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28


Review of Islamic Economics, Vol. 8, No. 2, 2004

and it is calculated without the need for benchmark, whereas efficiency is based
on relativity and can only be calculated with respect to a reference point”
(Stavarek, 2003,
emphasis added). Again, cost or output approach to efficiency
measurement implies profit criterion. For example, Table 2 in Fat and FIua
(1998) provides both the Х-efficiency and profit efficiency scores for each of the
six Singaporean banks from 1992-1996. Using the information as panel data we
find that PE is an increasing function at a decreasing rate of CE with adjusted
R2 = 0.82, with relevant coefficients significant at 5%.

25. For details on the point see Hasan (2003).

References

Al-Habshi, S. M. (1999). Financial Performance Measurement, and Distribution
Policy of Islamic Financial Institutions.
Paper Presented at the International
Conference on Islamic Economics in the 21st Century, Kuala Lumpur, Malaysia.

Avkiran, N. K. (1999). “The Evidence on Efficency Gains: The Role of Mergers and
the Benefits to the Public”,
Journal of Banking and Finance, 23(7), 991-1013.

Beng, P. K. (2004, August 20). The Global March of Islamic Banking. Asia Times.
Available at: <URL:http://www.atimes/Global_Economy/FH2oDJo2.html>.

Berger, A. N. and Humphery, D. B. (1997). ‘Efficiency of Financial Institutions:
International Survey and Direction for Future Research’,
European Journal of
Operations Research,
98 (2) April, pp. 175-212.

Bock, R. K. (2003). Maximum Likelihood Method. Available at: <URL:
http://rkb.home.cern.ch/rkb/AN τ 6pp∕node 16 5 .htm l>.

Bisha, J. I. Osman (2004). Performance Evaluation of Islamic Banks vis-à-vis
Conventional Banks: The Case of Malaysia.
Unpublished Research Paper Submitted
to the Accounting Department in Partial Fulfilment of the Master’s Degree in
Accountancy, the International Islamic University of Malaysia.

Curtiss, Jarmila (2000). Technical Efficiency and Competitiveness of the Czech
Agricultural Sector in Late Transition-The Case of Crop Production.
Paper presented
at KATO Symposium, Berlin, Germany.

Elhiraika, Adam, B. (1998): “Macroeconomic Instability, Financial Repression and
Islamic Banking in Sudan”,
HUM Journal of Economics and Management, 6 (2)
Special Issue, pp. 61-86.

Darrat, Ali F.; Topuz, C. and Yousef, T (2002). Assessing Cost and Technical
Efficiency of Banks in Kuivait.
Paper presented at the ERF’s Annual Conference,
Cario, Egypt.

Farell, M. J. (1957). “The Measurement of Productive Efficiency”, Journal of the
Royal Statistical Society
A, 120 (III), pp. 253-281.

Fat, C. S and Hua, L. G ( t998). Share Performance and Profit Efficiency of Banks in
an Oligopolistic Market: Evidence from Singapore, Faculty of Business
Administration.
Working Paper, National University of Singapore.



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