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
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...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.展开更多
In Turkey, banks having ＂Islamic＂ features that are long neglected have experienced strong business growth since 2003 that is just after the date of a moderate Islamic party which emerged victorious in parliamentary...In Turkey, banks having ＂Islamic＂ features that are long neglected have experienced strong business growth since 2003 that is just after the date of a moderate Islamic party which emerged victorious in parliamentary elections. While Turkey has only four ＂Islamic＂ banks, they capture more than 4% market share. The purpose of this research is to analyze the mechanisms that have allowed such a growth between 2002 （just after the financial crisis in 2001） and 2009, by comparing the results of activities of these four Islamic banks and find out possible opportunities that might exist in this sector. The results indicate that these institutions have a respectively higher risk-taking and internationally more fair open policy than the banks known as ＂conventional＂. While Bank Asya （the market leader of the participatory banks in Turkey） and Albaraka Turk capture the individual customers, the other two institutions that are TurkiyeFinans and Kuveyt Turk capture the commercial customers. In addition, the development of these institutions seems to be very difficult because of the lack of Turkish Sukuk in Turkish banking context having no adequate liquidity. Moreover, in its political context, leading actors in Turkish political and economic structure reject utterly the existence of Sharia Board. In fact, it is clear that the Turkish banking sector is an untapped potential market that could be easily converted into an opportunity by improving the regulatory framework and communication strategy for these institutions. Indeed, since the controversy still exists around the concept of secularism, which is an impediment to the development of these banks called ＂Islamic＂ in Turkey, there is a necessity for a communication strategy to break down prejudices and to become popular for Islamic finance sector, which is still known very poorly and superficially by general public in Turkey.展开更多
Studies on the iteration procedure in double bootstrap method have given a great impact on confidence interval performance. However, the procedure was claimed to be complicated and demand intensive computer processor....Studies on the iteration procedure in double bootstrap method have given a great impact on confidence interval performance. However, the procedure was claimed to be complicated and demand intensive computer processor. Considering this problem, an alternative procedure was proposed in this research. Despite of using small sampling sequence, this research was aimed to increase the accuracy estimation using a second replication number which resulted in a large sampling sequence of double bootstrap. In this paper, the alternative double bootstrap method was hybrid onto an example model and its performance was based on Studentised interval. The performance was examined in simulation study and real sample data of sukuk Ijarah. The result showed that hybrid double bootstrap model gave more accurate estimation in terms of its shorter length when dealing with various parameter values and has shown to improve the single bootstrap estimation.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.
文摘In Turkey, banks having ＂Islamic＂ features that are long neglected have experienced strong business growth since 2003 that is just after the date of a moderate Islamic party which emerged victorious in parliamentary elections. While Turkey has only four ＂Islamic＂ banks, they capture more than 4% market share. The purpose of this research is to analyze the mechanisms that have allowed such a growth between 2002 （just after the financial crisis in 2001） and 2009, by comparing the results of activities of these four Islamic banks and find out possible opportunities that might exist in this sector. The results indicate that these institutions have a respectively higher risk-taking and internationally more fair open policy than the banks known as ＂conventional＂. While Bank Asya （the market leader of the participatory banks in Turkey） and Albaraka Turk capture the individual customers, the other two institutions that are TurkiyeFinans and Kuveyt Turk capture the commercial customers. In addition, the development of these institutions seems to be very difficult because of the lack of Turkish Sukuk in Turkish banking context having no adequate liquidity. Moreover, in its political context, leading actors in Turkish political and economic structure reject utterly the existence of Sharia Board. In fact, it is clear that the Turkish banking sector is an untapped potential market that could be easily converted into an opportunity by improving the regulatory framework and communication strategy for these institutions. Indeed, since the controversy still exists around the concept of secularism, which is an impediment to the development of these banks called ＂Islamic＂ in Turkey, there is a necessity for a communication strategy to break down prejudices and to become popular for Islamic finance sector, which is still known very poorly and superficially by general public in Turkey.
文摘Studies on the iteration procedure in double bootstrap method have given a great impact on confidence interval performance. However, the procedure was claimed to be complicated and demand intensive computer processor. Considering this problem, an alternative procedure was proposed in this research. Despite of using small sampling sequence, this research was aimed to increase the accuracy estimation using a second replication number which resulted in a large sampling sequence of double bootstrap. In this paper, the alternative double bootstrap method was hybrid onto an example model and its performance was based on Studentised interval. The performance was examined in simulation study and real sample data of sukuk Ijarah. The result showed that hybrid double bootstrap model gave more accurate estimation in terms of its shorter length when dealing with various parameter values and has shown to improve the single bootstrap estimation.
