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All Journal Economic Journal of Emerging Markets Al-'Adalah
Hairunnizam Wahid
Unknown Affiliation
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

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Interest Rate Uncertainty, Spread and Economic Activity: Empirical Evidence in Malaysia Abd. Ghafar Ismail; Zulkefly Abdul Karim; Mohd.Azlan Shah Zaidi; Hairunnizam Wahid
Economic Journal of Emerging Markets Volume 11 Issue 3, 2006
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v11i3.521

Abstract

The determination of the term structure of interest rate is of great interest to both policy makers and researchers in finance and economics. Not surprisingly, a large body of literature (among others, Fisher (1907), Cox, Ingersoll and Ross (1985), and Longstaff (2000). The uncertainty of interest rates is another variable that has been widely investi-gated, since it measures uncertainty of a macroeconomic nature. It is important both for its effect on the macroeconomic variables (interest rates, investments, etc.) and its effect on in-dividual or firm investment decisions (see, for example, Siegfred (2000)). Therefore, this study will focus on the interest rate spread resulting from default risk and attempts to explain how and why the risk spread leads business cycles. This study also contribute to the existing literature by looking at the interest rate uncertainty that plays a critical role in explaining the interest rate spread and economic activity. Furthermore, the finding shows that interest rate uncertainty embodies useful information in term of predicting the growth rate of indus-trial production.Key words: interest rate uncertainly, interest rate spread, economic activity
Content and Face Validity of Religious Conditionality in Conditional Cash Transfers for Zakat Distribution Mohamed Esa, Mohd Suffian; Salmy Edawati Yaacob; Hairunnizam Wahid; Amir Fazlim Jusoh
al-'adalah Vol 22 No 2 (2025): Al-'Adalah
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/adalah.v222.26287

Abstract

Despite the increasing distribution of zakat in Malaysia, its effectiveness in alleviating poverty remains limited, partly due to unproductive behaviors among recipients. Simultaneously, current Conditional Cash Transfer (CCT) programs lack long- term sustainability. Integrating religious conditionality into zakat-based CCT models may address these limitations. This study aims to evaluate the content and face validity of religious conditionality items developed from a comprehensive literature review. A total of 12 items were assessed by 10 experts using established validation methods. Content validity was evaluated using the Content Validity Index (CVI), Kappa statistics, and Content Validity Ratio (CVR), while face validity was measured through expert agreement on item relevance and clarity. The findings indicate that the RC-ZCCT scale has strong content and face validity. I-CVI scores ranged from 0.90 to 1.00, with S-CVI scores of 0.975 (relevance) and 0.950 (clarity). Kappa statistics also ranged from 0.90 to 1.00, and CVR values from 0.80 to 1.00, all exceeding accepted thresholds. Face validity results showed expert agreement ranging from 90% to 100%, with an overall agreement of 96%, confirming the appropriateness of the items. Minor revisions were made based on expert feedback, but all items were retained. The validated RC-ZCCT scale presents a reliable instrument for developing zakat-based interventions that incorporate religious conditionality, offering potential to improve poverty alleviation and human capital development. Future research should explore the impact of religious conditionality on CCT outcomes to further enhance the effectiveness of such programs
Co-Authors Abd. Ghafar Ismail Amir Fazlim Jusoh Mohamed Esa, Mohd Suffian Mohd.Azlan Shah Zaidi Salmy Edawati Yaacob Zulkefly Abdul Karim