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Article
Publication date: 10 April 2009

M. Shabri Abd. Majid, Ahamed Kameel Mydin Meera, Mohd. Azmi Omar and Hassanuddeen Abdul Aziz

The purpose of this paper is to empirically explore market integration among five selected Association of Southeast Asian Nations (ASEAN) emerging markets (Malaysia…

Abstract

Purpose

The purpose of this paper is to empirically explore market integration among five selected Association of Southeast Asian Nations (ASEAN) emerging markets (Malaysia, Thailand, Indonesia, the Philippines and Singapore) during the pre‐ and post‐1997 financial crisis periods.

Design/methodology/approach

Employs two‐step estimation, cointegration and generalized method of moments (GMM).

Findings

The study finds that the stock markets in the ASEAN region are cointegrated both during the pre‐ and post‐1997 financial crisis. However, the markets are moving towards a greater integration, particularly during the post‐1997 financial crisis. Finally, as measured by the error correction terms, except the emerging market of Indonesia, all other ASEAN markets appear to be the important bearers of short‐run adjustment to a shock in the long‐run equilibrium relationships in the region both during the pre‐ and post‐crisis periods.

Research limitations/implications

The study only focuses on stock markets of the five founding members of ASEAN, i.e. Malaysia, Indonesia, Thailand, Singapore and the Philippines.

Practical implications

The paper reveals that unlike during the pre‐crisis period, the long‐run diversification benefits that can be earned by investors across the ASEAN markets in the post‐crisis period tend to diminish.

Originality/value

The study is among the first to use two‐step estimation, cointegration and GMM to re‐examine market integration either in the emerging or developed markets.

Details

International Journal of Emerging Markets, vol. 4 no. 2
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 30 March 2012

Muhamad Abduh and Mohd Azmi Omar

The purpose of this paper is to examine the short‐run and the long‐run relationships between Islamic banking development and economic growth in the case of Indonesia.

Abstract

Purpose

The purpose of this paper is to examine the short‐run and the long‐run relationships between Islamic banking development and economic growth in the case of Indonesia.

Design/methodology/approach

Using quarterly data (2003:1‐2010:2), this paper utilizes the bound testing approach of cointegration and error correction models, developed within an autoregressive distributed lag (ARDL) framework.

Findings

The results demonstrate a significant relationship in short‐run and long‐run periods between Islamic financial development and economic growth. The relationship, however, is neither Schumpeter's supply‐leading nor Robinson's demand‐following. It appears to be bi‐directional relationship.

Originality/value

This paper uses empirical evidence to show the role of Islamic banks' financing towards economic performance of a country. To the best of the authors' knowledge, the study on the role of Islamic banking development towards economic growth is limited, particularly in the context of Indonesia.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 5 no. 1
Type: Research Article
ISSN: 1753-8394

Keywords

Content available
Article
Publication date: 14 April 2014

Abstract

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 7 no. 1
Type: Research Article
ISSN: 1753-8394

Keywords

Content available
Article
Publication date: 30 March 2012

M. Kabir Hassan

Abstract

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 5 no. 1
Type: Research Article
ISSN: 1753-8394

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Book part
Publication date: 19 December 2016

Norafni @ Farlina binti Rahim

Islamic finance and Halal product sectors are thriving successfully. This chapter is a general review of the perception of Asian consumers on Islamic finance and Halal…

Abstract

Purpose

Islamic finance and Halal product sectors are thriving successfully. This chapter is a general review of the perception of Asian consumers on Islamic finance and Halal sectors in the global Halal economy.

Methodology/approach

The first section will briefly describe the Halal concept in both Islamic finance and Halal industries, and the growth of both sectors in Asian countries. The second part highlights the review of Asian consumers’ perception towards Islamic finance products and Halal products.

Findings

The review found that the consumers’ perception towards the Islamic finance products and Halal products is distinctive. This is due to the diversity of Asian countries in terms of geography, religion, culture, ethnic, school of thoughts (madzahib), income per capita and government’s involvement.

Originality/value

The third part of the chapter concentrates on planning towards Halal marketing, which involves the move and future challenges in different layers of industries to gear up and strengthen the Halal economy.

Details

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

Keywords

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Article
Publication date: 12 August 2020

Nurul Indarti, Andy Susilo Lukito-Budi and Azmi Muhammad Islam

This study aims to explore existing study trends in the halal supply chain (HSC) field as an extension of supply chain studies. Upon examining multiple journal ranks and…

Abstract

Purpose

This study aims to explore existing study trends in the halal supply chain (HSC) field as an extension of supply chain studies. Upon examining multiple journal ranks and citation profiles, these trends cover research themes, methodologies, settings (country and data analysis level) and their interactions.

Design/methodology/approach

The study followed a systematic, mixed-method review to pinpoint the HSC research themes. The Publish or Perish software, with specific criteria, was used to retrieve and filter 87 HSC articles from 2009 to 2019 from the Google Scholar database. Then, an input–process–output framework was used to classify and discuss potential future research.

Findings

This study concludes that HSC research is still in early development. Five themes consisting of 24 different topics were found: the engagement process, quality control assurance, critical success factors, the production and distribution process and HSC operations support. Most of the HSC studies followed conceptual and qualitative interview methods, with special reference to Muslim-majority countries and organization-level analysis. Within one decade, the number of HSC publications grew significantly, though their presentation is mainly in unindexed journals and their citation rate is low. This study thus proposes three main future HSC research points: HSC consequences, processes and antecedents.

Practical implications

Possible practical implications can be expected from the authors’ proposed empirical studies as guidelines to formulate and promote HSC implementation.

Originality/value

No comprehensive HSC research review exists in the literature. This study intends to fill this void by charting cumulative knowledge and proposing a roadmap for future research endeavors.

Details

Journal of Islamic Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0833

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Article
Publication date: 5 August 2019

Suraiya Ishak, Ahmad Raflis Che Omar, Kartini Khalid, Intan Safiena Ab. Ghafar and Mohd Yusof Hussain

The purpose of this study is to describe cosmetics purchase behavior of young, educated Muslim females in Malaysia and to explore its relationship with certain potential…

Abstract

Purpose

The purpose of this study is to describe cosmetics purchase behavior of young, educated Muslim females in Malaysia and to explore its relationship with certain potential antecedents.

Design/methodology/approach

This study uses a survey on a sample of female consumers from four higher education institutions in the urban area of Bangi Selangor, Malaysia. From their respective institutions, 150 respondents were selected through the purposive sampling method. Self-administered questionnaire has been used to gather information from the respondents. The survey data were analyzed using descriptive, t-test and correlation analyses to accomplish the study objectives.

Findings

The study indicates that millennial Muslim cosmetic purchase behavior falls under the “Limited Decision Making” classification. The classification is due to the pattern of pro-active behaviors exhibit through the information search for details about ingredients, halal clue, countries of origin, health safety guarantee and the benefits of the cosmetic products. Young, educated female consumers adore branded cosmetic items and show willingness to accept higher prices for the branded items. Despite brand consciousness, they demonstrate a relatively high concern on the halalness of the product. Based on the correlation analysis, all variables were found to be significant and the most significant of them was brand.

Research limitations/implications

Millennial consumers are information technology savvy and have access to vast information about products. As a result, the findings reiterate that millennial consumers demonstrate different purchase behavior, which is worth exploring by future researchers. In addition, other latent antecedents such as religiosity and world view are worth including in future studies.

Practical implications

Cosmetic manufacturers and marketers must ensure that their products signal positive images to fit the expectations of young and educated Muslim consumers. Although brand conscious, such consumers demonstrate prudent behavior in terms of searching for halalan and toyyiban products.

Originality/value

This study adds value in the area of halal product marketing because of two unique focuses. First, it examines the purchase of cosmetic products, which are relatively understudied compared to halal food. Second, it considers the perspectives of educated Muslim millennials, who are expected to demonstrate more specific purchase behaviors than a generalized millennial group. Therefore, the originality of this study revolves around the consideration of these two aspects, which are relevant to contemporary business marketing discussions.

Details

Journal of Islamic Marketing, vol. 11 no. 5
Type: Research Article
ISSN: 1759-0833

Keywords

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Article
Publication date: 4 June 2019

Fadhlur Rahim Azmi, Abu Abdullah, Haslinda Musa and Wan Hasrulnizzam Wan Mahmood

Food industry players obtain the advantages of profits growth within the halal industry whereby the market is dynamic to generate profit. Hence, this study aims to analyse…

Abstract

Purpose

Food industry players obtain the advantages of profits growth within the halal industry whereby the market is dynamic to generate profit. Hence, this study aims to analyse the perception of food manufacturers towards the adoption of the halal food supply chain (HFSC).

Design/methodology/approach

For this study, 103 halal food manufacturers in Malaysia were selected as respondents. Perceptions of respondents towards HFSC were recorded using a five-point questionnaire. The questionnaire was designed by authors and adapted from a previous study. The questionnaire was circulated by two experts with proficiency in this filed.

Findings

By conducting exploratory factor analysis, the study found the perception of food manufacturers, which is expected business benefits play an important role in the adoption of HFSC. Halal integrity becomes the second factor to lead the company to its adoption. Organizational readiness is the third factor that drives the company to adopt HFSC.

Research limitations/implications

Majority of the sample was responded by Bumiputera companies. The study suggests focussing the study for non-Bumiputera companies to examine their influence towards HFSC. Furthermore, future studies should explore different sectors of halal, such as pharmaceuticals, cosmetics, travel and tourism, logistics, finance and e-commerce. Moreover, ensuring the status of halal should be more emphasized in food chains; thus, the source of risk in HFSC should be explored to secure the integrity of halal.

Practical implications

The paper includes implications for the halal food industry, whereby the adoption of HFSC will contribute to the business benefits to create a more competitive advantage to the industry. Moreover, the implications of halal practice can create consumers’ trust on the halal product.

Originality/value

This paper fulfils an analysed need to study specifically on upstream parties by adopting HFSC.

Details

Journal of Islamic Marketing, vol. 11 no. 3
Type: Research Article
ISSN: 1759-0833

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Article
Publication date: 21 October 2020

Hassanudin Mohd Thas Thaker, Mohamed Ariff and Niviethan Rao Subramaniam

The purpose of this paper is to identify the drivers of residential price as well as the degree co-movement of housing among different states in Malaysia.

Abstract

Purpose

The purpose of this paper is to identify the drivers of residential price as well as the degree co-movement of housing among different states in Malaysia.

Design/methodology/approach

This study adopted an advanced econometrics technique: the dynamic autoregressive-distributed lag (DARDL) and – the time-frequency domain approach known as the wavelet coherence test. The DARDL model was applied to identify the cointegrating relationships and the CWT was used to analyze the co-movement and lead–lag relationships among four states’ regional housing prices. The extracted data were mainly on annual basis and comprised macroeconomics and financial factors. Information with regard to residential prices and other variables was extracted from the National Property Information Centre (NAPIC) website, the Central Bank of Malaysia Statistics Report, the Department of Statistics, Malaysia, I-Property.com and the World Bank (WB). The data covered in this study were the pool data from four main states in Malaysia and different categories of residential properties.

Findings

The empirical results indicate that there were long-run cointegration relationships between the housing price and capital gain and loss, rental per square feet, disposable income, inflation, number of marriages, deposit rate, risk premium and loan-to-value (LTV) ratio. While the wavelet analysis shows that (1) in the long run, Kuala Lumpur housing price having strong co-movement with Selangor, Penang and Melaka housing prices except for Johor and (2) the lead–lag relationship also postulates Kuala Lumpur housing price having in-phase category with Selangor, Penang and Melaka housing prices except for Johor.

Practical implications

This study offers relevant practical implications. First, the study proposes an active collaboration between the private sector and government support which may help to smooth the pricing issue of residential properties. More low-cost residential projects are needed for focus groups including middle- and low-income earners. Furthermore, the results are expected to provide real estate investor in Malaysia, an improved understanding of the regional housing market price dynamics.

Originality/value

The findings of this study were obtained from various reliable sources; therefore, the results reflected the analysis of price drivers and co-movements. Furthermore, findings from this study lend some support to the argument on the rise of residential prices and offer several policy implications from a practical point of view with regard to the residential market.

Details

Property Management, vol. 39 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 7 January 2021

Aries Susanty, Nia Budi Puspitasari, Sumunar Jati and Oktivia Selvina

The purpose of this paper is as follows: first, this study aims to identify the impact of internal and external factors on the implementation of halal logistics (IHL)…

Abstract

Purpose

The purpose of this paper is as follows: first, this study aims to identify the impact of internal and external factors on the implementation of halal logistics (IHL). Second, this study aims to investigate the impact of internal factors on the IHL through competitive pressure (COP) as a moderating variable.

Design/methodology/approach

This study used primary data that were collected through offline questionnaires. The questionnaires were intended to identify the internal and external conditions of a company and the level of the IHL. The internal condition consists of five factors, namely corporate image and reputation (CRE), entrepreneurial intensity, social responsibility (SRE), expected business benefit and halal integrity (HIN). The external factors consist of demand or customer pressure (DCP), government support (GOV), market share expansion and COP. This study considered the factors belonged to internal and external companies on the basis of the conceptual model from Ab Talib et al. (2015), Zailaini et al. (2015) and Ab Talib and Chin (2018) as they have clearly distinguished the important factors for the implementation of the concept of halal into internal and external groups and most of those factors are frequently stated by the other researchers.

Findings

There were 148 questionnaires administrated, 84.5% of which were properly filled in, completed and returned. For internal factors, the result of the study confirms that CRE, SRE and HIN have a positive significant impact on the IHL. For external factors, the result of the study confirms that DCP, GOV and COP have a positive significant impact on the IHL. Then, the result of the study also confirms that COP can make the impact of good CRE on the IHL stronger. This condition did not happen for the other internal factors.

Research limitations/implications

First, it is debatable that internal and external factors and the IHL are only measured by the Likert scales. Future research may take the benefits of inducing qualitative approaches to better measure the condition of internal and external factors and the level of IHL practices through observation and probing. Second, this study was limited to the respondents from companies in Indonesia, which is a Muslim-dominant country and this study does not take into account the differences in the target market and the company’s owner, size of operation and financial capacity. Future research should test the conceptual model in a non-Muslim country and should include controlling for variables to generate a more conducive finding. Third, this study only uses the limited variable as the internal and external factors. Therefore, as many variables represent technological, organisational and environmental factors, they could be included in the future research framework.

Practical implications

This study practically contributes to the halal concept implementation body of knowledge by identifying the relationships between the internal and external factors and the IHL. Understanding this relationship will help the management of food, beverage and ingredient companies, as well as the government or policymakers in making better decisions and strategies to strengthen the IHL.

Social implications

The IHL may help the food, beverage and ingredient companies to be competitive and achieve organisational improvements.

Originality/value

This study is among the few studies that scrutinized the rationale behind the IHL by Indonesian companies. Although halal logistics plays a key role in protecting the halal status of any given product, this topic is still rarely explored, especially with the case study of Indonesian companies.

Details

Journal of Islamic Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0833

Keywords

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