberry soy yogurt was rated significantly higher than plain soy yogurt. In general, the orange and strawberry soy yogurt received higher sensory ratings from Malaysian than Jordanian consumers. In addition, formulations with orange jam received higher scores than those flavored with strawberry. Shelf life tests showed that soy yogurt was acceptable for at least 8 d without perceptible spoilage. Therefore, the approach used yielded flavored products with better acceptability and improved sensory attributes, including decreased intensity of off flavor, with suitable shelf life at 4 ℃.展开更多
An appropriate business dispute resolution will ensure that the parties involved would not have to spend too much time and cost to resolve their case. There are two ways to resolve business disputes, through litigatio...An appropriate business dispute resolution will ensure that the parties involved would not have to spend too much time and cost to resolve their case. There are two ways to resolve business disputes, through litigation and non-litigation process. The non-litigation process mainly depends upon the agreement of the parties involved and does not have a formally binding force upon them. Although the non-litigation process is more preferred in resolving business disputes, sometimes it does not completely resolve the issue. A specific business dispute resolution procedure such as the mechanism of small claims court （an informal court） is required. The objectives of the small claims court are to settle cases in prompt and cost-effective manner, and to avoid lengthy and complex formal legal procedures. Although it is still a part of the litigation process, the small claims court applies simplified procedures that are different from those of conventional civil cases. Nonetheless, the judgment of the small claims court has the same legally binding force as that of general court. The small claims court is situated in the District Court, but the examination of cases is different from general procedures and until now the mechanism has not been widely known in Indonesia.展开更多
Urban forestry has been defined as the art, science and technology of managing trees and forestresources in and around urban community ecosystems for the physiological, sociological, economic andaesthetic benefits tre...Urban forestry has been defined as the art, science and technology of managing trees and forestresources in and around urban community ecosystems for the physiological, sociological, economic andaesthetic benefits trees provide. The importance of urban forestry has received limited attention in manypoor countries as it is often percieved as being associated with beautification projects, which are considereda luxury benefiting only the wealthier part of the population. However, urban forestry may have a number ofenvironmental, economic and socio-cultural values, which will also benefit poorer segments of city populations.Even in poorer countries, planning for urban trees and forests is a good investment, as these areas will bedemanded when income levels increase. Once everything is allocated to other construction or infrastructure,it may be very difficult to create new green areas unless these are planned for.The Danish Centre for Forest, Landscape and Planning has been leading actor in the development of UrbanForestry during the last decade. EUFORIC (European Urban Forestry Research and Information Centre),COST Action E12 Urban Forests and Trees and E39 Forests, Trees and Human Health and Wellbeing areall examples of activities initiated and coordinated by the Danish centre. It has also developed urban forestryand urban greening as a concept for environment and development aid projects in Eastern Europe anddeveloping countries in Southeast Asia and Southern Africa. Over the coming years, the main challange willbe to ensure that the expansion of the green infrastructure in the worlds urban areas is implemented withinthe framework of sustainability and human health and well-being, without the use of a technology inimical toman and nature and with as few chemical aids as possible.展开更多
文摘The purpose of this study is to analyze the robust performance of equity-based sukuk in Malaysia, that is, Musharakah and Mudharabah contract. Accounting and Auditing Organization for Islamic Financial Institutions （AAOIFI）, as an international standard-setting organization for Islamic finance, raised an issue that 85% issuances of Musharakah and Mudharabah sukuk have breached the shariah rulings and do not comply with Islamic principles （AAOIFI, 2002）. Consequently, the performance of equity-based sukuk in Malaysia was affected. This study used a secondary data for size of issuances which are gathered from Bank Negara Malaysia （BNM）＇s Bond Info website and Securities Commission （SC） website. The performance of equity-based sukuk, either Musharakah or Mudarabah, is robust in the study year period of 2000-2012 as regards their sizes of issuances.
文摘The growth in shadow banking system over the past few years is acknowledged as the key risk to Malaysia＇s financial stability. This is because that it is associated with growth in the household debts extended by the shadow banks. In line with initiatives by the Bank Negara Malaysia （the Central Bank of Malaysia） to enhance surveillance on the activities of the shadow banks in Malaysia, this study attempts to examine the determinants of default risks of shadow banks restricting to focus on their two main activities： securitization and collateralization. The results provide empirical evidence that future methodology to examine the systemic risks in the shadow banking system may need to account for additional explanatory variables that measure collateralized assets that are being intermediated.
文摘The objective of this paper is to measure the risk charge for credit risk as one of the components in the risk based capital of the capital adequacy framework. Currently, the risk charge for credit risk is measured by referring it to the credit rating of a company. Following the subprime crisis in 2007, the markets start to question the soundness of the credit rating issued as it has resulted in an inadequate risk charge. Therefore, this study attempts to determine the risk charge for credit risk using the probability of default （PD） for life insurers in Malaysia. The credit risk has been categorized into several types of debt obligations. Whereby, the KMV-Merton model has been used to measure the distance to default and estimate the probability of default. The estimation of default probability is based on the movement in the price index of several debt obligations. The price index of debt obligations from year 2004 to 2009 is collected inclusive of the subprime crisis period during the crisis period. Therefore, Malaysia insurance industry is The results found that the risk charges are lower not affected by the subprime crisis in 2007.
文摘Soy yogurt has gained significant popularity due to its nutritional health benefits. The objectives of this study were to develop flavored yogurt from soybean milk with reduced soy aftertaste by the addition of 30% （wt/wt） strawberry or orange jam in conjunction with a lactic acid fermentation. Soy milk-based yogurt products were assessed for microbial quality and for acceptability by a panel of Jordanian and Malaysian consumers. Sixty-one individuals, of whom 75.4% （n = 46） were Jordanian and 24.6% （n = 15） were Malaysian, evaluated the plain and flavored soy milk-based yogurt. The overall acceptability of orange and strawberry soy yogurt was rated significantly higher than plain soy yogurt. In general, the orange and strawberry soy yogurt received higher sensory ratings from Malaysian than Jordanian consumers. In addition, formulations with orange jam received higher scores than those flavored with strawberry. Shelf life tests showed that soy yogurt was acceptable for at least 8 d without perceptible spoilage. Therefore, the approach used yielded flavored products with better acceptability and improved sensory attributes, including decreased intensity of off flavor, with suitable shelf life at 4 ℃.
文摘An appropriate business dispute resolution will ensure that the parties involved would not have to spend too much time and cost to resolve their case. There are two ways to resolve business disputes, through litigation and non-litigation process. The non-litigation process mainly depends upon the agreement of the parties involved and does not have a formally binding force upon them. Although the non-litigation process is more preferred in resolving business disputes, sometimes it does not completely resolve the issue. A specific business dispute resolution procedure such as the mechanism of small claims court （an informal court） is required. The objectives of the small claims court are to settle cases in prompt and cost-effective manner, and to avoid lengthy and complex formal legal procedures. Although it is still a part of the litigation process, the small claims court applies simplified procedures that are different from those of conventional civil cases. Nonetheless, the judgment of the small claims court has the same legally binding force as that of general court. The small claims court is situated in the District Court, but the examination of cases is different from general procedures and until now the mechanism has not been widely known in Indonesia.
文摘Urban forestry has been defined as the art, science and technology of managing trees and forestresources in and around urban community ecosystems for the physiological, sociological, economic andaesthetic benefits trees provide. The importance of urban forestry has received limited attention in manypoor countries as it is often percieved as being associated with beautification projects, which are considereda luxury benefiting only the wealthier part of the population. However, urban forestry may have a number ofenvironmental, economic and socio-cultural values, which will also benefit poorer segments of city populations.Even in poorer countries, planning for urban trees and forests is a good investment, as these areas will bedemanded when income levels increase. Once everything is allocated to other construction or infrastructure,it may be very difficult to create new green areas unless these are planned for.The Danish Centre for Forest, Landscape and Planning has been leading actor in the development of UrbanForestry during the last decade. EUFORIC (European Urban Forestry Research and Information Centre),COST Action E12 Urban Forests and Trees and E39 Forests, Trees and Human Health and Wellbeing areall examples of activities initiated and coordinated by the Danish centre. It has also developed urban forestryand urban greening as a concept for environment and development aid projects in Eastern Europe anddeveloping countries in Southeast Asia and Southern Africa. Over the coming years, the main challange willbe to ensure that the expansion of the green infrastructure in the worlds urban areas is implemented withinthe framework of sustainability and human health and well-being, without the use of a technology inimical toman and nature and with as few chemical aids as possible.
