Macroeconomic variables and Malaysian Islamic stock market: a time series analysis

This research will focus on the relationship between the development of Islamic stock market and macroeconomic variables in Malaysia. Generally, the purpose of this research is to observe this relationship in Malaysian context. In order to achieve the objective, an estimation of Vector Auto Regression (VAR) method was appli ed on the created research model. The variables involved in this research are Kuala Lumpur Syariah Index (KLSI), Industrial Production Index (IPI), Consumer Production Index (CPI), Aggregate Money Supply (M3), Islamic Inter Bank Rate (IIR) and Exchange Rat e of Malaysian Ringgit - United States Dollar. This research used monthly data from April 1999 to October 2007 taken from authorized sources. The findings showed that Islamic stock prices are co - integrated with the selected macroeconomic variables in which the stock price is related positively and significantly with IPI and CPI variables but related negatively and significantly with M3 and MYR variables. Meanwhile, its relation with IIR variables is found negative but insignificant. From the aspect of Gran ger causal relationship it is found that variables of CPI, M3 and MYR are the Granger cause for KLSI and the KLSI is the Granger cause for IPI, CPI and MYR

Bantuan kewangan dan pembangunan ekonomi di ASEAN: hipotesis Kuznets

Artikel ini bertujuan mengkaji sejauh mana bantuan kewangan luar signifikan kepada pembangunan ekonomi. Empat indikator pembangunan sebagai pengukur bantuan kewangan dianalisis iaitu kadar pertumbuhan ekonomi, indeks pendidikan, indeks jangka hayat dan indeks pembangunan manusia menggunakan kaedah data panel. Tempoh masa kajian bermula dari tahun 2000 hingga tahun 2012 melibatkan 7 buah negara ASEAN. Hasil regresi mendapati bahawa bantuan kewangan signifikan membantu negara-negara ASEAN mencapai matlamat pembangunan. Koefisien negatif bagi pembolehubah kuadratik jumlah bantuan membuktikan bahawa hipotesis U-terbalik bantuan-Kuznets (Aid-Kuznets inverted U-hypothesis) berlaku dan bantuan kewangan diterima telah digunakan secara berkesan. Sehubungan itu, dapatan kajian ini memberi implikasi bahawa bantuan kewangan luar adalah penting dalam membantu pembangunan sesebuah negara. Hal ini dicapai melalui perbelanjaan berkesan daripada bantuan kewangan diterima yang dilakukan

Assessment on Economic Growth of Development Indicators in ASEAN: A Dynamic Panel Data Analysis

This article analyses the relationship between economic growth and certain important indicators in economic development. These include the mortality rate, life expectancy, and unemployment rate in five different ASEAN countries from the years 1980 to 2010 using panel data analysis. The result of this estimation suggests that there exists a long-term relationship between economic growth and these development indicators, which is compatible with the theory highlighted in the economy. This shows that economic growth does have an impact on the development of a country in various aspects. Keywords: Economic growth, economic development, ASEA

Amanah Pelaburan Hartanah Islam (I-REIT) di Malaysia: analisis hubungan keseimbangan dengan pemboleh ubah makroekonomi

Malaysia kini dianggap sebagai pemimpin dalam pembiayaan Islam sehingga pengalamannya merintis pelbagai cabang pembiayaan Islam dapat menjadi petunjuk kepada mereka yang sedang atau merancang untuk menurut jejak langkah Malaysia dalam bidang ini. Artikel ini bertujuan untuk mengenal pasti kewujudan hubungan jangka panjang dan pendek antara pemboleh ubah Amanah Pelaburan Hartanah Islam (Islamic Real Estate Investment Trust) dengan pemboleh ubah makroekonomi di Malaysia. Data yang digunakan dalam kajian ini adalah data bulanan dari Disember 2008 hingga Disember 2013 dan dianalisis menggunakan model Vektor Autoregresif (VAR) yang piawai. Dapatan kajian menunjukkan wujudnya hubungan jangka panjang antara Amanah Pelaburan Hartanah Islam dengan Indeks Harga Pengguna, Indeks Pengeluaran Industri, Kadar Pelaburan antara Bank secara Islam, Kadar Tukaran Asing dan FTSE Bursa Malaysia Emas Syariah Indeks. Berdasarkan kepada hasil ujian VECM, didapati bahawa IREIT bukan penyebab Granger jangka pendek kepada semua pemboleh ubah makroekonomi, tetapi pemboleh ubah Indeks Pengeluar Industri, Indeks Harga Pengguna dan Penawaran Wang merupakan penyebab Granger jangka pendek kepada pemboleh ubah I-REIT. Oleh itu, didapati prestasi I-REIT banyak dipengaruhi oleh pemboleh ubah makroekonomi di Malaysia

Impak kitaran sosial dalam sumbangan alumni terhadap pendapatan endowmen universiti

Pelan Strategik Pengajian Tinggi Negara (PSPTN) dirangka bagi memperkasa pendidikan tinggi negara. Antara perancangan pelan ini adalah memberikan kuasa autonomi kepada pihak universiti untuk menguruskan operasi universiti. Keadaan ini bergantung kepada kemampuan pihak universiti untuk mencapai peruntukan sasaran kementerian bagi menanggung kos operasi mengurus dan membangun universiti. Antara strategi kewangan yang difokuskan dalam pelan ini ialah meningkatkan pendapatan endowmen universiti melalui sumbangan alumni. Walau bagaimanapun, kesanggupan alumni memberikan sumbangan boleh berubah-ubah dan bergantung kepada beberapa faktor. Dalam kajian ini, lima faktor sumbangan alumni telah dianalisis iaitu pengurusan kewangan, personaliti diri, eksternal, pengurusan universiti dan jalinan universiti-komuniti. Faktor-faktor ini turut diinteraksi untuk menghasilkan indikator yang dikenali pemboleh ubah kitaran sosial. Pemboleh ubah kitaran bertujuan mengukur impak perubahan faktor-faktor terhadap nilai sumbangan. Ujian regresi diaplikasi untuk menganalisis faktor-faktor yang dikaji terhadap sumbangan alumni ini. Dapatan analisis menunjukkan bahawa pemboleh ubah kitaran sosial mempengaruhi secara signifikan terhadap pendapatan endowmen universiti antara 3 hingga 4 peratus. Implikasi kajian ini membuktikan saluran sumbangan alumni signifikan untuk diteroka oleh pihak universiti bagi menampung sebahagian defisit peruntukan yang dialami

Integration of Islamic real estate investment trusts in Malaysia: is it an issue for investors?

Various stakeholders and academicians have shown their interest in the study of capital market instruments such as stock market, bond and real estate investment trust (REITs). As such, there rises a need to review the importance of capital markets integration. This study took a closer look at the co-integration between Islamic real estate investment trust counters in Malaysia by applying the Vector Auto Regression (VAR) method. Data were generated by processing monthly data from January 2007 to December 2013 obtained from authorized sources. The findings indicated that there was no long-run or equilibrium relationship between the Islamic al-Aqar, al-Hadharah and Axis counters. Based on the results, it can be concluded that the Islamic REIT companies in Malaysia do not integrate each other in the long run. This will create opportunity for investors to diversify their investment portfolios in Malaysia. As seen from the Granger causality view, the Hadharah and Axis returns were driven by al-Aqar returns in the short run

Potensi Amanah Pelaburan Hartanah Islam (I-Reit) dalam membangunkan industri sawit di Malaysia

Amanah Pelaburan Hartanah Islam (I-REIT) merupakan satu instrumen pasaran modal yang berlandaskan syariah. Kewujudan I-REIT memberi peluang kepada pelabur untuk melabur dalam bidang hartanah. Al-Hadharah Boustead REIT yang ditubuhkan pada tahun 2007 merupakan satu-satunya instrumen Amanah Pelaburan Hartanah Islam (IREIT) yang berasaskan perladangan kelapa sawit di Malaysia. Artikel ini bertujuan membincangkan prinsip syariah yang diguna pakai oleh Al-Hadharah Boustead REIT serta sumbangannya dalam industri sawit negara. Dapatan kajian menunjukkan Al-Hadharah Boustead REIT menggunakan prinsip al-musyārakah, Al-wakālah, Al-Ujr dan harta musyā dalam aktiviti pelaburannya. Di samping itu, penguasaan pemilikan Al-Hadharah Boustead REIT dalam industri sawit negara menunjukkan peningkatan yang memberangsangkan sepanjang tempoh kajian

Monetary Policy and External Factors: Empirical Evidence for Association of Southeast Asian Nations 3

The motivation for this paper is the external factors can be the important objectives of the monetary policy in a small open economy. This study will extend the standard Taylor rule that initially encompassed output and inflation by adding the exchange rate and terms of trade. By using the augmented Taylor rule, this paper examines exchange rates and terms of trade and determines its empirical validity based on a sample of ASEAN-3 countries. Using the technique of unrestricted error correction model, the findings provide some policy implications; the uncertain movements of the exchange rate and terms of trade can be fine-tuned by the central bank's interest rate instrument, and the inflation and output are useful policy indicators for monetary decision making of central bank, which eventually promotes the best economic outcomes. Keywords Exchange rate, Monetary policy, Taylor rule, Terms of trade JEL Classifications: C61, E58, E61, F4

The type of culture at a high performance schools and low performance school in the state of Kedah

This research aims to identify the type of culture at a High Performance School (HPS) and Low Performance School (LPS) in the state of Kedah. The research instrument used to measure the type of organizational culture was adapted from Organizational Culture Assessment Instrument (Cameron & Quinn, 2006) based on Competing Values Framework Quinn and Rohrbaugh (1983) Model.Two HPSs and two LPSs representing 129 teachers were chosen as research samples.Research findings showed that the current dominant culture in both HPS and LPS is Hierarchy (M=36.76, M=30.63 & SD = 8.23, SD=7.83) consecutively. Both types of schools practice Market culture and the average scores for both types of schools are the same whereby HPS (M=25.7,SD=8.56) and LPS (M=25.94, SD=8.32). However, HPS practices less Clan culture (M=21.15, SD=8.74) compared to LPS (M=24.18, SD=6.97). The Clan culture is more prominent in LPS compared to HPS. Both types of schools practice Adhocracy less which are (M=17.75, SD=6.94) in HPS and (M=19.81, SD=6.78) in LPS respectively. The findings showed that teachers in both types of schools would like to have the Clan culture practiced in their schools with the same average scores, M=34.89, SD=8.22. HPS prefers the Market culture (M=26.01, SD=6.32) compared to LPS Market culture (M=23.01, SD=.22). However they accepted Adhocracy less in HPS (M=20.02, SD=8.31) and LPS (M=21.58, SD=7.89). Nevertheless, Hierarchy culture in HPS (M=19.32, SD=6.45) and in LPS (M=21.05, SD=6.68) are widely practiced. From the comparisons made, it can be concluded that both types of schools widely practice the Hierarchy and Market cultures in schools.The recommendations for further studies were also suggested

Integration of waqf towards enhancing financial inclusion and socio-economic justice in Nigeria

Purpose – This paper aims to discuss the role of Waqf as a means of enhancing financial inclusion and socio-economic justice in Nigeria. Design/methodology/approach – The methodology in this paper is that the data were elicited from secondary sources such as the Al-Qur’an, Hadiths and other empirical studies in the existing literature. The Tawhidi epistemology (Islamic world view) also has been obtained to deliver better understanding on the findings. Findings – The paper implores Islamic societies to take advantages of integrating Waqf to support the financing needs of disadvantaged members of the Muslims communities, especially the Muslims, dominated northern Nigeria with a high level of financial exclusion. The Waqf funds if integrated and institutionalized will support the region by making the fewer privilege members of that community-engaged thereby economically and enhancing the financial inclusion. This will also lead to economic growth and socioeconomic development of Nigeria. Practical implications – The paper concludes by suggesting the establishment of Waqf funds to supports the less privileged people through Islamic Microfinance as means of enhancing socio-economic justice in Nigeria’s Muslims’ communities, which is negatively affected by the high rate of financial exclusion and poverty. This paper also provides critical suggestions on the ways the integration of Waqf funds will contribute significantly towards assisting Nigeria in achieving its vision of reducing the financial exclusion rate and may foster inclusive growth and sustainable development. Originality/value – This paper is a conceptual study and, therefore, limited to the content of the existing literature. Hence, the future researchers may replicate and test it empirically for a more scientific justification regarding the roles of Waqf towards enhancing financial inclusion in Nigeria