DOCSLIB.ORG

Assessing for the Volatility of the Saudi, Dubai and Kuwait Stock Markets: TIME SERIES ANALYSIS (2005-2016)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Assessing for the Volatility of the Saudi, Dubai and Kuwait Stock Markets: TIME SERIES ANALYSIS (2005-2016) Assessing for the volatility of the Saudi, Dubai and Kuwait stock markets: TIME SERIES ANALYSIS (2005-2016) Yazeed Abdulaziz I Bin Ateeq This thesis is submitted in partial fulfilment of the requirements of the Manchester Metropolitan University for the award of Doctor of Philosophy Department of Accounting, Finance and Economics Manchester Metropolitan University 2018 Dedication I dedicate this thesis to my dad and mum Mr. Abdulaziz Bin Ateeq & Mrs Al Jawhara Bin Dayel My wife Afnan My Greatest boys Muhanad & Abdulaziz My lovely sisters Salwa & Hissa Table of Contents ACKNOWLEDGEMENTS…………………………………………… ………………………………………………………………………………. VII DECLARATION …………………………………………………………………………………………………………………………………… VIII List of Acronyms ………………………………………………………………………………………………………………………………………….IX ABSTRACT………………………….…………………………………………………………………………………………….… X CHAPTER 1. INTRODUCTION ...................................................................................................................................... 1 1.1. Background of research .................................................................................................................... 1 1.2. Justification of research .................................................................................................................... 4 1.3. The motivation of the study .............................................................................................................. 7 1.4. Research Questions and Objectives: ................................................................................................. 8 1.5. Structure of the Research ................................................................................................................. 8 CHAPTER 2. LITERATURE REVIEW ............................................................................................................................ 12 2.1. Introduction: .................................................................................................................................. 12 2.2. Overview of the Efficient Market Hypotheses (EMH) ...................................................................... 13 2.3. The Random Walk and the Weak Form Efficacy (WFE) .................................................................... 20 2.4. The non-randomness and critical Review ........................................................................................ 25 2.5. The Relative Weak Form Efficiency ................................................................................................. 30 2.6. Factors & Events affecting the weak form efficiency ....................................................................... 35 2.6.1. Regulatory Framework: ......................................................................................................................... 36 2.6.2. Foreign Investors in Domestic Stock Markets ....................................................................................... 37 2.6.3. Financial Crisis Events ........................................................................................................................... 38 2.6.4. Technological Advances and Algorithm Trading ................................................................................... 41 CHAPTER 3. OVERVEIW OF SAUDI, DUBAI AND KUWAIT ECONOMICES AND FINANCAL SYSTEMS AND STOCK MARKETS ................................................................................................................................................................... 44 3.1. Introduction: .................................................................................................................................. 44 3.2. Overview of the Gulf Cooperation Council (GCC) countries: ............................................................ 45 3.3. Economic and development plans of the kingdom of Saudi Arabia ................................................. 48 3.3.1. Overview of the Kingdom of Saudi Arabia: ........................................................................................... 48 3.3.2. Saudi Stock Exchange (Tadawul): .......................................................................................................... 49 3.4. Economy and stock market of The United Arab Emirates (UAE) ...................................................... 55 3.4.1. Overview of the United Arab Emirates (UAE): ...................................................................................... 55 3.4.2. Overview UAE stock market .................................................................................................................. 56 I 3.5. Overview of Kuwait ........................................................................................................................ 60 3.5.1. Introduction .......................................................................................................................................... 60 3.5.2. Kuwait stock market overview .............................................................................................................. 61 3.6. AN ANALYSIS OF CAPITAL MARKET REGULATION IN SAUDI ARABIA ................................................ 64 3.6.1. Introduction .......................................................................................................................................... 64 3.6.2. General Index ........................................................................................................................................ 64 3.6.3. Sector and listed companies in the Saudi Stock Market ....................................................................... 67 3.6.4. Number of Shares Traded ..................................................................................................................... 70 3.6.5. Value of Shares Traded ......................................................................................................................... 72 3.6.6. Market Value of Shares ......................................................................................................................... 74 CHAPTER 4. METHODOLOGY OF THE RESEARCH ..................................................................................................... 77 4.1. Introduction: .................................................................................................................................. 77 4.2. Philosophical Assumptions that Underpin Social Science Research ................................................. 77 4.3. Research considerations that underpin the Current Thesis ............................................................. 81 4.4. Statistical Definition of the Efficient Market Hypothesis and the Random Walk .............................. 84 4.5. Research Methods .......................................................................................................................... 86 4.5.1. Introduction: ......................................................................................................................................... 86 4.5.2. Unit root test: ........................................................................................................................................ 86 4.5.3. An Autoregressive (AR) ......................................................................................................................... 91 4.5.4. Moving Average (MA) Model (Residuals) .............................................................................................. 91 4.5.5. The ARIMA Model ................................................................................................................................. 92 4.6. ARMA and the Box-Jenkins (BJ) Methodology ................................................................................. 94 4.6.1. Find Order of (p, q): Identify Model ...................................................................................................... 95 4.6.2. ACF or autocorrelation function, PACF or partial autocorrelation function ......................................... 95 4.6.3. Akaike and Baysin information criteria ................................................................................................ 96 4.6.4. ARIMA Model: Estimation ..................................................................................................................... 96 4.6.5. ARMA Model: Testing ........................................................................................................................... 97 4.6.6. ARMA Model: Prediction ....................................................................................................................... 97 4.7. Error Metrics applied: ..................................................................................................................... 98 4.7.1. Overview: .............................................................................................................................................. 98 4.7.2. Performance Evaluation Metric: ........................................................................................................... 99 4.8. Conclusion: ................................................................................................................................... 101 CHAPTER 5. VARIABLES AND DATA UNDER STUDY ................................................................................................ 102 5.1. Variables Data and Sources ..........................................................................................................
Load more

Recommended publications
  • Gauging Your Investments with Performance Benchmarks
    Gauging Your Investments with Performance Benchmarks One way to evaluate your investments objectively is to use industry-standard performance benchmarks. A benchmark is a market index or average that allows you to compare the performance of your stocks, bonds, or mutual funds against similar investments. Here are some of the most well-known and widely used investment benchmarks: Stock Benchmarks Dow Jones Industrial Average (DJIA). The oldest and most widely quoted market indicator. It reflects the price-weighted average of 30 actively traded blue chip stocks, mostly industrials, that generally represent 15% to 20% of the New York Stock Exchange (NYSE) total market value. (In a price- weighted index, higher priced stocks carry more weight than lower priced issues.) The mix of individual stocks changes occasionally. Standard and Poor’s 500 Index (S&P 500). A market value-weighted index that reflects changes in the aggregate market value of 500 stocks compared to the base period of 19411943. The S&P 500 consists mainly of New York Stock Exchange industrials, although it also includes transportation, utility, and financial stocks traded on the American Stock Exchange (AMEX), as well as over-the-counter (OTC). National Association of Securities Dealers Automated Quotation (NASDAQ) Composite Index. A broader measure of market activity than the DJIA or the S&P 500, this market value-weighted index tracks the prices of all securities traded on the NASDAQ Stock Market. The NASDAQ specializes in emerging companies, such as technology, telecommunications, and even electronic commerce. Market values are computed by multiplying the most recent sale price of the stock with the total number of outstanding shares.
    [Show full text]
  • Market Preview Domestic Indices Market
    24-AUG-2021 Domestic Indices Market wrap up Domestic indices The domestic equity benchmarks managed to close with decent index Close Prv close %Chg gains after a volatile session on Monday. The Nifty closed just NIFTY 50 16,496.5 16,450.5 0.28 NIFTY SMALLCAP 50 4820.55 4928.35 -2.19 shy of the 16,500 mark. IT stocks climbed while auto and metal NIFTY MIDCAP 50 7,186.8 7,238.4 -0.71 shares tumbled.The barometer index, the S&P BSE Sensex, NIFTY SMALLCAP 250 8350.15 8518.7 -1.98 advanced 226.47 points or 0.41% to 55,555.79. The Nifty 50 NIFTY BANK 35,124.4 35,033.9 0.26 index gained 45.95 points or 0.28% to 16,496.45.Bajaj Finserv , NIFTY NEXT 50 39220.15 39381.85 -0.41 NIFTY METAL 5,291.3 5,336.0 -0.84 Nestle India , Bharti Airtel, Bajaj Finance and Reliance Industries INDIA VIX 13.69 14.02 -2.35 supported the indices.Mahindra & Mahindra , Bajaj Auto , Global indices UltraTech Cement and ITC were major drags. In th broader market, the BSE Mid-Cap index fell 0.90% index Close Prv close %Chg Global Market NASDAQ 13,192.0 13,119.0 0.56% Wall Street rallied on Monday, and the Nasdaq reached an all- DOW 28,323.4 28,391.4 -0.24% time closing high as sentiment was boosted by full FDA approval CAC 40 5,769.0 5,765.0 1.16% DAX 13,884.0 13,786.0 0.71% of a COVID-19 vaccine and market participants looked ahead to NIKKEI 29,452.0 28,966.0 2.41% the Jackson Hole Symposium expected to convene later this HANG SENG 26,016.2 25,709.2 1.18% week.The Dow Jones Industrial Average rose 215.63 points, or NYSE 2,072.2 2,077.2 -0.24% 0.61%, to 35,335.71, the S&P 500 gained 37.86 points, or 0.85%, FTSE 6,553.0 6,483.0 1.07% to 4,479.53 and the Nasdaq Composite added 227.99 points, or As on 8.00 IST 1.55%, to 14,942.65.Shares in Asia-Pacific largely rose in NiftyMarket Watch Snapshot Tuesday morning trade .
    [Show full text]
  • A Primer on U.S. Stock Price Indices
    A Primer on U.S. Stock Price Indices he measurement of the “average” price of common stocks is a matter of widespread interest. Investors want to know how “the Tmarket” is doing, and to be able to compare their returns with a meaningful benchmark. Money managers often have their compensation tied to performance, typically measured by comparing their results to a benchmark portfolio, so they and their clients are interested in the benchmark portfolio’s returns. And policymakers want to judge the potential for sudden adjustments in stock prices when differences from “fundamental value” emerge. The most widely quoted stock price index, the Dow Jones Industrial Average, has been supplemented by other popular indices that are constructed in a different way and pose fewer problems as a measure of stock prices. At present, a number of stock price indices are reported by the few companies that we will consider in this paper. Each of these indices is intended to be a benchmark portfolio for a different segment of the universe of common stocks. This paper discusses some of the issues in constructing and interpreting stock price indices. It focuses on the most widely used indices: the Dow Jones Industrial Average, the Stan- dard & Poor’s 500, the Russell 2000, the NASDAQ Composite, and the Wilshire 5000. The first section of this study addresses issues of construction and interpretation of stock price indices. The second section compares the movements of the five indices in the last two decades and investigates the Peter Fortune relationship between the returns on the reported indices and the return on “the market.” Our results suggest that the Dow Jones Industrial Average (Dow 30) The author is a Senior Economist and has inherent problems in its construction.
    [Show full text]
  • Why Switzerland?
    Why Switzerland? Marwan Naja, AS Investment Management January, 2010 I. Executive Summary Swiss Equities Have Outperformed: Here is a fact you probably did not know: The Swiss equity market has arguably been the best performing developed world market over the past 20, 10, 5 and 2 years. The SPI Index, which incorporates over 200 Swiss stocks, is the best performing index in Swiss Franc (“CHF”), US Dollars (“USD”), Euro (“EUR”) and British Pounds (“GBP”) over the past 20 years1,10 years, 5 years, and 2 years when compared to similar broad-based total return indices in the United States (S&P 500 Total Return), the United Kingdom (FTSE 350 Total Return), Germany (CDAX), France (SBF 120 Total Return) and Japan (TOPIX Total Return)2. For most of these periods the magnitude of the outperformance is significant. Furthermore, the Swiss market has exhibited attractive risk characteristics including lower volatility than comparable markets. Figure 1: SPI 20 Year Performance (red) Compared to Major Developed Indices in CHF3 1 The 20 year comparable excludes the EUR which has not existed for that duration and the French SBF 120 TR which was established in 1990 and has underperformed the SPI over the 19 year period. 2 The Swiss market is the best performer in our local currency comparison (stripping out the foreign exchange effects) over 20 years and marginally trails the FTSE 350 for the 10 year, 5 year and 2 year comparisons. 3 Source of all graphs is Bloomberg unless otherwise indicated. Why Switzerland? AS Investment Management Contents I. Executive Summary ............................................................................................................ 1 Swiss Equities Have Outperformed ...................................................................................
    [Show full text]
  • Report of the 5 Th Meeting
    FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 The Marmara Hotel Istanbul, September 2011 1 FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 The Marmara Hotel Istanbul, September 2011 2 TABLE OF CONTENTS Final Report of the Fifth Meeting of the OIC Member States’ Stock Exchanges Forum ANNEXES I. Presentation by Mr. Thomas Krabbe II. Presentation by Mr. Roland Bellegarde III. Presentation by Mr. Lauri Rosendahl IV. Presentation by Mr. Stephan Pouyat V. Presentation by Mr. Philippe Carré VI. Presentation by Mr. Rushdi Siddiqui on behalf of Thomson Reuters VII. Presentation by Mr. Ibrahim Idjarmizuan on behalf of IFSB VIII. Presentation by Mr. Gürsel Kona from the Istanbul Stock Exchange IX. Presentation by Mr. Ijlal Alvi on behalf of IIFM X. Presentation by Avşar Sungurlu, on behalf of BMD Securities Inc. XI. Presentation by Mr. Hüseyin Erkan, as Forum Chairman XII. Presentation by Şenay Pehlivanoğlu on behalf of the Task Force for Customized Indices and Exchange Traded Islamic Financial Products XIII. Presentation by Mr. Charbel Azzi on behalf of S&P Indices XIV. Presentation by Dr. Eralp Polat on behalf of the Forum Secretariat XV. Presentation by Mr. Abolfazl Shahrabadi and Mr. Hamed Soltaninejad on behalf of the Task Force for Capital Market Linkages 3 FINAL REPORT OF THE FFIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 4 Original: English FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM (Istanbul, September 17-18, 2011) 1.
    [Show full text]
  • Your Exchange of Choice Overview of JPX Who We Are
    Your Exchange of Choice Overview of JPX Who we are... Japan Exchange Group, Inc. (JPX) was formed through the merger between Tokyo Stock Exchange Group and Osaka Securities Exchange in January 2013. In 1878, soon after the Meiji Restoration, Eiichi Shibusawa, who is known as the father of capitalism in Japan, established Tokyo Stock Exchange. That same year, Tomoatsu Godai, a businessman who was instrumental in the economic development of Osaka, established Osaka Stock Exchange. This year marks the 140th anniversary of their founding. JPX has inherited the will of both Eiichi Shibusawa and Tomoatsu Godai as the pioneers of capitalism in modern Japan and is determined to contribute to drive sustainable growth of the Japanese economy. Contents Strategies for Overview of JPX Creating Value 2 Corporate Philosophy and Creed 14 Message from the CEO 3 The Role of Exchange Markets 18 Financial Policies 4 Business Model 19 IT Master Plan 6 Creating Value at JPX 20 Core Initiatives 8 JPX History 20 Satisfying Diverse Investor Needs and Encouraging Medium- to Long-Term Asset 10 Five Years since the Birth of JPX - Building Milestone Developments 21 Supporting Listed Companies in Enhancing Corporate Value 12 FY2017 Highlights 22 Fulfilling Social Mission by Reinforcing Market Infrastructure 23 Creating New Fields of Exchange Business Editorial Policy Contributing to realizing an affluent society by promoting sustainable development of the market lies at the heart of JPX's corporate philosophy. We believe that our efforts to realize this corporate philosophy will enable us to both create sustainable value and fulfill our corporate social responsibility. Our goal in publishing this JPX Report 2018 is to provide readers with a deeper understanding of this idea and our initiatives in business activities.
    [Show full text]
  • Investing in the Marketplace
    Investing in the Marketplace Prudential Retirement When you hear people talk about “the market,” you might think Did you know... we agree on what that means. Truth is, there are many indexes that represent differing segments of the market. And these …there is even indexes don’t always move in tandem. Understanding some of an index that the key ones can help you diversify your investments to better represent the economy as a whole. purports to track The Dow Jones Industrial Average (The Dow) is one of the oldest, most investor anxiety? well-know indexes and is often used to represent the economy as a Dubbed “The Fear whole. Truth is, though, The Dow only includes 30 stocks of the world’s largest, most influential companies. Why is it called an “average?” Index,” the proper Originally, it was computed by adding up the per-share price of its stocks, and dividing by the number of companies. name of the Chicago The Standard & Poor’s 500 Index (made up of 500 of the most widely- Board Options traded U.S. stocks) is larger and more diverse than The Dow. Because it represents about 70% of the total value of the U.S. stock market, the Exchange’s index is S&P 500 is a better indication of how the U.S. marketplace is moving as a whole. the VIX Index, Sometimes referred to as the “total stock market index,” the Wilshire and measures the 5000 Index includes about 7,000 of the more than 10,000 publicly traded companies with headquarters in the U.S.
    [Show full text]
  • DFM GUIDE to INVESTOR RELATIONS Version II
    DFM GUIDE TO INVESTOR RELATIONS Version II DFM IR @DFMalerts Dubai Financial Market Dubai Financial Market IR App Available now www.dfm.ae DFM Guide to Investor Relations CONTRIBUTORS: Dubai Financial Market would like to thank all its contributors for sharing their valuable expertise to this guide. Adam Key Citi Director Adam Malik Investis Business Development Arnold Chambon Thomson Reuters Business Development Barry Dunne MerchantCantos Director Faye Mulvaney Deutsche Bank Vice President Fiona Piper Previously DP World Vice President Investor Relations Frank Kane The National Senior Business Correspondent Hassan Orooj HSBC, MENA Debt Capital Markets Hasnain Malik Citi Research, MENA Managing Director Kate Delahunty DP World Senior Vice President, Corporate Communications Micheal Chojnacki Closir CEO For more information contact: DISCLAIMER Mustafa Alrawi M:Communications Head of IR Consulting Investor Relations This publication is for informational and educational purposes only and is not intended to provide financial, investment, legal, accounting or other corporate advice. This guide should not be treated as a substitute for Middle East Investor Relations Society ME IRS Business Development Division specific professional advice; it should not be solely relied upon in this regard and should not be considered to make any investment decisions. Dubai Financial Market Nick Farmer Bell Pottinger Middle East T: 04 305 56 50 Dubai Financial Market (DFM) accepts no liability for the content of this guide. The chapters, case studies and text presented in this guide solely reflect the opinion of the contributors. Account Director E: [email protected] Names, organizations and company names referred to may be the trademarks of their respective owners.
    [Show full text]
  • Final Report Amending ITS on Main Indices and Recognised Exchanges
    Final Report Amendment to Commission Implementing Regulation (EU) 2016/1646 11 December 2019 | ESMA70-156-1535 Table of Contents 1 Executive Summary ....................................................................................................... 4 2 Introduction .................................................................................................................... 5 3 Main indices ................................................................................................................... 6 3.1 General approach ................................................................................................... 6 3.2 Analysis ................................................................................................................... 7 3.3 Conclusions............................................................................................................. 8 4 Recognised exchanges .................................................................................................. 9 4.1 General approach ................................................................................................... 9 4.2 Conclusions............................................................................................................. 9 4.2.1 Treatment of third-country exchanges .............................................................. 9 4.2.2 Impact of Brexit ...............................................................................................10 5 Annexes ........................................................................................................................12
    [Show full text]
  • Enhancing Liquidity in Emerging Market Exchanges
    ENHANCING LIQUIDITY IN EMERGING MARKET EXCHANGES ENHANCING LIQUIDITY IN EMERGING MARKET EXCHANGES OLIVER WYMAN | WORLD FEDERATION OF EXCHANGES 1 CONTENTS 1 2 THE IMPORTANCE OF EXECUTIVE SUMMARY GROWING LIQUIDITY page 2 page 5 3 PROMOTING THE DEVELOPMENT OF A DIVERSE INVESTOR BASE page 10 AUTHORS Daniela Peterhoff, Partner Siobhan Cleary Head of Market Infrastructure Practice Head of Research & Public Policy [email protected] [email protected] Paul Calvey, Partner Stefano Alderighi Market Infrastructure Practice Senior Economist-Researcher [email protected] [email protected] Quinton Goddard, Principal Market Infrastructure Practice [email protected] 4 5 INCREASING THE INVESTING IN THE POOL OF SECURITIES CREATION OF AN AND ASSOCIATED ENABLING MARKET FINANCIAL PRODUCTS ENVIRONMENT page 18 page 28 6 SUMMARY page 36 1 EXECUTIVE SUMMARY Trading venue liquidity is the fundamental enabler of the rapid and fair exchange of securities and derivatives contracts between capital market participants. Liquidity enables investors and issuers to meet their requirements in capital markets, be it an investment, financing, or hedging, as well as reducing investment costs and the cost of capital. Through this, liquidity has a lasting and positive impact on economies. While liquidity across many products remains high in developed markets, many emerging markets suffer from significantly low levels of trading venue liquidity, effectively placing a constraint on economic and market development. We believe that exchanges, regulators, and capital market participants can take action to grow liquidity, improve the efficiency of trading, and better service issuers and investors in their markets. The indirect benefits to emerging market economies could be significant.
    [Show full text]
  • The Influence of Financial Markets on Countries' Economic Life
    Economics World, May-June 2017, Vol. 5, No. 3, 268-280 doi: 10.17265/2328-7144/2017.03.007 D DAVID PUBLISHING The Influence of Financial Markets on Countries’ Economic Life Narcisa Roxana Mosteanu American University in the Emirates, Dubai, UAE This working paper aims to investigate one of the most present markets in whole economic life: financial market. Even if not everyone is playing on financial market, the result of trading on this markets can be seen and felt by any participant on economic life—individuals, businesses, and government. Those which are participating and trading on financial markets influence economic and social life in a way or another. The paper comes to showing how existence and trading on financial markets can change the money supply and behavior of individuals, businesses, and later they can affect entire economic and social life. The author uses financial data provided by international database such as: Eurostat, central banks, International Monetary Fund, World Bank, BMI Research, website of domestic ministries of finance, and/or economy. The research concluded that in those countries where there is an active and experienced financial market, with a huge volume of transactions, also exists a financial and fiscal stability. Unemployment rate is lower, and a higher level of confidence of investors. A very active financial market can also help governments to maintain their balance of payment in equilibrium and/or to accelerate the development of productive capacity, and for raising and maintaining social stability level. Keywords: financial market, financial institution, financial services, capital movements, international business, macro economy Introduction and the Importance of the Theme Nowadays it hears more about the financial market, the stock market, about stocks and bonds, on domestic and international level.
    [Show full text]
  • Dubai's Loss Is Saudi's Gain As Βirms Look to Move Listings
    The World’s Leading Islamic Finance News Provider (All Cap) Islamic social Surge in Islamic IsDB to US asset managers 1100 1,078.67 1050 ę nance to assume ę nancing invest in target Muslims, 1,058.07 1000 more prominent expected as science and Christians and 950 -1.9% role in Malaysia’s federal cabinet technological Jews with faith- 900 W T F S S M T next ę nancial approves innovations based investment sector blueprint...5 domestic Sukuk to tackle portfolios...6 Powered by: IdealRatings® issuance...5 COVID-19...6 COVER STORY 8th April 2020 (Volume 17 Issue 14) Dubai’s loss is Saudi’s gain as ϐirms look to move listings The delisting of DP World back in comparison, DFM was worth around international investors. And there are February lost NASDAQ Dubai its US$1.1 billion, with 67 companies listed, some who now question whether the most valuable stock, and came as a while ADX came in at US$757 million. size of the local market really requires serious blow to the emirate’s eě orts three exchanges for similar products, to boost liquidity on its domestic DP World decided to delist due to its suggesting that NASDAQ Dubai might exchanges. But while DP World had long-term strategy, which it said was do beĴ er to bow out of the equities sound strategic objectives for its incompatible with the short-term view game altogether and focus on its more departure, IFN has learned that there of the public market, and its emphasis successful segments of Sukuk and could be a groundswell of other ę rms on shareholder returns.
    [Show full text]