Search results for: modern Islamic finance

Authors: Ulemu Maseko

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This research is a critical assessment of the empowerment of Muslim women in Malawi. The study assessed, evaluated, and analyzed how the Muslim Women Organization (MWO) has influenced gender equality and women empowerment in different Islamic communities. In analyzing the data collected for this research, the study has examined the following topics: The way MWO has interpreted Islamic women’s rights, the various stereotypes Muslim women face, and lastly, the factors contributing to the limitation of Muslim women’s rights in Malawi. Towards this analysis, the study revealed that women groups such as MWO are crucial in understanding Muslim women and the different dynamics related to their empowerment. Therefore, it is necessary to understand how Muslim women comprehend various Islamic sources and how they link religion to their position and participation in society. To achieve the scope of this study, relevant works of literature that best described Islam in Malawi, Muslim women groups, and women empowerment in Malawi were used, coupled with a qualitative research approach that involved interviews, focus group discussions, and participant observations. In addition, phenomenology and feminist theoretical frameworks were used to examine and analyze the findings. Based on the findings, it can be concluded that MWO is a significant body for gender equality and women empowerment initiatives in the Malawian Islamic community. Since its establishment in 1985 till the time of this study, MWO has been an imperative driving force towards an Islamic women’s discourse that uses Islamic teachings, faith, policies, and practices to justify the role of the Muslim woman in society. This has been enlightening for their platform and has given them more confidence to justify the empowerment of Muslim women and support different initiatives towards social change.

Keywords: Islam, women, empowerment, Malawi

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Authors: Shibly Abdullah

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This paper provides an overview of fundamental philosophical and functional differences in conventional and Islamic accounting. The aim of this research is to undertake a detailed analysis focus on specific illustrations drawn from both these systems and highlight how these differences implicate in recording financial transactions and preparation of financial reports for a range of stakeholders. Accounting as being universally considered as a platform for providing a ‘true and fair’ view of corporate entities can be challenged in the current world view, as the business environment has evolved and transformed significantly. Growth of the non-traditional corporate entity such as Islamic financial institutions, fundamentally questions the applicability of conventional accounting standards in preparation of Shariah-compliant financial reporting. Coupled with this, there are significant concerns about the wider applicability of Islamic accounting standards and framework in order to achieve reporting practices satisfying the information needs generally. Against the backdrop of such a context, this paper raises fundamental question as to how potential convergence could be achieved between these two systems in order to provide users’ a transparent and comparable state of financial information resulting in an alternative framework of financial reporting.

Keywords: accounting, conventional accounting, corporate reporting, Islamic accounting

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Authors: Saeed Saffar-Heidari

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This article aims to study the recent Iranian national uprising of “Women, Life, Freedom” as a site of memory which renders the political possibility of imagining the post-Islamic futures in Iran. “Women, Life, Freedom” movement in Iran has been arguably the most pervasive social movement since the Islamic Revolution (1979) as it has posed serious issues and conflicts for the present Islamic state in Iran. The core argument of this article, however, is oriented toward the critical role of collective memory as a means of political transition and revolutionary mobilization. “Women, Life, Freedom” movement, among other things, has revitalized the popular binary opposition of pre-1979 and post-1979 Iran through which the Ancien Régime or the pre-1979 era is likely to be interpreted, read, and remembered in terms of present post-1979 cultural and political demands. As remembering involves everyday participation in shaping and reshaping the past through new codes, criteria, and values, it is argued that the presentist refashioning and remembering of the pre-1979 monarchical era has been one of the major facilitatory forces for the on-going revolutionary mobilization in Iran. The construction of the pre-1979 memory and the return of the dynastic specter has played a significant role in revolutionary mobilization as it has provided the protesters with the possible perspectives of post-Islamic regime in Iran. Additionally, the question of compulsory “Hijab” (veiling) as the prime mover of "Women, Life, Freedom” movement in Iran has strongly contributed to the everyday comparative discourse of pre/post 1979 memory. According to this presentist remembering of pre-1979, the Pahlavi dynasty would be conceived as a symbol of modernization, westernization, secularization, and non-compulsory Hijab. While the memory of the pre-revolutionary Iran is genuinely an imaginative as well as a constructed entity that finally culminates in the public condemnation of the very Islamic revolution (1979), it serves the enrichment of the Iranian political imagination as it paves the ways for the revolutionary mobilization and then the overthrowing of the Islamic regime in Iran. This article makes a case for the ways that the public narrative and discourse around the Islamic regime (especially the Islamic Hijab) led to the refashioning of the memory of pre-1979 era and inspired he revolutionary mobilization in Iran.

Keywords: post-islamic, utopias, memory, revolutionary, mobilization, Iran

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Authors: Muhammad Rafiq, Lamae Zulfiqar, Nazish Idrees Chaudhary

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A growing number of research focuses on healthy and unhealthy eating behaviors and their impact on health. It was intended to study the Islamic point of view on eating behavior, its impact on mental health and preventative strategies in the light of the Quran and Sunnah. Different articles and Islamic sayings related to eating behaviors and mental health were reviewed in detail. It was also revealed scientifically and through Islamic point of view that appropriate quantity, quality and timings of food have positive effects on mental health. Therefore, a 3Rs model of eating behaviors has been proposed.

Keywords: food intake, mental health, quality of food, quantity of food

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Authors: Hazlin Kadir Shahar, Razaleigh Muhamat Kawangit, Badlihisham Mohd Nasir, Rosmawati Mohamad Rasit

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Stigma and discrimination have become the main topic of discussion when dealing with HIV/AIDS issues. They affect the daily life of People Living With HIV(PLHIV), families, friends and people around them indirectly. This paper discusses the potential measurement in helping to reduce stigma and discrimination existence among Islamic Religious Officers towards PLHIV in Malaysia. These people have been trained with special programmes to tackle the HIV/AIDS issues by using a manual, namely as ‘The Manual of Islam and HIV/AIDS’, specifically designed by the Islamic Development Department of Malaysia (JAKIM). The objectives of the training programmes are to give the accurate information about HIV/AIDS and to suggest ways on how to handle the PLHIV issues in Islamic perspective. This research used quantitative methodology by survey. A pilot test had been done over thirty (30) trained Islamic Religious Officers in Malaysia. The findings have shown that the trainings have given a positive impact for them as they managed to acquire the knowledge of HIV/AIDS from both primer and authorized sources such as medical practitioners, Muslim chaplains and social workers. The knowledge they have acquired from the trainings has guided them in changing their perception, thus helping to reduce their own stigma and discrimination towards PLHIV. The training programmes have given them opportunities to practice what they have learned through several outreach sessions as they have had the opportunities to approach PLHIV directly.

Keywords: Islamic religious officers, people with HIV, stigma and discrimination, training programmes

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Authors: Samir Srairi

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This paper investigates the impact of the internal corporate governance on bank performance by constructing a corporate governance index (CGI) for 27 Islamic banks operating in five Arab Gulf countries. Using content analysis on the banks’ annual reports for 3 years (2011-2013), the index construction uses information on six important corporate governance mechanisms, namely board structure, risk management, transparency and disclosure, audit committee, Sharia supervisory board and investment account holders. The results demonstrate that Islamic banks adhere to 54% of the attributes addressed in the CGI. The most frequently reported and disclosed elements are Sharia supervisory board followed by board structure and risk management. The findings related to countries revealed that only two countries, the United Arab Emirates and Bahrain, possess a higher level of CGI. Our regression results provide evidence that Islamic banks with higher levels of corporate governance report high operating performance measured by return on assets and net interest margin. Finally, as of the effect of internal and external factors, we identified four variables that were associated with bank performance, namely size, equity, risk and concentration.

Keywords: governance mechanisms, corporate governance index, bank performance, Islamic banks, GCC countries

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Authors: Luan Vardari, Dena Arapi-Vardari

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Financial stability is a critical component of economic growth and development, and it has been recognized as a key policy objective in many countries around the world. In the Western Balkans, financial stability has been a key issue in recent years, with a number of challenges facing the region, including high levels of public debt, weak banking systems, and economic volatility. Corporate finance, which refers to the financial management practices of firms, is an important factor that can impact financial stability. This paper aims to investigate corporate finance's impact on financial stability in Western Balkan countries. This study will use a mixed-methods approach to investigate the impact of corporate finance on financial stability in the Western Balkans. The study will begin with a comprehensive review of the existing literature on corporate finance and financial stability, focusing on the Western Balkan region. This will be followed by an empirical analysis of regional corporate finance practices using data from various industries and firms. The analysis will explore the relationship between corporate finance practices and financial stability, taking into account factors such as regulatory frameworks, economic conditions, and firm size. The results of the study are expected to provide insights into the impact of corporate finance on financial stability in the Western Balkans. Specifically, the study will identify the key corporate finance practices that contribute to financial stability in the region, as well as the challenges and obstacles that firms face in implementing effective corporate finance strategies. The study will also provide recommendations for policymakers and firms looking to enhance financial stability and resilience in the region.

Keywords: financial regulation, debt management, investment decisions, dividend policies, economic volatility, banking systems, public debt, prudent financial management, firm size, policy recommendations

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Authors: Hosein Rahmati

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The Fatimid government was one of the powerful Shiite governments that was formed in 297 AH in the Islamic Maghreb based on Ismaili ideas and played an important role in promoting the culture and civilization of the Islamic world. Ismaili is one of the Shiite sects that has its own beliefs and teachings. This research seeks to find out which of the Ismaili beliefs and teachings were considered by the Fatimid political government and which the Fatimid government paid serious attention to highlighting. The present study, based on library sources and descriptive-analytical method, has concluded that the Ismaili doctrinal foundations, especially the doctrine of Imamate, are essential elements in the formation and continuation of the Fatimid rule. Their goals were approaching.

Keywords: Fatimid rule, The Ismaili, The Islamic Maghreb, Imamate

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Authors: Vishwa Nath Maurya, Rama Shanker Sharma, Saad Talib Hasson Aljebori, Avadhesh Kumar Maurya, Diwinder Kaur Arora

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Present paper deals with problems of determining the relationship between the variables of corporate governance and financial performance of Islamic banks. Here, we dealt with the corporate governance in the banking sector, where increasing the importance of corporate governance, due to their special nature, as the bankruptcy of banks affects not only the relevant parties from customers, depositors and lenders, but also affect financial stability and then the economy as a whole. Through this paper we dealt to the specificity of governance in Islamic banks, which face double governance: Anglo-Saxon governance system and Islamic governance system. In addition, we focused our attention to measure the impact of corporate governance variables on financial performance through an empirical study on a sample of Islamic banks during the period 2005-2012 in the GCC region. Our present study implies that there is a very strong relationship between the variables of governance and financial performance of Islamic banks, where there is a positive relationship between return on assets and the composition of the Board of Directors, the size of the Board of Directors, the number of committees in the Council, as well as the number of members of the Sharia Supervisory Board, while it is clear that there is a negative relationship between return on assets and concentration ownership.

Keywords: correlation analysis, parametric estimation, corporate governance, financial performance, financial stability, conventional banks, bankruptcy, Islamic governance system

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Authors: Adam Abdullahi Mohammed

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Performance appraisal is an assessment made to ensure the level of a worker’s productivity in a given period of time. The appraisal system is divided into two categories that are traditional methods and modern methods, with emphasis based on the evaluation of work results. In the traditional approach of staff appraisal, which puts more emphasis on individual traits, supervisors are required to measure employees through interactions based on what they achieved with reference to job descriptions, as well as rating them based on questionnaires without staff interaction. These methods are not effective because staff may give biased information. The study will attempt to assess the effect of performance appraisal on employee productivity at Yobe State University, Damaturu. It is aimed at assessing the process, methods, and objectives of performance appraisal and its feedback to know how they affect the success of the appraisal, its results, and employee productivity. In this study, a quantitative research method is adopted in collecting and analyzing data, and a questionnaire will be used as data collecting instrument. As it is a case study, the target population is the staff of the department of Islamic Studies. The research will employ a census sampling technique where all the subjects in the target populations are given a chance to participate in the study. This sampling method was considered because the entire target population is considered researchable. The expected findings are that staff performance appraisal in the department of Islamic Studies has effects on employee productivity; this is to say if it is given due consideration and the needful being done will improve employee productivity.

Keywords: performance appraisal, employee productivity, Yobe state University, appraisal feedback

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Authors: Audia Syafa'atur Rahman, Rozali Haron

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The practices of Islamic banking are more attuned to the goals of profit maximization rather than obtaining ethical profit. Ethical profit is obtained from interest-free earnings and to give an impact which benefits to the growth of society and economy. Good corporate governance practices are needed to assure the sustainability of Islamic banks in order to achieve Maqasid Shariah with the main purpose of boosting the well-being of people. The Maqasid Shariah performance measurement is used to measure the duties and responsibilities expected to be performed by Islamic banks. It covers not only unification dimension like financial measurement, but also many dimensions covered to reflect the main purpose of Islamic banks. The implementation of good corporate governance is essential because it covers the interests of the stakeholders and facilitates effective monitoring to encourage Islamic banks to utilize resources more efficiently in order to achieve the Maqasid Shariah. This study aims to provide the empirical evidence on the Maqasid performance of Islamic banks in relation to the Maqasid performance evaluation model, to examine the influence of SSB characteristics and board structures to Islamic Banks performance as measured by Maqasid performance evaluation model. By employing the simple additive weighting method, Maqasid index for all the Islamic Banks in Indonesia within 2012 to 2016 ranged from above 11% to 28%. The Maqasid Syariah performance index where results reached above 20% are obtained by Islamic Banks such as Bank Muamalat Indonesia, Bank Panin Syariah, and Bank BRI Syariah. The consistent achievement above 23% is achieved by BMI. Other Islamic Banks such as Bank Victoria Syariah, Bank Jabar Banten Syariah, Bank BNI Syariah, Bank Mega Syariah, BCA Syariah, and Maybank Syariah Indonesia shows a fluctuating value of the Maqasid performance index every year. The impact of SSB characteristics and board structures are tested using random-effects generalized least square. The findings indicate that SSB characteristics (Shariah Supervisory Board size, Shariah Supervisory Board cross membership, Shariah Supervisory Board Education, and Shariah Supervisory Board reputation) and board structures (Board size and Board independence) have an essential role in improving the performance of Islamic Banks. The findings denote Shariah Supervisory Board with smaller size, higher portion of Shariah Supervisory Board cross membership; lesser Shariah Supervisory Board holds doctorate degree, lesser reputable scholar, more members on board of directors, and less independence non-executive directors will enhance the performance of Islamic Banks.

Keywords: Maqasid Shariah, corporate governance, Islamic banks, Shariah supervisory board

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Authors: Mai Anh Pham Ho

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Ao Dai is the traditional dress of Vietnamese women that consists of a long tunic with slits on either side and wide trousers. This is the Vietnamese national costume which most common worn by women in daily life. The Vietnamese men may wear Ao Dai on special occasions like New Year Eve or Wedding Ceremony. Ao Dai is one of the few Vietnamese words that appear in English language dictionaries. Nowadays, there are variations in modern Ao Dai that consist of a short tunic on knee and slim trousers with the other materials like kaki or jeans. This paper aims to apply Pop art pattern on modern Ao Dai through the image of Vietnamese women by modifying the creation process of fashion design. It reflects on how modern culture is involved in Ao Dai and how it affects on fashion design. The research method of this paper is done through surveying the various examples of technological applications to fashion design, then the pop art pattern with the image of Vietnamese women is applied on modern Ao Dai. The results of this paper have shown through the collection of modern Ao Dai with three artworks applied the pop art pattern. In conclusion, the role of fashion technology supports and evolves the traditional value in order to establish the Vietnamese national personality as well as distinguish to other cultural values in the world.

Keywords: pop art pattern, Vietnamese national costume, modern ao dai, fashion design

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Authors: Mohammad Irfan

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The purpose of this paper is to investigate the relationship among the key macroeconomic variables and Islamic stock market in India. This study is based on the time series data of financial years 2009-2015 to explore the consistency of relationship between macroeconomic variables and Shariah Indices. The ADF (Augmented Dickey–Fuller Test Statistic) and PP (Phillips–Perron Test Statistic) tests are employed to check stationarity of the data. The study depicts the long run relationship between Shariah indices and macroeconomic variables by using the Johansen Co-integration test. BSE Shariah and Nifty Shariah have uni-direct Granger causality. The outcome of VECM is significantly confirming the applicability of best fitted model. Thus, Islamic stock indices are proficiently working for the development of Indian economy. It suggests that by keeping eyes on Islamic stock market which will be more interactive in the future with other macroeconomic variables.

Keywords: Indian Shariah Indices, macroeconomic variables, co-integration, Granger causality, vector error correction model (VECM)

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Authors: Abdulbasit Musa Ahmad Karkarku

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Knowledge is the best asset you can leave for your child, especially the knowledge of Islam because it facilitates success in this life and the next. This made it necessary for every Muslim male and female to acquire Islamic education. The objective of this research is to highlight the role played by Muslim scholars in promoting Islamic education in Katsina State, Nigeria. There are so many problems facing Muslim scholars in the area of study; some of these problems include a lack of government support for Muslim scholars, a lack of community support, and a lack of financial support from wealthy individuals and philanthropists. In this research, two methods were used concurrently, i.e., library and interview methods. In the library method, the researcher consulted books and other academic works. In the course of this research, parents and religious leaders were interviewed in order to collect needed data information from them. The major findings of this research have shown that the Muslim scholars in area of study have contributed tremendously toward the development of Islamic education. Also, Muslim scholars played a vital role in the promotion of Islamic education in the area of study and beyond. In view of the above, some suggestions were highlighted with the view toward solving the associated problems; the government at every level should come to the aid of these Muslim scholars in order to provide them with basic amenities. The Philanthropists and wealthy individuals should help the Muslim scholars by giving them financial assistance. Also, communities have a vital role to play in order to improve the condition of Muslim scholars by giving them more donations.

Keywords: education, Islamic, Muslim, scholars

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Authors: Haroon Mahmood, Christopher Gan, Cuong Nguyen

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Maturity transformation risk is highlighted as one of the major causes of recent global financial crisis. Basel III has proposed new liquidity regulations for transformation function of banks and hence to monitor this risk. Specifically, net stable funding ratio (NSFR) is introduced to enhance medium- and long-term resilience against liquidity shocks. Islamic banking is widely accepted in many parts of the world and contributes to a significant portion of the financial sector in many countries. Using a dataset of 68 fully fledged Islamic banks from 11 different countries, over a period from 2005 – 2014, this study has attempted to analyze various factors that may significantly affect the maturity transformation risk in these banks. We utilize 2-step system GMM estimation technique on unbalanced panel and find bank capital, credit risk, financing, size and market power are most significant among the bank specific factors. Also, gross domestic product and inflation are the significant macro-economic factors influencing this risk. However, bank profitability, asset efficiency, and income diversity are found insignificant in determining the maturity transformation risk in Islamic banking model.

Keywords: Basel III, Islamic banking, maturity transformation risk, net stable funding ratio

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Authors: Korbi Fakhri

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The management of assets and liability is a vital task for every bank as far as a good direction allows its stability; however, a bad running forewarns its disappearance. Equity of a bank is among the most important rubrics in the liability side because, actually, these funds ensure three notably primordial functions for the survival of the bank. From one hand, equity is useful to bankroll the investments and cover the unexpected losses. From another hand, they attract the fund lessors since they inspire trust. So we are going to tackle some points including whether equity of the Islamic banks are oversized. In spite of the efforts made on the subject, the relationship between the capital and the deficiency probability has not been defined with certainty. In this article, we have elaborated a study over the nature of financial intermediation in Islamic banks by comparison to those of conventional ones. We have found a striking difference between two kinds of intermediation. We tried, from another side, to study the relationship between the capital level and deficiency risk relying on econometric model, and we have obtained a positive and significant relation between the capital and the deficiency risk for the conventional banks. This means that when the capital of these banks increases, the deficiency risk increases as well. In return, since the Islamic banks are constrained to respect the Sharia Committee as well as customers’ demands who may, in certain contracts, choose to invest their capitals in projects they are interested in. These constraints have as effects to reduce the deficiency risk even when the capital increases.

Keywords: Islamic bank, conventional bank, deficiency risk, financial intermediation

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Authors: Azza Taha Zaki

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Modern drama was characterised by realism and naturalism as dominant literary movements that focused on contemporary people and their issues to reflect the status of modern man and his environment. However, some modern dramatists have often fallen on classical mythology in ancient Greek tragedies to create a sense of the universality of the human experience. The tragic overtones of classical myths have helped modern dramatists in their attempts to create an enduring piece by evoking the majestic grandeur of the ancient myths and the heroic struggle of man against forces he cannot fight. Myths have continued to appeal to modern playwrights not only for the plot and narrative material but also for the vision and insight into the human experience and human condition. This paper intends to study how the reworking of Sophocles’ Antigone by Jean Anouilh in his Antigone, written in 1942 at the height of the Second World War and during the German occupation of his country, France, fits his own purpose and his own time. The paper will also offer an analysis of the vision in both plays to show how Anouilh has used the classical Antigone freely to produce a modern vision of the dilemma of man when faced by personal and national conflicts.

Keywords: Anouilh, Antigone, drama, Greek tragedy, modern, myth, sophocles

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Authors: Ayesha Agha Shah

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The purpose of a mosque or a place of worship is to build a spiritual relation with God. If the sense of spirituality is not achieved, then sacred architecture appears to be lacking depth. Form and space play a significant role to enhance the architectural quality to impart a divine feel to a place. To achieve this divine feeling, form and space, and unity of opposites, either abstract or symbolic can be employed. It is challenging to imbue the emptiness of a space with qualitative experience. Mosque architecture mostly entails traditional forms and design typology. This approach for Muslim worship produces distinct landmarks in the urban neighborhoods of Muslim societies, while creating a great sense of spirituality. The universal symbolic characters in the mosque architecture had prototype geometrical forms for a long time in history. However, modern mosques have deviated from this approach to employ different built elements and symbolism, which are often hard to be identified as related to mosques or even as Islamic. This research aims to explore the sense of spirituality in modern mosques and questions whether the modification of geometrical features produce spirituality in the same manner. The research also seeks to investigate the role of ‘geometry’ in the modern mosque architecture. The research employs the analytical study of some modern mosque examples in the Kingdom of Bahrain, reflecting on the geometry and symbolism adopted in the new mosque architecture design. It buttresses the analysis by the engagement of people’s perceptions derived using a survey of opinions. The research expects to see the significance of geometrical architectural elements in the mosque designs. It will find answers to the questions such as; what is the role of the form of the mosque, interior spaces and the effect of the modified symbolic features in the modern mosque design? How can the symbolic geometry, forms and spaces of a mosque invite a believer to leave the worldly environment behind and move towards spirituality?

Keywords: geometry, mosque architecture, spirituality, symbolism

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Authors: Farrukh Shahzad

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The rich Islamic resources related to religious text, Islamic sciences, and history are widely available in print and in electronic format online. However, most of these works are only available in Arabic language. In this research, an attempt is made to utilize these resources to create interactive web applications in Arabic, English and other languages. The system utilizes the Pattern Recognition, Knowledge Management, Data Mining, Information Retrieval and Management, Indexing, storage and data-analysis techniques to parse, store, convert and manage the information from authentic Arabic resources. These interactive web Apps provide smart multi-lingual search, tree based search, on-demand information matching and linking. In this paper, we provide details of application architecture, design, implementation and technologies employed. We also presented the summary of web applications already developed. We have also included some screen shots from the corresponding web sites. These web applications provide an Innovative On-line Learning Systems (eLearning and computer based education).

Keywords: Islamic resources, Muslim scholars, hadith, narrators, history, fiqh

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Authors: Sulaiman Ahmed

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This paper will analyse the classical Islamic text in order to determine whether the Arab spring was a rebellion or a revolution. Commencing in 2010, we saw a series of revolutions or what some would call rebellions throughout the Arab peninsula. Many of the religious clergies came out emphatically in support of the people who wanted to overthrow the leaders. This brought forth the important question about the acceptability of rebelling against unjust leaders in Islamic theological texts. The paper will look to analyse the Islamic legal and theological position on the permissibility of rebelling, whether there is scholarly consensus on the issue, and how the texts are analysed in order to come to the current position we have today. The position of the clergy who supported the Arab spring will also be analysed in order to deduce if their position falls within the religious framework. An inquiry will be about to determine the ideology of those who joined the rebellion after the inception and whether these ideas can be found in classical Islamic texts. The nuances of these positions will be analysed in order to determine whether what we witnessed was a rebellion or a revolution.

Keywords: rebellion, revolution, Arab spring, scholarly consensus

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Authors: Zintle Sikhunyana

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Management of public finance in many countries such as South Africa is affected by political decisions and by policies around fiscal decentralization amongst the government spheres. Economic success is said to be determined by efficient management of public finance and by the policies or strategies that are implemented to support efficient public finance management. Policymakers focus on pay attention to how economic policies have been implemented and how they are directed into ensuring stable development. This will allow policymakers to address economic challenges through the usage of fiscal policy parameters that are linked to the achieved rate of economic growth and development. Efficient public finance management reduces the likelihood of corruption and corruption is said to have negative effects on economic growth and development. Corruption in public finance refers to an act of using funds for personal benefits. To achieve macroeconomic objectives, governments make use of government expenditure and government expenditure is financed through tax revenue. The main aim of this paper is to investigate the potential impact of public finance management on economic growth and development in South Africa. The secondary data obtained from the South African Reserve Bank (SARB) and World Bank for 1980- 2020 has been utilized to achieve the research objectives. To test the impact of public finance management on economic growth and development, the study will use Seeming Unrelated Regression Equation (SURE) Modelling that allows researchers to model multiple equations with interdependent variables. The advantages of using SUR are that it efficiently allows estimation of relationships between variables by combining information on different equations and SUR test restrictions that involve parameters in different equations. The findings have shown that there is a positive relationship between efficient public finance management and economic growth/development. The findings also show that efficient public finance management has an indirect positive impact on economic growth and development. Corruption has a negative impact on economic growth and development. It results in an efficient allocation of government resources and thereby improves economic growth and development. The study recommends that governments who aim to stimulate economic growth and development should target and strengthen public finance management policies or strategies.

Keywords: corruption, economic growth, economic development, public finance management, fiscal decentralization

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Authors: Lianne M. Q. Lee, Mohammed Sharaf Shaiban

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The importance of bank liquidity management took center stage as policy makers promoted a more resilient global banking system after the market turmoil of 2007. The growing recognition of Islamic banks’ function of intermediating funds in the economy warrants the need to investigate its balance sheet structure which is distinct from its conventional counterparts. Given that asymmetric risk, transformation is inevitable; Islamic banks need to identify the liquidity risk within their distinctive balance sheet structure. Thus, there is a strong need to quantify and assess the liquidity position to ensure proper functioning of a financial institution. It is vital to measure bank liquidity because liquid banks face less liquidity risk. We examine this issue by using two alternative quantitative measures of liquidity creation “cat fat” and “cat nonfat” constructed by Berger and Bouwman (2009). “Cat fat” measures all on balance sheet items including off balance sheet, whilst the latter measures only on balance sheet items. Liquidity creation is measured over the period 2007-2014 in 14 countries where Islamic and conventional commercial banks coexist. Also, separately by bank size class as empirical studies have shown that liquidity creation varies by bank size. An interesting and important finding shows that all size class of Islamic banks, on average have increased creation of aggregate liquidity in real dollar terms over the years for both liquidity creation measures especially for large banks indicating that Islamic banks actually generates more liquidity to the economy compared to its conventional counterparts, including from off-balance sheet items. The liquidity creation for off-balance sheets by conventional banks may have been affected by the global financial crisis when derivatives markets were severely hit. The results also suggest that Islamic banks have the higher volume of assets and deposits and that borrowing/issues of bonds are less in Islamic banks compared to conventional banks because most products are interest-based. As Islamic banks appear to create more liquidity than conventional banks under both measures, it translates that the development of Islamic banking is significant over the decades since its inception. This finding is encouraging as, despite Islamic banking’s overall size, it represents growth opportunities for these countries.

Keywords: financial institution, liquidity creation, liquidity risk, policy and regulation

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Authors: N. Ikasari, T. Sumransat, U. Eko, R. Kusumastuti

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Small and medium enterprises (SMEs) are regarded as the engine for economic development, notwithstanding their continuous financing conundrum. In the case of developing countries, access to finance is a reflection of the effectiveness of government policy. The widely accepted perspective to assess small businesses’ access to finance is that of economic view. The existing body of literature presents access to finance in three dimensions; they are accessibility, eligibility and affordability. Within this perspective, the role of socio-cultural has not explored. This study is aimed at investigating the existence of any socio-cultural factors within access to finance issue in Asian countries where governance is enriched by countries’ values and beliefs. The significance of this study is the instigation of supplementary dimension to assess access to finance that eventually contributes to the development of micro-finance policy. Indonesia and Thailand are selected as cases in point, where distinction is drawn on the level of cultural diversity and micro-finance policy in respective country. A questionnaire is used to collect information related to the three dimensions of access to finance as well as to explore alternative financing reasoning to elaborate the issue from the demand side. Questionnaires are distributed to 60 small business owners operating in Indonesia and the same number in Thailand. In order to present a complete understanding on the matter at hand, interviews with banks are conducted to capture the perspective as presented by the supply side. Research findings show that small business owners and banks in Indonesia and Thailand are in agreement that access to finance is not deemed as an issue. However, trust issue that exists mutually between financing users and providers leads small business owners in Indonesia to look for alternative financing other than banks. The findings contribute to the refinement of micro-financing policy in Indonesia and Thailand.

Keywords: access to finance, Indonesia, small and medium enterprises, Thailand

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Authors: Gordon Newlove Asamoah, Wendy Ama Oti

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This study focused on evaluating access to finance for local oil field companies in Ghana. The study adopted a census survey design in evaluating access to finance for local oil field companies in Ghana. The respondents of this study were 30 management members of three oil field companies in Ghana. The data collected was analysed using Statistical Package for Social Scientists (SPSS) to generate tables and graphs for interpretation. The results show that most companies use equity financing in combination with other forms of financing to finance their business activities. This research has shown the various challenges bordering on the financing of local oil and gas projects, with emphasis on the challenges of raising funds by indigenous oil companies. Financing of the projects by indigenous oil field companies in Ghana is preferably achieved through equity finance mainly because it is the easiest to get compared to all the other forms of financing available. Other sources of financing available are debt financing, joint venture, and retained earnings from the profits generated from their operations. The study made recommendations to local oil field companies as to how they can make good use of the capital market to raise financing.

Keywords: access, financing, oil fields, Ghana

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Authors: Md. Abu Yousuf

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Islamic social financing (ISF) refers to the fair distribution of wealth and financial dealings and prevents economic exploitation at all levels. ISF instruments include Islamic institutions Zakat (obligatory charity), Sadaqah (voluntary charity) and Waqf (endowment) based on philanthropy such and Qard-al Hasan (beautiful loan), micro takaful (insurance) and social investments through Sukuk (bonds) based on cooperation. ISF contributes to socio-economic development, end poverty, protects environmental sustainability, promotes education, equality, social justice and above all, establishes social well-being since the birth of Islam. ISF tools are instrumental towards achieving sustainable development goals (SDGs) set by United Nations (UN). The present study will explore the scope of ISF for community development in Bangladesh and examine the challenges in implementing ISF tools and will provide the most practical model of ISF. The study will adopt a mixed-method (MM) design in the process of data collection and analysis. The researcher will consider all issues related to ethics, reliability, validity and feasibility while conducting the study.

Keywords: Islamic social financing, sustainable development goals, poverty eradication, zakat, waqf, sadaqah, Islamic microfinance

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Authors: Arjumand Warsy

Abstract:

Among the Muslims, the Holy Quran is taught from early childhood and generally by the age of 7-8 years the reading of the entire Quran is completed by most of the children in Muslim families. During this period excellent reciter’s are selected to teach and emphasis is laid on correct reading, pronunciation and memorization. Following these years, the parents lay emphasis on the recitation of the Quran on daily basis. During the month of Ramadan the entire Quran is read one or more times and there are considerable number of Muslims who complete the entire Quran once or more each calendar month. Many Muslims do not know Arabic and for them message in the Quran is what others tell them and often they have no idea about this Guidance sent to them. This deficiency is reflected in many ways, both among people living in Muslim or non-Muslim countries. Due to the deficiency in knowledge about Islamic teachings, the foundations of Islam are being eroded by a variety of forces. In an attempt to guard against the non-Islamic influences, every Muslim must have a clear understanding of the Islamic teachings and requirements. The best guidance can be provided by the understanding of the Holy Quran. However, we are faced with the problem that often the Quran is taught in a way that fails to develop an interest and understanding of the message from Allah. Looking at the teaching of other subjects both scientific and non-scientific, at school, college or University levels, it is obvious that the advances in teaching methodologies using electronic technology have had a major impact, where both the understanding and the interest of the students are significantly elevated. We attempted to teach the meaning of the Holy Quran to children and adults using a scientific and modern approach using slide presentation and animations. The results showed almost 100% increase in the understanding of the Quran message; all attendees claimed they developed an increased interest in the study of the Holy Quran and did not lose track or develop boredom throughout the lectures. They learnt the information and remembered it more effectively. The love for Allah and Prophet Mohammad (PBUH) increased significantly. The fear of Allah and love of Heaven developed significantly. Historical facts and the stories of the past nations became clearer and the Greatness of the Creator was strongly felt. Several of attendees wanted to become better Muslims and to spread the knowledge of Islam. In this presentation, the adopted teaching method will be first presented and demonstrated to the audience using a short Surah from the Quran, followed by discussion on the results achieved during our study. We will endeavor to convey to the audience that there is a need to adopt a more scientific approach to teach the Quran so that a greater benefit is achieved by all.

Keywords: The Holy Quran, Muslims, presentations, technology

Procedia PDF Downloads 405

Authors: Shamsuddeen Muhammad Ahmad

Abstract:

The emergence and operations of Islamic Financial Institutions (IFIs) are being regarded as the new economic and financial pride at the global stage today. Admittedly, therefore, the IFIs has continued to impact positively on the economies of its host countries, especially the Gulf Cooperation Council (GCC) region, Asian and Western countries as well as making a steady in-road into the sub-Saharan Africa. Hence, the number of countries that adopted Islamic financial system in Africa has continued to increase. As a matter of fact, this paper examines the role and contributions of Islamic Financial Institutions (IFIs) to the economic growth and financial development of the big emerging markets in the African continent i.e. South Africa, Nigeria, and Egypt. The methods adopted for this study are descriptive, comparative and analytical in nature. Essentially, the findings from this study reveal that the three sampled countries are benefitting from the presence of IFIs in their economies in terms of contributions to economic growth and real sector participation, particularly for Egypt and South Africa. Similarly, they reap from foreign direct investments and economic diversification among others. However, this study recommends that African countries should integrate IFIs as part and parcel of their economic and financial systems, in order to benefit optimally from this new economic phenomenon.

Keywords: Islamic financial services, Africa, emerging markets, development, operation

Procedia PDF Downloads 253

Authors: Rodrigo Buaiz Boabaid

Abstract:

Tokenization of Blue Bonds is an emerging Green Finance tool that has the potential to scale Blue Carbon Projects to fight climate change. This innovative solution has a huge potential to democratize the green finance market and catalyze innovations in the climate change finance sector. Switzerland has emerged as a leader in the Green Finance space and is well-positioned to drive the adoption of Tokenization of Blue & Green Bonds. This unique approach has the potential to unlock new sources of capital and enable global investors to participate in the financing of sustainable blue carbon projects. By leveraging the power of blockchain technology, Tokenization of Blue Bonds can provide greater transparency, efficiency, and security in the investment process, while also reducing transaction costs. Investments are in line with the highest regulations and designed according to the stringent legal framework and compliance standards set by Switzerland. The potential benefits of Tokenization of Blue Bonds are significant and could transform the way that sustainable projects are financed. By unlocking new sources of capital, this approach has the potential to accelerate the deployment of Blue Carbon projects and create new opportunities for investors to participate in the fight against climate change.

Keywords: blue carbon, blue bonds, green finance, Tokenization, blockchain solutions

Procedia PDF Downloads 53

Authors: Ghada Chater, Mounir Dhouib

Abstract:

Zawiyas are mausoleums where saints called 'waly' are buried and where ritual practices of Sufi Islamic movement take place. These funerary monuments have constituted since the medieval period a fundamental component of rural and urban Islamic landscape, especially that of Tunisia.The hypothesis is that these monuments reflect in their architecture the Sufi underlying thought. The paper’s target is to verify the validity of this hypothesis and possibly show the incarnation mode of Islamic Sufi paradigm in the zawiya’s architecture. This study considers the main Zawiya of one of the most important religious brotherhoods in Tunisia, which is Kadiria. A morphological analysis has been conducted and crossed later to a spiritual hermeneutic test. The result of this confrontation was significant: the paradigmatic element of the zawiya, materialized by the esoteric / exoteric dome 'kubba', returns in its geometry and structure to one of the Sufism key concepts: the unity of the creative spirit in the diversity and plurality of evanescent bodies. Thus, the creative act finds its reflection not only in the spirit of the perfect human microcosm (the waly microcosm), but also within the building dedicated to him.

Keywords: architecture, Islam, Sufism, waly, zawiya

Procedia PDF Downloads 327

Authors: Nousheen Tariq Bhutta, Syed Zulfiqar Ali Shah

Abstract:

Financial crises become a key impediment towards the development of countries especially in emerging economies. Based on standard finance, many researchers investigated the financial crises in different countries in order to find the underlying reason regarding occurrence these event; however they were unable to provide it. In this essence behavioral finance may be helpful in providing answers to some queries regarding occurrence and prevention of financial crises. In this paper, we explore the some psychological factors comprises of our inspiration, emotion, cognition and culture along with their reflection companies, financial markets and governments that present some supportive arguments. Moreover, we compared the views of Keynes and Minsky in order to validate the underling justification towards occurrence of financial crises and their prevention in future. This study helps the practitioners and policy makers through providing valuable recommendation in order to protect the economies.

Keywords: financial crises, behavioral finance, financial markets, emerging economies

Procedia PDF Downloads 477