Muhammad Rizky Prima Sakti

• Doctor of Philosophy
• Professor (Assistant) at University College Bahrain

Plastic waste is one of the industrial wastes that dominates and is crucial for the environment. In the Association of Southeast Asian Nations (ASEAN) region, plastic waste is a serious problem for sustainable industry, particularly in the manufacturing industry. This chapter will focus on the best practices for the deployment of waste plastic in a...

The gas-rich nation, Qatar, became the first Middle Eastern country to host the FIFA World Cup in 2022, after beating South Korea, Japan, Australia, and the US. Qatar invested an enormous amount of money in implementing the measures outlined by FIFA and United Nation’s Sustainable Development Goals (SDGs), and the World Cup was included in Qatar’s...

This research project aims to develop an AI-powered chatbot solution for Shariah compliance in Islamic finance. The study will explore the potential of using AI to automate the Shariah compliance process in the industry, including contract review, product design, and investment screening. The research will also evaluate the potential benefits of us...

This research aims to examine the role of the digital economy in fostering innovative economic growth in the Kingdom of Bahrain. The study will provide an overview of the growth of the digital economy in Bahrain, identify the challenges facing Bahrain's digital economy, and investigate the relationship between Bahrain's digital economy and innovati...

This study examines the conditional correlations and volatility spillovers between the US and ASEAN Islamic stock markets. The empirical design uses MSCI (Morgan Stanley Capital International) Islamic indexes as it adopted stringent restrictions to include companies in the sharia list. By using three multivariate GARCH models (BEKK, diagonal VECH,...

Purpose The purpose of this paper is to examine the effect of economic policy uncertainty (EPU) of China on investment opportunities in five ASEAN economies. Design/methodology/approach This paper employs advanced empirical approaches, such as Multivariate DCC-GARCH and Continuous Wavelet Transform (CWT) to test the research objective. The period...

The study examines the determinants of Islamic financial inclusion in Indonesia by applying Structural Equation Modelling (SEM) and Binary Logistic Regression. Through a field survey across Indonesia’s five main islands, the study gathered responses from 291 primary data samples. The study discovered that Islamic financial inclusion in Indonesia is...

This study analyzes the cost determination for a gold pawn ujrah at the branch of Banque Syariah Mandiri Batusangkar. This type of research is field research with qualitative methods. The analysis technique is based on the Fatwa DSN and the theory advanced by Rozalinda. The research results explain that the implementation of the gold pledge at the...

Corporate governance from Islamic perspective is derived from Islamic worldview, whereby the God is at the apex and human beings are below Him. However, there is no unified definition of corporate governance under shari’ah point of view. To bridge the applicability of Islamic corporate governance model with Islamic moral economy framework, some key...

Purpose The purpose of this study is to critically evaluate how conventional and Islamic banks trade off risk, efficiency and financial performance in their business models, to investigate how patterns of risk and efficiency vary between conventional and Islamic banks and to critically evaluate how the profitability of conventional and Islamic bank...

This study empirically investigates the effect of an Islamic label on environmental, social, and governance (ESG) performance. Islamic firms in Indonesia and Malaysia that are characterized by lower debt and lower non-sharia compliant income and have a higher ethical standard are expected to make a better contribution to the environment and society...

This study proposes some strategies to strengthen Islamic financial inclusion in Indonesia. The study employs the Analytic Network Process (ANP) by interviewing Indonesian Islamic finance experts, including academics, regulators, and practitioners. The ANP results show that the strategies to strengthen Islamic financial inclusion in Indonesia, rank...

This study measures Islamic financial inclusion index in Indonesia based on three dimensions, namely: the accessibility, the availability, and the usage of Islamic banking services. Additionally, it also measures the relationship between Islamic financial inclusion index and human development index. The study found that the level of Islamic financi...

The success of IT system development is largely dependent on the System Requirements Definition (SRD) phase. Researches on Critical Success Factors (CSFs) in the SRD phase are beneficial to the success of IT system development. However, reports that consider the situation in the system requirements definition phase is lacking and these studies try...

It is widely suggested in the literature that procyclicality of bank lending behavior may lead to financial instability. This study examines bank-lending channel over the business cycle for Indonesian dual banking system by ascertaining to what extent Islamic banks have a role in the credit smoothing. In this context, we utilize Indonesian dual ban...

Purpose: This study examines the extent to which the Indonesian Shariah compliant investors can benefits from the portfolio diversification with the Islamic indices of its trading partners and selected commodities such as gold, crude oil, and cocoa. Methodology: We use daily time series data covering both Islamic and commodity indices starting fro...

Determinant of Cash Waqf Nahdatul Ulama (Case of Muslim Students in Indonesia). Cash waqf is getting popular in some countries because of its flexibility. Due to that, Bank BTN is supporting the cash waqf through releasing an application called “Mobile Wakaf Uang NU BTN” which is able to be downloaded on App Store. This application is in cooperatio...

Purpose In this paper we examine how Indonesian Islamic banks differ from conventional banks in terms of their business model, asset quality, stability, and efficiency. Design/methodology/approach Based on data from 2008 to 2012, we employ t-test, z-score, and Data Envelopment Analysis (DEA) to assess the business model as well as the asset qual...

Purpose This study aims to provide a review of corporate governance and cash holdings because strong corporate governance is necessary for the efficient utilization of firm’s liquid resources such as cash, to minimize the agency cost of high cash holdings and to improve the value of cash. Design/methodology/approach The author provides a literat...

Capital market efficiency is one of the most important part in finance theory, in which assume the price of stock will fully reflect the information available in the market, hence the price will adjust directly and quickly. The objective of this study is to evaluate the efficiency of both Islamic and conventional stock markets, particularly in case...

Among options traders, implied volatility is regarded as one of the most important variables for determining profitability in options trading. Implied volatility implies the future underlying stock volatility, and whilst it cannot predict market direction, it can forecast the stock’s potential for large fluctuations in the future. Once the implied...

Among options traders, implied volatility is regarded as one of the most important variables for determining profitability in options trading. Implied volatility implies the future underlying stock volatility, and whilst it cannot predict market direction, it can forecast the stock's potential for large fluctuations in the future. Once the implied...

This paper empirically studied the impact of several variables such as moneyness, stock return, maturity, and volatility on the warrant mispricing. We selected 4 companies listed in Bursa Malaysia such as MHC Plantations Bhd, MKH Bhd, YFG Bhd, and UNISEM to investigate the mispricing of warrants. Subsequently, panel time series data employed with d...

Purpose This paper aims to critically evaluate theoretical and empirical research into capital structure practices in Islamic banks (IBs) from four perspectives, namely, theoretical aspect and its nature, determinants of capital structure in IBs, links between capital structure and risk management and nexus between capital structure and performance...

This paper examines the relationship between earnings and capital expenditures for the firms listed on five ASEAN markets during 2000-2014. The sample period is categorized into investment period (2000-2007) and the performance period (2008-2014). Portfolios are sorted based on capital investment ratios estimated from the investment period to test...

This paper critically evaluates the theoretical and empirical research on the capital structure practices in Islamic banks (IB) from four perspectives: theoretical aspect and its nature, the determinants of capital structure in IB, the link between capital structure and its risk management, and the nexus between capital structure and performance of...

This paper reviews and synthesises the literatures on corporate governance in Islamic banks with the aim of identifying key elements and dimensions of corporate governance from Islamic point of view. Drawing from proliferation of literatures in the Islamic banks and corporate governance fields, this study provides the primary elements and attribute...

It is widely believed in the literature that procyclicality of banking system is one of important causes of financial instability. This study examines bank lending behavior over the business cycle in a dual banking system in Indonesia. The aims of this study are ascertaining whether Islamic banks have a role in stabilizing credit. We also aim to te...

Cash waqf is becoming one of the popular Islamic financial instruments which not only focus on the religiosity but also it has significant input to the ummah development. This waqf scheme does not require richness in wealth especially to those who are poor, and accordingly everybody in the society also can contribute to cash waqf. The importance of...

Purpose The purpose of this study is to investigate shari’ah scholars’ views and experiences pertaining the shari’ah issues, challenges and prospects in Islamic derivatives. Specifically, this paper critically examines the criticisms toward conventional derivative instruments and the controversies surrounding underlying contracts and current Islami...

In order to be more compatible with the global screening norms, Securities Commission of Malaysia recently introduced a new screening methodology for Shari'ah compliant securities listed on Bursa Malaysia. The new screening criteria was announced on 18 June 2012, and the effective outcome of this is reflected in the list of Shari'ah compliant secur...

This study examines the conditional correlations and volatility spillovers between the US and ASEAN Islamic stock markets. The empirical design uses MSCI (Morgan Stanley Capital International) Islamic indexes as it adopted stringent restriction to include companies in sharia list. By using a three multivariate GARCH models (BEKK, diagonal VECH, and...

This paper attempts to analyze the relationship between Jakarta Stock Exchange Islamic Index (JII) and selected macroeconomic variables namely exchange rate, industrial production, inflation rate, and money supply. We used monthly data from January 2000 to December 2010.The methodology used in this paper is time series techniques of co-integration...

This paper examines the permissibility of crude palm oil (FCPO) contract with respect to shariah principle. In permissibility aspect, groups of Islamic scholars reject FCPO contract as shariah-approved product while the other groups have no disagreement on the subject matter. There are at least four issues related to the future contract includes th...