Crowdsourcing and Cloud Computing: Outsourcing and Backsourcing Alternatives for e-Government Services

Abstract

The research emphasis on stock screening methodology is provided, and implemented by regulators and index providers. The main objective of this study is to analyze the differences in the screening process. Thirty-five top Shariah-compli-ant stocks listed in Bursa Malaysia were tested against four stock screening method-ology providers, namely Dow Jones Islamic World Index (DJIM), Morgan Stanley Compliance Islamic Index (MSCI), Financial Times Stock Exchange Shariah Index (FTSE), and Standard & Poor's (S&P) Shariah Index. The results from the test generally indicate that Shariah-compliant stocks listed in Bursa Malaysia are not necessarily Shariah-compliant stocks in these indices. The test also shows that high debt and low market capitalization are the main factors of inability to pass other screening methodologies provided by the indices. Apart from that, the results show that companies listed in Bursa Malaysia are not due to their attraction towards Bursa Malaysia but rather due to the inability to pass the international index screening. The research concludes three stages of screening in the most " Islamic " stock screen-ing process which are screening on industry, income statement, and balance sheet.