THE INTEGRATION OF ISLAMIC STOCK MARKETS: DOES A PROBLEM FOR INVESTORS?

Size: px
Start display at page:

Download "THE INTEGRATION OF ISLAMIC STOCK MARKETS: DOES A PROBLEM FOR INVESTORS?"

Transcription

1 LJMS 2013, 7 Labuan e-journal of Muamala and Sociey, Vol. 7, 2013, pp Labuan e-journal of Muamala and Sociey THE INTEGRATION OF ISLAMIC STOCK MARKETS: DOES A PROBLEM FOR INVESTORS? Mohd Yahya Mohd Hussin 1, Yusni Anis Yusof 1, Fidlizan Muhammad 1, Azila Abdul Razak 1, Emilda Hashim 1, Nur Fakhzan Marwan 3, 1 Faculy of Managemen and Economics, Universii Pendidikan Sulan Idris, Perak 2 Faculy of Business Managemen, Universii Teknologi MARA, Kedah ABSTRACT This paper empirically invesigaes co-inegraion beween Islamic sock marke in Malaysia, Indonesia and he world by applying he Vecor Auo Regression (VAR) mehod. This research used monhly daa from January 2007 o May 2012 aken from auhorized sources. The finding shows ha here is no long-run or equilibrium relaionship exiss beween FTSE Bursa Malaysia Emas Shariah (FBMES), Jakara Islamic Index (JAKISL), and Dow Jones Islamic Marke index (DJIM). Based on he resul, hence, i can be concluded ha he Islamic sock markes of Malaysia does no inegrae wih Indonesia s, as well as wih he world markes in he long run. This will creae rooms for invesors o diversify heir invesmen porfolios, which pus Malaysia as one of heir favoured invesmen desinaions. From he Granger causaliy view, he reurn of JAKISL and DJIM is driven by he reurn of FBMES in he shor run. Keywords: Islamic Sock Marke; Invesmen Porfolios; Co-inegraion; Granger Causaliy; Variance Decomposiion 1. Inroducion The sudy of sock markes inegraion has received subsanial ineress from various sakeholders paricularly afer he 1987 sock marke crash and he Asian financial crises (Phuan e al., 2009; Marashdeh and Shresha, 2010). There are several reasons ha esablish he imporance of sock markes inegraion. Firs, i provides furher opporuniies in risk sharing among inegraed markes a a cos of aking away Corresponding auhor: Mohd Yahya Mohd Hussin, Faculy of Managemen and Economics, Universii Pendidikan Sulan Idris. yahya@fpe.upsi.edu.my 17

2 Mohd Yahya, M.H., Yusni Anis. Y., Fidlizan, M., Azila, A.R., Emilda, H., & Nur Fakhzan, M. he diversificaion benefi of inernaional invesmen (Siskawai, 2011). Second, he informaion abou sock marke inegraion is hen used by invesors o se invesmen sraegies based on he poenial benefi ha can be gained by diversifying in differen sock markes (Kassim, 2010). Third, i promoes a vial condiion for a counry s financial secor o develop as a cener for inernaional financial secor (Reddy, 2003). Fourh, sock marke inegraion could generae a higher produciviy and economic growh across he economy by simulaing domesic savings and invesmens (Mohan, 2005). Fifh, i leads o financial sabiliy by promoing effecive operaion of financial inermediaries and resource allocaion (Triche, 2005). Sixh, marke liberalizaion reduces he cos of capial wihin he inegraed markes due o risk sharing beween he counry s residen and foreign invesors in he domesic economic aciviies (Tai, 2007). Numerous researches have sudied he convenional sock marke inegraion among counries (see, for examples, Raanapakorn and Sharma (2002), Yang e al. (2003), Narayan e al. (2004), Floros e al. (2005), and Majid e al. (2008). In comparison o he sudies of marke coinegraion in convenional sock markes, here is lile empirical research ha examines he long run equilibrium among Islamic sock markes. Thus, his paper will conribue significanly o he lieraure by providing new evidence on Islamic sock marke inegraion nexus in he specific conex of FTSE Bursa Malaysia Emas Shariah Index (FBMES), Jakara Islamic Index (JAKISL) and Dow Jones Islamic Marke Index (DJIM). The srucure of his paper is as followed: secion 2 overview of Islamic sock Markes, secion 3 presens lieraure review peraining o previous researches on he sock marke inegraion. Secion 4 describes he daa and variables used in his sudy. Secion 5 discusses research mehodology while Secion 6 presens and analyses he empirical resuls. Secion 7 concludes he findings. 2. Islamic Sock marke The Asian Financial Crisis 1997 is he urning poin for he Islamic finance indusry, as he invesors have sared o lose confidence in he exising convenional marke sysems and demand o swich o he Islamic markes. The growing demands for he Islamic invesmen producs are eviden in boh developed counries, paricularly in he UK, he US and Japan, and in developing counries such as Malaysia, Egyp and Sudan. Impressively, here are more han 600 Islamic financial insiuions operaing in more han 75 counries nowadays. Islamic banking and finance indusry is no longer seen as compeior o is counerpar, insead i is recognized as a viable alernaive o he convenional financial sysem as i has high poenial o be developed furher (Kassim, 2011). Basically, he funcion of he Islamic sock marke is similar o he convenional which is o provide a benchmark or performance indicaor for a group of companies socks in a paricular marke. On he 22 January 2007, Bursa Malaysia Berhad, in collaboraion wih FTSE Group (FTSE) he global index provider, launched he FTSE Bursa Malaysia EMAS Shariah Index (FBMES) and become a single broad Shariah benchmark index for Malaysia Shariah-complian invesmens. FBM Emas Shariah index design is in accordance wih FTSE inernaionally acceped index mehodology by aking he consiuens of he FTSE Bursa Malaysia EMAS Index, which has been free floa weighed and liquidiy screened, and overlays he Securiies Commission s Shariah Advisory Council s (SAC) screening mehodology o obain a highly ransparen and 18

3 Labuan e-journal of Muamala and Sociey, Vol. 7, 2013, pp invesable Shariah-complian index. As in he case of Indonesia, he Shariah-complian based invesmens performance is measured by he Jakara Islamic Index (JAKISL). JAKISL was launched on 1 January 1995 which consiss of 30 lised companies, approved by he Shariah Supervisory Board of Danareksa Invesmen Managemen. Formally, he rading index commenced on July 3, 2000 using a base value of 100 and January 1, 1995 as he base year (Rahim e al., 2009). While FBMES and JAKISL represen he Islamic marke indexes for Malaysia and Indonesia Shariah-complian invesmens respecively, he Dow Jones Islamic Marke (DJIM) is referred o he firs benchmark invesmen performance for he global Islamic index (Siskawai, 2011). Commencing in 1999, he DJIM include he Shariahcomplian socks from 34 counries. 3. Lieraure Review There have been few sudies focusing on he inegraion of Islamic and convenional sock markes boh regionally and globally, for examples, Roca e al. (1998), Wongbangpo (2000), Hee (2002), Azman-Saini e al. (2002), Dunis and Shannon (2005), Majid e al. (2007), Yusof and Majid (2007), Karim, Kassim and Arip (2010), Majid e al. (2008), and Siskawai (2011). Roca e al. (1998) invesigae he price linkage among five ASEAN markes (i.e. Indonesia, Malaysia, Singapore, Thailand and Philippines) boh in long-run and shorrun using coinegraion echnique based on Johansen procedure (1998), Granger Causaliy, Variance Decomposiion and Impulse Response funcion for period. They conclude ha wih an excepion of Indonesia, ASEAN-5 markes were closely linked in he shor-run bu no in he long-run. Furhermore, he sudy shows ha Malaysia is he mos influenial marke while Singapore and Thailand are he markes wih he mos linkages wih oher markes. However, Indonesia has no linked a all wih any oher ASEAN markes. This indicaes ha here exis long run benefis for invesors from diversifying heir porfolio invesmens in hese five counries, paricularly in Indonesia. Dunis and Shannon (2005) examine wheher emerging markes sill offer inernaional invesors a valuable diversificaion benefi. The sudy covers emerging markes from Souheas Asia (i.e. Indonesia, Malaysia and Philippine) and Cenral Asia (i.e. Korea, Taiwan, China and India) wih he US and UK markes (as he reference of esablished markes). They found ha he overall resuls indicae ha inernaional diversificaion ino he emerging equiy markes considered is beneficial for US invesors during he period under sudy. In addiion hey explain he inernaional porfolio diversificaion can conribue o a reducion in sysemaic risks since i reduces domesic marke exposure ha canno be diversified. On he oher hand, Middleon e al. (2008) showed ha he beneficial opporuniies from invesing in Cenral and Easern European emerging markes are sill enormous, even during he financial crisis. Anoher sudy abou marke inegraion in ASEAN region is conduced by Wongbangpo (2000). The sudy reveals ha ASEAN sock markes, excep for he Philippines, have long-run co-movemen during he period This means ha an effecive longerm diversificaion of an invesor s porfolio among hese sock markes canno be achieved. By employing correlaion and co-inegraion analysis, Hee (2002) uses monhly daa from December 1987 o December 1997 and finds no evidence of long-run 19

4 Mohd Yahya, M.H., Yusni Anis. Y., Fidlizan, M., Azila, A.R., Emilda, H., & Nur Fakhzan, M. relaionship among ASEAN sock markes (i.e. he Philippines, Singapore, Malaysia, Indonesia and Thailand). However, he correlaion analysis indicaes ha he markes are becoming more inegraed. Similarly, Worhingon e al. (2003) invesigae he price linkage among ASEAN sock marke in he period of January 1988 o February Six emerging markes (i.e. Taiwan, Indonesia, Malaysia, Korea, Thailand and he Philippines) and he hree developed markes (Singapore, Hong Kong and Japan) are included o he sudy. The resul shows ha he lower casual relaionship exiss beween hese emerging and developed sock markes. Again, boh sudies have esablished he fac ha regional porfolio diversificaion in ASEAN region is proved fruiful. Furhermore, Azman-Saini e al. (2002) examine he exisence of long-run relaionship among he ASEAN-5 (i.e. Indonesia, Malaysia, Singapore, Thailand and Philippines) equiy markes. Using weekly Morgan Sanley Composie Index (MSCI) indices obained from Kuala Lumpur Sock Exchange (KLSE) for period January Augus 1999, he sudy finds ha here is co-inegraion among he ASEAN-5 equiy marke even hough no all markes share he common sochasic rends. The resuls also show ha Singapore sock marke is no affeced by oher markes excep from Philippines in he long-run, whereas Indonesian sock marke does no have long-run relaionship wih any oher markes. This implies ha here exis opporuniies for beneficial inernaional porfolio diversificaion wihin he conex of he ASEAN-5 equiy markes. Depared from previous sudies, Majid e al. (2007) focus on analysing he financial inegraion among eigh sock markes in he Organizaion of he Islamic Conference (OIC) counries. Of hese sock markes, four are from Middle Eas and Norh Africa (MENA) region (i.e. Turkey, Egyp, Oman, and Kuwai) and four are from Asian region (i.e. Malaysia, Indonesia, Bangladesh and Pakisan). The sudy also explores he inegraion beween hese sock markes and he hree larges sock markes in he world namely, US, UK and Japan. Using Vecor Auoregression (VAR) approach for he period January 2002 o March 2006, he resuls evidence ha while here is no coinegraion exiss among he MENA sock markes, he four Asian OIC sock markes are found o be coinegraed in he long run. Neverheless, hese eigh OIC sock markes are found o be co-inegraed wih he US, Japan and he UK sock markes, implying ha invesors can gain long-run risk reducion hrough porfolio diversifying in he MENA region bu no in he Asian region. Yusof and Majid (2007) employ he Generalized Auoregressive Condiional Hereoskedasiciy (GARCH) along wih VAR analysis o esimae he responses of boh convenional and Islamic sock markes in Malaysia o he condiional volailiy of moneary policy variables. Conforming o he Islamic principles, he sudy finds ha, from January 1992 o December 2000, ineres rae is significan for Malaysia s convenional sock marke, while insignifican for he Islamic counerpar. Similarly, Majid e al. (2008) sudy he inegraion among ASEAN-5 emerging sock markes and heir inerdependencies from he US and Japan. Employing a wo-sep esimaion, coinegraion and Generalized Mehod of Momens (GMM for period 1 January December 2006, hey found ha ASEAN-5 (i.e. Malaysia, Thailand, Indonesia, The Philippines, and Singapore) sock markes are moving owards more inegraion among hemselves or wih he US and Japan, especially afer financial crisis 20

5 Labuan e-journal of Muamala and Sociey, Vol. 7, 2013, pp Furhermore, he resuls show ha he Granger causal relaions among he marke in he region kep changing over he period. The degrees of shor and long-run relaionship have increased significanly. The sudy also reveals ha each ASEAN marke is found o be inerrelaed wih he US and Japan in differen ways. In he more recen researches, Karim, Kassim and Arip (2010) examined he effecs of he US Subprime Crisis on he inegraion of seleced Islamic sock markes (i.e. Malaysia, Indonesia, US, UK and Japan). Employing Johansen-Juselius (JJ) coinegraion approach, he sudy failed o prove he exisence of coinegraion among hese Islamic sock marke for boh pre-crisis period (February 15, 2006 July 25, 2007) and during crisis period (July 26, December, 2008). In conras, Siskawai (2011), founds he exisence of long erm equilibrium relaionship among Islamic Sock Marke in Malaysia, Indonesia and World during 2005 o Daa Descripion The monhly daa for his sudy is rerieved from Bloomberg Daabase, spanning from January 2007 o May The logarihmic values of monhly marke indices have been used as he proxy of seleced marke. The definiions of each variable and he ime-series ransformaion are presened in Table 1. Table 1: Definiions and Transformaion of Variables No Variable Descripion Duraion Time Series Daa Transformaion Variable 1 FBMES The FTSE Bursa Malaysia Emas Shariah Index is a comprehensive range of real-ime indices, which cover all eligible companies lised on he Bursa Malaysia 2 JAKISL Jakara Islamic Index (Jakisl) is marke index for syariah line equiies lised in Indonesian sock exchange 3 DJIM Dow Jones Islamic Marke (DJIM) will be a benchmark of global Islamic index Monhly sock price ( Jan 2007-May 2012) Monhly sock price ( Jan 2007-May 2012) Monhly sock price ( Jan 2007-May 2012) LNFBMES FBMES( ) ( ) = Log FBMES 1 JAKISL( ) ( ) LNJAKISL = Log JAKISL 1 LNDJIM DJIM ( ) ( ) = Log DJIM 1 Source Bloomberg Bloomberg Bloomberg 21

6 Mohd Yahya, M.H., Yusni Anis. Y., Fidlizan, M., Azila, A.R., Emilda, H., & Nur Fakhzan, M. 5. Mehodology We adoped a Vecor Auoregressive (VAR) model o examine he inegraion of Islamic sock marke index beween FBMES, JAKISL and DJIM, in which can be wrien as follow: FBMES : α 0+ α1jakisl + α2djim + µ (1) Our aim is o invesigae he marke co-inegraion among FBM Emas Syariah Index (FBMES), Jakara Islamic Index (JAKISL) and Dow Jones Islamic Marke index (DJIM). Deriving from equaion 1, he esimaion of expanded model of he inegraion of hese Islamic sock marke indexes is: FBMES A = JAKISL A DJIM A FBMES + R( L) JAKISL DJIM e + e e where R is 3 x 3 marix polynomial parameer esimaors, (L) is lag lengh operaors, A is an inercep, and e is a Gaussian error vecor wih mean zero and Ω is a Varian marix. To properly specify he VAR model, we follow he sandard procedure of ime series analyses. Firs, we apply he commonly used augmened Dickey-Fuller (ADF) and Phillips-Perron (PP) uni roo ess o deermine he variables' saionariy properies or inegraion order. Briefly saed, a variable is said o be inegraed of order d, wrien 1(d), if i requires differencing d imes o achieve saionariy. Thus, he variable is nonsaionary if i is inegraed of order 1 or higher. Classificaion of he variables ino saionary and non-saionary variables is crucial since sandard saisical procedures can handle only saionary series. Moreover, here also exiss a possible long-run comovemen, ermed coinegraion, among non-saionary variables having he same inegraion order. In his sudy, he lag is deermined based on Akaike Informaion Crierion (AIC) which is commonly used for he VAR model. Second, we apply a VAR-based approach of he coinegraion es suggesed by Johansen (1988) and Johansen and Juselius (1990) o invesigae he long run relaionships among hese variables. The coinegraion es is based on he maximum likelihood esimaion of he VAR model. If hese variables were no coinegraed, he sandard Granger causaliy es would be applied on he firs difference of hese variables. If hese variables were coinegraed, a Granger causaliy es would be conduced based on a VAR wih he inroducion of an error correcion erm following he suggesion of Granger (1986). Granger causaliy ess are performed o idenify he exisence and naure of he causaliy relaionship beween he variables. Finally, he Variance Decomposiion (VDC) is performed o obain he degree of exogeneiy beween variables ouside of he sampling period. The VDC shows he percenage of forecas error variance for each variable ha is aribued o is own shocks and o flucuaions in he oher variables in he sysem (2) 22

7 Labuan e-journal of Muamala and Sociey, Vol. 7, 2013, pp Empirical Resuls Table 2 provides he summary saisic of he Islamic sock reurns (i.e. sock prices in firs difference). FBMES has been he mos acive and profiable, showing he highes average daily reurns of This is followed by DJIM a and JAKISL a However, compared o oher marke indexes, JAKISL reurn (as refleced by he sandard deviaion) is very high and i also has he highes volailiy which is commensurae o is reurn. The smalles risk is experienced by FBMES The negaive value of skewness indicaes ha he series disribuions are skewed o he lef. All sock markes have posiive kurosis value wih he highes value is DJIM a This indicaes ha he disribuion of sock marke is lepokuric han he normal disribuion. The Jarque-Bera es rejecs normaliy for all disribuion. Table 2: Descripive Saisics LNFBMES LNJAKISL LNDJIM Mean Median Maximum Minimum Sd. Dev Skewness Kurosis Jarque-Bera Table 3 summarizes he resuls of boh Augmened Dickey-Fuller (ADF) and Phillip Perron (PP) ess for all variables. As shown below, he null hypohesis of nonsaionariy for he ADF and PP ess is acceped for all variables, indicaing ha all variables are non-saionary in level bu become saionary afer firs differencing. Thus, hey are inegraed of order 1, or I(1). Table 3: Uni Roo Tes Resuls Tes ADF PP Variables Level Firs Difference Level Firs Difference Trend Trend & Inercep LNFBME S (3) (3) LNJAKIS L (3) (3) LNDJIM (1) (3) Noe: *denoe significan a 1% Trend Trend & Inercep Trend (4) (4) (2) Trend & Inercep (4) (4) (4) Trend (4)* (4)* (2)* Having esablished ha he variables are saionary and have he same order of 23 Trend & Inercep (4)* (4)* (4)*

8 Mohd Yahya, M.H., Yusni Anis. Y., Fidlizan, M., Azila, A.R., Emilda, H., & Nur Fakhzan, M. inegraion, we proceeded o es wheher hey were co-inegraed. To achieve his, he Johansen Mulivariae Co-inegraion es was employed. The resuls of he Johansen s Trace and Max Eigen-value ess are shown in Table 4, where i is found ha here is no co inegraion among variables. This can be observed from he values of race saisic and Max Eigen value, which are smaller han heir criical values, respecively. Therefore, i can be concluded ha here is no long-run or equilibrium relaionship beween FBMES, JAKISL and DJIM. Based on he resul, hence, i can be concluded ha he Islamic sock markes of Malaysia does no inegrae wih Indonesia s, as well as wih he world markes in he long run. This will creae rooms for invesors o diversify heir invesmen porfolios, which pus Malaysia as one of heir favoured invesmen desinaions. Mode l Lag Leng h=2 # Null Hypo hesis Table 4: Johansen Tes of Coinegraion Saisic Criical Maximu Criical Variables al Value m Eigen Value Trace (5%) Saisic (5%) al Trace Resuls r LNFBMES Trace and Max r LNJAKISL Eigen r LNDJIM C saisics showed no coinegraion vecors * :Denoe significance a 5% respecively : Criical Value obained from Oserwald-Lenum (1992) #: lag lengh based on Akaike Informaion Crierion (AIC) Table 5: Granger Causaliy Tes Resul Null Hypohesis: F-Saisic P-Value LNJAKIS does no Granger Cause LNFBMES LNFBMES does no Granger Cause LNJAKIS ** LNDJIM does no Granger Cause LNFBMES ** LNFBMES does no Granger Cause LNDJIM * LNDJIM does no Granger Cause LNJAKIS LNJAKIS does no Granger Cause LNDJIM Noe: * significan a 1% **significan a 5% *** significan a 10% Table 5 shows he Pairwise Granger Causaliy Tes for he log series of FBMES, JAKISL and DJIM. The resuls of he Granger causaliy es show wo significan causal relaionships. Firs, here is a bi-direcional causaliy resul beween global Islamic sock marke and Malaysian Islamic sock marke (DJIM and FBMES). Second, here is a significan uni-direcional causaliy relaionship beween FBMES and JAKISL suggesing ha he reurn of Islamic sock marke in Indonesia significanly affeced by he reurn of Islamic sock marke in Malaysia. This resul leads o a conclusion ha he reurn of JAKISL and DJIM is driven by he reurn of FBMES. The paern of his causal relaionship can be simplified as in figure 1. 24

9 Labuan e-journal of Muamala and Sociey, Vol. 7, 2013, pp Figure 1: Analysis on Shor Term Granger Causal Relaionship LNDJIM LNJAKISL LNFBMES Indicaor: uni-direcional causaliy bi-direcional causaliy The resuls of he VDC analysis are presened in Table 6 for a 24-monh horizon. I is clear ha FBMES is explained by is own shock over 86 percen. Only 10.4 percen and 3.4 percen of he variaions are conribued by DJIM and JAKISL respecively. For JAKISL reurn, over 87 percen of he variaions are conribued by FBMES and DJIM. Among boh he variaions, FBMES is he mos significan variable, explaining abou 73.7 percen of he JAKISL forecas error variance. Furhermore, over 76 percen of he variaions of DJIM reurn are explained by variaions of FBMES while only 0.8 percen is explained by JAKISL. This resul is consisenly wih finding of Granger causaliy es. Variance Decomposiio n of LNFBMES LNJAKISL LNDJIM Table 6: Resuls Of Variance Decomposiions Analysis Period Innovaions in (Monhs ) LNFBMES LNJAKISL LNDJIM Conclusions The objecive of his paper is o invesigae he inegraion among Islamic sock markes in Malaysia, Indonesia and World. Using VAR esimaion echnique, his paper found 25

10 Mohd Yahya, M.H., Yusni Anis. Y., Fidlizan, M., Azila, A.R., Emilda, H., & Nur Fakhzan, M. ha here is no co-inegraion relaionship (long erm equilibrium) beween hese Islamic indices implying ha he Malaysian Islamic sock markes does no inegraed wih Indonesian Islamic sock marke as well as wih he Islamic world sock markes in he long run. This will creae rooms for boh local and inernaional invesors o diversify heir Islamic invesmen porfolios, which will pu Malaysia as one of heir invesmen desinaion. On he oher hand, he resuls of he Granger causaliy es show a significan bi-direcional causaliy beween global Islamic sock marke and Malaysian Islamic sock marke (DJIM and FBMES) and a significan uni-direcional causaliy relaionship beween FBMES and JAKISL. Therefore, hese scenario suggesing ha he reurn of Islamic sock marke in Indonesia is significanly affeced by he reurn of Islamic sock marke in Malaysia. This resul, hence leads o a conclusion ha he reurn of JAKISL and DJIM is driven by he reurn of FBMES in he shor run. 8. References Azman-Saini, W. N. M., Azali, M., Habibullah, M. S., and Mahews, K. G. (2002). Financial Inegraion and he ASEAN-5 Equiy Markes, Applied Economics, Vol. 34, pp Dunnnis, C. L. and Shannon, G. (2005). Emerging Markes of Souh-Eas Asia and Cenral Asia: Do They Sill Offer a Diversificaion Benefi?, Journal of Asse Managemen, Vol. 6, No. 3, pp Floros, C. (2005). Price Linkages beween he US, Japan and UK Sock Markes, Financial Markes and Porfolio Managemens, Vol. 19, No. 2, pp Granger, C. W. J. (1986). Developmens in he Sudy of Coinegraed Economic Variables, Oxford Bullein of Economics and Saisics, Vol. 48, pp Hee, N. T. (2002). Sock Marke Linkages in Souh Eas Asia, Asian Economic Journal, Vol.16, No. 4, pp Johansen, S. (1988). Saisical Analysis of Coinegraion Vecors, Journal of Economic Dynamic Conrol, Vol. 12, pp Johansen, S. and K. Jusellius (1990). Maximum Likelihood Esimaion and Inference on Coinegraion - Wih Applicaions o he Demand for Money, Oxford Bullein of Economics and Saisics, Vol. 52, pp Bakri Abdul Karim, Nor Akila Mohd Kassim, and Mohammad Affendy Arip (2010). The Subprime Crisis and Islamic Sock Markes Inegraion, Inernaional Journal of Islamic and Middle Easern Finance and Managemen, Vol. 3, No. 4, pp Kassim, S. H. (2010). Global Financial Crisis and Inegraion of Islamic Sock Markes in Developed and Developing Counries, V. R. F Series, No Majid, M. S. A., Yusof, R. M., Razal, A. N. (2007). Dynamic Financial Linkages among Seleced OIC Counries, Journal of Economic Cooperaion among Islamic Counries. Vol. 28, No. 2, pp Majid, M. S. A., Meera, A. K. M., and Omar, M. A. (2008). Inerdependence of ASEAN-5 Sock Markes from he US and Japan, Global Economic Review, Vol. 37, No. 2, pp Marashdeh, H. A. and Shresha, M. B. (2010). Sock marke inegraion in he GCC counries, Inernaional Research Journal of Finance and Economics. No. 37, pp Middleon C. A. J, Fifield S. G. M, and Power D. M. (2008). An Invesigaion of he Benefis of Porfolio Invesmen in Cenral and Easern European Sock 26

11 Labuan e-journal of Muamala and Sociey, Vol. 7, 2013, pp Markes, Research in Inernaional Business and Finance, Vol. 22, No. 2, pp Mohan, R. (2005). Globalisaion, Financial Markes and he Operaion of Moneary Policy in India, Bank for Inernaional Selemens Papers, No. 23. Narayan, P., R. Smyh, and M. Nandha (2004). Inerdependence and Dynamic Linkages beween he Emerging Sock Markes of Souh Asia, Accouning and Finance, Vol. 44, pp Phuan, S. W., Lim, K. P., and Ai, Y. O. (2009). Financial Liberalizaion and Sock Markes Inegraion for Asean-5 Counries Inernaional Business Research, Vol. 2, No. 1, pp Rahim, F. A., Ahmad, N., and Ahmad, I. (2009). Informaion Transmission beween Islamic Sock Indices in Souh Eas Asia, Inernaional Journal of Islamic and Middle Easern Finance and Managemen, Vol. 2, No. 1, pp Raanapakorn, O. and Sharma S. C. (2002). Inerrelaionship among Regional Sock Indices, Review of Financial Economics, Vol. 11, pp Reddy, Y. V. (2003). The Global Economy and Financial Markes: Oulook, Risks and Policy Responses, BIS Review, No. 42. Roca, E. D., Selvanahan, A., and Shepherd, W. F. (1998). Are he Asean Equiy Markes Inerdependen?, ASEAN Economic Bullein, Vol. 15, pp Siskawai, Eka (2011). Islamic Capial Marke Inerconnecion: Evidence from Jakara Islamic Index o he Regional Islamic Marke and Global Islamic Marke. Proceeding of he Inernaional Conference on Social Science, Economics and Ar. Purajaya, Malaysia: Inernaional Conference on Social Science. pp Tai, C. S. (2007). Marke Coinegraion and Conagion: Evidence from Asian Emerging Sock and Foreign Exchange Markes, Emerging Markes Review, Vol. 8, No. 4, pp Triche, J. C. (2005). European Financial Inegraion, BIS Review, No. 86/2005, pp Wangbangpo, P. (2000). Dynamic Analysis on ASEAN Sock Markes. PhD Disseraion. Deparmen of Economics, Souhern Illinois Universiy a Carbondale, Ann Arbor, Michigan: UMI Disseraion Services, A Bell & Howell Company. Worhingon, A., M. Kasuura, and H. Higgs (2003). Price Linkages in Asian Equiy Markes: Evidence Bordering he Asian Economic, Currency and Financial Crises, Asia-Pacific Financial Markes, Vol. 10, pp Yang, J., J. W. Kolari, and I. Min (2003). Sock Marke Inegraion and Financial Crises: The Case of Asia, Applied Financial Economics, Vol. 13, No. 7, pp Yusof, Rosylin Mohd, and M. Shabri Abdul Majid (2007). Sock Marke Volailiy Transmission in Malaysia: Islamic versus Convenional Sock Marke, Journal of King Abdul Aziz Universiy: Islamic Economics, Vol. 20, No. 2, pp

The Macrotheme Review A multidisciplinary journal of global macro trends

The Macrotheme Review A multidisciplinary journal of global macro trends Hong-Bae Kim*, Taewoo Sohn**, The Macroheme Review 5(4), Winer 016 The Macroheme Review A mulidisciplinary journal of global macro rends Volailiy Transmission beween Convenional Finance and Islamic Finance

More information

The Effects of Rumors on Stock Prices: A Test in an Emerging Market Yan ZHANG 1,2 and Hao-jia CHEN 1

The Effects of Rumors on Stock Prices: A Test in an Emerging Market Yan ZHANG 1,2 and Hao-jia CHEN 1 2016 Inernaional Conference on Advanced Educaion and Managemen Engineering (AEME 2016) ISBN: 978-1-60595-398-4 The Effecs of Rumors on Sock Prices: A Tes in an Emerging Marke Yan ZHANG 1,2 and Hao-jia

More information

Impacts Of Ramadan On European Islamic Finance Stock Volatility Based On EGARCH-M Model And Empirical Analysis Of EIIB Stock Luyao Zhu

Impacts Of Ramadan On European Islamic Finance Stock Volatility Based On EGARCH-M Model And Empirical Analysis Of EIIB Stock Luyao Zhu Inernaional Conference on Maerials Engineering and Informaion Technology Applicaions (MEITA 2015) Impacs Of Ramadan On European Islamic Finance Sock Volailiy Based On EGARCH-M Model And Empirical Analysis

More information

AUGMENTING SHORT HYDROLOGICAL RECORDS TO IMPROVE WATER RESOURCES STUDIES

AUGMENTING SHORT HYDROLOGICAL RECORDS TO IMPROVE WATER RESOURCES STUDIES AUGMENTING SHORT HYDROLOGIAL REORDS TO IMPROVE WATER RESOURES STUDIES Zead S. Tarawneh ivil Engineering Deparmen The Hashemie Universi 13115 Zarqa Jordan E-mail: zead@hu.edu.jo ABSTRAT haracerizing exreme

More information

COVER ILAC-G8:1996. Guidelines on Assessment and Reporting of Compliance with Specification (based on measurements and tests in a laboratory)

COVER ILAC-G8:1996. Guidelines on Assessment and Reporting of Compliance with Specification (based on measurements and tests in a laboratory) COVER ILAC-G8:1996 Guidelines on Assessmen and Reporing of Compliance wih Specificaion (based on measuremens and ess in a laboraory) Copyrigh ILAC 1996 ILAC publicaions may no be copied for sale by any

More information

ScienceDirect. Capacity Model for Signalized Intersection under the Impact of Upstream Short Lane. Jing ZHAO a, Meiping YUN b *, Xiaoguang YANG c

ScienceDirect. Capacity Model for Signalized Intersection under the Impact of Upstream Short Lane. Jing ZHAO a, Meiping YUN b *, Xiaoguang YANG c Available online a www.sciencedirec.co ScienceDirec Procedia - Social and Behavioral Scien ce s 96 ( 2013 ) 1745 1754 13h COA Inernaional Conference of ransporaion Professionals (CICP 2013) Capaciy Model

More information

God s Great Passion. Burning Hearts. Recently a group of Christians were asked the question, Do you know God more than your spouse?

God s Great Passion. Burning Hearts. Recently a group of Christians were asked the question, Do you know God more than your spouse? God s Grea Passion You will seek Me and find Me when you search for Me wih all your hear. I will be found by you, declares he LORD... (NASB) Jer. 29:13 A s ofen happens, a young man me a woman a Bible

More information

Language Model for Cyrillic Mongolian to Traditional Mongolian Conversion

Language Model for Cyrillic Mongolian to Traditional Mongolian Conversion Language Model for Cyrillic Mongolian o Tradiional Mongolian Conversion Feilong Bao, Guanglai Gao, Xueliang Yan, and Hongwei Wang College of Compuer Science, Inner Mongolia Universiy, Hohho 0002, China

More information

SAMPLE LESSON Copyright WestEd

SAMPLE LESSON Copyright WestEd Tex Sudy of Kevin Clarke Sudens pracice he Think Aloud wih in-school ex, and for he firs ime hey apply he uni Essenial Quesions o heir reading. AT A G L A N C E 7 L E S S O N STRUCTURES & STRATEGIES LESSON

More information

Susan Lingo Rt52Teachings1-9-SC.indd 1 2/3/10 1:26:51 PM

Susan Lingo Rt52Teachings1-9-SC.indd 1 2/3/10 1:26:51 PM Susan Lingo Published by Sandard Publishing, Cincinnai, Ohio www.sandardpub.com Copyrigh 2004 by Sandard Publishing All righs reserved. #05395. Manufacured in Eas Peoria, IL, USA, February 2010. Permission

More information

How GAIA asteroids can improve planetary ephemerides?

How GAIA asteroids can improve planetary ephemerides? GREAT-SSO: Solar Sysem science before and afer Gaia How GAIA aseroids can improve planeary ephemerides? A. Fienga 1,2 1 Insiu UTINAM, Universié de Franche-Comé, France 2 IMCCE, Observaoire de Paris, France

More information

Simulation of quorum systems in ad-hoc networks

Simulation of quorum systems in ad-hoc networks imulaion of quorum sysems in ad-hoc neworks Gareh Huw Owen Mo Adda chool of Compuing, Universiy of Porsmouh, Buckingham Building, Lion Terrace, Porsmouh, PO1 3HE, UK. Tel: +442392 846782, Fax: +442392

More information

NO! NO! NO! NO! NO! NO! NO!

NO! NO! NO! NO! NO! NO! NO! Direcions: Disribe he cles so ha each person is holding a leas one cle. Cles #1-4: Black Deah, #5-8: Spanish Fl, #9-10: Hrricane Karina Share he cles in a rond-robin fashion, ping each cle ino one of he

More information

GENDER AND CENTRAL BANKING

GENDER AND CENTRAL BANKING GENDER AND CENTRAL BANKING Ibrahima Diouf, Dominique Pépin To cie his version: Ibrahima Diouf, Dominique Pépin. GENDER AND CENTRAL BANKING. Economic Modelling, Elsevier, 2017, 61, pp.193-206. .

More information

Latent Variable Models and Signal Separation

Latent Variable Models and Signal Separation 11-755 Machine Learning or Signal rocessing Laen Variable Models and Signal Separaion Class 13. 11 Oc 2012 11-755 MLS: Bhiksha Raj Sound separaion and enhancemen A common problem: Separae or enhance sounds

More information

5 Equality or Priority?l

5 Equality or Priority?l 5 Equaliy or Prioriy?l Derek Parfi n his aricle 'Equaliy', Nagel imagines ha he has wo children, one healhy and happy, he oher suffering from a painful handicap. e could eiher move o a ciy where he second

More information

This book is a revision of Growing in God s Love (42036).

This book is a revision of Growing in God s Love (42036). This book is a revision of Growing in God s Love (42036). All Scripure quoaions, unless oherwise indicaed, are aken from he HOLY BIBLE, NEW INTERNATIONAL VERSION. NIV. Copyrigh 1973, 1978, 1984 by Biblica,

More information

econstor Make Your Publications Visible.

econstor Make Your Publications Visible. econsor Make Your Publicaions Visible. A Service of Wirschaf Cenre zbwleibniz-informaionszenrum Economics Cohen-Zada, Dann; Elder, Todd E. Working Paper Religious Pluralism and he Transmission of Religious

More information

CULTURE, PERSONALITY AND EDUCATION

CULTURE, PERSONALITY AND EDUCATION CULTURE, PERSONALITY AND EDUCATION Mark Braham One of he essenial problem areas in he social foundaions of educaion is ha of he relaionships beween Culure, Personaliy and Educaion. Tha here are very definie

More information

Tishreen University Journal for Research and Scientific Studies -Economic and Legal Sciences Series Vol. (30) No. (4) 2008 *** ***

Tishreen University Journal for Research and Scientific Studies -Economic and Legal Sciences Series Vol. (30) No. (4) 2008 *** *** 2008 Tishreen Universiy Journal for Research and Scienific Sudies -Economic and Legal Sciences Series Vol. (30) o. (4) 2008 * *** ** 2008 * ** *** 113 2008 Tishreen Universiy Journal for Research and Scienific

More information

What Do Short Sellers Know? Boehmer, Jones & Zhang D I S C U S S I O N B Y A D A M V. R E E D U N C C H A P E L H I L L

What Do Short Sellers Know? Boehmer, Jones & Zhang D I S C U S S I O N B Y A D A M V. R E E D U N C C H A P E L H I L L Wha Do Shor Sellers Know? Boehmer Jones & Zhang D I S C U S S I O N B Y A D A M V. R E E D U N C C H A P E L H I L L Background: Shors are Profable Trades Asquh & Meulbroek (996) Shor sales uncondonally

More information

THE SURVIVAL OF ISLAMIC BANKING: A MICRO-EVOLUTIONARY PERSPECTIVE

THE SURVIVAL OF ISLAMIC BANKING: A MICRO-EVOLUTIONARY PERSPECTIVE Islamic Economic Sudies Vol. 5 No.1 December 1997 & No. 2 April 1998 THE SURVIVAL OF ISLAMIC BANKING: A MICRO-EVOLUTIONARY PERSPECTIVE MAHMOUD A. EL-GAMAL Man economiss have sudied he macroeconomic properies

More information

SELF-ORGANISING QUORUM SYSTEMS FOR AD HOC NETWORKS

SELF-ORGANISING QUORUM SYSTEMS FOR AD HOC NETWORKS SELF-ORGANISING QUORUM SYSTEMS FOR AD HOC NETWORKS Gareh Owen and Mo Adda School of Compuing, Universiy of Porsmouh Buckingham Building, Lion Terrace, Porsmouh England, PO1 3HE {gareh.owen, mo.adda}@por.ac.uk

More information

UPEL 12 April, 1985 / ORIGINAL : ENGLISH

UPEL 12 April, 1985 / ORIGINAL : ENGLISH N.S.160 'KORANIC SCHOOLS IN SUDAN AS A RESOURCE FOR UPEL: RESULTS OF A STUDY ON KHALWAS IN RAHAD AGRICULTURAL PROJECT AIDS TO PROGRAMMING UNICEF ASSISTANCE TO EDUCATION UPEL 12 April, 1985 Exraced from

More information

A Bayesian Simulation Model of Group Deliberation and Polarization

A Bayesian Simulation Model of Group Deliberation and Polarization A Bayesian Simulaion Model of Group Deliberaion and Polarizaion Olsson, Erik J Published in: Bayesian Argumenaion 2013 Link o publicaion Ciaion for published version (APA): Olsson, E. J. (2013). A Bayesian

More information

1 A B C D E F G H I J K L M N O P Q R S { U V W X Y Z 1 A B C D E F G H I J K L M N O P Q R S { U V W X Y Z

1 A B C D E F G H I J K L M N O P Q R S { U V W X Y Z 1 A B C D E F G H I J K L M N O P Q R S { U V W X Y Z o ffix uden abel ere uden ame chool ame isric ame/ ender emale ale onh ay ear ae of irh an eb ar pr ay un ul ug ep c ov ec as ame irs ame lace he uden abel ere ae uden denifier chool se nly rined in he

More information

Archived Content. Contenu archivé

Archived Content. Contenu archivé ARCHVED - Archiving Conen ARCHVÉE - Conenu archivé Archived Conen Conenu archivé nformaion idenified as archived is provided for reference, research or recordkeeping purposes. is no subjec o he Governmen

More information

evangelization doing what Jesus does

evangelization doing what Jesus does If I, herefore, he Maser and Teacher, have washed your fee, you ough o wash one anoher s fee. I have given you a model o follow, so ha as I have done for you, you should also do. JOHN 13:14-15 evangelizaion

More information

SESSION 5 OVERCOME BITTERNESS

SESSION 5 OVERCOME BITTERNESS SESSION 5 OVERCOME BITTERNESS 108 SESSION 5 How would you describe he ase of bierness? BIBLE STUDIES FOR LIFE 109 THE POINT Relaionships can only move forward wih forgiveness. THE BIBLE MEETS LIFE I has

More information

IN THE COURT OF APPEAL OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA

IN THE COURT OF APPEAL OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA 1 N THE COURT OF APPEAL OF THE DEMOCRATC SOCALST REPUBLC OF SR LANKA n he maer o an applicaion or Revision in erms o Aricle 154 P (3) (B)ohe Consiuion o he Democraic Socialis Republic o Sri Lanka read

More information

Islamic Finance in Asia

Islamic Finance in Asia 第 1 頁, 共 5 頁 Islamic Finance in Asia Tag it: PHILIP BOWRING 27 June 2008 A growing river of money seeks investment consistent with Islamic religious principles Three races are now underway on the topic

More information

Efficient Model Checking of Fault-Tolerant Distributed Protocols

Efficient Model Checking of Fault-Tolerant Distributed Protocols Efficien Model Checking of Faul-Toleran Disribued Proocols 1, Johannes Kinder 12, Marco Serafini 3 and Neeraj Suri 1 1 Technische Universiä Darmsad, Germany 2 EPFL, Lausanne, Swizerland 3 Yahoo! Research,

More information

Introduction. apriori allows us to. realize hard-dollar savings. across our product lines. and positively impact the. profitability of our company.

Introduction. apriori allows us to. realize hard-dollar savings. across our product lines. and positively impact the. profitability of our company. Inrodcion apriori allows s o realize hard-dollar savings across or prodc lines and posiively impac he profiabiliy of or company. DAVE LONGREN CHIEF TECHNICAL OFFICER POLARIS INDUSTRIES Thank yo for yor

More information

Opening address. Purdue e-pubs. Purdue University. Sven Westberg Chalmers University of Technology

Opening address. Purdue e-pubs. Purdue University. Sven Westberg Chalmers University of Technology Purdue Universiy Purdue e-pubs Proceedgs of he IATUL Conferences 1985 IATUL Proceedgs Openg address Sven Wesberg Chalmers Universiy of Technology Sven Wesberg, "Openg address." Proceedgs of he IATUL Conferences.

More information

GROWING DEMAND FOR TALENT IN ISLAMIC FINANCE

GROWING DEMAND FOR TALENT IN ISLAMIC FINANCE Demand for Islamic finance talent is set to grow in tandem with a rapidly expanding industry, especially as Islamic finance evolves to be more competitive and increasingly sophisticated. Efforts to expand

More information

O F F E R I N G G U I D E

O F F E R I N G G U I D E 2018 OFFERING GUIDE ABOUT MARGARET LACKEY Margare Lackey grew up doing wha mos girls her age did. She played games, wen o school, and did chores a home. She aended Hillman College in Clinon, where she

More information

KEYWORDS: Design Specifications, AASHTO, LRFD, Load Factors, Resistance Factor, Calibration, Reliability.

KEYWORDS: Design Specifications, AASHTO, LRFD, Load Factors, Resistance Factor, Calibration, Reliability. Calibraion of Servie Limi Saes for Conree in AASHTO LRFD Bridge Design Speifiaions WAGDY WASSEF, AECOM, Mehanisburg, Pennsylvania, HANI NASSIF, Rugers Universiy, New Brunswik, New Jersey, JOHN KULICKI,

More information

Shariah-Compliant Investments: Risks and Returns

Shariah-Compliant Investments: Risks and Returns Shariah-Compliant Investments: Risks and Returns BADLISYAH ABDUL GHANI CEO, Group Islamic Banking, CIMB Group CEO, CIMB Islamic Bank Bhd 2nd Islamic Wealth Management and Financial Planning Conference

More information

THE PROFIT EFFICIENCY: EVIDENCE FROM ISLAMIC BANKS IN INDONESIA

THE PROFIT EFFICIENCY: EVIDENCE FROM ISLAMIC BANKS IN INDONESIA THE PROFIT EFFICIENCY: EVIDENCE FROM ISLAMIC BANKS IN INDONESIA Muryani Arsal, Nik Intan Norhan bt Abdul Hamid Faculty of Management, ABSTRACT This study investigates the profit efficiency of Indonesia

More information

Chairman Hickey called the meeting to order at 5:15 p.rn. and announced that A.B. 745 would be the first bill on the agenda.

Chairman Hickey called the meeting to order at 5:15 p.rn. and announced that A.B. 745 would be the first bill on the agenda. Minues of he Nevada Sae Legislaure. AGRCULTURE Assembly CoDllillee OD.- - - - --- - - - - - Dae...,pril... 25,. 19 79 Page.- - - - MEMBERS PRESENT Chairman Hickey Vice Chairman Price Mr. Dini Mr. Fielding

More information

Does Islamic Banking Contribute to Economic Growth and Industrial Development in Turkey?

Does Islamic Banking Contribute to Economic Growth and Industrial Development in Turkey? IKONOMIKA: Journal of Islamic Economics Business Volume 2, No 1 (2017) ISSN: 2527-3434 (PRINT) - ISSN: 2527-5143 (ONLINE) Page : 93-102 Does Islamic Banking Contribute to Economic Growth Industrial Development

More information

Little Bighorn LESSONS LEARNED. Notes:

Little Bighorn LESSONS LEARNED. Notes: Bale Diges is made possible by he generous conribuions from your parners in defense... LESSONS LEARNED Sraegic/Operaional: Noes: 1) Sraegy Alhough Terry s overall campaign sraegy was sound moving hree

More information

Prime Minister Macdonald was keen to expand Canada

Prime Minister Macdonald was keen to expand Canada CHAPTER 4 The Early Years of Independence For cenuries, Firs Naions lived off he land, ofen moving camp as hey followed bison herds across he Prairies. Before READING Maing Connecions Brainsorm imes when

More information

Islamic banking worldwide what is in it - for All of Us

Islamic banking worldwide what is in it - for All of Us 2 nd International Conference & Exhibition on Islamic Banking and Finance Islamic worldwide what is in it - for All of Us By: Muhammad Ikram Thowfeek THRUST OF THE PRESENTATION: Introduction Market demand,

More information

Projection and position Evidence from Georgian. Martha McGinnis - MIT. 1. Introduction

Projection and position Evidence from Georgian. Martha McGinnis - MIT. 1. Introduction In Proceedings of ConSole I, ed. João Cosa, ob Goedemans, & euben van der ijver. HIL, Leiden, 203-220. Projecion and posiion Evidence from Georgian Marha McGinnis - MI he rich morphology of Georgian provides

More information

Pictures from Past and Present: Church of Saint- Laurent

Pictures from Past and Present: Church of Saint- Laurent Vincenian Heriage Journal Volume 34 Issue 1 Aricle 5 Summer 9-11-2017 Picures from Pas and Presen: Church of Sain- Lauren John E. Rybol C.M., Ph.D. DePaul Universiy, jrybol@depaul.edu Follow his and addiional

More information

Environmental Disclosure of Islamic Financial Institutions (IFIs): Preliminary Evidence from Malaysia

Environmental Disclosure of Islamic Financial Institutions (IFIs): Preliminary Evidence from Malaysia Environmental Disclosure of Islamic Financial Institutions (IFIs): Preliminary Evidence from Malaysia Faizah Darus 1 Haslinda Yusoff 2 Nor Khadijah Mohd Azhari 3 1.2. Accounting Research Institute & Faculty

More information

GLOBAL SURVEY ON THE AWARENESS AND IMPORTANCE OF ISLAMIC FINANCIAL POLICY

GLOBAL SURVEY ON THE AWARENESS AND IMPORTANCE OF ISLAMIC FINANCIAL POLICY 05 GLOBAL SURVEY ON THE AWARENESS AND IMPORTANCE OF ISLAMIC FINANCIAL POLICY The presence of an appropriate regulatory framework supported by financial policy is vital for an enabling environment that

More information

٤٢ أولا : ملاحظات تمهيدية : " " " " " " " " "." " "

٤٢ أولا : ملاحظات تمهيدية :         .  ( / ) - : : - -...... ( ). - : : ٤١ ٤٢ أولا : ملاحظات تمهيدية......... : " " " " " " " " "." " " ٤٣. " ".." ".. ( - ). " ( )." ) (... ( ).. (.. ) : ( ) : - /. ٤٤ ( ). : (" ").. ( ).. ( ). ( ) (.. ). (

More information

International Journal of Administration and Governance. The Effect of Customer Acceptance on Islamic Banking Products and Services

International Journal of Administration and Governance. The Effect of Customer Acceptance on Islamic Banking Products and Services IWNEST PUBLISHER International Journal of Administration and Governance (ISSN 2077-4486) Journal home page: http://www.iwnest.com/aace/ The Effect of Customer Acceptance on Islamic Banking Products and

More information

The GNH Centre. Vol. I January, Gross National Happiness is more important than Gross Domestic Product.

The GNH Centre. Vol. I January, Gross National Happiness is more important than Gross Domestic Product. Vol. I January, 2016 Gross Naional Happiness is more imporan han Gross Domesic Produc. His Majesy Jigme Singye Wangchuck, The Fourh Druk Gyalpo. Welcome o he firs ediion of he quarerly newsleer from he

More information

Faculty News. Erik S. Ohlander DEPARTMENT OF PHILOSOPHY. From the Acting Chair, Erik Ohlander

Faculty News. Erik S. Ohlander DEPARTMENT OF PHILOSOPHY. From the Acting Chair, Erik Ohlander DEPARTMENT OF PHILOSOPHY INDIANA UNIVERSITY PURDUE UNIVERSITY FORT WAYNE COLLEGE OF ARTS AND SCIENCES From he Acing Chair, Erik Ohlander As Professor Buld enjoys a welldeserved sabbaical his academic erm,

More information

The Role of Internal Auditing in Ensuring Governance in Islamic Financial Institutions (IFIS) 1

The Role of Internal Auditing in Ensuring Governance in Islamic Financial Institutions (IFIS) 1 Innovation and Knowledge Management: A Global Competitive Advantage 2158 The Role of Internal Auditing in Ensuring Governance in Islamic Financial Institutions (IFIS) 1 Yazkhiruni Yahya, Kuala Lumpur,Malaysia

More information

Clean Slate Proclamations, The Jubilee, and Anti-Monopoly Laws *

Clean Slate Proclamations, The Jubilee, and Anti-Monopoly Laws * Clean Slae Proclaaions, The Jubilee, and Ani-Monopoly Laws Jacob Rosenberg a and Avi Weiss a,b Absrac In his paper we sugges a new view ha reas clean slae proclaaions, such as he Biblical Jubilee, as ani-onopoly

More information

Modern Investment under Shari ah Discipline

Modern Investment under Shari ah Discipline Journal of Islamic Banking and Finance Oct.- Dec. 2015 1 Modern Investment under Shari ah Discipline Mohd Ma Sum Billah, Ph.D Modern investment activities under Shari ah (Islamic law) principles had promisingly

More information

Non-Muslim Perception on Islamic Banking Products and Services in Malaysia

Non-Muslim Perception on Islamic Banking Products and Services in Malaysia World Journal of Islamic History and Civilization, 7 (1): 07-11, 2017 ISSN 2225-0883 IDOSI Publications, 2017 DOI: 10.5829/idosi.wjihc.2017.07.11 Non-Muslim Perception on Islamic Banking Products and Services

More information

The Meaning of Muslim-Friendly Destination: Perspective of Malaysian and Korean Scholars

The Meaning of Muslim-Friendly Destination: Perspective of Malaysian and Korean Scholars ISBN 978-93-84422-37-0 11th International Conference on Arts, Humanities, Social Sciences and Corporate Social Responsibilities (AHSCSR-17) Dec. 25-26, 2017 Bangkok (Thailand) The Meaning of Muslim-Friendly

More information

Where Are You Standing?

Where Are You Standing? Name -- Page 119 CHAPTER 13 Where Are You Sanding? RATIONALISM, REVIVALISM, MODERNISM, LIBERALISM & FUNDAMENTALISM THE PROBLEM OF RATIONALISM Raionalism has been a problem hroughou he years of church hisory,

More information

Employee Perception, Knowledge and Potential of Islamic Banking in Pakistan

Employee Perception, Knowledge and Potential of Islamic Banking in Pakistan From the SelectedWorks of Rana Rashid Rehman 2014 Employee Perception, Knowledge and Potential of Islamic Banking in Pakistan Rana Rashid Rehman Available at: https://works.bepress.com/rashidrehman/15/

More information

TRAINING PROGRAMME REGULATORY AND COMPLIANCE FRAMEWORK IN ISLAMIC FINANCE UNDER IFSA 2013

TRAINING PROGRAMME REGULATORY AND COMPLIANCE FRAMEWORK IN ISLAMIC FINANCE UNDER IFSA 2013 TRAINING PROGRAMME REGULATORY AND COMPLIANCE FRAMEWORK IN ISLAMIC FINANCE UNDER IFSA 2013 Dates and Time: 12-13 October 2015 (Monday-Tuesday) 9:00am - 5:30pm Venue: International Institute of Advanced

More information

UNIVERSITI TEKNOLOGI MARA PROPOSING A NON-MONETARY ISLAMIC INDEX FOR POVERTY MEASUREMENT AT LEMBAGA ZAKAT SELANGOR (LZS), MALAYSIA

UNIVERSITI TEKNOLOGI MARA PROPOSING A NON-MONETARY ISLAMIC INDEX FOR POVERTY MEASUREMENT AT LEMBAGA ZAKAT SELANGOR (LZS), MALAYSIA UNIVERSITI TEKNOLOGI MARA PROPOSING A NON-MONETARY ISLAMIC INDEX FOR POVERTY MEASUREMENT AT LEMBAGA ZAKAT SELANGOR (LZS), MALAYSIA MOHAMED SALADIN BIN ABDUL RASOOL Thesis submitted in fulfillment of the

More information

Mohammad bin Ibrahim: Islamic finance and Malaysia s role

Mohammad bin Ibrahim: Islamic finance and Malaysia s role Mohammad bin Ibrahim: Islamic finance and Malaysia s role Luncheon address by Mr Mohammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at the 21st Conference of Presidents of Law Associations

More information

Freeze told the committe he had allotted an extra 30 grand to the Admission

Freeze told the committe he had allotted an extra 30 grand to the Admission 60h Year, No. 16 Geo~eown Universiy, Washingon, D.C. Friday, Sepember 14, 1979, '''''" 'v.. '" f..."'y.."",.,. ~~"....,, ~, A "..., v ',' >~, ~'/ ~ ';,-~ ~:>, : "Hs Holiness" offered advice of love and

More information

UK to global mission: what really is going on? A Strategic Review for Global Connections

UK to global mission: what really is going on? A Strategic Review for Global Connections UK to global mission: what really is going on? A Strategic Review for Global Connections Updated summary of seminar presentations to Global Connections Conference - Mission in Times of Uncertainty by Paul

More information

HISTORY F100X-F71 MODERN WORLD HISTORY

HISTORY F100X-F71 MODERN WORLD HISTORY HISTORY F100X-F71 MODERN WORLD HISTORY Dr. Walter Skya Summer Session II 2013 Department of History Gruening Hall, Room 605C University of Alaska Fairbanks Fairbanks, AK 99775-6460 Tel: 907-474-2718 Email:

More information

a~lilaalll~::roo ~0"'C1lOQr+p..0~~~_5 C1l n 0"'r+00'lj... C1l III ~~sc1lc1l00 C1lril~~IIl]~C1l~O"'~~OO

a~lilaalll~::roo ~0'C1lOQr+p..0~~~_5 C1l n 0'r+00'lj... C1l III ~~sc1lc1l00 C1lril~~IIl]~C1l~O'~~OO THE RECOVERY OF MSSON Vinoh Ramachandra n recen years he erm 'religious pluralism' has come o be used no only in a descripive sociological sense bu also as heologically prescripive. Wihin his new paradigm,

More information

; tional Student Association dele- ing of Alaska addressed the stu- i uno PP se <i- Once in Washington, the students dates.

; tional Student Association dele- ing of Alaska addressed the stu- i uno PP se <i- Once in Washington, the students dates. Oher conesed execuive poss are reasurer, for which Jan Chason *67 and Norman Lipon 66 are vying, and corresponding secreary. for which Lucilie/Yarber? 66_aiu Barocfa sudens leave,school a 6 son. for rip

More information

Copyright 2014 Our Sunday Visitor Publishing Divison, Our Sunday Visitor, Inc. All rights reserved. Please call , or visit

Copyright 2014 Our Sunday Visitor Publishing Divison, Our Sunday Visitor, Inc. All rights reserved. Please call , or visit e. pl m Sa se ea Pl do n' s d i K g n i p e e K n o i n e A y. p co Copyrigh 2014 Our Sunday Visior Publishing Divison, Our Sunday Visior, Inc. All righs reserved. Please call 800-348-2440, or visi www.osv.com,

More information

With the Colors

With the Colors Easern Illinois Universiy The Keep 1945 Wih he Colors: Jasper Couny IL Servicemen Overseas, 1941-1945 2-13-1945 Wih he Colors 2-13-1945 Newon Illinois Public Library Follow his and addiional works a: hp://hekeep.eiu.edu/wih_he_colors_1945

More information

SPONSORSHIP PROPOSAL

SPONSORSHIP PROPOSAL An Official Publication of Islamic Bankers Association SPONSORSHIP PROPOSAL SPONSORSHIP PROPOSAL-GIFR 2018 2 An Official Publication of Islamic Bankers Association Global Islamic Finance Report (GIFR)

More information

T his study aimed to analyze the comparative

T his study aimed to analyze the comparative Advance Research Journal of Multi-Disciplinary Discoveries I Vol. 18.0 I Issue I ISSN NO : 2456-1045 A comparative analysis of the relationship of nature of poverty with Zakat collection and real gross

More information

The CIMA qualifications in Islamic Finance. A different perspective on global business

The CIMA qualifications in Islamic Finance. A different perspective on global business The CIMA qualifications in Islamic Finance A different perspective on global business I was always interested in moving into Islamic finance by my personal preference and the career opportunity available

More information

Attachment 15. City and Neighborhood Maps City Map Thresholds and City Context Neighborhood Map Neighborhood Assets

Attachment 15. City and Neighborhood Maps City Map Thresholds and City Context Neighborhood Map Neighborhood Assets Aachmen 15. Ciy and Neighborhood Maps 15.1 Ciy Map Thresholds and Ciy Conex 15.2 Neighborhood Map Neighborhood Asses 15.3 Neighborhood Map Wes Oakland Revializaion Aciviy Eas Bay Asian Local Developmen

More information

Analyzing the Empirical Link between Islamic Finance and Growth of Real Output: A Time Series Application to Pakistan

Analyzing the Empirical Link between Islamic Finance and Growth of Real Output: A Time Series Application to Pakistan Analyzing the Empirical Link between Islamic Finance and Growth of Real Output: A Time Series Application to Pakistan Nazima Ellahi 1, Rabia Saghir 2 1 2 Assistant Professor, Department of Business and

More information

FIVE WAYS OF LOOKING AT MORALITY

FIVE WAYS OF LOOKING AT MORALITY The choice o readings or his collecion was suggesed by heir proven useulness in inroducing sudens o he oundaions o moral heology, especially or he purposes o group discussion. Each is inormaive, providing

More information

~ THE COURTING OF. Adam's Rib. ~ MARRIAGE i

~ THE COURTING OF. Adam's Rib. ~ MARRIAGE i ~ THE COURTNG OF ~ MARRAGE i Adam's Rib Wha does he imagine a Punch and Judy show is, and why does he imagine his wife over o one? The film's darillg, complex capping of his quesion depends on seeing lu

More information

Analysis of Minor Proposals outside the Mainstream Islamic Finance in Pakistan

Analysis of Minor Proposals outside the Mainstream Islamic Finance in Pakistan Journal of Islamic Banking and Finance July Sept 2017 1 Analysis of Minor Proposals outside the Mainstream Islamic Finance in Pakistan Salman Ahmed Shaikh This paper is a humble attempt to discuss the

More information

THE ORDER OF ST JOHN. PRIORY IN THE UNITED STATES OF AMERICA Volume 6, Number 2 Summer, 2015 A MESSAGE FROM THE PRIOR

THE ORDER OF ST JOHN. PRIORY IN THE UNITED STATES OF AMERICA Volume 6, Number 2 Summer, 2015 A MESSAGE FROM THE PRIOR FOR THE FAITH AND IN THE SERVICE OF HUMANITY Eyes on he Fuure THE ORDER OF ST JOHN PRIORY IN THE UNITED STATES OF AMERICA Volume 6, Number 2 Summer, 2015 Priory Officers Palmer Clarkson Hamilon, KSJ Prior

More information

ISLAMIC AND NON-ISLAMIC FINANCE IN CONTEMPORARY PERSPECTIVE

ISLAMIC AND NON-ISLAMIC FINANCE IN CONTEMPORARY PERSPECTIVE ISLAMIC AND NON-ISLAMIC FINANCE IN CONTEMPORARY PERSPECTIVE Dr. Mohd Daud Bakar President/CEO International Institute of Islamic Finance (IIIF) Inc. mdaud@iiif-inc.com www.iiif-inc.com Islamic Finance

More information

THE ROLE OF CENTRAL BANK OF MALAYSIA IN DEVELOPING MALAYSIA'S ISLAMIC FINANCIAL INDUSTRY

THE ROLE OF CENTRAL BANK OF MALAYSIA IN DEVELOPING MALAYSIA'S ISLAMIC FINANCIAL INDUSTRY الا كاديمية العالمية للبحوث الشرعية ISRA International Shari ah Research Academy for Islamic Finance THE ROLE OF CENTRAL BANK OF MALAYSIA IN DEVELOPING MALAYSIA'S ISLAMIC FINANCIAL INDUSTRY Prof. Dr. Mohamad

More information

GUY MARTIN/PANOS PICTURE

GUY MARTIN/PANOS PICTURE GUY MARTIN/PANOS PICTURE 30 NEW STATESMAN 5 DECEMBER 2011 FEATURE Voice of he Arab spring Al Jazeera is an enigma alhough owned by an absolue monarch, i s hailed as an independen voice in a region scarred

More information

ZSEIFS APPLICATION REQUIREMENTS

ZSEIFS APPLICATION REQUIREMENTS ZSEIFS APPLICATION REQUIREMENTS REQUIRED MATERIALS (to be included along with application-as a word document, 12pt font, Times New Roman or Calibiri): Current comprehensive CV, including complete list

More information

, '. U. W. Participation-page 3. Expecting Americans

, '. U. W. Participation-page 3. Expecting Americans , '. U. W. Paricipaion-page 3 VOL XV, NO. 24 h: imkp:nd:n sud:n n:wspap:r s:rving nor: Jam: and sain mary's WEDNESDAY, SEPTEMBER 29, 1982 " - -----.:::;...,.,... '::4. j ~ -._/"" -,.., French forces are

More information

Examining Theories of Growth & Development & Policy Response Based On Them From Islamic Perspective

Examining Theories of Growth & Development & Policy Response Based On Them From Islamic Perspective Examining Theories of Growth & Development & Policy Response Based On Them From Islamic Perspective S a lma n Ahmed S h a i kh Poverty and inequality around the world has been rising over the last three

More information

MUSLIM FRIENDLY TOURISM (MFT) ZULKIFLY MD SAID DIRECTOR GENERAL ISLAMIC TOURISM CENTRE (ITC)

MUSLIM FRIENDLY TOURISM (MFT) ZULKIFLY MD SAID DIRECTOR GENERAL ISLAMIC TOURISM CENTRE (ITC) MUSLIM FRIENDLY TOURISM (MFT) ZULKIFLY MD SAID DIRECTOR GENERAL ISLAMIC TOURISM CENTRE (ITC) ISLAMIC TOURISM CENTRE Approved by the government on 20 February 2009 Officially launched on 16 March 2009 Registered

More information

Product Branding and Market Development Global Growth Opportunities. Daud Vicary Abdullah

Product Branding and Market Development Global Growth Opportunities. Daud Vicary Abdullah Product Branding and Market Development Global Growth Opportunities Daud Vicary Abdullah 1 Agenda Facts and Figures Spreading the Word About Islamic Finance Opportunities Challenges to Development 2 What

More information

The changing religious profile of Asia: Buddhists, Hindus and Chinese Religionists

The changing religious profile of Asia: Buddhists, Hindus and Chinese Religionists The changing religious profile of Asia: Buddhists, Hindus and Chinese Religionists We have described the changing share and distribution of Christians and Muslims in different parts of Asia in our previous

More information

The Comparative Performance of Mandiri Syariah Bank and Maybank Berhad with the Concept of Maqashid Syariat

The Comparative Performance of Mandiri Syariah Bank and Maybank Berhad with the Concept of Maqashid Syariat International Conference on Islamic Finance, Economics and Business Volume 2018 Conference Paper The Comparative Performance of Mandiri Syariah Bank and Maybank Berhad with the Concept of Maqashid Syariat

More information

Efficiency of Bursa Malaysia: Analysing Islamic. Indices and their Counterparties

Efficiency of Bursa Malaysia: Analysing Islamic. Indices and their Counterparties Efficiency of Bursa Malaysia: Analysing Islamic Indices and their Counterparties Final report in Dissertation form Presented to Universidade Católica Portuguesa To obtain a Masters in Finance degree by

More information

'No constitutional right to die' Court rules to keep Quinlan alive

'No constitutional right to die' Court rules to keep Quinlan alive Vol. X, No. 50 server universiy of nore dome - s. mary's college Tuesday, November 11, 1975 'No consiuional righ o die' Cour rules o keep Quinlan alive MORRISTOWN, N.J. - A Superior Cour judge ruled

More information

Universiti Sains Islam Malaysia (USIM) Nilai, September, January, 2015

Universiti Sains Islam Malaysia (USIM) Nilai, September, January, 2015 CURRICULUM VITAE PERSONAL PROFILE PhD in Business Administration (Islamic Finance), IIUM. MA. Islamic Banking & Finance, UK. Excellent background in Islamic Finance & Economics, long Experience in lecturing

More information

Asian Economic and Financial Review THE TREND ANALYSIS OF ISLAMIZATION IN MALAYSIA USING ISLAMIZATION INDEX AS INDICATOR. W. A. Wan Omar.

Asian Economic and Financial Review THE TREND ANALYSIS OF ISLAMIZATION IN MALAYSIA USING ISLAMIZATION INDEX AS INDICATOR. W. A. Wan Omar. Asian Economic and Financial Review journal homepage: http://www.aessweb.com/journals/5002 THE TREND ANALYSIS OF ISLAMIZATION IN MALAYSIA USING ISLAMIZATION INDEX AS INDICATOR W. A. Wan Omar Department

More information

Copyright by Dean S. Thomas

Copyright by Dean S. Thomas Copyrigh by Dean S. Thomas The familiar 1/2-ringer'l is probably he m disincive Confederae bulle used during he Civil War. The projecile and is carridge forming process were invened by Frederick J. Gardner

More information

The Anchor, Volume 75.26: April 12, 1963

The Anchor, Volume 75.26: April 12, 1963 Hope College Digial Commons @ Hope College Anchor: 963 Anchor: 960-969 4-2-963 The Anchor, Volume 75.26: April 2, 963 Hope College Follow his and addiional works a: hp://digialcommons.hope.edu/anchor_963

More information

Religiosity and attitudes towards homosexuality: could the link be explained by fundamentalism? Natalia Soboleva Irina Vartanova Anna Almakaeva

Religiosity and attitudes towards homosexuality: could the link be explained by fundamentalism? Natalia Soboleva Irina Vartanova Anna Almakaeva Religiosity and attitudes towards homosexuality: could the link be explained by fundamentalism? Natalia Soboleva Irina Vartanova Anna Almakaeva LCSR regular seminar, Moscow, Russia, December 3, 2015 Research

More information

CHILDREN S SESSION GUIDE. The GOD. We Can Know. Exploring the I Am Sayings of Jesus. Rob Fuquay

CHILDREN S SESSION GUIDE. The GOD. We Can Know. Exploring the I Am Sayings of Jesus. Rob Fuquay CHILDREN S SESSION GUIDE The GOD We Can Know Exploring he I Am Sayings of Jesus Rob Fuquay CHILDREN S SESSION GUIDE The GOD We Can Know Exploring he I Am Sayings of Jesus HEATHER HARRISS The God We Can

More information

General Discussion: Why Is Financial Stability a Goal of Public Policy?

General Discussion: Why Is Financial Stability a Goal of Public Policy? General Discussion: Why Is Financial Stability a Goal of Public Policy? Chairman: E. Gerald Corrigan Mr. Corrigan: Thank you, Stan. At this point, we are going to open the proceedings for discussion and

More information

Mental Models Theory and Anaphora

Mental Models Theory and Anaphora Menal Models Theory and Anaphora Guido Boella and Leonardo Leso Diparieno di Inforaica and Cenro di Scienza Cogniiva Universià di Torino eail: guido, leso @di.unio.i Absrac We argue ha anaphora canno be

More information

Central Florida Future, Vol. 01 No. 15, February 21, 1969

Central Florida Future, Vol. 01 No. 15, February 21, 1969 Universiy of Cenral Florida Cenral Florida Fuure Newsleer Cenral Florida Fuure, Vol. 0 No. 5, February 2, 969 2-2-969 Florida Technological Universiy Find similar works a: hp://sars.library.ucf.edu/cenralfloridafuure

More information

Assistant Governor for Banking Supervision Banking Supervision Department, Central Bank of the U.A.E.

Assistant Governor for Banking Supervision Banking Supervision Department, Central Bank of the U.A.E. MAIN CONFERENCE AGENDA DAY 1 Wednesday 3 June 2015 08.00-09.00 Registration and Morning Refreshments 09.00 Official Opening of the 6th Annual World Islamic Banking Conference: Asia Summit 2015 09.00-09.05

More information