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Book part
Publication date: 19 December 2016

Fadillah Mansor and M. Ishaq Bhatti

This chapter compares the returns performance of the Islamic mutual funds (IMFs) with that of conventional mutual fund (CMF). It covers both pre- and post-ASEAN financial crisis…

Abstract

Purpose

This chapter compares the returns performance of the Islamic mutual funds (IMFs) with that of conventional mutual fund (CMF). It covers both pre- and post-ASEAN financial crisis and global financial crisis data for an overall sample of 128 IMFs and 350 CMFs. It also covers two market cycles from January 1995 to December 1998 and from January 2005 to December 2008.

Methodology/approach

The net raw returns of all expenses and market risk-adjusted return performance measurements are employed to examine the portfolios’ performance, and to capture the difference movement of the funds based on the particular market trend.

Findings

We observed that on average both portfolios outperform the market return. In general, average returns performance of IMFs is not better than the CMFs during bullish and bearish market trend periods. However, the empirical results based on time-series regression model reveal that the IMFs portfolio slightly outperform the conventional counterparts.

Practical implications

The study would benefit the investors and market players to consider IMFs in their portfolio selection, if in future such an expected event may occur.

Originality/value

The study provides insights to regulators and market players who plan to access investment plan in an emerging market, particularly in Malaysia.

Details

Advances in Islamic Finance, Marketing, and Management
Type: Book
ISBN: 978-1-78635-899-8

Keywords

Book part
Publication date: 5 June 2023

Hoong Sang Wong and Chen Chen Yong

This chapter provided systematic and comprehensive analysis on trawl fisheries management and conservation measures in the Straits of Malacca. Detailed analysis is conducted on…

Abstract

This chapter provided systematic and comprehensive analysis on trawl fisheries management and conservation measures in the Straits of Malacca. Detailed analysis is conducted on Malaysian fishery management framework particularly domestic country's trawl fishery status, legal structure, input-control strategies, ecosystem protection plan, pollution, law enforcement, and complementary measures that designed to reduce and prevent overfishing in the exclusive economic zone (EEZ) of Malacca Straits. Gaps and challenges found in existing trawl fisheries literature are presented followed by recommendations for improvement in the management and conservation of trawl fisheries.

Details

Pragmatic Engineering and Lifestyle
Type: Book
ISBN: 978-1-80262-997-2

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Book part
Publication date: 20 January 2022

Nor Asila Binti Nazmi, Rusni Hassan and Abdul Rahim Abdul Rahman

An Islamic social finance ecosystem has its specific instruments in terms of funding and investment that are in line with Shariah (Islamic law) principles. These include waqf

Abstract

An Islamic social finance ecosystem has its specific instruments in terms of funding and investment that are in line with Shariah (Islamic law) principles. These include waqf (Islamic endowment), zakat (compulsory alms), ṣadaqah (donation), qarḍ ḥasan (benevolent loan) and others. In this context, the Islamic financial institutions can be considered as Islamic social finance institutions since it has the elements of Islamic social finance concepts. The uniqueness of these two types of institutions is that they operate with the absence of riba, maysir, gharar and thus the requirement of Shariah governance comes into existence. The practice of Shariah governance in Islamic financial institutions needs to be extensively examined by using a comprehensive measurement. Therefore, this chapter attempts to discuss on the needs of Shariah Governance Practices Index (SGPi) as a comprehensive measurement to measure the Shariah governance practices. In conclusion, it is proposed to have a comprehensive index to measure the Shariah governance practices which consider few components of Shariah governance such as the board of directors, the management, Shariah Committee and Shariah compliance functions.

Book part
Publication date: 25 April 2022

Nazhatulzalkis Jamaludin, Siti Zubaidah Binti Hashim, Intan Bayani Bin Zakaria, Nadira Binti Ahzahar and Mior Alhadi Mior Ahmad Ridzuan

Sustainability issues have become crucial to mitigate urban heat islands (UHIs) and reduce the global warming effect. The climate change news is frequently heard lately due to the

Abstract

Sustainability issues have become crucial to mitigate urban heat islands (UHIs) and reduce the global warming effect. The climate change news is frequently heard lately due to the extreme weather to the extent that the increasing earth’s temperature often causes disaster and loss of property and life. New adaptation needs to new climate context and limits the on-going effects. One of the ways is adopting green roofs on buildings. Implementing sustainable practices such as green roofs will help mitigate this adverse effect in urban areas. Green roofs provide many benefits such as enhancing the aesthetical quality of the built environment, reduce UHIs, reduce energy consumption, improve storm-water attenuation, roof longevity, and reduce noise pollution. However, only a few buildings in Malaysia have considering green roofs as a main green feature element. There is barely number of buildings that have green roof design even though it offers benefits to the community and environment. This chapter has emphasised the types of green roof systems that are potentially suitable in Malaysia climate and obstacles associated with the green roof system. The study found the barriers to implementing green roofs in Malaysia, especially during the stage of building operation in maintaining the green roof system. The survey has been done, which revealed nine factors that hinder the green roof application. This study also highlights the challenges to overcome the barriers of implementing green roofs in Malaysia.

Details

Sustainability Management Strategies and Impact in Developing Countries
Type: Book
ISBN: 978-1-80262-450-2

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Book part
Publication date: 14 December 2018

Abu Umar Faruq Ahmad, Aishath Muneeza, Mohammad Omar Farooq and Rashedul Hasan

Sukuk restructuring primarily aims at offering a debtor more latitude, in form and time, to settle his obligations. To meet Shari’ah requirements of transferring assets to Sukuk…

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 transferring 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) providing 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.

Details

Management of Islamic Finance: Principle, Practice, and Performance
Type: Book
ISBN: 978-1-78756-403-9

Keywords

Book part
Publication date: 14 December 2018

Shatha Qamhieh Hashem and Islam Abdeljawad

This chapter investigates the presence of a difference in the systemic risk level between Islamic and conventional banks in Bangladesh. The authors compare systemic resilience of…

Abstract

This chapter investigates the presence of a difference in the systemic risk level between Islamic and conventional banks in Bangladesh. The authors compare systemic resilience of three types of banks: fully fledged Islamic banks, purely conventional banks (CB), and CB with Islamic windows. The authors use the market-based systemic risk measures of marginal expected shortfall and systemic risk to identify which type is more vulnerable to a systemic event. The authors also use ΔCoVaR to identify which type contributes more to a systemic event. Using a sample of observations on 27 publicly traded banks operating over the 2005–2014 period, the authors find that CB is the least resilient sector to a systemic event, and is the one that has the highest contribution to systemic risk during crisis times.

Details

Management of Islamic Finance: Principle, Practice, and Performance
Type: Book
ISBN: 978-1-78756-403-9

Keywords

Book part
Publication date: 5 October 2018

Nicolás Marín Ruiz, María Martínez-Rojas, Carlos Molina Fernández, José Manuel Soto-Hidalgo, Juan Carlos Rubio-Romero and María Amparo Vila Miranda

The construction sector has significantly evolved in recent decades, in parallel with a huge increase in the amount of data generated and exchanged in any construction project…

Abstract

The construction sector has significantly evolved in recent decades, in parallel with a huge increase in the amount of data generated and exchanged in any construction project. These data need to be managed in order to complete a successful project in terms of quality, cost and schedule in the the context of a safe project environment while appropriately organising many construction documents.

However, the origin of these data is very diverse, mainly due to the sector’s characteristics. Moreover, these data are affected by uncertainty, complexity and diversity due to the imprecise nature of the many factors involved in construction projects. As a result, construction project data are associated with large, irregular and scattered datasets.

The objective of this chapter is to introduce an approach based on a fuzzy multi-dimensional model and on line analytical processing (OLAP) operations in order to manage construction data and support the decision-making process based on previous experiences. On one hand, the proposal allows for the integration of data in a common repository which is accessible to users along the whole project’s life cycle. On the other hand, it allows for the establishment of more flexible structures for representing the data of the main tasks in the construction project management domain. The incorporation of this fuzzy framework allows for the management of imprecision in construction data and provides easy and intuitive access to users so that they can make more reliable decisions.

Details

Fuzzy Hybrid Computing in Construction Engineering and Management
Type: Book
ISBN: 978-1-78743-868-2

Keywords

Book part
Publication date: 2 September 2016

Bernard Paranque and Elias Erragragui

The objective of this chapter is twofold. It first explores the complementarities of Islamic investment with Socially Responsible Investment. Secondly, it examines the financial…

Abstract

Purpose

The objective of this chapter is twofold. It first explores the complementarities of Islamic investment with Socially Responsible Investment. Secondly, it examines the financial price, for investors, of being both shariah-compliant and socially responsible.

Methodology/approach

Using a value-weighted approach, we experiment the construction of a set of sharia-compliant stock portfolios with different Environmental, Social, and Governance (ESG) performance. We use the KLD ratings of 238 companies listed in U.S. stock market from 2007 to 2011. We measure and compare their performance using the model developed by Fama and French (1993) and extended by Carhart (1997).

Findings

The results indicate no adverse effect on returns due to the application of a double screening, Islamic and SRI, and show a substantially higher performance for positive governance screen during 2008–2011 periods. This outperformance cannot be explained by differences in investment style. Though, we observe significant outperformance for some ‘irresponsible’ portfolios involved in community and human rights controversies.

Research limitations/implications

The study only focuses on U.S. market. Future works should extend the experimentation to other markets.

Practical implications

This study provides a venue for Islamic funds managers to consider SRI screening as fully in line with shariah-compliance requirements, while preserving the performance of their portfolios.

Social implications

Potentially, the reconciliation of Islamic investment with positive SRI practices may foster the implementation of CSR policies by firms’ manager willing to attract Islamic investors.

Originality/value

With reference to the many studies emphasising the compatibility between CSR criteria and Islamic principles, this experimental study is the first to investigate the integration of a positive screening process designed to select companies based on their ESG performance in addition to a traditional shariah-compliant screening.

Details

Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance
Type: Book
ISBN: 978-1-78560-980-0

Keywords

Content available
Book part
Publication date: 30 June 2023

Lisa M. Given, Donald O. Case and Rebekah Willson

Abstract

Details

Looking for Information
Type: Book
ISBN: 978-1-80382-424-6

Content available
Book part
Publication date: 20 January 2022

Abstract

Details

Towards a Post-Covid Global Financial System
Type: Book
ISBN: 978-1-80071-625-4

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