Index

Citation (2018), "Index", Hassan, M.K. and Rashid, M. (Ed.) Management of Islamic Finance: Principle, Practice, and Performance (International Finance Review, Vol. 19), Emerald Publishing Limited, Bingley, pp. 239-249. https://doi.org/10.1108/S1569-376720180000019013 Publisher: Emerald Publishing Limited Copyright © 2019 Emerald Publishing Limited INDEX Note: Page numbers followed by “n” with numbers indicate notes. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), 202 Adequate capital, 139 Agro Bank, 133 All debt financing corporation, 153–154 All-equity financing corporation, 152–153 Allowance on Corporate Equity (ACE), 146 Ambiguity and confusion, 117–118 Analytic hierarchy processes, 217 ANOVA, 215 Arab Barometer, 99, 110n1 Arellano-Bond generalized method of moments, 231 Asian investors, 5, 18 Asian Islamic Index, 4–5 Asian Islamic stock market investors, 3 invest in USA, European, or BRIC markets, 16–18 Asset-backed financing, 40–41 Asset-backed Sukuk, 116 Autoregressive conditional heteroscedastic (ARCH), 10 Bai’ Al-Sarf, 44 Bai’ Bithaman Ajil (BBA), 83, 179, 195, 197 Bai’al’Inah, 133 Bai’Bithaman Ajil, 133 Bai’Istina, 133 Bangladesh, 38–39 funds of MCIs in, 91 Bank for International Settlement, 50 Bank of America, 208 Bank selection criteria, 73, 78–79 Bank Simpanan National (BSN), 133 Banking sector, 49 Bankruptcy, 114–115 Barclays, 208 Bartlett’s test of sphericity (BTS), 78 Benchmark indices, 136 model, 203 Benevolent loan, (see Qard al-hasan) Bivariate analysis process, 54 Bonds, 156 Borrower of mortgage, 201 Borrower-centric approach analyses and procedures, 77–78 commercial banking industry, 92 content validity, 79 data and methodology, 75 data collection process and instruments, 75 funds of MCIs in Bangladesh, 91 Islamic and conventional MCIs, 89 Islamic microcredit institutions, 90 literature review and hypotheses development, 72–75 overall satisfaction of microcredit borrowers, 80–81 policy implications, and limitations of study, 81–85 reliability, 78–79 results and discussions, 78 sampling adequacy, sampling bias, and multi-collinearity problem, 80 Borrowers, 72 Breach of contract, 118 BRIC markets, 20 Islamic markets, 4–5 Business support, 218 Capital market, 5 Capital partnership, (see Musharakah) Capital structure, 147 Capital-based models, 179 Capitalization, 139–141 “Center activity”, 79, 80 Certainty effect, 150 Christian, 96, 105, 107 Citibank, 208 Clone property, 53 Cluster, 50 Co-movement among financial markets, 5–6 Commercial banks, 131, 135 industry, 92 Commercial PM, 191 Community banking, 137 Component expected shortfall (CES), 51 Comprehensive Business Income Tax (CBIT), 146 Conditional value, 213 Conditional value at risk (CoVaR), 51 Conjuncture fluctuations, 179 Consumer experience, 211 Contagion effects, 5 Content validity, 79 Continuous mortgage payments, 198 Continuous wavelet transform (CWT), 4, 13–15 Conventional bank(ing), 38–40, 54, 191 Conventional capital structure of corporation, 149 Conventional debt-based instruments, 7–8 Conventional financial principles, 71–72 Conventional MCIs, 89 Conventional stock market, 5 Convergent validity, 79 Corporate social responsibility (CSR), 131 Corporate tax structure, 147–148 Corporation’s threshold for debt, 146, 154–156 all debt financing corporation, 153–154 all-equity financing corporation, 152–153 American corporation, 168 Austrian corporation, 160 conventional and Islamic capital structure, 149 corporate tax structure, 147–148 corporation’s financing choice, 147, 150–152 Czech Republic corporation, 161 Danish corporation, 162 debt-bias vs. equity-bias corporate tax system, 148 Finland corporation, 163 Germany’s corporation, 164 Italian corporation, 165 measure of profit, 159–160 Norway corporation, 166 numerical example, 156–158 in OECD countries, 158 robust approach, 168–169 start from intersection point, 173 Swedish corporation, 167 Correlation, 78 coefficients, 80 matrix, 78 network models, 54 Credit facilities, 133 management, 83 monitoring, 83–84 Credit Default Swap (CDS), 51 Creditor-friendly, 121–122 Crisis-phase, 51 Criticisms, 10 Cross-loadings, 79 Crowding out effect, 177 Cultural characteristics, 94–95 Customer contextual information, 210 customer-centric concept, 72 level of education, 216–217 patronage, 218–219 product contextual information, 214 product expert insight, 214 product value, 212 religion, 217 value, 213 Customers’ engagement with Islamic banking concept and dimensions of customer patronage, 218–219 determinants, 209, 215–218 Shari’ah, 208–209 Customers’ product knowledge, 209–211 constructs of, 211–214 dimensions, 214–215 Dana Gas Sukuk default, 124–125 Data collectors, 76 Debt restructuring, 120, 121 Debt-based Sukuk, 119 Debt-bias corporate tax system, 146, 150 Debt–equity ratio, 159 Debtor-friendly, 121–122 Declining Balance Co-ownership Program, 202 Deferred payment sale, (see Bai’ Bithaman Ajil (BBA)) Delta conditional value at risk (ΔCoVaR), 51, 57 Democracy, 226, 228 Democratization, 225 and Islamic financial development, 225–231 Demographic characteristics, 76, 94–95 Descriptive statistics, 15–16 Deutche Bank, 208 Development Financial Institutions (DFIs), 130, 131, 144 data and methodology, 137–138 and demise, 131, 135–136 investment banks, 131–132 lack of financial inclusion, 130–131 requirements, 134–135 rising of IFIs, 136–137, 144 services provided by, 132–134 Digital inclusion mechanism, 73 “Diminishing musharakah” method, 195, 197, 202 Diminishing partnership, (see Musharakah Mutanaqisah (MM)) Discrete wavelet analysis, 13 Discrete wavelet transform (DWT), 11 Displaced commercial risk, 43 Dividend payments, 147 Dow Jones Islamic Market Index (DJIM), 8, 136 Dow Jones Supportability World Index (DJS), 8 Dow Jones World Index (DJW), 8 Dual-banking systems, 47 Dynamic conditional correlations (DCC), 10–11 Early marriage, 96 Economic development, 96, 131 growth and poverty, 94 indicators, 94, 103 integration, 2 system, 38 Education Financing-I Falah, 133 Emotional value, 213 Epistemic value, 213 Equity kickers, 192 Ethical banking, 137 EthisCrowd, 202 European Islamic Index, 4–5 European markets, 20 Ex ante measures, 203 Ex post measures, 203 Excessive uncertainty prohibition, 44–45 Expected return, 198 Expected shortfall (ES), 51 Experiences, 211 Exploratory factor analysis (EFA), 77 Export Credit Refinancing-i, 133 Export–Import Bank of Malaysia Berhad (EXIM Bank), 133 Extended technology acceptance model, 216 Extensive monitoring, 85n1 Failure to pay on time, 116 Filtering stationary series, 12 Financial crisis, 5, 50–51, 191 development, 223, 226 exclusion, 94 inclusion, 94, 97, 134, 136, 137 intermediaries, 177 market, 147, 224, 233 network, 54 services, 132 support, 218 system, 38 system aggregate risk, 56 Financial Institutions Reform, Recovery, and Enforcement Act (1989) (FIRREA), 192 Financial Islamism, 99, 105, 106 Financial Stability Board, 51 Financing methods, 200 Financing models, 178 Firm standardized idiosyncratic residual, 57 First Investment Company (FIC), 122 Four Ps and Cs in marketing discipline, 212 Fourier transform, 13 Frequency, 14 FTSE Global Islamic Indies, 136 Funding sources, 139 Gain international portfolio diversification benefits, 16 Gender inequality, 96 Generalized ARCH (GARCH), 10 Generalized linear models (GLM), 231 Generalized method of moments (GMM), 231 Gharar, 44–45, 114, 119, 196 Global economic recession, 38 Global financial crisis (2007–2008), 2, 18–19, 123–124, 190 Global financial market, 114 Global Findex, 137 Globalization, 2, 5, 6 Grameen Bank model, 70 Grubel modeled international portfolio diversification, 9 Gulf Cooperation Council (GCC), 48, 117 Healthy financial systems, 38 Hedonic determinants, 190 Higher income group, 72 Housing finance products, 190 HSBC, 208 i-Biz Cash, 133 i-Enterprise Premises Financing, 133 i-Rolling Expenditure Advance Cash Scheme, 133 IDB Co-financing, 133 Idiosyncratic characteristics, 52 Ijara sukuk, 149 Ijarah (leasing), 123, 181, 195, 199 Import Financing-i, 133 Inclusive financial services, 94 Income groups, 72 Indonesia, Islamic finance in, 98 Institutional mechanism, 83–84 Institutional uniformity, 224 Interest and usury prohibition, 40–41 Interest rate, 190 Interest rejection, 103 Interest-based conventional financial system, 121 Interest-free financing methods, 181 Islamic financing models, 175 loans, 41 modeling, 196 Interest-only mortgage, 198 Internal rating based risk weighting approach, 139 International banks, 208 International equity markets integration, 2 International Islamic Fiqh Academy of Organization of Islamic Cooperation (IFA-OIC), 126 International Monetary Fund (IMF), 146, 208 International portfolio diversification, 2, 6–7, 9, 18–20 applied methodology, 10 Asian Islamic stock market investors invest in USA, European, or BRIC markets, 16–18 co-movement among financial markets, 5–6 CWT and wavelet coherence, 13–15 data analysis and empirical results, 15 descriptive statistics, 15–16 Islamic stocks and portfolio diversification, 7–9 literature review, 5 MGARCH and DCC, 10–11, 27–34 MODWT, 11–13 MODWT–wavelet correlation charts and underlying numbers, 35–36 robustness and validation of results–application of MODWT, 21 strategy, 18 summary of empirical results, 21–22 theoretical underpinnings, 9–10 time-varying and time-scale-dependent correlations, 7 International stock markets, 2 portfolios, 6 Interpretation, 53, 131, 156, 214 Invest in “people”, 82 Investment accounts holders, 42 banks, 131 deposits, 42–43 Investor stock holding periods, 18–20 Involuntary financial exclusion, 94 Islami Bank Bangladesh Limited (IBBL), 71 Islamic MCIs, 89 MFIs, 70 political party systems, 224 principles, 95 products and services, 82–83 share, 100–101 Shariah standards, 45 Islamic bank/banking (IB), 38, 136, 149, 208 customers’ knowledge, 214–215 data, 55 empirical evidence for stability, 45–49 Islamic financial arrangements, 41–44 methodology, 55 operating principles, 94 prohibition of excessive uncertainty, 44–45 prohibition of interest and usury, 40–41 prohibition of Shariah non-halal transactions, 45 restrictions on money for money transactions, 44 results, 59–62 risk measures, 55–58 SRISK definitions and measurements, 49–54 systems, 224 theoretical basis for unique risk features, 39–45 theoretical basis for unique risk features of, 39 “Islamic Bonds”, 114 Islamic capital structure of corporation, 149 Islamic Equity Funds (IEFs), 8 Islamic financial development econometric strategy and data, 225–228 evidence, 228–231 financial development, 223–224 GMM estimations, 235 models and results, 231–233 OLS and GLM estimations, 234 political Islam, democratization, and, 225 Islamic Financial Institutions (IFIs), 73, 130, 136–137 Islamic financial/finance, 95 arrangements, 41–44 data, 99 economic indicators, 103 empirical results, 99 industry, 82, 114 instruments, 124–125 literature review, 95–98 markets, 3 methodology, 98–99 pairwise correlations and interest rejection, 102 pairwise correlations from religious responders, 105, 106 PM applicability in, 200–201 PM design in, 195–197 principles, 197 sector, 2–3 services, 99 summary statistics, 101 system, 40 total religious index, 100 univariate test and interest rejection, 104 Islamic Law of Contracts, 2–3 Islamic microcredit borrowers, 81 framework, 84 institutions, 90 Islamic stocks markets, 5 and portfolio diversification, 7–9 profitability, 47 Isolation effect, 150 Jakarta Islamic Index, 8 Japanese stock market, 6–7 Kahlifah, 131 Kaiser–Meyer–Olkin test (KMO test), 78, 80 Kolmogorov-Smirnov Goodness-of-Fit, 32 Kuala Lumpur Shariah Index, 8 Labor and capital partnership, (see Mudharabah) Lease-based contracts, 41 Limited mudarabah, 179 Liquidity risk, 40 Loan application, 75 balance, 198 process, 73, 79 quality, 139 Loan-to-value (LTV), 199 Long-run marginal expected shortfall (LRMES), 52 Long-term investors, 20 Lower income group, 72 Machining and Equipment Financing-i, 133 Macroeconomic determinants of housing demand, 190 level shock, 50 variables, 13 Malaysia, Islamic finance in, 137 Malaysian Talam Corporation Bhd, 116 Marginal expected shortfall (MES), 51, 55–57 Market BRIC, 20 co-movement among financial, 5–6 conventional stock, 5 European, 20 factors, 212 failures, 135 financial, 147, 224, 233 global financial, 114 international stock, 2 Islamic finance, 3 Japanese stock, 6–7 market-based systemic risk measures, 55 real estate, 190 stock, 147 Maturity mismatch, 178 Maximum overlap discrete wavelet transformation (MODWT), 4, 11–13 MODWT–wavelet correlation charts and underlying numbers, 35–36 robustness and validation of results–application, 21 Maysir, 44–45, 114, 119 MGARCH, 10–11 Micro-entrepreneurs, 72 Microcredit, 70 industry, 76 Microcredit borrowers, overall satisfaction of, 80–81 Microcredit Regulatory Authority (MRA), 72 Microeconomic level events, 50 Microfinance (MCIs), 70, 137, 179 funds in Bangladesh, 91 services, 84 Microfinance institutions (MFIs), 135 Mimicking conventional bonds, 117 Moderate-length filter, 14 Modern Portfolio Theory, 9 Modus operandi of classical mudarabah, 177 Money for money transactions, restrictions on, 44 Mortgage rate, 194 in PM structure, 199 Mortgage-based products, 190 Mudarabah, 41, 149, 176, 178, 179, 196, 199, 200 fund collection method, 176–177 partnership arrangement with depositors, 42 partnership financing transactions of, 43 practical problems of classical, 177–179 Mudarip, 177, 180 Multicollinearity problem, 80 Multivariate analysis for Islamic practice and economic indicators, 107, 110 of Islamic practice and social indicators., 106–107 Multivariate Brownian processes, 54 Multivariate generalized autoregressive conditional heteroscedastic–dynamic conditional correlations (MGARCH–DCC), 4, 10, 27–34 Murabahah, (see Bai’ Bithaman Ajil (BBA)) Musaqah, 200 Musharakah (see Musharakah Mutanaqisah (MM)) Musharakah Mutanaqisah (MM), 83, 149, 176, 178, 180, 195, 196, 200 Musharakah Sukuk, 149 Muslim democratic countries, 224 Muzara’ah, 200 Nakheel Restructuring (UAE), 123–124 National Financial Inclusion Strategy, 83 National income per capita, 95–96 Non-financial support, 218 Non-Muslim countries, 208 Non-profit-oriented microfinance, 179 Nonborrowers, 72 Nonstationary process, 12 Objective knowledge, 210 Online Islamic banking patronage, 216 Ordinary least squares (OLS), 231 Organization for Economic Co-operation and Development (OECD), 146 corporation’s stimulated threshold for debt in, 158–169 online library, 160 Organization of Islamic Conference (OIC), 47 “Out of gharar”, 196, 200–201 Outstanding loan balance (OLB), 198 Overshadowing financial inclusion and marketing of MCI services, 84 Ownership, 114 Paddy Cash-i, 133 Participating mortgages (PMs), 190, 191 applicability in Islamic finance, 200–201 challenges, 201–202 contributions, 194–195 design in Islamic finance, 195–197 fields of application, 202–203 history and literature, 192–193 implications, 200 mechanism, 193 model, 197–200 securitization, 201 types, 192 Participating Preferred Ijarah (PPI), 195, 196 Partnership financing transactions, 43 Partnership in agriculture, (see muzara’ah) Partnership in gardening, (see musaqah) Partnership of profit and loss, (see Musharakah) Partnership-based contacts, 176 Partnership-based investments, 44 Patronage, 218–219 Paying salary, 181 Payment system, 75 Penn World Tables, 160 Personal-level surveys, 95 responses, 98 Perspective tolerance, 100, 101, 103, 105, 107 Policy implications discussion of findings, 81 institutional mechanism, credit monitoring, and social development, 83–84 invest in “people”, 82 Islamic products and services, 82–83 limitations of study, 84–85 overshadowing financial inclusion and marketing of MCI services, 84 Political interest, 107 Political Islam and Islamic financial development, 225–231 Post-crisis period, 55 Post-default Sukuk restructuring practical restructuring examples, 122–123 restructuring of Sukuk, 118–120 Shari’ah compliance, 120–122 Sukuk defaults and importance of restructuring, 115–118 Sukuk restructuring case studies, 123–125 Post-financial crisis, 17 Practical restructuring examples, 122–123 Practical value, 213 Pre-crisis period, 55 Probability integral transform, 33 Profit equalization reserve, 43 process, 197 responsibility, 82–83 sharing, 194 Profit-and-loss sharing modes (PLS modes), 149 Profit-oriented microfinance, 179 Profitability, 141–142 Profit–loss sharing (PLS), 41 Prospect theory, 150, 151 Public funds, 131 Public Private Partnership financing, 203 Qard al-hasan model, 40, 179 Qard Hasana system, 83 Rabb’ul mal, 177 Random sampling technique, 216 Real estate market, 190 Real estate property value, 197 Redistributive instruments, 97 Reliability, 78–79 Religious constraints, 94–95 Religious Piety, 100 Religious preferences, 94 Retail banking, 178 Return on assets (ROA), 138, 141 Return on equity (ROE), 141 Reverse mudarabah companies (RMCs), 176, 180, 183 buying idea, 184–185 case studies on conventional practices, 182–183 institutional alternatives, 185 interest-free Islamic financing models, 175–176 Islamic microfinance, 179–180 no salary share profit, 185 partnership-based models, 183–184 pay salary share profit, 185 SME Life Cycle, 181 Riba, 40–41, 44–45, 103, 114 Risk allocation methods, 53 risk-sharing financing instruments, 97 risk-sharing strategy, 193 sharing, 196 vulnerability, 38 Robustness and validation of results–application of MODWT, 21 Royal Bank of Canada, 208 Run-up phase, 51 Rural development scheme (RDS), 85n1 Rural financial development, 134–135 S&P Shari’ah Indices, 136 Sampling adequacy, 80 Sampling bias, 80 SAWIT-i, 133 Secularism, 100 Securitization, 201 Shared appreciation mortgages (SAM), 192–193, 200 Shared equity mortgages (SEM), 192, 193 Shared income mortgages (SIM), 192, 193 Shari’ah (Islamic law), 149, 208 compliance, 120 debtor-friendly vs. creditor-friendly, 121–122 indices, 3 issues, 118–120, 124–125 non-halal transactions prohibition, 45 perspective, 181 Shari’ah-compliant approach, 121 Shari’ah-compliant financial institutions, 137 Shari’ah-compliant nature, 130 Shariah Supervisory Board, 45 Shirkat-ul-inan form, 180 Short-time Fourier transformation, 13 SMEs, 130, 137, 185 life cycle, 181 SME Bank, 133 Social capital concept, 179–180 Social development, 83–84 Social indicators, 94, 102 Social justice in Islam, 96–97 Social responsibility, 82–83 Social value, 213 Socially responsible investment, 137 Socioeconomic value, 70 Special purpose vehicles (SPVs), 120 Specialization problems, 178 Speculative behavior, 44–45 Spirit, 120–122 Stability evidence of Islamic banks, 45–49 Standard & Poor’s Indices, 15 Standard Chartered, 208 Standardization, 196 Static trade-off theory, 154 Stationary process, 12 Status quo, 151 Stochastic modeling, 202 Stochastic processes, 107, 197 Stocks, 156 exchange correlations, 7 market, 147 market exchanges, 2 Strict regulations supportive of avoiding Sukuk defaults, 116 Structural integrities, 116–117 Substance, 120–122 Substantial risk factor, 123–124 Sukuk, 114, 137, 149 holders, 116–117 structures, 115 Sukuk al-“ijarah”, 118 securities, 114 Sukuk al-murabahah structure, 118 Sukuk al-musharakah structure, 118 Sukuk al-wakalah, 122 Sukuk defaults, 115 additional risks associated with, 117 ambiguity and confusion, 117–118 breach of contract, 118 failure to pay on time, 116 mimicking conventional bonds, 117 strict regulations supportive of avoiding, 116 structural integrities, 116–117 Sukuk structuring, 118 Sukuk restructuring, 118–120, 123 Dana Gas Sukuk default, 124–125 Nakheel Restructuring (UAE), 123–124 Supervisory approach, 51 Systemic risk (SRISK), 51–52, 57 definitions and measurements, 49–54 literature, 54 measures, 51 Systemically important financial institutions (SIFIs), 51 Takaful model, 180 Taxation, 178 Theoretical underpinnings, 9–10 Time, 14 Time-scale-dependent correlations, 7 Time-variant country-fixed effects, 98 Time-varying conditional correlation, 54 Time-varying correlations, 7 Too big to fail (TBTF), 52 Too interconnected to fail (TITF), 52 Total religious index, 100 Total religious score, 106 index, 95, 98–99 Transparency of balance sheet, 178 Trinity Corporation Bhd, (see Malaysian Talam Corporation Bhd) Trust, 81 Underprivileged sectors, 135 Univariate test and interest rejection, 104 Unlimited mudarabah, 179 Urbanization degrees, 100 US Federal Reserve, 194 Value, 210, 213 conditional, 213 customer, 213 epistemic, 213 practical, 213 real estate property, 197 social, 213 socioeconomic, 70 Value-at-Risk (VaR), 51, 58 Variance inflation factor (VIF), 78 Variance method, 80 Viceregency, (see Kahlifah) Violence against women, 96 Volatility, 2 Volatility spillover, 2 Wakalah-waqf model, 180 Waqf, 179, 185 Wavelet coherence, 13–15 Wavelet cross-covariance, 13 Word of mouth, 219 World Bank, 208 World Development Indicators, 160 z-score indicator, 48 Zakat, 179, 180, 203 Book Chapters Prelims Chapter 1 Investigating International Portfolio Diversification Opportunities for the Asian Islamic Stock Market Investors Chapter 2 Islamic Banks’ Resilience to Systemic Risks: Myth or Reality-Evidence from Bangladesh Chapter 3 Satisfaction with Islamic Microcredit Institutions: A Borrower-centric Approach Chapter 4 Religious Preference and Financial Inclusion: The Case for Islamic Finance Chapter 5 Post-Default Sukuk Restructuring: An Appraisal of Shari’ah Issues Chapter 6 Relevance of Development Financial Institutions in the presence of Islamic Financial Institutions Chapter 7 Corporation’s Threshold for Debt: Implications for Policy Reforms Toward Equity-Biased Corporate Tax System Chapter 8 “Reverse Mudarabah” an Alternative of Classical Mudarabah for Financing Small Businesses Chapter 9 Participating Mortgages: An Alternative to Housing Finance Chapter 10 Determinants of Customers’ Engagement with Islamic Banking Chapter 11 Political Islam, Democracy, and Islamic Finance Development Index

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