M.Phil / MS

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Impact of Corporate Governance on Risk Management and Financial Performance: Evidence from SAARC Region
(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2023) Noreena Ilyas; FA19-RMS-019; Dr. Waheed Akhter
The importance of corporate governance has grown in South Asian countries due to the rising demand for cash and other financial resources from businesses. A risk management committee may be formed, and bank performance can be sustained through good corporate governance, administering an organization following the laws and regulations. This study aims to explore the relationship between corporate governance, risk management, and financial efficiency in both Islamic and traditional banks. With the growing interest in the financial performance of banks, it is important to understand the impact of these factors on the overall efficiency of banks. The study analyzed the influence of corporate governance and risk management on the performance of both Islamic and conventional banks, taking into account bank size as control variable. Good corporate governance practices can improve the risk management of banks and enhance their overall financial performance. Risk management is another important factor that affects the financial performance of banks. Effective risk management practices help banks to identify, assess, and manage potential risks that can impact their financial performance. This study will provide the deep insight of the impact of corporate governance and risk management on the financial performance of banks in SAARC region by taking the data of Islamic and conventional banks from seven countries. Fixed effect regression analysis will be used to find the results. Finally, the study provides recommendations for regulators and policy makers on ways to improve the financial efficiency of banks by increasing their size and internal governance. The findings of the study will be useful for policymakers, regulators, and banks in developing strategies to improve the financial performance of banks, and to promote the stability and prosperity of the banking sector
Role of Islamic banking in Financial Inclusion; A Regional Analysis
(Library Information Services, COMSATS University Islamabad, Lahore Campus, 2016) Muhammad Umer Majeed; FA12-MSMS-014; Dr. Waheed Akhter; LHR TP 4367
Financial inclusion is emerging topic in these days. This study investigates that how Islamic banking affecting financial Inclusion. This study also identifies the role of control variable how they are playing their role for enhancing the financial inclusion. Islamic banking which provide Riba free services playing its role especially in Muslims Countries so it is important to promote Islamic banking so we can increase financial inclusion. This study used panel of 28 countries which were selected from OIC countries where Islamic banking prevail further we subdivided countries on basis of 2 regions Asia and Africa in which 14 are situated in Asia and rest in Africa, over the period 2005-2014. Results are estimated by application of Fixed and Random Effect Panel Regression technique suggested by the Hausman test. Results confirm that Islamic banking is more contributing in borrow side with respect to other dimensions of financial inclusion Depositors and Branches. Results shows that in both region Asia and Africa GDP is positively and significantly impacting on financial inclusion. And there is need to develop more confidence among people to improve financial inclusion for both region. Result also show that people feel hesitation to deposits in banks. At branches side lerner index show positive and significant impact which tells that as banking competition increase then more branches opens so that financial access will increase
The Holy Day Effect and Stock Performance: Evidence from Asian and African Markets
(Library Information Services COMSATS University Islamabad Lahore Campus, 2016-02-03) IRFAN ALI; FA13-MSMS-024; Dr. Waheed Akhter; LHR TP 4370
Religion play an important role in people’s lives but its impact on stock markets is rarely investigated. Past literature of calendar anomalies mostly established on the Gregorian calendar such as day of the week, turn of the year and holiday effects etc. However, Islamic calendar anomalies are hardly investigated in finance literature. To explore this issue, this study examines the impact of Muslim’s Holy Days (Ashura, Eid Melad-un-Nabi (SAW), Ramadan, Eid-ul-Fitr and Eid-ul-Adha) on daily stock returns of Asian and African Muslim financial markets for a period of 2001 to 2014. Muslim Holy Days are helpful to isolating the effect of faith and decoupling it from possible contaminants. This study has tried to isolate the impact of Muslim Holy days from Gregorian calendar anomalies. First, we check the impact of Holy days on stock returns of Asian and African markets together, then the impact of stock returns of Asian and African markets separately. We divide our data into two sub groups i.e. on the basis of income and population. On the basis of income, we check the impact of Holy days on stock returns of high income, upper middle income and lower income markets separately. Similarly on the basis of population, the impact of Holy days on stock return of high populated and less populated markets. Pooled fixed/variable effect regression is used to investigate the impact of Muslim Holy days on stock return. Hausman test is used to check, which effect either fixed or random is suitable for our data. The study found that Muslim Holy days are effecting stock returns of under study markets differently. This effect of Muslim Holy days on stock returns is not unidirectional as Ramadan, Eid-ul-Fitr and Eid-ul-Adha yield a positive impact on stock return, while Ashoura and Eid Melad-un-Nabi (SAW) are associated with negative one. These findings strengthen our argument that the documented effect is a result of Muslim Holy days, not due to Gregorian calendar anomalies. This study also opposed to traditional financial philosophy (EMH) that distribution of stock return should remain same across all trading days of the year (Fama, 1970, Jaffe, Rozeff & Kinney, 1976 & Westerfield, 1985). Even by isolating and controlling the effect of Muslim Holy days from Gregorian calendar anomalies, the Gregorian calendar effect still exist in all under studies markets. On the basis of these findings, we suggest that investors can formulate investment strategy and select a trading time in order to outperform the market.

M.Phil / MS

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