112 research outputs found

    Academic adaptation: the experience of Malay Muslim postgraduate students

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    This qualitative study aimed to explore the academic experiences and coping strategies among Malay Muslim postgraduate students in Australia. The research participants were thirteen Malaysian Malay Muslim postgraduate students (9 females, 4 males) studying in a university in South Australia. They were either undergoing their Master or PhD degrees. The findings show that as international students, the Malaysian Malay Muslim postgraduate students had difficulties adjusting themselves to their new learning culture. In order to cope with the situation, they became active learners in academic areas, made changes and sought assistance in their daily lives through their spouse, other Malaysian friends or university colleagues. Maintaining faith was also frequently mentioned as one of their coping strategies

    Consequence of Interactive Effect of Exchange Rate Volatility and Trade on GDP Growth

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    Exchange rate volatility has been regarded as a vital macroeconomic concern for the policy makers and its impact on economic growth has gained much attention from the researchers in recent years. Existing studies tried to analyze the impact focusing on financial development. In contrast, we have given effort to examine it taking into account the trade dependence of the country. A panel of seven developing Asian countries has been studied for a total of 29 years (from 1985 to 2013). In order to generate the variable “exchange rate volatility” GARCH (1, 1) model is used with the monthly exchange rate of the countries for the period 1985 to 2013. By using cross sectional dependence test and panel unit root test the variable properties has been diagnosed and Pooled OLS, Panel Least Squares with Single Fixed Effects as well as Both way Fixed Effects and Panel EGLS with Mixed Effects has been used as the estimation technique. The findings suggest that exchange rate volatility has significant negative impact on economic growth and the impact becomes even more negative whenever Trade – GDP ratio is considered. In particular the negative impact of exchange rate volatility becomes more negative the higher the Trade – GDP ratio of the country. The finding is found to be robust against the definition of exchange rate volatility

    Modeling the performance of bulk-carriers for Islamic equity investors

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    This paper investigates the performance of bulk-carriers as a primary shipping segment for Islamic equity investors. Shipping is a strong growth industry with 84% of global trade carried by the shipping industry, although 75% of ship lending is debt-based. Moreover, many Islamic investors have minimal exposure to ship-finance and investment. We adopt an investment analysis of a full population of historical data over 20 years, to evaluate performance involving a maritime return on investment, IRR, net yield and standard deviation measures of risk and return. Our findings reveal that whilst earnings are volatile in comparison to capital market expectations, unlevered, tax-free returns on bulk-carrier investments out-perform other assets. By communicating risk and reward more effectively, Islamic equity investors, will realize the benefit of equity finance on the basis of profit sharing, is more efficient at allocating investible resources than debt finance at interest, thereby increasing investment and economic growth

    A conceptual framework for Islamic institutional and retail investment in maritime assets

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    The purpose of this research is to provide a conceptual framework for Islamic institutional and retail investment in maritime assets. Our objectives are to provide an introduction to seaborne trade and analyze trends in institutional interest in alternative assets and international shipping as well as highlight Islamic and conventional equity structures for institutional and retail investors. Our findings reveal that an Islamic private equity framework involving an unlevered, tax-free investment in maritime assets provides a real alternative to conventional lending and even successful tax-efficient conventional equity structures, since they are not entirely without issues given the significant presence of debt financing from maritime banks. There is a demand for alternative sources of finance, such that Islamic equity finance, rather than conventional lending or structured debt can develop international shipping involving Islamic institutional and retail investment in maritime assets

    An investment appraisal of international maritime assets for Malaysian Islamic financial institutions - the case for equity finance

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    The purpose of this research is to investigate the overall investment performance of international maritime assets in order to facilitate Islamic equity finance and investment involving Malaysian Islamic finance institutions, retail and also institutional investors. Shipping is a strong growth industry with about 84% of global trade carried by the international shipping industry. The problem is that Malaysian Islamic financial institutions have essentially no exposure and thus understanding of international shipping. However, shipping is a highly capital intensive industry and currently 75% of ship lending has been conducted by European banks and financed on a conventional basis. This research involves an investment analysis of a full population of historical data over a period of 20 years to evaluate maritime performance by adopting IRR, net yield and standard deviation measures of risk and return. We also develop a correlation matrix for maritime assets and compare returns to other real and financial investments. Our findings reveal that whilst earnings are volatile in comparison to capital market financial products, unlevered, tax-free returns on maritime assets are very attractive. The significance is that Islamic equity finance, rather than debt at the time-value-of-money should enable the development of international shipping in Malaysia

    Kemahiran visualisasi pada aras mikroskopik dalam topik atom, molekul dan ion

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    Knowledge of chemistry needs to be based on three levels of understanding namely macroscopic, microscopic, and symbol. From previous studies, understanding microscopic level is often a problem for student to becoming competent in chemistry because it involves an understanding of internal and extenal representation. Thus, this study aims to examine (i) the level of students competency in understanding atoms, molecules and ions; (ii) the level of students comprehension of the three basic levels of knowledge; and (iii) the pattern of students’ visualization skills in an understanding of the microscopic level. The Test of Knowledge Level Mastery (UTPAP) was used to determine the level of students’ understanding and face to face interviews was employed to ascertain the patterns of students visualization skills. This study involved 301 form 4 students who sat for chemistry with various achievements in the science subject for PMR 2012. Six students with the highest achievements in UTPAP were chosen for the interview. UTPAP marks were analysed in the form of mean percentage and standard deviation. The data for the interview was analysed using the Interactive Qualitative Data Analysis Model (Miles & Huberman, 1994). Based on the study, the student competency is weak in the topic of atoms, molecules and ions. Studies also showed that the level of students’ competency in the macroscopic level was moderate whereas the students level in microscopic and symbolizing was weak. Alternative framework was also found in the three levels of knowledge. From the analysis of the interview, there are three patterns of visualization skills that was used by the students in understanding of microscopic level which are primary visualization pattern, secondary visualization pattern and tertiery visualization patter

    Pushing the frontiers of Islamic finance through socially responsible investment sukuk

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    This study explores the potentials of SRI sukuk as a source of financing for projects that address community and social issues, thus giving positive impact to the society. Focusing on several cases of SRI sukuk in critical yet not so commercially-attractive for profit-motivated financial institutions to participate in such as education, environment and health sectors, this study highlights the mechanisms and challenges as well as potentials of SRI sukuk as a source of financing for these projects. Since the field of SRI sukuk is still in its infancy stage especially in Islamic finance, this study hopes to contribute towards enriching the literature as well as exploring the potentials for further applications in other areas in the Islamic finance industry

    Identification of macroeconomic determinants for diversification and investment strategy for Islamic unit trust funds in Malaysia

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    Purpose – This study aims to investigate the role of selected macroeconomic variables in influencing the movement of Net Asset Value (NAV) of the Islamic Unit Trust Funds (UTFs) in Malaysia. In efforts to arrive at more enriching findings, the UTFs are further categorised into equity, bond, balanced, fixed, mixed, money market and feeder funds. Design/methodology/approach – The study adopts the Vector Autoregression framework (Johansen-Juselius (1990), cointegration test and Vector Error Correction Model to analyse the relationship between the macroeconomic variables and the NAVs of the various type of funds. Findings – The study shows that there is a significant long-run equilibrium relationship between the macroeconomic variables and the NAV of all Islamic UTFs in Malaysia. Despite of this, the findings show that different funds have different responses to the movements of the macroeconomic variables. Practical implications – The results of the study are of significant importance to the various stakeholders in the Islamic UTF industry. Investors benefit in terms of getting the inputs on their investment decisions as to whether to buy, hold or sell fund units within their investment portfolio in the long-run, along with building their optimal portfolio diversification investment strategy, especially in reallocating their assets distribution between the various types of funds in the UTFs industry. For the policy-makers, the findings of the study may assist them in evaluating the suitability of the existing economic policies as to whether they positively or negatively contribute to the development of the Islamic UTFs. Originality/value – This paper fulfils the need to understand how unit-holders can strategise and diversify their portfolio investments in the Malaysian Islamic UTFs industry based on detailed understanding and knowledge derived from rational and scientific inputs

    Is the ‎Islamic unit trust market efficient empirical evidence from ‎Malaysia‎

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    Based on Malaysian data covering the period from April 2006 to December 2015, this study investigates the informational efficiency of the Islamic unit trust market. The study considers various types of Islamic unit trust funds and analyses their relationship with selected macroeconomic variables. The Engle and Granger (1987) and Granger (1969) causality tests are applied to seven models comprising different types of Islamic unit trust funds. Results show that Islamic equity, balance, fixed, and Feeder Funds violate the efficient market hypothesis (EMH), while the Islamic bond, mixed, and money market funds hold for the weak form of EMH. This provides empirical evidence to fund managers and unit-holders considering market efficiency in strategising their trading proficiency in UTFs. These findings also enable authorities to take steps towards improving funds disclosure practices, so that fund prices immediately reflect relevant information
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