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"Omar, Mohd Azmi"
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Islamic banking and economic growth: the Indonesian experience
Purpose - The purpose of this paper is to examine the short-run and the long-run relationships between Islamic banking development and economic growth in the case of Indonesia.Design methodology approach - Using quarterly data (2003:1-2010:2), this paper utilizes the bound testing approach of cointegration and error correction models, developed within an autoregressive distributed lag (ARDL) framework.Findings - The results demonstrate a significant relationship in short-run and long-run periods between Islamic financial development and economic growth. The relationship, however, is neither Schumpeter's supply-leading nor Robinson's demand-following. It appears to be bi-directional relationship.Originality value - This paper uses empirical evidence to show the role of Islamic banks' financing towards economic performance of a country. To the best of the authors' knowledge, the study on the role of Islamic banking development towards economic growth is limited, particularly in the context of Indonesia.
Journal Article
Dynamic linkages among ASEAN-5 emerging stock markets
Purpose - The purpose of this paper is to empirically explore market integration among five selected Association of Southeast Asian Nations (ASEAN) emerging markets (Malaysia, Thailand, Indonesia, the Philippines and Singapore) during the pre- and post-1997 financial crisis periods.Design methodology approach - Employs two-step estimation, cointegration and generalized method of moments (GMM).Findings - The study finds that the stock markets in the ASEAN region are cointegrated both during the pre- and post-1997 financial crisis. However, the markets are moving towards a greater integration, particularly during the post-1997 financial crisis. Finally, as measured by the error correction terms, except the emerging market of Indonesia, all other ASEAN markets appear to be the important bearers of short-run adjustment to a shock in the long-run equilibrium relationships in the region both during the pre- and post-crisis periods.Research limitations implications - The study only focuses on stock markets of the five founding members of ASEAN, i.e. Malaysia, Indonesia, Thailand, Singapore and the Philippines.Practical implications - The paper reveals that unlike during the pre-crisis period, the long-run diversification benefits that can be earned by investors across the ASEAN markets in the post-crisis period tend to diminish.Originality value - The study is among the first to use two-step estimation, cointegration and GMM to re-examine market integration either in the emerging or developed markets.
Journal Article
Fundamentals of Islamic Money and Capital Markets
The first comprehensive guide to Islamic financial markets
Based on the course taught at the International Islamic University Malaysia, this is the first book on Islamic finance to focus exclusively on money and capital markets. Covering basic concepts as well as current practices in Islamic financial markets, the book features case studies from real markets. It outlines the theory of money in terms of value, supply, and demand, while explaining the Islamic capital markets in terms of classifications, types of operations, valuations of securities, Islamic unit trust, ETFs, Islamic stock broking, and much more.
* Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance
* The first guide to Islamic finance focused solely on money and capital markets
An excellent introduction to money market principles for students in Islamic banking and finance, as well as researchers and current practitioners, Fundamentals of Islamic Money and Capital Markets is a vital resource on the subject.
eBook
THE INFORMATION CONTENT OF THE MALAYSIAN CORPORATE BOND RATING CHANGES
This paper aims at investigating the impact of corporate bond rating changes on the common stock returns of the Malaysian corporations for the period spanning from January 1993 up to December 2003 inclusive. The market model with two competing specifications is used to measure the normal returns of firms. These are the standard event study methodology and the ARMA-GARCH lag specification of the market model. The initial finding is that both downgrades and upgrades trigger negative market reaction, albeit with some signs of information leakage. However, with some additional forensics we find that while downgrades elicit negative market response, upgrades induced no market reaction whatsoever. Moreover, the negative reaction following upgrades that we have seen at the initial finding was mainly due to the impact of the South East Asian financial crisis of the 1997/98.
Journal Article
Sukuk Rating Prediction using Voting Ensemble Strategy
Islamic finance development has grown into a focal point in many countries accros the globe. Sukuk, in particular, an Islamic investment product that has received growing attention from sovereigns, multinational and national organizations from both developed and emerging economies. Its uses has been aimed to finance investments in a varieties of economic activities and development projects. Despite the promising look of Sukuk, currently there is lack of studies had been to examine and predict the rating of the Sukuk. As a result, many practitioners adopted the conventional bond hence ignore the fact that these two instruments are different in nature. In order to fill the gap in the literature, it is the aim of this research to develop an ensemble model that can be used to predict Sukuk rating. The effectiveness of the proposed models were evaluated using dataset on Sukuk issuance for domestic from 2006 to 2016. The results indicate that the overall performance of the ensemble model is fall short behind the i duction decision tree (IDT) model. However, the class precision of the ensemble model improved, particularly in predicting the lowest rating of Sukuk.
Journal Article