A net stable funding ratio for Islamic banks and its impact on financial stability: An international investigation

Ashraf, Dawood; Rizwan, Muhammad Suhail; L'Huillier, Barbara

doi:10.1016/j.jfs.2016.06.010

Does compliance with screening standards affect the performance of firms? (2025)
Journal Article
Ashraf, D., Rizwan, M. S., & Raza, M. W. (2025). Does compliance with screening standards affect the performance of firms?. Emerging Markets Review, 65, Article 101256. https://doi.org/10.1016/j.ememar.2025.101256

Thematic investments, such as sustainability and ESG, are often opaque because they have proprietary screening criteria that are not visible to investors. A transparent screening criterion based on publicly available information is desirable to help... Read More about Does compliance with screening standards affect the performance of firms?.

Central bank digital currency and systemic risk (2024)
Journal Article
Rizwan, M. S., Ahmad, G., & Qureshi, A. (2025). Central bank digital currency and systemic risk. Journal of International Financial Markets, Institutions and Money, 99, Article 102104. https://doi.org/10.1016/j.intfin.2024.102104

Central Bank Digital Currency (CBDC) is an emerging Financial Technology (FinTech) area. Several countries are involved in CBDC development at different stages and a few are already in the launching stage. We use the autoregressive distributed lag ap... Read More about Central bank digital currency and systemic risk.

Impact of sovereign credit ratings on systemic risk and the moderating role of regulatory reforms: An international investigation (2022)
Journal Article
Sahibzada, I. U., Rizwan, M. S., & Qureshi, A. (2022). Impact of sovereign credit ratings on systemic risk and the moderating role of regulatory reforms: An international investigation. Journal of Banking and Finance, 145, Article 106654. https://doi.org/10.1016/j.jbankfin.2022.106654

This paper investigates the association between systemic risk and sovereign credit ratings issued by the three credit rating agencies (CRAs), i.e., Moody's, S&P, and Fitch, for 65 countries from Jan-2000 to Dec-2020. Results show that a positive (neg... Read More about Impact of sovereign credit ratings on systemic risk and the moderating role of regulatory reforms: An international investigation.

Russia–Ukraine war and systemic risk: Who is taking the heat? (2022)
Journal Article
Qureshi, A., Rizwan, M. S., Ahmad, G., & Ashraf, D. (2022). Russia–Ukraine war and systemic risk: Who is taking the heat?. Finance Research Letters, 48, Article 103036. https://doi.org/10.1016/j.frl.2022.103036

The Russia–Ukraine conflict has increased systemic vulnerabilities of the global financial system. We develop a database of news events and investigate the systemic risk implications of the conflict on Russia, Ukraine, France, Germany, Italy, the UK,... Read More about Russia–Ukraine war and systemic risk: Who is taking the heat?.

Islamic equity investments and the COVID-19 pandemic (2022)
Journal Article
Ashraf, D., Rizwan, M. S., & Ahmad, G. (2022). Islamic equity investments and the COVID-19 pandemic. Pacific-Basin Finance Journal, 73, Article 101765. https://doi.org/10.1016/j.pacfin.2022.101765

Global equity markets experienced a substantial downfall with the outbreak of the COVID-19 pandemic. At the peak of the downfall, S&P Dow Jones reported that their Islamic equity indexes (IEIs) continued to outperform their conventional counterparts... Read More about Islamic equity investments and the COVID-19 pandemic.

Systemic risk, Islamic banks, and the COVID-19 pandemic: An empirical investigation (2022)
Journal Article
Rizwan, M. S., Ahmad, G., & Ashraf, D. (2022). Systemic risk, Islamic banks, and the COVID-19 pandemic: An empirical investigation. Emerging Markets Review, 51(Part B), Article 100890. https://doi.org/10.1016/j.ememar.2022.100890

While operating side-by-side with conventional banks, in a dual-banking system, the systemic risk profile of Islamic banks can be different due to their unique business model. The objective of this study is to understand the evolution of systemic ris... Read More about Systemic risk, Islamic banks, and the COVID-19 pandemic: An empirical investigation.

Not one but three decisions in sukuk issuance: Understanding the role of ownership and governance (2021)
Journal Article
Ashraf, D., Rizwan, M. S., & Azmat, S. (2021). Not one but three decisions in sukuk issuance: Understanding the role of ownership and governance. Pacific-Basin Finance Journal, 69, Article 101423. https://doi.org/10.1016/j.pacfin.2020.101423

This paper examines the determinants of three decisions modelled simultaneously: sukuk issuance, choice of a particular sukuk structure, and the volume of sukuk engagements. By using a sample of 736 non-financial listed Malaysian firms from 2008 to 2... Read More about Not one but three decisions in sukuk issuance: Understanding the role of ownership and governance.

Macroprudential regulations and systemic risk: Does the one-size-fits-all approach work? (2021)
Journal Article
Rizwan, M. S. (2021). Macroprudential regulations and systemic risk: Does the one-size-fits-all approach work?. Journal of International Financial Markets, Institutions and Money, 74, https://doi.org/10.1016/j.intfin.2021.101409

This study empirically investigates whether systemic risk varies among countries with different income levels in response to macroprudential policy instruments (MPIs). The results suggest a negative association between overall MPIs and systemic risk... Read More about Macroprudential regulations and systemic risk: Does the one-size-fits-all approach work?.

Environmental, social, and governance integration: the case of microfinance institutions (2021)
Journal Article
Ashraf, D., Rizwan, M. S., & L’Huillier, B. (2022). Environmental, social, and governance integration: the case of microfinance institutions. Accounting and Finance, 62(1), 837-891. https://doi.org/10.1111/acfi.12812

Microfinance institutions (MFIs) contribute greatly to sustainable development through microlending. This paper establishes a bridge between political stakeholder theory, social responsive theory, and institutional theory as applied to the functionin... Read More about Environmental, social, and governance integration: the case of microfinance institutions.

Systemic risk and macroeconomic forecasting: A globally applicable copula-based approach (2021)
Journal Article
Ahmad, G., Rizwan, M. S., & Ashraf, D. (2021). Systemic risk and macroeconomic forecasting: A globally applicable copula-based approach. Journal of Forecasting, 40(8), 1420-1443. https://doi.org/10.1002/for.2774

Financial markets are interconnected and fragile making them vulnerable to systemic contagion, and measuring this risk is crucial for regulatory responsiveness. This study introduces a new set of measures for systemic risk using a copula-based (CB) e... Read More about Systemic risk and macroeconomic forecasting: A globally applicable copula-based approach.

Systemic risk: The impact of COVID-19 (2020)
Journal Article
Rizwan, M. S., Ahmad, G., & Ashraf, D. (2020). Systemic risk: The impact of COVID-19. Finance Research Letters, 36, https://doi.org/10.1016/j.frl.2020.101682

Banking sectors across the globe are under immense stress due to the evolving COVID-19 situation and policy responses thereto. This study investigates how COVID-19 impacted the systemic risk in the banking sectors of eight of the most COVID-19 affect... Read More about Systemic risk: The impact of COVID-19.

Net Stable Funding Requirement under Basel III: Loan Portfolio Growth Matters (2018)
Journal Article
L'Huillier, B., Rizwan, M. S., & Ashraf, D. (2018). Net Stable Funding Requirement under Basel III: Loan Portfolio Growth Matters. Asia-Pacific Journal of Financial Studies, 47(4), 477-500. https://doi.org/10.1111/ajfs.12221

This paper evaluates the perceived stability-enhancing role of the net stable funding ratio (NSFR) requirement under Basel III and its impact on the balance sheets of banks. Using data from 647 banks located in 47 countries from 2003 to 2013, we find... Read More about Net Stable Funding Requirement under Basel III: Loan Portfolio Growth Matters.

Does a one-size-fits-all approach to financial regulations alleviate default risk? The case of dual banking systems (2017)
Journal Article
Rizwan, M. S., Moinuddin, M., L’Huillier, B., & Ashraf, D. (2018). Does a one-size-fits-all approach to financial regulations alleviate default risk? The case of dual banking systems. Journal of Regulatory Economics, 53(1), 37-74. https://doi.org/10.1007/s11149-017-9340-z

Financial regulations are developed to curb financial and economic fragility costs without undermining the economic contributions of banks to economic development. To understand the impact financial regulations have on reducing the financial fragilit... Read More about Does a one-size-fits-all approach to financial regulations alleviate default risk? The case of dual banking systems.

A net stable funding ratio for Islamic banks and its impact on financial stability: An international investigation (2016)
Journal Article
Ashraf, D., Rizwan, M. S., & L'Huillier, B. (2016). A net stable funding ratio for Islamic banks and its impact on financial stability: An international investigation. Journal of Financial Stability, 25, 47-57. https://doi.org/10.1016/j.jfs.2016.06.010

The Islamic Financial Services Board (IFSB) is the standard setting body for the Islamic banking industry. The IFSB, while endorsing the Basel III accord, modified the criteria to calculate the Net Stable Funding Ratio (NSFR) to cater for the unique... Read More about A net stable funding ratio for Islamic banks and its impact on financial stability: An international investigation.

All Outputs (14)