There are two main streams to deal with traditional asset allocation strategies i.e. theoretical approach and implementation approach. These approaches are the prime focus of this study. Portfolio optimization is based upon two fundamental ingredients i.e. estimation of return vector and covariance matrix. This study compares the 12 covariance matrix under four categories i.e conventional methods, factor models, portfolio of estimators and shrinkage approach. This study also compares the performance of 7 alternative ways for estimation of return vector. Study also develops portfolios based on mean-variance optimization, minimum variance portfolios, constraints portfolios and naïve diversification. This study first time introduces the ‘country risk’ as unprice risk factor in the Black-Litterman model and uses this augmented Black-Litterman formula (BL-CR) for the estimation of expected return vector. The comparison of asset allocation strategies are base upon the financial efficiency and diversification dimensions using 10 asset classes from 5 emerging Asian countries i.e. India, Indonesia, Pakistan, Philippines & Thailand, 4 asset classes from global environment and 22 asset classes from Pakistan. Study reveals that factor models as a group outperform the competing covariance estimators in all the emerging countries. From the number of positive and negative weights to asset classes, maximum and minimum value of weights, other diversification measures of the mean-variance framework, it is reveal that mean variance portfolios are concentrated, mostly counterintuitive, results more short positions and highly sensitive to the choice of input. Similarly the financial efficiency of these portfolios is also highly sensitive to the input estimates. Results of asset allocation strategies suggest that, on an average, equally weighted portfolios result a competitive strategy in Pakistan and in global environment. Therefore study also recommends that investment managers and academia should at least consider the naïve diversification as a first obvious benchmark in comparison with other asset allocation strategies. The BL-CR model outperform the original model as it has relatively less short positions, more number of positive weight, less variance, low value of Herfindahl index and high value of excess sharp ratio. Therefore BL-CR model is more appropriate on mathematical and empirical ground in asset allocation than original model to disperse country risk. This study also recommends that investment managers and academia should consider the Black-Litterman model under country risk for tactical asset allocation decisions in emerging Asian countries.
Penelitian ini dilakukan pada Lembaga Amil Zakat,Infak Dan Shadaqah Muhammadiyah (LAZISMU) Di Kabupaten Kampar. Adapun tujuan penelitian ini adalah untuk mengetahui dan menganalisa Penerapan Akuntansi Zakat, Infak Dan Sedekah pada Lembaga Amil Zakat, Infak Dan Sedekah Muhammadiyah (LAZISMU) Kabupaten Kampar telah sesuai dengan PSAK 109 tentang Akuntansi Zakat, Infaq dan Sedekah. Sumber data dalam penelitian ini adalah data primer dan data sekunder. teknik pengumpulan data dilakukan dengan: 1) Dokumentasi, 2) Pengamatan langsung, 3) Wawancara (interview). Analisis data yang dilakukan adalah dengan menggunakan analisis Deskriptif- Kualitatif, yaitu menggambarkan realitas yang berhubungan dengan keadaan LAZISMU Kabupaten Kampar terutama dalam menggambarkan bagaimana penerapan akuntansi zakat pada LAZISMU Kabupaten Kampar. Hasil penelitian ini menunjukkan bahwa laporan keuangan LAZISMU Kabupaten Kampar sudah hampir menerapkan laporan keuangan yang sesuai dengan PSAK 109. Namun ada beberapa yang belum sesuai dengan PSAK No 109 diantaranya: pada laporan perubahan dana zakat LAZISMU Kabupaten Kampar hanya membuatkan 1 laporan penyaluran untuk dana zakat, pada laporan perubahan dana Amil LAZISMU tidak memasukkan pendapatan amil dari bagian dana zakat, dan pada proses pencatatan transaksi penerimaan dan penyaluran zakat, infak/sedekah amil tidak membuatkan jurnal akuntansi sebagaimana sesuai dengan PSAK No. 109 Dengan penelitian ini diharapkan LAZISMU Kabupaten Kampar mampu nantinya menerapkan akuntansi zakat, infak dan shadaqah yang sesuai dengan PSAK No.109..
This study examines the political, economic and strategic dimensions of Pakistan’s engagement as a frontline state in the US-led ‘War on Terror’. Pakistan’s objectives in the ‘War on Terror’ seek to protect the country from an internal backlash from militants and extremists and from the external threat emanating from India. In line with these objectives, Pakistan seeks to retain a delicate ‘balancing act’ in its relations with United States and Afghan Taliban. This ‘balancing act’ involves extending significant counterterrorism assistance to the US-led coalition by combating Al-Qaeda operatives and anti-Pakistani state, Tehreek-e-Taliban Pakistan, while also ‘continue investing’ its political and financial capital in Afghan Taliban fighting the US-led coalition forces in Afghanistan. As a result, Pakistan is feeling the heat on both sides, with extremists and Taliban rebels have turned against the state for joining the USled coalition ‘War on Terror,’ while the US officials criticize Islamabad for declining to cooperate wholeheartedly. United States has repeatedly pressured Pakistan to fall in line with its objectives which seek to disrupt and dismantle Al-Qaeda network, stabilize ‘AfPak’ region, encircle China, purge the threat of the emergence of Nuclear Iran, and shore up the US political and military influence in Central Asia. Pakistan’s concerns, however, revolve around the emerging US-India nexus in South Asia, which Islamabad perceives is directed to minimize its influence in Afghanistan and the region and put its vital security interests at risk. In fact, the US ‘tilt’ toward India forced Pakistan to avoid complementing the US objectives fully. Islamabad, therefore, insists to recognize the benefits of partnering against combating terrorism which must be balanced against Pakistan’s security interests. In this regard, well-crafted US policies are needed to address Pakistan’s insecurities vis-à-vis India and Afghanistan, its economy and internal stability and acknowledge Pakistan’s growing relationship with China and Iran before the US can expect Pakistan to support its objectives in the ‘War on Terror’.