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Article
Publication date: 30 August 2011

Mohd. Fuad, Sawari, Razi Hassan and Faruk Abdullah

Considering the popularity of the premium savings certificate (PSC) of the National Savings Bank of Malaysia (Bank Simpanan Nasional (BSN)) the paper aims to justify the…

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Abstract

Purpose

Considering the popularity of the premium savings certificate (PSC) of the National Savings Bank of Malaysia (Bank Simpanan Nasional (BSN)) the paper aims to justify the Shari'ah compliancy of this product by analyzing its underlying contracts and to propose a Shari'ah compliant savings certificate, if the current practice is invalid in the Shari'ah.

Design/methodology/approach

Inductive methodology is first used to obtain a basic understanding of this product and the characteristics of Shari'ah approved contracts as well as the views of the jurists. Interviewing method is also used to acquire first‐hand information when the inductive method is not sufficient. Afterwards, an analytical approach is adopted to justify the validity of this contract with the Shari'ah principles. Finally, an innovative methodology is used to propose a Shari'ah compliant savings certificate.

Findings

The paper argues that the underlying contract used in PSC violates the conditions of wadi'ah contract, as in wadi'ah, the bank is not allowed to spend the money for investment, but in practice, BSN uses the money for investment. Therefore, the underlying contract in PSC turns into qard (loan) contract. Since the scholars unanimously declare that giving any kind of benefit like prizes to the creditor is riba, then PSC is considered as invalid according to the Shari'ah. On the other hand, although PSC might seem like gambling, it is different from gambling as the prizes given to PSC are from a third party. The paper proposes implementing mudarabah contract in PSC where the bank is allowed to invest according to its interest and the depositors share the profit and loss but the huge fluctuation of profit and loss could be shrunk by a special fund method.

Originality/value

In particular, it attracts the attention of BSN management to change their product's features. In general, it discovers a non‐Shari'ah compliant feature of savings certificates and outlines the feature of a Shari'ah compliant saving certificate for the practitioners of Islamic banking all over the world.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 4 no. 3
Type: Research Article
ISSN: 1753-8394

Keywords

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Article
Publication date: 30 August 2011

M. Kabir Hassan

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591

Abstract

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 4 no. 3
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 1 March 1982

David A. Yorke and Anne Hayes

Highlights the female role in UK society and how it has changed in the twentieth century, with regard especially to equal rights and opportunities, legally protected by…

Abstract

Highlights the female role in UK society and how it has changed in the twentieth century, with regard especially to equal rights and opportunities, legally protected by the Sex Discrimination Act in 1975 and including the Equal Pay Act of 1970. Posits that female employment is the most obvious change this century and from 1961 to 1979 the total number of females working increased by 21/2 million. Compares the woman of the 1980s with her elders and states that she will spend more of her life working, have more money to spend, have fewer children and will have them later in life. Discusses in great detail many relevant factors regarding bank services as customers and employed. Uses results from group discussions as a sampling procedure – with five distinct groups represented. Concludes that the working female market comprises many segments, with varying needs and banks that recognize these needs should find the right strategies to employ here.

Details

European Journal of Marketing, vol. 16 no. 3
Type: Research Article
ISSN: 0309-0566

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Article
Publication date: 1 February 1990

A.H. Clarkson and M.A. Stone

Competition, both national and international, is increasing invirtually every industry. The key features and the implications of thistrend are outlined with specific…

Abstract

Competition, both national and international, is increasing in virtually every industry. The key features and the implications of this trend are outlined with specific reference to the banking and financial services industry. The results of research carried out on behalf of one clearing bank into how financial institutions are facing and responding to these trends are detailed in order to identify potential market niches and segments which could be developed.

Details

Marketing Intelligence & Planning, vol. 8 no. 2
Type: Research Article
ISSN: 0263-4503

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Article
Publication date: 21 October 2013

Adel Mohammed Sarea and Mustafa Mohd Hanefah

The objective of this paper is to determine the level of compliance with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) accounting…

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3530

Abstract

Purpose

The objective of this paper is to determine the level of compliance with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) accounting standards by Islamic banks of Bahrain.

Design/methodology/approach

The paper is based on diffusion of innovation theory whereby the perceived relative advantage, compatibility, complexity, trialability and observability factors are expected to influence the level of compliance with AAOIFI accounting standards.

Findings

The findings indicate that Islamic banks of Bahrain are in full convergence with AAOIFI accounting standards.

Research limitations/implications

This research, just like many other studies, faces data limitations. Sample size employed for this study contains only the accountants in Islamic banks of Bahrain.

Originality/value

The results of this paper are expected to serve as a guide to the regulatory bodies and the setter of accounting standards for Islamic financial institutions (IFIs).

Details

Journal of Financial Reporting & Accounting, vol. 11 no. 2
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 18 June 2018

Hway Boon Ong

The purpose of this paper is to study how the foreign currency account (FCA) is affected by the domestic fixed deposit (FD) rate, the FCA rate, the expected exchange rate…

Abstract

Purpose

The purpose of this paper is to study how the foreign currency account (FCA) is affected by the domestic fixed deposit (FD) rate, the FCA rate, the expected exchange rate and exchange rate risk.

Design/methodology/approach

This paper analyses the causal relationship between the domestic FD rate, the FCA rate, the expected exchange rate on a set of foreign currency deposits and exchange rate volatility, based on the theory of portfolio choice. Based on the theory, the panel vector autoregressive regression of fully modified ordinary least squares and dynamic ordinary least squares are modelled.

Findings

There is no cointegrating relationship for the three-month FCA deposits, the domestic FD rate, the FCA rate and the expected exchange rate. Only the six-month FCA business deposits are affected by the domestic FD rate, the FCA rate and the expected exchange rate. The FCA depositors are not affected by exchange rate volatility.

Research limitations/implications

This study is conducted based on the FCA rate quoted by the leading commercial banks in Malaysia, Maybank. Thus, the FCA rate is used as a proxy for the FCA rate of commercial banks in Malaysia.

Originality/value

Individual depositors have to save in more than the three-month FCA to realise their expected return. For individuals, the FCA deposit is not an alternative choice to domestic FD. Exporters may use the FCA deposit to finance their foreign purchases to save the cost of foreign exchange conversion but it is still not an appropriate hedging tool against foreign exchange fluctuations as compared to the existing forward foreign exchange facility.

Details

International Journal of Bank Marketing, vol. 36 no. 7
Type: Research Article
ISSN: 0265-2323

Keywords

Content available
Article
Publication date: 29 April 2020

Niina Leskinen, Jussi Vimpari and Seppo Junnila

Contrary to the traditional technology project perspective, real estate investors see building-specific renewable energy (on-site energy) investments as part of the…

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1611

Abstract

Purpose

Contrary to the traditional technology project perspective, real estate investors see building-specific renewable energy (on-site energy) investments as part of the property and as something affecting the property’s ability to produce a (net) cash flow. This paper aims to show the value-influencing mechanism of on-site energy production from a professional property investors’ perspective.

Design/methodology/approach

The value-influencing mechanism is presented with a case study of a prime logistics property located in the Helsinki metropolitan area, Finland. The case study results are compared with the results of a survey answered by over 70 property valuation professionals in the Finnish real estate market.

Findings

Current valuation practice supports the presented value-creation mechanism based on the capitalisation of the savings generated by a building’s own energy production. Valuation professionals see benefits beyond decreased operating expenses such as enhanced image and better saleability. However, valuers acted more conservatively than expected when transferring these additional benefits to the cash flows of the case property.

Practical implications

Because the savings in operating expenses can be capitalised into the property value, property investors should consider on-site energy production when the return of on-site energy exceeds the return of the property. This enhances the profitability of on-site energy, especially in urban areas with low initial yields.

Originality/value

This is the first research paper to open the value-influencing mechanism of on-site energy production from a professional property investors’ perspective in commercial properties and to confirm it from a market study.

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Article
Publication date: 24 September 2020

Dirk Brounen, Alexander Michael Groh and Martin Haran

This paper aims to decompose the value effects of green retrofits on commercial real estate. The paper disentangles various sources of value capture mechanisms that can be…

Abstract

Purpose

This paper aims to decompose the value effects of green retrofits on commercial real estate. The paper disentangles various sources of value capture mechanisms that can be attained through green retrofit actions and profiles the extent to which green retrofit solutions can be effectively capitalised using transaction evidence from the Munich housing market. The insights offered can help real estate owners and investors during their ex ante analysis of future energetic retrofit investments.

Design/methodology/approach

The authors offer their reader both a conceptual framework and the results from an empirical analysis to identify the value effects of retrofits and the associating gains in energy efficiency. The conceptual framework theorises the different value components that a deep retrofit has to offer. The regression analysis includes a multivariate analysis of 8,928 dwellings in the Munich residential real estate market.

Findings

This study’s framework disentangles the total retrofit value effect into three components: the capitalisation of energy savings, the exposure to the value discount because of stricter standards and the value uplift because of indirect benefits (health, employee satisfaction, marketing etc.). The regression results indicate that the value gains because of energy efficiency improvements are in the range of 2.4–7.4%, while the indirect benefits and reduced exposure to stricter standards amount to another 3%.

Originality/value

While numerous studies have investigated the upside value effects of energy efficiency in the real estate sector, there is scant academic research which has sought to evidence the value of green retrofit solutions and the extent to which this can be capitalised. Instrumentalising the various value effects of energetic retrofit that have been identified is not straightforward. At the same time, inadequate value capture of energetic retrofit effects could delay intervention timelines or aborting of proposed retrofit actions which should be of primary concern to policymakers and stakeholders tasked with the decarbonisation of real estate assets.

Details

Journal of European Real Estate Research , vol. 13 no. 3
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 1 July 2014

Jeremy Gabe and Michael Rehm

– Using a unique data set, the purpose of this paper is to test the hypothesis that tenants pay increased accommodation costs for space in energy efficient office property.

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2162

Abstract

Purpose

Using a unique data set, the purpose of this paper is to test the hypothesis that tenants pay increased accommodation costs for space in energy efficient office property.

Design/methodology/approach

The authors obtain lease contracts for office space in central Sydney, Australia. Empirical data on annual gross face rent and contract terms from each lease are combined with building characteristics and measured energy performance at the time of lease. Hedonic regression isolates the effect of energy performance on gross face rent.

Findings

No significant price differentials emerged as a function of energy performance, leading to a conclusion that tenants are not willing to pay for energy efficiency. Six factors – tenancy floor level, submarket location, proximity to transit, market fixed effects, building quality specification and, surprisingly, outgoings liability – consistently explain over 85 per cent of gross face rent prices in Sydney.

Research limitations/implications

Rent premiums from an asset owner's perspective could emerge as a result of occupancy premiums, market timing or agent bias combined with statistically insignificant rental price differentials.

Practical implications

Tenants are likely indifferent to energy costs because the paper demonstrates that energy efficiency lacks financial salience and legal obligation in Sydney. This means that split incentives between owner and tenant are not a substantial barrier to energy efficiency investment in this market.

Originality/value

This study is the first to thoroughly examine energy efficiency rent price premiums at the tenancy scale in response to disclosure of measured performance. It also presents evidence against the common assumption that rent premiums at the asset scale reflect tenant willingness to pay for energy efficiency.

Details

Journal of Property Investment & Finance, vol. 32 no. 4
Type: Research Article
ISSN: 1463-578X

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Book part
Publication date: 22 August 2018

Howard Bodenhorn

Saving is essential to the health of economies and households, yet relatively little scholarship investigates saving behaviors among the urban working class in the…

Abstract

Saving is essential to the health of economies and households, yet relatively little scholarship investigates saving behaviors among the urban working class in the nineteenth century. This chapter uses five surveys of industrial workers in 1880s New Jersey, an analysis of which reveals sophisticated saving behaviors consistent with life-cycle and precautionary theories. The mean saving rate was between 8% and 12% of annual income. Younger households saved less than older households. Householders with longer expected careers, on average, saved less. Life insurance and fraternal societies were the most popular saving vehicles, but workers also used savings banks and building and loan associations, alone and in combination.

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