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<p style="text-align:justify;">Embryonic Islamic banking industry has documented marvellous growth worldwide since inception; stimulated sound rooted western banking to inculcate and include Shariah driven lucrative products and services as an integral part of corporate segment. Research to date has revealed its unique features and ethos, yet it has to overcome multifarious global impediments. The focus of this study is to encapsulate the enormous challenges Islamic finance service industry has encountered during last three decades. We find the arguments such as complex regulatory and supervisory issues; absence of uniform reporting standards; prudential challenges; misconception among western society pertaining to Islamic banking; scant financial instruments and concurrent money and capital markets; fierce compaction by western banking; lack of consensus among Shariah Scholars; and central governing body that are precarious challenges among others. Therefore, policy makers need to constitute an integrated central regulatory body to congregate speckled Islamic banking practices and to foster the underlying philosophy of Sharia compliance operation along with synchronized and unified standardized worldwide.</p>

MBR_Volume 4_Issue 4_Pages 310-321.pdf

Review Article

MBR.2017.60249.xml

Issue

Islamic Finance Service Industry and Contemporary Challenges: A Literature Outlook (1987-2016)

<p style="text-align:justify;">Technical analysis is widely accepted tool in professional place which is frequently used for investment decisions. Technical analysis beliefs that there exist patterns and trends and by capturing trends and patterns one can bless with above average profits. We test two technical strategies: Moving averages and Trading Range to question, either these techniques can yield profitable returns with the help of historical data. Representative daily indices of Four countries namely Pakistan, India, Srilanka, Bangladesh ranging from 1997 to 2011 have been examined. In case of Moving Average Rule, both simple and exponential averages have been examined to test eleven different short term and&nbsp;long term&nbsp;rules with and without band condition. Our results delivered that buy signals generate consistent&nbsp;above average&nbsp;returns for&nbsp;the all&nbsp;sub periods&nbsp;and sell signals generate lower returns than the normal returns.&nbsp;&nbsp;Intriguing&nbsp;observation is that Exponential average generates higher returns than the Simple Average. The results of Trading Range Break strategy are parallel with Moving average Method. However, Trading Range Strategy found not to give higher average higher return when compared with Moving Averages Rules and degree of volatility in returns is higher when compared with moving Average rule. In&nbsp;attempt&nbsp;to conclude, there exist patterns and trends that yield above average and below average returns which justify the validity of technical analysis.</p>

Testing Technical Trading Rules: Evidence from SAARC Countries

Original Research 

NCAF.2018.01.01.xml