Top PDF Islamic financing towards economic growth: A study on 4 OIC countries

Islamic financing towards economic growth: A study on  4 OIC countries

Islamic financing towards economic growth: A study on 4 OIC countries

With regard to the relationship between Islamic financing development and economic growth, Furqani and Mulyany (2009) conducted the relationship between Islamic banking and economic growth in Malaysia from 1997 to 2005. Total Islamic financing, real GDP per capita, fixed investment and trade activities are the data that used and represent as real economic sector. This study also employed co-integration test and VECM model as method. The findings show that Islamic bank financing has positive sign and statistically significant to economic growth and capital accumulation in the long run. Their result seems to support demand hypothesis which is Islamic bank in Malaysia depends on the growth of the GDP. In contrast, the findings from Majid and Kassim (2008) are in favour of the supply-leading view. Goaied and Sassi (2011) investigated by using panel GMM procedure in 16 MENA countries over the period 1962 to 2006 to see the impact of Islamic financing on economic growth. They found that Islamic finance has a weak relation on economic growth but the connection indicates to be positive and supported by theory.
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Islamic Financial Development and Economic Growth of Emerging Economy of Pakistan; a Panel Data Approach

Islamic Financial Development and Economic Growth of Emerging Economy of Pakistan; a Panel Data Approach

The purpose of this study is to investigate the dynamic interaction among five pure Islamic banks of Pakistan and economic growth by using Panel ARDL method over the period of 2006-2016. The results of the study led to various interesting outcomes, including that the development of key Islamic banking factors stimulate economic development performance. The findings of this study confirm alike conclusions from several studies regarding the significance of Islamic banking practices to promote economic growth. In addition, results of this study indicate that Islamic financing of pure Islamic banks is statistically significant and positively related with economic growth in long-run and these results are consistent with Furqani and Mulyani (2009) and Abduh and Chowdhury (2012). Moreover, in short-run Islamic financing of all the individual banks also has significant positive relationship with economic growth and the same is verified by Tabash and Dhankar (2014). This highlights the vital significance of Islamic financing in Pakistan, now in Islamic banks the Islamic financing is growing rapidly due to its interest free factor but despite of increasing growth of Islamic financing, Pakistan remain characterized by dual banking system where conventional and Islamic banks operate adjacent to each other. The importance of Islamic financing in stimulating economic growth has increasingly caught attention through scarce literature over the link between Islamic financing of Islamic financial institutions and economic growth but unfortunately in Pakistan the number of Islamic banks could not increased from five in last one decade even knowing to the potential of Islamic finance. Therefore, this study highlights the demand for increasing Islamic financial institutions for generating economic growth through interest free
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Government Size and Economic Growth: Empirical Study on Organization of Islamic Cooperation Countries

Government Size and Economic Growth: Empirical Study on Organization of Islamic Cooperation Countries

8 studies have tested for the influence of government size and economic growth assuming that an inverted-U relationship exists between the scale of government and growth. Examples of those studies are by Ram [7] and Dar and AmirKhalkhali [8]. According to Kahf [9], the involvement of government in the market is not occasional or temporary. The government should be co- existed in the market together with other economic units on permanent and stable basis and it acts as a planner, supervisor, producer as well as consumer. Having said the importance of government is to ensure the efficiency and provide provisions which cannot be accommodated by the market system, its expansion or contraction of role is never allowed to contract beyond the limits established in the Islamic law. Thus, it is expected that there is an optimal size of government which could be adopted by OIC countries to maximize the welfare of the nation, in particular, to maximize the standard of living. This paper contributes to the literature from three aspects. One, the focus, of study is on the group of OIC countries in which previous literature hardly analyzed these countries on the issue of government size and economic growth. Two, the study is utilizing more efficient econometric methods on panel data which consist of a sample of OIC countries over a specific period of time. It is more efficient than those solely based on time-series data for they may perform poorly in small samples. Three, it attempts to identify optimal size of government (role of state) that maximize the economic growth of the countries, that is, the possibility that inverted-U shape existence between growth and government size.
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Loan Loss Provisioning in OIC Countries: Evidence from Conventional vs  Islamic Banks

Loan Loss Provisioning in OIC Countries: Evidence from Conventional vs Islamic Banks

Initially, we begin with a 16 years sample from 1996 to 2011 with 1574 unique banks from 56 OIC member countries. However, for a bank to be included in our analysis, we require banks to report loan loss provisioning, total asset size, their listing status, areas of specialization being Islamic or conventional, earnings before tax and provision, Tire-I capital ratio. In addition, we collected information on nominal GDP, nominal per capita GDP, and growth in GDP from IMF ’s World Economic Outlook database . Besides, we also obtained country variables as mentioned in an LLSV (1998) study from the LLSV website for the matching countries. Our final sample comprises 2078 yearly observations for 291 unique banks from BankScope database for a sample period of eight years from 2003 to 2010 covering 35 OIC member countries with matching country variables. Table 2 reports the descriptive statistics of the bank sample.
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Enhancing the Enforceability of Islamic Microfinance Contracts in OIC countries

Enhancing the Enforceability of Islamic Microfinance Contracts in OIC countries

After the global financial crisis, global unemployment has increased to record 197 million job seekers worldwide in 2011, where 74.7 million are youth unemployed. Upward trends in both the adult and youth unemployment make estimates possible to reach 202 million in 2013 4 . The MENA region has to create up to 70 million jobs by 2020 to match the global employment rate’s pattern 5 . The OIC 6 member countries, with a population of 1.57 billion people, displayed important unemployment rate (9.4% in 2010) 7 which exceeds the global rate (6% in 2011). North African countries, which have strong direct trading and migration ties with the EU countries, have suffered from return migration from Southern Europe, leading to deeper stress to their labor markets. The lack of employment opportunities is the strike problems these countries are facing, due to demographic growth, skills mismatches, the rigidity of the labor markets, and the weakness of the private sector. In 2012, the female youth unemployment rate was estimated to 37%, six times more than the rate of adult men 8 . In the Middle Eastern countries, the unemployment rate varies cross-countries. In one hand, the economic growth of oil exporting economies (like Qatar, Kuwait and United Arab Emirates) exceeded 6% in 2012, and unemployment rates were low (0.5% in Qatar and 2.7% in Kuwait), except for countries where stability is not preserved such as Iraq and Iran. On the other hand, oil importing countries are struggling with low levels of economic growth, and double-digit unemployment rates 9 . Among the 192 member countries of the United Nation, over 130 of them are classified as developing countries which are in general not only facing high unemployment but also high rates of poverty . According to estimates by the World Bank, more than 1.6 billion people were classified as poor in 2009, with the majority of them live in rural areas. In Middle East, 30.2% of the total population was either poor or near poor 10 in 2011, a medium percentage compared with the global rate in developing world, 58.4%, while it reaches 61.1% in North Africa and 92% in South Asia. Following the success of the Grameen Bank in Bangladesh, microfinance has been considered to be a new financial model for poverty alleviation in developing countries . In 2006, Grameen Bank and its founder Mohamed Yunus were awarded the Nobel Peace Prize for “their efforts to create economic and social development from below” 11
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Investigating The Dynamic Effect of Healthcare Expenditure and Education Expenditure On Economic Growth in Organisation of Islamic Countries (OIC)

Investigating The Dynamic Effect of Healthcare Expenditure and Education Expenditure On Economic Growth in Organisation of Islamic Countries (OIC)

Thus, the outcome of this current study is persistent and resolute with previous studies which reiterated a long-run relationship between healthcare expenditure, education expenditure and economic growth. As a case in point, Mehrara and Fazaeli (2010) showed that there is long- run relationship between healthcare expenditure, education expenditure and economic growth in Middle East countries and North Africa (MENA) using the sample of 13 countries for the period of 1995-2005. Alike, Rehman and Khan (2012) established that healthcare and education expenditure accelerates a long run economic growth in Pakistan. In a likely manner, Yardimcioğlu et al. (2014) recognized that there is robust long-run relationship between education and economic growth in 25 OECD countries during the period of 1980 to 2008. Also, Simões (2011) and Doğan et al. (2014) shows a long run relationship between education and economic growth for OECD countries. In a different view, a positive significance of research and development in technology in relation to the economic growth of OIC regions in the long run is resolute with previous studies. For illustration, Lucas (1988) and Romer (1990) takes into account of technology, as their research shows that, research and development (R&D) are an optimistic externality on capital efficiency and the impacts on economic growth cannot be ignored. As a result, the findings indisputably resolved that a resilient co-integration connection occurred between healthcare, education, technology (as a proxy of both healthcare expenditure & education expenditure) and economic growth of OIC countries in the long-run.
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Does Islamic bank financing lead to economic growth: An empirical analysis for Malaysia

Does Islamic bank financing lead to economic growth: An empirical analysis for Malaysia

The study by Barjas, Adolfo,Ralph Chami, and Seyed Reza Yousefi,(2013) explores three dimensions of possible heterogeneity in the finance growth nexus: across regions, between oil and non-oil exporters, and across income levels. Their dataset encompasses the 1975 – 2005 periods and takes non-overlapping five- year averages of all variables to smooth out short-term fluctuations in growth rates and to reduce the potential bias arising from having a large number of time observations in dynamic panel estimation. The sample includes up to 146 countries included in some regressions, grouped by income level according to the IMF classification, and by oil and non-oil exporters depending on the share of oil in total GDP, which is also included in some regressions as the measure of oil dependence, they find that Middle East and North Africa (MENA) countries banking sector depth produces a lower growth impact than in the rest of the world, while in Europe and Central Asia the impact is greater, the growth impact of banking depth is weaker for oil exporters in general, and is progressively weaker as the degree of oil dependence increases. And finally they find indeed, the finance-growth nexus is weaker for Low Income Countries (LICs) as a group, and that it increases continuously with income level.
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Non-performing loans and bank efficiency of conventional and Islamic banks in OIC countries

Non-performing loans and bank efficiency of conventional and Islamic banks in OIC countries

financial system. This applies to both the conventional banks and the Islamic banking sector that is growing competitively in these countries. Therefore, to discharge their responsibilities effectively, the banking sector must be cost, profit and revenue efficient. Furthermore it has to have an effective mechanism to avoid adverse selection and minimize the amount of non-performing loans (NPL) for the conventional banks and nonperforming financing (NPF) for the Islamic banks. This will consequently help the banking sector to perform better and contribute towards the nation’s economic growth.
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Remittances, Economic Growth and Poverty: A Case of African OIC
      Member Countries

Remittances, Economic Growth and Poverty: A Case of African OIC Member Countries

The study provides striking evidence on the severe depth of hunger irrespective of the control variables, as the deficit per day is greater than 485 kilocalories on average which is more than double of the target set for lower hunger i.e. 200 kilocalories per person per day. Looking at Table 3, it is evident that, along with per capita income (PCY), the contribution financial development (FD) is highest and a one percent increase in the provision of credit to private sector results in a drop in the mean depth of hunger by, as high as, 72 kilocalories per person per day. Intuitively, given the food deficit, hovering around 485 kilocalories per person per day, citrus paribus, credit provision to the private sector increased by 3 percent can eliminate/diminish the severe depth of hunger. Remittances, serving an alternative source of private credit as is evident from the above discussion, can be hugely effective in this context. Finally, Sargan J statistic of over-identifying restrictions is applied and the results, validating the instruments being exogenous, are reported in a 2nd bottom row of Tables 2, 3 and 4 respectively.
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Economic Growth and Convergence across the OIC Countries

Economic Growth and Convergence across the OIC Countries

13 Trade variable in our study is measured by the ratio of intra-OIC exports plus intra-OIC imports to GDP of each country in order to be able to analyze whether a higher increase in the intra-OIC trade compared to overall trade level of the countries will lead to higher growth rates. The results in Table 4 show a significantly positive coefficient on the terms of trade: 0.005 which implies that an improvement in the terms of trade does stimulate an expansion of domestic output. Inflation: Macroeconomic instability can cause damaging impacts on living standards. High inflation, unsustainable debt levels, large swings in economic activity, and volatility in exchange rates and financial markets can all contribute to job losses and increasing poverty and therefore lead to a contraction in a country’ s growth. Maintaining macroeconomic stability therefore is required for sustained and inclusive development (UN, 2012). Inflation rate is the most common variable used as an indicator of macroeconomic stability and it is usually found that inflation harms economic growth.
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Deficit financing in developing countries: Application and consequences

Deficit financing in developing countries: Application and consequences

The catch in this argumentation is that it ignores the issue of export and import elasticity. Most developing economies are exporters of primary products where price elasticity is generally less than one. To get the same revenue as before, the country must export more in physical terms than before. This apart, would they in all cases have an exportable surplus ready at hand? On the other hand, imports of these countries are even less price elastic. They import food grains to feed the teaming masses, machinery and spares for their upcoming industries and technical knowhow. They cannot cut down much on such survival needs. Devaluation for them ipso facto means – continue imports at the same even increased level and pay more. Debt servicing also becomes costlier. Corruption is not the monopoly of the public sector. Private sector across the globe is showing itself no less corrupt if not more if what caused the 2007 subprime debacle and what followed in its wake is an indicator. Thus, the IMF bailout programs may not always or entirely prove conducive or helpful to the seekers.
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The Growth of Islamic Banking and SMEs  Financing in Indonesia

The Growth of Islamic Banking and SMEs Financing in Indonesia

Three of these findings led to the empirical implications that Islamic Banking will further continue to grow significantly and is able to make a major contribution towards the SME sector in the AEC (ASEAN Economic Community) era and AFTA (ASEAN Free Trade Area) in the future. However, the surveillance systems, especially the provision of financing that is expansive runs consistently. Efforts to increase the capacity of Islamic Banking financing could be through depositor funds (DPK) as a source of funding to improve the capacity of SME financing. In the short run conditions, to support the success of Islamic Banking operations in the distribution of funding needs to improve human resources, which will accelerate the process of financing services provided in the SME sector in the next period. However, the level of achievement of each variable in order to encourage the growth of SMEs in Indonesia must be improved. The Movement of Sharia Economic Program which was launched in 2013 would strengthen the Islamic Banking system and regulatory terms The economic policy makers must focus on the establishment of formal financial markets to overcome the financial constraints faced by the SMEs.
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The Global Development of Halal Food Industry: A Survey

The Global Development of Halal Food Industry: A Survey

Batu and Regenstein (2014) stated that when preparing Halal food the process should be according to Islamic rules and the product integrity is maintain throughout the supply chain. Everything relates to the food preparation, handling and packaging must be Halal. Furthermore, Omar and Zahrain (2012) mentioned that when producing Halal food it should start from the farm and the food must be nutritious and prepare with permissible ingredients in clean and hygienic manner. Contamination from najs (filth as defined by Islamic law) or prohibited (haram) elements also cause the food becomes non-Halal. Beside production process, logistics and packaging are vital too. Non-Halal and Halal goods must be stored separately in order to prevent contamination.
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A Study on the Level of Acceptance towards the Islamic Home Financing: Empirical Study in Malaysia

A Study on the Level of Acceptance towards the Islamic Home Financing: Empirical Study in Malaysia

Is a facility provided by the financier to assist the customer pay the cost of financing, e.g., a house, over the tenor of financing, e.g., 20 years, at a fixed rate determined by the financier. The financier initially buys the house from the customer (cost of financing amount) and sells it back to the customer, plus of its profit margin. Meera and Larbani (2004) and Rosly (2005) found that as the seller of the property, the Shari’ah requires the bank to hold ownership of the property and to hold all liabilities arising, including defects. But currently, BBA documentations show that the bank merely acts as a financier rather than a seller and excludes itself of all liabilities. This, of course, ignores the Shari’ah principle of “al-Ghorm bil Ghonm” (no reward without risk), “Ikhtiar” (value-addition or effort) and “al-Kharaj bil Daman” (any benefit must be accompanied with liability), thereby rendering the BBA profit to be implicated with riba. The issue of concern here is that the availability of iwad (counter value) in BBA financing. The Qur’an uses trade (al-bay) because the profit generated from trading incorporates risk-taking, while the contractual profit from loan transactions (riba) is risk-free. It further asserts that albay implies the existence of iwad required by the Shari’ah to be a lawful profit in Islam. Three elements of iwad that should exist are risk (ghorm), work and effort (ikhtiar) and liability (daman). There is no risk taking in the current BBA financing. Daman (liability) should also exist in a trading transaction whereby the supplier provides guarantees on the goods sold. However in the current BBA home financing, the customer is forced to face the burden of financial payment for the house even before it is completed, as he has engaged in a “debt contract” with the bank at the outset. By ignoring the concept of iwad, the BBA contract is not seen as conforming to the maqasid al-Shari’ah that removes hardship (raf’ al-haraj) andpreventing harm (daf’ al-darar) in the economic sphere, thereby leaving the welfare of people unprotected—a possible crime when the transaction is done under an Islamic label (Rosly, 2005). Another issue that arises from the long-term BBA financing is the mismatching of the BBA funds against its short-term deposit tenor. Whilst conventional financing has the ability to address this mismatch in the cost of funds through the variable interest rate (BLR + a spread), BBA financing cannot do this since customers are charged a fixed profit rate for the entire period of financing.
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Bridging Islamic Financial Literacy and Halal Literacy: The Way Forward in Halal Ecosystem

Bridging Islamic Financial Literacy and Halal Literacy: The Way Forward in Halal Ecosystem

Equity, debt, and derivative are several types of financing in Islamic finance with four main components include Islamic banking, Takaful & Retakaful, Islamic capital market and Islamic interbank money market (HDC, 2014). Islamic financing activities usually managed by Islamic banking. Islamic banking or Islamic financial institution is the branch of Islamic finance. It is a banking based on Shari’ah (Islamic law) that called Fiqh Muamalat (Islamic rules on transactions). The rules and regulation of the Fiqh Muamalat came from the Quran and the Sunnah. Besides, it can be also based on other secondary sources of Islamic law such as opinions collectively agreed among Shari’ah scholars (Ijma’), analogy (Qiyas) and personal reasoning (Ijtihad). The fundamental principle of Islamic finance includes the prohibition of Riba’ (Interest), the prohibition of Gharar (Uncertainty) and the prohibition of Maysir (gambling). Besides, using and dealing in certain forbidden commodities, share profits and risks also prohibited in business, zakat and Takaful. In term of financing in Islam, the main methods include Mudarabah, Musharakah, Murabahah, Istisna, Ijarah and Quard Hassan.
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Financial Crisis, Inclusion and Economic Development in the US and OIC Countries

Financial Crisis, Inclusion and Economic Development in the US and OIC Countries

The financial system offers savings, credit, and risk management to individuals in a country. Inclusive financial services are more beneficial for poorer individuals increasing their ability to borrow and save money for education, investing in a business, making a large purchase, or health emergencies. An account provides a reliable place to save or to receive payments from family members, employers or the government. Without an account individuals have to rely on their own limited earnings and savings, which may contribute to persistent income inequality and slower economic growth. This topic has become a growing interest for researchers and policy makers. Involuntary financial exclusion can be problematic and needs policy action to remedy when there are individuals whose marginal benefit from using financial services are greater than the marginal costs, but are excluded by barriers. Evidence from international research efforts has revealed that there is a relationship between levels of financial exclusion and economic growth or poverty. Having an account increases savings, female empowerment, consumption, and investment of entrepreneurs. However, people in countries with low levels of financial inclusion struggle with financial problems due to the unavailability of financial services. Researchers and policymakers use financial inclusion strategies to increase the number of individuals, households and small and medium size enterprises that are now either fully or partially excluded from financial industry into the financial system. As people become more financially included, they gain power to use financial services to improve their life and that of their families.
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Islamization of Monetary Policy of 27 OIC Muslim Countries in Asia: the Successes, the Barriers and the Future Directions

Islamization of Monetary Policy of 27 OIC Muslim Countries in Asia: the Successes, the Barriers and the Future Directions

Khan and Mirakhor (1989) present a model of Islamic monetary policy through the IS-LM framework. They show how the changes in the money supply influence the macroeconomic indicators of the Islamic Shariah-based economy. Hathaway and Lee (2004) scrutinize the Islamization process of the financial system in the Pakistan economy. They expose that Islamization started in Pakistan with the initiating of the Islamic banking at the rural areas in the 1950s. Hasan (2011) raises the issues of money creation in the Islamic economy. He describes the money creation process by the fiscal policy and bank’s credit. He also inspects the role of the gold standard and central bank. Tahir (2013) analyzes the framework of the Islamic fiscal and monetary policy. He summarizes the shariah- compliant responsibilities of the institutional body, such as the government. The combined application of these policies may be effective if the government maintain economic and distributive justice rather than a sole Governor. Awad (2015) reveals the recent improvement of the Islamic monetary instruments under full-pledged Islamic financial system as a reference to Sudan. He also highlights the significant role of these instruments in attaining the purpose of monetary management. Uddin and Halim (2015) disclose several alternative monetary tools for Islamic monetary instruments concerning the money management of the period of Islamic rulers. They propose the inflation-adjusted GDP growth as an alternative tool of monetary policy. Bidabad (2015) recommends the many devices for Islamic monetary policy to replace the conventional monetary policy. He proposes the equity- based instrument to replace the open market operation. Al Harbi (2015) described the historical evolution of Islamic Banking in a different region of the world. Yasin and Khan (2016), delineates the Banking and Monetary Policy in the Islamic Context. Khatat (2016) discusses the conventional & an Islamic monetary framework working under both traditional and Islamic banking system. Sarker (2016) explains the features of Islamic monetary instruments of Bangladesh, Bahrain, Malaysia, Iran, and Sudan. Ahmad (2018) explores the framework of the Islamic central bank & monetary policy instruments.
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Belt and Road Initiative and Islamic Financing: The Case in Public Private Partnership Infrastructure Financing

Belt and Road Initiative and Islamic Financing: The Case in Public Private Partnership Infrastructure Financing

Silk Road, over 100 countries and international organizations have signed cooperative documents with China, committing to participate in the BRI initiative (Tan, 2018). The high capital intensity of BRI projects calls for innovative financing mechanism that could lead to win-win scenarios. To promote economic cooperation and infrastructure construction of countries along the BRI, China has allocated considerable financial resources, which include Silk Road Fund and Asia Infrastructure Investment Bank (AIIB). AIIB is a multilateral development bank that aims to finance infrastructure and capital projects in Asia and beyond. Muslims- majority countries like Pakistan and Bangladesh have been the key BRI beneficiaries: AIIB approved a US$165 million loan to Bangladesh for the distribution system upgrade and expansion project in 2016 (AIIB, 2018) and over US$50 billion will be invested in the China-Pakistan Economic Corridor (Deloitte, 2018). Moreover, nearly all Middle East countries are members of the AIIB (AIIB, 2018) while the Silk Road Fund is in the process of initiating new joint ventures in the Middle East (Kamel, 2018). Collectively, these Muslims-majority countries occupy a strategic position along the BRI routes (Kamel, 2018), and thus having a good relationship with the Islamic countries is critical for the successful implementation of the BRI for China (Li, 2018).
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Mode of Islamic Bank Financing: Does Effectiveness of Shariah Supervisory Board Matter?

Mode of Islamic Bank Financing: Does Effectiveness of Shariah Supervisory Board Matter?

SSBEFF do not have a significant relationship with mode of financing, but there are significant relationship between SSBREMU and FGROWTH. Table 3 shows that SSBREMU (t value = -0.029) has a significant and positive relationship with the mode of Islamic bank financing, at p < 0.1 in which indicates that the increase in BBA moves in tandem with the increase in SSB’s remuneration. In this respect H2 is rejected. Thus, we support the notion that there is no serious effort was taken to implement the profit and loss sharing mode of financing among Islamic bank [1, 2, 4]. It’s not a matter of SSB effectiveness, but it seems that their remuneration may determine the preferences toward BBA and Murabahah mode of financing. This might hold a truth since we find that there is an insignificant portion of these asset portfolios is mainly dominated by murabahah, BBA and other than profit and loss mode of financing. In addition, judging from the FGROWTH that is positively significant to MODE as reported, we also perceive that the trade-based mode of financing that must be applied temporarily by the Islamic bank as for their transition phase is not much concern after 25 years, it sort like they are maximizing the shareholder wealth. Another possible explanation is that the SSB committee members may have a relationship with the management as to remain their long period as committee members. As a result to this, we perceive that their assessment may have been influenced by the management since their appointment as committee member is merely due to their relationship with the company.
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Determining liquidity risk, profitability and cost efficiency of Islamic banks in selected OIC countries

Determining liquidity risk, profitability and cost efficiency of Islamic banks in selected OIC countries

Alhamdu lillahi Rabbil-‘alamin, wa sallatu wa salaamu ‘ala rasuli Karim. All Praise is due to Allah, the Lords of the Worlds. May His Salutation and Blessing be on His Messenger. I thank Allah for giving me the opportunity to pursue this program. I also like to appreciate my supervisor, Dr. Zairy Zainol for reading through my thesis. His criticism has contributed greatly to improve this study. My special thanks is to Professor Nor Hayati Ahmad for her tireless effort in seeing me through this journey from beginning to the end. I also thank Dr. Ahamad Faosiy Ogunbado for his supervision before leaving the University. I thank all my lecturers in Islamic Business School (IBS) especially Professor Abdullah Abdul-Ghani, Dr. Hassan Al-Aidaros. I thank Dr. Raji Olajide of School of Economics for his comments on the thesis. I thank my examiners Assoc. Prof. Salina Kassim (IIUM) and Assoc. Prof. Selamah Maamor for their valuable comments and efforts in enhancing the quality of my thesis. I also appreciate my colleagues in UUM who made my stay in the Green Forest a pleasant one. I thank Ibrahim Alani, Dr. Nuura Na’ala, Dr. Sirajo Aliyu, Dr. Abu-Bakr Hameed, Dr. Luqman Afolabi; Salako AbdurRaheem; Ghanim Shammas and others too numerous to mention. I thank everyone that contributed to my success story.
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