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Kabir Hassan | University of New Orleans - Academia.edu

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</script> <meta name="csrf-param" content="authenticity_token" /> <meta name="csrf-token" content="LB3RE-bUwa1KXlHj5aSHh_KH4DPIhWDSaJnr2k92XioqcvfsYQ8UTSj-RSv35qHJpdWAxJdMmMu3AvOchBf31A" /> <link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/wow-3d36c19b4875b226bfed0fcba1dcea3f2fe61148383d97c0465c016b8c969290.css" /><link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/social/home-79e78ce59bef0a338eb6540ec3d93b4a7952115b56c57f1760943128f4544d42.css" /><script type="application/ld+json">{"@context":"https://schema.org","@type":"ProfilePage","mainEntity":{"@context":"https://schema.org","@type":"Person","name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan","image":"https://0.academia-photos.com/169217/30307515/71227940/s200_kabir.hassan.jpg","sameAs":[]},"dateCreated":"2010-04-13T03:54:31-07:00","dateModified":"2025-03-26T14:00:56-07:00","name":"Kabir Hassan","description":"Professor Dr. M. Kabir Hassan is a financial economist with consulting, research and teaching experiences in development finance, money and capital markets, Islamic finance, corporate finance, investments, monetary economics, macroeconomics and international trade and finance. He provided consulting services to the World Bank (WB), International Monetary Fund (IMF), Islamic Development Bank (IDB), African Development Bank (AfDB), USAID, Government of Bangladesh, Organization of Islamic Conferences (OIC), Federal Reserve Bank, USA, and many corporations, private organizations and universities around the world. \nDr. Hassan is the Full Professor of Finance and Hibernia Professor of Economics and Finance and Bank One Professor in Business in the Department of Economics and Finance at the University of New Orleans, Louisiana, USA. Professor Hassan is the winner of the 2016 IDB Prize in Islamic Banking and Finance. He has also received 2019 University of Louisiana System Outstanding Faculty Member Award, 2019 UNO Research, Creativity and Scholarly Career Award and 2018 UNO Gordon H “Nick” Mueller International Leadership Medallion. \nDr. Hassan is the editor/co-editor of four Islamic Banking and Finance Journals. He has more than 329 papers published/forthcoming in refereed academic journals to his credit. He has supervised 62 doctoral theses and acted as External examiners for 49 dissertations, and many of his students are now well placed in the academia, government and private sectors. \nDr. Hassan has edited and published several books and 4 books are forthcoming in 2019 on the topics of emerging issues in Islamic finance in Malaysia and Islamic corporate finance. \nA frequent traveler, Dr. Hassan gives lectures and workshops in the US and abroad, and has presented over 408 research papers at professional conferences and has delivered 184 invited papers/seminars. Dr. Hassan is the current President of Southwest Finance Association (SWFA) Meetings.","image":"https://0.academia-photos.com/169217/30307515/71227940/s200_kabir.hassan.jpg","thumbnailUrl":"https://0.academia-photos.com/169217/30307515/71227940/s65_kabir.hassan.jpg","primaryImageOfPage":{"@type":"ImageObject","url":"https://0.academia-photos.com/169217/30307515/71227940/s200_kabir.hassan.jpg","width":200},"sameAs":[],"relatedLink":"https://www.academia.edu/128304594/Islamic_Capital_Markets"}</script><link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/design_system/heading-95367dc03b794f6737f30123738a886cf53b7a65cdef98a922a98591d60063e3.css" /><link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/design_system/button-8c9ae4b5c8a2531640c354d92a1f3579c8ff103277ef74913e34c8a76d4e6c00.css" /><link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/design_system/body-170d1319f0e354621e81ca17054bb147da2856ec0702fe440a99af314a6338c5.css" 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Kabir Hassan is a financial economist with consulting, research and teaching experiences in development finance, money and capital markets, Islamic finance, corporate finance, investments, monetary economics, macroeconomics and international trade and finance. He provided consulting services to the World Bank (WB), International Monetary Fund (IMF), Islamic Development Bank (IDB), African Development Bank (AfDB), USAID, Government of Bangladesh, Organization of Islamic Conferences (OIC), Federal Reserve Bank, USA, and many corporations, private organizations and universities around the world. <br />Dr. Hassan is the Full Professor of Finance and Hibernia Professor of Economics and Finance and Bank One Professor in Business in the Department of Economics and Finance at the University of New Orleans, Louisiana, USA. Professor Hassan is the winner of the 2016 IDB Prize in Islamic Banking and Finance. He has also received 2019 University of Louisiana System Outstanding Faculty Member Award, 2019 UNO Research, Creativity and Scholarly Career Award and 2018 UNO Gordon H “Nick” Mueller International Leadership Medallion. <br />Dr. Hassan is the editor/co-editor of four Islamic Banking and Finance Journals. He has more than 329 papers published/forthcoming in refereed academic journals to his credit. He has supervised 62 doctoral theses and acted as External examiners for 49 dissertations, and many of his students are now well placed in the academia, government and private sectors. <br />Dr. Hassan has edited and published several books and 4 books are forthcoming in 2019 on the topics of emerging issues in Islamic finance in Malaysia and Islamic corporate finance. <br />A frequent traveler, Dr. Hassan gives lectures and workshops in the US and abroad, and has presented over 408 research papers at professional conferences and has delivered 184 invited papers/seminars. Dr. Hassan is the current President of Southwest Finance Association (SWFA) Meetings.<br /><div class="js-profile-less-about u-linkUnstyled u-tcGrayDarker u-textDecorationUnderline u-displayNone">less</div></div></div><div class="suggested-academics-container"><div class="suggested-academics--header"><h3 class="ds2-5-heading-sans-serif-xs">Related Authors</h3></div><ul class="suggested-user-card-list" data-nosnippet="true"><div class="suggested-user-card"><div class="suggested-user-card__avatar social-profile-avatar-container"><a data-nosnippet="" href="https://ewubd.academia.edu/NikhilChandraShilFCMA"><img class="profile-avatar u-positionAbsolute" alt="Nikhil Chandra Shil, FCMA related author profile picture" border="0" onerror="if (this.src != &#39;//a.academia-assets.com/images/s200_no_pic.png&#39;) this.src = &#39;//a.academia-assets.com/images/s200_no_pic.png&#39;;" width="200" height="200" src="https://0.academia-photos.com/43585/14025/13122/s200_nikhil.chandra_shil_fcma.jpg" /></a></div><div class="suggested-user-card__user-info"><a class="suggested-user-card__user-info__header ds2-5-body-sm-bold ds2-5-body-link" href="https://ewubd.academia.edu/NikhilChandraShilFCMA">Nikhil Chandra Shil, FCMA</a><p class="suggested-user-card__user-info__subheader ds2-5-body-xs">East West University</p></div></div><div class="suggested-user-card"><div class="suggested-user-card__avatar social-profile-avatar-container"><a data-nosnippet="" href="https://manchester.academia.edu/VincenzoBavoso"><img class="profile-avatar u-positionAbsolute" alt="Vincenzo Bavoso related author profile picture" border="0" onerror="if (this.src != &#39;//a.academia-assets.com/images/s200_no_pic.png&#39;) this.src = &#39;//a.academia-assets.com/images/s200_no_pic.png&#39;;" width="200" height="200" src="https://0.academia-photos.com/69858/19542/1092076/s200_vincenzo.bavoso.jpg" /></a></div><div class="suggested-user-card__user-info"><a class="suggested-user-card__user-info__header ds2-5-body-sm-bold ds2-5-body-link" href="https://manchester.academia.edu/VincenzoBavoso">Vincenzo Bavoso</a><p class="suggested-user-card__user-info__subheader ds2-5-body-xs">The University of Manchester</p></div></div><div class="suggested-user-card"><div class="suggested-user-card__avatar social-profile-avatar-container"><a data-nosnippet="" href="https://unitn.academia.edu/ValerioSangiovanni"><img class="profile-avatar u-positionAbsolute" alt="Valerio Sangiovanni related author profile picture" border="0" onerror="if (this.src != &#39;//a.academia-assets.com/images/s200_no_pic.png&#39;) this.src = &#39;//a.academia-assets.com/images/s200_no_pic.png&#39;;" width="200" height="200" src="https://0.academia-photos.com/125143/33438/56211/s200_valerio.sangiovanni.125143" /></a></div><div class="suggested-user-card__user-info"><a class="suggested-user-card__user-info__header ds2-5-body-sm-bold ds2-5-body-link" href="https://unitn.academia.edu/ValerioSangiovanni">Valerio Sangiovanni</a><p class="suggested-user-card__user-info__subheader ds2-5-body-xs">University of Trento</p></div></div><div class="suggested-user-card"><div class="suggested-user-card__avatar social-profile-avatar-container"><a data-nosnippet="" href="https://cria.academia.edu/ArmandoMarquesGuedes"><img class="profile-avatar u-positionAbsolute" alt="Armando Marques-Guedes related author profile picture" border="0" onerror="if (this.src != &#39;//a.academia-assets.com/images/s200_no_pic.png&#39;) this.src = &#39;//a.academia-assets.com/images/s200_no_pic.png&#39;;" width="200" height="200" src="https://0.academia-photos.com/134181/3401094/148494125/s200_armando.marques-guedes.png" /></a></div><div class="suggested-user-card__user-info"><a class="suggested-user-card__user-info__header ds2-5-body-sm-bold ds2-5-body-link" href="https://cria.academia.edu/ArmandoMarquesGuedes">Armando Marques-Guedes</a><p class="suggested-user-card__user-info__subheader ds2-5-body-xs">UNL - 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data-click-track="profile-user-info-expand-research-interests" data-has-card-for-ri-list="169217" href="https://www.academia.edu/Documents/in/Economics"><div id="js-react-on-rails-context" style="display:none" data-rails-context="{&quot;inMailer&quot;:false,&quot;i18nLocale&quot;:&quot;en&quot;,&quot;i18nDefaultLocale&quot;:&quot;en&quot;,&quot;href&quot;:&quot;https://uno.academia.edu/KabirHassan&quot;,&quot;location&quot;:&quot;/KabirHassan&quot;,&quot;scheme&quot;:&quot;https&quot;,&quot;host&quot;:&quot;uno.academia.edu&quot;,&quot;port&quot;:null,&quot;pathname&quot;:&quot;/KabirHassan&quot;,&quot;search&quot;:null,&quot;httpAcceptLanguage&quot;:null,&quot;serverSide&quot;:false}"></div> <div class="js-react-on-rails-component" style="display:none" data-component-name="Pill" data-props="{&quot;color&quot;:&quot;gray&quot;,&quot;children&quot;:[&quot;Economics&quot;]}" data-trace="false" data-dom-id="Pill-react-component-eb743980-bb06-4d65-a79a-a506799e9cfc"></div> <div id="Pill-react-component-eb743980-bb06-4d65-a79a-a506799e9cfc"></div> </a><a data-click-track="profile-user-info-expand-research-interests" data-has-card-for-ri-list="169217" href="https://www.academia.edu/Documents/in/Financial_Institutions_and_Markets"><div class="js-react-on-rails-component" style="display:none" data-component-name="Pill" data-props="{&quot;color&quot;:&quot;gray&quot;,&quot;children&quot;:[&quot;Financial Institutions and Markets&quot;]}" data-trace="false" data-dom-id="Pill-react-component-4e66d462-4e7d-4908-ae5a-726b4d4563bb"></div> <div id="Pill-react-component-4e66d462-4e7d-4908-ae5a-726b4d4563bb"></div> </a><a data-click-track="profile-user-info-expand-research-interests" data-has-card-for-ri-list="169217" href="https://www.academia.edu/Documents/in/Applied_Economics"><div class="js-react-on-rails-component" style="display:none" data-component-name="Pill" data-props="{&quot;color&quot;:&quot;gray&quot;,&quot;children&quot;:[&quot;Applied Economics&quot;]}" data-trace="false" data-dom-id="Pill-react-component-4f976d64-98c4-45c4-a045-6799c233345e"></div> <div id="Pill-react-component-4f976d64-98c4-45c4-a045-6799c233345e"></div> </a><a data-click-track="profile-user-info-expand-research-interests" data-has-card-for-ri-list="169217" href="https://www.academia.edu/Documents/in/Islamic_Banking_and_Finance_Islamic_Economics"><div class="js-react-on-rails-component" style="display:none" data-component-name="Pill" data-props="{&quot;color&quot;:&quot;gray&quot;,&quot;children&quot;:[&quot;Islamic Banking and Finance/Islamic Economics&quot;]}" data-trace="false" data-dom-id="Pill-react-component-f1b4a8c6-9790-4951-8194-307c3b735967"></div> <div id="Pill-react-component-f1b4a8c6-9790-4951-8194-307c3b735967"></div> </a></div></div><div class="external-links-container"><ul class="profile-links new-profile js-UserInfo-social"><li><a class="ds2-5-text-link ds2-5-text-link--small" href="https://kabirhassan.academia.edu/"><span class="ds2-5-text-link__content"><i class="fa fa-laptop"></i></span></a></li><li class="profile-profiles js-social-profiles-container"><i class="fa fa-spin fa-spinner"></i></li></ul></div></div></div><div class="right-panel-container"><div class="user-content-wrapper"><div class="uploads-container" id="social-redesign-work-container"><div class="upload-header"><h2 class="ds2-5-heading-sans-serif-xs">Uploads</h2></div><div class="nav-container backbone-profile-documents-nav hidden-xs"><ul class="nav-tablist" role="tablist"><li class="nav-chip active" role="presentation"><a data-section-name="" data-toggle="tab" href="#all" role="tab">all</a></li><li class="nav-chip" role="presentation"><a class="js-profile-docs-nav-section u-textTruncate" data-click-track="profile-works-tab" data-section-name="Papers" data-toggle="tab" href="#papers" role="tab" title="Papers"><span>415</span>&nbsp;<span class="ds2-5-body-sm-bold">Papers</span></a></li><li class="nav-chip" role="presentation"><a class="js-profile-docs-nav-section u-textTruncate" data-click-track="profile-works-tab" data-section-name="Books" data-toggle="tab" href="#books" role="tab" title="Books"><span>11</span>&nbsp;<span class="ds2-5-body-sm-bold">Books</span></a></li><li class="nav-chip" role="presentation"><a class="js-profile-docs-nav-section u-textTruncate" data-click-track="profile-works-tab" data-section-name="Book-Chapters" data-toggle="tab" href="#bookchapters" role="tab" title="Book Chapters"><span>54</span>&nbsp;<span class="ds2-5-body-sm-bold">Book Chapters</span></a></li></ul></div><div class="divider ds-divider-16" style="margin: 0px;"></div><div class="documents-container backbone-social-profile-documents" style="width: 100%;"><div class="u-taCenter"></div><div class="profile--tab_content_container js-tab-pane tab-pane active" id="all"><div class="profile--tab_heading_container js-section-heading" data-section="Papers" id="Papers"><h3 class="profile--tab_heading_container">Papers by Kabir Hassan</h3></div><div class="js-work-strip profile--work_container" data-work-id="128304594"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/128304594/Islamic_Capital_Markets"><img alt="Research paper thumbnail of Islamic Capital Markets" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title">Islamic Capital Markets</div><div class="wp-workCard_item"><span>The Influence of Islam on Banking and Finance</span><span>, 2014</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper 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container = $(".js-work-strip[data-work-id='128304594']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=128304594]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":128304594,"title":"Islamic Capital Markets","translated_title":"","metadata":{"publisher":"Nomos","publication_date":{"day":null,"month":null,"year":2014,"errors":{}},"publication_name":"The Influence of Islam on Banking and Finance"},"translated_abstract":null,"internal_url":"https://www.academia.edu/128304594/Islamic_Capital_Markets","translated_internal_url":"","created_at":"2025-03-19T07:49:31.349-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[],"slug":"Islamic_Capital_Markets","translated_slug":"","page_count":null,"language":"en","content_type":"Work","summary":null,"owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940070"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940070/The_Global_Financial_Crisis_Risk_Management_and_Social_Justice_in_Islamic_Finance"><img alt="Research paper thumbnail of The Global Financial Crisis, Risk Management and Social Justice in Islamic Finance" class="work-thumbnail" src="https://attachments.academia-assets.com/116704754/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940070/The_Global_Financial_Crisis_Risk_Management_and_Social_Justice_in_Islamic_Finance">The Global Financial Crisis, Risk Management and Social Justice in Islamic Finance</a></div><div class="wp-workCard_item"><span>ISRA International Journal of Islamic Finance</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The most salient values of the Islamic financial system are fairness and socio-economic justice. ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The most salient values of the Islamic financial system are fairness and socio-economic justice. The exuberance of Islam’s uncompromising commitment to the well-being of humankind goes beyond its caring for existing generations to ensuring a sustainable future for generations to come. This is evident by giving utmost priority to the environment and preserving earth’s valuable–yet limited–endowments and resources, and by limiting public borrowings to available resources hence freeing future generations from the burden of debt. The Islamic system of production and finance based on profit-and-loss sharing (PLS) is more efficient and equitable in distribution of wealth and income. Allocation of funds under risk sharing will be based on the viability and expected profitability of the proposed entrepreneurial undertakings rather than on the creditworthiness of competing entrepreneurs. Furthermore, risk sharing offers both entrepreneurs and investors incentives to be truly engaged in produ...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="6c68ef0340adc94aa3228a0a5b3239a9" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704754,&quot;asset_id&quot;:121940070,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704754/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940070"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940070"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940070; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940070]").text(description); $(".js-view-count[data-work-id=121940070]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940070; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940070']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "6c68ef0340adc94aa3228a0a5b3239a9" } } $('.js-work-strip[data-work-id=121940070]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940070,"title":"The Global Financial Crisis, Risk Management and Social Justice in Islamic Finance","translated_title":"","metadata":{"abstract":"The most salient values of the Islamic financial system are fairness and socio-economic justice. 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Using data of 29 conventional and 9 Islamic banks over 18 years, the study first estimates bank competition and stability using Lerner index and Z-Score, respectively. Generalized least squares regression is used and the coefficients are estimated by using random-effects estimator. Results of the mean comparison show that Islamic banks carry more market power (less competition) and are more stable compared to their conventional counterparts. Results of a panel regression show that competition positively affects the stability of the banking sector and this effect is higher for Islamic banks due to their market power. Results also show that bank stability in Pakistan was reduced during global crisis period; however, presence of Islamic banks contributes to the stability even during crisis. Finally, this study supports the competition-stability hypothesis for Islamic banking in Paki...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="79abf0408ec26588a3ed24a2531878e8" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704753,&quot;asset_id&quot;:121940069,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704753/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940069"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940069"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940069; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940069]").text(description); $(".js-view-count[data-work-id=121940069]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940069; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940069']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "79abf0408ec26588a3ed24a2531878e8" } } $('.js-work-strip[data-work-id=121940069]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940069,"title":"Bank Competition–Stability Relations in Pakistan: A Comparison between Islamic and Conventional Banks","translated_title":"","metadata":{"abstract":"This study comparatively analyses the financial stability of Islamic and conventional banks in Pakistan. Using data of 29 conventional and 9 Islamic banks over 18 years, the study first estimates bank competition and stability using Lerner index and Z-Score, respectively. Generalized least squares regression is used and the coefficients are estimated by using random-effects estimator. Results of the mean comparison show that Islamic banks carry more market power (less competition) and are more stable compared to their conventional counterparts. Results of a panel regression show that competition positively affects the stability of the banking sector and this effect is higher for Islamic banks due to their market power. Results also show that bank stability in Pakistan was reduced during global crisis period; however, presence of Islamic banks contributes to the stability even during crisis. Finally, this study supports the competition-stability hypothesis for Islamic banking in Paki...","publisher":"UNIMAS Publisher","ai_title_tag":"Competition-Stability in Pakistan's Banks","publication_name":"International Journal of Business and Society"},"translated_abstract":"This study comparatively analyses the financial stability of Islamic and conventional banks in Pakistan. Using data of 29 conventional and 9 Islamic banks over 18 years, the study first estimates bank competition and stability using Lerner index and Z-Score, respectively. Generalized least squares regression is used and the coefficients are estimated by using random-effects estimator. Results of the mean comparison show that Islamic banks carry more market power (less competition) and are more stable compared to their conventional counterparts. Results of a panel regression show that competition positively affects the stability of the banking sector and this effect is higher for Islamic banks due to their market power. Results also show that bank stability in Pakistan was reduced during global crisis period; however, presence of Islamic banks contributes to the stability even during crisis. Finally, this study supports the competition-stability hypothesis for Islamic banking in Paki...","internal_url":"https://www.academia.edu/121940069/Bank_Competition_Stability_Relations_in_Pakistan_A_Comparison_between_Islamic_and_Conventional_Banks","translated_internal_url":"","created_at":"2024-07-10T10:20:48.910-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704753,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704753/thumbnails/1.jpg","file_name":"1365.pdf","download_url":"https://www.academia.edu/attachments/116704753/download_file","bulk_download_file_name":"Bank_Competition_Stability_Relations_in.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704753/1365-libre.pdf?1720632920=\u0026response-content-disposition=attachment%3B+filename%3DBank_Competition_Stability_Relations_in.pdf\u0026Expires=1743137660\u0026Signature=PeDpS5nUFE4J9Cgxd-zu1zU8SSLBOR~ZcFAH2k9alwaoi26-gReqx5gPgzd0qRDSeUw3M2lKrsm1qbTuYOnRLEv9q-ezkaZpccVAVCu7W68tPYDlQcwl0TQgsjJAtbiYfhVNn3RxxOLc0~OV8ceAhJtn6qx4xXqPqZ-zq5rE4mmTbGajZevvuNejd8qpcvY3H69wJo9G-rX7S3dI9Gb0agwUfmON5KSGvRpMfgdl9aLpiPt60IBql64tzrDVSJ87Xn9sOHUc73tgk~iy~G3-5GXdVuYSNGHbY1xXzUry7E4X0ccF6WPBwJfLWhYKURNeAScVJbw5IY33wuo1e-uloQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Bank_Competition_Stability_Relations_in_Pakistan_A_Comparison_between_Islamic_and_Conventional_Banks","translated_slug":"","page_count":14,"language":"en","content_type":"Work","summary":"This study comparatively analyses the financial stability of Islamic and conventional banks in Pakistan. Using data of 29 conventional and 9 Islamic banks over 18 years, the study first estimates bank competition and stability using Lerner index and Z-Score, respectively. Generalized least squares regression is used and the coefficients are estimated by using random-effects estimator. Results of the mean comparison show that Islamic banks carry more market power (less competition) and are more stable compared to their conventional counterparts. Results of a panel regression show that competition positively affects the stability of the banking sector and this effect is higher for Islamic banks due to their market power. Results also show that bank stability in Pakistan was reduced during global crisis period; however, presence of Islamic banks contributes to the stability even during crisis. Finally, this study supports the competition-stability hypothesis for Islamic banking in Paki...","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704753,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704753/thumbnails/1.jpg","file_name":"1365.pdf","download_url":"https://www.academia.edu/attachments/116704753/download_file","bulk_download_file_name":"Bank_Competition_Stability_Relations_in.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704753/1365-libre.pdf?1720632920=\u0026response-content-disposition=attachment%3B+filename%3DBank_Competition_Stability_Relations_in.pdf\u0026Expires=1743137660\u0026Signature=PeDpS5nUFE4J9Cgxd-zu1zU8SSLBOR~ZcFAH2k9alwaoi26-gReqx5gPgzd0qRDSeUw3M2lKrsm1qbTuYOnRLEv9q-ezkaZpccVAVCu7W68tPYDlQcwl0TQgsjJAtbiYfhVNn3RxxOLc0~OV8ceAhJtn6qx4xXqPqZ-zq5rE4mmTbGajZevvuNejd8qpcvY3H69wJo9G-rX7S3dI9Gb0agwUfmON5KSGvRpMfgdl9aLpiPt60IBql64tzrDVSJ87Xn9sOHUc73tgk~iy~G3-5GXdVuYSNGHbY1xXzUry7E4X0ccF6WPBwJfLWhYKURNeAScVJbw5IY33wuo1e-uloQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"},{"id":116704752,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704752/thumbnails/1.jpg","file_name":"1365.pdf","download_url":"https://www.academia.edu/attachments/116704752/download_file","bulk_download_file_name":"Bank_Competition_Stability_Relations_in.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704752/1365-libre.pdf?1720632921=\u0026response-content-disposition=attachment%3B+filename%3DBank_Competition_Stability_Relations_in.pdf\u0026Expires=1743137660\u0026Signature=LEaLgODekqJF~WTkUl8cdosKpOBRZpFIYB1Nmpgbg0yUhorCbrAd-u0AiWwQziscOA0LiycVCQdMpAFBrZg6ifECYUzLvalivA9S1pELzWRKtRvj3hhy7BaUwGiNrM4LK5MoknivczXvKLkdBageuMUAWvlzEb~64OyEJ1Qv76Hj5IkXTKCvaQACH08lP~oEunY7fagQ6JmnBmaNoOrQFjL71tbD4tA~ix-DtnzCvIhmI9eM7rjNtjPscrFfzDaf9~b5FoFYhXsDeM4bZQ9R9z5UvgqiQw1nTfQxp4RVaiaftec8T7XsJG~356tOHd6SxEmgBsMMD062SmQVTjS4gw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":40860,"name":"Panel Data","url":"https://www.academia.edu/Documents/in/Panel_Data"},{"id":321297,"name":"Market Power","url":"https://www.academia.edu/Documents/in/Market_Power"},{"id":321298,"name":"Lerner index","url":"https://www.academia.edu/Documents/in/Lerner_index"},{"id":1885571,"name":"Business Society","url":"https://www.academia.edu/Documents/in/Business_Society"}],"urls":[{"id":43462343,"url":"https://publisher.unimas.my/ojs/index.php/IJBS/article/download/3733/1365"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940068"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940068/Application_of_a_distributed_verification_in_Islamic_microfinance_institutions_a_sustainable_model"><img alt="Research paper thumbnail of Application of a distributed verification in Islamic microfinance institutions: a sustainable model" class="work-thumbnail" src="https://attachments.academia-assets.com/116704750/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940068/Application_of_a_distributed_verification_in_Islamic_microfinance_institutions_a_sustainable_model">Application of a distributed verification in Islamic microfinance institutions: a sustainable model</a></div><div class="wp-workCard_item"><span>Financial Innovation</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The literature gap in microfinance paradox of double bottom line (financial performance vs. outre...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The literature gap in microfinance paradox of double bottom line (financial performance vs. outreach) has always been an interesting area of research. This paper proposes a theoretical model most suitable for Islamic Microfinance Institutions (MFIs) which enables Islamic MFIs’ to operate together with the existing financial models compliant with Islamic Shariah Law. This model is based on a distributed verification/decision-making process that might be realized (but not necessary) through blockchain. Among the available distributed verification techniques, blockchain technology is an attractive emerging computing paradigm due to its decentralized, immutable, shared, and secure data structure characteristics. This model proposes three significant propositions. First, sharing information through blockchain will allow a transparent network in MFI operations, which will raise confidence for donors resulting in a causal effect of a relatively lower profit rate to be charged by the MFIs. ...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="20d96339498400389c919923ebbd2e9d" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704750,&quot;asset_id&quot;:121940068,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704750/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940068"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940068"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940068; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940068]").text(description); $(".js-view-count[data-work-id=121940068]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940068; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940068']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "20d96339498400389c919923ebbd2e9d" } } $('.js-work-strip[data-work-id=121940068]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940068,"title":"Application of a distributed verification in Islamic microfinance institutions: a sustainable model","translated_title":"","metadata":{"abstract":"The literature gap in microfinance paradox of double bottom line (financial performance vs. outreach) has always been an interesting area of research. This paper proposes a theoretical model most suitable for Islamic Microfinance Institutions (MFIs) which enables Islamic MFIs’ to operate together with the existing financial models compliant with Islamic Shariah Law. This model is based on a distributed verification/decision-making process that might be realized (but not necessary) through blockchain. Among the available distributed verification techniques, blockchain technology is an attractive emerging computing paradigm due to its decentralized, immutable, shared, and secure data structure characteristics. This model proposes three significant propositions. First, sharing information through blockchain will allow a transparent network in MFI operations, which will raise confidence for donors resulting in a causal effect of a relatively lower profit rate to be charged by the MFIs. ...","publisher":"Springer Science and Business Media LLC","ai_title_tag":"Distributed Verification in Sustainable Islamic Microfinance","publication_name":"Financial Innovation"},"translated_abstract":"The literature gap in microfinance paradox of double bottom line (financial performance vs. outreach) has always been an interesting area of research. This paper proposes a theoretical model most suitable for Islamic Microfinance Institutions (MFIs) which enables Islamic MFIs’ to operate together with the existing financial models compliant with Islamic Shariah Law. This model is based on a distributed verification/decision-making process that might be realized (but not necessary) through blockchain. Among the available distributed verification techniques, blockchain technology is an attractive emerging computing paradigm due to its decentralized, immutable, shared, and secure data structure characteristics. This model proposes three significant propositions. 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First, sharing information through blockchain will allow a transparent network in MFI operations, which will raise confidence for donors resulting in a causal effect of a relatively lower profit rate to be charged by the MFIs. ...","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704750,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704750/thumbnails/1.jpg","file_name":"s40854-022-00384-z.pdf","download_url":"https://www.academia.edu/attachments/116704750/download_file","bulk_download_file_name":"Application_of_a_distributed_verificatio.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704750/s40854-022-00384-z-libre.pdf?1720632917=\u0026response-content-disposition=attachment%3B+filename%3DApplication_of_a_distributed_verificatio.pdf\u0026Expires=1743137660\u0026Signature=FiNd3fpzy6zSlQNmRNVmuzkpXGQ3dxu05zSJ7j8fQEK7d-DeOw9mDyOuoOs9md2e1Hv5TUkVd89f33oxjse9tLGp8~SdmiLjcPpOqbsu8ylDsz~ymEmqeLCHG01zRQyVMKMK~SgIs3PiUAhHG4ifgA5PTDXfIbXsJU3oJARxN3qLPTqMJmFduJnjpDk4weSehpk5jKlVRBQMFT8EKKICNqcXj0BmgpCBW3qQNEKXjNX99vSe6Enk7hw~VuygjQXmu1BdJmLJuy9knikQUH-l~~4PMt5LMs-2AOdKeQZyav5pMZ4rnRWKpOk-thIg9V-P57oiDBrN7-yMK4orrOWLpw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"},{"id":116704749,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704749/thumbnails/1.jpg","file_name":"s40854-022-00384-z.pdf","download_url":"https://www.academia.edu/attachments/116704749/download_file","bulk_download_file_name":"Application_of_a_distributed_verificatio.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704749/s40854-022-00384-z-libre.pdf?1720632921=\u0026response-content-disposition=attachment%3B+filename%3DApplication_of_a_distributed_verificatio.pdf\u0026Expires=1743137660\u0026Signature=f1Zft8RJJnYCrov2l8SjkbQK4k6zsJBnBHlMXWBGGd0j8166fWQ5Qg8FTTJf1O2xFLDeB1O5Y7oAQhDJK9~67Y4DCSn31JtgtRB0VIL2pxV7pODkk4XboyNd3xzb2oIxek1PlilXj6X0KuUnJfotRytxiDEg7ULeMl0hBzKMz6rafZmAyMknbIlXfMoTpa~8ZfBE72Ro061eBi9aZVgnp8bXvYyANWhGBcAMZITe6t5lZ3sczFgbcpyoP-E5-~-P9l~pwh67Z6-LLQwND2gDKQdAos9X7VnDbJ3DgKKSjnob74Y5-F-jlZhE6clnbM2Spea8hn-TKv9R33dIIdTiew__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":5756,"name":"Microfinance","url":"https://www.academia.edu/Documents/in/Microfinance"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":79360,"name":"Financial Innovation","url":"https://www.academia.edu/Documents/in/Financial_Innovation"},{"id":299329,"name":"Outreach","url":"https://www.academia.edu/Documents/in/Outreach"},{"id":967457,"name":"Collateral","url":"https://www.academia.edu/Documents/in/Collateral"},{"id":1006340,"name":"Credit Rationing","url":"https://www.academia.edu/Documents/in/Credit_Rationing"}],"urls":[{"id":43462342,"url":"https://link.springer.com/content/pdf/10.1186/s40854-022-00384-z.pdf"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940067"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940067/Banks_financial_soundness_during_the_COVID_19_pandemic"><img alt="Research paper thumbnail of Banks’ financial soundness during the COVID-19 pandemic" class="work-thumbnail" src="https://attachments.academia-assets.com/116704748/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940067/Banks_financial_soundness_during_the_COVID_19_pandemic">Banks’ financial soundness during the COVID-19 pandemic</a></div><div class="wp-workCard_item"><span>Journal of Economics and Finance</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Ever since the COVID-19 pandemic hit the global economy, banks all over the world experienced sig...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Ever since the COVID-19 pandemic hit the global economy, banks all over the world experienced significant reductions in loan growth and increases in distressed and non-performing assets. The persistent increase in non-performing loans, accompanied by low interest rates, led to a surge in banking risk, posing a solemn threat to banks&#39; stability. In this paper, we empirically assess the accounting-and marketbased risks of banks during the COVID-19 pandemic. Using a quarterly panel of international banks over the period 2020:Q1-2021:Q1, we find that banks exhibit greater accounting risk and increased return volatility during the pandemic. In particular, we report that a 1% growth of total COVID cases reduces (increases) our sample banks&#39; z-score (standard deviation of quarterly return) by 0.756 (2.51%). Our results remain robust across alternative measures of the pandemic, z-score decomposition, and across daily and monthly stock returns. We obtain consistent results for both U.S. and non-U.S. banks, as well as for banks from both high-and low-income economies. We use a propensity score matching strategy to deal with endogeneity. Additional tests reveal that government responses such as economic support, stringency, and containment play important roles in banking risk and stability during the pandemic.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="8df35a3e8b529871adaf1b4da4edbcc5" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704748,&quot;asset_id&quot;:121940067,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704748/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940067"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940067"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940067; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940067]").text(description); $(".js-view-count[data-work-id=121940067]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940067; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940067']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "8df35a3e8b529871adaf1b4da4edbcc5" } } $('.js-work-strip[data-work-id=121940067]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940067,"title":"Banks’ financial soundness during the COVID-19 pandemic","translated_title":"","metadata":{"publisher":"Springer Science and Business Media LLC","ai_title_tag":"Bank Stability Risks Amid COVID-19","grobid_abstract":"Ever since the COVID-19 pandemic hit the global economy, banks all over the world experienced significant reductions in loan growth and increases in distressed and non-performing assets. 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class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940066/Revitalization_of_Waqf_for_Socio_Economic_Development_Volume_I">Revitalization of Waqf for Socio-Economic Development, Volume I</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The use of general descriptive names, registered names, trademarks, service marks, etc. in this p...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free 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href="https://www.academia.edu/121940065/Esg_Activities_and_Bank_Efficiency_Are_Islamic_Banks_Better"><img alt="Research paper thumbnail of Esg Activities and Bank Efficiency: Are Islamic Banks Better?" class="work-thumbnail" src="https://attachments.academia-assets.com/116704788/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940065/Esg_Activities_and_Bank_Efficiency_Are_Islamic_Banks_Better">Esg Activities and Bank Efficiency: Are Islamic Banks Better?</a></div><div class="wp-workCard_item"><span>Journal of Islamic Monetary Economics and Finance</span><span>, 2022</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">In this paper, we investigate the differential impact of ESG activities on banks’ technical effic...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">In this paper, we investigate the differential impact of ESG activities on banks’ technical efficiency for conventional and Islamic banks. We employ a Data Envelopment Analysis (DEA) technique to determine the efficiency scores of the banks. Based on a sample of 14 conventional and 11 Islamic banks from 4 countries over the period 2011 - 2019, we find that average DEA-generated efficiency of conventional (Islamic) banks is about 38.8% (42.45%). Baseline Tobit regressions suggest that ESG has an overall positive impact on banks’ efficiency. Further, we analyze the relationship for conventional and Islamic banks separately. We find that the positive effect sustains for conventional banks but turns out to be insignificant for Islamic banks. Our individual ESG dimension-wise analyses suggest that environmental activities positively influence the efficiency of both conventional and Islamic banks, whereas social activities strengthen the efficiency of conventional banks only. We do not fi...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="2eb2c1356bc48e9a47da38896ac59a5b" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704788,&quot;asset_id&quot;:121940065,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704788/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940065"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940065"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940065; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940065]").text(description); $(".js-view-count[data-work-id=121940065]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940065; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940065']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "2eb2c1356bc48e9a47da38896ac59a5b" } } $('.js-work-strip[data-work-id=121940065]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940065,"title":"Esg Activities and Bank Efficiency: Are Islamic Banks Better?","translated_title":"","metadata":{"abstract":"In this paper, we investigate the differential impact of ESG activities on banks’ technical efficiency for conventional and Islamic banks. We employ a Data Envelopment Analysis (DEA) technique to determine the efficiency scores of the banks. Based on a sample of 14 conventional and 11 Islamic banks from 4 countries over the period 2011 - 2019, we find that average DEA-generated efficiency of conventional (Islamic) banks is about 38.8% (42.45%). Baseline Tobit regressions suggest that ESG has an overall positive impact on banks’ efficiency. Further, we analyze the relationship for conventional and Islamic banks separately. We find that the positive effect sustains for conventional banks but turns out to be insignificant for Islamic banks. Our individual ESG dimension-wise analyses suggest that environmental activities positively influence the efficiency of both conventional and Islamic banks, whereas social activities strengthen the efficiency of conventional banks only. We do not fi...","publisher":"Bank Indonesia, Central Banking Research Department","publication_date":{"day":null,"month":null,"year":2022,"errors":{}},"publication_name":"Journal of Islamic Monetary Economics and Finance"},"translated_abstract":"In this paper, we investigate the differential impact of ESG activities on banks’ technical efficiency for conventional and Islamic banks. We employ a Data Envelopment Analysis (DEA) technique to determine the efficiency scores of the banks. Based on a sample of 14 conventional and 11 Islamic banks from 4 countries over the period 2011 - 2019, we find that average DEA-generated efficiency of conventional (Islamic) banks is about 38.8% (42.45%). Baseline Tobit regressions suggest that ESG has an overall positive impact on banks’ efficiency. Further, we analyze the relationship for conventional and Islamic banks separately. We find that the positive effect sustains for conventional banks but turns out to be insignificant for Islamic banks. 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The U.S. (i.e., developed financial market) country-specific 2 additional factors in the 5-factor model, RMW and CMA or profitability and investment premium, empirically cannot further capture the return variation of the classic three-factor/characteristic in China&#39;s stock market (i.e., developing financial markets). In China, based on our result, therefore, the classic threefactor outperforms the five-factor model. We do not presume that firms in different countries share the same features. Following Liu, Stambaugh, and Yuan (2019), we replaced the priceto-book ratio (PB) with the earnings-price ratio (EP). By using Shanghai and Shenzhen exchange stocks, we suggested that the explanatory uncertainty of HML only exists in the five-factor model. In the Fama MacBeth regression, the SMB and HML are significant factors in the three-factor model, explaining the return variation in China. Surprisingly, though the size effect is impressively persistent in both models, the ratio effect has limited explanatory power.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="c74cc6fc3da2740f30627f900f5c0086" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704786,&quot;asset_id&quot;:121940064,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704786/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940064"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940064"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940064; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940064]").text(description); $(".js-view-count[data-work-id=121940064]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940064; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940064']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "c74cc6fc3da2740f30627f900f5c0086" } } $('.js-work-strip[data-work-id=121940064]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940064,"title":"Chinese Equity Market Pricing and Loan Sales Discount in US Banking","translated_title":"","metadata":{"grobid_abstract":"In the recent decades, the Fama-French three-factor (1992, 1993, 1996) and five-factor (2015) models become the most widely used asset pricing models in the world. The U.S. (i.e., developed financial market) country-specific 2 additional factors in the 5-factor model, RMW and CMA or profitability and investment premium, empirically cannot further capture the return variation of the classic three-factor/characteristic in China's stock market (i.e., developing financial markets). In China, based on our result, therefore, the classic threefactor outperforms the five-factor model. We do not presume that firms in different countries share the same features. Following Liu, Stambaugh, and Yuan (2019), we replaced the priceto-book ratio (PB) with the earnings-price ratio (EP). By using Shanghai and Shenzhen exchange stocks, we suggested that the explanatory uncertainty of HML only exists in the five-factor model. In the Fama MacBeth regression, the SMB and HML are significant factors in the three-factor model, explaining the return variation in China. Surprisingly, though the size effect is impressively persistent in both models, the ratio effect has limited explanatory power.","publication_date":{"day":null,"month":null,"year":2020,"errors":{}},"grobid_abstract_attachment_id":116704786},"translated_abstract":null,"internal_url":"https://www.academia.edu/121940064/Chinese_Equity_Market_Pricing_and_Loan_Sales_Discount_in_US_Banking","translated_internal_url":"","created_at":"2024-07-10T10:20:47.747-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704786,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704786/thumbnails/1.jpg","file_name":"387593481.pdf","download_url":"https://www.academia.edu/attachments/116704786/download_file","bulk_download_file_name":"Chinese_Equity_Market_Pricing_and_Loan_S.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704786/387593481-libre.pdf?1720632991=\u0026response-content-disposition=attachment%3B+filename%3DChinese_Equity_Market_Pricing_and_Loan_S.pdf\u0026Expires=1743137660\u0026Signature=a-WOI6hnwFO44yZkaIINoirDqPGC2elZukE4-CTTILScbTbVaGYGz~ScXy3Jyr~9wJ8jaWl-4tOBJaMcFBuIS6S7i3T2RI2ghymQ4U~fo3Kz7gv-GEu7s0lakjZf3~yxQJpBq2-ORwq5wo7P3~NWD6ZoaJU0PuZfaGCgp-x6E7zeiLEbvY343pBq6MdKg2eB8KMQxy5DVfQ7F47EOTevwwQxcHUlKRUOP0JikPKZDgfDV~fs6CLbzfe0UjwQDwy~Cn-JggOSN7j-qXSRTQFVpPUfScJlB2r3kdG9GVLlJxels641Sky3YYGD7jTd5lGfLCBB~UfeI6qwOnWfkmDYsw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Chinese_Equity_Market_Pricing_and_Loan_Sales_Discount_in_US_Banking","translated_slug":"","page_count":58,"language":"en","content_type":"Work","summary":"In the recent decades, the Fama-French three-factor (1992, 1993, 1996) and five-factor (2015) models become the most widely used asset pricing models in the world. The U.S. (i.e., developed financial market) country-specific 2 additional factors in the 5-factor model, RMW and CMA or profitability and investment premium, empirically cannot further capture the return variation of the classic three-factor/characteristic in China's stock market (i.e., developing financial markets). In China, based on our result, therefore, the classic threefactor outperforms the five-factor model. We do not presume that firms in different countries share the same features. Following Liu, Stambaugh, and Yuan (2019), we replaced the priceto-book ratio (PB) with the earnings-price ratio (EP). By using Shanghai and Shenzhen exchange stocks, we suggested that the explanatory uncertainty of HML only exists in the five-factor model. In the Fama MacBeth regression, the SMB and HML are significant factors in the three-factor model, explaining the return variation in China. Surprisingly, though the size effect is impressively persistent in both models, the ratio effect has limited explanatory power.","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704786,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704786/thumbnails/1.jpg","file_name":"387593481.pdf","download_url":"https://www.academia.edu/attachments/116704786/download_file","bulk_download_file_name":"Chinese_Equity_Market_Pricing_and_Loan_S.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704786/387593481-libre.pdf?1720632991=\u0026response-content-disposition=attachment%3B+filename%3DChinese_Equity_Market_Pricing_and_Loan_S.pdf\u0026Expires=1743137660\u0026Signature=a-WOI6hnwFO44yZkaIINoirDqPGC2elZukE4-CTTILScbTbVaGYGz~ScXy3Jyr~9wJ8jaWl-4tOBJaMcFBuIS6S7i3T2RI2ghymQ4U~fo3Kz7gv-GEu7s0lakjZf3~yxQJpBq2-ORwq5wo7P3~NWD6ZoaJU0PuZfaGCgp-x6E7zeiLEbvY343pBq6MdKg2eB8KMQxy5DVfQ7F47EOTevwwQxcHUlKRUOP0JikPKZDgfDV~fs6CLbzfe0UjwQDwy~Cn-JggOSN7j-qXSRTQFVpPUfScJlB2r3kdG9GVLlJxels641Sky3YYGD7jTd5lGfLCBB~UfeI6qwOnWfkmDYsw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance"},{"id":1665,"name":"Asset Pricing","url":"https://www.academia.edu/Documents/in/Asset_Pricing"},{"id":88182,"name":"Loan","url":"https://www.academia.edu/Documents/in/Loan"},{"id":172189,"name":"Bailout","url":"https://www.academia.edu/Documents/in/Bailout"},{"id":457544,"name":"Depository Institutions","url":"https://www.academia.edu/Documents/in/Depository_Institutions"},{"id":1462110,"name":"Chinese Stock Market","url":"https://www.academia.edu/Documents/in/Chinese_Stock_Market"},{"id":1753712,"name":"Equity Law","url":"https://www.academia.edu/Documents/in/Equity_Law"},{"id":2609728,"name":"Financial Institutions and Services","url":"https://www.academia.edu/Documents/in/Financial_Institutions_and_Services"},{"id":2609729,"name":"Government Policy and Regulation","url":"https://www.academia.edu/Documents/in/Government_Policy_and_Regulation"},{"id":3913892,"name":"Fdic","url":"https://www.academia.edu/Documents/in/Fdic"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940063"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940063/Mechanisms_to_Handle_Default_Cases_in_Islamic_Banking_The_Malaysian_Approach"><img alt="Research paper thumbnail of Mechanisms to Handle Default Cases in Islamic Banking: The Malaysian Approach" class="work-thumbnail" src="https://attachments.academia-assets.com/116704756/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940063/Mechanisms_to_Handle_Default_Cases_in_Islamic_Banking_The_Malaysian_Approach">Mechanisms to Handle Default Cases in Islamic Banking: The Malaysian Approach</a></div><div class="wp-workCard_item"><span>International Journal of Economics and Politics</span><span>, 2021</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This research investigates how Islamic banking institutions control default cases and the mechani...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This research investigates how Islamic banking institutions control default cases and the mechanisms they employ in handling such cases with reference to Malaysian Islamic banking regime. It was conducted on an exploratory design that employed doctrinal approach. Data were sourced from relevant statutes, regulatory guidelines, policy documents and established practices among Islamic banking institutions as well as academic texts that pertain to default cases. The data were examined with legal reasoning and qualitative analysis. The research finds that Islamic banks are prone to default cases and provide internal and external mechanisms to handle such cases in their operations. Though Islamic banks statutorily have wider scope than conventional ones, both banks are subject of the same framework in matter of credit risk regulations in Malaysia. The fusion of technology within procedures and governance mechanisms of dealing with default cases offers distinct benefits for Islamic banks in Malaysia. Analysis and reasoning in this research are restricted to the Malaysian Islamic banking regime only due to legal peculiarities among Islamic finance jurisdictions. Likewise, the research is confined to legal and regulatory perception of default cases only and could be furthered onto perceptions of other stakeholders in debt-recovery process. Again, subjective interpretation is inevitable in the analysis of some cases considered.This research contributes towards default cases literature in relation to Islamic banks and offers to fill research gaps therein. The research assists in understanding default control mechanisms employed by Islamic banks in Malaysia and stands to impart lessons to other jurisdictions thereon.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="4fe69e27612b032ecff7d60f044ba6aa" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704756,&quot;asset_id&quot;:121940063,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704756/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940063"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940063"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940063; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940063]").text(description); $(".js-view-count[data-work-id=121940063]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940063; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940063']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "4fe69e27612b032ecff7d60f044ba6aa" } } $('.js-work-strip[data-work-id=121940063]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940063,"title":"Mechanisms to Handle Default Cases in Islamic Banking: The Malaysian Approach","translated_title":"","metadata":{"publisher":"Armenian Green Publishing Co.","ai_title_tag":"Default Case Management in Malaysian Islamic Banking","grobid_abstract":"This research investigates how Islamic banking institutions control default cases and the mechanisms they employ in handling such cases with reference to Malaysian Islamic banking regime. It was conducted on an exploratory design that employed doctrinal approach. Data were sourced from relevant statutes, regulatory guidelines, policy documents and established practices among Islamic banking institutions as well as academic texts that pertain to default cases. The data were examined with legal reasoning and qualitative analysis. The research finds that Islamic banks are prone to default cases and provide internal and external mechanisms to handle such cases in their operations. Though Islamic banks statutorily have wider scope than conventional ones, both banks are subject of the same framework in matter of credit risk regulations in Malaysia. The fusion of technology within procedures and governance mechanisms of dealing with default cases offers distinct benefits for Islamic banks in Malaysia. Analysis and reasoning in this research are restricted to the Malaysian Islamic banking regime only due to legal peculiarities among Islamic finance jurisdictions. Likewise, the research is confined to legal and regulatory perception of default cases only and could be furthered onto perceptions of other stakeholders in debt-recovery process. Again, subjective interpretation is inevitable in the analysis of some cases considered.This research contributes towards default cases literature in relation to Islamic banks and offers to fill research gaps therein. The research assists in understanding default control mechanisms employed by Islamic banks in Malaysia and stands to impart lessons to other jurisdictions thereon.","publication_date":{"day":null,"month":null,"year":2021,"errors":{}},"publication_name":"International Journal of Economics and Politics","grobid_abstract_attachment_id":116704756},"translated_abstract":null,"internal_url":"https://www.academia.edu/121940063/Mechanisms_to_Handle_Default_Cases_in_Islamic_Banking_The_Malaysian_Approach","translated_internal_url":"","created_at":"2024-07-10T10:20:47.510-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704756,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704756/thumbnails/1.jpg","file_name":"article_100536_ae9857a3511a4a05ffb9e1991d30fd9e.pdf","download_url":"https://www.academia.edu/attachments/116704756/download_file","bulk_download_file_name":"Mechanisms_to_Handle_Default_Cases_in_Is.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704756/article_100536_ae9857a3511a4a05ffb9e1991d30fd9e-libre.pdf?1720632922=\u0026response-content-disposition=attachment%3B+filename%3DMechanisms_to_Handle_Default_Cases_in_Is.pdf\u0026Expires=1743137660\u0026Signature=OsEGRAwAZR89MbPy~oMhhHjOk2U0qsC~bgcA~eVv1UH9lqm2DDXXBi2FLrg8rI4NM2nu9-MJDn7Q5CvuY1dIv8qwyx~eP3FjGBSJwWZW9IlfNL~SuqOzKoafXN2JNkYjPQWG-NB8hzuN6ji2hRKstDItyo8sQo~w3jfpfYwAY3DFuXIe-NnSiTVKm6XglpKRsNsKCxc5TKfZ--pToRra9ei~EVtYx-WjL8dj65Pnb~SdTVWkRgMUtGQGFHnuSlHJMXUqx6fswEmzRRxG9Fgm7k~YP6bPTM1FoaD0r~Ayp2kwL7IuksNaqRBzev7noAkke4g-t9rx-p5OD0bCpc555Q__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Mechanisms_to_Handle_Default_Cases_in_Islamic_Banking_The_Malaysian_Approach","translated_slug":"","page_count":19,"language":"en","content_type":"Work","summary":"This research investigates how Islamic banking institutions control default cases and the mechanisms they employ in handling such cases with reference to Malaysian Islamic banking regime. It was conducted on an exploratory design that employed doctrinal approach. Data were sourced from relevant statutes, regulatory guidelines, policy documents and established practices among Islamic banking institutions as well as academic texts that pertain to default cases. The data were examined with legal reasoning and qualitative analysis. The research finds that Islamic banks are prone to default cases and provide internal and external mechanisms to handle such cases in their operations. Though Islamic banks statutorily have wider scope than conventional ones, both banks are subject of the same framework in matter of credit risk regulations in Malaysia. The fusion of technology within procedures and governance mechanisms of dealing with default cases offers distinct benefits for Islamic banks in Malaysia. Analysis and reasoning in this research are restricted to the Malaysian Islamic banking regime only due to legal peculiarities among Islamic finance jurisdictions. Likewise, the research is confined to legal and regulatory perception of default cases only and could be furthered onto perceptions of other stakeholders in debt-recovery process. Again, subjective interpretation is inevitable in the analysis of some cases considered.This research contributes towards default cases literature in relation to Islamic banks and offers to fill research gaps therein. The research assists in understanding default control mechanisms employed by Islamic banks in Malaysia and stands to impart lessons to other jurisdictions thereon.","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704756,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704756/thumbnails/1.jpg","file_name":"article_100536_ae9857a3511a4a05ffb9e1991d30fd9e.pdf","download_url":"https://www.academia.edu/attachments/116704756/download_file","bulk_download_file_name":"Mechanisms_to_Handle_Default_Cases_in_Is.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704756/article_100536_ae9857a3511a4a05ffb9e1991d30fd9e-libre.pdf?1720632922=\u0026response-content-disposition=attachment%3B+filename%3DMechanisms_to_Handle_Default_Cases_in_Is.pdf\u0026Expires=1743137660\u0026Signature=OsEGRAwAZR89MbPy~oMhhHjOk2U0qsC~bgcA~eVv1UH9lqm2DDXXBi2FLrg8rI4NM2nu9-MJDn7Q5CvuY1dIv8qwyx~eP3FjGBSJwWZW9IlfNL~SuqOzKoafXN2JNkYjPQWG-NB8hzuN6ji2hRKstDItyo8sQo~w3jfpfYwAY3DFuXIe-NnSiTVKm6XglpKRsNsKCxc5TKfZ--pToRra9ei~EVtYx-WjL8dj65Pnb~SdTVWkRgMUtGQGFHnuSlHJMXUqx6fswEmzRRxG9Fgm7k~YP6bPTM1FoaD0r~Ayp2kwL7IuksNaqRBzev7noAkke4g-t9rx-p5OD0bCpc555Q__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt"},{"id":271529,"name":"Economics and Politics","url":"https://www.academia.edu/Documents/in/Economics_and_Politics-1"}],"urls":[{"id":43462339,"url":"http://jep.sbu.ac.ir/article_100536_ae9857a3511a4a05ffb9e1991d30fd9e.pdf"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940062"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940062/Introduction_empirical_research_on_Islam_and_economic_life"><img alt="Research paper thumbnail of Introduction: empirical research on Islam and economic life" class="work-thumbnail" src="https://attachments.academia-assets.com/116704783/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940062/Introduction_empirical_research_on_Islam_and_economic_life">Introduction: empirical research on Islam and economic life</a></div><div class="wp-workCard_item"><span>Handbook of Empirical Research on Islam and Economic Life</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The turmoil left in the wake of the global financial crisis presents an opportune time to rethink...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The turmoil left in the wake of the global financial crisis presents an opportune time to rethink the government invention/free market dichotomy that has characterized the bulk of conventional wisdom regarding the international financial system. Islamic finance, with its emphasis on reducing risk and preventing harm before it occurs rather than minimizing harm after the fact, offers a compelling approach to finance that can thwart market failures and avert crises before they start. The unique character of Islamic finance flows naturally from the example of the Holy Quran, and as such there is an unmistakable moral component to it. Islamic finance is built on a foundation of socioeconomic justice for all and sustainable growth facilitated by prudent stewardship of natural resources so that future generations may also enjoy the fruits of economic development. Islamic finance&#39;s requirement of shariah-compliance leads to a host of rules and regulations that distinguish it from conventional finance. Chief among them are the prohibition of usury (riba), gambling (maisir) and unjustified ambiguity (gharar), the prerequisite that income be derived from productive economic activities and profits be shared fairly, and the ban on investing in certain industries that are considered forbidden (haram) owing to their toxic effects on society. These idiosyncrasies of Islamic finance clearly help spread socioeconomic justice throughout society. The ban on interest protects the poor from falling victim to predatory lending which exacerbates the cycle of poverty. It also compels the wealthy to invest in projects that have actual value in the real economy rather than passively letting their money grow automatically without putting in any real effort or, worse yet, gambling with other people&#39;s money in wild speculation schemes. The often exploitative relationship between borrower and lender is thus replaced by a more equitable arrangement governed by profit-and-loss sharing (PLS) contracts. Under the terms of a PLS contract, both parties have rights and responsibilities and share in any profits or losses that may accrue. By cultivating a more sensible relationship between risk and reward, PLS contracts bolster productive economic activity and entrepreneurship. Financiers do not view borrowers as pawns to be manipulated in their endless quest to maximize profits, but rather as partners. The admonition against gharar helps to ensure that one party to an economic transaction does not exploit the other party by withholding information or giving misleading information. Transparency is of paramount importance. This helps reduce fraud and alleviates the negative effects of information asymmetries, as all parties are apprised of the risks involved and can make informed decisions about their investment. As outlined above, Islamic finance is not merely concerned with maximizing profit. It is part of a larger moral and ethical code of behavior that permeates all facets of society. This code dictates that it is better to forgo the possibility of profit all together if doing</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="07ebcfc143a2d36ed3f5f41cb10379cd" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704783,&quot;asset_id&quot;:121940062,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704783/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940062"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940062"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940062; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940062]").text(description); $(".js-view-count[data-work-id=121940062]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940062; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940062']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "07ebcfc143a2d36ed3f5f41cb10379cd" } } $('.js-work-strip[data-work-id=121940062]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940062,"title":"Introduction: empirical research on Islam and economic life","translated_title":"","metadata":{"publisher":"Edward Elgar Publishing","ai_title_tag":"Islamic Finance: Ethics and Economic Justice","grobid_abstract":"The turmoil left in the wake of the global financial crisis presents an opportune time to rethink the government invention/free market dichotomy that has characterized the bulk of conventional wisdom regarding the international financial system. 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(2011) find a positive relationship between financial development and economic growth in OIC (Organization of Islamic Cooperation) developing countries. Caveats • In the interest based financial intermediation, the access to finance is available primarily to rich capitalists who can reveal the financial capacity in the form of endowments that are acceptable as collateral. • The majority of people who do not have ownership of assets that are acceptable as collateral remain excluded especially from the financial credit services. • WB estimates total unbanked population to be 1.7 billion in 2017 and 2 billion in 2014) • Increased penetration and deepening of such a financial architecture brings about growth, but also exacerbates income inequality.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="96e230af4f3ca6be8ac72d1e28cdb607" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704744,&quot;asset_id&quot;:121940061,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704744/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940061"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940061"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940061; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940061]").text(description); $(".js-view-count[data-work-id=121940061]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940061; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940061']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "96e230af4f3ca6be8ac72d1e28cdb607" } } $('.js-work-strip[data-work-id=121940061]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940061,"title":"Economic analysis of Islamic monetary framework and instruments","translated_title":"","metadata":{"grobid_abstract":"• Levine (2002) using crosscountry data argues that financial development is robustly linked with economic growth. • Furthermore, Hassan et al. 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Caveats • In the interest based financial intermediation, the access to finance is available primarily to rich capitalists who can reveal the financial capacity in the form of endowments that are acceptable as collateral. • The majority of people who do not have ownership of assets that are acceptable as collateral remain excluded especially from the financial credit services. • WB estimates total unbanked population to be 1.7 billion in 2017 and 2 billion in 2014) • Increased penetration and deepening of such a financial architecture brings about growth, but also exacerbates income inequality.","publication_date":{"day":null,"month":null,"year":2020,"errors":{}},"grobid_abstract_attachment_id":116704744},"translated_abstract":null,"internal_url":"https://www.academia.edu/121940061/Economic_analysis_of_Islamic_monetary_framework_and_instruments","translated_internal_url":"","created_at":"2024-07-10T10:20:47.040-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704744,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704744/thumbnails/1.jpg","file_name":"islamic-economy-workshop-vii.pdf","download_url":"https://www.academia.edu/attachments/116704744/download_file","bulk_download_file_name":"Economic_analysis_of_Islamic_monetary_fr.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704744/islamic-economy-workshop-vii-libre.pdf?1720632930=\u0026response-content-disposition=attachment%3B+filename%3DEconomic_analysis_of_Islamic_monetary_fr.pdf\u0026Expires=1743137660\u0026Signature=A~WRP0~6WCM-7J7U~~s~rHtt7qe36JaR3Itjm05t1i949Gj1WpG8K77hNXHZWqjo6dL-ZdjRI9jE5rFznC1vkX2PROVBqN5BADamvsG3esySmZ2YGCvEkxayDUIMa1CFBlQW4uC~8~S6~mE52Ye9ebG-LEL6~tcOB4Cq8nQfALYAomCSjIwx1zbfJb9Qsc6UJOEzI65kqsB5~sJqlQRHRGwFfnwQ01WJtO4ONZStzTdVYCzN1ABNw5YRqur8f6Mvz5JHuOqZz5x~Pl3hzySBoD-cit1VHpo5y-Tpy3dYRjvlpgAX0Z5a0pj7wA9C~HRRAfvPgKfROh9w8vfnuOfUfw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Economic_analysis_of_Islamic_monetary_framework_and_instruments","translated_slug":"","page_count":31,"language":"en","content_type":"Work","summary":"• Levine (2002) using crosscountry data argues that financial development is robustly linked with economic growth. • Furthermore, Hassan et al. (2011) find a positive relationship between financial development and economic growth in OIC (Organization of Islamic Cooperation) developing countries. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940060"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940060/Are_safe_haven_assets_really_safe_during_the_2008_global_financial_crisis_and_COVID_19_pandemic"><img alt="Research paper thumbnail of Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?" class="work-thumbnail" src="https://attachments.academia-assets.com/116704785/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940060/Are_safe_haven_assets_really_safe_during_the_2008_global_financial_crisis_and_COVID_19_pandemic">Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?</a></div><div class="wp-workCard_item"><span>Global Finance Journal</span><span>, 2021</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This study evaluates the safe-haven role of twelve assets against the US stock market during the ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This study evaluates the safe-haven role of twelve assets against the US stock market during the 2008 global financial crisis (GFC) and the COVID-19 pandemic. Our results show that silver and the Islamic stock index were safe havens during the 2008 GFC, and the Islamic stock index and Tether have been safe havens during COVID-19. We observe that the Islamic stock index and Tether have emerged as strong new safe havens. However, our supplementary analysis reveals that gold and Bitcoin still exhibit safe-haven behavior during severe market downturns. Overall, our findings suggest that safe-haven assets may vary over time.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="d5faf4ba488897b4e25a669ead8320e3" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704785,&quot;asset_id&quot;:121940060,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704785/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940060"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940060"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940060; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940060]").text(description); $(".js-view-count[data-work-id=121940060]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940060; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940060']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "d5faf4ba488897b4e25a669ead8320e3" } } $('.js-work-strip[data-work-id=121940060]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940060,"title":"Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?","translated_title":"","metadata":{"publisher":"Elsevier BV","grobid_abstract":"This study evaluates the safe-haven role of twelve assets against the US stock market during the 2008 global financial crisis (GFC) and the COVID-19 pandemic. 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The results depict that more nations that have developed financial markets, higher credit quality, and strong economic/financial prospects, issue sovereign Sukuk rather than sovereign conventional bonds. Dealing with Sukuk bonds can be a strategy to diversify and develop current debt markets by introducing newly-developed debt tools. However, less economically developed nations countries are typically issuing insurance for classic sovereign bonds. Our findings suggest that a government’s choice of sovereign debt is influenced mainly from national financial and macroeconomic indicators, as well as specific events. Countries with developed financial markets, strong economic indicators, high credit quality, and susta...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="32ac4889f86d8aad43bb4ba7eee4e462" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704742,&quot;asset_id&quot;:121940059,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704742/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940059"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940059"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940059; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940059]").text(description); $(".js-view-count[data-work-id=121940059]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940059; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940059']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "32ac4889f86d8aad43bb4ba7eee4e462" } } $('.js-work-strip[data-work-id=121940059]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940059,"title":"Sovereign Debt Issuance Choice: Sukuk vs Conventional Bonds","translated_title":"","metadata":{"abstract":"This paper investigates the determinants and their factors that affect governments’ decision to employ sovereign Sukuk over conventional bonds; the research is based on a sample of 143 Sukuk and 602 conventional sovereign bonds issued in 16 OIC countries from 2000 to 2015. 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Our findings suggest that a government’s choice of sovereign debt is influenced mainly from national financial and macroeconomic indicators, as well as specific events. Countries with developed financial markets, strong economic indicators, high credit quality, and susta...","internal_url":"https://www.academia.edu/121940059/Sovereign_Debt_Issuance_Choice_Sukuk_vs_Conventional_Bonds","translated_internal_url":"","created_at":"2024-07-10T10:20:45.340-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704742,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704742/thumbnails/1.jpg","file_name":"803.pdf","download_url":"https://www.academia.edu/attachments/116704742/download_file","bulk_download_file_name":"Sovereign_Debt_Issuance_Choice_Sukuk_vs.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704742/803-libre.pdf?1720632936=\u0026response-content-disposition=attachment%3B+filename%3DSovereign_Debt_Issuance_Choice_Sukuk_vs.pdf\u0026Expires=1743137660\u0026Signature=ETfq7auop8vfMM8~1sXW68SiPPJUVh9fnJHfgeUEVdUH8SDjSZu3NTLKeOZwlYdjtyd9Fo7kK-DrmltP8KR~S0Za9KDsi~LOhsnBiX7x3oT4SqE9uj74iAkSqSzG-SEccXqnJJVKS8~H1oLMV~fLYrSE6OIplKaLhaB5GyeZCQQUc8jo1Gob5gbFNj77qbY6drGsEJNzj3~UCVoOfV1SetLc0Ms7CB4m5Eq1kXqHAe6raiUCsEifhOOgDoKNhlt7EJcSt8ejVE2DpXpe-Dj84m9zP4XLDyI4M2tOMS1KLd3jReKmlhhN64B1AW7GGPboAlxcCNrzJZn8aj07wo59Xg__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Sovereign_Debt_Issuance_Choice_Sukuk_vs_Conventional_Bonds","translated_slug":"","page_count":20,"language":"en","content_type":"Work","summary":"This paper investigates the determinants and their factors that affect governments’ decision to employ sovereign Sukuk over conventional bonds; the research is based on a sample of 143 Sukuk and 602 conventional sovereign bonds issued in 16 OIC countries from 2000 to 2015. The results depict that more nations that have developed financial markets, higher credit quality, and strong economic/financial prospects, issue sovereign Sukuk rather than sovereign conventional bonds. Dealing with Sukuk bonds can be a strategy to diversify and develop current debt markets by introducing newly-developed debt tools. However, less economically developed nations countries are typically issuing insurance for classic sovereign bonds. Our findings suggest that a government’s choice of sovereign debt is influenced mainly from national financial and macroeconomic indicators, as well as specific events. Countries with developed financial markets, strong economic indicators, high credit quality, and susta...","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704742,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704742/thumbnails/1.jpg","file_name":"803.pdf","download_url":"https://www.academia.edu/attachments/116704742/download_file","bulk_download_file_name":"Sovereign_Debt_Issuance_Choice_Sukuk_vs.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704742/803-libre.pdf?1720632936=\u0026response-content-disposition=attachment%3B+filename%3DSovereign_Debt_Issuance_Choice_Sukuk_vs.pdf\u0026Expires=1743137660\u0026Signature=ETfq7auop8vfMM8~1sXW68SiPPJUVh9fnJHfgeUEVdUH8SDjSZu3NTLKeOZwlYdjtyd9Fo7kK-DrmltP8KR~S0Za9KDsi~LOhsnBiX7x3oT4SqE9uj74iAkSqSzG-SEccXqnJJVKS8~H1oLMV~fLYrSE6OIplKaLhaB5GyeZCQQUc8jo1Gob5gbFNj77qbY6drGsEJNzj3~UCVoOfV1SetLc0Ms7CB4m5Eq1kXqHAe6raiUCsEifhOOgDoKNhlt7EJcSt8ejVE2DpXpe-Dj84m9zP4XLDyI4M2tOMS1KLd3jReKmlhhN64B1AW7GGPboAlxcCNrzJZn8aj07wo59Xg__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"},{"id":116704743,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704743/thumbnails/1.jpg","file_name":"803.pdf","download_url":"https://www.academia.edu/attachments/116704743/download_file","bulk_download_file_name":"Sovereign_Debt_Issuance_Choice_Sukuk_vs.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704743/803-libre.pdf?1720632931=\u0026response-content-disposition=attachment%3B+filename%3DSovereign_Debt_Issuance_Choice_Sukuk_vs.pdf\u0026Expires=1743137660\u0026Signature=Q0ukRwBi2eLE7cibSffXd5OmNI-vToOuC2ru08iwuFjXPbu2PLZyScyI-WDkRJelRmltrRQqKWHsaSh9KhvDUAReCu1sWomEJSFzgmEwn4dfj0Wxit8iGBeSUjPY8cRMsbNgI8j4J9eFWYi9GKwzeCPp5Fc9GZob4ryj3Kmzcm4kWXpCq4KLXGiTnIvdXbMSOI2OhWBQi0idj69zcDCHwYuG-yLuSDsFVefkxuEDOeE2C8hGOG9wJuTQpT-1QqMWyyNb2up7PmJM77XyHsqanXuXZCXhBiA7yzOKqps6~Iw9TKHRpV1Wws8721UVNYaTgyC6gcpA20-x5qysnpKLMg__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":3661,"name":"Sovereignty","url":"https://www.academia.edu/Documents/in/Sovereignty"},{"id":49199,"name":"Sukuk","url":"https://www.academia.edu/Documents/in/Sukuk"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt"},{"id":298391,"name":"Bond","url":"https://www.academia.edu/Documents/in/Bond"}],"urls":[{"id":43462336,"url":"https://jimf-bi.org/index.php/JIMF/article/download/1104/803"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940058"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940058/The_inter_temporal_relationship_between_risk_capital_and_efficiency_The_case_of_Islamic_and_conventional_banks"><img alt="Research paper thumbnail of The inter-temporal relationship between risk, capital and efficiency: The case of Islamic and conventional banks" class="work-thumbnail" src="https://attachments.academia-assets.com/116704781/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940058/The_inter_temporal_relationship_between_risk_capital_and_efficiency_The_case_of_Islamic_and_conventional_banks">The inter-temporal relationship between risk, capital and efficiency: The case of Islamic and conventional banks</a></div><div class="wp-workCard_item"><span>Pacific-Basin Finance Journal</span><span>, 2020</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The paper investigates the relationship between risk, capital and efficiency for Islamic and conv...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The paper investigates the relationship between risk, capital and efficiency for Islamic and conventional banks using a dataset spanning 14 countries over the 2000-2012 period. We use the z-score as a proxy for insolvency risk, cost efficiency is estimated via a stochastic frontier approach and capitalisation is reflected on the equity to assets ratio. An array of bank-specific, macroeconomic and market structure variables are used in a system of three equations, estimated using the seemingly unrelated regression (SUR) technique. We find that the capitalisation response to increases in insolvency risk is more pronounced for Islamic banks but has an approximately five-times smaller effect on risk mitigation compared to conventional banks. Higher cost efficiency is related to lower risk for conventional banks, but the opposite is true for Islamic banks. The link between cost efficiency and capitalisation attests to a substitutional effect for the case of conventional banks, but a complementary effect for Islamic banks. Our findings give new insights on the use of efficiency to gauge capital requirements for financial institutions and are particularly relevant for regulators and policy makers in countries where both bank types operate.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="42bb98f23e4e72b2d6e7c0b158297151" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704781,&quot;asset_id&quot;:121940058,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704781/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940058"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940058"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940058; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940058]").text(description); $(".js-view-count[data-work-id=121940058]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940058; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940058']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "42bb98f23e4e72b2d6e7c0b158297151" } } $('.js-work-strip[data-work-id=121940058]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940058,"title":"The inter-temporal relationship between risk, capital and efficiency: The case of Islamic and conventional banks","translated_title":"","metadata":{"publisher":"Elsevier BV","ai_title_tag":"Risk, Capital, and Efficiency in Banking","grobid_abstract":"The paper investigates the relationship between risk, capital and efficiency for Islamic and conventional banks using a dataset spanning 14 countries over the 2000-2012 period. We use the z-score as a proxy for insolvency risk, cost efficiency is estimated via a stochastic frontier approach and capitalisation is reflected on the equity to assets ratio. An array of bank-specific, macroeconomic and market structure variables are used in a system of three equations, estimated using the seemingly unrelated regression (SUR) technique. We find that the capitalisation response to increases in insolvency risk is more pronounced for Islamic banks but has an approximately five-times smaller effect on risk mitigation compared to conventional banks. Higher cost efficiency is related to lower risk for conventional banks, but the opposite is true for Islamic banks. The link between cost efficiency and capitalisation attests to a substitutional effect for the case of conventional banks, but a complementary effect for Islamic banks. Our findings give new insights on the use of efficiency to gauge capital requirements for financial institutions and are particularly relevant for regulators and policy makers in countries where both bank types operate.","publication_date":{"day":null,"month":null,"year":2020,"errors":{}},"publication_name":"Pacific-Basin Finance Journal","grobid_abstract_attachment_id":116704781},"translated_abstract":null,"internal_url":"https://www.academia.edu/121940058/The_inter_temporal_relationship_between_risk_capital_and_efficiency_The_case_of_Islamic_and_conventional_banks","translated_internal_url":"","created_at":"2024-07-10T10:20:45.069-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704781,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704781/thumbnails/1.jpg","file_name":"SAEED_Feb2020.pdf","download_url":"https://www.academia.edu/attachments/116704781/download_file","bulk_download_file_name":"The_inter_temporal_relationship_between.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704781/SAEED_Feb2020-libre.pdf?1720632937=\u0026response-content-disposition=attachment%3B+filename%3DThe_inter_temporal_relationship_between.pdf\u0026Expires=1743137660\u0026Signature=S9LMXJjm4cWHRIMYCo~qaWDgCfl~neMp66CIckJclppN7cYMMgPVObs0Dk0IEWBBOUxlM63yaQuhJoQh2aI2NxTCu20E2fYNRVacy4DWAT1ZlLXBmcu2PSa89j6cw4d4sjeNlwpEruMD~Z~85relod8la~R9JVHniujTa02-8Unl3VSgAehQnUlcMLJFQE6LKoSi2NS03WLA0Hnb3VM2IZfanluAKeL-U8b2Rs5cgZfKLbiGX-A4JwbOGAdNNvMYiTiqHDeKj11Gma3QRY5GLp5OLXQ86UEV4ehlvUHJT4EKwDFM~7fj5lQQxDpeK4ayNl1Ff4w71KW7trpEAJ5gHA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"The_inter_temporal_relationship_between_risk_capital_and_efficiency_The_case_of_Islamic_and_conventional_banks","translated_slug":"","page_count":37,"language":"en","content_type":"Work","summary":"The paper investigates the relationship between risk, capital and efficiency for Islamic and conventional banks using a dataset spanning 14 countries over the 2000-2012 period. We use the z-score as a proxy for insolvency risk, cost efficiency is estimated via a stochastic frontier approach and capitalisation is reflected on the equity to assets ratio. An array of bank-specific, macroeconomic and market structure variables are used in a system of three equations, estimated using the seemingly unrelated regression (SUR) technique. We find that the capitalisation response to increases in insolvency risk is more pronounced for Islamic banks but has an approximately five-times smaller effect on risk mitigation compared to conventional banks. Higher cost efficiency is related to lower risk for conventional banks, but the opposite is true for Islamic banks. The link between cost efficiency and capitalisation attests to a substitutional effect for the case of conventional banks, but a complementary effect for Islamic banks. Our findings give new insights on the use of efficiency to gauge capital requirements for financial institutions and are particularly relevant for regulators and policy makers in countries where both bank types operate.","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704781,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704781/thumbnails/1.jpg","file_name":"SAEED_Feb2020.pdf","download_url":"https://www.academia.edu/attachments/116704781/download_file","bulk_download_file_name":"The_inter_temporal_relationship_between.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704781/SAEED_Feb2020-libre.pdf?1720632937=\u0026response-content-disposition=attachment%3B+filename%3DThe_inter_temporal_relationship_between.pdf\u0026Expires=1743137660\u0026Signature=S9LMXJjm4cWHRIMYCo~qaWDgCfl~neMp66CIckJclppN7cYMMgPVObs0Dk0IEWBBOUxlM63yaQuhJoQh2aI2NxTCu20E2fYNRVacy4DWAT1ZlLXBmcu2PSa89j6cw4d4sjeNlwpEruMD~Z~85relod8la~R9JVHniujTa02-8Unl3VSgAehQnUlcMLJFQE6LKoSi2NS03WLA0Hnb3VM2IZfanluAKeL-U8b2Rs5cgZfKLbiGX-A4JwbOGAdNNvMYiTiqHDeKj11Gma3QRY5GLp5OLXQ86UEV4ehlvUHJT4EKwDFM~7fj5lQQxDpeK4ayNl1Ff4w71KW7trpEAJ5gHA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":361468,"name":"Capital Adequacy Ratio","url":"https://www.academia.edu/Documents/in/Capital_Adequacy_Ratio"},{"id":393547,"name":"Insolvency","url":"https://www.academia.edu/Documents/in/Insolvency"},{"id":1753712,"name":"Equity Law","url":"https://www.academia.edu/Documents/in/Equity_Law"},{"id":2210371,"name":"Hg","url":"https://www.academia.edu/Documents/in/Hg"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking"}],"urls":[{"id":43462335,"url":"https://api.elsevier.com/content/article/PII:S0927538X19305992?httpAccept=text/xml"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940057"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940057/Non_Performing_Loans_and_Bank_Efficiency_of_Conventional_and_Islamic_Banks_in_the_Organization_of_Islamic_Cooperation_OIC_Countries"><img alt="Research paper thumbnail of Non-Performing Loans and Bank Efficiency of Conventional and Islamic Banks in the Organization of Islamic Cooperation (OIC) Countries" class="work-thumbnail" src="https://attachments.academia-assets.com/116704778/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940057/Non_Performing_Loans_and_Bank_Efficiency_of_Conventional_and_Islamic_Banks_in_the_Organization_of_Islamic_Cooperation_OIC_Countries">Non-Performing Loans and Bank Efficiency of Conventional and Islamic Banks in the Organization of Islamic Cooperation (OIC) Countries</a></div><div class="wp-workCard_item"><span>Journal of Islamic Economics Banking and Finance</span><span>, 2017</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper investigates the inter-temporal relationships between bank efficiency and problem loan...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper investigates the inter-temporal relationships between bank efficiency and problem loans as well as financing of conventional and Islamic banks as proposed by Berger and DeYoung (1997). The efficiency level and the managerial behavior of conventional and Islamic banks in the Organization of Islamic Cooperation (OIC) countries divided into the regions: Asian, African, Middle East and Turkey are investigated during the period 1993-2007. The findings show that cost efficiency is higher than profit efficiency for the sampled banks in the OIC countries. As for the inter-temporal relationships between bank efficiency and problem loans and financing, suggests that there is no evidence for &#39;bad luck&#39; of conventional banks in all regions, but support the &#39;bad management&#39; and &#39;skimping&#39; except in the African region. On the other hand for Islamic banks, there is evidence of &#39;bad luck&#39; in Asia, the Middle East and Turkey, and support for &#39;bad management&#39; in African and Middle East region and Turkey, except in Asia. All regions support &#39;skimping&#39; behavior for Islamic banks. These findings imply that the increase of non-performing loans of conventional banks is mainly caused by poor management rather than external factors, but the increase of non-performing financing of Islamic banks are caused by both internal and external factors.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="6deba06b0cf01baeaadf70c64eacabff" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704778,&quot;asset_id&quot;:121940057,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704778/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940057"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940057"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940057; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940057]").text(description); $(".js-view-count[data-work-id=121940057]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940057; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940057']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "6deba06b0cf01baeaadf70c64eacabff" } } $('.js-work-strip[data-work-id=121940057]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940057,"title":"Non-Performing Loans and Bank Efficiency of Conventional and Islamic Banks in the Organization of Islamic Cooperation (OIC) Countries","translated_title":"","metadata":{"publisher":"TechKnowledge General Trading LLC","grobid_abstract":"This paper investigates the inter-temporal relationships between bank efficiency and problem loans as well as financing of conventional and Islamic banks as proposed by Berger and DeYoung (1997). The efficiency level and the managerial behavior of conventional and Islamic banks in the Organization of Islamic Cooperation (OIC) countries divided into the regions: Asian, African, Middle East and Turkey are investigated during the period 1993-2007. The findings show that cost efficiency is higher than profit efficiency for the sampled banks in the OIC countries. As for the inter-temporal relationships between bank efficiency and problem loans and financing, suggests that there is no evidence for 'bad luck' of conventional banks in all regions, but support the 'bad management' and 'skimping' except in the African region. On the other hand for Islamic banks, there is evidence of 'bad luck' in Asia, the Middle East and Turkey, and support for 'bad management' in African and Middle East region and Turkey, except in Asia. All regions support 'skimping' behavior for Islamic banks. 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The efficiency level and the managerial behavior of conventional and Islamic banks in the Organization of Islamic Cooperation (OIC) countries divided into the regions: Asian, African, Middle East and Turkey are investigated during the period 1993-2007. The findings show that cost efficiency is higher than profit efficiency for the sampled banks in the OIC countries. As for the inter-temporal relationships between bank efficiency and problem loans and financing, suggests that there is no evidence for 'bad luck' of conventional banks in all regions, but support the 'bad management' and 'skimping' except in the African region. On the other hand for Islamic banks, there is evidence of 'bad luck' in Asia, the Middle East and Turkey, and support for 'bad management' in African and Middle East region and Turkey, except in Asia. All regions support 'skimping' behavior for Islamic banks. These findings imply that the increase of non-performing loans of conventional banks is mainly caused by poor management rather than external factors, but the increase of non-performing financing of Islamic banks are caused by both internal and external factors.","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704778,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704778/thumbnails/1.jpg","file_name":"v13_n4_article2.pdf","download_url":"https://www.academia.edu/attachments/116704778/download_file","bulk_download_file_name":"Non_Performing_Loans_and_Bank_Efficiency.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704778/v13_n4_article2-libre.pdf?1720632920=\u0026response-content-disposition=attachment%3B+filename%3DNon_Performing_Loans_and_Bank_Efficiency.pdf\u0026Expires=1743137660\u0026Signature=aAL0bd10RqddfAmzQpFrnVgSJIE7oLf8sYsO6nDcB9bwKgx~ptMtTT5~dPLI2AYbPeq~5jomnK7bpCozLfWR0bxD0N7Ph9hQsQlPI4lLdc4WkVhQevS13lQMrYIpt-ZDMW-li1RiI6KnuiH~t4IaHIWrzbXmC5MUdb9LaNVfw~f8NsfAwPggv-h0L6twbL4~g9nNIrkb7AjPoSX-a7DWP2V-YcYk3df07LIroDTCGRlFQK8fqy3QSk5zB7QxTUakR0todakclvSssNkWRxJptQtHDVZAPEqA6qeoJ6tTbZYPm6PROdXCbNsDmzp-51jkl-OJLtQMEYzkZJ55VMEPxg__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":21923,"name":"Islamic Banking","url":"https://www.academia.edu/Documents/in/Islamic_Banking"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System"},{"id":256944,"name":"Islamic Banking and Finance/Islamic Economics","url":"https://www.academia.edu/Documents/in/Islamic_Banking_and_Finance_Islamic_Economics"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940056"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/121940056/Handbook_of_Empirical_Resarch_on_Islam_and_Economic_Life"><img alt="Research paper thumbnail of Handbook of Empirical Resarch on Islam and Economic Life" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title">Handbook of Empirical Resarch on Islam and Economic Life</div><div class="wp-workCard_item"><span>Southeast Asian Economies</span><span>, 2018</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940056"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940056"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940056; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940055"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940055/Determinants_of_Bank_Capital_in_Dual_Banking_Systems"><img alt="Research paper thumbnail of Determinants of Bank Capital in Dual Banking Systems" class="work-thumbnail" src="https://attachments.academia-assets.com/116704779/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940055/Determinants_of_Bank_Capital_in_Dual_Banking_Systems">Determinants of Bank Capital in Dual Banking Systems</a></div><div class="wp-workCard_item"><span>SSRN Electronic Journal</span><span>, 2017</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">We report new evidence on the bank and country-level determinants of Islamic bank capital ratios ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">We report new evidence on the bank and country-level determinants of Islamic bank capital ratios in 28 countries between 1999 and 2013. Overall, we find that smaller, more profitable, and highly liquid Islamic banks are more highly capitalized. Additionally, improvements in the economic and financial environments and market discipline within a country correspond with higher Islamic bank capitalization. The results shed light on the impact that Sharia&#39;a law restrictions have on Islamic banking capitalization. Our findings are most robust to banks that choose to hold capital well in excess of that required by regulators, consistent with traditional capital structure theory. Our results highlight the role that stable economic and political systems play in improving bank capitalization and reducing financial sector risk. By reducing political instability and corruption, improving legal systems, and encouraging access to capital markets, policymakers may incentivize mangers to make financing decisions that increase the capitalization of the Islamic banking industry in developing countries. About the Authors : Mohammad Bitar holds a PhD degree in Finance from Grenoble Alps University in France. He is a Post-Doctoral fellow at the David O&#39;Brien Center for Sustainable Enterprise. Dr. Bitar teaches masters level courses in banking regulation and economics at the Faculty of Business Administration and Economics of Lebanese University. His current research interests focus on ethical and alternative financial systems, corporate governance, mergers and acquisitions, and corporate social responsibility. M.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="d7b9eabba4d46752605be9cce1828f33" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704779,&quot;asset_id&quot;:121940055,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704779/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940055"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940055"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940055; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940055]").text(description); $(".js-view-count[data-work-id=121940055]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940055; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940055']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "d7b9eabba4d46752605be9cce1828f33" } } $('.js-work-strip[data-work-id=121940055]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940055,"title":"Determinants of Bank Capital in Dual Banking Systems","translated_title":"","metadata":{"publisher":"Elsevier BV","grobid_abstract":"We report new evidence on the bank and country-level determinants of Islamic bank capital ratios in 28 countries between 1999 and 2013. 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About the Authors : Mohammad Bitar holds a PhD degree in Finance from Grenoble Alps University in France. He is a Post-Doctoral fellow at the David O'Brien Center for Sustainable Enterprise. Dr. Bitar teaches masters level courses in banking regulation and economics at the Faculty of Business Administration and Economics of Lebanese University. His current research interests focus on ethical and alternative financial systems, corporate governance, mergers and acquisitions, and corporate social responsibility. 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data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940054/The_determinants_of_co_movement_dynamics_between_sukuk_and_conventional_bonds"><img alt="Research paper thumbnail of The determinants of co-movement dynamics between sukuk and conventional bonds" class="work-thumbnail" src="https://attachments.academia-assets.com/116704774/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940054/The_determinants_of_co_movement_dynamics_between_sukuk_and_conventional_bonds">The determinants of co-movement dynamics between sukuk and conventional bonds</a></div><div class="wp-workCard_item"><span>The Quarterly Review of Economics and Finance</span><span>, 2018</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Highlights  We analyze the conditional correlations and volatility linkages between sukuk (Islam...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Highlights  We analyze the conditional correlations and volatility linkages between sukuk (Islamic bonds) and conventional bond markets.  We also investigate the elements affecting co-movement paths and the determinants of sukuk-corporate bond dynamic conditional correlation changes.  We find lower dynamic conditional correlations between sukuk and the US and European bond markets, but increase volatility linkages during shocks.  The benefits of international diversification across sukuk and bonds tend to decrease significantly during periods of high volatility.  We unveil the strong impact on co-movement paths of oil prices, US credit event information, stock market uncertainty and liquidity shocks.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="1482fc79b99e31493bb5ca4e54ea7112" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704774,&quot;asset_id&quot;:121940054,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704774/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940054"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa 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data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940053/Corporate_Social_Responsibility_of_Islamic_Labeled_Firms"><img alt="Research paper thumbnail of Corporate Social Responsibility of Islamic Labeled Firms" class="work-thumbnail" src="https://attachments.academia-assets.com/116704782/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940053/Corporate_Social_Responsibility_of_Islamic_Labeled_Firms">Corporate Social Responsibility of Islamic Labeled Firms</a></div><div class="wp-workCard_item"><span>SSRN Electronic Journal</span><span>, 2018</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper presents a comprehensive investigation of the CSR activities of U.S.-based firms that ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper presents a comprehensive investigation of the CSR activities of U.S.-based firms that are labeled more compliant with Islamic law. We aim to differentiate between facts and myths with regard to the common belief that religion-compliant firms have better CSR conduct. Firms that are more compliant with Islamic law have higher overall CSR scores. However, these firms are not superior when it comes to the human rights and governance aspects of CSR. Interestingly, aside from the mechanical association with controversial aspects of CSR, firms involved in sin industries do not seem to have inferior CSR scores. We create an index to measure Islamic-compliance that overcomes several flaws in the binary measures adopted by Dow Jones, Morgan Stanley, S&amp;P, and FTSE, among others, that are used in 131 countries to manage the multi-trillion dollar Islamic finance industry. Our empirical results show that firms that use less leverage and hoard less cash have a better and more persistent CSR score. Our findings are consistent with the insider-initiated corporate philanthropy hypothesis.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="d156b5418075546c79c709be24fc0a5d" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704782,&quot;asset_id&quot;:121940053,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704782/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940053"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940053"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940053; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940053]").text(description); $(".js-view-count[data-work-id=121940053]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940053; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940053']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "d156b5418075546c79c709be24fc0a5d" } } $('.js-work-strip[data-work-id=121940053]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940053,"title":"Corporate Social Responsibility of Islamic Labeled Firms","translated_title":"","metadata":{"publisher":"Elsevier BV","ai_title_tag":"CSR Analysis of U.S. Islamic Compliant Firms","grobid_abstract":"This paper presents a comprehensive investigation of the CSR activities of U.S.-based firms that are labeled more compliant with Islamic law. 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Our findings are consistent with the insider-initiated corporate philanthropy hypothesis.","publication_date":{"day":null,"month":null,"year":2018,"errors":{}},"publication_name":"SSRN Electronic Journal","grobid_abstract_attachment_id":116704782},"translated_abstract":null,"internal_url":"https://www.academia.edu/121940053/Corporate_Social_Responsibility_of_Islamic_Labeled_Firms","translated_internal_url":"","created_at":"2024-07-10T10:20:44.004-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704782,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704782/thumbnails/1.jpg","file_name":"ssrn.330543020240710-1-zq6xj5.pdf","download_url":"https://www.academia.edu/attachments/116704782/download_file","bulk_download_file_name":"Corporate_Social_Responsibility_of_Islam.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704782/ssrn.330543020240710-1-zq6xj5-libre.pdf?1720632940=\u0026response-content-disposition=attachment%3B+filename%3DCorporate_Social_Responsibility_of_Islam.pdf\u0026Expires=1743137660\u0026Signature=RgpyAIsJpNhiMyQ3imBSWFw94e39lb-li~K2fQQ-K0MhTYTfWnWDmh~IVOY7hB1Ej8ilp44JtLsgoGJTFE4N-iZVlJBtA5h2eQ6s119OKHauJakThoblfch2uASmVAY7qHrAlX1r9hnKYv5lJJPfhx8UvhFMPW7VEpad936PNCP213OCiEw7V7Cebt8DBNNqHUMR5a6W~kgr5bdgXGwDMIsC4QXI6~73XDd07fykxvrAeIF63Mh70uonFVZLIi6kSh4Keqr-z9slVmv~2O0RKuX-GD0ZX~rUukjY90B657wdFfi9UPit7CuXkoToZZdEJr4UBfWbO904F68XlqTiLw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Corporate_Social_Responsibility_of_Islamic_Labeled_Firms","translated_slug":"","page_count":54,"language":"en","content_type":"Work","summary":"This paper presents a comprehensive investigation of the CSR activities of U.S.-based firms that are labeled more compliant with Islamic law. We aim to differentiate between facts and myths with regard to the common belief that religion-compliant firms have better CSR conduct. Firms that are more compliant with Islamic law have higher overall CSR scores. However, these firms are not superior when it comes to the human rights and governance aspects of CSR. Interestingly, aside from the mechanical association with controversial aspects of CSR, firms involved in sin industries do not seem to have inferior CSR scores. We create an index to measure Islamic-compliance that overcomes several flaws in the binary measures adopted by Dow Jones, Morgan Stanley, S\u0026P, and FTSE, among others, that are used in 131 countries to manage the multi-trillion dollar Islamic finance industry. Our empirical results show that firms that use less leverage and hoard less cash have a better and more persistent CSR score. Our findings are consistent with the insider-initiated corporate philanthropy hypothesis.","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704782,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704782/thumbnails/1.jpg","file_name":"ssrn.330543020240710-1-zq6xj5.pdf","download_url":"https://www.academia.edu/attachments/116704782/download_file","bulk_download_file_name":"Corporate_Social_Responsibility_of_Islam.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704782/ssrn.330543020240710-1-zq6xj5-libre.pdf?1720632940=\u0026response-content-disposition=attachment%3B+filename%3DCorporate_Social_Responsibility_of_Islam.pdf\u0026Expires=1743137660\u0026Signature=RgpyAIsJpNhiMyQ3imBSWFw94e39lb-li~K2fQQ-K0MhTYTfWnWDmh~IVOY7hB1Ej8ilp44JtLsgoGJTFE4N-iZVlJBtA5h2eQ6s119OKHauJakThoblfch2uASmVAY7qHrAlX1r9hnKYv5lJJPfhx8UvhFMPW7VEpad936PNCP213OCiEw7V7Cebt8DBNNqHUMR5a6W~kgr5bdgXGwDMIsC4QXI6~73XDd07fykxvrAeIF63Mh70uonFVZLIi6kSh4Keqr-z9slVmv~2O0RKuX-GD0ZX~rUukjY90B657wdFfi9UPit7CuXkoToZZdEJr4UBfWbO904F68XlqTiLw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":27673,"name":"Sharia","url":"https://www.academia.edu/Documents/in/Sharia"},{"id":69856,"name":"Social Science Research Network","url":"https://www.academia.edu/Documents/in/Social_Science_Research_Network"},{"id":732336,"name":"Endogeneity","url":"https://www.academia.edu/Documents/in/Endogeneity"},{"id":921017,"name":"Corporation","url":"https://www.academia.edu/Documents/in/Corporation"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940052"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940052/Dynamic_Volatility_and_Shock_Interactions_Between_Oil_and_the_U_S_Economic_Sectors"><img alt="Research paper thumbnail of Dynamic Volatility and Shock Interactions Between Oil and the U.S. Economic Sectors" class="work-thumbnail" src="https://attachments.academia-assets.com/116704780/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940052/Dynamic_Volatility_and_Shock_Interactions_Between_Oil_and_the_U_S_Economic_Sectors">Dynamic Volatility and Shock Interactions Between Oil and the U.S. Economic Sectors</a></div><div class="wp-workCard_item"><span>Journal of Business Accounting and Finance Perspectives</span><span>, 2018</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">his study examines (i) the dynamic shocks and volatility interactions between each of the eleven ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">his study examines (i) the dynamic shocks and volatility interactions between each of the eleven U.S. economic sectors and the oil market; (ii) riskminimizing optimal capital allocations between each sector and oil; and (iii) the hedging effectiveness resulting from the inclusion of oil in each sector portfolio. Using weekly data spanning the period June 1994 through February 2016, we document the following regularities: (i) the conditional correlation between each sector and the oil market is time-varying and slowly decaying; (ii) there is either volatility or shock transmission from oil to each sector but not the reverse; and (iii) investors can minimize and hedge risk by allocating a portion of their wealth to oil commodities and forming a portfolio consisting of sector stocks and oil commodities. however, they will need to overweight their investment in sector stocks. Our findings indicate that oil commodities offer diversification potential to U.S. investors holding sector port...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="a5895a11ddfbef3cfaf4025a2c6adba5" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704780,&quot;asset_id&quot;:121940052,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704780/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940052"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940052"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940052; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940052]").text(description); $(".js-view-count[data-work-id=121940052]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940052; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940052']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "a5895a11ddfbef3cfaf4025a2c6adba5" } } $('.js-work-strip[data-work-id=121940052]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940052,"title":"Dynamic Volatility and Shock Interactions Between Oil and the U.S. Economic Sectors","translated_title":"","metadata":{"abstract":"his study examines (i) the dynamic shocks and volatility interactions between each of the eleven U.S. economic sectors and the oil market; (ii) riskminimizing optimal capital allocations between each sector and oil; and (iii) the hedging effectiveness resulting from the inclusion of oil in each sector portfolio. Using weekly data spanning the period June 1994 through February 2016, we document the following regularities: (i) the conditional correlation between each sector and the oil market is time-varying and slowly decaying; (ii) there is either volatility or shock transmission from oil to each sector but not the reverse; and (iii) investors can minimize and hedge risk by allocating a portion of their wealth to oil commodities and forming a portfolio consisting of sector stocks and oil commodities. however, they will need to overweight their investment in sector stocks. Our findings indicate that oil commodities offer diversification potential to U.S. investors holding sector port...","publisher":"MDPI AG","ai_title_tag":"Oil Volatility's Impact on U.S. Economic Sectors","publication_date":{"day":null,"month":null,"year":2018,"errors":{}},"publication_name":"Journal of Business Accounting and Finance Perspectives"},"translated_abstract":"his study examines (i) the dynamic shocks and volatility interactions between each of the eleven U.S. economic sectors and the oil market; (ii) riskminimizing optimal capital allocations between each sector and oil; and (iii) the hedging effectiveness resulting from the inclusion of oil in each sector portfolio. Using weekly data spanning the period June 1994 through February 2016, we document the following regularities: (i) the conditional correlation between each sector and the oil market is time-varying and slowly decaying; (ii) there is either volatility or shock transmission from oil to each sector but not the reverse; and (iii) investors can minimize and hedge risk by allocating a portion of their wealth to oil commodities and forming a portfolio consisting of sector stocks and oil commodities. however, they will need to overweight their investment in sector stocks. Our findings indicate that oil commodities offer diversification potential to U.S. investors holding sector port...","internal_url":"https://www.academia.edu/121940052/Dynamic_Volatility_and_Shock_Interactions_Between_Oil_and_the_U_S_Economic_Sectors","translated_internal_url":"","created_at":"2024-07-10T10:20:43.728-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704780,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704780/thumbnails/1.jpg","file_name":"pdf.pdf","download_url":"https://www.academia.edu/attachments/116704780/download_file","bulk_download_file_name":"Dynamic_Volatility_and_Shock_Interaction.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704780/pdf-libre.pdf?1720632925=\u0026response-content-disposition=attachment%3B+filename%3DDynamic_Volatility_and_Shock_Interaction.pdf\u0026Expires=1743137660\u0026Signature=CZaXfB9wdDRyaM6SACWTIegAMJ0PBk4A2u4cS5uefXRZtzmZ4p9T782~OPB9bAYVIcsVEc2dqpps-Fr~nb1fBWs~49JkDBJPxWeCqTBNEN4q2j-gS6-VM~JqoqG5o5pwNxQ3U3TclGZN1xPxOe7lVAZcbEXTQw4199L6B5rbWKc8wMP-HeNilK4Rrj0IHY27NQKF-jKfOuzcK9hCbShZe8lH8UeLNT2PGC2J5-~t6nBsbtIn3rubLMO7xwuJQJYTa9nqjtZjAOKGvejbLDXezbyjX73Hzw5GrJHIzIcwuARWxrw2rIehxLgTRttact-1IjE8-VJdYrcbhWa0BWzQHg__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Dynamic_Volatility_and_Shock_Interactions_Between_Oil_and_the_U_S_Economic_Sectors","translated_slug":"","page_count":34,"language":"en","content_type":"Work","summary":"his study examines (i) the dynamic shocks and volatility interactions between each of the eleven U.S. economic sectors and the oil market; (ii) riskminimizing optimal capital allocations between each sector and oil; and (iii) the hedging effectiveness resulting from the inclusion of oil in each sector portfolio. Using weekly data spanning the period June 1994 through February 2016, we document the following regularities: (i) the conditional correlation between each sector and the oil market is time-varying and slowly decaying; (ii) there is either volatility or shock transmission from oil to each sector but not the reverse; and (iii) investors can minimize and hedge risk by allocating a portion of their wealth to oil commodities and forming a portfolio consisting of sector stocks and oil commodities. however, they will need to overweight their investment in sector stocks. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="4250078" id="papers"><div class="js-work-strip profile--work_container" data-work-id="128304594"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/128304594/Islamic_Capital_Markets"><img alt="Research paper thumbnail of Islamic Capital Markets" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title">Islamic Capital Markets</div><div class="wp-workCard_item"><span>The Influence of Islam on Banking and Finance</span><span>, 2014</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="128304594"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="128304594"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 128304594; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=128304594]").text(description); $(".js-view-count[data-work-id=128304594]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 128304594; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='128304594']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=128304594]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":128304594,"title":"Islamic Capital Markets","translated_title":"","metadata":{"publisher":"Nomos","publication_date":{"day":null,"month":null,"year":2014,"errors":{}},"publication_name":"The Influence of Islam on Banking and Finance"},"translated_abstract":null,"internal_url":"https://www.academia.edu/128304594/Islamic_Capital_Markets","translated_internal_url":"","created_at":"2025-03-19T07:49:31.349-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[],"slug":"Islamic_Capital_Markets","translated_slug":"","page_count":null,"language":"en","content_type":"Work","summary":null,"owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940070"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940070/The_Global_Financial_Crisis_Risk_Management_and_Social_Justice_in_Islamic_Finance"><img alt="Research paper thumbnail of The Global Financial Crisis, Risk Management and Social Justice in Islamic Finance" class="work-thumbnail" src="https://attachments.academia-assets.com/116704754/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940070/The_Global_Financial_Crisis_Risk_Management_and_Social_Justice_in_Islamic_Finance">The Global Financial Crisis, Risk Management and Social Justice in Islamic Finance</a></div><div class="wp-workCard_item"><span>ISRA International Journal of Islamic Finance</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The most salient values of the Islamic financial system are fairness and socio-economic justice. ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The most salient values of the Islamic financial system are fairness and socio-economic justice. The exuberance of Islam’s uncompromising commitment to the well-being of humankind goes beyond its caring for existing generations to ensuring a sustainable future for generations to come. This is evident by giving utmost priority to the environment and preserving earth’s valuable–yet limited–endowments and resources, and by limiting public borrowings to available resources hence freeing future generations from the burden of debt. The Islamic system of production and finance based on profit-and-loss sharing (PLS) is more efficient and equitable in distribution of wealth and income. Allocation of funds under risk sharing will be based on the viability and expected profitability of the proposed entrepreneurial undertakings rather than on the creditworthiness of competing entrepreneurs. Furthermore, risk sharing offers both entrepreneurs and investors incentives to be truly engaged in produ...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="6c68ef0340adc94aa3228a0a5b3239a9" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704754,&quot;asset_id&quot;:121940070,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704754/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940070"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940070"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940070; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940070]").text(description); $(".js-view-count[data-work-id=121940070]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940070; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940070']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "6c68ef0340adc94aa3228a0a5b3239a9" } } $('.js-work-strip[data-work-id=121940070]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940070,"title":"The Global Financial Crisis, Risk Management and Social Justice in Islamic Finance","translated_title":"","metadata":{"abstract":"The most salient values of the Islamic financial system are fairness and socio-economic justice. 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The exuberance of Islam’s uncompromising commitment to the well-being of humankind goes beyond its caring for existing generations to ensuring a sustainable future for generations to come. This is evident by giving utmost priority to the environment and preserving earth’s valuable–yet limited–endowments and resources, and by limiting public borrowings to available resources hence freeing future generations from the burden of debt. The Islamic system of production and finance based on profit-and-loss sharing (PLS) is more efficient and equitable in distribution of wealth and income. Allocation of funds under risk sharing will be based on the viability and expected profitability of the proposed entrepreneurial undertakings rather than on the creditworthiness of competing entrepreneurs. 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Using data of 29 conventional and 9 Islamic banks over 18 years, the study first estimates bank competition and stability using Lerner index and Z-Score, respectively. Generalized least squares regression is used and the coefficients are estimated by using random-effects estimator. Results of the mean comparison show that Islamic banks carry more market power (less competition) and are more stable compared to their conventional counterparts. Results of a panel regression show that competition positively affects the stability of the banking sector and this effect is higher for Islamic banks due to their market power. Results also show that bank stability in Pakistan was reduced during global crisis period; however, presence of Islamic banks contributes to the stability even during crisis. Finally, this study supports the competition-stability hypothesis for Islamic banking in Paki...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="79abf0408ec26588a3ed24a2531878e8" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704753,&quot;asset_id&quot;:121940069,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704753/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940069"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940069"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940069; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940069]").text(description); $(".js-view-count[data-work-id=121940069]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940069; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940069']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "79abf0408ec26588a3ed24a2531878e8" } } $('.js-work-strip[data-work-id=121940069]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940069,"title":"Bank Competition–Stability Relations in Pakistan: A Comparison between Islamic and Conventional Banks","translated_title":"","metadata":{"abstract":"This study comparatively analyses the financial stability of Islamic and conventional banks in Pakistan. Using data of 29 conventional and 9 Islamic banks over 18 years, the study first estimates bank competition and stability using Lerner index and Z-Score, respectively. Generalized least squares regression is used and the coefficients are estimated by using random-effects estimator. Results of the mean comparison show that Islamic banks carry more market power (less competition) and are more stable compared to their conventional counterparts. Results of a panel regression show that competition positively affects the stability of the banking sector and this effect is higher for Islamic banks due to their market power. Results also show that bank stability in Pakistan was reduced during global crisis period; however, presence of Islamic banks contributes to the stability even during crisis. Finally, this study supports the competition-stability hypothesis for Islamic banking in Paki...","publisher":"UNIMAS Publisher","ai_title_tag":"Competition-Stability in Pakistan's Banks","publication_name":"International Journal of Business and Society"},"translated_abstract":"This study comparatively analyses the financial stability of Islamic and conventional banks in Pakistan. Using data of 29 conventional and 9 Islamic banks over 18 years, the study first estimates bank competition and stability using Lerner index and Z-Score, respectively. Generalized least squares regression is used and the coefficients are estimated by using random-effects estimator. Results of the mean comparison show that Islamic banks carry more market power (less competition) and are more stable compared to their conventional counterparts. Results of a panel regression show that competition positively affects the stability of the banking sector and this effect is higher for Islamic banks due to their market power. Results also show that bank stability in Pakistan was reduced during global crisis period; however, presence of Islamic banks contributes to the stability even during crisis. Finally, this study supports the competition-stability hypothesis for Islamic banking in Paki...","internal_url":"https://www.academia.edu/121940069/Bank_Competition_Stability_Relations_in_Pakistan_A_Comparison_between_Islamic_and_Conventional_Banks","translated_internal_url":"","created_at":"2024-07-10T10:20:48.910-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704753,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704753/thumbnails/1.jpg","file_name":"1365.pdf","download_url":"https://www.academia.edu/attachments/116704753/download_file","bulk_download_file_name":"Bank_Competition_Stability_Relations_in.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704753/1365-libre.pdf?1720632920=\u0026response-content-disposition=attachment%3B+filename%3DBank_Competition_Stability_Relations_in.pdf\u0026Expires=1743137660\u0026Signature=PeDpS5nUFE4J9Cgxd-zu1zU8SSLBOR~ZcFAH2k9alwaoi26-gReqx5gPgzd0qRDSeUw3M2lKrsm1qbTuYOnRLEv9q-ezkaZpccVAVCu7W68tPYDlQcwl0TQgsjJAtbiYfhVNn3RxxOLc0~OV8ceAhJtn6qx4xXqPqZ-zq5rE4mmTbGajZevvuNejd8qpcvY3H69wJo9G-rX7S3dI9Gb0agwUfmON5KSGvRpMfgdl9aLpiPt60IBql64tzrDVSJ87Xn9sOHUc73tgk~iy~G3-5GXdVuYSNGHbY1xXzUry7E4X0ccF6WPBwJfLWhYKURNeAScVJbw5IY33wuo1e-uloQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Bank_Competition_Stability_Relations_in_Pakistan_A_Comparison_between_Islamic_and_Conventional_Banks","translated_slug":"","page_count":14,"language":"en","content_type":"Work","summary":"This study comparatively analyses the financial stability of Islamic and conventional banks in Pakistan. Using data of 29 conventional and 9 Islamic banks over 18 years, the study first estimates bank competition and stability using Lerner index and Z-Score, respectively. Generalized least squares regression is used and the coefficients are estimated by using random-effects estimator. Results of the mean comparison show that Islamic banks carry more market power (less competition) and are more stable compared to their conventional counterparts. Results of a panel regression show that competition positively affects the stability of the banking sector and this effect is higher for Islamic banks due to their market power. Results also show that bank stability in Pakistan was reduced during global crisis period; however, presence of Islamic banks contributes to the stability even during crisis. Finally, this study supports the competition-stability hypothesis for Islamic banking in Paki...","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704753,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704753/thumbnails/1.jpg","file_name":"1365.pdf","download_url":"https://www.academia.edu/attachments/116704753/download_file","bulk_download_file_name":"Bank_Competition_Stability_Relations_in.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704753/1365-libre.pdf?1720632920=\u0026response-content-disposition=attachment%3B+filename%3DBank_Competition_Stability_Relations_in.pdf\u0026Expires=1743137660\u0026Signature=PeDpS5nUFE4J9Cgxd-zu1zU8SSLBOR~ZcFAH2k9alwaoi26-gReqx5gPgzd0qRDSeUw3M2lKrsm1qbTuYOnRLEv9q-ezkaZpccVAVCu7W68tPYDlQcwl0TQgsjJAtbiYfhVNn3RxxOLc0~OV8ceAhJtn6qx4xXqPqZ-zq5rE4mmTbGajZevvuNejd8qpcvY3H69wJo9G-rX7S3dI9Gb0agwUfmON5KSGvRpMfgdl9aLpiPt60IBql64tzrDVSJ87Xn9sOHUc73tgk~iy~G3-5GXdVuYSNGHbY1xXzUry7E4X0ccF6WPBwJfLWhYKURNeAScVJbw5IY33wuo1e-uloQ__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"},{"id":116704752,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704752/thumbnails/1.jpg","file_name":"1365.pdf","download_url":"https://www.academia.edu/attachments/116704752/download_file","bulk_download_file_name":"Bank_Competition_Stability_Relations_in.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704752/1365-libre.pdf?1720632921=\u0026response-content-disposition=attachment%3B+filename%3DBank_Competition_Stability_Relations_in.pdf\u0026Expires=1743137660\u0026Signature=LEaLgODekqJF~WTkUl8cdosKpOBRZpFIYB1Nmpgbg0yUhorCbrAd-u0AiWwQziscOA0LiycVCQdMpAFBrZg6ifECYUzLvalivA9S1pELzWRKtRvj3hhy7BaUwGiNrM4LK5MoknivczXvKLkdBageuMUAWvlzEb~64OyEJ1Qv76Hj5IkXTKCvaQACH08lP~oEunY7fagQ6JmnBmaNoOrQFjL71tbD4tA~ix-DtnzCvIhmI9eM7rjNtjPscrFfzDaf9~b5FoFYhXsDeM4bZQ9R9z5UvgqiQw1nTfQxp4RVaiaftec8T7XsJG~356tOHd6SxEmgBsMMD062SmQVTjS4gw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":40860,"name":"Panel Data","url":"https://www.academia.edu/Documents/in/Panel_Data"},{"id":321297,"name":"Market Power","url":"https://www.academia.edu/Documents/in/Market_Power"},{"id":321298,"name":"Lerner index","url":"https://www.academia.edu/Documents/in/Lerner_index"},{"id":1885571,"name":"Business Society","url":"https://www.academia.edu/Documents/in/Business_Society"}],"urls":[{"id":43462343,"url":"https://publisher.unimas.my/ojs/index.php/IJBS/article/download/3733/1365"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940068"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940068/Application_of_a_distributed_verification_in_Islamic_microfinance_institutions_a_sustainable_model"><img alt="Research paper thumbnail of Application of a distributed verification in Islamic microfinance institutions: a sustainable model" class="work-thumbnail" src="https://attachments.academia-assets.com/116704750/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940068/Application_of_a_distributed_verification_in_Islamic_microfinance_institutions_a_sustainable_model">Application of a distributed verification in Islamic microfinance institutions: a sustainable model</a></div><div class="wp-workCard_item"><span>Financial Innovation</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The literature gap in microfinance paradox of double bottom line (financial performance vs. outre...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The literature gap in microfinance paradox of double bottom line (financial performance vs. outreach) has always been an interesting area of research. This paper proposes a theoretical model most suitable for Islamic Microfinance Institutions (MFIs) which enables Islamic MFIs’ to operate together with the existing financial models compliant with Islamic Shariah Law. This model is based on a distributed verification/decision-making process that might be realized (but not necessary) through blockchain. Among the available distributed verification techniques, blockchain technology is an attractive emerging computing paradigm due to its decentralized, immutable, shared, and secure data structure characteristics. This model proposes three significant propositions. First, sharing information through blockchain will allow a transparent network in MFI operations, which will raise confidence for donors resulting in a causal effect of a relatively lower profit rate to be charged by the MFIs. ...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="20d96339498400389c919923ebbd2e9d" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704750,&quot;asset_id&quot;:121940068,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704750/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940068"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940068"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940068; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940068]").text(description); $(".js-view-count[data-work-id=121940068]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940068; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940068']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "20d96339498400389c919923ebbd2e9d" } } $('.js-work-strip[data-work-id=121940068]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940068,"title":"Application of a distributed verification in Islamic microfinance institutions: a sustainable model","translated_title":"","metadata":{"abstract":"The literature gap in microfinance paradox of double bottom line (financial performance vs. outreach) has always been an interesting area of research. This paper proposes a theoretical model most suitable for Islamic Microfinance Institutions (MFIs) which enables Islamic MFIs’ to operate together with the existing financial models compliant with Islamic Shariah Law. This model is based on a distributed verification/decision-making process that might be realized (but not necessary) through blockchain. Among the available distributed verification techniques, blockchain technology is an attractive emerging computing paradigm due to its decentralized, immutable, shared, and secure data structure characteristics. This model proposes three significant propositions. First, sharing information through blockchain will allow a transparent network in MFI operations, which will raise confidence for donors resulting in a causal effect of a relatively lower profit rate to be charged by the MFIs. ...","publisher":"Springer Science and Business Media LLC","ai_title_tag":"Distributed Verification in Sustainable Islamic Microfinance","publication_name":"Financial Innovation"},"translated_abstract":"The literature gap in microfinance paradox of double bottom line (financial performance vs. outreach) has always been an interesting area of research. This paper proposes a theoretical model most suitable for Islamic Microfinance Institutions (MFIs) which enables Islamic MFIs’ to operate together with the existing financial models compliant with Islamic Shariah Law. This model is based on a distributed verification/decision-making process that might be realized (but not necessary) through blockchain. Among the available distributed verification techniques, blockchain technology is an attractive emerging computing paradigm due to its decentralized, immutable, shared, and secure data structure characteristics. This model proposes three significant propositions. First, sharing information through blockchain will allow a transparent network in MFI operations, which will raise confidence for donors resulting in a causal effect of a relatively lower profit rate to be charged by the MFIs. ...","internal_url":"https://www.academia.edu/121940068/Application_of_a_distributed_verification_in_Islamic_microfinance_institutions_a_sustainable_model","translated_internal_url":"","created_at":"2024-07-10T10:20:48.656-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704750,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704750/thumbnails/1.jpg","file_name":"s40854-022-00384-z.pdf","download_url":"https://www.academia.edu/attachments/116704750/download_file","bulk_download_file_name":"Application_of_a_distributed_verificatio.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704750/s40854-022-00384-z-libre.pdf?1720632917=\u0026response-content-disposition=attachment%3B+filename%3DApplication_of_a_distributed_verificatio.pdf\u0026Expires=1743137660\u0026Signature=FiNd3fpzy6zSlQNmRNVmuzkpXGQ3dxu05zSJ7j8fQEK7d-DeOw9mDyOuoOs9md2e1Hv5TUkVd89f33oxjse9tLGp8~SdmiLjcPpOqbsu8ylDsz~ymEmqeLCHG01zRQyVMKMK~SgIs3PiUAhHG4ifgA5PTDXfIbXsJU3oJARxN3qLPTqMJmFduJnjpDk4weSehpk5jKlVRBQMFT8EKKICNqcXj0BmgpCBW3qQNEKXjNX99vSe6Enk7hw~VuygjQXmu1BdJmLJuy9knikQUH-l~~4PMt5LMs-2AOdKeQZyav5pMZ4rnRWKpOk-thIg9V-P57oiDBrN7-yMK4orrOWLpw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Application_of_a_distributed_verification_in_Islamic_microfinance_institutions_a_sustainable_model","translated_slug":"","page_count":12,"language":"en","content_type":"Work","summary":"The literature gap in microfinance paradox of double bottom line (financial performance vs. outreach) has always been an interesting area of research. This paper proposes a theoretical model most suitable for Islamic Microfinance Institutions (MFIs) which enables Islamic MFIs’ to operate together with the existing financial models compliant with Islamic Shariah Law. This model is based on a distributed verification/decision-making process that might be realized (but not necessary) through blockchain. Among the available distributed verification techniques, blockchain technology is an attractive emerging computing paradigm due to its decentralized, immutable, shared, and secure data structure characteristics. This model proposes three significant propositions. First, sharing information through blockchain will allow a transparent network in MFI operations, which will raise confidence for donors resulting in a causal effect of a relatively lower profit rate to be charged by the MFIs. ...","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704750,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704750/thumbnails/1.jpg","file_name":"s40854-022-00384-z.pdf","download_url":"https://www.academia.edu/attachments/116704750/download_file","bulk_download_file_name":"Application_of_a_distributed_verificatio.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704750/s40854-022-00384-z-libre.pdf?1720632917=\u0026response-content-disposition=attachment%3B+filename%3DApplication_of_a_distributed_verificatio.pdf\u0026Expires=1743137660\u0026Signature=FiNd3fpzy6zSlQNmRNVmuzkpXGQ3dxu05zSJ7j8fQEK7d-DeOw9mDyOuoOs9md2e1Hv5TUkVd89f33oxjse9tLGp8~SdmiLjcPpOqbsu8ylDsz~ymEmqeLCHG01zRQyVMKMK~SgIs3PiUAhHG4ifgA5PTDXfIbXsJU3oJARxN3qLPTqMJmFduJnjpDk4weSehpk5jKlVRBQMFT8EKKICNqcXj0BmgpCBW3qQNEKXjNX99vSe6Enk7hw~VuygjQXmu1BdJmLJuy9knikQUH-l~~4PMt5LMs-2AOdKeQZyav5pMZ4rnRWKpOk-thIg9V-P57oiDBrN7-yMK4orrOWLpw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"},{"id":116704749,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704749/thumbnails/1.jpg","file_name":"s40854-022-00384-z.pdf","download_url":"https://www.academia.edu/attachments/116704749/download_file","bulk_download_file_name":"Application_of_a_distributed_verificatio.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704749/s40854-022-00384-z-libre.pdf?1720632921=\u0026response-content-disposition=attachment%3B+filename%3DApplication_of_a_distributed_verificatio.pdf\u0026Expires=1743137660\u0026Signature=f1Zft8RJJnYCrov2l8SjkbQK4k6zsJBnBHlMXWBGGd0j8166fWQ5Qg8FTTJf1O2xFLDeB1O5Y7oAQhDJK9~67Y4DCSn31JtgtRB0VIL2pxV7pODkk4XboyNd3xzb2oIxek1PlilXj6X0KuUnJfotRytxiDEg7ULeMl0hBzKMz6rafZmAyMknbIlXfMoTpa~8ZfBE72Ro061eBi9aZVgnp8bXvYyANWhGBcAMZITe6t5lZ3sczFgbcpyoP-E5-~-P9l~pwh67Z6-LLQwND2gDKQdAos9X7VnDbJ3DgKKSjnob74Y5-F-jlZhE6clnbM2Spea8hn-TKv9R33dIIdTiew__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":5756,"name":"Microfinance","url":"https://www.academia.edu/Documents/in/Microfinance"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":79360,"name":"Financial Innovation","url":"https://www.academia.edu/Documents/in/Financial_Innovation"},{"id":299329,"name":"Outreach","url":"https://www.academia.edu/Documents/in/Outreach"},{"id":967457,"name":"Collateral","url":"https://www.academia.edu/Documents/in/Collateral"},{"id":1006340,"name":"Credit Rationing","url":"https://www.academia.edu/Documents/in/Credit_Rationing"}],"urls":[{"id":43462342,"url":"https://link.springer.com/content/pdf/10.1186/s40854-022-00384-z.pdf"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940067"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940067/Banks_financial_soundness_during_the_COVID_19_pandemic"><img alt="Research paper thumbnail of Banks’ financial soundness during the COVID-19 pandemic" class="work-thumbnail" src="https://attachments.academia-assets.com/116704748/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940067/Banks_financial_soundness_during_the_COVID_19_pandemic">Banks’ financial soundness during the COVID-19 pandemic</a></div><div class="wp-workCard_item"><span>Journal of Economics and Finance</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Ever since the COVID-19 pandemic hit the global economy, banks all over the world experienced sig...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Ever since the COVID-19 pandemic hit the global economy, banks all over the world experienced significant reductions in loan growth and increases in distressed and non-performing assets. The persistent increase in non-performing loans, accompanied by low interest rates, led to a surge in banking risk, posing a solemn threat to banks&#39; stability. In this paper, we empirically assess the accounting-and marketbased risks of banks during the COVID-19 pandemic. Using a quarterly panel of international banks over the period 2020:Q1-2021:Q1, we find that banks exhibit greater accounting risk and increased return volatility during the pandemic. In particular, we report that a 1% growth of total COVID cases reduces (increases) our sample banks&#39; z-score (standard deviation of quarterly return) by 0.756 (2.51%). Our results remain robust across alternative measures of the pandemic, z-score decomposition, and across daily and monthly stock returns. We obtain consistent results for both U.S. and non-U.S. banks, as well as for banks from both high-and low-income economies. We use a propensity score matching strategy to deal with endogeneity. Additional tests reveal that government responses such as economic support, stringency, and containment play important roles in banking risk and stability during the pandemic.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="8df35a3e8b529871adaf1b4da4edbcc5" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704748,&quot;asset_id&quot;:121940067,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704748/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940067"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940067"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940067; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940067]").text(description); $(".js-view-count[data-work-id=121940067]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940067; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940067']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "8df35a3e8b529871adaf1b4da4edbcc5" } } $('.js-work-strip[data-work-id=121940067]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940067,"title":"Banks’ financial soundness during the COVID-19 pandemic","translated_title":"","metadata":{"publisher":"Springer Science and Business Media LLC","ai_title_tag":"Bank Stability Risks Amid COVID-19","grobid_abstract":"Ever since the COVID-19 pandemic hit the global economy, banks all over the world experienced significant reductions in loan growth and increases in distressed and non-performing assets. 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class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940066/Revitalization_of_Waqf_for_Socio_Economic_Development_Volume_I">Revitalization of Waqf for Socio-Economic Development, Volume I</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The use of general descriptive names, registered names, trademarks, service marks, etc. in this p...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free 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href="https://www.academia.edu/121940065/Esg_Activities_and_Bank_Efficiency_Are_Islamic_Banks_Better"><img alt="Research paper thumbnail of Esg Activities and Bank Efficiency: Are Islamic Banks Better?" class="work-thumbnail" src="https://attachments.academia-assets.com/116704788/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940065/Esg_Activities_and_Bank_Efficiency_Are_Islamic_Banks_Better">Esg Activities and Bank Efficiency: Are Islamic Banks Better?</a></div><div class="wp-workCard_item"><span>Journal of Islamic Monetary Economics and Finance</span><span>, 2022</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">In this paper, we investigate the differential impact of ESG activities on banks’ technical effic...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">In this paper, we investigate the differential impact of ESG activities on banks’ technical efficiency for conventional and Islamic banks. We employ a Data Envelopment Analysis (DEA) technique to determine the efficiency scores of the banks. Based on a sample of 14 conventional and 11 Islamic banks from 4 countries over the period 2011 - 2019, we find that average DEA-generated efficiency of conventional (Islamic) banks is about 38.8% (42.45%). Baseline Tobit regressions suggest that ESG has an overall positive impact on banks’ efficiency. Further, we analyze the relationship for conventional and Islamic banks separately. We find that the positive effect sustains for conventional banks but turns out to be insignificant for Islamic banks. Our individual ESG dimension-wise analyses suggest that environmental activities positively influence the efficiency of both conventional and Islamic banks, whereas social activities strengthen the efficiency of conventional banks only. We do not fi...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="2eb2c1356bc48e9a47da38896ac59a5b" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704788,&quot;asset_id&quot;:121940065,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704788/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940065"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940065"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940065; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940065]").text(description); $(".js-view-count[data-work-id=121940065]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940065; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940065']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "2eb2c1356bc48e9a47da38896ac59a5b" } } $('.js-work-strip[data-work-id=121940065]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940065,"title":"Esg Activities and Bank Efficiency: Are Islamic Banks Better?","translated_title":"","metadata":{"abstract":"In this paper, we investigate the differential impact of ESG activities on banks’ technical efficiency for conventional and Islamic banks. We employ a Data Envelopment Analysis (DEA) technique to determine the efficiency scores of the banks. Based on a sample of 14 conventional and 11 Islamic banks from 4 countries over the period 2011 - 2019, we find that average DEA-generated efficiency of conventional (Islamic) banks is about 38.8% (42.45%). Baseline Tobit regressions suggest that ESG has an overall positive impact on banks’ efficiency. Further, we analyze the relationship for conventional and Islamic banks separately. We find that the positive effect sustains for conventional banks but turns out to be insignificant for Islamic banks. Our individual ESG dimension-wise analyses suggest that environmental activities positively influence the efficiency of both conventional and Islamic banks, whereas social activities strengthen the efficiency of conventional banks only. We do not fi...","publisher":"Bank Indonesia, Central Banking Research Department","publication_date":{"day":null,"month":null,"year":2022,"errors":{}},"publication_name":"Journal of Islamic Monetary Economics and Finance"},"translated_abstract":"In this paper, we investigate the differential impact of ESG activities on banks’ technical efficiency for conventional and Islamic banks. We employ a Data Envelopment Analysis (DEA) technique to determine the efficiency scores of the banks. Based on a sample of 14 conventional and 11 Islamic banks from 4 countries over the period 2011 - 2019, we find that average DEA-generated efficiency of conventional (Islamic) banks is about 38.8% (42.45%). Baseline Tobit regressions suggest that ESG has an overall positive impact on banks’ efficiency. Further, we analyze the relationship for conventional and Islamic banks separately. We find that the positive effect sustains for conventional banks but turns out to be insignificant for Islamic banks. 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The U.S. (i.e., developed financial market) country-specific 2 additional factors in the 5-factor model, RMW and CMA or profitability and investment premium, empirically cannot further capture the return variation of the classic three-factor/characteristic in China&#39;s stock market (i.e., developing financial markets). In China, based on our result, therefore, the classic threefactor outperforms the five-factor model. We do not presume that firms in different countries share the same features. Following Liu, Stambaugh, and Yuan (2019), we replaced the priceto-book ratio (PB) with the earnings-price ratio (EP). By using Shanghai and Shenzhen exchange stocks, we suggested that the explanatory uncertainty of HML only exists in the five-factor model. In the Fama MacBeth regression, the SMB and HML are significant factors in the three-factor model, explaining the return variation in China. Surprisingly, though the size effect is impressively persistent in both models, the ratio effect has limited explanatory power.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="c74cc6fc3da2740f30627f900f5c0086" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704786,&quot;asset_id&quot;:121940064,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704786/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940064"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940064"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940064; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940064]").text(description); $(".js-view-count[data-work-id=121940064]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940064; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940064']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "c74cc6fc3da2740f30627f900f5c0086" } } $('.js-work-strip[data-work-id=121940064]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940064,"title":"Chinese Equity Market Pricing and Loan Sales Discount in US Banking","translated_title":"","metadata":{"grobid_abstract":"In the recent decades, the Fama-French three-factor (1992, 1993, 1996) and five-factor (2015) models become the most widely used asset pricing models in the world. The U.S. (i.e., developed financial market) country-specific 2 additional factors in the 5-factor model, RMW and CMA or profitability and investment premium, empirically cannot further capture the return variation of the classic three-factor/characteristic in China's stock market (i.e., developing financial markets). In China, based on our result, therefore, the classic threefactor outperforms the five-factor model. We do not presume that firms in different countries share the same features. Following Liu, Stambaugh, and Yuan (2019), we replaced the priceto-book ratio (PB) with the earnings-price ratio (EP). By using Shanghai and Shenzhen exchange stocks, we suggested that the explanatory uncertainty of HML only exists in the five-factor model. In the Fama MacBeth regression, the SMB and HML are significant factors in the three-factor model, explaining the return variation in China. Surprisingly, though the size effect is impressively persistent in both models, the ratio effect has limited explanatory power.","publication_date":{"day":null,"month":null,"year":2020,"errors":{}},"grobid_abstract_attachment_id":116704786},"translated_abstract":null,"internal_url":"https://www.academia.edu/121940064/Chinese_Equity_Market_Pricing_and_Loan_Sales_Discount_in_US_Banking","translated_internal_url":"","created_at":"2024-07-10T10:20:47.747-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704786,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704786/thumbnails/1.jpg","file_name":"387593481.pdf","download_url":"https://www.academia.edu/attachments/116704786/download_file","bulk_download_file_name":"Chinese_Equity_Market_Pricing_and_Loan_S.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704786/387593481-libre.pdf?1720632991=\u0026response-content-disposition=attachment%3B+filename%3DChinese_Equity_Market_Pricing_and_Loan_S.pdf\u0026Expires=1743137660\u0026Signature=a-WOI6hnwFO44yZkaIINoirDqPGC2elZukE4-CTTILScbTbVaGYGz~ScXy3Jyr~9wJ8jaWl-4tOBJaMcFBuIS6S7i3T2RI2ghymQ4U~fo3Kz7gv-GEu7s0lakjZf3~yxQJpBq2-ORwq5wo7P3~NWD6ZoaJU0PuZfaGCgp-x6E7zeiLEbvY343pBq6MdKg2eB8KMQxy5DVfQ7F47EOTevwwQxcHUlKRUOP0JikPKZDgfDV~fs6CLbzfe0UjwQDwy~Cn-JggOSN7j-qXSRTQFVpPUfScJlB2r3kdG9GVLlJxels641Sky3YYGD7jTd5lGfLCBB~UfeI6qwOnWfkmDYsw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Chinese_Equity_Market_Pricing_and_Loan_Sales_Discount_in_US_Banking","translated_slug":"","page_count":58,"language":"en","content_type":"Work","summary":"In the recent decades, the Fama-French three-factor (1992, 1993, 1996) and five-factor (2015) models become the most widely used asset pricing models in the world. The U.S. (i.e., developed financial market) country-specific 2 additional factors in the 5-factor model, RMW and CMA or profitability and investment premium, empirically cannot further capture the return variation of the classic three-factor/characteristic in China's stock market (i.e., developing financial markets). In China, based on our result, therefore, the classic threefactor outperforms the five-factor model. We do not presume that firms in different countries share the same features. Following Liu, Stambaugh, and Yuan (2019), we replaced the priceto-book ratio (PB) with the earnings-price ratio (EP). By using Shanghai and Shenzhen exchange stocks, we suggested that the explanatory uncertainty of HML only exists in the five-factor model. In the Fama MacBeth regression, the SMB and HML are significant factors in the three-factor model, explaining the return variation in China. Surprisingly, though the size effect is impressively persistent in both models, the ratio effect has limited explanatory power.","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704786,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704786/thumbnails/1.jpg","file_name":"387593481.pdf","download_url":"https://www.academia.edu/attachments/116704786/download_file","bulk_download_file_name":"Chinese_Equity_Market_Pricing_and_Loan_S.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704786/387593481-libre.pdf?1720632991=\u0026response-content-disposition=attachment%3B+filename%3DChinese_Equity_Market_Pricing_and_Loan_S.pdf\u0026Expires=1743137660\u0026Signature=a-WOI6hnwFO44yZkaIINoirDqPGC2elZukE4-CTTILScbTbVaGYGz~ScXy3Jyr~9wJ8jaWl-4tOBJaMcFBuIS6S7i3T2RI2ghymQ4U~fo3Kz7gv-GEu7s0lakjZf3~yxQJpBq2-ORwq5wo7P3~NWD6ZoaJU0PuZfaGCgp-x6E7zeiLEbvY343pBq6MdKg2eB8KMQxy5DVfQ7F47EOTevwwQxcHUlKRUOP0JikPKZDgfDV~fs6CLbzfe0UjwQDwy~Cn-JggOSN7j-qXSRTQFVpPUfScJlB2r3kdG9GVLlJxels641Sky3YYGD7jTd5lGfLCBB~UfeI6qwOnWfkmDYsw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance"},{"id":1665,"name":"Asset Pricing","url":"https://www.academia.edu/Documents/in/Asset_Pricing"},{"id":88182,"name":"Loan","url":"https://www.academia.edu/Documents/in/Loan"},{"id":172189,"name":"Bailout","url":"https://www.academia.edu/Documents/in/Bailout"},{"id":457544,"name":"Depository Institutions","url":"https://www.academia.edu/Documents/in/Depository_Institutions"},{"id":1462110,"name":"Chinese Stock Market","url":"https://www.academia.edu/Documents/in/Chinese_Stock_Market"},{"id":1753712,"name":"Equity Law","url":"https://www.academia.edu/Documents/in/Equity_Law"},{"id":2609728,"name":"Financial Institutions and Services","url":"https://www.academia.edu/Documents/in/Financial_Institutions_and_Services"},{"id":2609729,"name":"Government Policy and Regulation","url":"https://www.academia.edu/Documents/in/Government_Policy_and_Regulation"},{"id":3913892,"name":"Fdic","url":"https://www.academia.edu/Documents/in/Fdic"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940063"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940063/Mechanisms_to_Handle_Default_Cases_in_Islamic_Banking_The_Malaysian_Approach"><img alt="Research paper thumbnail of Mechanisms to Handle Default Cases in Islamic Banking: The Malaysian Approach" class="work-thumbnail" src="https://attachments.academia-assets.com/116704756/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940063/Mechanisms_to_Handle_Default_Cases_in_Islamic_Banking_The_Malaysian_Approach">Mechanisms to Handle Default Cases in Islamic Banking: The Malaysian Approach</a></div><div class="wp-workCard_item"><span>International Journal of Economics and Politics</span><span>, 2021</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This research investigates how Islamic banking institutions control default cases and the mechani...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This research investigates how Islamic banking institutions control default cases and the mechanisms they employ in handling such cases with reference to Malaysian Islamic banking regime. It was conducted on an exploratory design that employed doctrinal approach. Data were sourced from relevant statutes, regulatory guidelines, policy documents and established practices among Islamic banking institutions as well as academic texts that pertain to default cases. The data were examined with legal reasoning and qualitative analysis. The research finds that Islamic banks are prone to default cases and provide internal and external mechanisms to handle such cases in their operations. Though Islamic banks statutorily have wider scope than conventional ones, both banks are subject of the same framework in matter of credit risk regulations in Malaysia. The fusion of technology within procedures and governance mechanisms of dealing with default cases offers distinct benefits for Islamic banks in Malaysia. Analysis and reasoning in this research are restricted to the Malaysian Islamic banking regime only due to legal peculiarities among Islamic finance jurisdictions. Likewise, the research is confined to legal and regulatory perception of default cases only and could be furthered onto perceptions of other stakeholders in debt-recovery process. Again, subjective interpretation is inevitable in the analysis of some cases considered.This research contributes towards default cases literature in relation to Islamic banks and offers to fill research gaps therein. The research assists in understanding default control mechanisms employed by Islamic banks in Malaysia and stands to impart lessons to other jurisdictions thereon.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="4fe69e27612b032ecff7d60f044ba6aa" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704756,&quot;asset_id&quot;:121940063,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704756/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940063"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940063"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940063; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940063]").text(description); $(".js-view-count[data-work-id=121940063]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940063; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940063']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "4fe69e27612b032ecff7d60f044ba6aa" } } $('.js-work-strip[data-work-id=121940063]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940063,"title":"Mechanisms to Handle Default Cases in Islamic Banking: The Malaysian Approach","translated_title":"","metadata":{"publisher":"Armenian Green Publishing Co.","ai_title_tag":"Default Case Management in Malaysian Islamic Banking","grobid_abstract":"This research investigates how Islamic banking institutions control default cases and the mechanisms they employ in handling such cases with reference to Malaysian Islamic banking regime. It was conducted on an exploratory design that employed doctrinal approach. Data were sourced from relevant statutes, regulatory guidelines, policy documents and established practices among Islamic banking institutions as well as academic texts that pertain to default cases. The data were examined with legal reasoning and qualitative analysis. The research finds that Islamic banks are prone to default cases and provide internal and external mechanisms to handle such cases in their operations. Though Islamic banks statutorily have wider scope than conventional ones, both banks are subject of the same framework in matter of credit risk regulations in Malaysia. The fusion of technology within procedures and governance mechanisms of dealing with default cases offers distinct benefits for Islamic banks in Malaysia. Analysis and reasoning in this research are restricted to the Malaysian Islamic banking regime only due to legal peculiarities among Islamic finance jurisdictions. Likewise, the research is confined to legal and regulatory perception of default cases only and could be furthered onto perceptions of other stakeholders in debt-recovery process. Again, subjective interpretation is inevitable in the analysis of some cases considered.This research contributes towards default cases literature in relation to Islamic banks and offers to fill research gaps therein. The research assists in understanding default control mechanisms employed by Islamic banks in Malaysia and stands to impart lessons to other jurisdictions thereon.","publication_date":{"day":null,"month":null,"year":2021,"errors":{}},"publication_name":"International Journal of Economics and Politics","grobid_abstract_attachment_id":116704756},"translated_abstract":null,"internal_url":"https://www.academia.edu/121940063/Mechanisms_to_Handle_Default_Cases_in_Islamic_Banking_The_Malaysian_Approach","translated_internal_url":"","created_at":"2024-07-10T10:20:47.510-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704756,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704756/thumbnails/1.jpg","file_name":"article_100536_ae9857a3511a4a05ffb9e1991d30fd9e.pdf","download_url":"https://www.academia.edu/attachments/116704756/download_file","bulk_download_file_name":"Mechanisms_to_Handle_Default_Cases_in_Is.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704756/article_100536_ae9857a3511a4a05ffb9e1991d30fd9e-libre.pdf?1720632922=\u0026response-content-disposition=attachment%3B+filename%3DMechanisms_to_Handle_Default_Cases_in_Is.pdf\u0026Expires=1743137660\u0026Signature=OsEGRAwAZR89MbPy~oMhhHjOk2U0qsC~bgcA~eVv1UH9lqm2DDXXBi2FLrg8rI4NM2nu9-MJDn7Q5CvuY1dIv8qwyx~eP3FjGBSJwWZW9IlfNL~SuqOzKoafXN2JNkYjPQWG-NB8hzuN6ji2hRKstDItyo8sQo~w3jfpfYwAY3DFuXIe-NnSiTVKm6XglpKRsNsKCxc5TKfZ--pToRra9ei~EVtYx-WjL8dj65Pnb~SdTVWkRgMUtGQGFHnuSlHJMXUqx6fswEmzRRxG9Fgm7k~YP6bPTM1FoaD0r~Ayp2kwL7IuksNaqRBzev7noAkke4g-t9rx-p5OD0bCpc555Q__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Mechanisms_to_Handle_Default_Cases_in_Islamic_Banking_The_Malaysian_Approach","translated_slug":"","page_count":19,"language":"en","content_type":"Work","summary":"This research investigates how Islamic banking institutions control default cases and the mechanisms they employ in handling such cases with reference to Malaysian Islamic banking regime. It was conducted on an exploratory design that employed doctrinal approach. Data were sourced from relevant statutes, regulatory guidelines, policy documents and established practices among Islamic banking institutions as well as academic texts that pertain to default cases. The data were examined with legal reasoning and qualitative analysis. The research finds that Islamic banks are prone to default cases and provide internal and external mechanisms to handle such cases in their operations. Though Islamic banks statutorily have wider scope than conventional ones, both banks are subject of the same framework in matter of credit risk regulations in Malaysia. The fusion of technology within procedures and governance mechanisms of dealing with default cases offers distinct benefits for Islamic banks in Malaysia. Analysis and reasoning in this research are restricted to the Malaysian Islamic banking regime only due to legal peculiarities among Islamic finance jurisdictions. Likewise, the research is confined to legal and regulatory perception of default cases only and could be furthered onto perceptions of other stakeholders in debt-recovery process. Again, subjective interpretation is inevitable in the analysis of some cases considered.This research contributes towards default cases literature in relation to Islamic banks and offers to fill research gaps therein. The research assists in understanding default control mechanisms employed by Islamic banks in Malaysia and stands to impart lessons to other jurisdictions thereon.","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704756,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704756/thumbnails/1.jpg","file_name":"article_100536_ae9857a3511a4a05ffb9e1991d30fd9e.pdf","download_url":"https://www.academia.edu/attachments/116704756/download_file","bulk_download_file_name":"Mechanisms_to_Handle_Default_Cases_in_Is.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704756/article_100536_ae9857a3511a4a05ffb9e1991d30fd9e-libre.pdf?1720632922=\u0026response-content-disposition=attachment%3B+filename%3DMechanisms_to_Handle_Default_Cases_in_Is.pdf\u0026Expires=1743137660\u0026Signature=OsEGRAwAZR89MbPy~oMhhHjOk2U0qsC~bgcA~eVv1UH9lqm2DDXXBi2FLrg8rI4NM2nu9-MJDn7Q5CvuY1dIv8qwyx~eP3FjGBSJwWZW9IlfNL~SuqOzKoafXN2JNkYjPQWG-NB8hzuN6ji2hRKstDItyo8sQo~w3jfpfYwAY3DFuXIe-NnSiTVKm6XglpKRsNsKCxc5TKfZ--pToRra9ei~EVtYx-WjL8dj65Pnb~SdTVWkRgMUtGQGFHnuSlHJMXUqx6fswEmzRRxG9Fgm7k~YP6bPTM1FoaD0r~Ayp2kwL7IuksNaqRBzev7noAkke4g-t9rx-p5OD0bCpc555Q__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt"},{"id":271529,"name":"Economics and Politics","url":"https://www.academia.edu/Documents/in/Economics_and_Politics-1"}],"urls":[{"id":43462339,"url":"http://jep.sbu.ac.ir/article_100536_ae9857a3511a4a05ffb9e1991d30fd9e.pdf"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940062"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940062/Introduction_empirical_research_on_Islam_and_economic_life"><img alt="Research paper thumbnail of Introduction: empirical research on Islam and economic life" class="work-thumbnail" src="https://attachments.academia-assets.com/116704783/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940062/Introduction_empirical_research_on_Islam_and_economic_life">Introduction: empirical research on Islam and economic life</a></div><div class="wp-workCard_item"><span>Handbook of Empirical Research on Islam and Economic Life</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The turmoil left in the wake of the global financial crisis presents an opportune time to rethink...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The turmoil left in the wake of the global financial crisis presents an opportune time to rethink the government invention/free market dichotomy that has characterized the bulk of conventional wisdom regarding the international financial system. Islamic finance, with its emphasis on reducing risk and preventing harm before it occurs rather than minimizing harm after the fact, offers a compelling approach to finance that can thwart market failures and avert crises before they start. The unique character of Islamic finance flows naturally from the example of the Holy Quran, and as such there is an unmistakable moral component to it. Islamic finance is built on a foundation of socioeconomic justice for all and sustainable growth facilitated by prudent stewardship of natural resources so that future generations may also enjoy the fruits of economic development. Islamic finance&#39;s requirement of shariah-compliance leads to a host of rules and regulations that distinguish it from conventional finance. Chief among them are the prohibition of usury (riba), gambling (maisir) and unjustified ambiguity (gharar), the prerequisite that income be derived from productive economic activities and profits be shared fairly, and the ban on investing in certain industries that are considered forbidden (haram) owing to their toxic effects on society. These idiosyncrasies of Islamic finance clearly help spread socioeconomic justice throughout society. The ban on interest protects the poor from falling victim to predatory lending which exacerbates the cycle of poverty. It also compels the wealthy to invest in projects that have actual value in the real economy rather than passively letting their money grow automatically without putting in any real effort or, worse yet, gambling with other people&#39;s money in wild speculation schemes. The often exploitative relationship between borrower and lender is thus replaced by a more equitable arrangement governed by profit-and-loss sharing (PLS) contracts. Under the terms of a PLS contract, both parties have rights and responsibilities and share in any profits or losses that may accrue. By cultivating a more sensible relationship between risk and reward, PLS contracts bolster productive economic activity and entrepreneurship. Financiers do not view borrowers as pawns to be manipulated in their endless quest to maximize profits, but rather as partners. The admonition against gharar helps to ensure that one party to an economic transaction does not exploit the other party by withholding information or giving misleading information. Transparency is of paramount importance. This helps reduce fraud and alleviates the negative effects of information asymmetries, as all parties are apprised of the risks involved and can make informed decisions about their investment. As outlined above, Islamic finance is not merely concerned with maximizing profit. It is part of a larger moral and ethical code of behavior that permeates all facets of society. This code dictates that it is better to forgo the possibility of profit all together if doing</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="07ebcfc143a2d36ed3f5f41cb10379cd" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704783,&quot;asset_id&quot;:121940062,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704783/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940062"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940062"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940062; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940062]").text(description); $(".js-view-count[data-work-id=121940062]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940062; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940062']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "07ebcfc143a2d36ed3f5f41cb10379cd" } } $('.js-work-strip[data-work-id=121940062]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940062,"title":"Introduction: empirical research on Islam and economic life","translated_title":"","metadata":{"publisher":"Edward Elgar Publishing","ai_title_tag":"Islamic Finance: Ethics and Economic Justice","grobid_abstract":"The turmoil left in the wake of the global financial crisis presents an opportune time to rethink the government invention/free market dichotomy that has characterized the bulk of conventional wisdom regarding the international financial system. 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(2011) find a positive relationship between financial development and economic growth in OIC (Organization of Islamic Cooperation) developing countries. Caveats • In the interest based financial intermediation, the access to finance is available primarily to rich capitalists who can reveal the financial capacity in the form of endowments that are acceptable as collateral. • The majority of people who do not have ownership of assets that are acceptable as collateral remain excluded especially from the financial credit services. • WB estimates total unbanked population to be 1.7 billion in 2017 and 2 billion in 2014) • Increased penetration and deepening of such a financial architecture brings about growth, but also exacerbates income inequality.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="96e230af4f3ca6be8ac72d1e28cdb607" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704744,&quot;asset_id&quot;:121940061,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704744/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940061"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940061"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940061; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940061]").text(description); $(".js-view-count[data-work-id=121940061]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940061; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940061']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "96e230af4f3ca6be8ac72d1e28cdb607" } } $('.js-work-strip[data-work-id=121940061]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940061,"title":"Economic analysis of Islamic monetary framework and instruments","translated_title":"","metadata":{"grobid_abstract":"• Levine (2002) using crosscountry data argues that financial development is robustly linked with economic growth. • Furthermore, Hassan et al. 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Caveats • In the interest based financial intermediation, the access to finance is available primarily to rich capitalists who can reveal the financial capacity in the form of endowments that are acceptable as collateral. • The majority of people who do not have ownership of assets that are acceptable as collateral remain excluded especially from the financial credit services. • WB estimates total unbanked population to be 1.7 billion in 2017 and 2 billion in 2014) • Increased penetration and deepening of such a financial architecture brings about growth, but also exacerbates income inequality.","publication_date":{"day":null,"month":null,"year":2020,"errors":{}},"grobid_abstract_attachment_id":116704744},"translated_abstract":null,"internal_url":"https://www.academia.edu/121940061/Economic_analysis_of_Islamic_monetary_framework_and_instruments","translated_internal_url":"","created_at":"2024-07-10T10:20:47.040-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704744,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704744/thumbnails/1.jpg","file_name":"islamic-economy-workshop-vii.pdf","download_url":"https://www.academia.edu/attachments/116704744/download_file","bulk_download_file_name":"Economic_analysis_of_Islamic_monetary_fr.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704744/islamic-economy-workshop-vii-libre.pdf?1720632930=\u0026response-content-disposition=attachment%3B+filename%3DEconomic_analysis_of_Islamic_monetary_fr.pdf\u0026Expires=1743137660\u0026Signature=A~WRP0~6WCM-7J7U~~s~rHtt7qe36JaR3Itjm05t1i949Gj1WpG8K77hNXHZWqjo6dL-ZdjRI9jE5rFznC1vkX2PROVBqN5BADamvsG3esySmZ2YGCvEkxayDUIMa1CFBlQW4uC~8~S6~mE52Ye9ebG-LEL6~tcOB4Cq8nQfALYAomCSjIwx1zbfJb9Qsc6UJOEzI65kqsB5~sJqlQRHRGwFfnwQ01WJtO4ONZStzTdVYCzN1ABNw5YRqur8f6Mvz5JHuOqZz5x~Pl3hzySBoD-cit1VHpo5y-Tpy3dYRjvlpgAX0Z5a0pj7wA9C~HRRAfvPgKfROh9w8vfnuOfUfw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Economic_analysis_of_Islamic_monetary_framework_and_instruments","translated_slug":"","page_count":31,"language":"en","content_type":"Work","summary":"• Levine (2002) using crosscountry data argues that financial development is robustly linked with economic growth. • Furthermore, Hassan et al. (2011) find a positive relationship between financial development and economic growth in OIC (Organization of Islamic Cooperation) developing countries. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940060"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940060/Are_safe_haven_assets_really_safe_during_the_2008_global_financial_crisis_and_COVID_19_pandemic"><img alt="Research paper thumbnail of Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?" class="work-thumbnail" src="https://attachments.academia-assets.com/116704785/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940060/Are_safe_haven_assets_really_safe_during_the_2008_global_financial_crisis_and_COVID_19_pandemic">Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?</a></div><div class="wp-workCard_item"><span>Global Finance Journal</span><span>, 2021</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This study evaluates the safe-haven role of twelve assets against the US stock market during the ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This study evaluates the safe-haven role of twelve assets against the US stock market during the 2008 global financial crisis (GFC) and the COVID-19 pandemic. Our results show that silver and the Islamic stock index were safe havens during the 2008 GFC, and the Islamic stock index and Tether have been safe havens during COVID-19. We observe that the Islamic stock index and Tether have emerged as strong new safe havens. However, our supplementary analysis reveals that gold and Bitcoin still exhibit safe-haven behavior during severe market downturns. Overall, our findings suggest that safe-haven assets may vary over time.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="d5faf4ba488897b4e25a669ead8320e3" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704785,&quot;asset_id&quot;:121940060,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704785/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940060"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940060"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940060; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940060]").text(description); $(".js-view-count[data-work-id=121940060]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940060; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940060']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "d5faf4ba488897b4e25a669ead8320e3" } } $('.js-work-strip[data-work-id=121940060]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940060,"title":"Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?","translated_title":"","metadata":{"publisher":"Elsevier BV","grobid_abstract":"This study evaluates the safe-haven role of twelve assets against the US stock market during the 2008 global financial crisis (GFC) and the COVID-19 pandemic. 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The results depict that more nations that have developed financial markets, higher credit quality, and strong economic/financial prospects, issue sovereign Sukuk rather than sovereign conventional bonds. Dealing with Sukuk bonds can be a strategy to diversify and develop current debt markets by introducing newly-developed debt tools. However, less economically developed nations countries are typically issuing insurance for classic sovereign bonds. Our findings suggest that a government’s choice of sovereign debt is influenced mainly from national financial and macroeconomic indicators, as well as specific events. Countries with developed financial markets, strong economic indicators, high credit quality, and susta...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="32ac4889f86d8aad43bb4ba7eee4e462" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704742,&quot;asset_id&quot;:121940059,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704742/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940059"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940059"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940059; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940059]").text(description); $(".js-view-count[data-work-id=121940059]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940059; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940059']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "32ac4889f86d8aad43bb4ba7eee4e462" } } $('.js-work-strip[data-work-id=121940059]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940059,"title":"Sovereign Debt Issuance Choice: Sukuk vs Conventional Bonds","translated_title":"","metadata":{"abstract":"This paper investigates the determinants and their factors that affect governments’ decision to employ sovereign Sukuk over conventional bonds; the research is based on a sample of 143 Sukuk and 602 conventional sovereign bonds issued in 16 OIC countries from 2000 to 2015. 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Our findings suggest that a government’s choice of sovereign debt is influenced mainly from national financial and macroeconomic indicators, as well as specific events. Countries with developed financial markets, strong economic indicators, high credit quality, and susta...","internal_url":"https://www.academia.edu/121940059/Sovereign_Debt_Issuance_Choice_Sukuk_vs_Conventional_Bonds","translated_internal_url":"","created_at":"2024-07-10T10:20:45.340-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704742,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704742/thumbnails/1.jpg","file_name":"803.pdf","download_url":"https://www.academia.edu/attachments/116704742/download_file","bulk_download_file_name":"Sovereign_Debt_Issuance_Choice_Sukuk_vs.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704742/803-libre.pdf?1720632936=\u0026response-content-disposition=attachment%3B+filename%3DSovereign_Debt_Issuance_Choice_Sukuk_vs.pdf\u0026Expires=1743137660\u0026Signature=ETfq7auop8vfMM8~1sXW68SiPPJUVh9fnJHfgeUEVdUH8SDjSZu3NTLKeOZwlYdjtyd9Fo7kK-DrmltP8KR~S0Za9KDsi~LOhsnBiX7x3oT4SqE9uj74iAkSqSzG-SEccXqnJJVKS8~H1oLMV~fLYrSE6OIplKaLhaB5GyeZCQQUc8jo1Gob5gbFNj77qbY6drGsEJNzj3~UCVoOfV1SetLc0Ms7CB4m5Eq1kXqHAe6raiUCsEifhOOgDoKNhlt7EJcSt8ejVE2DpXpe-Dj84m9zP4XLDyI4M2tOMS1KLd3jReKmlhhN64B1AW7GGPboAlxcCNrzJZn8aj07wo59Xg__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Sovereign_Debt_Issuance_Choice_Sukuk_vs_Conventional_Bonds","translated_slug":"","page_count":20,"language":"en","content_type":"Work","summary":"This paper investigates the determinants and their factors that affect governments’ decision to employ sovereign Sukuk over conventional bonds; the research is based on a sample of 143 Sukuk and 602 conventional sovereign bonds issued in 16 OIC countries from 2000 to 2015. The results depict that more nations that have developed financial markets, higher credit quality, and strong economic/financial prospects, issue sovereign Sukuk rather than sovereign conventional bonds. Dealing with Sukuk bonds can be a strategy to diversify and develop current debt markets by introducing newly-developed debt tools. However, less economically developed nations countries are typically issuing insurance for classic sovereign bonds. Our findings suggest that a government’s choice of sovereign debt is influenced mainly from national financial and macroeconomic indicators, as well as specific events. Countries with developed financial markets, strong economic indicators, high credit quality, and susta...","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704742,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704742/thumbnails/1.jpg","file_name":"803.pdf","download_url":"https://www.academia.edu/attachments/116704742/download_file","bulk_download_file_name":"Sovereign_Debt_Issuance_Choice_Sukuk_vs.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704742/803-libre.pdf?1720632936=\u0026response-content-disposition=attachment%3B+filename%3DSovereign_Debt_Issuance_Choice_Sukuk_vs.pdf\u0026Expires=1743137660\u0026Signature=ETfq7auop8vfMM8~1sXW68SiPPJUVh9fnJHfgeUEVdUH8SDjSZu3NTLKeOZwlYdjtyd9Fo7kK-DrmltP8KR~S0Za9KDsi~LOhsnBiX7x3oT4SqE9uj74iAkSqSzG-SEccXqnJJVKS8~H1oLMV~fLYrSE6OIplKaLhaB5GyeZCQQUc8jo1Gob5gbFNj77qbY6drGsEJNzj3~UCVoOfV1SetLc0Ms7CB4m5Eq1kXqHAe6raiUCsEifhOOgDoKNhlt7EJcSt8ejVE2DpXpe-Dj84m9zP4XLDyI4M2tOMS1KLd3jReKmlhhN64B1AW7GGPboAlxcCNrzJZn8aj07wo59Xg__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"},{"id":116704743,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704743/thumbnails/1.jpg","file_name":"803.pdf","download_url":"https://www.academia.edu/attachments/116704743/download_file","bulk_download_file_name":"Sovereign_Debt_Issuance_Choice_Sukuk_vs.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704743/803-libre.pdf?1720632931=\u0026response-content-disposition=attachment%3B+filename%3DSovereign_Debt_Issuance_Choice_Sukuk_vs.pdf\u0026Expires=1743137660\u0026Signature=Q0ukRwBi2eLE7cibSffXd5OmNI-vToOuC2ru08iwuFjXPbu2PLZyScyI-WDkRJelRmltrRQqKWHsaSh9KhvDUAReCu1sWomEJSFzgmEwn4dfj0Wxit8iGBeSUjPY8cRMsbNgI8j4J9eFWYi9GKwzeCPp5Fc9GZob4ryj3Kmzcm4kWXpCq4KLXGiTnIvdXbMSOI2OhWBQi0idj69zcDCHwYuG-yLuSDsFVefkxuEDOeE2C8hGOG9wJuTQpT-1QqMWyyNb2up7PmJM77XyHsqanXuXZCXhBiA7yzOKqps6~Iw9TKHRpV1Wws8721UVNYaTgyC6gcpA20-x5qysnpKLMg__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":3661,"name":"Sovereignty","url":"https://www.academia.edu/Documents/in/Sovereignty"},{"id":49199,"name":"Sukuk","url":"https://www.academia.edu/Documents/in/Sukuk"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt"},{"id":298391,"name":"Bond","url":"https://www.academia.edu/Documents/in/Bond"}],"urls":[{"id":43462336,"url":"https://jimf-bi.org/index.php/JIMF/article/download/1104/803"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940058"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940058/The_inter_temporal_relationship_between_risk_capital_and_efficiency_The_case_of_Islamic_and_conventional_banks"><img alt="Research paper thumbnail of The inter-temporal relationship between risk, capital and efficiency: The case of Islamic and conventional banks" class="work-thumbnail" src="https://attachments.academia-assets.com/116704781/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940058/The_inter_temporal_relationship_between_risk_capital_and_efficiency_The_case_of_Islamic_and_conventional_banks">The inter-temporal relationship between risk, capital and efficiency: The case of Islamic and conventional banks</a></div><div class="wp-workCard_item"><span>Pacific-Basin Finance Journal</span><span>, 2020</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The paper investigates the relationship between risk, capital and efficiency for Islamic and conv...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The paper investigates the relationship between risk, capital and efficiency for Islamic and conventional banks using a dataset spanning 14 countries over the 2000-2012 period. We use the z-score as a proxy for insolvency risk, cost efficiency is estimated via a stochastic frontier approach and capitalisation is reflected on the equity to assets ratio. An array of bank-specific, macroeconomic and market structure variables are used in a system of three equations, estimated using the seemingly unrelated regression (SUR) technique. We find that the capitalisation response to increases in insolvency risk is more pronounced for Islamic banks but has an approximately five-times smaller effect on risk mitigation compared to conventional banks. Higher cost efficiency is related to lower risk for conventional banks, but the opposite is true for Islamic banks. The link between cost efficiency and capitalisation attests to a substitutional effect for the case of conventional banks, but a complementary effect for Islamic banks. Our findings give new insights on the use of efficiency to gauge capital requirements for financial institutions and are particularly relevant for regulators and policy makers in countries where both bank types operate.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="42bb98f23e4e72b2d6e7c0b158297151" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704781,&quot;asset_id&quot;:121940058,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704781/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940058"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940058"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940058; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940058]").text(description); $(".js-view-count[data-work-id=121940058]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940058; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940058']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "42bb98f23e4e72b2d6e7c0b158297151" } } $('.js-work-strip[data-work-id=121940058]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940058,"title":"The inter-temporal relationship between risk, capital and efficiency: The case of Islamic and conventional banks","translated_title":"","metadata":{"publisher":"Elsevier BV","ai_title_tag":"Risk, Capital, and Efficiency in Banking","grobid_abstract":"The paper investigates the relationship between risk, capital and efficiency for Islamic and conventional banks using a dataset spanning 14 countries over the 2000-2012 period. We use the z-score as a proxy for insolvency risk, cost efficiency is estimated via a stochastic frontier approach and capitalisation is reflected on the equity to assets ratio. An array of bank-specific, macroeconomic and market structure variables are used in a system of three equations, estimated using the seemingly unrelated regression (SUR) technique. We find that the capitalisation response to increases in insolvency risk is more pronounced for Islamic banks but has an approximately five-times smaller effect on risk mitigation compared to conventional banks. Higher cost efficiency is related to lower risk for conventional banks, but the opposite is true for Islamic banks. The link between cost efficiency and capitalisation attests to a substitutional effect for the case of conventional banks, but a complementary effect for Islamic banks. Our findings give new insights on the use of efficiency to gauge capital requirements for financial institutions and are particularly relevant for regulators and policy makers in countries where both bank types operate.","publication_date":{"day":null,"month":null,"year":2020,"errors":{}},"publication_name":"Pacific-Basin Finance Journal","grobid_abstract_attachment_id":116704781},"translated_abstract":null,"internal_url":"https://www.academia.edu/121940058/The_inter_temporal_relationship_between_risk_capital_and_efficiency_The_case_of_Islamic_and_conventional_banks","translated_internal_url":"","created_at":"2024-07-10T10:20:45.069-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704781,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704781/thumbnails/1.jpg","file_name":"SAEED_Feb2020.pdf","download_url":"https://www.academia.edu/attachments/116704781/download_file","bulk_download_file_name":"The_inter_temporal_relationship_between.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704781/SAEED_Feb2020-libre.pdf?1720632937=\u0026response-content-disposition=attachment%3B+filename%3DThe_inter_temporal_relationship_between.pdf\u0026Expires=1743137660\u0026Signature=S9LMXJjm4cWHRIMYCo~qaWDgCfl~neMp66CIckJclppN7cYMMgPVObs0Dk0IEWBBOUxlM63yaQuhJoQh2aI2NxTCu20E2fYNRVacy4DWAT1ZlLXBmcu2PSa89j6cw4d4sjeNlwpEruMD~Z~85relod8la~R9JVHniujTa02-8Unl3VSgAehQnUlcMLJFQE6LKoSi2NS03WLA0Hnb3VM2IZfanluAKeL-U8b2Rs5cgZfKLbiGX-A4JwbOGAdNNvMYiTiqHDeKj11Gma3QRY5GLp5OLXQ86UEV4ehlvUHJT4EKwDFM~7fj5lQQxDpeK4ayNl1Ff4w71KW7trpEAJ5gHA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"The_inter_temporal_relationship_between_risk_capital_and_efficiency_The_case_of_Islamic_and_conventional_banks","translated_slug":"","page_count":37,"language":"en","content_type":"Work","summary":"The paper investigates the relationship between risk, capital and efficiency for Islamic and conventional banks using a dataset spanning 14 countries over the 2000-2012 period. We use the z-score as a proxy for insolvency risk, cost efficiency is estimated via a stochastic frontier approach and capitalisation is reflected on the equity to assets ratio. An array of bank-specific, macroeconomic and market structure variables are used in a system of three equations, estimated using the seemingly unrelated regression (SUR) technique. We find that the capitalisation response to increases in insolvency risk is more pronounced for Islamic banks but has an approximately five-times smaller effect on risk mitigation compared to conventional banks. Higher cost efficiency is related to lower risk for conventional banks, but the opposite is true for Islamic banks. The link between cost efficiency and capitalisation attests to a substitutional effect for the case of conventional banks, but a complementary effect for Islamic banks. Our findings give new insights on the use of efficiency to gauge capital requirements for financial institutions and are particularly relevant for regulators and policy makers in countries where both bank types operate.","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704781,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704781/thumbnails/1.jpg","file_name":"SAEED_Feb2020.pdf","download_url":"https://www.academia.edu/attachments/116704781/download_file","bulk_download_file_name":"The_inter_temporal_relationship_between.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704781/SAEED_Feb2020-libre.pdf?1720632937=\u0026response-content-disposition=attachment%3B+filename%3DThe_inter_temporal_relationship_between.pdf\u0026Expires=1743137660\u0026Signature=S9LMXJjm4cWHRIMYCo~qaWDgCfl~neMp66CIckJclppN7cYMMgPVObs0Dk0IEWBBOUxlM63yaQuhJoQh2aI2NxTCu20E2fYNRVacy4DWAT1ZlLXBmcu2PSa89j6cw4d4sjeNlwpEruMD~Z~85relod8la~R9JVHniujTa02-8Unl3VSgAehQnUlcMLJFQE6LKoSi2NS03WLA0Hnb3VM2IZfanluAKeL-U8b2Rs5cgZfKLbiGX-A4JwbOGAdNNvMYiTiqHDeKj11Gma3QRY5GLp5OLXQ86UEV4ehlvUHJT4EKwDFM~7fj5lQQxDpeK4ayNl1Ff4w71KW7trpEAJ5gHA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":361468,"name":"Capital Adequacy Ratio","url":"https://www.academia.edu/Documents/in/Capital_Adequacy_Ratio"},{"id":393547,"name":"Insolvency","url":"https://www.academia.edu/Documents/in/Insolvency"},{"id":1753712,"name":"Equity Law","url":"https://www.academia.edu/Documents/in/Equity_Law"},{"id":2210371,"name":"Hg","url":"https://www.academia.edu/Documents/in/Hg"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking"}],"urls":[{"id":43462335,"url":"https://api.elsevier.com/content/article/PII:S0927538X19305992?httpAccept=text/xml"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940057"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940057/Non_Performing_Loans_and_Bank_Efficiency_of_Conventional_and_Islamic_Banks_in_the_Organization_of_Islamic_Cooperation_OIC_Countries"><img alt="Research paper thumbnail of Non-Performing Loans and Bank Efficiency of Conventional and Islamic Banks in the Organization of Islamic Cooperation (OIC) Countries" class="work-thumbnail" src="https://attachments.academia-assets.com/116704778/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940057/Non_Performing_Loans_and_Bank_Efficiency_of_Conventional_and_Islamic_Banks_in_the_Organization_of_Islamic_Cooperation_OIC_Countries">Non-Performing Loans and Bank Efficiency of Conventional and Islamic Banks in the Organization of Islamic Cooperation (OIC) Countries</a></div><div class="wp-workCard_item"><span>Journal of Islamic Economics Banking and Finance</span><span>, 2017</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper investigates the inter-temporal relationships between bank efficiency and problem loan...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper investigates the inter-temporal relationships between bank efficiency and problem loans as well as financing of conventional and Islamic banks as proposed by Berger and DeYoung (1997). The efficiency level and the managerial behavior of conventional and Islamic banks in the Organization of Islamic Cooperation (OIC) countries divided into the regions: Asian, African, Middle East and Turkey are investigated during the period 1993-2007. The findings show that cost efficiency is higher than profit efficiency for the sampled banks in the OIC countries. As for the inter-temporal relationships between bank efficiency and problem loans and financing, suggests that there is no evidence for &#39;bad luck&#39; of conventional banks in all regions, but support the &#39;bad management&#39; and &#39;skimping&#39; except in the African region. On the other hand for Islamic banks, there is evidence of &#39;bad luck&#39; in Asia, the Middle East and Turkey, and support for &#39;bad management&#39; in African and Middle East region and Turkey, except in Asia. All regions support &#39;skimping&#39; behavior for Islamic banks. These findings imply that the increase of non-performing loans of conventional banks is mainly caused by poor management rather than external factors, but the increase of non-performing financing of Islamic banks are caused by both internal and external factors.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="6deba06b0cf01baeaadf70c64eacabff" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704778,&quot;asset_id&quot;:121940057,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704778/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940057"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940057"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940057; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940057]").text(description); $(".js-view-count[data-work-id=121940057]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940057; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940057']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "6deba06b0cf01baeaadf70c64eacabff" } } $('.js-work-strip[data-work-id=121940057]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940057,"title":"Non-Performing Loans and Bank Efficiency of Conventional and Islamic Banks in the Organization of Islamic Cooperation (OIC) Countries","translated_title":"","metadata":{"publisher":"TechKnowledge General Trading LLC","grobid_abstract":"This paper investigates the inter-temporal relationships between bank efficiency and problem loans as well as financing of conventional and Islamic banks as proposed by Berger and DeYoung (1997). The efficiency level and the managerial behavior of conventional and Islamic banks in the Organization of Islamic Cooperation (OIC) countries divided into the regions: Asian, African, Middle East and Turkey are investigated during the period 1993-2007. The findings show that cost efficiency is higher than profit efficiency for the sampled banks in the OIC countries. As for the inter-temporal relationships between bank efficiency and problem loans and financing, suggests that there is no evidence for 'bad luck' of conventional banks in all regions, but support the 'bad management' and 'skimping' except in the African region. On the other hand for Islamic banks, there is evidence of 'bad luck' in Asia, the Middle East and Turkey, and support for 'bad management' in African and Middle East region and Turkey, except in Asia. All regions support 'skimping' behavior for Islamic banks. 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The efficiency level and the managerial behavior of conventional and Islamic banks in the Organization of Islamic Cooperation (OIC) countries divided into the regions: Asian, African, Middle East and Turkey are investigated during the period 1993-2007. The findings show that cost efficiency is higher than profit efficiency for the sampled banks in the OIC countries. As for the inter-temporal relationships between bank efficiency and problem loans and financing, suggests that there is no evidence for 'bad luck' of conventional banks in all regions, but support the 'bad management' and 'skimping' except in the African region. On the other hand for Islamic banks, there is evidence of 'bad luck' in Asia, the Middle East and Turkey, and support for 'bad management' in African and Middle East region and Turkey, except in Asia. All regions support 'skimping' behavior for Islamic banks. These findings imply that the increase of non-performing loans of conventional banks is mainly caused by poor management rather than external factors, but the increase of non-performing financing of Islamic banks are caused by both internal and external factors.","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704778,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704778/thumbnails/1.jpg","file_name":"v13_n4_article2.pdf","download_url":"https://www.academia.edu/attachments/116704778/download_file","bulk_download_file_name":"Non_Performing_Loans_and_Bank_Efficiency.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704778/v13_n4_article2-libre.pdf?1720632920=\u0026response-content-disposition=attachment%3B+filename%3DNon_Performing_Loans_and_Bank_Efficiency.pdf\u0026Expires=1743137660\u0026Signature=aAL0bd10RqddfAmzQpFrnVgSJIE7oLf8sYsO6nDcB9bwKgx~ptMtTT5~dPLI2AYbPeq~5jomnK7bpCozLfWR0bxD0N7Ph9hQsQlPI4lLdc4WkVhQevS13lQMrYIpt-ZDMW-li1RiI6KnuiH~t4IaHIWrzbXmC5MUdb9LaNVfw~f8NsfAwPggv-h0L6twbL4~g9nNIrkb7AjPoSX-a7DWP2V-YcYk3df07LIroDTCGRlFQK8fqy3QSk5zB7QxTUakR0todakclvSssNkWRxJptQtHDVZAPEqA6qeoJ6tTbZYPm6PROdXCbNsDmzp-51jkl-OJLtQMEYzkZJ55VMEPxg__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":21923,"name":"Islamic Banking","url":"https://www.academia.edu/Documents/in/Islamic_Banking"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System"},{"id":256944,"name":"Islamic Banking and Finance/Islamic Economics","url":"https://www.academia.edu/Documents/in/Islamic_Banking_and_Finance_Islamic_Economics"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940056"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/121940056/Handbook_of_Empirical_Resarch_on_Islam_and_Economic_Life"><img alt="Research paper thumbnail of Handbook of Empirical Resarch on Islam and Economic Life" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title">Handbook of Empirical Resarch on Islam and Economic Life</div><div class="wp-workCard_item"><span>Southeast Asian Economies</span><span>, 2018</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940056"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940056"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940056; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940055"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940055/Determinants_of_Bank_Capital_in_Dual_Banking_Systems"><img alt="Research paper thumbnail of Determinants of Bank Capital in Dual Banking Systems" class="work-thumbnail" src="https://attachments.academia-assets.com/116704779/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940055/Determinants_of_Bank_Capital_in_Dual_Banking_Systems">Determinants of Bank Capital in Dual Banking Systems</a></div><div class="wp-workCard_item"><span>SSRN Electronic Journal</span><span>, 2017</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">We report new evidence on the bank and country-level determinants of Islamic bank capital ratios ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">We report new evidence on the bank and country-level determinants of Islamic bank capital ratios in 28 countries between 1999 and 2013. Overall, we find that smaller, more profitable, and highly liquid Islamic banks are more highly capitalized. Additionally, improvements in the economic and financial environments and market discipline within a country correspond with higher Islamic bank capitalization. The results shed light on the impact that Sharia&#39;a law restrictions have on Islamic banking capitalization. Our findings are most robust to banks that choose to hold capital well in excess of that required by regulators, consistent with traditional capital structure theory. Our results highlight the role that stable economic and political systems play in improving bank capitalization and reducing financial sector risk. By reducing political instability and corruption, improving legal systems, and encouraging access to capital markets, policymakers may incentivize mangers to make financing decisions that increase the capitalization of the Islamic banking industry in developing countries. About the Authors : Mohammad Bitar holds a PhD degree in Finance from Grenoble Alps University in France. He is a Post-Doctoral fellow at the David O&#39;Brien Center for Sustainable Enterprise. Dr. Bitar teaches masters level courses in banking regulation and economics at the Faculty of Business Administration and Economics of Lebanese University. His current research interests focus on ethical and alternative financial systems, corporate governance, mergers and acquisitions, and corporate social responsibility. M.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="d7b9eabba4d46752605be9cce1828f33" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704779,&quot;asset_id&quot;:121940055,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704779/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940055"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940055"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940055; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940055]").text(description); $(".js-view-count[data-work-id=121940055]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940055; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940055']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "d7b9eabba4d46752605be9cce1828f33" } } $('.js-work-strip[data-work-id=121940055]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940055,"title":"Determinants of Bank Capital in Dual Banking Systems","translated_title":"","metadata":{"publisher":"Elsevier BV","grobid_abstract":"We report new evidence on the bank and country-level determinants of Islamic bank capital ratios in 28 countries between 1999 and 2013. 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About the Authors : Mohammad Bitar holds a PhD degree in Finance from Grenoble Alps University in France. He is a Post-Doctoral fellow at the David O'Brien Center for Sustainable Enterprise. Dr. Bitar teaches masters level courses in banking regulation and economics at the Faculty of Business Administration and Economics of Lebanese University. His current research interests focus on ethical and alternative financial systems, corporate governance, mergers and acquisitions, and corporate social responsibility. 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data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940054/The_determinants_of_co_movement_dynamics_between_sukuk_and_conventional_bonds"><img alt="Research paper thumbnail of The determinants of co-movement dynamics between sukuk and conventional bonds" class="work-thumbnail" src="https://attachments.academia-assets.com/116704774/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940054/The_determinants_of_co_movement_dynamics_between_sukuk_and_conventional_bonds">The determinants of co-movement dynamics between sukuk and conventional bonds</a></div><div class="wp-workCard_item"><span>The Quarterly Review of Economics and Finance</span><span>, 2018</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Highlights  We analyze the conditional correlations and volatility linkages between sukuk (Islam...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Highlights  We analyze the conditional correlations and volatility linkages between sukuk (Islamic bonds) and conventional bond markets.  We also investigate the elements affecting co-movement paths and the determinants of sukuk-corporate bond dynamic conditional correlation changes.  We find lower dynamic conditional correlations between sukuk and the US and European bond markets, but increase volatility linkages during shocks.  The benefits of international diversification across sukuk and bonds tend to decrease significantly during periods of high volatility.  We unveil the strong impact on co-movement paths of oil prices, US credit event information, stock market uncertainty and liquidity shocks.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="1482fc79b99e31493bb5ca4e54ea7112" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704774,&quot;asset_id&quot;:121940054,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704774/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940054"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa 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data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940053/Corporate_Social_Responsibility_of_Islamic_Labeled_Firms"><img alt="Research paper thumbnail of Corporate Social Responsibility of Islamic Labeled Firms" class="work-thumbnail" src="https://attachments.academia-assets.com/116704782/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940053/Corporate_Social_Responsibility_of_Islamic_Labeled_Firms">Corporate Social Responsibility of Islamic Labeled Firms</a></div><div class="wp-workCard_item"><span>SSRN Electronic Journal</span><span>, 2018</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper presents a comprehensive investigation of the CSR activities of U.S.-based firms that ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper presents a comprehensive investigation of the CSR activities of U.S.-based firms that are labeled more compliant with Islamic law. We aim to differentiate between facts and myths with regard to the common belief that religion-compliant firms have better CSR conduct. Firms that are more compliant with Islamic law have higher overall CSR scores. However, these firms are not superior when it comes to the human rights and governance aspects of CSR. Interestingly, aside from the mechanical association with controversial aspects of CSR, firms involved in sin industries do not seem to have inferior CSR scores. We create an index to measure Islamic-compliance that overcomes several flaws in the binary measures adopted by Dow Jones, Morgan Stanley, S&amp;P, and FTSE, among others, that are used in 131 countries to manage the multi-trillion dollar Islamic finance industry. Our empirical results show that firms that use less leverage and hoard less cash have a better and more persistent CSR score. Our findings are consistent with the insider-initiated corporate philanthropy hypothesis.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="d156b5418075546c79c709be24fc0a5d" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704782,&quot;asset_id&quot;:121940053,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704782/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940053"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940053"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940053; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940053]").text(description); $(".js-view-count[data-work-id=121940053]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940053; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940053']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "d156b5418075546c79c709be24fc0a5d" } } $('.js-work-strip[data-work-id=121940053]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940053,"title":"Corporate Social Responsibility of Islamic Labeled Firms","translated_title":"","metadata":{"publisher":"Elsevier BV","ai_title_tag":"CSR Analysis of U.S. Islamic Compliant Firms","grobid_abstract":"This paper presents a comprehensive investigation of the CSR activities of U.S.-based firms that are labeled more compliant with Islamic law. 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Our findings are consistent with the insider-initiated corporate philanthropy hypothesis.","publication_date":{"day":null,"month":null,"year":2018,"errors":{}},"publication_name":"SSRN Electronic Journal","grobid_abstract_attachment_id":116704782},"translated_abstract":null,"internal_url":"https://www.academia.edu/121940053/Corporate_Social_Responsibility_of_Islamic_Labeled_Firms","translated_internal_url":"","created_at":"2024-07-10T10:20:44.004-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":169217,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":116704782,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704782/thumbnails/1.jpg","file_name":"ssrn.330543020240710-1-zq6xj5.pdf","download_url":"https://www.academia.edu/attachments/116704782/download_file","bulk_download_file_name":"Corporate_Social_Responsibility_of_Islam.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704782/ssrn.330543020240710-1-zq6xj5-libre.pdf?1720632940=\u0026response-content-disposition=attachment%3B+filename%3DCorporate_Social_Responsibility_of_Islam.pdf\u0026Expires=1743137660\u0026Signature=RgpyAIsJpNhiMyQ3imBSWFw94e39lb-li~K2fQQ-K0MhTYTfWnWDmh~IVOY7hB1Ej8ilp44JtLsgoGJTFE4N-iZVlJBtA5h2eQ6s119OKHauJakThoblfch2uASmVAY7qHrAlX1r9hnKYv5lJJPfhx8UvhFMPW7VEpad936PNCP213OCiEw7V7Cebt8DBNNqHUMR5a6W~kgr5bdgXGwDMIsC4QXI6~73XDd07fykxvrAeIF63Mh70uonFVZLIi6kSh4Keqr-z9slVmv~2O0RKuX-GD0ZX~rUukjY90B657wdFfi9UPit7CuXkoToZZdEJr4UBfWbO904F68XlqTiLw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Corporate_Social_Responsibility_of_Islamic_Labeled_Firms","translated_slug":"","page_count":54,"language":"en","content_type":"Work","summary":"This paper presents a comprehensive investigation of the CSR activities of U.S.-based firms that are labeled more compliant with Islamic law. We aim to differentiate between facts and myths with regard to the common belief that religion-compliant firms have better CSR conduct. Firms that are more compliant with Islamic law have higher overall CSR scores. However, these firms are not superior when it comes to the human rights and governance aspects of CSR. Interestingly, aside from the mechanical association with controversial aspects of CSR, firms involved in sin industries do not seem to have inferior CSR scores. We create an index to measure Islamic-compliance that overcomes several flaws in the binary measures adopted by Dow Jones, Morgan Stanley, S\u0026P, and FTSE, among others, that are used in 131 countries to manage the multi-trillion dollar Islamic finance industry. Our empirical results show that firms that use less leverage and hoard less cash have a better and more persistent CSR score. Our findings are consistent with the insider-initiated corporate philanthropy hypothesis.","owner":{"id":169217,"first_name":"Kabir","middle_initials":null,"last_name":"Hassan","page_name":"KabirHassan","domain_name":"uno","created_at":"2010-04-13T03:54:31.281-07:00","display_name":"Kabir Hassan","url":"https://uno.academia.edu/KabirHassan"},"attachments":[{"id":116704782,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/116704782/thumbnails/1.jpg","file_name":"ssrn.330543020240710-1-zq6xj5.pdf","download_url":"https://www.academia.edu/attachments/116704782/download_file","bulk_download_file_name":"Corporate_Social_Responsibility_of_Islam.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/116704782/ssrn.330543020240710-1-zq6xj5-libre.pdf?1720632940=\u0026response-content-disposition=attachment%3B+filename%3DCorporate_Social_Responsibility_of_Islam.pdf\u0026Expires=1743137660\u0026Signature=RgpyAIsJpNhiMyQ3imBSWFw94e39lb-li~K2fQQ-K0MhTYTfWnWDmh~IVOY7hB1Ej8ilp44JtLsgoGJTFE4N-iZVlJBtA5h2eQ6s119OKHauJakThoblfch2uASmVAY7qHrAlX1r9hnKYv5lJJPfhx8UvhFMPW7VEpad936PNCP213OCiEw7V7Cebt8DBNNqHUMR5a6W~kgr5bdgXGwDMIsC4QXI6~73XDd07fykxvrAeIF63Mh70uonFVZLIi6kSh4Keqr-z9slVmv~2O0RKuX-GD0ZX~rUukjY90B657wdFfi9UPit7CuXkoToZZdEJr4UBfWbO904F68XlqTiLw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility"},{"id":15866,"name":"Islam","url":"https://www.academia.edu/Documents/in/Islam"},{"id":27673,"name":"Sharia","url":"https://www.academia.edu/Documents/in/Sharia"},{"id":69856,"name":"Social Science Research Network","url":"https://www.academia.edu/Documents/in/Social_Science_Research_Network"},{"id":732336,"name":"Endogeneity","url":"https://www.academia.edu/Documents/in/Endogeneity"},{"id":921017,"name":"Corporation","url":"https://www.academia.edu/Documents/in/Corporation"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121940052"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/121940052/Dynamic_Volatility_and_Shock_Interactions_Between_Oil_and_the_U_S_Economic_Sectors"><img alt="Research paper thumbnail of Dynamic Volatility and Shock Interactions Between Oil and the U.S. Economic Sectors" class="work-thumbnail" src="https://attachments.academia-assets.com/116704780/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/121940052/Dynamic_Volatility_and_Shock_Interactions_Between_Oil_and_the_U_S_Economic_Sectors">Dynamic Volatility and Shock Interactions Between Oil and the U.S. Economic Sectors</a></div><div class="wp-workCard_item"><span>Journal of Business Accounting and Finance Perspectives</span><span>, 2018</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">his study examines (i) the dynamic shocks and volatility interactions between each of the eleven ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">his study examines (i) the dynamic shocks and volatility interactions between each of the eleven U.S. economic sectors and the oil market; (ii) riskminimizing optimal capital allocations between each sector and oil; and (iii) the hedging effectiveness resulting from the inclusion of oil in each sector portfolio. Using weekly data spanning the period June 1994 through February 2016, we document the following regularities: (i) the conditional correlation between each sector and the oil market is time-varying and slowly decaying; (ii) there is either volatility or shock transmission from oil to each sector but not the reverse; and (iii) investors can minimize and hedge risk by allocating a portion of their wealth to oil commodities and forming a portfolio consisting of sector stocks and oil commodities. however, they will need to overweight their investment in sector stocks. Our findings indicate that oil commodities offer diversification potential to U.S. investors holding sector port...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="a5895a11ddfbef3cfaf4025a2c6adba5" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{&quot;attachment_id&quot;:116704780,&quot;asset_id&quot;:121940052,&quot;asset_type&quot;:&quot;Work&quot;,&quot;button_location&quot;:&quot;profile&quot;}" href="https://www.academia.edu/attachments/116704780/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121940052"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121940052"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121940052; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121940052]").text(description); $(".js-view-count[data-work-id=121940052]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121940052; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121940052']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "a5895a11ddfbef3cfaf4025a2c6adba5" } } $('.js-work-strip[data-work-id=121940052]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121940052,"title":"Dynamic Volatility and Shock Interactions Between Oil and the U.S. Economic Sectors","translated_title":"","metadata":{"abstract":"his study examines (i) the dynamic shocks and volatility interactions between each of the eleven U.S. economic sectors and the oil market; (ii) riskminimizing optimal capital allocations between each sector and oil; and (iii) the hedging effectiveness resulting from the inclusion of oil in each sector portfolio. Using weekly data spanning the period June 1994 through February 2016, we document the following regularities: (i) the conditional correlation between each sector and the oil market is time-varying and slowly decaying; (ii) there is either volatility or shock transmission from oil to each sector but not the reverse; and (iii) investors can minimize and hedge risk by allocating a portion of their wealth to oil commodities and forming a portfolio consisting of sector stocks and oil commodities. however, they will need to overweight their investment in sector stocks. 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Using weekly data spanning the period June 1994 through February 2016, we document the following regularities: (i) the conditional correlation between each sector and the oil market is time-varying and slowly decaying; (ii) there is either volatility or shock transmission from oil to each sector but not the reverse; and (iii) investors can minimize and hedge risk by allocating a portion of their wealth to oil commodities and forming a portfolio consisting of sector stocks and oil commodities. however, they will need to overweight their investment in sector stocks. 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Using weekly data spanning the period June 1994 through February 2016, we document the following regularities: (i) the conditional correlation between each sector and the oil market is time-varying and slowly decaying; (ii) there is either volatility or shock transmission from oil to each sector but not the reverse; and (iii) investors can minimize and hedge risk by allocating a portion of their wealth to oil commodities and forming a portfolio consisting of sector stocks and oil commodities. however, they will need to overweight their investment in sector stocks. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="9547756" id="books"><div class="js-work-strip profile--work_container" data-work-id="40023667"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/40023667/Revitalization_of_Waqf_for_Socio_Economic_Development_Volume_II"><img alt="Research paper thumbnail of Revitalization of Waqf for Socio-Economic Development, Volume II" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title">Revitalization of Waqf for Socio-Economic Development, Volume II</div><div class="wp-workCard_item"><span>Palgrave-MacMillan</span><span>, 2019</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="40023667"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="40023667"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 40023667; 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