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Article
Publication date: 28 July 2021

J.S. Keshminder, Mohammad Syafiq Abdullah and Marina Mardi

Green sukuk is a tool to finance climate change which has garnered considerable attention. However, having only recently come into existence has its own set of challenges for this…

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Abstract

Purpose

Green sukuk is a tool to finance climate change which has garnered considerable attention. However, having only recently come into existence has its own set of challenges for this tool that require immediate identification and government intervention to intensify its growth. This study aims to explore the challenges encountered by green sukuk issuers and the structure of a reconciled green sukuk issuance framework to speed up the market’s growth with the right interventions.

Design/methodology/approach

The study engaged a qualitative approach via multiple case study interviews with green sukuk issuers and used expert views for data triangulation to generate the findings. A total of four green sukuk issuers participated in the interviews, and for data triangulation purposes, four expert’s opinions and views were considered. The thematic analysis technique is used to report the findings.

Findings

It was revealed that amongst the challenges encountered in the green sukuk market are shoddy green taxonomy, difficulty in identifying green assets, it is time-consuming and costly, no compelling benefits and exposure to higher-risk profiles.

Research limitations/implications

This study may be influenced by observer error and observer bias. However, the researchers have taken cautious steps to overcome these issues by following strict case study methodology procedures and triangulating the qualitative research findings with views from green sukuk experts. These interventions increased the rigour and trustworthiness of the results.

Originality/value

This study is amongst the pioneer in Malaysia, exploring challenges in the green sukuk market. The results are relevant to governments, regulators, institutions and central banks to structure the right interventions to counter the challenges. Greater government involvement is required to strengthen the green sukuk market and to spearhead the green agenda.

Details

Qualitative Research in Financial Markets, vol. 14 no. 1
Type: Research Article
ISSN: 1755-4179

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Article
Publication date: 3 June 2022

Syafiq Mahmadah Hanafi and Mamduh M. Hanafi

This study aims to investigate the effect of shariah status on initial public offering (IPO) underpricing, long-term performance and relationship between short-term and long-term…

650

Abstract

Purpose

This study aims to investigate the effect of shariah status on initial public offering (IPO) underpricing, long-term performance and relationship between short-term and long-term IPO performance, and attempt to gain an insight into the nature of shariah IPO underpricing: a signal or an overreaction.

Design/methodology/approach

This study uses IPOs during 1990–2018 from Indonesia. This study uses clustered regressions to address clustering phenomenon in IPO. To investigate long-term performance, this study uses cumulative returns, cumulative abnormal returns and Fama–French three factor regressions. This study also runs cross-sectional regressions on the relationship between short and long-term performances.

Findings

This study finds that shariah status reduces lowers non-trading returns (return from offer to open prices), suggesting that shariah status may reduce information asymmetry and compensation. This study finds that both shariah and non-shariah IPOs underperform the benchmarks, with shariah IPOs underperform more. Further analysis shows a negative relationship between initial return and long-term performance for both shariah and non-shariah IPOs, whereas the negative relationship is stronger for shariah IPOs. The results indicate that shariah compliance help reduce information asymmetry; however, shariah compliance does not necessarily signal quality. Instead, shariah compliance seems to induce investor sentiment, resulting in underperformance and reversal patterns in the long run.

Research limitations/implications

The results have various implications. Issuers may use shariah screening to lower underpricing. Investors may manage their investment horizons to mitigate IPO underperformance. Future research is needed to understand the nature of short and long-term performance of shariah IPO across countries. The use of ex-ante shariah definition becomes our limitation. This study also does not use buy and hold return to investigate long-term performance.

Practical implications

The results have various implications. Issuers may use shariah screening to lower underpricing. The results show that sharia certification may play an important role in the IPO process. However, sharia status induces individual investors, leading to more overreaction in the long term. Thus, companies need to balance between sharia certification and overreaction in the long term. Investors may manage their investment horizons to mitigate IPO underperformance.

Originality/value

This paper extends studies on the effect of shariah status on IPO performance using Indonesia data. Using non-trading returns, this study provides sharper analysis on the underpricing study. This study shows that shariah status leads to an overreaction, instead of a signal for quality.

Details

Journal of Islamic Accounting and Business Research, vol. 13 no. 7
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 4 June 2024

Nur Raudhatul Jannah Mohd Shelahudin, Abdul Hafaz Ngah, Samar Rahi, Serge Gabarre, Safiek Mokhlis and Jassim Ahmad Al-Gasawneh

The purpose of this paper is to extend the Push-Pull-Mooring (PPM) theory to identify the factors influencing Muslim customers’ switching intention to halal-certified cosmetics.

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Abstract

Purpose

The purpose of this paper is to extend the Push-Pull-Mooring (PPM) theory to identify the factors influencing Muslim customers’ switching intention to halal-certified cosmetics.

Design/methodology/approach

A snowballing sampling method was used to distribute an online questionnaire via social media platforms. Of 403 questionnaires, only 363 were usable. SmartPLS 4 was used to analyse the data using a structural equation modelling approach.

Findings

The findings of this paper confirmed that social influence and scepticism have a positive effect on the switching intention to halal cosmetics. However, compatibility with current cosmetic products has a negative effect on the switching intention to halal cosmetics. On the other hand, negative side effects and negative past experiences have a positive effect on scepticism. Scepticism was also found to mediate the relationship between negative side effects and negative past experiences toward the switching intention to halal cosmetics.

Practical implications

The findings of this study primarily benefit cosmetics manufacturers, whether halal-certified or otherwise.

Originality/value

This study extends the PPM theory with negative side effects and negative past experiences. Moreover, this study also introduces new relationships and untested relationships between scepticism and switching intention. This study shows the mediating effects of scepticism on the relationship between negative side effects and negative past experiences toward switching intention.

Details

Journal of Islamic Marketing, vol. 15 no. 9
Type: Research Article
ISSN: 1759-0833

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Article
Publication date: 25 December 2023

Asad Mohsin, Helena Rodrigues, Daniela Penela and Ana Luz

The purpose of this study is to systematically examine and compare the growth of halal tourism and hospitality in OIC and non-OIC countries based on published literature.

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Abstract

Purpose

The purpose of this study is to systematically examine and compare the growth of halal tourism and hospitality in OIC and non-OIC countries based on published literature.

Design/methodology/approach

A critical systematic review of 154 academic papers published in the last decade involving halal tourism in OIC and non-OIC countries constituted the sample for this study. The study uses an integrated antecedents, decisions and outcomes and theories, contexts and methods framework, and a coding protocol based on the preferred reporting items for systematic reviews and meta-analyses.

Findings

Halal tourism is not developed in non-OIC countries where Islam does not predominate, which represents an opportunity for many countries to incorporate new trends in their tourism offerings. This research increases awareness of non-OIC destinations to welcome a growing halal tourism market, enabling them to foster innovation to meet new demands for Muslim travelers.

Originality/value

This study is different as we compare the pertinent needs that are based on religion in various geographical locations while focusing on tourism and hospitality research in Islamic and non-Islamic nations.

Details

Journal of Islamic Marketing, vol. 15 no. 4
Type: Research Article
ISSN: 1759-0833

Keywords

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