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Mr. Adil Saleem
MATE University, Hungary

Basic Info


Research Keywords & Expertise

0 Finance
0 Financial market
0 Stock Market Development
0 Islamic Banking
0 Economic growth and development

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Short Biography

Adil is a PhD student at MATE University (Hungarian University of Agriculture and Life Sciences) in domain of Finance. His area of research includes Islamic financial markets and economic growth. Prior joining the PhD program, Adil worked for a Bank for 3.5 years and served a public sector university as Lecturer in Pakistan.

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Journal article
Published: 20 August 2021 in Journal of Risk and Financial Management
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The aftermath of the COVID-19 pandemic is not limited to human lives and health sectors. It has also changed social and economic aspects of the world. This study investigated the Islamic stock market’s reaction and changes in volatility before and during this pandemic. The market model of event study methodology was employed to analyze Islamic stock market reactions in nine different markets around the globe. To examine changes in volatility and persistence of risk, the generalized autoregressive conditional heteroscedasticity (GARCH) method was used. Nine Islamic stock indices were selected for this study from the Thomson Reuters data stream. The results suggest that, in the short run, the Islamic Australian stock index and Islamic GCC stock index remained stable for the first 15 days following news of the pandemic. The Islamic stock indexes of Qatar, UAE, ASEAN, MENA, MENASA, and Bahrain were significantly affected by the outbreak in the short-term. On the other hand, the volatility of Islamic stock indices was substantially amplified after the global health crisis was declared by the WHO. Moreover, volatility shocks tended to persist for a longer period after COVID-19.

ACS Style

Adil Saleem; Judit Bárczi; Judit Sági. COVID-19 and Islamic Stock Index: Evidence of Market Behavior and Volatility Persistence. Journal of Risk and Financial Management 2021, 14, 389 .

AMA Style

Adil Saleem, Judit Bárczi, Judit Sági. COVID-19 and Islamic Stock Index: Evidence of Market Behavior and Volatility Persistence. Journal of Risk and Financial Management. 2021; 14 (8):389.

Chicago/Turabian Style

Adil Saleem; Judit Bárczi; Judit Sági. 2021. "COVID-19 and Islamic Stock Index: Evidence of Market Behavior and Volatility Persistence." Journal of Risk and Financial Management 14, no. 8: 389.

Journal article
Published: 26 July 2021 in Sustainability
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The financial sector is divided into two broad categories: equity and banking markets. The healthy functioning of these sectors plays an imperative role in any economy. This study aimed to examine the short- and long-term relationship between the Islamic financial sector (Islamic debt and Islamic equity market), and sustainable economic growth of the two economies with the largest Muslim populations. Quarterly data were collected from 2010 to 2019 for Indonesia and Pakistan. The study used autoregressive distributive lag (ARDL) and the error correction method (ECM). The results revealed that in the long run, the Islamic banking sector imparts a significant and positive effect on achieving sustainable economic growth in both countries. However, in the short run, the Islamic stock market was found to have a positive relationship with Pakistan, while the Islamic banking sector had a positive and significant relationship with economic growth in Indonesia.

ACS Style

Adil Saleem; Budi Setiawan; Judit Bárczi; Judit Sági. Achieving Sustainable Economic Growth: Analysis of Islamic Debt and the Islamic Equity Market. Sustainability 2021, 13, 8319 .

AMA Style

Adil Saleem, Budi Setiawan, Judit Bárczi, Judit Sági. Achieving Sustainable Economic Growth: Analysis of Islamic Debt and the Islamic Equity Market. Sustainability. 2021; 13 (15):8319.

Chicago/Turabian Style

Adil Saleem; Budi Setiawan; Judit Bárczi; Judit Sági. 2021. "Achieving Sustainable Economic Growth: Analysis of Islamic Debt and the Islamic Equity Market." Sustainability 13, no. 15: 8319.

Journal article
Published: 30 June 2021 in Polish Journal of Management Studies
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Developed financial markets act as a catalyst in promoting greater economic growth for nations. Healthy financial market growth among nations is found to improve good job creations and aid economic growth in line with Sustainable Development Goal 8. Developing economies could emulate the growth principles from developed economies on financial market development. This paper analyzes the impact of financial market development and economic growth in middle-income and high-income countries of ASEAN and CEE countries from 2002 to 2019. Annual time series data were sourced from World Bank using stock market development indicators. The panel data based on the random effect model was employed to determine the correlation between stock market development and economic growth. The findings of the study reveal that market capitalization and total stock traded from the total value positively impact economic growth. In contrast, the relationship between the stock traded of domestic share and GDP growth is negative. To foster greater economic growth, countries and policymakers need to focus on developing the financial market sector and maintaining the macroeconomic stability.

ACS Style

Budi Setiawan; Adil Saleem; Robert Jeyakumar Nathan; Zoltan Zeman; Robert Magda; Judit Barczi. FINANCIAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: EVIDENCE FROM ASEAN AND CEE REGION. Polish Journal of Management Studies 2021, 23, 481 -494.

AMA Style

Budi Setiawan, Adil Saleem, Robert Jeyakumar Nathan, Zoltan Zeman, Robert Magda, Judit Barczi. FINANCIAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: EVIDENCE FROM ASEAN AND CEE REGION. Polish Journal of Management Studies. 2021; 23 (2):481-494.

Chicago/Turabian Style

Budi Setiawan; Adil Saleem; Robert Jeyakumar Nathan; Zoltan Zeman; Robert Magda; Judit Barczi. 2021. "FINANCIAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: EVIDENCE FROM ASEAN AND CEE REGION." Polish Journal of Management Studies 23, no. 2: 481-494.

Journal article
Published: 06 April 2021 in Economies
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The pre-eminence of Islamic finance from the perspective of economic growth has been a long-standing debate. In recent decades, there has been a paradigm shift from interest-based banking to Islamic financial system. This study intends to examine the dynamic interaction of Islamic financial depth (IFD), Islamic financial intermediation (IFI), and asset quality with economic growth in a dual banking system. The paper employs autoregressive distributive lag regression (ARDL), error correction model (ECM) and Granger causality to examine the long and short run linkage by using the quarterly data of Pakistan from 2005 to 2019. The authors run two models to analyze the relative importance of financial depths (Islamic and conventional), financial intermediation (Islamic and conventional), and asset quality of both financial systems. A long-run relationship flowing from finance to growth in both Islamic and conventional finance models has been observed in our study. Furthermore, the findings recommend that strong financial intermediation plays an imperative role in driving economic growth by both financial sectors. The presence of a higher degree of Islamic financial assets in the economy contributes towards economic growth in the short-run. The results show that asset quality possibly plays an important intervening role in the overall finance-growth nexus.

ACS Style

Adil Saleem; Judit Sági; Budi Setiawan. Islamic Financial Depth, Financial Intermediation, and Sustainable Economic Growth: ARDL Approach. Economies 2021, 9, 49 .

AMA Style

Adil Saleem, Judit Sági, Budi Setiawan. Islamic Financial Depth, Financial Intermediation, and Sustainable Economic Growth: ARDL Approach. Economies. 2021; 9 (2):49.

Chicago/Turabian Style

Adil Saleem; Judit Sági; Budi Setiawan. 2021. "Islamic Financial Depth, Financial Intermediation, and Sustainable Economic Growth: ARDL Approach." Economies 9, no. 2: 49.