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Nagimova, A. "Islamic Capital in Kazakhstan." World Economy and International Relations 65, no. 2 (2021): 100–108. http://dx.doi.org/10.20542/0131-2227-2021-65-2-100-108.
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Over the last decades Islamic Finance has been expanding its role in the global economy, including in the Post- Soviet Area. Who are the key players of Islamic Finance market? What are their investment strategies here? This paper considers above questions by investigating more than 250 deals involving Islamic investors over the period 1991–2020 in Kazakhstan Republic. The data on deals gathered from two main sources: i) M&A database Zephyr (Bureau van Dijk), and ii) open sources (information agencies, company annual reports, press-releases, presentations, interviews). We are analyzing the growth of the Islamic Finance industry in Kazakhstan, and dependency on two key investors – Islamic Development Bank and Abu Dhabi Government. Then We study the structure of Islamic Finance investments by the type of investors. We found that despite the small share of Islamic banks and Islamic leasing (ijara) companies they have become an important factor of the financial sector in Kazakhstan. We saw that the potential for issuing sukuk and developing Islamic insurance (takaful) have not yet been realized but Islamic Finance became one of the six pillars of the Astana International Financial Centre (AIFC). In addition, we have identified several factors critical to further Islamic Finance market development in the Central Asia. In conclusion there is a question whether Kazakhstan financiers and policymakers will be able to apply creative approach to Islamic Finance that not only allow to adopt the experience of other countries, but also bring something new. Acknowledgements. This study is funded by RFBR, project number 19-310-60002 “Islamic Finance in the Post-Soviet States: challenges and opportunities for investment growth in the CIS countries”.
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Athary Ibraheam Alshuaibi, Athary Ibraheam Alshuaibi. "The selection of Islamic capitals: causes and motives." journal of king abdulaziz university arts and humanities 26, no. 2 (February 8, 2018): 275–96. http://dx.doi.org/10.4197/art.26-2.12.
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Choosing a capital for any country or nation is a key factor in its organizational and economical composition. It also gives an impression about its social status and political vision. Most of the motives in choosing a capital for any country are usually unannounced. Researchers have to study that and link it to previous and next events to fully understand the reasons for choosing the capital of any nation. There were many states which ruled and led the Islamic nation world-wide or region-wide. Each of these states had a new capital usually made by them and different from the states before them. This process requires searching and studying from researchers for the motives of choosing the capital of any state. It also needs to be analyzed to discover the common reasons in choosing a capital in these states. For these reasons this study came to discuss the motives and to identify the common factors in choosing the capitals for the Islamic states. As a result, the researcher chose four capitals as a selected sample for the main Islamic caliphates and countries. These capitals are: Kufa, Damascus, Baghdad, and Cairo. The researcher divided the paper into four major parts, and tried through that to study the advantages of these capitals in different areas. These areas are : geography, strategy, military, politics, and economy. The researcher ended the paper with a conclusion which discussed the main results. Overall, the results show that the geographic factor is the most important reason in choosing a capital. Self-sufficiency in economic and food supply was also essential in choosing a capital so the capital does not require any help or support in general. The rulers did not ignore to choose a capital which is a center for their supporters or at least close to them. So, it is clear that choosing the Islamic capitals was done with a lot of efforts and planning. There were some basic features in choosing the capital which gave these states: political strength, and provided military, and economic importance to these states which allowed the capital to stay strong and thriving for long periods. key words: Islamic history - Islamic capitals - Islamic civilization.
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Hassan Farooqi, Abul. "Islamic social capital and networking." Humanomics 22, no. 2 (April 2006): 113–25. http://dx.doi.org/10.1108/08288660610669400.
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Abdelmottlep, Mamdooh A. "Foreword Sharjah : Islamic Culture Capital." الفكر الشرطي 23, no. 89 (April 2014): 12. http://dx.doi.org/10.12816/0003538.
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Muneeza, Aishath. "Establishment of Islamic capital market in jurisdictions with limited Islamic financial services." International Journal of Law and Management 60, no. 2 (March 12, 2018): 373–85. http://dx.doi.org/10.1108/ijlma-12-2016-0146.
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Purpose It is said that to establish an Islamic Capital Market, the first step would be to have a strong Islamic finance industry with numerous institutions offering Islamic financial services. This way it is easy to know that the demand for Islamic capital market would be there and that market will be sophisticated enough to comprehensive the nature of shariah compliant products. Generally, in most of the jurisdictions, this is how the Islamic capital market is created. The purpose of this paper is to understand the establishment of Islamic capital market in Maldives, small island nation where the establishment of Islamic capital market happened when at a time there was only one takaful company and one Islamic bank established. Design/methodology/approach This paper is a legal exploratory research that is based on the review of primary and secondary data available on the subject matter. Findings It is anticipated that this paper will provide assistance and inspiration to those jurisdictions that aims to create Islamic capital market from scratch. Originality/value It shall be noted that there are no literature available on this subject about Maldives, and as such, this paper can be starting point to preserve knowledge in this area.
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Dr. Mohammad Ayaz, Dr.Hassan Shakeel Shah, Dr. Talat Hussain, and Majid Iqbal. "Islamic Capital Markets and Economic Growth." Islamic Banking and Finance Review 6 (December 31, 2019): 39–58. http://dx.doi.org/10.32350/ibfr.2019.06.03.
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This research was conducted to find out whether Islamic capital markets (ICMs) have any effect on economic growth (EG). The study also made a comparison between three countries including Pakistan, Malaysia and UAE in this regard. Quantitative research technique was used in this study, where secondary and time series data was collected on a quarterly basis for the period 2009-2017. The effect of independent variables (IVs) on the dependent variable (DV) was examined. Co-integration and ARDL test were applied in Eviews 9 and Microfit 5.0. A growth model was developed for the selected countries separately in order to see whether IVs had any effect on DV. GDP was the DV of study while IMCAP, TNI and TNL were its IVs. It was found that in case of Pakistan and Malaysia, all the IVs had a significant effect on EG in the short run, while in the long run only IMCAP and TNI have a significant impact. In case of UAE, only two IVs (IMCAP and TNL) had a significant effect on EG in the short run, while in long run only one IV (IMCAP) has a significant impact. Further, it was found that IVs jointly had a significant effect on EG of the selected countries. So, this study concluded that ICMs do have a significant effect on EG of Pakistan, Malaysia and UAE. Considering the importance of ICMs in EG, regulators and policy makers are likely to benefit from the results of the current study which acts as a guide for developing and reforming the ICMs of Pakistan, Malaysia and UAE.Keywords: , ,
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McMillen, M. J. T. "Islamic capital markets: developments and issues." Capital Markets Law Journal 1, no. 2 (November 1, 2006): 136–72. http://dx.doi.org/10.1093/cmlj/kml015.
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Alam Choudhury, Masudul. "Islamic venture capital ‐ A critical examination." Journal of Economic Studies 28, no. 1 (February 2001): 14–33. http://dx.doi.org/10.1108/01443580110361382.
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Anwer, Zaheer, Alam Asadov, Nazrol K. M. Kamil, Mehroj Musaev, and Mohd Refede. "Islamic venture capital – issues in practice." ISRA International Journal of Islamic Finance 11, no. 1 (June 17, 2019): 147–58. http://dx.doi.org/10.1108/ijif-06-2018-0063.
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Purpose This paper aims to explore the structure and underlying contracts of Islamic venture capital (IVC) and to evaluate its prospects. VC can be perceived as an investment vehicle possessing most of the desirable attributes of a Sharīʿah-compliant investment vehicle. There are certain issues involved in the formation, operations and exit strategies of these investments that are discussed in detail in this paper. Design/methodology/approach A detailed review of relevant literature is performed to identify how IVC investments can be made and how related issues may be resolved. Findings IVC investment has potential of incorporating Sharīʿah-compliant investment modes. Additionally, it may offer higher than average returns. These attributes can be desirable for Islamic finance industry that is currently in need of equity-based financing products. The major causes of lesser growth of IVC investments are lack of awareness among the investors and the absence of viable investment opportunities for small- and medium-scale investors. IVC may attract general public if established after extensive research aimed at introducing innovative products. Originality/value This paper provides an overview of a truly Sharīʿah-compliant investment vehicle, furnishes a synthesis of various suggestions made by industry and academia and suggests viable solutions for valuation, risk management and exit strategies.
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Selim, Tarek H. "An Islamic capital asset pricing model." Humanomics 24, no. 2 (May 23, 2008): 122–29. http://dx.doi.org/10.1108/08288660810876831.
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Qizam, Ibnu, Abdul Qoyum, and Misnen Ardiansyah. "Global Financial Crisis and Islamic Capital Market Integration among 5-ASEAN Countries." Global Review of Islamic Economics and Business 2, no. 3 (February 6, 2015): 207. http://dx.doi.org/10.14421/grieb.2015.023-04.
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Islamic Capital Market is important part of Financial System in ASEAN countries especially in the context of AEC. The objective of this paper is to investigate interconnection long run equilibrium of Islamic Capital Market in ASEAN Countries. Using daily closing price for from September 2007 to October 2012, this study examine five Islamic Capital markets in ASEAN namely Indonesia, Malaysia, Philippines, Singapore and Thailand. This study examines on Integration among these Islamic Capital markets by relies a simple correlation test, Granger causality test and co-integration test using error correction model. This research documents some interesting finding. First, Using Johansen estimation technique, there is co-integration between the considered Islamic indices namely; Indonesia, Malaysia, Philippines, Singapore and Thailand. Second, Since the co-integration exists, granger causality test shows that there is three bi-directional causalities namely; between Malaysia Islamic Capital Market and Singapore Islamic Capital Market; between Thailand Islamic Capital Market and Singapore Islamic Capital Market; and between Singapore Islamic Capital Market and Philippines Islamic Capital Market. However, there is a unidirectional between Indonesia Islamic Market (MCIINA) and Malaysia Islamic Market (MCIMY), MCIINA and Philippines Islamic Market (MCIPhil), MCIINA and Thailand Islamic Market (MCITHAI), it implies that MCIINA affects MCIMY, MCIPhil, and MCIThai but not vice versa. Third, based on VECM suggest that all Islamic indexes are inter-related in the long run that can be explained due to the similarity of structure bring about by its stock as required by shariah in the process stock screening.
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Khan, Tauseef, Waqar Ahmad, Muhammad Khalil Ur Rahman, and Fazal Haleem. "An Investigation of the Performance of Islamic and Interest Based Banking Evidence from Pakistan." HOLISTICA – Journal of Business and Public Administration 9, no. 1 (May 1, 2018): 81–112. http://dx.doi.org/10.1515/hjbpa-2018-0007.
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Abstract The main difference between Islamic and conventional banking is that Islamic banking works on profit and loss while conventional banking work is interest based. The aim of this research study is to measure and compare the financial performance of Islamic and conventional banking in Pakistan during 2006 to 2015. This study is to examine and to evaluate the performance of 5 Islamic banks (Meezan Islamic Bank, Bank Islami Limited, Al Baraka Islamic Bank, Dubai Islamic Bank Limited and Burj Bank Limited) and 5 conventional banks (Muslim Commercial Bank Limited, United Bank Limited, Askari Bank Limited, Allied Bank Limited, Habib Bank Limited) in terms of profitability, liquidity, risk, capital and efficiency. We used quantitative and qualitative data for comparison of Islamic and conventional banks. Collection of data consists on both primary as well as secondary sources. Primary data has been gathered from interviews and Secondary data has been gathered from the balance sheets and income statements of the sampled banks for the period of 2006 to 2015.Financial ratios such as profitability ratios, liquidity ratios, solvency ratios, capital ratios and efficiency ratios are used for measure of the financial performance of both banking sector. The results indicate that Islamic banks are less profitable, more liquid, less risky and less efficient. There is no significant difference in terms of capital between Islamic and conventional banks.
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Kurniasari, Widita, Tjiptohadi Sawarjuwono, and Muhamad Nafik Hadi Ryandono. "Islamic Spiritual Capital Implementation at BMT UGT Sidogiri." Economica: Jurnal Ekonomi Islam 10, no. 2 (December 31, 2019): 339. http://dx.doi.org/10.21580/economica.2019.10.2.3221.
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<p><strong>Abstract:</strong> The purpose of this study was to obtain an in-depth description of the implementation of the concept of Islamic Spiritual Capital at BMT UGT Sidogiri. The approach used in this research is Islamic phenomenology. This research explores events/phenomena and organizational culture at BMT UGT Sidogiri. This method helps to reveal how to implement Islamic Spiritual Capital in the culture of working at BMT UGT Sidogiri. The results showed that the importance of civilize Islamic Spiritual Capital was reflected through prayer discipline, time discipline and rule discipline. Uphold the work ethic of three -as in working, they are working hard, working smart and working sincerely. This work ethic involves the body, brain and heart. Islamic leadership is basically a belief that prioritizes the attributes of the STAFF (Siddiq, Tabligh, Amanah, Fathonah). Motivation in working is intended to worship, seek the blessing of Allah and become a charity hereafter so that the goal is not only for the world. So that, every employee has an Islamic commitment that is having the confidence to be loyal to the organization and istiqomah (steadfastness) at work.</p><p><strong>Abstrak:</strong> Tujuan dari penelitian ini adalah untuk memperoleh gambaran yang mendalam tentang implementasi konsep Modal Spiritual Islam di BMT UGT Sidogiri. Pendekatan yang digunakan dalam penelitian ini adalah fenomenologi Islam. Penelitian ini mengeksplorasi peristiwa/fenomena dan budaya organisasi di BMT UGT Sidogiri. Cara ini membantu mengungkap bagaimana mengimplementasikan Modal Spiritual Islam dalam budaya kerja di BMT UGT Sidogiri. Hasil penelitian menunjukkan bahwa pentingnya modal kerohanian Islam yang beradab tercermin melalui disiplin shalat, disiplin waktu dan disiplin aturan. Menjunjung tinggi etos kerja tiga -sebagai dalam bekerja, mereka bekerja keras, bekerja cerdas dan bekerja dengan ikhlas. Etos kerja ini melibatkan tubuh, otak dan hati. Kepemimpinan Islam pada dasarnya adalah keyakinan yang mengutamakan atribut STAF (Siddiq, Tabligh, Amanah, Fathonah). Motivasi dalam bekerja dimaksudkan untuk beribadah, mencari ridho Allah dan menjadi sedekah akhirat agar tujuannya tidak hanya untuk dunia. Sehingga setiap karyawan memiliki komitmen islami yaitu memiliki kepercayaan diri untuk setia pada organisasi dan istiqomah (ketabahan) dalam bekerja.</p>
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Anwar, Mohammad. "An Islamic Perspective on Capital Markets and "Islamic" Securities in Malaysia." Pakistan Development Review 34, no. 4II (December 1, 1995): 865–78. http://dx.doi.org/10.30541/v34i4iipp.865-878.
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Financial systems channel funds in an economy from the surplus economic units lacking appropriate investment opportunities to the deficit economic units with such opportunities. The surplus units seeking returns by employing their funds in productive activities and the deficit units interested in exploiting their investment opportunities contact one another through a network of financial markets a~d institutions in the economy. The participants make financial contracts in ways which satisfy their requirements regarding liquidity, denomination, maturities, and risk diversification [Anwar (1987), pp. 296-297]. In this way, the financial markets contribute to a higher production, efficiency, and economic welfare of everyone in the society [Mishkin (1989), p. 45]. In recent years, the appetite for investment in the markets of developing countries has increased manyfold [Hussain (1994), p. 2]. A good many of such developing markets are in Islamic countries such as Egypt, Turkey, Bangladesh, Pakistan, and Malaysia. Well-developed Islamic financial markets would contribute towards economic development by attracting capital inflows and checking capital flight from the Islamic nations.
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Ramadhan, Mohammad Iqbal Bagus, Ahim Abdurahim, and Hafiez Sofyani. "Modal Intelektual Dan Kinerja Maqashid Syariah Perbankan Syariah Di Indonesia." JURNAL AKUNTANSI DAN KEUANGAN ISLAM 6, no. 1 (February 22, 2019): 5–18. http://dx.doi.org/10.35836/jakis.v6i1.6.
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This study aims to analyze the influence of Islamic banking-intellectual capital (ib-vaic) covered; capital employed, human capital, and structural capital, toward maqashid shariah performance in Islamic Banking in Indonesia. This study used all (44 banks) Islamic banking that listing in Bank Indonesia (Central Bank of Indonesia) and Otoritas Jasa Keuangan (Financial Services Authority). Data analysis used SPSS (Statistical Product and Service Solutions) with multiple regression method. The results reveal that Islamic banking-human capital have positive influence on maqashid shariah performance. However, Islamic banking-capital employed and structural capital do not have influence on maqashid shariah performance.
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WIRANATA, SUHENDA, and ALI RAMA. "INTELLECTUAL CAPITAL DAN KINERJA SOSIAL PERBANKAN SYARIAH DI INDONESIA: SEBUAH KAJIAN KONSEP DAN EMPIRIS." JEBI (Jurnal Ekonomi dan Bisnis Islam) 3, no. 2 (December 3, 2018): 195. http://dx.doi.org/10.15548/jebi.v3i2.178.
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The study aims to examine the influence of intellectual capital to social performance of Islamic banks. The study assumes there is an intervening role of financial performance on the relation between intellectual capital and social performance of Islamic banks. The VAIC (valued added intellectual capital) is used to measure the intellectual capital. While social capital of Islamic banks comprises four main aspects which are contribution economic development, society, stakeholders, and human development & research. The financial performance is represented by ROA and ROE. The study finds that intellectual capital of Islamic banks has an increasing performance during the period of the study where human capital is the main backbone. Otherwise, social performances of Islamic banks are relatively fluctuated and tend to remain stable during the period. The statistical test shows that intellectual capital has no significant impact on social performance of Islamic banks. However intellectual capital positively and significantly influences financial performance of Islamic banks.
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Ibrahim, Mansor. "CAPITAL REGULATION AND ISLAMIC BANKING PERFORMANCE: A PANEL EVIDENCE." Buletin Ekonomi Moneter dan Perbankan 22, no. 1 (April 30, 2019): 47–68. http://dx.doi.org/10.21098/bemp.v22i1.1029.
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This paper empirically assesses the relation between bank performance and capital regulation for Islamic banks from 13 countries and evaluates whether the relation varies with bank size, capital, and liquidity. We find small Islamic banks to be less stable and less profitable; they also cut lending growth as capital regulation becomes more stringent. The stability and lending growth of big Islamic banks are, however, directly related to capital regulation. Further, capital regulation adversely affects the profitability of Islamic banks with low liquidity and high capital holdings. While capital regulation is needed, it should not be adopted in a blanket manner for all Islamic banks.
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Najeeb, Syed Faiq, and Mirza Vejzagic. "Development, Growth and Challenges of Islamic Capital Markets: Comparative Insights from the Malaysian, Indonesian, United Arab Emirates and Brunei Markets." Journal of Emerging Economies and Islamic Research 1, no. 3 (September 30, 2013): 100. http://dx.doi.org/10.24191/jeeir.v1i3.9132.
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Despite initiatives and discussions in many countries to introduce Islamic capital markets, the share of non-banking assets in the global Islamic finance industry remains small. Islamic banking continues to dominate the Islamic finance portfolio with a gigantic 80.9% contribution towards the total Islamic finance assets as at year end 2011. Based on such statistical reality, one may wonder, what are the current growth and development trends of Islamic Capital Markets (ICMs)? To this end, this paper assesses the development, growth and challenges of Islamic Capital Markets in Malaysia, Indonesia, United Arab Emirates, and Brunei and critically analyses the fundamental factors that contribute towards the liquidity, volume and trends of the Islamic Capital Markets in these countries. Using Malaysia as a benchmark, this paper provides a comparative analysis on the performance of the various sectors of Islamic capital markets such as equity markets, debt markets, fund management markets, liquidity markets, etc. amongst the four sample countries. In addition, the paper examines the local authorities? initiatives? and future plans for firmly establishing Islamic Capital Markets in their jurisdictions and further recommends potential policies that could be introduced to maximize economic gains and societal welfare from Islamic Capital Markets for the Muslim population in general. Overall, the findings from the paper are expected to attract significant interest from Islamic finance stakeholders, in particular to understand how local authorities and other players could possibly be instrumental in shaping the development of Islamic Capital Markets.
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Subaidi, Subaidi. "Rekonstruksi Hukum Pasar Modal Syariah dalam Memberi Jaminan Kepastian Hukum." Istidlal: Jurnal Ekonomi dan Hukum Islam 1, no. 2 (October 2, 2017): 155–66. http://dx.doi.org/10.35316/istidlal.v1i2.105.
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The shari'a concept in Islamic capital market industry is generally considered haven’t been able to provide guaranteeing legal certainty. Public that has been accustomed to using conventional concept feel more secure with guaranteeing legal certainty of conventional concept in capital market industry. That public confidenceissue became a positive correction in developing Islamic capital market industry in Indonesia. Guaranteeing legal certainty is indispensable in the legal system of society, so that required a legal reconstruction in Islamic capital market industry in Indonesia. The questions are; what is the importance of law in Islamic capital market industry and how is the configuration of law reconstruction in Islamic capital market industry in the future.
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Miah, Md Dulal, and Kashfia Sharmeen. "Relationship between capital, risk and efficiency." International Journal of Islamic and Middle Eastern Finance and Management 8, no. 2 (June 15, 2015): 203–21. http://dx.doi.org/10.1108/imefm-03-2014-0027.
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Purpose – This paper aims to investigate the relationship between capital risk and efficiency of Islamic and conventional banks operating in Bangladesh. In this pursuit, the research attempts to answer these questions: do inefficient banks assume more risk? Is there any major difference between Islamic and conventional banks in terms of efficiency and risk taking behavior? Design/methodology/approach – The study collects various bank-level data from the audited financial statements of Islamic and conventional banks for the period of 2001 to 2011. Collected data are analyzed using Stochastic Frontier Analysis for efficiency estimation and Seemingly Unrelated Regression (SUR) approach for assessing the relationship between capital, risk, and efficiency. Findings – Analysis of data shows that conventional banks are more efficient in managing cost than Islamic banks. Moreover, the SUR results show that the relation between capital and efficiency are bidirectional and negative, whereas the relation between capital and risk is also bidirectional but positive for Islamic banks. On the other hand, risk and efficiency are positively related, and the result is bidirectional for conventional banks. Research limitations/implications – The research concentrates on private-commercial banks as proxy for conventional banks. State-owned banks including specialized banks and foreign commercial banks are excluded from the sample due to various anomalies in reporting of financial data. Practical implications – There is a lot of room for Islamic banks to increase productive efficiency because cost efficiency of Islamic banks is less than that of the conventional banks. This can be attributed to the relative small size of Islamic banks in Bangladesh. Because there exists a positive relationship between size and efficiency for Islamic banks, they can concentrate on increasing their size to capitalize on economies of scale. Moreover, the analysis shows that inefficient conventional banks assume higher risk which conforms to moral hazard hypothesis. Therefore, regulatory authorities should discourage banks from exercising such practice for the greater stability of the overall banking system in Bangladesh. Originality/value – A good number of studies is available in the existing literature that compares the performance of Islamic and conventional banks in the case of Bangladesh. However, very few studies are found that examine the relationship between capital, risk and efficiency. Therefore, the research is new for the selected area. As a result, the research is expected to contribute to the existing literature by providing new information.
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ARCHER, SIMON, and RIFAAT AHMED ABDEL KARIM. "ON CAPITAL STRUCTURE, RISK SHARING AND CAPITAL ADEQUACY IN ISLAMIC BANKS." International Journal of Theoretical and Applied Finance 09, no. 03 (May 2006): 269–80. http://dx.doi.org/10.1142/s0219024906003627.
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Islamic banks do not pay interest on customers' deposit accounts. Instead, customers' funds are placed in profit-sharing investment accounts (PSIA). Under this arrangement, the returns to the bank's customers are their pro-rata shares of the returns on the assets in which their funds are invested, and if these returns are negative so are the returns to the customers. The bank is entitled to a contractually agreed share of positive returns (profits) as remuneration for its work as asset manager; however, if the returns are zero or negative, the bank receives no remuneration but does not share in any loss. In the case of Unrestricted PSIA, the investment account holders' funds are invested (i.e., commingled) in the bank's asset pool together with the bank's shareholders' own funds and the funds of current account holders. In that case, the bank's own funds that are invested in the asset pool are treated the same as those of Unrestricted PSIA holders for profit and loss sharing purposes; however, the shareholders also receive as part of their profit the remuneration earned by the bank as asset manager (less certain expenses not chargeable to the PSIA holders). This remuneration (management fees) represents an important source of revenue and profits for Islamic banks. From a capital market perspective, this arrangement presents an apparent anomaly, as follows: shareholders and Unrestricted PSIA holders share the same asset risk on the commingled funds, but shareholders enjoy higher returns because of the management fees. On the other hand, competitive pressure may induce the bank to forgo some of its management fees in order to pay a competitive return to its PSIA holders. In this way, some of the PSIA holders' asset risk is absorbed by the shareholders. This phenomenon has been termed "displaced commercial risk" [2]. This paper analyzes this phenomenon. We argue that, in principle, displaced commercial risk is potentially an efficient and value-creating means of sharing risks between two classes of investor with different risk diversification capabilities and preferences: wealthy shareholders who are potentially well diversified, and less wealthy PSIA holders who are not. In practice, however, Islamic banks set up reserves with the intention of minimizing any need to forgo management fees.
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Mukhlifah, Maulidah Atha, and Sylva Alif Rusmita. "HUBUNGAN ANTARA LEMBAGA KEUANGAN SYARIAH DI INDONESIA PERIODE 2014-2018." Jurnal Ekonomi Syariah Teori dan Terapan 7, no. 2 (June 13, 2020): 345. http://dx.doi.org/10.20473/vol7iss20202pp345-355.
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This study is to determine the relationship between Islamic financial institutions, both bank and non-bank financial institutions in Indonesia in the 2014-2018 period. This study uses the VAR method to process data. The results of this study are contributions from Islamic-based financial institutions in Indonesia. The Islamic capital market has a positive relationship with Islamic life insurance. This happens because, in developing countries like Indonesia, life insurance is more influential than Islamic general insurance. The relationship that occurs in the Islamic capital market and life insurance occurs because of the role of the insurance company that will buy shares in the Islamic capital market. Then, related to a negative relationship between Islamic banking and Islamic insurance. It is because every credit given by the bank will be charged for insurance. The greater the value of the credit, the higher the contribution paid. This will be considered by those who will take credit at the bank. Meanwhile, insurance companies themselves are not bound by two other financial institutions. This happens because insurance companies get capital from third parties or their customers.Keywords: Islamic Financial Institutions, Islamic Capital Markets, Islamic Banking, Islamic Insurance, VAR
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Faozan, Akhmad. "Konsep Pasar Modal Syariah." Muqtasid: Jurnal Ekonomi dan Perbankan Syariah 4, no. 2 (December 1, 2013): 287. http://dx.doi.org/10.18326/muqtasid.v4i2.287-310.
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Economic development of a country cannot be separated from the capital market. Capital market serves as a means to mobilize public funds and to search the ownership of shares of a company by selling it. Islamic capital market serves as an investment medium for Muslims in the capital market that is in line with Islamic principles. Some criteria for the establishment of the Islamic capital market are forming price fairly, the presence of perfect information, free from riba, gharar, gambling and other transactions that contradict against sharia rules. Stocks traded in the Islamic capital market should come from issuers that meet the Islamic criteria and bonds issued should use mudarabah, musharaka, ijara, istisna' and salam.
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Ng, Adam, Mansor Ibrahim, and Abbas Mirakhor. "On building social capital for Islamic finance." International Journal of Islamic and Middle Eastern Finance and Management 8, no. 1 (April 20, 2015): 2–19. http://dx.doi.org/10.1108/imefm-04-2014-0040.
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Purpose – The purpose of this paper is to set forth seven broad recommendations and 15 specific initiatives within a four-dimensional framework for the development of social capital in Islamic finance, particularly the stock market, given its role as the first best means of risk sharing. Design/methodology/approach – The four-dimensional framework comprises dimensions of principle and value, trust-reinforcing regulation, investment opportunity and infrastructure, as well as reputational intermediaries. Findings – A web of multi-pronged initiatives that are mutually reinforcing is proposed considering the multifaceted dimensions of social capital and the various possible transmission channels by which social capital can influence the financial system. Practical implications – While empirical studies have demonstrated the importance of trust and ethics in financial development, the pressing issue remains how social capital, including trust and ethics, can be developed to achieve a trustworthy, ethical and efficient financial system. This paper attempts to address this concern. Originality/value – This paper provides a framework for building social capital in Islamic finance.
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Lin, Lee Sze, Ahcene Lahsasna, and Rubi Ahmed. "Sharīʻah Issues in Islamic Capital Markets : Ṣukūk." ISRA International Journal of Islamic Finance 5, no. 2 (December 2013): 99–123. http://dx.doi.org/10.12816/0002771.
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Ma'ruf, Ahmad, and Widhia Restiawati. "ANALYSIS OF SOCIAL CAPITAL IN ISLAMIC MICROFINANCE." INFERENSI 10, no. 1 (June 1, 2016): 25. http://dx.doi.org/10.18326/infsl3.v10i1.25-46.
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This study aims to analyze the social capital in the form of trust, social networks, and norms in Islamic Microfinance, with case study in several BMTs in Yogyakarta. In this study, sample of respondents are selected using purposive sampling. This study used a qualitative method with descriptive statistical analysis. Based on the analysis, the result is BMT has succeeded a good record on doing the social capital and trust has the highest value compared to norms and social networks. Trust becomes the most social capital variables that is widely applied in BMT. While norms become the variable that have smallest value of social capital.
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Azid, Toseef, Mehmet Asutay, and Muhammad Junaid Khawaja. "Price behaviour, vintage capital and Islamic economy." International Journal of Islamic and Middle Eastern Finance and Management 1, no. 1 (April 4, 2008): 52–68. http://dx.doi.org/10.1108/17538390810864250.
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Hosgör, Evren. "Islamic Capital/Anatolian Tigers: Past and Present." Middle Eastern Studies 47, no. 2 (March 2011): 343–60. http://dx.doi.org/10.1080/00263206.2011.534336.
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Bitar, Mohammad, M. Kabir Hassan, and William J. Hippler. "The determinants of Islamic bank capital decisions." Emerging Markets Review 35 (June 2018): 48–68. http://dx.doi.org/10.1016/j.ememar.2017.12.002.
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Supaino, Supaino. "Bunga Bank Konvensional Dan Pasar Modal Syariah Dalam Perspektif Hukum Islam." Jurnal Hukum Kaidah: Media Komunikasi dan Informasi Hukum dan Masyarakat 20, no. 2 (March 6, 2021): 179–92. http://dx.doi.org/10.30743/jhk.v20i2.3616.
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This paper aims to examine the problems of conventional bank interest and the Islamic capital market in the perspective of Islamic law. The debate regarding the concept of interest and usury against additional rewards (benefits) from conventional banking products and the Islamic capital market has become a polemic in the life of Indonesian Muslim communities. The opinion of the scholars in addressing interest in the context of conventional banking and usury has generated its own debate, as well as the capital market in the perspective of sharia. This research is a literature research using both classical and contemporary fiqh books, holy books and journals regarding conventional bank interest and Islamic capital markets which are analyzed descriptively. In conclusion, conventional bank interest is a part of a form of usury which is prohibited, although there are differences of opinion among scholars in it. Likewise, the capital market, while it related to the Islamic capital market, there are various opinions of Islamic law scholars and it has given birth to the decision of Majma 'Fiqh. Keywords: Conventional Bank, Sharia Capital Market, Islamic Law
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Qizam, Ibnu. "ISLAMIC CAPITAL MARKET INTEGRATION AND ASYMMETRIC INFORMATION: A STUDY IN THE FIVE ASEAN COUNTRIES FROM THE POST-GLOBAL FINANCIAL CRISIS." Business: Theory and Practice 22, no. 1 (April 9, 2021): 121–32. http://dx.doi.org/10.3846/btp.2021.12832.
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This study aims at examining the integration impact of the five ASEAN Islamic capital markets on asymmetric information for ASEAN Economic Community (AEC) development. Utilizing samples of market and financial panel data from 2009 to 2015 among the five ASEAN Islamic capital markets, and applying two-country portfolios of the Islamic capital markets among the five ASEAN countries to measure the different levels of Islamic capital market integration, this study suggests that the different levels of the Islamic capital market integration between Indonesia and Malaysia are found to result in asymmetric information negatively. The strongest Islamic capital market integration between Indonesia and Malaysia affect reduced asymmetric information more consistently than the other two-country portfolios, while the weakest level of integration between the Philippines and any other four Islamic capital markets that affects asymmetric information inconsistently is also supported. These results confirm an interplay between a modern portfolio theory, Efficient Market Hypothesis (EMH), contract theory, and general economic theory, and also provide new insights for stakeholders in investment decisions and strategies, cross-border regulation of economic resources, and other plentiful benefits.
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Khamisi, bin Rajm, and Hsnawi Bilal. "Role of Islamic Development Bank in Growth of Active Islamic Capital Markets." Bait Al Mashura Journal, no. 04 (March 30, 2016): 163–95. http://dx.doi.org/10.33001/m300320160420.
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الهدف الرئيسي للدراسة هو البحث في إمكانية تفعيل الأسواق المالية الإسلامية الناشئة من خلال إستراتيجية البنك الإسلامي للتنمية في النهوض بالصيرفة الإسلامية ومؤسساتها؛ وللوصول إلى هذا الهدف تبدأ الدراسة بتوضيح تعاريف السوق المالي الإسلامي ثم تتعرض الدراسة إلى الإطار المفاهيمي للبنك الإسلامي للتنمية وتحدياته، بالإضافة إلى التطرق إلى مساهمة البنك الإسلامي للتنمية في تفعيل السوق المالي الإسلامي بالاعتماد على إستراتيجية تطوير الصناعة المالية الإسلامية وفق برنامج الصكوك الإسلامية، وبرنامج تعزيز البنية التحتية للصناعة المصرفية من خلال الهندسة المالية الإسلامية. وقد توصلت الدراسة إلى أن البنك نجح في تفعيل السوق المالي الإسلامي الناشئ بالشراكة مع السوق المالية الإسلامية الدولية وذلك بتكثيف إصدارات الصكوك الإسلامية وتداولها في الأسواق المالية الإسلامية داخل وخارج البلاد الإسلامية وبعملات متنوعة ،كذلك هيأ البنك المعهد الإسلامي للبحوث والتدريب للقيام ببرامج علمية ودورات تكوينية لدعم المالية الإسلامية، كما شارك البنك الإسلامي للتنمية في الاستثمار في أسهم المؤسسات المالية الإسلامية، والتأكيد على تحديث وعصرنة الجهاز المصرفي فيها، وتوفير البيئة المواتية لصناعة الصيرفة الإسلامية من خلال برامج المساعدة الفنية وخدمات الاستشارية في الدول الأعضاء رامياً بذلك إلى تأسيس أسواق مالية إسلامية في الدول الأعضاء تكون مهمتها تنويع الإصدارات وتحقيق العوائد الاقتصادية المجدية. الكلمات الدالة: السوق المالي الإسلامي، البنك الإسلامي للتنمية، الصكوك الإسلامية، التمويل الإسلامي، الهندسة المالية الإسلامية.
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Hosen, Muhammad Nadratuzzaman, and Syafaat Muhari. "Liquidity and Capital of Islamic Banks in Indonesia." Signifikan: Jurnal Ilmu Ekonomi 6, no. 1 (February 15, 2017): 49–68. http://dx.doi.org/10.15408/sjie.v6i1.4405.
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This study is aimed to analyzed the factors that affect the liquidity and capital of Islamic banks in Indonesia. The method is used multiple linear regression. This result shows that the main problem of Islamic banks in Indonesia is how to increase equity in line with increasing third party fund. Another problem is that Islamic bank face difficulties to find debt for solving liquidity problem due to lack of instruments for liquidity derivative. Therefore Islamic banks rely on third party funds, which are high cost of funds due to time deposit fund, rather than using current deposit and saving deposit fund. Another result, negative coefficient of Gross Domestic Product (GDP) to Quick Ratio (QR) indicate that if macroeconomics of Indonesia is stable and good environment, Islamic banks will expansive the market, meanwhile Islamic banks have now low level of liquidity buffer. This means Islamic banks face high level of risk, if core depositors withdraw money rushly it became defaultDOI: 10.15408/sjie.v6i1.4405
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Salim, Muhammad Agus, and Ahmad Rodoni. "Analisis Capital Structure dalam Keuangan Islam." JURNAL INDO-ISLAMIKA 7, no. 2 (February 26, 2020): 201–28. http://dx.doi.org/10.15408/idi.v7i2.14822.
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This paper studies the current development of the capital structure theory, to explore the connection between this theory and the Islamic finance, and to investigate the connection between the capital structure and the process of syari`ah (Islamic law) screening in three stock exchanges of syari`ah. Here, this article employs a qualitative approach by delving other scholars’ theories that have studied the capital structure of the Islamic finance. Next, this paper demontates an important finding; that is, limitation is necessary for the use of debt in a company that operates on the basis of Islamic principles. In this regard, as a debt has to have a favor for asset, the company, which operates on the basis of Islamic principles, is not to go beyond the real asset. The difference of the syari`ah screening model in those three stock exchanges is influenced by some crucial factors in the way the company decides its syari`ah screening model. They are, such as the difference of a social structure in a country, its modification of the monetary industry, and its variance of the school of thought adhered by some Muslim learned people.
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Kinanti, Risma Ayu, Ririn Tri Ratnasari, Anidah Robani, Tika Widiastuti, and Raditya Sukmana. "INTELLECTUAL CAPITAL AND ISLAMIC SOSIAL REPORTING INDEX: THE CASE OF INDONESIAN ISLAMIC BANKING." Humanities & Social Sciences Reviews 8, no. 4 (August 31, 2020): 728–36. http://dx.doi.org/10.18510/hssr.2020.8472.
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Purpose of the study: This study aims to explain the effect of Islamic Banking Intellectual Capital and Islamic Social Reporting on the Islamic Financial Performance Index of Sharia Bank Indonesia.
Methodology: The data obtained in this study consisted of a total of 368 from annual financial reports and sustainability reports that were officially published by each Islamic bank in Indonesia. The analytical method used in this study is the Partial Least Square (PLS) method which is processed with SmartPLS 3 software.
Main Findings: There is an essential influence on the implementation of Islamic Banking Intellectual Capital and Islamic Social Reporting on Islamic Financial Performance in Islamic Banking in Indonesia. This finding also shows that intellectual capital and social reporting by Islamic banks have a significant positive effect on the financial performance of Islamic banks in Indonesia.
Applications of this study: This research will help next researchers to develop research in the banking world and can be used by banking institutions to become scientific input. Besides, mobilizing and using intangible resources properly will improve the financial performance of an organization.
Novelty / Originality of this study: The existence of Islamic Banking Intellectual Capital combined with Islamic Social Reporting can affect and improve the competitiveness of Islamic Banking in Indonesia. This study will be a complete research and provide clear information for practitioners and academics.
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Nadhifa, Salsabila, and Nabitatus Sa’adah. "REKONSTRUKSI SISTEM PENYELENGGARAAN PASAR MODAL SYARIAH." Ar-Risalah: Media Keislaman, Pendidikan dan Hukum Islam 18, no. 2 (October 29, 2020): 268. http://dx.doi.org/10.29062/arrisalah.v18i2.394.
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The capital market that is widely used by people is not in accordance with the provisions contained in sharia principles. Therefore, a capital market with sharia. Conventional capital markets and Islamic capital markets have a similar concept but differ in principles and have different types of contracts. This difference between conventional capital market principles and the principles contained in the Islamic capital market results in the need for regulations that specifically regulate the Islamic capital market. so it is necessary to update the Law No. 8 of 1995 concerning Capital Markets. Judging from the legal system, the Sharia Capital Market still has weaknesses related to the legal substance, legal structure and legal culture so that reconstruction of Islamic capital market regulations must be conducted. The method used in this writing is analytical descriptive and uses a normative juridical approach.
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Zaman, Muhammad Q. "Merchant Capital and Islam." American Journal of Islam and Society 8, no. 3 (December 1, 1991): 557–61. http://dx.doi.org/10.35632/ajis.v8i3.2615.
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This book, based substantially on the author's doctoral dissertation(UCLA, 1981), presents an economic interpretation of the early history ofIslam. By studying the trends and consequences of pre-Islamic Makkah'scommercial activities, it seeks to bring out both the material bases of therise of Islam and the element of continuity between pre-Islamic Makkah andearly Islamic history.The author bases his work on the following postulate: the developmentof merchant capital in sixth-century Makkah allowed it to become the dominantpolitical and economic power in Arabia. The most successful wielder of thisstatus, the Banii Umayyah, eventually consolidated its position as the wielderof authority. The growth of commercial capitalism, which caused social transformations within Makkah and made the effective regulation of its externalrelations a necessity so as to safeguard its commercial interests, resulted inthe development of several institutions, such as sadaqah (charitable offerings),rifadah (support), siqayah (providing water to the pilgrims to Makkah), ilaf(a pact guaranteeing safety and safe-conduct), hums (those people inhabitingthe haram at the time of the Prophet’s appearance who observed rigorousreligious taboos), and hilf (confederacy). However, institutional developmentin Makkah proved inadequate to the demands created by rapid economicprogress.The resultant problems gradually formed the material basis which causedthe advent of Islam. Islam, in turn, sought to promote Makkah’s commercialcapitalism through, for example, the concept of a monotheistic God’s absoluteand everlasting authority, which solved the problems associated with thebreakdown of pre-Islamic Makkah’s tribal authority, and through its conceptof an ummah which transcended tribal barriers and made social and economicmobility possible ...
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Prativi, Yulinda Putri, Citra Sukmadilaga, and Cupian Cupian. "THE IMPACT OF ISLAMIC CORPORATE GOVERNANCE DISCLOSURE, ISLAMIC INTELLECTUAL CAPITAL, ZAKAT, FINANCIAL PERFORMANCE (SCnP Model) & ISLAMIC ETHICAL IDENTITY TO SUSTAINABLE BUSINESS." Jurnal Ekonomi Syariah Teori dan Terapan 8, no. 2 (March 29, 2021): 171. http://dx.doi.org/10.20473/vol8iss20212pp171-182.
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ABSTRAKTujuan dari penelitian ini adalah untuk menganalisis dampak Islamic Corporate Governance disclosure, Islamic Intellectual Capital, Zakat, Kinerja Keuangan (SCnP Model), dan Islamic Ethical Identity terhadap Sustainable Business. Penelitian ini menggunakan pendekatan kuantitatif. Data yang dipakai ialah data sekunder dengan teknik pengumpulan data content analysis terhadap annual report 5 bank syariah periode 2015-2019 yang terdapat di negara ASEAN, GCC & MESA. Metode analisis data pada penelitian ini menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa (1) Islamic Corporate Disclosure berpengaruh terhadap Sustainable Business, (2) Islamic Intellectual Capital berpengaruh terhadap Sustainable Business, (3) Zakat tidak berpengaruh terhadap Sustainable Business, (4) Kinerja Keuangan (SCnP Model) tidak berpengaruh terhadap Sustainable Business, (5) Islamic Ethical Identity tidak berpengaruh terhadap Sustainable Business. Penelitian ini diharapkan dapat memberikan masukan bagi entitas syariah terutama bank syariah dalam pengembangan aspek kinerja keuangan dan non keuangan serta mengi ngatkan kembali akan pentingnya konsep sustainable terutama kewajiban dalam penyusunan sustainability reporting.Kata Kunci: Islamic Corporate Governance, Islamic Intellectual Capital, Zakat, Islamic Ethical Identity, Sustainable Business. ABSTRACTThe purpose of this study is to analyze the impact of Islamic Corporate Governance disclosure, Islamic Intellectual Capital, Zakat, Financial Performance (SCnP Model), and Islamic Ethical Identity on Sustainable Business. This study uses a quantitative approach. The data used is secondary data with content analysis data collection techniques on the annual reports of 5 Islamic banks for the 2015-2019 period in ASEAN, GCC & MESA countries. Methods of data analysis in this study using multiple linear regression. The results showed that (1) Islamic Corporate Disclosure has an affects to Sustainable Business, (2) Islamic Intellectual Capital has an effect on Sustainable Business, (3) Zakat has no effect on Sustainable Business, (4) Financial Performance (SCnP Model) has no effect on Sustainable Business , (5) Islamic Ethical Identity has no effect on Sustainable Business. This research is expected to provide input for Islamic entities, especially Islamic banks in developing aspects of financial and non-financial performance as well as reminders of the importance of the concept of sustainability, especially the obligations in preparing sustainability reporting.Keyword: Islamic Corporate Governance, Islamic Intellectual Capital, Zakat, Islamic Ethical Identity, Sustainable Business.
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Hudiata, Edi. "REKONSTRUKSI HUKUM PENYELESAIAN SENGKETA PASAR MODAL SYARIAH: PENGUATAN ASPEK REGULASI UNTUK MEMBERIKAN KEPASTIAN HUKUM." Jurnal Hukum dan Peradilan 6, no. 2 (July 31, 2017): 297. http://dx.doi.org/10.25216/jhp.6.2.2017.297-316.
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The regulation of the Islamic capital market following the rules contained in Law 8/1995 on Capital Market, DSN MUI Fatwa No. 40 / IX / 2003, Bapepam-LK Number IX.A.13, No. IX.A.14, and No. II. K.1 From that rules, nothing has clearly set the Islamic capital market dispute resolution, both litigation and non-litigation resulting in a legal vacuum (leemten in het recht). Islamic economic dispute settlement provisions, including the dispute over the Islamic capital market, is only found in Law 3/2006. Through quantitative research methods, the study sought to harmonize the empty rules at the same time filling thus legal vacuum. The research concluded that the settlement litigation of disputes in Islamic capital markets settled in the Religious Court, while in non-litigation resolved through BASYARNAS (National Sharia Arbitration Board) and / or as other civil disputes can also be resolved through Alternative Dispute Resolution in accordance with Law 30/1999.Keywords: legal vacuum, the Islamic capital market.
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Puspitosari, Indriyana. "Modal Intelektual dan Kinerja Keuangan dengan Menggunakan Islamicity Performance Index pada Umum Syariah." HUNAFA: Jurnal Studia Islamika 13, no. 2 (January 3, 2017): 248. http://dx.doi.org/10.24239/jsi.v13i2.439.248-270.
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The aim of this study is to find the evidence about correlation between intellectual capital and financial performance because of the orientation changing about corporate assets from the tangible asset become intellectual capital. This study uses 9 shariah banking in Indonesia as the sample in period 2011-2014. The intellectual capital variable gauge by modified Pulics model for Islamic banking with three komponen iB-VACA, iB-VAHU and iB-STVA. Profit sharing ratio, zakat performance ratio and Islamic income vs non Islamis income are the proxy of Financiel performance. This study used Pearson Corelation analysis as tools to analyze this corelation. The study finding that between intellectual capotal component and islamicity Performance Index indicatore have the different strength and direction correlation
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Ulum, Ihyaul, Ismi’ Nor Amdini, Setu Setyawan, and Nafsiah Mohamed. "ISLAMIC BANK AND SHARIA BUSINESS UNIT IN INDONESIA: A COMPARISON ON INTELLECTUAL CAPITAL DISCLOSURE PRATICES." Jurnal Reviu Akuntansi dan Keuangan 8, no. 1 (May 29, 2018): 1. http://dx.doi.org/10.22219/jrak.v8i1.22.
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This study aims to compare the intellectual capital disclosures (ICD) in annual reports between Islamic Banks and Sharia Business Unit in 2015. Intellectual capital (ICD) is divided into three main components namely; Human capital, Structural capital and relational capital. The components used in this study is the ICD-In framework written by Ulum (2015) which consists of 36 items of intellectual capital. This study uses purposive sampling to determine the sample of Islamic bank and Sharia business units registered in Bank Indonesia in 2015, with a sample of 34 banks. The results indicate that there was a difference practices on intellectual capital disclosures of Islamic banks and Sharia business unit. Islamic banks disclosed on IC higher than Sharia business unit.
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Kholifah, Siti. "Capital Exchange between Islamic Boarding Schools and Political Parties in the 2019 Election." Wawasan: Jurnal Ilmiah Agama dan Sosial Budaya 5, no. 1 (June 30, 2020): 43–56. http://dx.doi.org/10.15575/jw.v5i1.7562.
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This study examines the social practices of Islamic boarding schools in Jombang in the 2019 elections. It aims to analyze the role and capital exchange between Islamic boarding schools in Jombang and political parties. This study is important because the intersection of Islamic boarding schools and politics has been going on since colonial times until now. The political dynamics of Islamic boarding schools cannot be separated from NU because several NU Kiai are in the vortex of local and national politics. In the 2019 presidential election, a Kiai of NU named Kiai Ma’ruf Amin ran as Jokowi’s partner to be a vice president. As a place for the establishment of NU, Islamic boarding schools in Jombang have a magnet in gaining votes both in the legislative and presidential elections in 2019. By using Pierre ’Bourdieu’s theory as an analytical tool, this research conducted a case study approach. Data collection techniques carried out through interviews, observation, and documentation. The informants are determined purposively. The results of this study indicate that the exchange of capital between Islamic boarding schools and political parties is dominated by symbolic capital exchanges of Islamic boarding schools with the social capital of political elites and political parties. The blue bloodline of Islamic boarding schools and seniority of a Kiai or Nyai have an essential role in determining the reproductive strategy and capital exchange with political parties. Also, the dominance of social practices carried out in Islamic boarding schools. The power of symbolic capital and social capital of NU Islamic boarding school became a tool for conducting bargaining positions with elite political parties, including presidential and vice-presidential candidates. In the end, the capital exchange between Islamic boarding schools and political parties became obvious in getting votes in the 2019 elections.
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Qizam, Ibnu, Misnen Ardiansyah, and Abdul Qoyum. "Integration of Islamic capital market in ASEAN-5 countries." Journal of Islamic Accounting and Business Research 11, no. 3 (January 11, 2020): 811–25. http://dx.doi.org/10.1108/jiabr-08-2019-0149.
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Purpose The purpose of this study is to investigate the nature and integration of Islamic stock markets across the Association of Southeast Asian Nations (ASEAN-5) countries for economic community (AEC) development. Design/methodology/approach Using samples of daily closing prices from 2009 to 2014 across ASEAN-5 countries, co-integration and Granger-causality tests were applied. Findings This research finds that Islamic capital markets across ASEAN-5 countries remain highly integrated despite the global financial crisis of 2008, and it also finds the integration strength between Jakarta Islamic Index -Indonesia and Bursa Malaysia Emas Sharia-Malaysia Islamic capital markets to be the most influential across ASEAN-5 countries, while MSCI-Philippine Islamic capital market is the most vulnerable across ASEAN-5 Islamic capital markets. Research limitations/implications The overwhelming benefit of Islamic stock market integration across ASEAN-5 countries, and, even in a broader context, awaits further inquiry. Originality/value Islamic capital markets across ASEAN-5 countries are integrated regardless of the post-global financial crisis. This contributes to confirming cross-border integration policies, especially for AEC development.
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Syafril, Syafwendi. "REFORMULATING THE APPLICABLE STRATEGIES IN IMPROVING FINANCIAL LITERACY AND INCLUSION INDEX TOWARD ISLAMIC CAPITAL MARKET." Jurnal Ilmiah Islam Futura 21, no. 1 (February 1, 2021): 63. http://dx.doi.org/10.22373/jiif.v0i0.5787.
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Indonesia’s financial inclusion and literacy index level in the Islamic capital market sector is quietly low at around 0.02% and 0.01%. Though Indonesia is known as a country with the largest Muslim population in the world with more than 85%. Furthermore, the fact of Indonesia is the 4th highest growth country in the capital market industry in Asia-Pacific throughout 2017. The potential for growth and development of the Islamic capital market in Indonesia is very high, but this fact is not followed by the growth rate of financial literacy and inclusion index especially in the capital market sector. The aim of this paper is to identify the new applicable strategic approach to improve Islamic financial literacy and inclusion in term of Islamic capital market sector. This research uses qualitative methods with a literature review from the article journal, government report, news report, and others in reviewing, identifying, and knowing the strategies that will be implemented. The results show there are six specific strategies used in improving Islamic capital market literacy and inclusion indexes namely, rebranding investment negative stereotype, building a sustainable promotion and campaign through offline and online platform, creating an online integrated marketplace for Islamic capital market products, improving corporate Sukuk and introducing a new SRI Sukuk product, forming agents & groups of Islamic capital market lovers, and monitoring & evaluating the applied strategy.
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Buallay, Amina, Richard Cummings, and Allam Hamdan. "Intellectual capital efficiency and bank’s performance." Pacific Accounting Review 31, no. 4 (November 4, 2019): 672–94. http://dx.doi.org/10.1108/par-04-2019-0039.
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Purpose Intellectual capital (IC) plays a pivotal role in the high-tech and knowledge-based economic sectors. With the emergence of FinTech, which, with respect to the banking sector, is merging high-tech with the k-economy, there is an emerging need to highlight the importance and understand the dynamics of bank IC. With respect to Gulf Cooperation Council (GCC) economies, where FinTech has become de rigueur, banking is bifurcated into Islamic and banking sectors. Through comparative empirical analysis, the purpose of this paper is to examine IC efficiency in Islamic and conventional banks with a view to elucidating the impact of IC, in aggregate and decomposed into its components, on an operational, financial and market performance of Islamic banks juxtaposed with conventional banks. Design/methodology/approach Using data collected from 59 banks for five years (2012-2016) involving 295 observations, an independent variable derived from the modified value added IC (MVAIC) components are regressed against dependent bank performance indicator variables [Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q (TQ)]. Two types of control variables complete the regression analysis in this study: bank-specific and macroeconomic. Findings The findings elicited from the empirical results demonstrate that there is positive relationship between IC efficiency and financial performance (ROE) and market performance (TQ) in Islamic banks. In conventional banks, however, there is a positive relationship between IC and operational performance (ROE) and financial performance (ROE). Originality/value The model in this paper presents a valuable analytical framework for exploring IC efficiency as a driver of performance in dual-sector banking economies characterized by co-existence of Islamic and conventional financial institutions. In addition, this paper highlights bank management lacunae manifesting in terms of the weak nexus between: IC and asset efficiency (ROA) in Islamic banks and IC and market value (TQ) in conventional banks.
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Al-Harby, Ahmad. "Factors Affecting Capital Structure of Conventional and Islamic Banks: Evidence from MENA Region." Global Review of Islamic Economics and Business 7, no. 2 (December 31, 2019): 069. http://dx.doi.org/10.14421/grieb.2019.072-02.
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This study aim is to investigate and compare the factors affecting conventional and Islamic bank’s capital structure choice as well as their financial characteristics. According to the best of my knowledge, this is the first paper that mainly concentrated in comparing the determinants of capital structure of conventional and Islamic banks using a cross-country data and for a long period of time (20 years). The study revealed several findings. Firstly, descriptive statistics (equality of means test) showed that conventional banks more leveraged and liquid than Islamic banks. In contrast, Islamic banks are larger and more profitable (ROA) than conventional banks. The results also indicated that Islamic banks are not riskier than conventional banks. Secondly, the regression results showed that all variables, except tax-shield, had the same impact on both banking types capital structure. It been found that profitability, tangibility, business risk and age correlated negatively and significantly with capital structure. In the other direction, size, liquidity and inflation had significant and positive relation with capital structure. Vis-à-vis tax-shield, this variable had a weak impact (positive) on Islamic bank’s capital structure but had no effect on conventional banks and this attributed to Islamic banks sample.
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Astuti, Novi Tri, and Siti Suharni. "Pengaruh Intellectual Capital, Islamic Corporate Social Responsibility, dan Islamic Corporate Governance Terhadap Kinerja Perbankan Syariah di Indonesia Periode 2016-2018." JAMER : Jurnal Akuntansi Merdeka 1, no. 1 (November 19, 2020): 15–22. http://dx.doi.org/10.33319/jamer.v1i1.24.
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Abstract— This study aims to examine the influence of Intellectual Capital, Islamic Corporate Social Responsibility, and Islamic Corporate Governance on the Performance of Islamic Banking in Indonesia. Technique in intake of sample use method of purposive sampling. Data obtained from the secondary data is the annual report of 11 Islamic Commercial Banks in Indonesia registered in OJK over a period of years 2016-2018. Data analysis was done with a doble linier regression with SPSS program version 16.00 for windows. The results showed that the variable Intellectual Capital has significantly affect on financial performance of Islamic Banking in Indonesia 2016-2018 Period. While the variables Islamic Corporate Social Responsibility and Islamic Corporate Governance is no significantly affect on financial performamce.of Islamic Banking in Indonesia 2016-2018 Period. Keywords—: Intellectual Capital; Islamic Corporate Social Responsibility; Islamic Corporate Governance; Performance of Islamic Banking.
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Kurniawati, Indah. "Capital Gain dalam Perspektif Ekonomi Syariah." Al-Kharaj: Journal of Islamic Economic and Business 2, no. 2 (December 3, 2020): 23–40. http://dx.doi.org/10.24256/kharaj.v2i2.1530.
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The purpose of this study is to determine capital gain in the Islamic economy. This research is a qualitative study. In Islamic economics, investment is a muamalah activity that is highly recommended, because investment funds are needed to be productive and also bring benefits to others. The Qur'an strictly forbids hoarding (ikhtinaz) ownership activities. An investor's profit in the stock game is obtained through capital gain by selling shares when the selling price is higher than the price previously bought.The results show that capital gain in Islamic economics are permissible as long as they are not sourced from al Gharar. If sourced al Gharar is forbidden because it contains maysir.Capital gain are also forbidden if a percentage of profits has been determined for each period
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CHEN, Vivien. "Law and Society in the Evolution of Malaysia’s Islamic Capital Market Regulation." Asian Journal of Law and Society 4, no. 1 (July 27, 2016): 133–56. http://dx.doi.org/10.1017/als.2016.20.
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AbstractThe strong growth of Islamic capital markets internationally has seen the corresponding development of regulatory frameworks incorporating sharia law. Malaysia has been at the forefront of Islamic capital market regulatory development, merging corporate law drawn from its common-law heritage with sharia principles. This article examines the interaction of law with political economy and sociocultural influences in Malaysia which has underpinned the evolution of hybrid Islamic capital market regulation. It analyses the evolution of Malaysian Islamic capital market regulation against theories of legal origin and legal evolution. The analysis suggests that the sharia and common-law components of Islamic capital market regulation have evolved along two separate and seemingly inconsistent trajectories. While the secular corporate law component continues to evolve in tandem with its common-law tradition, development of the sharia component represents a distinct shift away from common-law traditions.
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Syah, Toufan Aldian, and Akhmad Fauzan. "The Influence of Intellectual Capital with Sub Components to Financial Performance: Empirical Study of Islamic Banking in Indonesia." Volume 5 - 2020, Issue 8 - August 5, no. 8 (September 1, 2020): 877–82. http://dx.doi.org/10.38124/ijisrt20aug420.
Full textAbstract:
- This paper aims to empirically examine the effect of intangible resources, namely intellectual capital (IC) on the financial performance of Islamic banking in Indonesia for the period 2013-2019. The data needed to calculate the different IC constituents comes from the financial statement data of each Islamic bank, which is the research sample, namely the Islamic bank, which is a foreign exchange bank. Value Added Intellectual Coefficient (VAIC) The methodology designed by Pulic is used to determine the impact of IC on Islamic banking's financial performance. The results show a significant positive relationship between the Sub-component Value Added Intellectual Coefficient (VAIC), namely Human Capital Efficiency (HCE), Structure Capital Efficiency (SCE), and Capital Employed Efficiency (CEE) which have a significant influence on the financial performance of Islamic banking proxied by ROA. Overall, the results show that HCE, SCE, and CEE strongly influence Islamic banks' ability to earn profits. The main limitation of this study lies in its measurement method, the VAIC methodology, which has been criticized by some researchers as not measuring IC. These findings can be useful input for Islamic bank management to manage and invest their resources in the Intellectual Capital (IC) in their institution. The main contribution of this paper is to identify the influence of the subcomponent of intellectual capital (IC) on the financial performance of Islamic banks, which was previously rare in Indonesia.