Mohammed Hariri Bakri

A Comparative Analysis of Conventional and Shari’ah for Residential Mortgage-backed Securities☆

The underlying objective of the study is to testify that Shari’ah residential Mortgage Backed Security (MBS) performs better than conventional issued by Cagamas with the equal issuance year, rating grades and maturity period. As a preliminary case study of Cagamas, the comparative financial performance for both Shari’ah and conventional MBS is measured by key financial ratios in terms of profitability, capitalization and debt coverage for one year before, during the year and one year after its each issuance, and key performance indicators. Interestingly, the initiation of Shariah MBS has demonstrated cheaper financing costs to Cagamas as an originator and much better investment returns to investors. Therefore, the findings support past studies on benefits of conventional asset securitization and interestingly verifying that Shari’ah MBS performs better than its conventional MBS for equal originator, rating and tenure.

ROLE OF VALUES AND COMPETENCIES IN UNIVERSITY INTELLECTUAL PROPERTY COMMERCIALIZATION: A CRITICAL REVIEW

Values and competencies of the university researchers, and technology transfer officers strongly influence the commercialization process of the university-led intellectual property. Existing studies provide limited explanation as to how researchers’ values and capability as entrepreneurs and as collaborating agent with other stakeholders may influence commercialization process. More studies need to be done to explain the dimensions of values and competency in the process of commercializing university intellectual property. Existing studies do not provide sufficient evidence about the relationship between values and competence. Studies on the role of values in intellectual property commercialization are almost non-existent. This study reviews the existing studies on values and competencies to explain the success and failure of commercialization in university-led intellectual properties.

Developing Primary Market Spread and Measuring Financial Performance of Staff Housing Government Loans

This research aims to examine the determinants of primary market spread and measure financial performance of Cagamas as its case study. Ordinary least square method and regression analysis are applied for the study period of 2004–2012. The result shows that three determinants influence or contribute to the primary market spread that are statistically significant for Cagamas, and its financial performance shows that it is resilient during 2007–2008 US subprime crisis. In fact, Cagamas shows rising profits and dividends in the period of study. As such, this study testifies the success of Cagamas as an intermediary between long-term investors and lenders in the Malaysian mortgage market.