Razali Haron

Razali Haron
IIUM Institute of Islamic Banking and Finance (IIiBF) & University of Malaya Centre for Continuous Education (UMCCed)

Doctorate Business Administration (Finance)
Stock Market Volatility and Big Data Analysis

About

171
Publications
79,743
Reads
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1,162
Citations
Citations since 2016
143 Research Items
1118 Citations
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2016201720182019202020212022050100150200250300

Publications

Publications (171)
Article
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The main objectives of this study are twofold. First, this study aims to review the research development on corporate governance (CG) and corporate social responsibility (CSR) in Islamic banks. Second, this study aims to identify the impact of CG on the CSR of Islamic banks. Several previous studies focused on CG and CSR in Islamic banks with empir...
Article
Full-text available
Shari'ah Supervisory Board (SSB) plays a crucial role in the Shari'ah governance (SG) and legal framework of Islamic banks. One of the main functions of SSB is to ensure that the products and services of Islamic banks conform to Shari'ah as set by the regulators. However, despite the essential role of SSB in the context of Shari'ah governance, bibl...
Article
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Environmental, Social, and Governance (ESG) or sustainability reporting have considerably increased in the last decades. The year 2020 marks a turning point in the United Nations' (UN) 2030 Agenda. The Sustainable Development Goals (SDGs) have created new expectations and gained support among corporate actors who rely on well-informed, timely, and...
Article
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Purpose This paper identified the ṣukūk structure suitable for deficit financing during the COVID-19 crisis. The study also explored the relevant Sharīʿah contracts that could be utilized to issue ṣukūk that is suitable for various jurisdictions and corporations in handling deficit financing during the COVID-19 crisis. Design/methodology/approach...
Article
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Hedging practices among Shari'ah compliant firms (ShC) are still not well explored and firms in Malaysia is very much lag behind in derivatives usage against firms in the developed countries. This study investigates the influence of financial derivatives usage on the value of Shari'ah and non-Shari'ah compliant firms (non-ShC) in Malaysia and compa...
Chapter
Waqf is currently a concept with numerous applications. The waqf concept aims to benefit society and the community as a whole. Despite the prevalence of individual cash waqf contributions in Malaysia, critics question the motive of donors to sustain the endowment. Cash waqfs are popular in Malaysia. Between 2011 and 2016, the Perbadanan Wakaf Selan...
Article
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Purpose-The purpose of this paper is to present the findings of the study on optimizing solvency margin in family Takaful and life insurance institutions in Malaysia. Method-The population of this study is family Takaful and life Insurance Institutions in Malaysia during the period 2010-2019. The selection of samples in this study uses the purposiv...
Article
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This study aims to find out how the strategy of distribution implemented by Muhammadiyah Zakat Management Institution (Lazismu) in the entrepreneurship empowerment program and zakat distribution program for zakat recipients. The method in this study uses a descriptive qualitative approach with data collection techniques in the form of observation,...
Chapter
This study examines the influence of financial derivatives on the value of Shariah (ShC) and non-Shariah (non-ShC) compliant firms in Malaysia and compares the influence of derivatives on value between the two categories of firms. To achieve its objective, System-GMM estimator is employed on a panel data from 2000–2017. This study finds financial d...
Article
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The outbreak has created an unprecedented crisis that influences macroeconomic variables. These circumstances are predicted to be contagious for banking performance. To understand the related influences, this study attempts to examine the asymmetric relationship between macroeconomic variables and non-performing loans/financing of the Indonesian ba...
Chapter
The influence of board attributes (ethnicity, size, board independence and board remuneration), CEO duality and ownership structure on firm performance in Malaysia is examined in this study. Data of 743 non-financial firms is utilized for 2000–2015 using the GMM. The CG issues are discussed according to four theories; the agency (AT), stewardship (...
Article
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Purpose-This paper aims to examine the acceptability of tawarruq (commodity murabaha) as a cash financing tool in Somalia. Design/methodology/approach-this study uses two original selected constructs of relative advantage, and compatibility from diffusion of innovation theory (DOI) and three additional constructs customer awareness, the need for ta...
Article
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This study aims to analyze the impact of investment, debt, and dividend policies on the stock return of the companies listed in the Indonesia Sharia Stock Index (ISSI) from 2016 up to 2020. The sample stocks used in this study covers all the shariah compliant companies that were consistently listed during the study period, involving 158 companies w...
Article
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The Malaysian Islamic banking industry holds one of the top three market shares for global Islamic banking assets. Apparently, a dual banking system involving conventional and full-fledged Islamic banks are currently operating in Malaysia. The main objective of this study is to evaluate and compare the efficiency of conventional-owned Islamic banks...
Chapter
This study examines whether the current virus pandemic (COVID-19) has any significant negative effect on returns series of selected stock markets in the developed, Asian and GCC countries. For this purpose, the EGARCH (1, 1) model and the News Impact Curve (NIC) are applied to examine the persistence of symmetric volatility, leverage-effect and ind...
Chapter
This study examines the impact of firm specific factors and ownership and the governing theories on the capital structure (CS) decision of firms in Indonesia. To meet its objective, a dynamic GMM-System is employed utilizing a panel data from 2004 to 2018. The study concludes that growing firms and firms operating in a highly concentrated industry...
Article
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This study employs sample t -tests and panel pooled OLS regression to investigate the impact of COVID-19 pandemic on Islamic versus conventional stock markets returns. The study uses daily data from 15 countries over the period of September 01, 2019–April 30, 2020, which covers two main periods and over four sub-periods. Findings reveal that the re...
Article
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Purpose This study aims to evaluate the impact of firm, industry level determinants and ownership concentration on the dynamic capital structure decision in Indonesia and analyses the governing theories. Design/methodology/approach This study uses the dynamic panel model of generalized method of moments-System (one-step and two-step) by using a pa...
Article
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Purpose-There is much debate in the literature about how the performance of Islamic banks (IBs) should be measured. Basically, IBs' business models are different from that of conventional banks; thus, the performance of IBs should be measured by using a Sharīʿah-based approach. This paper considers zakat (Islamic tax) as an alternative indicator to...
Article
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Purpose This paper aims to investigate the impact of corporate governance and other related factors on the risk-taking of Islamic banks. Risk-taking is defined according to credit risk, liquidity risk and operational risk. Design/methodology/approach The study uses the two step system generalized method of moment (2SYS-GMM) estimation technique by...
Cover Page
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It is known that the Covid-19 is a new pandemic that has given traumatic impacts to everyone worldwide. Since its first outbreak in March 2020, the Covid-19 is still haunting and affecting every aspect of life, not just on health but also on other as�pects like the economy as well as the way of life and people’s socialization. Despite the presen...
Article
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Corporate social responsibility disclosure (CSRD) has become a critical issue, as evidenced by an increasing number of studies conducted in both developed and developing countries. As such, this study will examine the CSRD of Shariah-compliant PLCs in Malaysia and its relationship to financial performance. From 2007 to 2017, 175 Shariah PLCs listed...
Article
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This study examines the impact of Shariah Board (SB) characteristics on the financial and social performance of Islamic banks (IBs) from the perspectives of Agency Theory (AT), Stewardship Theory (ST) and the Resource Dependence Theory (RDT). To meet its objective, GMM is employed on a panel data of 15 IBs in Malaysia from 2010 to 2018 covering the...
Article
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Purpose This study examines the impact of hedging on firm value of Sharīʿah compliant firms (SCFs) in a non-linear framework. Design/methodology/approach This study employs the system-GMM for dynamic panel data to examine the influence of derivatives usage on firm value (Tobin's Q , ROA and ROE). The sample comprised of 59 non-financial SCFs engag...
Article
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The Islamic banking sector has become a crucial part of the global banking industry. Despite the Islamic banking industry’s encouraging growth in the Southeast Asia (SEA) region, prior studies mostly focused on Islamic banks’ efficiency in the individual country. To fill the literature gap, this study aims to measure the efficiency and productivity...
Article
Full-text available
The Islamic banking sector has become a crucial part of the global banking industry. Despite the Islamic banking industry’s encouraging growth in the Southeast Asia (SEA) region, prior studies mostly focused on Islamic banks’ efficiency in the individual country. To fill the literature gap, this study aims to measure the efficiency and productivity...
Article
Full-text available
Purpose This study investigates the impact of derivatives as risk management strategy on the value of Malaysian firms. This study also examines the interaction effect between derivatives and managerial ownership on firm value. Design/methodology/approach The study examines 200 nonfinancial firms engaged in derivatives for the period 2012–2017 usin...
Chapter
The purpose of this chapter is to examine the factors that influence small and medium-sized enterprises' (SMEs) intentions to use the investment account platform (IAP) based on technology acceptance model (TAM). The central hypothesis for this chapter was that SMEs' intentions to use IAP were a result of perceived usefulness and perceived ease of u...
Article
Full-text available
Corporate social responsibility disclosure (CSRD) has emerged as a critical issue, with an increasing number of studies being conducted in both developed and developing countries. Accordingly, this study aims to examine the level of CSRD of Shariah PLCs in Malaysia. 175 Shariah PLCs listed on Bursa Malaysia's Main Market from year 2007 to 2017 were...
Article
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Islamic banking dominates the largest market share of global Islamic finance assets. Thus, the performance of Islamic banks is crucial in shaping the future development of Islamic finance. This study aims to examine the performance of Islamic banks in the perspective of technological and productivity change based on the country level assessment. By...
Article
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The relationship between Shari'ah supervision and Islamic banks' (IBs) performance is still ambiguous particularly for banks across countries that have different regulatory environments. Pakistan adopts an interven-tionist regulatory approach which is exclusive to Shari'ah governance (SG) system in Pakistan. This approach differs from the other ado...
Research
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Emerald Literati Award. The effect of symmetric and asymmetric information on volatility structure of crypto-currency markets: A case study of bitcoin currency. Journal of Financial Economic Policy, Vol. 11 No. 3, pp. 432-450.
Article
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Purpose This paper aims to attempt to first examine the competitiveness of micro, small and medium-sized enterprises (MSMEs) in the logistics industry; second, to identify the MSMEs’ perception towards takāful (Islamic insurance); third, to recognise the challenges in the adoption of takāful ; and fourth, to suggest strategies to enhance the micro-...
Article
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Purpose The existing literature asserted that the Islamic banking industry progress significantly, but it has increasingly found asset deficient which assaulted the performance of Islamic banks (IBs). The aim of this study to examine the mediating role of intellectual capital (IC) on the relationship between corporate governance (CG) mechanisms and...
Article
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Purpose The purpose of this study is to examine the impact of corporate governance (CG) on intellectual capital efficiency (ICE) in Islamic banks (IBs) of Organisation of Islamic Cooperation (OIC) countries. Design/methodology/approach A sample of 129 IBs is drawn from the 29 OIC countries from 2008 to 2017. A two-step system of the generalised me...
Article
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This study aims to assess the impact of the revised Shariah approved firms screening method in relation to the levels of debt and the Shariah-approved firms' performance introduced by the Securities Commission (SC) of Malaysia in 2013. The period of the study is 2000 to 2014. Panel regressions were employed to examine the impact for the firms that...
Article
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Purpose Corporate governance plays a significant role to overcome agency issues and develop the culture of transparency and openness. In this context, this paper aims to examine how corporate governance mechanisms affect the performance of Islamic banks (IBs). Design/methodology/approach Stepwise, two-step system generalize method of moment estima...
Article
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Purpose The objective of this study is to examine the impact of PAKSERV model on customers' satisfaction, loyalty and trust in Malaysian Islamic banks. These comprehensive measures concern on the cultural dimension of service quality by focusing on the mediating role of trust in the Malaysian context. Design/methodology/approach A survey was condu...
Book
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Description With the increasing emphasis of Environmental, Social and Governmental (ESG) and Social Development Goals (SDGs) by international agencies, an integrated reporting of a more balanced and equitable integrated social reporting is sought given the limitations of capital centric reporting model. Social financial reporting as an economic too...
Article
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Foreign direct investment (FDI) is viewed as one of the most crucial forms of capital inflows and significant drivers of economic growth in numerous countries. In particular, developing countries, emerging economies and countries engaged in the process of development have recognized the crucial importance of FDI as a critical contributor to their e...
Article
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Purpose of the study: The aim of this study is to identify zakat programs that have been implemented by zakat institutions in the context of increasing social roles, especially to reduce poverty. This study concludes that a strategic program in the distribution of zakat to help the poor improve their welfare. Methodology: This study adopts a docume...
Chapter
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This chapter aims to provide a concise overview of the capital adequacy regulation, importance of the regulation, and evolution of the capital adequacy regulation. Bank capital executes the significant role of preventing the bank from failure and acts as a buffer against possible losses. Capital adequacy is the least amount of capital a bank has to...
Chapter
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This study aims to examine the impact of Shari’ah governance mechanism on the performance of Islamic banks (IBs) during the financial crisis of 2008. Data were collected from 66 IBs over 18 countries covering the period of 2007–2015 and analyzed using the System-GMM estimator. The findings indicate that an increase in SSB effectiveness increases IB...
Chapter
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This study examines the corporate governance mechanisms and how they affect firm performance in Malaysia. After the financial crisis in 1997/98, the CG issues have been the most debated, discussed, and researched in the attempt to improve the CG structure accommodating every economy regardless of the economic landscapes. Using a rich and huge data...
Article
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Purpose - This study uses the autoregressive distributed lag model (ARDL) econometric approach to investigate empirically the effects of cryptocurrencies, the gold standard and traditional fiat money on global income inequality measured based on the Gini coefficient, and various ratios of income inequality distribution such as top 1 per cent, top 1...
Article
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Purpose This paper aims to systematically review the existing studies on the relationship of Sharī'ah governance (SG), as represented by the Sharī'ah supervisory board (SSB), with firm performance of Islamic banks (IBs), to suggest opportunities for future research in this field. Design/methodology/approach By adopting a systematic literature revi...
Article
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Purpose This study aims to empirically examine whether there is any optimal Shari’ah supervisory board’s (SSB) size that maximizes performance of Islamic banks (IBs). Apparently, IBs adopt different SSB size based on their different regulations across jurisdictions, and then it is still questionable whether there is any optimal SSB size that can fi...
Chapter
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Due to the rapid global growth in Islamic banking and finance industry, supervisory authorities in many countries have developed different Shari'ah governance (SG) regulatory systems to regulate this industry. However, the current SG practices across jurisdictions still suffer from some drawbacks. This chapter highlights some issues related to the...
Article
The banking sector plays a very important role in economic development through stimulation of savings and investment. The main purpose of this study is to evaluate and compare the banking efficiency between public, private, and commercial banks in Indonesia. The data were collected from consolidated annual reports of 21 commercial banks for the per...