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Article
Publication date: 6 January 2021

Yan-Ling Tan and Roslina Mohamad Shafi

The purpose of this paper is to explore the effects of the capital market on economic growth by considering the role of ṣukūk (Islamic investment certificates) and other capital…

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Abstract

Purpose

The purpose of this paper is to explore the effects of the capital market on economic growth by considering the role of ṣukūk (Islamic investment certificates) and other capital market sub-components in Malaysia between 1998 and 2018.

Design/methodology/approach

The empirical investigation is based on the autoregressive distributed lag (ARDL) cointegration bounds test.

Findings

The results reveal the prevalence of a long-run equilibrium relationship between capital market variables and economic growth. As expected, bond market components (ṣukūk and conventional bonds) have a positive, albeit insignificant influence on economic growth. In contrast, in the long-term, stock market development – regardless of the indicator used on economic growth – is shown to have a significant and positive effect. The study suggests that stock market sub-components affect Malaysia’s economic growth the most.

Research limitations/implications

The primary limitation of this study is that only corporate ṣukūk were considered, while government ṣukūk were excluded from the estimation due to a lack of requisite information, resources and data.

Practical implications

A strategic framework should be established, especially in pricing efficiencies. Furthermore, there is a need to create more awareness on the benefits of ṣukūk investment among conventional bond investors, including retail investors. Thus, there will be more players in the ṣukūk market, and this will help to improve market liquidity.

Originality/value

Apart from conventional capital market sub-components, this study takes into account ṣukūk as a sub-component in the capital market on economic growth using the ARDL framework. Also, this study particularly concentrates on the world’s largest ṣukūk issuer, Malaysia, rather than focusing on other ṣukūk-issuing countries.

Details

ISRA International Journal of Islamic Finance, vol. 13 no. 1
Type: Research Article
ISSN: 0128-1976

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Article
Publication date: 19 August 2021

Muhammad Sadiq, Sakkarin Nonthapot, Shafi Mohamad, Ooi Chee Keong, Syed Ehsanullah and Nadeem Iqbal

The discourse aimed to investigate green finance practices under the assumptions of several notable climate advisors and speculators in Asia and particularly in Southeast Asia…

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Abstract

Purpose

The discourse aimed to investigate green finance practices under the assumptions of several notable climate advisors and speculators in Asia and particularly in Southeast Asia. The study intrigues by considering financial specialists to vent government spending on green restoration plans leading toward green bankable venture openings for the public and private sector. This section distinguishes a few of the green fund components and approaches that can be joined by national and neighborhood governments, essentially in Southeast Asia, into their post-COVID-19 techniques, but are too valuable inputs for domestic commercial banks and private corporates.

Design/methodology/approach

It can be defined as a functional type for Cobb Douglas development. ARDL technology is a way of calculating complex forces at the classification level at long-term and short-term stages. This ARDL approach has many advantages and can be implemented when incorporated in level I (0) and level I first (1) with the original variable. Still, it offers robust ability to the outcomes and standardizes the lag, considering the number and sample size used. Pooled mean group (PMG) method is becoming a convenient technique for monitoring data over the period and a good approach for energy impact panels – growth ties for creating links between energy emissions and environmental sustainability and businesses in the nation.

Findings

There is a positive partnership between creativity and a sustainable world. Corporations are recommended to uphold the principles of CSR in the development process by introducing environmentally friendly advanced technologies. The main objectives of corporate social responsibility (CSR) are economic growth, environmental sustainability and social justice. Several programs have been established to expand businesses' responsibilities to improve their confessions in sustainable growth. SMEs are a primary source of production of innovative products and technologies. The key concerns of stakeholders and politicians in the new competitive business climate are the protection of environmental sustainability and social responsibility, recognizing factors driving economic development for SMEs.

Originality/value

During the COVID-19 era, the prime responsibility of pandemic confronting governments is to spend on help activities (that have been started in earlier phase) and recovery endeavors (yet to start in the situation). Therefore, the governments may devise policies to pool resources from commercial, private, public-private partnerships and other capital market sources. With rising hazard recognitions particularly emerging from at-threat income projections, governments ought to make the correct mechanisms and instruments that can perform this catalytic part of derisking and drawing in such capital. This too can be an opportunity for governments to enhance and execute such financial instruments that offer assistance, quicken their commitments to climate alter beneath the Paris Agreement and the sustainable development goals (SDGs), and thus “build back better” is being progressively voiced over the world.

Details

China Finance Review International, vol. 12 no. 2
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 10 February 2023

Roslina Mohamad Shafi and Yan-Ling Tan

This study aims to explore the evolution of the Islamic capital market (ICM) from the perspective of research publications.

677

Abstract

Purpose

This study aims to explore the evolution of the Islamic capital market (ICM) from the perspective of research publications.

Design/methodology/approach

A bibliometric analysis was applied based on selected publications from the Web of Science Core Collection (WoSCC) database from 2000 to 2021. The study adopted VOSviewer software which was developed by Leiden University.

Findings

This study has some implications that need urgent action. Firstly, there are some areas that have received little attention among researchers, although they are relevant to the industry, for instance, in fintech and blockchain in ICM. Secondly, the inconsistent frequency of publications in some niche areas may suggest that there are unprecedented events that hinder further research; probably, the researcher may anticipate more information and progress in the industry. Thirdly, the need to strengthen the collaboration between industry and academia to advance research.

Research limitations/implications

This study considered only the WoSCC database. The provider of WoSCC is Clarivate (formerly known as Thomson Reuters), where access to publications is limited to institutional subscribers. The implications of this study are to identify and propose future research trends in the field of ICM.

Originality/value

To the best of the authors’ knowledge, the present study is among the pioneer studies in analysing bibliometric focusing on ICM. Previous research has focused on Islamic finance and banking, and not specifically on ICM. Accordingly, this study sheds light on research gaps in ICM.

Details

Journal of Islamic Accounting and Business Research, vol. 14 no. 8
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 20 December 2018

Nur Shafiyah Mohamad Shafi, Mariam-Aisha Fatima and Normaziana Hassan

This paper aims to develop a new method of protein detection in fabric using purified henna extract targeted to be used as a precautionary step by protein contact dermatitis (PCD…

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Abstract

Purpose

This paper aims to develop a new method of protein detection in fabric using purified henna extract targeted to be used as a precautionary step by protein contact dermatitis (PCD) patients.

Design/methodology/approach

Henna contains lawsone, which is known for its reaction with amino acid, resulting in the formation of a highly coloured compound. Dye exhaustion test of 2 per cent purified henna extract was done on both protein and non-protein fabric, and the results were analysed using independent samples t-test to assess the significant differences of the comparison. Then, protein fabric indicator was developed by incorporating purified henna extract. It was tested for its dye ability and stability.

Findings

Protein fabrics showed a significant higher dye exhaustion (p = 0.001) in which pure silk came in first with 21.70 per cent ± 2.53, silk/rayon, 13.96 per cent ± 0.55, viscose/wool, 9.57 per cent ± 1.36, cotton/spandex, 5.89 per cent ± 0.86, linen/cotton, 5.26 per cent ± 1.29, cotton, 4.87 per cent ± 1.51, polyester/viscose, 4.69 per cent ± 1.09, linen, 4.56 per cent ± 0.86, polyester/cotton, 3.90 per cent ± 0.29 and polyester and 3.88 per cent ± 0.66. Two different forms of protein fabric indicator were developed: capsule and tablet. Both indicators showed good observable dye exhaustion and fixation results. Orange henna dye was fixed on protein fabric while non-protein fabric returned to its original colour after washing procedure. However, the tablet form showed better performance in terms of functionality and stability.

Originality/value

This study will help general community to better understand fibre and its constituents, especially protein where clothing is an integral part of human life because it comes in direct contact with the human skin. As PCD caused by clothing and textile is an uncommon disease, it may also help in creating awareness on how some people may develop contact dermatitis through fabric. This is because the fabric’s protein content is a causative allergen, which most people tend to overlook. For the researcher, this study helps to elucidate some critical areas in PCD for clothing and textile as this topic can be considered an understudy. There is no standard method to detect protein in fabric, especially blended fabric. Thus, a portable kit to detect protein in fabric will be developed in this study. This kit will benefit PCD patients to ease them in finding the right fabric for their skin.

Details

Research Journal of Textile and Apparel, vol. 23 no. 1
Type: Research Article
ISSN: 1560-6074

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Article
Publication date: 1 December 2007

Shafi Mohamad and Fatimah Bujang

This study was conducted as a result of the declining numbers of Diploma in Accountancy (DIA) students obtaining a Cumulative Grade Point Average (CGPA) of 2.75 and above in the…

448

Abstract

This study was conducted as a result of the declining numbers of Diploma in Accountancy (DIA) students obtaining a Cumulative Grade Point Average (CGPA) of 2.75 and above in the Sarawak Campus of UiTM. The reason why CGPA 2.75 was identified as the cut‐off point was because this is the minimum entry requirement for students to enter the degree program in Accountancy. A questionnaire survey was carried out at UiTM Sarawak Campus with the hope of finding the root cause(s) of this problem by focusing on DIA students who were in their final semesters. A total of 65 questionnaires were distributed to selected respondents in Parts 6, 7 and 8 of the DIA program. In addition to that, these students were observed without much interference to their ordinary situation, so that a more reliable outcome could be obtained. From the survey, the researchers found that the factors that caused the decline in the numbers of students achieving a CGPA of 2.75 and above can be categorized into avoidable and unavoidable. The avoidable factors include students’ attitude, study skills and peer influence. These factors are considered avoidable because they are within the students’ control. Final exam paper difficulty is an unavoidable factor, because it is not under the students’ control. The findings show that the university, lecturers and students all have significant roles to play in helping these students obtain a CGPA of 2.75 and above. They should complement one another so that their joint effort can be optimized. Based on the above findings, the researchers conclude that the university, lecturers and students should work together to produce better results not only in terms of the CGPA outcomes but also to improve the students’ attitude.

Details

Journal of Financial Reporting and Accounting, vol. 5 no. 1
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 3 December 2024

Early Ridho Kismawadi

This study undertakes a comparative analysis of the regulatory framework for sharia-compliant financial technology (fintech) in Gulf Cooperation Council (GCC) nations. The purpose…

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Abstract

Purpose

This study undertakes a comparative analysis of the regulatory framework for sharia-compliant financial technology (fintech) in Gulf Cooperation Council (GCC) nations. The purpose of this study is to identify the strengths and weaknesses of this regulatory framework as well as enhance opportunities and best practices. This study also investigates the potential impact of Islamic fintech on financial inclusion in the GCC nations.

Design/methodology/approach

This study uses a qualitative research methodology, including semi-structured interviews with key stakeholders in the Islamic fintech industry, such as entrepreneurs, investors, regulators and policymakers. This study recruited interview participants from the Islamic fintech industry in GCC countries, including Saudi Arabia, United Arab Emirates, Bahrain, Oman, Qatar and Kuwait.

Findings

This study’s main finding is that Islamic fintech has the potential to promote financial inclusion in GCC countries. According to this study’s findings, Islamic fintech provides a more ethical and accessible alternative to traditional banking services, particularly for individuals and businesses that are underserved or excluded from mainstream financial services.

Practical implications

This study has practical implications for policymakers and regulators in GCC countries, providing valuable insights for promoting the growth and development of the Islamic fintech industry while ensuring that the regulatory framework is conducive to its growth. This study contributes to the broader literature on regulatory frameworks for fintech by highlighting the need for regulatory frameworks to adapt to technological advances in the rapidly evolving fintech field.

Originality/value

This study derives originality and value from a comparative analysis of the regulatory framework for Islamic fintech in GCC nations and its prospective impact on financial inclusion.

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: 20 July 2023

Yunice Karina Tumewang, Herlina Rahmawati Dewi and Hanudin Amin

The purpose of this paper is to build a relationship between the quantitative and structural indicators of maqashid sharia studies produced from bibliometric analysis and the…

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Abstract

Purpose

The purpose of this paper is to build a relationship between the quantitative and structural indicators of maqashid sharia studies produced from bibliometric analysis and the conceptual discussion developed through a thorough review of selected key literature.

Design/methodology/approach

The study uses bibliometric analysis, collecting information drawn from 219 articles published in 68 journals during the period of 2006–2022. This study uses VOSviewer, RStudio, Microsoft Excel, and an examination of research time periods using the Scopus database to illustrate the citation analysis and keyword map. It is also strengthened by content analysis of selected studies.

Findings

The main research theme found in this study is the application of maqashid sharia in Islamic banks, with Islamic banks and Islamic finance among the most frequently used keywords. Meanwhile, the geographical spread of maqashid sharia research has reflected its universal acceptance, as it has spread across both Muslim-dominant and non-Muslim-dominant countries. Besides, maqashid sharia is found to be an extremely important subject for ensuring the ethical dimension of Islamic finance products and services, a more inclusive human development index, and contributing to the international agenda of Sustainable Development Goals. Lastly, future research is expected to broaden it into a multi-dimensional horizon, with several recommendations offered to enrich the understanding of maqashid sharia.

Practical implications

The findings of this study can be beneficial to multiple stakeholders in Islamic finance industry, including the management of Islamic banks, who can enhance the values of maqashid sharia in designing their products/services, and the regulators, who can formulate regulatory frameworks which are reflective of maqashid sharia principles.

Social implications

This study will assist future scholars in this field to formulate and design exciting research ideas and models to address the deficiencies found in the current implementation of maqashid sharia within Islamic finance industry.

Originality/value

The primary contribution of this study is to provide comprehensive review and discussion of selected significant literature on maqashid sharia and give direction for future research. In addition, this study also extends and incorporates the results of bibliometrics using the recent maqashid sharia studies published at the end of 2022.

Details

Journal of Islamic Accounting and Business Research, vol. 16 no. 1
Type: Research Article
ISSN: 1759-0817

Keywords

Available. Open Access. Open Access
Article
Publication date: 8 June 2021

Beebee Salma Sairally

385

Abstract

Details

ISRA International Journal of Islamic Finance, vol. 13 no. 1
Type: Research Article
ISSN: 0128-1976

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Article
Publication date: 9 January 2025

Nawazish Mirza, Cristiana Doina Tudor, Alexandra Horobet and Lucian Belascu

This study aims to explore the strategic integration of Sharia-compliant and environmental, social and governance (ESG)-focused investments within global equity portfolio…

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Abstract

Purpose

This study aims to explore the strategic integration of Sharia-compliant and environmental, social and governance (ESG)-focused investments within global equity portfolio optimization frameworks, with a particular emphasis on variance minimization and dynamic rebalancing techniques.

Design/methodology/approach

The research uses historical data from Sharia-compliant, ESG-focused and conventional equity exchange-traded funds (ETFs). Advanced mean-variance optimization methodologies via quadratic programming are employed, encompassing static optimization with and without a 50% cap on individual asset weights, dynamic optimization with monthly rebalancing and rolling window optimization.

Findings

Portfolios integrating Sharia-compliant investments frequently outperform those composed solely of conventional equity ETFs. Dynamic optimization with monthly rebalancing achieved the highest Sharpe ratio (1.3708) and demonstrated enhanced portfolio resilience during market turbulence, such as the COVID-19 pandemic. Sharia-compliant investments showed substantial allocations during key periods, with weights reaching up to 100% in the first half of 2020. In contrast, ESG-focused investments exhibited more limited and sporadic allocations, reflecting a more opportunistic role in the portfolio.

Practical implications

The findings reaffirm the critical role of Sharia-compliant investments in well-diversified, risk-conscious portfolios while also providing nuanced insights into the more selective integration of ESG-focused assets. The results offer practical guidance for portfolio managers seeking to integrate ethical and sustainable investment principles within advanced portfolio optimization frameworks, particularly when focusing on minimizing variance and dynamically responding to evolving market conditions.

Social implications

The study contributes to the growing body of literature on ethical and sustainable investments, demonstrating that it is possible to balance ethical considerations with robust financial performance. The research underscores the potential for Sharia-compliant investments to play a significant role in global portfolios, potentially fostering greater financial inclusion and cross-cultural understanding in the investment community.

Originality/value

This research provides novel insights by focusing on Sharia-compliant investments within non-Muslim countries, an area that has been relatively underexplored. It also compares the outcomes of static, dynamic and rolling optimizations, highlighting the dynamic interplay between ethical investment principles and financial performance.

Details

Sustainability Accounting, Management and Policy Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 16 July 2024

Early Ridho Kismawadi

The purpose of this paper is to investigate the impact of size, asset quality, asset management, financial risk, gross domestic product and inflation rate on the financial…

206

Abstract

Purpose

The purpose of this paper is to investigate the impact of size, asset quality, asset management, financial risk, gross domestic product and inflation rate on the financial performance of companies listed on the Jakarta Islamic Index of 30 industrial firms.

Design/methodology/approach

Based on the selected criteria, this study analysed an unbalanced panel of data from 30 industrial companies on the Indonesian capital market that are members of the Jakarta Islamic index. Profitability is measured using the dependent variables return on assets (ROA), return on equity (ROE) and stock prices. The influence of explanatory variables of internal factors, namely, size, asset quality, asset management, financial risk, gross domestic product and inflation is investigated using pooled OLS, fixed and random effect estimation.

Findings

The empirical findings indicate that the scale of a company has a significant impact on its performance, asset quality, asset management and financial risk. GDP has a substantial impact on financial performance, particularly as measured by ROA and ROE. This study’s ramifications have substantial effects on a broad spectrum of stakeholders. The results of this study provide the general public and investors with a greater understanding of the factors that influence a company’s performance on the Jakarta Islamic Index 30.

Research limitations/implications

The implication of this research is that a deeper comprehension of the factors that influence the financial performance of companies within industrial sectors that follow Islamic finance principles can help design more effective strategies and policies.

Practical implications

This research has significant practical implications in a number of crucial areas. First, it provides a comprehensive comprehension of the company’s financial performance in the industrial sector in accordance with Islamic finance principles. Second, the research findings provide more precise guidance on how company size, asset quality and macroeconomic variables influence the performance of Indonesia's financial market.

Originality/value

The study’s authenticity and value hold considerable importance. This study introduces novel perspectives on the assessment of corporate financial performance within industrial sectors through the lens of Islamic finance principles. It offers valuable insights that have not yet been extensively investigated by scholars in the field.

Details

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

Keywords

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