Purpose -This paper aims to investigate the causal nexus between foreign direct investment (FDI) and economic growth in SAARC countries.Design/methodology/approach -Johansen's cointegration test was employed to examine the long-run relationship between foreign direct investment and economic growth in SAARC countries. Besides, the vector error correction model (VECM) was employed to examine the causal nexus between foreign direct investment and economic growth in SAARC countries for the years 1970-2007. Finally, the impulse response function (IRF) has been employed to investigate the time paths of log of foreign direct investment (LFDI) in response to one-unit shock to the log of gross domestic product (LGDP) and vice versa.Findings -The Johansen cointegration result establishes a long-run relationship between foreign direct investment and gross domestic product (GDP) for the sample of SAARC nations, namely, Bangladesh, India, Maldives, Nepal, Pakistan and Sri Lanka. The empirical results of the vector error correction model exhibit a long-run bidirectional causal link between GDP and FDI for the selected SAARC nations except India. The test results show that there is a one-way long-run causal link from GDP to FDI for India.Research limitations/implications -This paper employed annual data to examine the causal nexus between FDI and economic growth. Therefore, researchers are encouraged to test the FDI-growth relationship further by using quarterly data.Practical implications -The SAARC nations should adopt effective policy measures that would substantially enlarge and diversify their economic base, improve local skills and build up a stock of human capital recourses capabilities, enhance economic stability and liberalise their market in order to attract as well as benefit from long-term FDI inflows.Originality/value -This paper would be immensely helpful to the policy makers of SAARC countries to plan their FDI policies in a way that would enhance growth and development of their respective economies.

Volatility forecasting is an important area of research in financial markets and immense effort has been made in improving volatility models since better forecasts translate themselves into better pricing of options and better risk management. In this direction, the present paper attempts to modelling and forecasting the volatility (conditional variance) of the SENSEX Index returns of Indian stock market, using daily data, covering a period from 1st January 1996 to 29th January 2010. The forecasting models that are considered in this study range from the relatively simple GARCH (1,1) model to relatively complex GARCH models (including Exponential GARCH (1,1) and Threshold GARCH (1,1) models). Based on out-of-sample forecasts and a majority of evaluation measures, our result shows that the symmetric GARCH model do perform better in forecasting conditional variance of the SENSEX Index return rather than the asymmetric GARCH models, despite the presence of leverage effect. Findings of the study are consistent with the evidence of Deb, Vuyyuri and Roy (2003) that parsimonious symmetric GARCH model is found superior in forecasting the conditional variance of SENSEX Index market returns rather than the asymmetric GARCH models.

Purpose This paper aims to explore the relationship between integrity, reputation, trust on awqaf institution and intention to endow cash waqf. Design/methodology/approach Quantitative research using survey questionnaire was conducted. A total of 377 completed survey questionnaires were received and analyzed using structural equation modeling. Findings Findings show that integrity and reputation of awqaf institutions have direct impact on endowers’ trust on awqaf institution, which consequently lead to endowers’ intention to endow cash waqf. Originality/value This study provides practical information on how awqaf institutions could develop endowers’ trust on awqaf institutions, which will consequently increase the intention of endowers to endow cash waqf.

who received formal Islamic education in university, and earned between RM1501-RM3000 monthly. These findings provide some insights of the potential continuous cash waqf endower's profile which might be beneficial to waqf agencies in accumulating waqf contribution in Malaysia.

is a Muslim country that has achieved a lot of success either in the field of development, economic or even social. Malaysia is the founder of the Islamic financial system that is increasingly globally popular. Malaysia is also a precursor to the Islamic-based quality management system when the government launched the Islamic Quality Management System MS1900 in 2005. The quality system underlined three (3) objectives (SIRIM, 2005): i. To inculcate Shari'ah requirements into quality management practices with an emphasis on value-based management. ii. To enhance the level of effectiveness and efficiency through the practice of universal good conduct at all levels of the organization. iii. To enhance the level of Shari'ah compliance and confidence among Muslims and stakeholders MS1900 is developed using ISO 9001 as its basis. MS1900 is a structured system to assist organizations in delivering products and services that meet customers' requirements, as well as regulatory requirements and the dictates of Shari'ah. The Shari'ah requirements are included as an addition to the requirements of ISO 9001, and aim to close the gap that exists in the ISO 9001 standard in relation to the Islamic perspective (Long, 2008). There are three (3) main areas within any Shari'ah requirement. They are 'Aqidah', which is the belief system, 'Akhlaq', which are behavioural traits, and 'Fiqh', which refers to dealing or interaction with fellow human beings, the environment and religious observance (Othman, 2013). MS1900 was initiated under the Malaysian Industry Standards Committee on Halal Standards, (MISC I) (Bernama, 2010). MS1900 has attracted considerable attention for implementation from many Malaysian organizations. There are many organizations in Malaysia implementing MS1900 in their endeavour to obtain MS1900 certification (Malaysian Certified, 2016). Apparently, the interest to implement MS1900 in Malaysia is quite momentous. Currently, there are 23 organizations that have successfully obtained MS1900 certification. Despite the enthusiasm towards MS1900 quality management system, so far, only few empirical study was conducted to find details on the implementation process of MS1900 (