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Islamic finance: An attractive new way of financial intermediation 伊斯兰金融:一种有吸引力的金融中介新方式
The International Journal of Banking and Finance Pub Date : 2013-06-01 DOI: 10.32890/ijbf2013.10.2.8472
M. Iqbal
{"title":"Islamic finance: An attractive new way of financial intermediation","authors":"M. Iqbal","doi":"10.32890/ijbf2013.10.2.8472","DOIUrl":"https://doi.org/10.32890/ijbf2013.10.2.8472","url":null,"abstract":"Financial intermediation is a value-enhancing service. Banks are among the most important financial institutions in a modern economy for that service. Conventional banks use rates of interest (charged to clients and paid to depositors) on both the assets and the liabilities sides. Since interest is prohibited in Islam, Islamic financial experts have developed a number of financial instruments that avoid any involvement in interest. They take the form of either risk-and-reward sharing or trading in commodities/assets to price assets. In this paper we describe the basic features of the most important among these financial instruments. Even though Islamic banks emerged in response to market needs of Muslim clients, they are not religious institutions. Like other banks, these are profit seeking institutions, simply following a different model of financial intermediation. While it is the preferred way of banking for one fifth of humanity, it offers a wider choice of financial products to all by generating a number of benefits for the society. The successful operation of Islamic financial institutions has proven that this new model of financial intermediation is not only viable, but in many aspects, it is rather superior to the conventional model. The appealing features of the Islamic model have attracted world-wide attention. Islamic financial industry which started as a niche market in early 1970s in the Middle East has made a place for it in more than fifty countries around the globe and has grown into a multi-trillion dollars industry. This paper attempts to explain the basic features of this fascinating model.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126123550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
THE RELATIONSHIP BETWEEN RISK PROPENSITY, RISK PERCEPTION AND RISK-TAKING BEHAVIOUR IN AN EMERGING MARKET 新兴市场风险倾向、风险感知与风险行为之间的关系
The International Journal of Banking and Finance Pub Date : 2013-03-28 DOI: 10.32890/IJBF2013.10.1.8471
Fazelina Sahul Hamid, G. J. Rangel, F. Taib, R. Thurasamy
{"title":"THE RELATIONSHIP BETWEEN RISK PROPENSITY, RISK PERCEPTION AND RISK-TAKING BEHAVIOUR IN AN EMERGING MARKET","authors":"Fazelina Sahul Hamid, G. J. Rangel, F. Taib, R. Thurasamy","doi":"10.32890/IJBF2013.10.1.8471","DOIUrl":"https://doi.org/10.32890/IJBF2013.10.1.8471","url":null,"abstract":"This paper reports evidence to support a relationship between risk propensity, risk perception, and risk-taking behaviour of investors in an emerging market. Primary data were gathered using a validated structured questionnaire, which was self-administered by respondents: there were 162 investors from 8 stockbroking companies. A multiple regression was used to test the direct and indirect effects of the identified behavioural characteristics on investment decision. Risk propensity was found to be positively related to risk-taking behaviour whereas risk perception was negatively related to risk-taking behaviour. It was further found that risk perception partially mediates the effect of propensity to take risk. This suggests that the perceptual framing of a situational context in the investors’ thought processes reduces but it does not totally overwhelm the innate personality traits with respect to either the investor’s risk-seeking or risk-averseness. The tendency to engage in risky behaviour is more psychological in nature. The implications of the research are further explored.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127738588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 21
PORTFOLIO PREFERENCES ACROSS MARKETS: EVIDENCE FROM MUTUAL FUND OWNERSHIP 跨市场的投资组合偏好:来自共同基金所有权的证据
The International Journal of Banking and Finance Pub Date : 2012-12-04 DOI: 10.32890/IJBF2012.9.4.8463
Wen-Hsiu Chou
{"title":"PORTFOLIO PREFERENCES ACROSS MARKETS: EVIDENCE FROM MUTUAL FUND OWNERSHIP","authors":"Wen-Hsiu Chou","doi":"10.32890/IJBF2012.9.4.8463","DOIUrl":"https://doi.org/10.32890/IJBF2012.9.4.8463","url":null,"abstract":"This paper is about evaluating and comparing the portfolio preferences of domestic and foreign mutual funds in developed and emerging markets over the period 1998–2007. We find that foreign and domestic mutual funds have some different preferences toward firm characteristics and firms’ information environments, and economic development affects the preferences for both types of funds. A country’s characteristics and institutions also influence mutual fund investment decisions when fund managers form their portfolio holdings. Results further show that foreign and domestic mutual funds play a monitoring role in their portfolio firms, but foreign mutual funds cannot monitor firms effectively in emerging markets.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133179406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial transaction and fiduciary obligation: Ethics, economics or commingled commitment? 金融交易与信托义务:伦理、经济学还是混合承诺?
The International Journal of Banking and Finance Pub Date : 2012-12-04 DOI: 10.32890/IJBF2012.9.4.8461
S. Palliam, Lee G. Caldwell, D. Ghosh
{"title":"Financial transaction and fiduciary obligation: Ethics, economics or commingled commitment?","authors":"S. Palliam, Lee G. Caldwell, D. Ghosh","doi":"10.32890/IJBF2012.9.4.8461","DOIUrl":"https://doi.org/10.32890/IJBF2012.9.4.8461","url":null,"abstract":"Financial transactions and fiduciary obligations are simply intertwined. Fiduciaries are subject to the principle of fidelity. It appears, at times at least, public trust in fiduciary commitments is declining as a result of fiduciaries’ selective reporting of financial events and the existence of conflicts when fiduciaries have selfish motives: motives being not always to maximize the trusting party’s value. It is the agency problem. This work attempts to enunciate that commitments and fiduciary obligations emanating from initial financial transactions are not to be violated or ignored as a matter of policy or practice. The questions that arise are: Should a fiduciary be obliged to guarantee a certain outcome for the counter-party, and should a fiduciary be held accountable to a certain type of outcome? We examine what the guidelines are or should be put in place. Initially, under the garb of some socio-religions edicts-cum-dicta, and then under the well-known economic analytics, we make our points and move the view to the forefront.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131197371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
DETERMINANTS OF OFF-BALANCE SHEET BUSINESS IN THE CASE OF GCC BANKING SECTORS 海合会银行业表外业务的决定因素
The International Journal of Banking and Finance Pub Date : 2012-09-18 DOI: 10.32890/IJBF2012.9.3.8458
Mohammad I. Elian
{"title":"DETERMINANTS OF OFF-BALANCE SHEET BUSINESS IN THE CASE OF GCC BANKING SECTORS","authors":"Mohammad I. Elian","doi":"10.32890/IJBF2012.9.3.8458","DOIUrl":"https://doi.org/10.32890/IJBF2012.9.3.8458","url":null,"abstract":"This paper identifies the association between off balance sheet businesses and a number of determinants identified for the banking sectors of the Gulf Cooperation Council countries. The Fixed Effects Least Squares Dummy Variable Model is used to identify the determinants for a large sample of 64 banks over a recent fifteen-year period. The results reveal that bank-specific variables have important roles in influencing off balance businesses. As for the regulatory variable, capital items are less important, which is contrary to the long-held market discipline hypothesis, under which secure banks are predisposed to engage in more off balance businesses. The macroeconomic variable reveals that higher real GDP growth does not necessarily cause an increase in the off balance activities. However, its positive impact indicates that the off balance business actions follow business cycles, and the overall growth of economy. Prudential regulators, as a policy matter, need to consider region-wide implications of these findings. This is important given the fact that regulating how off balance business is conducted in the region would influence costs and the scope of banks, hence also the monetary policy.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123039665","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
BANK OWNED LIFE INSURANCE: A CRITICAL EXAMINATION OF BANKING STRATEGY 银行拥有的人寿保险:对银行战略的批判性审查
The International Journal of Banking and Finance Pub Date : 2012-09-18 DOI: 10.32890/IJBF2012.9.3.8456
Leyuan You, K. Dandapani
{"title":"BANK OWNED LIFE INSURANCE: A CRITICAL EXAMINATION OF BANKING STRATEGY","authors":"Leyuan You, K. Dandapani","doi":"10.32890/IJBF2012.9.3.8456","DOIUrl":"https://doi.org/10.32890/IJBF2012.9.3.8456","url":null,"abstract":"This paper is an investigation of a rampant insurance practice in the US banking sector, namely the permitted practice of employer-paid insurance policy. Under this policy, employee’s life policy paid for by the employer, pays large sums as policy benefits to the employer not to the employee’s family. Employers suggest that taking insurance covers the possible monetary loss value of an employee departing the firm, and hence the benefit is quite permissible, kosher. Our findings show its widespread occurrence in beefing up the earnings and even the capital base of the US banks. It calls into question if this practice, though legal, is socially responsible since an employee with such employer-paid policy would be deprived of tax deduction for his own selfpaid policy cover, in most instances. Banking sector’s prevalent use of this practice to cover even low-paid workers such as janitors brings into focus the ethics of this banking practice.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123954730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Bank mergers and competition in Japan 日本的银行合并与竞争
The International Journal of Banking and Finance Pub Date : 2012-06-12 DOI: 10.32890/IJBF2012.9.2.8450
Kang H. Park
{"title":"Bank mergers and competition in Japan","authors":"Kang H. Park","doi":"10.32890/IJBF2012.9.2.8450","DOIUrl":"https://doi.org/10.32890/IJBF2012.9.2.8450","url":null,"abstract":"Using H-statistic of the Panzar-Rosse model, this paper examines commercial bank merger waves in Japan and their effect on competition in the Japanese banking market during 1983-2006. The H-statistic is estimated separately for three different time periods, the boom, the burst and the recovery. This paper concludes that the bank mergers that took place in Japan have not led to a higher level of market power except during the period of financial crisis around the time of bubble burst. Recent mergers in the Japan’s banking sector do not seem to harm the competition level in the banking market. An increase in individual bank’s market share and an increase in overall market concentration have not materialized in higher net interest margin in Japan.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132796451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
BOARD GENDER DIVERSITY, CORPORATE REPUTATION AND MARKET PERFORMANCE 董事会性别多样性、企业声誉和市场绩效
The International Journal of Banking and Finance Pub Date : 2012-03-22 DOI: 10.32890/IJBF2012.9.1.8446
Meredith B. Larkin, Richard A. Bernardi, Susan M. Bosco
{"title":"BOARD GENDER DIVERSITY, CORPORATE REPUTATION AND MARKET PERFORMANCE","authors":"Meredith B. Larkin, Richard A. Bernardi, Susan M. Bosco","doi":"10.32890/IJBF2012.9.1.8446","DOIUrl":"https://doi.org/10.32890/IJBF2012.9.1.8446","url":null,"abstract":"This study examines the association between corporate transparency, ethical orientation of Fortune 500 companies, the number of females represented on the board of directors as reported in the 2010 annual report data and respective stock performance. Our basis for this judgement was whether the firm was listed on either (both) Ethisphere Magazine’s 2010 ‘World’s Most Ethical Companies’ or (and) Corporate Responsibility Magazine’s 2010 ‘100 Best Corporate Citizens List’. Our results indicate that, as the number of women directors increased, the probability of a corporation appearing in these lists increases. Finally, while being on one of these lists did not increase corporate return data in a statistically significant sense, it did dramatically reduce the degree of negative returns.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115186326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 50
INTEREST RATE CONVERGENCE IN BANGLADESH 孟加拉国的利率趋同
The International Journal of Banking and Finance Pub Date : 2012-03-22 DOI: 10.32890/IJBF2012.9.1.8449
D. Rahman, Kohinur Akter
{"title":"INTEREST RATE CONVERGENCE IN BANGLADESH","authors":"D. Rahman, Kohinur Akter","doi":"10.32890/IJBF2012.9.1.8449","DOIUrl":"https://doi.org/10.32890/IJBF2012.9.1.8449","url":null,"abstract":"Financial liberalization, a widely-accepted policy paradigm since the 1980s, aims to remove financial repression and thus establish an efficient financial sector as a prerequisite for financial development. Interest rate convergence is one of the obvious outcomes of the interest rate liberalization, a crucial part of financial liberalization. Uniformity of interest rate should be there in a free and competitive financial market. This paper examines the state of interest rate convergence by measuring the degree of convergence in the financial market of Bangladesh, a success case of financial liberalization initiated in the 1990s.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133337587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Modelling and forecasting volatility in the gold market 对黄金市场的波动性进行建模和预测
The International Journal of Banking and Finance Pub Date : 2012-03-22 DOI: 10.32890/IJBF2012.9.1.8448
S. Trück, Kevin Liang
{"title":"Modelling and forecasting volatility in the gold market","authors":"S. Trück, Kevin Liang","doi":"10.32890/IJBF2012.9.1.8448","DOIUrl":"https://doi.org/10.32890/IJBF2012.9.1.8448","url":null,"abstract":"We investigate the volatility dynamics of gold markets. While there are a number of recent studies examining volatility and Value-at-Risk (VaR) measures in financial and commodity markets, none of them focuses on the gold market. We use a large number of statistical models to model and then forecast daily volatility and VaR. Both insample and out-of-sample forecasts are evaluated using appropriate evaluation measures. For in-sample forecasting, the class of TARCH models provide the best results. For out-of-sample forecasting, the results were not that clear-cut and the order and specification of the models were found to be an important factor in determining model’s performance. VaR for traders with long and short positions were evaluated by comparing failure rates and a simple AR as well as a TARCH model perform best for the considered back-testing period. Overall, most models outperform a benchmark random walk model, while none of the considered models performed significantly better than the rest with respect to all adopted criteria.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133674411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 41
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