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Article
Publication date: 22 September 2023

Mustafa Raza Rabbani, M. Kabir Hassan, Syed Ahsan Jamil, Mohammad Sahabuddin and Muneer Shaik

In this study, the authors analyze the impact of geopolitics risk on Sukuk, Islamic and composite stocks, oil and gold markets and portfolio diversification implications during…

Abstract

Purpose

In this study, the authors analyze the impact of geopolitics risk on Sukuk, Islamic and composite stocks, oil and gold markets and portfolio diversification implications during the COVID-19 pandemic and Russia–Ukraine conflict period.

Design/methodology/approach

The study used a mix of wavelet-based approaches, including continuous wavelet transformation and discrete wavelet transformation. The analysis used data from the Geopolitical Risk index (GP{R), Dow Jones Sukuk index (SUKUK), Dow Jones Islamic index (DJII), Dow Jones composite index (DJCI), one of the top crude oil benchmarks which is based on the Europe (BRENT) (oil fields in the North Sea between the Shetland Island and Norway), and Global Gold Price Index (gold) from May 31, 2012, to June 13, 2022.

Findings

The results of the study indicate that during the COVID-19 and Russia–Ukraine conflict period geopolitical risk (GPR) was in the leading position, where BRENT confirmed the lagging relationship. On the other hand, during the COVID-19 pandemic period, SUKUK, DJII and DJCI are in the leading position, where GPR confirms the lagging position.

Originality/value

The present study is unique in three respects. First, the authors revisit the influence of GPR on global asset markets such as Islamic stocks, Islamic bonds, conventional stocks, oil and gold. Second, the authors use the wavelet power spectrum and coherence analysis to determine the level of reliance based on time and frequency features. Third, the authors conduct an empirical study that includes recent endogenous shocks generated by health crises such as the COVID-19 epidemic, as well as shocks caused by the geopolitical danger of a war between Russia and Ukraine.

Highlights

  1. We analyze the impact of geopolitics risk on Sukuk, Islamic and composite stocks, oil and gold markets and portfolio diversification implications during the COVID-19 pandemic and Russia–Ukraine conflict period.

  2. The results of the wavelet-based approach show that Dow Jones composite and Islamic indexes have observed the highest mean return during the study period.

  3. GPR and BRENT are estimated to have the highest amount of risk throughout the observation period.

  4. Dow Jones Sukuk, Islamic and composite stock show similar trend of volatility during the COVID-19 pandemic period and comparatively gold observes lower variance during the COVID-19 pandemic and Russia–Ukraine conflict.

We analyze the impact of geopolitics risk on Sukuk, Islamic and composite stocks, oil and gold markets and portfolio diversification implications during the COVID-19 pandemic and Russia–Ukraine conflict period.

The results of the wavelet-based approach show that Dow Jones composite and Islamic indexes have observed the highest mean return during the study period.

GPR and BRENT are estimated to have the highest amount of risk throughout the observation period.

Dow Jones Sukuk, Islamic and composite stock show similar trend of volatility during the COVID-19 pandemic period and comparatively gold observes lower variance during the COVID-19 pandemic and Russia–Ukraine conflict.

Open Access
Article
Publication date: 28 June 2022

Md. Kausar Alam, Mohammad Shofiqul Islam, Fakir Tajul Islam, Mosab I. Tabash, Mohammad Sahabuddin and Muhammad Alauddin

The study aims to investigate the reasons behind the growing diverse practices of Shariah governance (SG) among Islamic banks in Bangladesh.

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Abstract

Purpose

The study aims to investigate the reasons behind the growing diverse practices of Shariah governance (SG) among Islamic banks in Bangladesh.

Design/methodology/approach

Data has been collected through a semi-structured interview process from the concerned authorities (Shariah supervisory board members, Shariah department officers, central bank executives and banking professional experts) related to SG and Islamic banks in Bangladesh. The data has been analyzed by NVivo software.

Findings

The results of the study show that SG mechanisms are different due to the lack of unique comprehensive SG guidelines and the absence of a Centralized Shariah Supervisory Board (CSSB) under the Central Bank. The self-developed practices, the diversified opinions and viewpoints of the Board of Directors (BOD), banks' policies, business motivations and profit intention are also responsible for diversified SG practices. The diverse understandings and explanations of Shariah, Madhab (school of thought) and rulings are also responsible for the different practices of SG in Bangladesh.

Research limitations/implications

The study has unique implications for the regulatory authorities and Islamic banks in Bangladesh. The study explored the diverse reasons for numerous applications of SG guidelines which will be beneficial for the central bank and regulators to resolve the issues by outlying unique SG guidelines.

Originality/value

This study outlines the reasons for dissimilar practices of SG by the Islamic banks in Bangladesh, which will be beneficial for Islamic banks and the central bank of Bangladesh.

Details

Asian Journal of Accounting Research, vol. 7 no. 3
Type: Research Article
ISSN: 2443-4175

Keywords

Article
Publication date: 13 February 2024

Md. Nazmus Sakib, Mahmuda Akter, Mohammad Sahabuddin and Mochammad Fahlevi

This study aims to identify the factors influencing cashless transactions toward digital payment systems using the extended UTAUT model in developing countries. This model was…

Abstract

Purpose

This study aims to identify the factors influencing cashless transactions toward digital payment systems using the extended UTAUT model in developing countries. This model was extended with perceived usefulness, perceived ease of use, facilitating conditions, perceived security/trust and social influence for assessing consumer behavior toward cashless transactions.

Design/methodology/approach

Using structural equation modeling (SEM), this study conducted a cross-sectional survey to collect data, providing a snapshot of the relationship between exogenous and endogenous variables.

Findings

The results of the study indicate that perceived usefulness, facilitating conditions, perceived trust/security and social influence have a significant influence on consumer intentions toward cashless transactions. Oppositely, leaving the perceived ease of use has no significant influence on consumer intentions toward the usage of cashless transactions.

Originality/value

The contribution of this study is to extend the UTAUT model for adopting cashless transactions in developing countries that will help government agencies, service providers and financial institutions design effective strategies in the future.

Details

Journal of Science and Technology Policy Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4620

Keywords

Article
Publication date: 12 July 2021

Md. Kausar Alam, Md. Mizanur Rahman, Fakir Tajul Islam, Babatunji Samuel Adedeji, Md. Abdul Mannan and Mohammad Sahabuddin

The purpose of this study is to explore the practices of Shariah governance (SG) systems in terms of their guidelines, current operational procedures, internbal policies and…

Abstract

Purpose

The purpose of this study is to explore the practices of Shariah governance (SG) systems in terms of their guidelines, current operational procedures, internbal policies and structures and regulatory framework of Islamic banks in Bangladesh from the viewpoints of Shariah, Tawhidic approach/ontological approach and Shuratic process of Islamic corporate governance and institutional theory.

Design/methodology/approach

A semi-structured interview tactic has been applied to attain the objective. Overall, data has been collected from the regulators, Shariah supervisory board members, Shariah department executives and experts from the central bank and Islamic banks of Bangladesh.

Findings

The study finds that Islamic banks do not follow complete Shariah principles in all aspects of SG nor violate them fully in their overall functions due to less accountability, which contradicts the concept of the Tawhidi epistemological process of Islamic corporate governance. Islamic banks announce that they are following Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) guidelines, but in practice, they do not follow the instructions accurately because all of the standards and policies of AAOIFI and the Islamic Financial Services Board are not applicable in Bangladesh due to its cultural, legal and regulatory structures. It is found that Islamic banks in Bangladesh have a lower practice of maqasid as-Shariah and Tawhidic approach and Shuratic process.

Research limitations/implications

The study significantly contributed to the central bank of Bangladesh and Islamic banks by exploring the SG systems for their further enhancement. The research provides some suggestions for improving existing SG systems and enhancing more application of SG guidelines and Shariah principles in the overall operations of the Islamic banks in Bangladesh.

Originality/value

This research extends the literature regarding the Islamic banks’ SG practices in Bangladesh. The study also contributes to Shariah, Tawhidic approach/ontological approach and Shuratic process of Islamic corporate governance and institutional theory by exploring the Islamic banks’ existing SG practices in Bangladesh.

Details

Pacific Accounting Review, vol. 33 no. 4
Type: Research Article
ISSN: 0114-0582

Keywords

Book part
Publication date: 7 November 2022

Md. Nekmahmud, Mohammad Fazle Rabbi and Azizul Hassan

Travel ban, restriction and health hazards are the results of disruptive shocks in the tourism industry leading to a significant negative impact on the tourism business. We…

Abstract

Travel ban, restriction and health hazards are the results of disruptive shocks in the tourism industry leading to a significant negative impact on the tourism business. We investigated the COVID-19 induced different restrictions effects in Bangladesh through the synthesis of the literature evidence. Our study found the tourism industry is one of the hardest-hit service industries worldwide during the pandemic. The main purpose of this chapter is to discuss the impact of COVID-19 on the tourism and hospitality industry in Bangladesh. New post-epidemic potentials for sustainable tourism growth are outlined. The consequences of COVID-19 in global sustainable tourism are discussed using a qualitative technique based on emergent literature, the most recent tourism reports and content analysis in this chapter. This book chapter complements the literature inventory on COVID-19 by estimating and tracking the world economy's major effects, the impact on sustainable travel and tourism, the effects on nature wildlife tourism and (new) openings for further sustainable tourism. Finally, it analyses the nature and scope of COVID-19's effects on tourism, recovery and resolution in the post-pandemic tourism industry, as well as the suggestions for future growth of sustainable tourism.

Details

The Emerald Handbook of Destination Recovery in Tourism and Hospitality
Type: Book
ISBN: 978-1-80262-073-3

Keywords

Article
Publication date: 22 August 2023

Xian Yun Tan, Norhayati Mahyuddin, Syahrul Nizam Kamaruzzaman, Norhayati Mat Wajid and Abdul Murad Zainal Abidin

Commercial buildings, which include office buildings, are one of the three major energy-consuming sectors, alongside industrial and transportation sectors. The vast increase in…

Abstract

Purpose

Commercial buildings, which include office buildings, are one of the three major energy-consuming sectors, alongside industrial and transportation sectors. The vast increase in the number of buildings is a positive sign of the rapid development of Malaysia. However, most Malaysian government office buildings tend to consume energy inefficiently due to lack of energy optimization. Most of the previous studies focused on the performance of green buildings in fulfilling the green development guidelines. As such, it is essential to study the energy performance of existing government office buildings that were constructed before most energy-efficient standards were implemented to mitigate energy wastage due to the lack of energy optimization. This study aims to analyse the energy performance of existing non-green Malaysian government office buildings and the factors that influence building energy consumption, as well as to evaluate the efficacy of the existing energy conservation measures.

Design/methodology/approach

This study was conducted by a literature review and case study. The chosen buildings are six government office building blocks located in Kuala Lumpur, the capital city of Malaysia. In this study, a literature review has been conducted on the common factors affecting energy consumption in office buildings. The energy consumption data of the buildings were collected to calculate the building energy intensity (BEI). The BEI was compared to the MS1525:2019 and GBI benchmarks to evaluate energy performance. SketchUp software was utilized to illustrate the solar radiation and sun path diagram of the case study buildings. Finally, recommendations were derived for retrofit strategies based on non-design factors and passive design factors.

Findings

In typical government office buildings, the air-conditioning system consumed the most energy at 65.5%, followed by lighting system at 22.6%, and the remaining 11.9% was contributed by office appliances. The energy performance of the case study buildings is considered as satisfactory as the BEI did not exceed the MS1525:2019 benchmark of 200 kWh/m2/year. The E Block recorded the highest BEI of 183.12 kWh/m2/year in 2020 due to its north-east orientation which is exposed to the most solar radiation. Besides, E Block consists of rooms that can accommodate large number of occupants. As such, non-design factors which include higher occupancy rate and higher cooling demand due to high outdoor temperature leads to higher energy consumption. By considering passive design features such as building orientation and building envelope thermal properties, energy consumption can be reduced significantly.

Originality/value

This study provided a comprehensive insight into the energy performance of Malaysian government office buildings, which were constructed before the energy-efficient standards being introduced. By calculating the BEI of six government office buildings, it is found that the energy performance of the case study buildings fulfils the MS1525 benchmark, and that all their BEIs are below 200 kWh/m2/year. Malaysia's hot and humid climate significantly affects a building's cooling load, and it is found the air-conditioning system is the major energy consumer of Malaysian government office buildings. This study discusses the efficacy of the energy-saving measures implemented in the case study buildings to optimize energy consumption. Recommendations were derived based on the non-design factors and passive design factors that affected the energy consumption of the case study building. It is envisioned that this study can provide practical strategies for retrofit interventions to reduce energy consumption in Malaysian office buildings as well as for office buildings that are in a similar climate.

Details

Open House International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0168-2601

Keywords

Article
Publication date: 21 August 2023

Hamideh Asnaashari and Mohammad Hossein Safarzadeh

This study aims to investigate factors that drive or deter audit firms (AFs) from disclosing audit quality (AQ) information to stakeholders in Iran. Furthermore, information items…

Abstract

Purpose

This study aims to investigate factors that drive or deter audit firms (AFs) from disclosing audit quality (AQ) information to stakeholders in Iran. Furthermore, information items that should be contained in their disclosures are examined.

Design/methodology/approach

The study followed an interpretive approach. In this regard, 21 semi-structured and face-to-face interviews were conducted to explore the viewpoints of audit partners and investment managers. Interviewees were selected by snowball sampling method. The transcripts of audio records were prepared, and a thematic perspective was applied to evaluate transcriptions.

Findings

Participants’ interpretations indicate that certain factors, such as signaling to stakeholders, active audit committees and investor demand, promote transparency among Iranian AFs. Nonetheless, this inclination is deterred by some concerns, including poor AQ, lack of financial resources, lack of legal enforcement, fear of raising stakeholders’ expectations, inactive professional associations and contextual factors which should be addressed. Interviewees believe five items should be contained in AFs’ disclosures to enhance transparency.

Practical implications

This study contributes to recognizing factors explaining AFs’ behavior in the context of an Islamic country. Furthermore, the type of disclosure that should be contained can provide good insight for standard setters or oversight bodies.

Originality/value

The semi-structured interviews shed light on the contextual factors that influence transparency within the accountancy profession, either enabling or hindering it. Additionally, it is crucial to consider each country’s unique characteristics when determining the disclosure items in transparency reports.

Details

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

Keywords

Open Access
Article
Publication date: 9 March 2021

Md. Kausar Alam, Mohammad Mizanur Rahman, Mahfuza Kamal Runy, Babatunji Samuel Adedeji and Md. Farjin Hassan

The purpose of this paper is to examine the influences of Shariah governance (SG) mechanisms on Islamic banks' performance and Shariah compliance quality in the context of…

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Abstract

Purpose

The purpose of this paper is to examine the influences of Shariah governance (SG) mechanisms on Islamic banks' performance and Shariah compliance quality in the context of Bangladesh.

Design/methodology/approach

A semi-structured personal interview tactic was applied to accomplish the research objectives. The data were collected from the regulators, Shariah supervisory boards, Shariah department executives and Shariah experts from the Central Bank (Bangladesh Bank) and Islamic banks in Bangladesh.

Findings

The study discovers that the quality of the Board of Directors (BODs), Shariah Supervisory Board (SSB), management and Shariah executives have both positive and negative influences on the Shariah compliance quality, image, goodwill and performance of Islamic banks' in Bangladesh. The compositions, formations and quality of SSB and Shariah officers positively influence the Islamic banks' fatwas, Shariah decisions, compliance quality and firm performance. The study also finds that prevailing banking pressure, current political situation, the willingness of BOD and management and social limitations impact Islamic banks' performance, Shariah compliance quality, image and goodwill.

Research limitations/implications

Based on our findings, if the regulators, BODs and Islamic banks can manage effective and efficient executives, it will create a positive impact on Islamic banks' performance, image, goodwill and quality compliance. As the prevailing banking pressure, current political situation and social limitations hinder the functions and employment system of the Islamic banks as well as result the Islamic banks' image, performance, Shariah implementations and compliance. Thus, the theorist needs to consider these mechanisms in extending the agency, stakeholder and resource dependence theories.

Originality/value

This research extends the literature concerning the influences of Islamic banks' SG mechanisms in Bangladesh. The study also argued not only the efficient and effective mechanisms but also the prevailing banking pressure, current political situation and social limitations impact on Islamic banks' performance and Shariah compliance quality.

Details

Asian Journal of Accounting Research, vol. 7 no. 1
Type: Research Article
ISSN: 2443-4175

Keywords

Article
Publication date: 5 May 2023

Hikmat Ali, Amal Abed and Alaa Rababah

As numerous research studies have investigated the effect of the built environment on human contentment, building regulations have advanced as a direct impact on indoor…

Abstract

Purpose

As numerous research studies have investigated the effect of the built environment on human contentment, building regulations have advanced as a direct impact on indoor environmental quality (IEQ) to include thermal, lighting, air quality and acoustics systems. Yet, while IEQ and residents' satisfaction have been discussed thoroughly in previous research, only a few studies have researched the role of building regulations as motivating factors in the housing context, specifically in Jordan.

Design/methodology/approach

A mixed-method approach was adopted to address this issue involving genotype analysis for building morphology and simulation using Design Builder software. This helped to understand the impact of building regulations variables, including building setback, the height of an adjacent building, orientation and building geometry. Meanwhile, an online survey was conducted to include 410 residents spread out in various building categories (A, B, C and D).

Findings

The results of this study revealed that building regulation of setbacks, the height of adjacent buildings and orientation are significant parameters that directly affect IEQ and residents' satisfaction. In addition, based on this study, the matter was clear that the highest total satisfaction resulted based on the highest comfort level in terms of temperature and daylight obtained due to larger setback and lower building height. Yet, this finding undermined smart growth principles due to the limited scope of building regulation that focused only on spatial and physical dimensions, so improving to include environmental aspects such as passive design strategies that appreciate natural ventilation and lighting is necessary, which positively impact IEQ.

Originality/value

The concept of IEQ and residents' satisfaction have been discussed thoroughly, but only a few studies have researched the role of building regulations as motivating factors in the housing context specifically in Jordan.

Details

Archnet-IJAR: International Journal of Architectural Research, vol. 18 no. 1
Type: Research Article
ISSN: 2631-6862

Keywords

Article
Publication date: 22 January 2024

N. Aishah Abdul-Rahman, Rahimi A. Rahman and Ahmad Rizal Alias

This study aims to develop an interrelation model between critical parameters for assessing the construction readiness (CR) of abandoned housing projects, using Malaysia as a case…

Abstract

Purpose

This study aims to develop an interrelation model between critical parameters for assessing the construction readiness (CR) of abandoned housing projects, using Malaysia as a case study. To achieve that aim, the study objectives are to (1) identify critical parameters for assessing the CR of abandoned housing projects; (2) develop underlying constructs to categorize interrelated critical parameters and (3) assess the influence of the underlying constructs on the CR of abandoned housing projects.

Design/methodology/approach

This study identifies potential parameters for assessing the CR of abandoned housing projects by reviewing existing literature and interviewing industry professionals. Then, the list was used to develop a questionnaire survey. The collected survey data were analyzed using normalized mean analysis to identify the critical parameters. Exploratory factor analysis (EFA) was used to develop underlying constructs to categorize interrelated critical parameters. Finally, the influence of the underlying constructs on the CR of abandoned housing projects was examined through partial least squares structural equation modeling (PLS-SEM).

Findings

The analyses suggest that 21 critical parameters are affecting the CR of abandoned housing projects. The critical parameters can be categorized into four underlying constructs: construction site evaluation, management verification, uncertainties mitigation and document approval. Finally, the analyses confirmed that all four constructs affect the CR of abandoned housing projects.

Originality/value

This study is a pioneering effort to quantitatively analyze the parameters for assessing the CR of abandoned housing projects. The findings significantly benefit researchers and industry professionals by providing a list of critical parameters associated with the CR of abandoned housing projects.

Details

Open House International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0168-2601

Keywords

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