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THE GLOBAL UNVERSITY IN ISLAMIC FINANCE (INCEIF) Kuala Lumpur, Malaysia

SUKUK PRICING STRATEGIES: RISK ASSESSMENT vs. SHARIAH STANDARDS


A Dissertation Proposal submitted in partial fulfillment of the requirement of the Doctorate of Philosophy in Islamic Finance

BY NIDAL A. ALSAYYED (0900313)

January 2010

SUKUK PRICING STRATEGIES: RISK ASSESSMENT vs. SHARI AH STANDARDS

2009

Reviewed and approved by,

Dr. Ahcene Lahsasna


Graduate Studies Academic Advisor Shariah and Legal Studies Department

.. Prof. Datuk Syed O. AlHabshi


Chief Academic Officer & Dean Professor of Islamic Economics, Banking, and Takaful

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In the name of Allah, The most Merciful,

TABLE OF CONTENTS

ABSTRACT (English & Arabic) Approval Page Declaration Page Acknowledgement List of Tables List of Figures List of Abbreviation CHAPTER ONE: INTRODUCTION
1.0 Introduction 1.1 Sukuk overview in Malaysia and Middle East 1.3 Historical background 1.4 Objectives of the study
1.4.1 Motivation of the study 1.4.2 Contribution of the study 1.4.3 Organization of Chapters

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CHAPTER TWO: LITERATURE REVIEWS


2.0 Introduction 2.1 Basic Principles of Islamic Financial Systems 2.2 The concept of Debt & Equity in Islam 2.3 The development of sukuk in Malaysia and Middle East
2.3.1 Murabahah - based Sukuk 2.3.2 Ijarah- based sukuk 2.3.3 Mudarabah based sukuk 2.3.4 Salam & Istisna Sukuk

2.4 The structure of Islamic Bonds (Malaysia vs. Middle East)


2.4.1 Sale-based Financing Debt Instrument 2.4.2 Lease-based Financing equity-Equity Debt instruments

2.5 Sukuk and Islamic Bonds vs. Conventional Bonds 2.6 Unresolved Issues on Malaysian and Middle East Sukuk 2.7 Conclusion

CHAPTER THREE: SUKUK PRICING ENGINEERING MODELS


3.0 Introduction 3.1 Evolution and Profiles of Sukuk Structures and Markets 3.2 Innovative Mathematical Approach and 3.3 Conclusion

CHAPTER FOUR: THEORITICAL FRAMEWORK AND HYPOTHESIS DEVELOPMENT


4.0 Introduction 4.1 Theoretical Framework
4.1.1 Legitimacy Theory 4.1.2 Social Issue Life Cycle Theory 4.1.3 Hypothesis Development 4.1.4 Islamic Financial Reporting Associations (IFSB vs. AAOIFI)

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SUKUK PRICING STRATEGIES: RISK ASSESSMENT vs. SHARI AH STANDARDS 4.2 Conclusion

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CHAPTER FIVE: RESEARCH METHODOLOGY


5.1 Introduction 5.2 Data Collection
5.2.1 Contents Analysis 5.2.2 Disclosure Index 5.2.3 Questionnaire (Mail Survey)

5.3 Sample Selection 5.4 Conclusion

CHAPTER SIX: FINDING AND ANLYSIS


6.1 Introduction

CHAPTER SEVEN: CONCLUSION


7.1 Introduction 7.2 Conclusion for Research Results and Findings 7.3 Limitation of the Study 7.4 Research Outlook

BIBLIOGRAPHY APPENDIX: Sample Questionnaire

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ABSTRACT
The purpose of this dissertation is to provide an empirical analysis of different corporate & sovereign sukuk (Islamic Bonds) structures from a financial and economical perspective. This examination includes murabahah, mudarabah, and Ijarah -based sukuk, while the former offering a fixed return, and the latter, the most popular form of sukuk, and a variable return. The potential for other more novel sukuk structures based on Musharakah partnership contracts is also investigated, and sukuk pricing issues are explored using alternative benchmarks to London Inter-bank Offer Rate (LIBOR). I aim to conduct a hybrid contemporary research project utilizing Islamic Financial Engineering tools to modern sukuk structures; outside the conventional law of muamalat and under the guidance of the Quran and Sunnah. The project seeks to expand the knowledge, clear misconceptions, provide guidance, help decision makers standardize shariah parameters and practices in the issuance of sukuk, and bridge the relevant gap in Islamic capital market, instruments, pricing policies, strategies, and risk transfer- among scholars, jurists, practitioners, and financial institutions in the Middle East and Malaysia. The central feature of this research is to offer a different interpretation and design models of the source material of the Shariah towards a vital, important, and viable economic sukuk pricing & structures in todays Islamic Finance.

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KEY WORDS: Islamic Financial Price Engineering, Musharakah- based sukuk, Ijarahbased sukuk, Malaysia, Middle East, Conventional Law of Muamalat (The shariah perspective on commercial transactions), AAOIFI1, IFSB2, Ijtihad, and Alternative Benchmarks to LIBOR, and Benchmarking

INTRODUCTION AND LITERATURE REVIEW


The unprecedented advances in information technology & communications and the diverted approach to Intensive Knowledge Economics had left its fingerprints on the financing instruments and methodologies for governments, financial institutions and corporations; which had depended on the imitative (traditional- taqlidi) banking and finance approach for a very long time. In todays market which was accompanied with not only the evolvement of multinational corporations3, mutual funds, treasury stocks, Credit Cards, CDs; Financial markets, commodity markets, and precious metals markets; but also with the newly developed tools, instruments, and formulas of multi-applied transactions conducted in those markets. The most important of those instruments penetrated the Islamic financial markets are sukuk; which continue to remain the topic that researchers can never keep up with its diversified and multi facet aspect. In spite of the fact; that many had referred to sukuk in

1 2

Accounting and Auditing Organization for Islamic Financial Institutions The Islamic Financial Services Board (IFSB) 3 I am not referring only to those corporations with Foreign Direct Investment; but also to those DAC corporations (based in USA, Japan, UK, France, and German).

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the context of conventional bonds, debt securities, non shariah compliant sukuk4, innovations in sukuk structure will continue to be the motive force in real expansion of the Islamic Financial Industry. To bring new and significantly different products to the market; will require the introduction of a new production technique, the opening up of new market5 The industry products have become commodities and increasingly both less profitable and more expensive to sell. Islamic Financial services industry will have to reinvent itself if it is to continue to prosper in the 21st century. Innovative sukuk structures pricing strategies are new models; which needed to be formulated In light of the operative procedure of Islamic Capital markets.6 Sukuk design and pricing structures are conducted by trained professionals in a highly centralized and controlled market. In addition the contract specifications and its related procedures are such that the prospects of uncertainty and risk-taking (gharar) are virtually eliminated. Adequate understanding of the mechanisms of sukuk pricing and profiles and the relevant market procedures since only then will be able to determine the nature of the issues before us in each case and specify the purpose of our inquiry and its hypotheses7. The commercial reality of the market can be judged from an Islamic law view point without negatively influencing the public interest and under the spirit of shariah The

Sheik Taqi Usmani declared early in the first quarter of 2008 that bulk of the sukuk issued in the market defied Islamic norms (Usmani, M. Taqi: An Introduction to Islamic Finance, Idaratul Maarif, Karachi, Pakistan). 5 Peter Drucker(1999), Economist, Drucker on Financial Services, Innovate or die 6 Ali Abd Al-Qadir (2006), Encyclopedia of Islamic Banks 7 Mohammad H. Kamali (2002), Islamic Commercial Law: An analysis of futures and Options

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shariah provides us with the necessary tools (maslahah being one of them) to reach an acceptable formula for both practitioners and in line with the public interest.

STATEMENT OF THE RESEARCH PROBLEM Islamic finance as an emerging form of financial intermediation would require tremendous investment in research and development to promote innovation. Of importance is to develop a broader range of Islamic financial market instruments that include instruments with equity ownership features, Islamic asset-backed securities, inclusion of permissible forms of credit enhancements as well as Shariah-compliant risk mitigating instruments. The development of an Islamic Bonds (Sukuk) market for hedging is required for market-making activities to support the development of secondary markets. Malaysia has recently established a Shariah Scholars fund to fund such research and development efforts. The fund also aims to promote greater engagement among the international Shariah scholars and thus provide a platform for deliberation on the Shariah compatibility of newly developed Islamic financial instruments and markets. The increasing complexity in the way that debt is created and distributed in the financial system raises important implications for financial stability. The originate and distribute strategy that has been adopted by some institutions warrants addressing more comprehensively the full range of risks to which the banks are exposed. This includes the liquidity, equity, foreign exchange, profit, and moral hazard risks in banking institutions. Credit risk exposures have also
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taken on more complicated forms, including counterparty risks on derivatives and foreign exchange transactions. The valuation of such financial transactions and instruments are also often difficult to measure particularly under distressed market conditions. In addition, the correlations between credit and market risk, both within and across national borders, have become more complex. Of concern has also been lack of adequate information on debt concentrations in the system partly due to the increasingly elaborate ways in which debt is passed on from originating institutions to different investors. The propensity to under price credit risk, especially under conditions of excess liquidity, has also increased concerns over underwriting standards. The consequent sharp pricing corrections would in turn have the potential to result in broader economic disruptions. We cannot simply accept the argument of some contemporary scholars referring to high percentage of sukuk applications as they closely resemble conventional debt instruments without scrutinizing and investigating this matter in all relevant aspects. Sukuk can be structured and applied to contribute a major role in the expansion and development of the economic structure of any country. Moreover; we cannot neglect the massive total notional value, the huge use of leverage involved with multiple sukuk structures and that early indications of the investment portfolio structural problem show up quicker in the sukuk markets.

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SUKUK PRICING STRATEGIES: RISK ASSESSMENT vs. SHARI AH STANDARDS RESEARCH QUESTIONS

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1. What is the pricing strategy which best suit the most commonly issued sukuk structures (Middle East and Malaysia)? How risk can be assessed and valued? 2. What are the Shariah parameters (standards) that have to be adhered to each sukuk structure and its applicability and challenges? 3. What are the associated sukuk hedging (risk mitigating) tools that are currently employed and in the Islamic banking industry? How Shariah compliant? Challenges.

JUSTIFICATION OF THE STUDY I aim to illustrate the implication of key parameters in pricing todays most popular sukuk structures and assessing different types of risk associated with todays volatile market. Flow charts are used to illustrate different innovative structural models, pricing strategies, financial transfers and the rights and obligations of sukuk investors as well as the beneficiaries of the funding as indicated by Shariah standards of AAOFI & IFSB. Historical data have been used to assess whether the payments flows are more stable in the case of sovereign & corporate sukuk where the returns are based on gross domestic product (GDP) growth rather than interest. HYPOTHSIS OF THE RESARCH The conventional debt instrument (Interest, usury, or Riba) and gharar in sukuk is evidently a pervasive concept that permeates the whole spectrum of contracts and
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transactions in Islamic law. It is also a broad concept in that it comprises uncertainty and risk-taking as well as excessive speculation, gambling and ignorance of the material aspects of contracts. The basic tools of evaluation and analysis that Islamic law has provided are comprehensive enough to relate to all these concerns and especially to the overriding one, namely to ensure, fairness and prevent excessive uncertainty and abuse in commercial transactions and contracts. To determine the correct procedure for the resolution of ikhtilaf in Muslim societies today, one should refer to the Constitutions and laws of the countries concerned. Resolutions of difference s must be made in a maslahah oriented manner in the interests of the people and by accommodating their views. Once a selection has been made by the ruling authorities, everyone must comply with it and disagreements must be laid to rest. Of course, there is no single formula for resolving ikhtilaf. Often the shariah, or the applied law of a country, provide only genera l guidelines and leave specific decisions to be made by the experts or those in charge of community affairs. Islamic legal theory on financial transactions; that have similar aspects to the application of financial derivatives , sources and principles, and how they were applied by different schools and scholars to derive religious verdicts. I will InshaAllah- 'streamline' Islamic law through a number of Sunni schools, various conceptions of shari'ah, and modern attempts at law reform through dynamic scholarship and Ijtihad (independent judgment). Upon completion we should be able to explain the developments process in Islamic legal thought within our socio historical contexts, and identify key debates among Muslim scholars using modern case studies.

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SUKUK PRICING STRATEGIES: RISK ASSESSMENT vs. SHARI AH STANDARDS RESEARCH METHODOLOGY AND SOURCE OF DATA

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A hybrid research method is used (60% quantitative and 40% qualitative) that will employ many tools among of which a specially designed questionnaire (English & Translated to Arabic in some cases) to collect data from major players (hundreds of copies) in this industry (Malaysia and Middle East). Such questionnaire will consist of multiple choice questions based on the hypothesis as well as a blank spaces to get the practitioner open responses. Moreover; the other methodology that will be used is case-study where triangulation of the data is required to confirm results (Yin 2003). The following methods will be used for collecting primary and secondary data:

Primary Data
Focus group discussions: y y Practitioners Practicing lawyers

Focus group discussions, with participants ranging from 7-10 per group. This is to ask questions on the type of Islamic derivatives being used in their practice. Practitioners from following banks/financial institutions: KFH Mabank Investments Bank Bank Islam CIMB Investment Bank

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SUKUK PRICING STRATEGIES: RISK ASSESSMENT vs. SHARI AH STANDARDS Deutsche Bank Canyon

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Research Questions Answered: 4. What sukuk structures are currently being used in Islamic banking and finance? 5. What are these sukuk used for? 6. How are these sukuk used?

Online forums/discussion groups through internet: y y IBF net, linked-in.

Questions posed in these forums to find out on Islamic derivatives.

Research Questions Answered: 1. What sukuk structures are currently being used in Islamic banking and finance? 2. What are these sukuk used for? 3. How are these sukuk used? Interviews: y y y face to face; through the phone, and email.

Interviews will be with Shariah advisors and scholars on the Shariah parameters. Proposed Shariah Advisors/scholars:

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SUKUK PRICING STRATEGIES: RISK ASSESSMENT vs. SHARI AH STANDARDS Sheikh Nizam Yaqubi Dr. Ali Daghi Research Question Answered:

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1. What are the Shariah parameters that have to be adhered to and complied with to enable them to be used in Islamic banking and finance?

Secondary Data
Documents from banks/financial institutions: y y y y fact sheets; brochures, agreements, and Others.

Documents with diagrams that explain the structure of these sukuk will also be used to support the interviews and focus group discussions. KFH Mabank Investments Bank Bank Islam CIMB Investment Bank Deutsche Bank

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SUKUK PRICING STRATEGIES: RISK ASSESSMENT vs. SHARI AH STANDARDS Canyon

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Research Questions Answered: 1. What sukuk structures are currently being used in Islamic banking and finance? 2. What are these sukuk used for? 3. How are these sukuk used?

Online Databases/Archives: y Journals articles; Newspaper articles;

Research Questions Answered: 1. What are the associated sukuk hedging (risk mitigating) tools that are currently being used in Islamic banking and finance? 2. What are these instruments used for? 3. How are these instruments used?

INCEIF digital Library, IIUM Library Databases/Archives: y Fiqh Sources Al-Quran y Sunnah/Hadeeths Ijma Ibn Mundhir Qiyas Usul- al-fiqh

, UM, National Library, Online

Sources from the bibliography/references of Dr. & Dr.

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These sources of fiqh will support the interviews with the scholars, on the Shariah parameters. Research Question Answered: 1. What are the Shariah parameters that have to be adhered to and complied with to enable them to be used in Islamic banking and finance?

POPULATION AND SAMPLE While Fiqh, especially worship (Ibadat) type, prescriptions are permanent in nature and for all individuals, economic and financial descriptions may change from time to time and from society to another. This research argues that the methods of reasoning for reaching an Ijtihad ruling in Islamic financial are not necessarily identical. While Fiqh has a well developed methodology in the form of Usul al-fiqh, Islamic financial engineering for innovative sukuk structures are in its search for finding whether it is shariah permissible or not should rely on a methodology that suits its social and descriptive nature. RESEARCH INSTRUMENT (s) Under Construction.

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SUKUK PRICING STRATEGIES: RISK ASSESSMENT vs. SHARI AH STANDARDS ADMINISTRATION OF THE INSTRUMENT (s)

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The instruments will be administered by the researcher, Shariah scholars, research supervisors, as well as some research assistants. Methods of data interpretation includes but not limited: -Regression, and multiple regression analysis of the data collected.

SCOPE OF THE STUDY


Little has been written previously on the use of Musharakah partnership contracts for sukuk, and pricing issues have not hitherto been systematically investigated. The study is expected to cover the period from 2000 to 2010 (for data analysis) and till date for literacy review. Also the study will cover major Middle East countries (Saudi Arabia, Bahrain, United Arab Emirates, Jordan, and Qatar) and Malaysia.

LIMITATION OF THE STUDY


The data analyses were restricted to four countries, but this could be extended. Alternative pricing benchmarks were suggested for some famous sukuk structures. In each of the foregoing it is clear that there are diverse opinions, enough dynamism and latitude within the Shariah to reform and/or reinterpret the Fiqh rules to be better reflective of modern transactions, circumstances, and cultural outlook. Where the methodology and legal principles are not sufficient, the sanctity attached to contractual obligations, including treaties in the Shariah; make it possible to reform conventional muamalat law. At the same time there are some concepts such as usury, insurance, and speculative contracts, which will be much more difficult, if not impossible, to overcome if the conventional Shariah muamalat law are adhered to.
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THEORITICAL FRAME WORK


Under Construction

EXPECTED RESULTS, CONCLUSIONS AND OUTCOMES


Possible results will include the investigation to (but not limited to): 1. Investigate Special Purpose Vehicles as a prerequisite for the successful issuance and management of sukuk. The use of GDP-based pricing benchmarks would have resulted in greater payments stability for sovereign debt in Middle East, but not for Malaysia. 2. Recommend that Ministries of Finance and Central Banks of Muslim countries should review their debt financing policies and explore the potential of many sukuk structures. 3. Provide and highlight an overview of the key regulatory institutions and industry associations in Islamic Finance today and focus on areas that merit increased attention. 4. The growth of Islamic Finance sector is impacted by increased involvement of western regulators; as well as credit rating agencies; existing of sound accounting procedures, and increased protection of stakeholders of Islamic Financial Institutions. 5. Elaborate the experience of Malaysia in developing sukuk market and the methods that have been

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BIBLIOGRAPHY8 (Sample out of 113 Articles & Books)


[1] [2] Abbas, A. (2005), Helping to build an Islamic Capital Market, Banker Middle East, 1 October, pp. 15-17 Wilson, Rodney (2008), Innovation in the Structuring of Islamic sukuk Securities, Humanomics, Vol. 24, No. 3, pp. 170-181. Emerald Group Publishing Limited. Aseambankers (2005), Capitalizing on Opportunities in the Sukuk Industry, Aseambankers, Kuala Lumpur, pp. 1-5 Aquil, B. (2005), Tracking the progress of Sukuk, Islamic Banking and Finance Magazine, 14 October, pp. 6-7. Bahrain Monetary Agency (now Central Bank of Bahrain) (2002), Islamic Banking and Finance in the Kingdom of Bahrain, Bahrain Monetary Agency, Manama, pp. 72-75 Dommisse, A. and Kazi, W. (2005), Securitization and Shariah Law, Banker Middle East, 1 July, pp. 7-8 Eastern Oracle (2005), Malaysias PT Orient to issue Sukuk Musharakah for Indonesian Port, IFIS Islamic Finance Weekly, 3 October, p.2. New Millennium Publishing (2005), First Airline Sukuk Lead-Managed by Dubai Islamic Bank, IFIS Islamic Finance Weekly, 14 October, P.6 McNamara, P. (2005), How to Sell Sukuk, Banker Middle East, 1 August, pp. 4-5. Alexakis, Christos (2009), Islamic Finance: regulatory framework - Challenges lying ahead, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 2 No. 2, pp. 90-104, Emerald Group Publishing Limited Chapra, M.U., and Khan, T. (2000), Regulation and Supervision of Islamic Banks, Occasional Paper No. 3, Islamic Development Bank/Islamic Research and Training Institute, Jeddah. Alvi, Ijlal (2008), Capacity Building Needs for Issuing Sovereign Sukuk, Quarterly Newsletter, August, p.3, Dow Jones Islamic Market Indexes.

[3] [4] [5]

[6] [7] [8] [9] [10]

[11]

[12]

I have gathered all available relevant articles, papers, lectures, and book s titles relevant to the subject of my proposal.

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TABLE OF CONTENTS
ABSTRACT (English & Arabic) Approval Page Declaration Page Acknowledgement List of Tables List of Figures List of Abbreviation

CHAPTER ONE: INTRODUCTION


1.0 Introduction 1.1 Sukuk overview in Malaysia and Middle East 1.3 Historical background 1.4 Objectives of the study
1.4.1 Motivation of the study 1.4.2 Contribution of the study 1.4.3 Organization of Chapters

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CHAPTER TWO: LITERATURE REVIEWS


2.0 Introduction 2.1 Basic Principles of Islamic Financial Systems 2.2 The concept of Debt & Equity in Islam 2.3 The development of sukuk in Malaysia and Middle East
2.3.1 Murabahah - based Sukuk 2.3.2 Ijarah- based sukuk 2.3.3 Mudarabah based sukuk 2.3.4 Salam & Istisna Sukuk

2.4 The structure of Islamic Bonds (Malaysia vs. Middle East)


2.4.1 Sale-based Financing Debt Instrument 2.4.2 Lease-based Financing equity-Equity Debt instruments

2.5 Sukuk and Islamic Bonds vs. Conventional Bonds 2.6 Unresolved Issues on Malaysian and Middle East Sukuk 2.7 Conclusion

CHAPTER THREE: SUKUK PRICING ENGINEERING MODELS


3.0 Introduction 3.1 Evolution and Profiles of Sukuk Structures and Markets 3.2 Innovative Mathematical Approach and 3.3 Conclusion

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CHAPTER FOUR: THEORITICAL FRAMEWORK AND HYPOTHESIS DEVELOPMENT


4.0 Introduction 4.1 Theoretical Framework
4.1.1 Legitimacy Theory 4.1.2 Social Issue Life Cycle Theory 4.1.3 Hypothesis Development 4.1.4 Islamic Financial Reporting Associations (IFSB vs. AAOIFI) 4.1.4.1Quantity & Quality of Disclosure 4.1.4.1.1 Reputational Sensitivity of Industry 4.1.4.1.2 Ownership Status 4.1.4.1.3 Size of Enterprise

4.2 Conclusion

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CHAPTER FIVE: RESEARCH METHODOLOGY


5.1 Introduction 5.2 Data Collection
5.2.1 Contents Analysis

5.2.2 Disclosure Index

5.2.3 Questionnaire (Mail Survey)

5.3 Sample Selection 5.4 Conclusion

CHAPTER SIX: FINDING AND ANLYSIS


6.1 Introduction

CHAPTER SEVEN: CONCLUSION


7.1 Introduction

7.2 Conclusion for Research Results and Findings

7.3 Limitation of the Study

7.4 Research Outlook

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BIBLIOGRAPHY APPENDIX: Sample Questionnaire

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