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Article
Publication date: 31 July 2020

Azhar Mohamad, Imtiaz Mohammad Sifat, Hassanudin Mohd Thas Thaker and Anwar Muhammad Noor

This study aims to investigate the effects of capital control and external debts after the 1997 financial crisis.

Abstract

Purpose

This study aims to investigate the effects of capital control and external debts after the 1997 financial crisis.

Design/methodology/approach

Using system estimation approach, the authors estimate a panel data-based econometric model for data on Malaysia, Thailand, Indonesia, the Philippines and South Korea from 1990 to 2017.

Findings

The authors find that on average, the crisis-hit South East Asian economies choosing external debt perform better in achieving greater economic growth and rebound better compared to economies imposing capital control.

Originality/value

This study attempts to answer whether a crisis-hit country should impose capital control or opt for external debt to recuperate from the crisis.

Details

Journal of Financial Regulation and Compliance, vol. 29 no. 2
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 24 March 2020

Saravanan Venkadasalam, Azhar Mohamad and Imtiaz Mohammad Sifat

This paper is the first comprehensive investigation of the shipping industry's efficiency in five countries from the ASEAN region: Malaysia, Singapore, the Philippines…

Abstract

Purpose

This paper is the first comprehensive investigation of the shipping industry's efficiency in five countries from the ASEAN region: Malaysia, Singapore, the Philippines, Thailand and Vietnam.

Design/methodology/approach

Employing Data Envelopment Analysis and Stochastic Frontier Analysis, this paper compares efficiency dynamics of 45 international and offshore shipping providers engaged in fishing and ferrying.

Findings

The results indicate consistently diminishing efficiency from 2011 to 2017, a phenomenon that persists even in the traditionally efficient companies. Thereafter, this paper develops Altman Z-scores for the sampled companies and notice that despite rising inefficiency, most firms remain unencumbered by bankruptcy concerns, especially those with large capital buffers.

Research limitations/implications

In general, this paper observes a negative relationship between bankruptcy risk and efficiency. Furthermore, the paper notices that reducing inputs does not help boost efficiency.

Originality/value

In terms of novel contributions, this paper is the first (to the best of knowledge) to set a Z-score for the ASEAN-based shipping companies.

Details

International Journal of Emerging Markets, vol. 15 no. 5
Type: Research Article
ISSN: 1746-8809

Keywords

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Article
Publication date: 13 November 2017

Azhar Mohamad and Imtiaz Mohammad Sifat

This paper aims to delve in an aspect of monetary economics, addressing its Islamic wing in general and dinar advocates in particular.

Abstract

Purpose

This paper aims to delve in an aspect of monetary economics, addressing its Islamic wing in general and dinar advocates in particular.

Design/methodology/approach

The paper argues that calls to reinstitution of dinar currencies are not only anachronistic and unnecessary but also counter-productive and potentially un-Islamic.

Findings

The paper further posits that regardless of the nature of economy, legal tender fiat money and bank money are of the same genus, and treating them otherwise is not consistent with Islamic jurisprudential precepts.

Originality/value

The study also highlights that mismanagement, avarice and human follies are to blame for financial maladies; regression to metallic currency is a panacea to neither the conundrums nor Islamic.

Details

International Journal of Law and Management, vol. 59 no. 6
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 7 January 2019

Suhail Sinna Lebbe, Azhar Mohamad and Imtiaz Mohammad Sifat

The purpose of this paper is to investigate the drivers of the behaviour intention to use the Silver-Backed Mobile Payment System (SBMPS) among the residents of…

Abstract

Purpose

The purpose of this paper is to investigate the drivers of the behaviour intention to use the Silver-Backed Mobile Payment System (SBMPS) among the residents of Kattankudy, Sri Lanka.

Design/methodology/approach

Based on technology adoption model theory, a conceptual framework was devised, which was later tested via structural equation modelling (SEM) using valid responses from a survey questionnaire.

Findings

The results indicated that perceived usefulness and subjective norms have positive relationships and perceived risk a negative relationship with people’s behavioural intention to adopt SBMPS. In addition, the respondents were primarily motivated by faith (Islam) and also by economic advantages to adopt SBMPS.

Research limitations/implications

Religion, culture, gender, income level, age and educational level could be used as moderating factors for better understanding of people’s behaviour intentions. A Multi-cultural demographic may shed further light.

Social implications

This paper not only makes awareness of the importance of real (commodity) money but also provides the understanding of people’s willingness and the underlying motivations to practically implement the system without threatening the legal tender.

Originality/value

Extant research has mainly focused on the validity and the conceptual ideas to return to gold and silver money. This paper has been an extension to practically implement real money without threatening the legal tender by investigating the determinants of people’s willingness to return to silver money and understanding their motivations underlying those decisions

Details

Journal of Islamic Accounting and Business Research, vol. 10 no. 1
Type: Research Article
ISSN: 1759-0817

Keywords

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Article
Publication date: 12 February 2018

Ridoan Karim and Imtiaz Mohammad Sifat

This paper aims to provide a comparative discussion on silence as a misrepresentation in contractual obligations between common law and Islamic law. The objective of this…

Abstract

Purpose

This paper aims to provide a comparative discussion on silence as a misrepresentation in contractual obligations between common law and Islamic law. The objective of this paper is to – from a legal pluralism point of view – highlight the contrasts between the two traditions and provide recommendations for best practices to achieve fairness and equity among the contracting parties. While common law does not treat silence as conscious misrepresentation, in Islamic law, silence does not constitute affirmative will. This has repercussions for the contracting parties because if future disputes arise, the aggrieved party in Islamic law reserves the option to rescind or nullify the contract – an opportunity not afforded by common law. We have discussed and analyzed the implementations of the different contractual terms, such as fraud, misrepresentation, trickery and deception in relation with Islamic law principles and common law practices. This research is an effort to draw the attention for further development in both Islamic law and common law practices on contractual obligation. The notion of misrepresentation – subset of a broader gamut of fraud – is arguably nebulous in Islamic literature as well. We delve into these nuances and provide examples both from common law and Islamic law precedents and provide recommendations for reform in both traditions.

Design/methodology/approach

This paper operates under qualitative methodological framework and uses secondary sources for analysis. Sources include journal databases, review of cases, classical/medieval Islamic scripts, etc.

Findings

This paper provides a general comparative study between common law’s principle and practice and Islamic law’s principle to forge a better understanding of fine-tuning existing practice and contribute to the debate on determining the best practices to unify international trade and custom exercise. Common law principle, obviously, holds a historical and traditional reputation as those principles are derived from long years of practice and judicial interpretation. Such historical legal system should accommodate fresh ideas in their repertoire and welcome novel ideas which would positively influence its own practice. This paper affords the freedom to the reader to interpret which general principle is acceptable in terms of contractual obligation.

Originality/value

Previous works exist on the issue of misrepresentation. However, those are mostly explanations of fraud and deceit in Islamic law or common law. The treatment of silence as affirmative will is seldom touched upon. To the authors’ knowledge, this is the first attempt at contrasting the treatment of silence in common and Islamic law. They have also advocated pluralistic practices and argued for legal reform whereby both traditions can benefit from each other.

Details

International Journal of Law and Management, vol. 60 no. 1
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 12 February 2018

Imtiaz Mohammad Sifat and Azhar Mohamad

The purpose of this paper is to provide a critical, historical, and legal account and analysis of how money, an inexorable lubricant of all economies, evolved from…

Abstract

Purpose

The purpose of this paper is to provide a critical, historical, and legal account and analysis of how money, an inexorable lubricant of all economies, evolved from metallic origins to acceptance in paper form in Muslim traditions.

Design/methodology/approach

This paper underlines flaws, points of objections, corollaries and counter-points, and it ends with a thematic discussion on the way forward for Muslim nations with respect to various political and regulatory implications for implementations of potential paper money alternatives

Findings

After undergoing experimentation and customary use of various objects as money (such as sea shells, gold, silver, stones, tobacco, etc.), the world has finally settled down by embracing paper money as an official medium of exchange.

Originality/value

Paper money also endured many financial crises and initial oppositions to its premise. From an Islamic standpoint, paper money poses certain flaws and limitations that can make it unacceptable from legal perspectives.

Details

International Journal of Ethics and Systems, vol. 34 no. 1
Type: Research Article
ISSN: 0828-8666

Keywords

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