Search results for: Islamic wisdom
616 Perceptions of Corporate Governance and Business Ethics Practices in Kuwaiti Islamic and Conventional Banks
Authors: Khaled Alotaibi, Salah Alhamadi, Ibraheem Almubarak
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The study attempts to explore both corporate governance (GC) and business ethics (BE) practices in Kuwaiti banks and the relationship between CG and BE, using an accountability framework. By examining the perceptions of key stakeholder groups, this study investigates the practices of BE and CG in Islamic banks (IBs) compared to conventional banks (CBs). We contribute to the scarce studies concerned with relations between CG and BE. We have employed a questionnaire survey method for a random sample of crucial relevant stakeholder groups. The empirical analysis of the participants’ perceptions highlights the importance of applying CG regulations and BE for Kuwaiti banks and the clear link between the two concepts. We find that the main concern is not the absence of CG and BE codes, but the lack of consistent enforcement of the regulations. Such a system needs to be strictly and effectively implemented in Kuwaiti banks to protect all stakeholders’ wealth, not only that of stockholders. There are significant patterns in the CG and BE expectations among different stakeholder groups. Most interestingly, banks’ client groups illustrate high expectations concerning CG and BE practices.Keywords: corporate governance, GC, business ethics, BE, Islamic banks, IBs, conventional banks, CBs, accountability
Procedia PDF Downloads 155615 Demonic Possession and Health Care Complications: Concept and Remedy from Islamic Point-of-View
Authors: Khalid Ishola Bello
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Many religions and cultures believe in the existence of invisible beings who co-exist with man on earth. Muslims, for example, believe in malaikah (Angel) and jinn (demon), who have their source of creation from light and flame, respectively. Jinn, according to Islamic texts, possesses unique characteristics which give them an advantage over the man. Invisibility, transforming into or taking possession of another being are parts of advantages jinn have above man. Hence, jinn can attack man and truncate his well-being by causing malfunction of his physiological and psychological realms, which may go beyond physical health care. It is on this background that this paper aims to articulate the possibility of a demonic attack on human health and the care processes recommended by Islam to heal and restore well-being of the victim. Through analysis of the inductive, deductive, and historical approaches, the process of ruqyah (healing method based on recitation of the Qur’an) and hijamah (cupping) therapies shall be analyzed. The finding shows the efficacy of Islamic remedies to demonic possession, which usually complicates health challenges in the care of man. This alternative approach is therefore recommended for holistic health care since physical health care cannot fix spiritual health challenges.Keywords: wellbeing, healthcare, demonic possession, cupping, jinn
Procedia PDF Downloads 64614 The Impact of Character Strengths on Employee Well-Being: The Mediating Effect of Work-Family Relationship
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For organizational development, employee well-being is critical and has been influenced deeply by character strengths. Therefore, investigating the relationship between character strengths and employee well-being and its inner mechanism is crucial. In this study, we explored the features of Chinese employees' character strengths, studied the relationship between character strengths and employees' subjective well-being, work well-being and psychological well-being respectively, and examined the mediating effect of work-family relationship (both enrichment and conflict). An online survey was conducted. The results showed that: (1) The top five character strengths of Chinese employees were gratitude, citizenship, kindness, appreciation of beauty and excellence, justice, while the bottom five ones were creativity, authenticity, bravery, spirituality, open-mindedness. (2) Subjective well-being was significantly correlated to courage, humanity, transcendence and justice. Work well-being was significantly correlated to wisdom, courage, humanity, justice and transcendence. Psychological well-being was significantly correlated to all the above five character strengths and temperance. (3) Wisdom and humanity influenced Chinese employees’ subjective well-being through work-family enrichment. Justice enhanced psychological well-being via work-family enrichment; meanwhile, it also played a positive role in subjective well-being, work well-being, and psychological well-being by decreasing the family-work conflict. At the end of this paper, some theoretical and practical contributions to organizational management were further discussed.Keywords: character strengths, work-family conflict, work-family enrichment, employee well-being, work well-being
Procedia PDF Downloads 390613 Effectiveness of Qanun Number 14 of 2013 on Khalwat, Nasty in the Enforcement of Islamic Shari'a in Banda Aceh, Aceh Province
Authors: Muhadam Labolo, Mughny Ibtisyam Mukhlis, Zulkarnaen, Safira Maulida Rahman Soulisa
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This research is motivated by one of the functions of government is a regulatory function. Aceh Province, especially in Banda Aceh City has special autonomy, one of them is in the application of Islamic law, but when the law implemented to the citizen, there are many problems happens. One of the problems faced by the Government and people of Banda Aceh was Seclusion. Seclusion/nasty silent act between two people mukallafor more of the opposite sex who is not mahram or without marriage. This study aims to determine and analyze how the effectiveness of the policy as well as enabling and inhibiting factors of Qanun Number 14 of 2003 On Khalwat (nasty) in sharia Islam Islamic law in the city of Banda Aceh. This type of research is qualitative research method is a descriptive and inductive approach. The source of data used is People, Problem, Phenomenon, and programs, while the data collection through field studies and literature such as interviews, observation, and documentation. The results of this study were analyzed by using data reduction, display data, conclusions, and verification. The results showed that the Qanun Number 14 of 2003 on Khalwat (nasty) in the establishment of Islamic law in Banda Aceh is still not effective. It is seen from the high number of violations seclusion committed by Banda Aceh citizen, especially among teenagers, lack of socialization, as well as a lack of budgetary support for the implementation of Islamic Law in Banda Aceh. The supporting factors are 1) Coordination and communication among agencies had been walking steadily. 2) Facilities and infrastructure Syar'iah Court of Banda Aceh and the Office of Sharia Islam Banda Aceh that very good. 3) The Cultural majority of the people of Banda Aceh that support. Inhibiting factors: 1) There are no written duties of each institution for the prosecution case Seclusion. 2) The lack of socialization programs. 3) Lack of facilities and infrastructure Municipal Police Unit and the WH less. 4) Lack of control by the family. 5) The absence of training for officials Municipal Police Units and the Wilayatul Hisbah Banda Aceh.Keywords: effectiveness, Islamic Sharia, Khalwat, Qanun
Procedia PDF Downloads 235612 The Results of the Archaeological Excavations at the Site of Qurh in Al Ula Region
Authors: Ahmad Al Aboudi
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The Department of Archaeology at King Saud University conduct a long Term excavations since 2004 at the archaeological site of (Qurh) in Al-Ula area. The history of the site goes back to the eighth century AD. The main aim of the excavations is the training of the students on the archaeological field work associated with the scientific skills of exploring, surveying, classifying, documentations and other necessary in the field archaeology. During the 12th Season of Excavations, an area of 20 × 40 m2 of the site was excavated. The depth of the excavating the site was reached to 2-3 m. Many of the architectural features of a residential area in the northern part of the site were excavated this season. Circular walls made of mud-brick and a brick column drums and tiles made of clay were revealed this season. Additionally, lots of findings such as Gemstones, jars, ceramic plates, metal, glass, and fabric, as well as some jewelers and coins were discovered. This paper will deal with the main results of this field project including the architectural features and phenomena and their interpretations, the classification of excavated material culture remains and stratigraphy.Keywords: Islamic architecture, Islamic art, excavations, early Islamic city
Procedia PDF Downloads 274611 Readiness of Iran’s Insurance Industry Salesforce to Accept Changing to Become Islamic Personal Financial Planners
Authors: Pedram Saadati, Zahra Nazari
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Today, the role and importance of financial technology businesses in Iran have increased significantly. Although, in Iran, there is no Islamic or non-Islamic personal financial planning field of study in the universities or educational centers, the profession of personal financial planning is not defined, and there is no software introduced in this regard for advisors or consumers. The largest sales network of financial services in Iran belongs to the insurance industry, and there is an untapped market for international companies in Iran that can contribute to 130 thousand representatives in the insurance industry and 28 million families by providing training and personal financial advisory software. To the best of the author's knowledge, despite the lack of previous internal studies in this field, the present study investigates the level of readiness of the salesforce of the insurance industry to accept this career and its technology. The statistical population of the research is made up of managers, insurance sales representatives, assistants and heads of sales departments of insurance companies. An 18-minute video was prepared that introduced and taught the job of Islamic personal financial planning and explained its difference from its non-Islamic model. This video was provided to the respondents. The data collection tool was a research-made questionnaire. To investigate the factors affecting technology acceptance and job change, independent T descriptive statistics and Pearson correlation were used, and Friedman's test was used to rank the effective factors. The results indicate the mental perception and very positive attitude of the insurance industry activists towards the usefulness of this job and its technology, and the studied sample confirmed the intention of training in this knowledge. Based on research results, the change in the customer's attitude towards the insurance advisor and the possibility of increasing income are considered as the reasons for accepting. However, Restrictions on using investment opportunities due to Islamic financial services laws and the uncertainty of the position of the central insurance in this regard are considered as the most important obstacles.Keywords: fintech, insurance, personal financial planning, wealth management
Procedia PDF Downloads 49610 Buddhism and Education for Children: Cultivating Wisdom and Compassion
Authors: Harry Einhorn
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This paper aims to explore the integration of Buddhism into educational settings with the goal of fostering the holistic development of children. By incorporating Buddhist principles and practices, educators can create a nurturing environment that cultivates wisdom, compassion, and ethical values in children. The teachings of Buddhism provide valuable insights into mindfulness, compassion, and critical thinking, which can be adapted and applied to educational curricula to enhance children's intellectual, emotional, and moral growth. One of the fundamental aspects of Buddhist philosophy that is particularly relevant to education is the concept of mindfulness. By introducing mindfulness practices, such as meditation and breathing exercises, children can learn to cultivate present-moment awareness, develop emotional resilience, and enhance their ability to concentrate and focus. These skills are essential for effective learning and can contribute to reducing stress and promoting overall well-being in children. Mindfulness practices can also teach children how to manage their emotions and thoughts, promoting self-regulation and creating a positive classroom environment. In addition to mindfulness, Buddhism emphasizes the cultivation of compassion and empathy toward all living beings. Integrating teachings on kindness, empathy, and ethical behavior into the educational framework can help children develop a deep sense of interconnectedness and social responsibility. By engaging children in activities that promote empathy and encourage acts of kindness, such as community service projects and cooperative learning, educators can foster the development of compassionate individuals who are actively engaged in creating a more harmonious and compassionate society. Moreover, Buddhist teachings encourage critical thinking and inquiry, which are crucial skills for intellectual development. By introducing children to fundamental Buddhist concepts such as impermanence, interdependence, and the nature of suffering, educators can engage them in philosophical reflections and broaden their perspectives on life. These teachings promote open-mindedness, curiosity, and a deeper understanding of the interconnectedness of all things. Through the exploration of these concepts, children can develop critical thinking skills and gain insights into the complexities of the world, enabling them to navigate challenges with wisdom and discernment. While integrating Buddhism into education requires sensitivity, cultural awareness, and respect for diverse beliefs and backgrounds, it holds great potential for nurturing the holistic development of children. By incorporating mindfulness practices, fostering compassion and empathy, and promoting critical thinking, Buddhism can contribute to the creation of a more compassionate, inclusive, and harmonious educational environment. This integration can shape well-rounded individuals who are equipped with the necessary skills and qualities to navigate the complexities of the modern world with wisdom, compassion, and resilience. In conclusion, the integration of Buddhism into education offers a valuable framework for cultivating wisdom, compassion, and ethical values in children. By incorporating mindfulness, compassion, and critical thinking into educational practices, educators can create a supportive environment that promotes children's holistic development. By nurturing these qualities, Buddhism can help shape individuals who are not only academically proficient but also morally and ethically responsible, contributing to a more compassionate and harmonious society.Keywords: Buddhism, education, children, mindfulness
Procedia PDF Downloads 63609 Broadening the Roles of Masjid: Reviving Prophetic Holistic Model in Fostering Islamic Education and Arabic Language in South-Western Nigeria
Authors: Ahmad Tijani Surajudeen, Muhammad Zahiri Awang Mat, Aliy Abdulwahid Adebisi
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With arrival of Islam in the South-Western Nigeria in the late fifteenth and early sixteenth centuries, various masājid established in different parts of the area played vital roles towards the betterment and unity of the Muslims. However, despite the fact that the masājid in the South-Western part of Nigeria contributed immensely to the spiritual and educational enhancement of the Muslims, it has not fully captured the holistic educational roles as a unique model used by the Prophet (S.A.W). Therefore, the primary objective of this paper is to investigate and broaden the roles of masjid towards its compartmentalized and holistic contributions among the Muslims in the south-western Nigeria. The findings from the paper have identified five holistic roles of masjid, namely, spiritual, intellectual, physical, social and emotional contributions which have been exemplified in the prophetic model of masjid. The paper has argued that the five factors must be unreservedly unified towards the betterment of the Muslims and enhancement of Islamic education and Arabic Language in the South-Western Nigeria. However, the challenges of masjid management in the South-Western Nigeria are the main hindrance in achieving the holistic roles of masjid. It is thereby suggested that, the management of masjid should take the identified prophetic model of masjid into account in order to positively improve the affairs of Muslims as well as promoting the teaching and learning of Islamic education and Arabic language among the Muslims in the South-Western Nigeria.Keywords: worship, Islamic education, Arabic language, prophetic holistic model
Procedia PDF Downloads 333608 Muslims in Diaspora Negotiating Islam through Muslim Public Sphere and the Role of Media
Authors: Sabah Khan
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The idea of universal Islam tends to exaggerate the extent of homogeneity in Islamic beliefs and practices across Muslim communities. In the age of migration, various Muslim communities are in diaspora. The immediate implication of this is what happens to Islam in diaspora? How Islam gets represented in new forms? Such pertinent questions need to be dealt with. This paper shall draw on the idea of religious transnationalism, primarily transnational Islam. There are multiple ways to conceptualize transnational phenomenon with reference to Islam in terms of flow of people, transnational organizations and networks; Ummah oriented solidarity and the new Muslim public sphere. This paper specifically deals with the new Muslim public sphere. It primarily refers to the space and networks enabled by new media and communication technologies, whereby Muslim identity and Islamic normativity are rehearsed, debated by people in different locales. A new sense of public is emerging across Muslim communities, which needs to be contextualized. This paper uses both primary and secondary data. Primary data elicited through content analysis of audio-visuals on social media and secondary sources of information ranging from books, articles, journals, etc. The basic aim of the paper is to focus on the emerging Muslim public sphere and the role of media in expanding public spheres of Islam. It also explores how Muslims in diaspora negotiate Islam and Islamic practices through media and the new Muslim public sphere. This paper cogently weaves in discussions firstly, of re-intellectualization of Islamic discourse in the public sphere. In other words, how Muslims have come to reimagine their collective identity and critically look at fundamental principles and authoritative tradition. Secondly, the emerging alternative forms of Islam by young Muslims in diaspora. In other words, how young Muslims search for unorthodox ways and media for religious articulation, including music, clothing and TV. This includes transmission and distribution of Islam in diaspora in terms of emerging ‘media Islam’ or ‘soundbite Islam’. The new Muslim public sphere has offered an arena to a large number of participants to critically engage with Islam, which leads not only to a critical engagement with traditional forms of Islamic authority but also emerging alternative forms of Islam and Islamic practices.Keywords: Islam, media, Muslims, public sphere
Procedia PDF Downloads 270607 Developing Islamic Module Project for Preschool Teachers Using Modified Delphi Technique
Authors: Mazeni Ismail, Nurul Aliah, Hasmadi Hassan
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The purpose of this study is to gather the consensus of experts regarding the use of moral guidance amongst preschool teachers vis-a-vis the Islamic Project module (I-Project Module). This I-Project Module seeks to provide pertinent data on the assimilation of noble values in subject-matter teaching. To obtain consensus for the various components of the module, the Modified Delphi technique was used to develop the module. 12 subject experts from various educational fields of Islamic education, early childhood education, counselling and language fully participated in the development of this module. The Modified Delphi technique was administered in two mean cycles. The standard deviation value derived from questionnaires completed by the participating panel of experts provided the value of expert consensus reached. This was subsequently analyzed using SPSS version 22. Findings revealed that the panel of experts reached a discernible degree of agreement on five topics outlined in the module, viz; content (mean value 3.36), teaching strategy (mean value 3.28), programme duration (mean value 3.0), staff involved and attention-grabbing strategy of target group participating in the value program (mean value 3.5), and strategy to attract attention of target group to utilize i-project (mean value 3.0). With regard to the strategy to attract the attention of the target group, the experts proposed for creative activities to be added in order to enhance teachers’ creativity.Keywords: Modified Delphi Technique, Islamic project, noble values, teacher moral guidance
Procedia PDF Downloads 183606 The Contemporary of the Institutional Transformation Policy in Indonesia's Islamic Higher Education Institutions: Reconsidering the Quality and Future Direction
Authors: Fauzanah Fauzan El Muhammady
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In the recent years, the Indonesian government has made tremendous efforts to improve the quality of Indonesia’s Islamic Higher Education Institutions (IHEIs) through the implementation of the institutional transformation policy. This policy has encouraged some IHEIs, such as Islamic Collages and Islamic Institutes to shift their institution from college to Institute or from Institute to university. As one of the requirements, the IHEIs should provide non-religious curriculum and integrate it with the religious curriculum (as the core curriculum of IHEIs). As results, since the 2000s, some Islamic Collages and Islamic Institutes have successfully developed the non-religious curriculum and achieved institutional transformation. However, after 15 years, the impact of the institutional transformation to the IHEIs is still debatable. The institutional transformation policy can be questioned as to whether the goal of status transformation has truly brought significant improvement to the quality of IHEIs. Therefore, based on the situation above, this study aims to explore how far the institutional transformation has effectively brought significant impact to the quality improvement of IHEIs. This study has used literature review method to investigate the current development of the institutional transformation in Indonesia’s IHEIs context. This is a part of literature review development to support the process of doctoral research. Based on the literature review, some studies found that the institutional transformation has led pro and cons to the academic community, society, and local government. Some agreed the institutional transformation has effectively facilitated non-religious curriculum development and it has significantly improved the number of prospective students and the student admitted at Islamic Universities. Meanwhile, others argue the development of non-religious curriculum will gradually eliminate the existence of the religious curriculum itself. On the other hand, the government suggests that the institutional transformation should be based on the quality standards. As a result, recently, the government has taken an initiative to restrict the institutional transformation (moratorium) in order to ensure the quality control of the institutional transformation application and to control the increasing number of the institutional transformation demands. This study provided the current issues that related to the contemporary of the institutional transformation in IHEIs context to disclosure how far both IHEIs and government overcome the quality issues of the institutional transformation development. The study results are expected can be used to advocate government, policymakers, and academic leaders in 1) reviewing the sustainability impact of the institutional transformation to the quality improvement of higher education institutions; 2) and finding effective solutions for the continuity of the institutional transformation in the future, particularly in the IHEIs context.Keywords: curriculum, higher education, institutional transformation, quality
Procedia PDF Downloads 189605 Investigation of Compliance of the Prevailing Import Murabah'a to Sharia
Authors: Aqeel Akhtar
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One of prevailing modes of finance in emerging Islamic banking system is Murabah’a; a financial transaction in which cost and profit both must be recognized by buyer. Otherwise the transaction would become invalid. In this mainstream, import Murabah’a transaction is divergent in such a way that the cost is not recognized and identified due to execution of import transaction in foreign currency i.e. US Dollar and the next transaction of Murabaha’a with the client is executed in local currency. Since this transaction is executed in dual currency i.e. bank pays supplier in foreign currency and executes Murabah’a with its client in local currency and it is not allowed in according to Islamic Injunctions as mentioned in hadith narrated by Hazrat Ibn-e-Umar (May Allah be pleased with them) used to sell his camels with Dirhams and take dinars instead and vice versa. Upon revealing before the Prophet (SAW), he was advised that it must not be contingent in the agreement and the ready rate would be applied and possession of one of the consideration is compulsory. The solution in this regard is that the import Murabah’a transaction should be in single currency, however, other currency can be paid in payment at the time of payment in a very indispensable situation provided that ready rate would be applied. Moreover, some of other solutions have also been given in this regard.Keywords: shariah compliance, import murabaha, islamic banking, product development
Procedia PDF Downloads 237604 The Image of Cultural Tourism in the Tourists’ Point of View
Authors: Wanida Suwunniponth
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The purposes of this research were to investigate the perceived of a cultural image and loyalty of tourists toward the attraction at Banglumphu neighborhood in Bangkok and to study the relationship of the cultural image of Banglumphu community and loyalty to visit this area of the tourists. This study employed both quantitative approach and qualitative approach. In a quantitative research, a questionnaire was used to collect data from 300 systematic sampled tourists who visited Banglumphu area and the correlation analysis were used to analyze data. The results revealed that the overall tourists’ point of view toward Banglumphu cultural image was at a good level which lifestyle had the best image, followed by value and belief, physical dimension, community identity, tradition, and local wisdom. In addition, the overall aspect of tourists’ loyalty including satisfaction, word of mouths, and revisiting were at good levels which word of mouths received the highest value, followed by revisiting, and satisfaction, respectively. In addition, the relationship between cultural image in aspect on lifestyle, tradition, local wisdom, belief, community identity and loyalty to visit Banglumphu in each aspect on satisfaction, word of mouths, and revisiting were moderately correlated at the significant level of 0.05, except physical dimension was not correlated with each aspect of tourists’ loyalty.Keywords: cultural tourism, image, loyalty, revisit
Procedia PDF Downloads 251603 Legal Study about Flagellation Punishment of Qanun Jinayah in Aceh Province
Authors: Yuyun Sri Wahyuni, Fathih Misbahuddin Islam
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Nanggroe Aceh Darussalam is the special district with its long conflict history. The long conflict history started from The Free Aceh Movement’s intentions to implement Islamic principles in Aceh Province, it was actually contradicted with the principles of state. This long conflict was finally ended on 2005. Then, since 2005 Aceh had special authority to administer its local government affairs by applying Islamic principles (syariah), included criminal law matters. To administer it, Aceh Government enacted Law Number 6 of 2014 on the Jinayah. This law consists the criminal act (jarimah) and the punishment (uqubat). Khamr, maisir, khalwat, ikhtilath, zina, sexual harrasment, rape, qadzaf, liwath, and musahaqah are the kinds of the criminal act which are ruled within. Meanwhile, Hudud and Takdzir as the kinds of punishment (uqubat). After 2 years of the issuance of this law inflicting controversy from any sides and being discussed not only locally but also globally. The objectives of this paper are to analyze the fundamental value of the flagellation punishment within this law and Aceh Government review in formulating the law.Keywords: Aceh province, flagellation punishment, Islamic Principle, Qanun Jinayah
Procedia PDF Downloads 228602 Love Crystallized: The Significance of Divine Love Contemplation on Meaning and Purpose in Life in Islamic Psychology
Authors: Nur Farizah Binte Mohd Sedek
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Divine love is ubiquitous in many religions and philosophies. In the Islamic Sufi tradition, it is recognized as an “intense yearning for unification” with God. Previous literature demonstrates that divine love plays a role in forming meaning and purpose in one’s life. However, previous research has not explored the effects of the Islamic practice of divine love contemplation on meaning and purpose in life. The current study used an experimental design to investigate whether a divine love contemplation intervention has an impact on meaning and purpose in life in Muslims through the framework of Islamic Psychology. The sample consisted of 34 participants (7 males and 27 females) who were randomly assigned to one of two groups: Intervention (n = 20) and Control (n = 14). Participants in the intervention group did a general litany and a divine love supplication and contemplation exercise, while participants in the control group did only a general litany exercise. Three hypotheses were tested using a mixed-design two-way (split-plot) Analysis of Variance (ANOVA) to determine whether participants in the intervention group will report a significant increase in 1) divine love, 2) meaning in life, and 3) purpose in life from before to after the intervention, whereas participants in the control group will not report a significant change in the mentioned constructs. The results supported Hypothesis 1, in that a significant interaction between group and time emerged for divine love. Specifically, the intervention group reported a significant increase in divine love from before to after the intervention, whereas the control group did not report a significant change in divine love. Furthermore, the effect size was large, even though the mean difference was negligible, indicating that this change was substantial enough to have a considerable effect on the sample. However, the tests of the second and third hypotheses were not significant, suggesting that the divine love contemplation intervention did not have a significant impact on meaning or purpose in life. Suggestions for future research include qualitative phenomenological studies that could be conducted to glean experiential insight into the constructs from the participants’ individual accounts.Keywords: divine love, meaning in life, purpose in life, contemplation, islamic psychology
Procedia PDF Downloads 57601 Testing the Weak Form Efficiency of Islamic Stock Market: Empirical Evidence from Indonesia
Authors: Herjuno Bagus Wicaksono, Emma Almira Fauni, Salma Amelia Dina
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The Efficient Market Hypothesis (EMH) states that, in an efficient capital market, price fully reflects the information available in the market. This theory has influenced many investors behavior in trading in the stock market. Advanced researches have been conducted to test the efficiency of the stock market in particular countries. Indonesia, as one of the emerging countries, has performed substantial growth in the past years. Hence, this paper aims to examine the efficiency of Islamic stock market in Indonesia in its weak form. The daily stock price data from Indonesia Sharia Stock Index (ISSI) for the period October 2015 to October 2016 were used to do the statistical tests: Run Test and Serial Correlation Test. The results show that there is no serial correlation between the current price with the past prices and the market follows the random walk. This research concludes that Indonesia Islamic stock market is weak form efficient.Keywords: efficient market hypothesis, Indonesia sharia stock index, random walk, weak form efficiency
Procedia PDF Downloads 460600 Threat of Islamic State of Khorasan in Pakistan and Afghanistan Region: Impact on Regional Security
Authors: Irfan U. Din
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The growing presence and operational capacity of Islamic State aka Daesh, which emerged in Pak-Afghan region in 2015, poses a serious threat to the already fragile state of the security situation in the region. This paper will shed light on the current state of IS-K network in the Pak-Afghan region and will explain how its presence and operational capacity in the northern and central Afghanistan has increased despite intensive military operations against the group in Nangarhar province – the stronghold of IS-K. It will also explore the role of Pakistani Taliban in the emergence and expansion of IS-K in the region and will unveil the security implication of growing nexus of IS-K and transnational organized groups for the region in Post NATO withdrawal scenario. The study will be qualitative and will rely on secondary and primary data to explore the topic. For secondary data existing literature on the topic will be extensively reviewed while for primary data in-depth interviews will be conducted with subject experts, Taliban commanders, and field researchers.Keywords: Islamic State of Khorasan (IS-K), North Atlantic Treaty Organization (NATO), Pak-Afghan Region, Transnational Organized Crime (TNOC)
Procedia PDF Downloads 290599 Islamic Education System: Implementation of Curriculum Kuttab Al-Fatih Semarang
Authors: Basyir Yaman, Fades Br. Gultom
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The picture and pattern of Islamic education in the Prophet's period in Mecca and Medina is the history of the past that we need to bring back. The Basic Education Institute called Kuttab. Kuttab or Maktab comes from the word kataba which means to write. The popular Kuttab in the Prophet’s period aims to resolve the illiteracy in the Arab community. In Indonesia, this Institution has 25 branches; one of them is located in Semarang (i.e. Kuttab Al-Fatih). Kuttab Al-Fatih as a non-formal institution of Islamic education is reserved for children aged 5-12 years. The independently designed curriculum is a distinctive feature that distinguishes between Kuttab Al-Fatih curriculum and the formal institutional curriculum in Indonesia. The curriculum includes the faith and the Qur’an. Kuttab Al-Fatih has been licensed as a Community Activity Learning Center under the direct supervision and guidance of the National Education Department. Here, we focus to describe the implementation of curriculum Kuttab Al-Fatih Semarang (i.e. faith and al-Qur’an). After that, we determine the relevance between the implementation of the Kuttab Al-Fatih education system with the formal education system in Indonesia. This research uses literature review and field research qualitative methods. We obtained the data from the head of Kuttab Al-Fatih Semarang, vice curriculum, faith coordinator, al-Qur’an coordinator, as well as the guardians of learners and the learners. The result of this research is the relevance of education system in Kuttab Al-Fatih Semarang about education system in Indonesia. Kuttab Al-Fatih Semarang emphasizes character building through a curriculum designed in such a way and combines thematic learning models in modules.Keywords: Islamic education system, implementation of curriculum, Kuttab Al-Fatih Semarang, formal education system, Indonesia
Procedia PDF Downloads 334598 The Formulation of the Mecelle and Other Codified Laws in the Ottoman Empire: Transformation Overturning the Sharia Principles
Authors: Tianqi Yin
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The sharia had been the legislative basis in the Ottoman Empire since its emergence. The authority of sharia was superlative in the Islamic society compared to the power of the sulta, the nominal ruler of the nation, regulating essentially every aspect of people’s lives according to an ethical code. In modernity, however, as European sovereignty employed forces to re-engineer the Islamic world to make it more like their own, a society ruled by a state, the Ottoman legislation system encountered a great challenge of adopting codified laws to replace sharia with the formulation of the Mecelle being a prominent case. Interpretations of this transformation have been contentious, with the key debate revolving around whether these codified laws are authentic representations of sharia or alien legal formulations authorized by the modern nation-state under heavy European colonial influence. Because of the difference in methodology of the diverse theories, challenges toward having a universal conclusion on this issue remain. This paper argues that the formulation of the Mecelle and other codified laws is a discontinuity of sharia due to European modernity’s influence and that the emphasis on elements of Islamic laws is a tactic employed to promote this process. These codified laws signals a complete social transformation from the Islamic society ruled by the sharia to a replication of the European society that is ruled by a comprehensive ruling system of the modern state. In addition to advancing the discussion on the characterization of the codification movement in the Ottoman Empire in modernity, the research also promotes the determination of the nature of the modern codification movement globally.Keywords: codification, mecelle, modernity, sharia, ottoman empire
Procedia PDF Downloads 91597 Islamic Banking and Finance in Nigeria: Challenges and Opportunities
Authors: Ya'u Saidu
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The introduction of the non-interest banking system in Nigeria was part of the regulators efforts to increase the inclusion of other stakeholders into the financial sector who have stayed out of the sector for some reasons. However, the concept has been misunderstood by various stakeholders within the country where some view it as a Muslim affair which exclude the non-Muslims from gaining despite its existence in advance countries of the world. This paper attempts to fill-in the gap created by the literature especially with regards to the proper education and enlightenment of the Nigerian citizens. Survey research method was employed where primary data was collected using questionnaire and convenience sampling was used to select 100 respondents. The data was analysed using Chi-square. It was found that lack of knowledge on Islamic banking has significant effect on its prospects.Keywords: finance, non-interest, sustainability, enlightenment
Procedia PDF Downloads 447596 Courtyard Evolution in Contemporary Sustainable Living
Authors: Yiorgos Hadjichristou
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The paper will focus on the strategic development deriving from the evolution of the traditional courtyard spatial organization towards a new, contemporary sustainable way of living. New sustainable approaches that engulf the social issues, the notion of place, the understanding of weather architecture blended together with the bioclimatic behaviour will be seen through a series of experimental case studies in the island of Cyprus, inspired and originated from its traditional wisdom, ranging from small scale of living to urban interventions. Weather and nature will be seen as co-architectural authors with architects as intelligently claimed by Jonathan Hill in his Weather Architecture discourse. Furthermore, following Pallasmaa’s understanding, the building will be seen not as an end itself and the elements of an architectural experience as having a verb form rather than being nouns. This will further enhance the notion of merging the subject-human and the object-building as discussed by Julio Bermudez. This eventually will enable to generate the discussion of the understanding of the building constructed according to the specifics of place and inhabitants, shaped by its physical and human topography as referred by Adam Sharr in relation to Heidegger’s thinking. The specificities of the divided island and the dealing with sites that are in vicinity with the diving Green Line will further trigger explorations dealing with the regeneration issues and the social sustainability offering unprecedented opportunities for innovative sustainable ways of living. The above premises will lead us to develop innovative strategies for a profound, both technical and social sustainability, which fruitfully yields to innovative living built environments, responding to the ever changing environmental and social needs. As a starting point, a case study in Kaimakli in Nicosia a refurbishment with an extension of a traditional house, already engulfs all the traditional/ vernacular wisdom of the bioclimatic architecture. It aims at capturing not only its direct and quite obvious bioclimatic features, but rather to evolve them by adjusting the whole house in a contemporary living environment. In order to succeed this, evolutions of traditional architectural elements and spatial conditions are integrated in a way that does not only respond to some certain weather conditions, but they integrate and blend the weather within the built environment. A series of innovations aiming at maximum flexibility is proposed. The house can finally be transformed into a winter enclosure, while for the most part of the year it turns into a ‘camping’ living environment. Parallel to experimental interventions in existing traditional units, we will proceed examining the implementation of the same developed methodology in designing living units and complexes. Malleable courtyard organizations that attempt to blend the traditional wisdom with the contemporary needs for living, the weather and nature with the built environment will be seen tested in both horizontal and vertical developments. A new social identity of people, directly involved and interacting with the weather and climatic conditions will be seen as the result of balancing the social with the technological sustainability, the immaterial and the material aspects of the built environment.Keywords: building as a verb, contemporary living, traditional bioclimatic wisdom, weather architecture
Procedia PDF Downloads 419595 Effects of Work Load and Surface Acting on Emotional Exhaustion and Work Satisfaction of Social Worker Students: Chinese Indigenous Ren-Qing Shi-Ku Trait as Moderator
Authors: Chung-Kwei Wang, Kuo-Ying Lo
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The study is aimed to examine main and moderation effect of Chinese traditional social wisdom ‘Ren-qing Shi-kuon' the adjustment of social worker students during their practicum. Ren-qing Shi-ku as a social wisdom has been emphasized by collective-oriented Chinese society for thousand years. Based on interview and literature review, we operationalized the concept as four factors, including ‘harmonious interaction’, ‘understanding and tolerance’, ‘empathetic communication’ and ‘rule abiding’. We administer the scale to 96 social worker senior students before their summer practicums begins and collect their response on emotion labor, emotional exhaustion, work load, work satisfaction. We also ask their supervisors rated their performance on empathy, interpersonal relationships, performance on practicum and their Ren-qing Shi-ku performance. Results indicated that self-ratings of students on Ren-qing Shi-ku scale are correlated with rating from their supervisors. Students who have higher Ren-qing Shi-ku have better adjustment and higher ratings from their supervisor. Ren-qing Shi-ku also moderate effects of surface acting labor and work load on emotional exhaustion and work satisfaction. However, Ren-qing Shi-ku seems more beneficial under low work load situations. The finding of this study suggested traditional social skill training might be very effective for social service providers in a collective-oriented culture.Keywords: emotion labor, ren-qing shi-ku, emotional exhaustion, work satisfaction and performance
Procedia PDF Downloads 491594 Unleashing the Potential of Waqf: An Exploratory Study of Contemporary Waqf Models in Islamic Finance Ecosystem
Authors: Mohd Bahroddin Badri, Ridzuan Masri
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Despite the existence of large volume of waqf assets, it is argued that the potential of these assets not fully unleashed. There are many waqf assets especially in the form of land waqf that are idle and undeveloped mainly because of the insufficient fund and lack of investment expertise. This paper attempts to explore few cases on the innovation of waqf development in Malaysia and some countries that demonstrate synergistic collaboration between stakeholders, e.g., the government, nazir, Islamic religious councils, corporate entities and Islamic financial institutions for waqf development. This paper shows that cash waqf, corporate waqf, Build-Operate-Transfer (BOT) and Sukuk are found to be contemporary mechanisms within Islamic finance ecosystem that drive and rejuvenate the development of waqf to the next level. It further highlights few samples of waqf Sukuk that were successfully issued in selected countries. This paper also demonstrates that the benefit of waqf is beyond religious matters, which may also include education, healthcare, social care, infrastructure and corporate social responsibility (CSR) activities. This research is qualitative in nature, whereby the researcher employs descriptive method on the collected data. The researcher applies case study and library research method to collect and analyse data from journal articles, research papers, conference paper and annual reports. In a nutshell, the potential of contemporary models as demonstrated in this paper is very promising, in which the practical application of those instruments should be expanded for the rejuvenation of waqf asset.Keywords: cash waqf, corporate waqf, Sukuk waqf, build-operate-transfer
Procedia PDF Downloads 178593 Combining the Noble Values of Traditional Architecture on Modern Architecture
Authors: Dwi Retno Sri Ambarwati
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Recently, the traditional architecture were getting lost, replaced by modern architecture. The existence of many traditional houses often changing the function and change the values in an effort to adjust to the modern lifestyle, whereas the spiritual background of traditional architectural design is very specific and be the basis for consideration in the construction of the building, both in terms of determining the location of the building, the direction toward building, the spatial pattern and organization of space, zoning, hierarchical space, building form, ornamentation, the selection of building materials, and so on. The changes in function and form will transformed the spiritual values contained in it, because the architecture affects human behavior and reflects the culture. The traditional architecture views the architecture as a concept that has different tendencies in terms of orientation, shape, and attitude toward nature that tends to harmony with the social environment and local culture. The concept of the spirit of place made the architecture looks familiar, not arrogant and give a positive value to the surrounding environment. Every culture has a traditional architecture that full of spiritual values, although in the simplest form. Humans can learn about human values and local wisdom through the positive values that contained in traditional architecture, the desire to balance themselves with nature and the environment, not overbearing, strict adherence to the prevailing norms, openness in public life and intimacy family life that form a harmonious in life. The great and the wise value of traditional architecture should be revived in modern architecture that tends to ignore the spiritual values and more concerned with the functional and aesthetic pleasure, by combining the noble values of traditional architecture into modern architecture.Keywords: architecture, combining noble values, local wisdom, traditional architecture
Procedia PDF Downloads 459592 The Role of Social Media in the Rise of Islamic State in India: An Analytical Overview
Authors: Yasmeen Cheema, Parvinder Singh
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The evolution of Islamic State (acronym IS) has an ultimate goal of restoring the caliphate. IS threat to the global security is main concern of international community but has also raised a factual concern for India about the regular radicalization of IS ideology among Indian youth. The incident of joining Arif Ejaz Majeed, an Indian as ‘jihadist’ in IS has set strident alarm in law & enforcement agencies. On 07.03.2017, many people were injured in an Improvised Explosive Device (IED) blast on-board of Bhopal Ujjain Express. One perpetrator of this incident was killed in encounter with police. But, the biggest shock is that the conspiracy was pre-planned and the assailants who carried out the blast were influenced by the ideology perpetrated by the Islamic State. This is the first time name of IS has cropped up in a terror attack in India. It is a red indicator of violent presence of IS in India, which is spreading through social media. The IS have the capacity to influence the younger Muslim generation in India through its brutal and aggressive propaganda videos, social media apps and hatred speeches. It is a well known fact that India is on the radar of IS, as well on its ‘Caliphate Map’. IS uses Twitter, Facebook and other social media platforms constantly. Islamic State has used enticing videos, graphics, and articles on social media and try to influence persons from India & globally that their jihad is worthy. According to arrested perpetrator of IS in different cases in India, the most of Indian youths are victims to the daydreams which are fondly shown by IS. The dreams that the Muslim empire as it was before 1920 can come back with all its power and also that the Caliph and its caliphate can be re-established are shown by the IS. Indian Muslim Youth gets attracted towards these euphemistic ideologies. Islamic State has used social media for disseminating its poisonous ideology, recruitment, operational activities and for future direction of attacks. IS through social media inspired its recruits & lone wolfs to continue to rely on local networks to identify targets and access weaponry and explosives. Recently, a pro-IS media group on its Telegram platform shows Taj Mahal as the target and suggested mode of attack as a Vehicle Born Improvised Explosive Attack (VBIED). Islamic State definitely has the potential to destroy the Indian national security & peace, if timely steps are not taken. No doubt, IS has used social media as a critical mechanism for recruitment, planning and executing of terror attacks. This paper will therefore examine the specific characteristics of social media that have made it such a successful weapon for Islamic State. The rise of IS in India should be viewed as a national crisis and handled at the central level with efficient use of modern technology.Keywords: ideology, India, Islamic State, national security, recruitment, social media, terror attack
Procedia PDF Downloads 230591 The Basic Teachings of the Buddha
Authors: Bhaddiya Tanchangya
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This article discusses the Four Noble Truths, the foundational teachings of Buddhism, and their significance to Buddhist philosophy. The Four Noble Truths are the Noble Truth of Suffering, the Noble Truth of the Cause of Suffering, the Noble Truth of the End of Suffering, and the Noble Truth of the Path Leading to the End of Suffering. The first truth, the Noble Truth of Suffering, explains that suffering or dukkha is an inherent part of existence, including emotional, physical, and existential forms of suffering, including the Five Aggregates, which refer to the five components that make up a sentient being's experience of existence, as they are all conditioned, interdependent, subject to the Three Characteristics of Existence: impermanence, unsatisfactoriness and emptiness. The second truth, the Noble Truth of the Cause of Suffering, states that craving or attachment to the sensory experiences of the Five Aggregates leads to suffering and identifies three types of craving: craving for sensual pleasures, craving for existence, and craving for non-existence. Through the doctrine of Dependent Origination (Paṭiccasamuppāda), the Buddha graphically shows how the entire process of suffering arises and ceases. The third truth, the Noble Truth of the End of Suffering, asserts that there is a way to end suffering and attain a state of liberation called Nibbāna that marks the end of the cycle of birth and death by removing that very craving towards the sensory experiences by cultivating the Noble Eightfold Path. The fourth truth, the Noble Truth of the Path Leading to the End of Suffering, describes the Noble Eightfold Path, a set of guidelines to develop insight and wisdom to overcome craving and attachment and attain liberation from suffering. The article emphasizes that the Four Noble Truths are universal, applicable to all people regardless of culture, background, or beliefs, and form the foundation of Buddhist philosophy and practice.Keywords: four noble truths, impermanence, suffering, not-self-ness, interconnectedness, emptiness, morality, concentration, wisdom, nirvana, happiness
Procedia PDF Downloads 88590 Islamic Financial Instrument, Standard Parallel Salam as an Alternative to Conventional Derivatives
Authors: Alireza Naserpoor
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Derivatives are the most important innovation which has happened in the past decades. When it comes to financial markets, it has changed the whole way of operations of stock, commodities and currency market. Beside a lot of advantages, Conventional derivatives contracts have some disadvantages too. Some problems have been caused by derivatives contain raising Volatility, increasing Bankruptcies and causing financial crises. Standard Parallel Salam contract as an Islamic financial product meanwhile is a financing instrument can be used for risk management by investors. Standard Parallel Salam is a Shari’ah-Compliant contract. Furthermore, it is an alternative to conventional derivatives. Despite the fact that the unstructured types of that, has been used in several Islamic countries, This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. In this paper after introducing parallel Salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel Salam contract and proceed to describe standard scenarios for trading this instrument and practical experience in Iran Mercantile Exchange about this instrument. Afterwards, we make a comparison between SPS and Futures contracts as a conventional derivative. Standard parallel salam contract as an Islamic financial product, can be used for risk management by investors. SPS is a Shariah-Compliant contract. Furthermore it is an alternative to conventional derivatives. This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. despite the fact that the unstructured types of that, has been used in several Islamic countries. In this article after introducing parallel salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel salam contract and proceed to describe standard scenarios for trading this instrument containing two main approaches in SPS using, And practical experience in IME about this instrument Afterwards, a comparison between SPS and Futures contracts as a conventional derivatives.Keywords: futures contracts, hedging, shari’ah compliant instruments, standard parallel salam
Procedia PDF Downloads 392589 Determining Factors for Opening Accounts, Customers’ Perception and Their Satisfaction Level Towards the First Security Islamic Bank of Bangladesh
Authors: Md. Akiz Uddin
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This research attempted to identify the determining factors that extensively persuaded customers of the First Security Islamic Bank Limited (FSIBL) to open accounts and their perception and satisfaction level towards it. Initially, a theoretical model was established based on existing literature reviews. After that, a self-administered structured questionnaire was developed, and data were collected from 180 customers of the FSIBL of Bangladesh using purposive sampling technique. The collected data were later analyzed through a statistical software. Structural Equation Modelling (SEM) was used to verify the model of the study and test the hypotheses. The study particularly examined the determinants of opening accounts, customers’ perception and their satisfaction level towards the bank on several factors like the bank’s compliance with Shariah law, use of modern technology, assurance, reliability, empathy, profitability, and responsiveness. To examine the impact of religious belief on being FSIBL clients, the study also investigates non-Muslim clients’ perception about FSIBL. The study focused on FSIBL customers only from five branches of Dhaka city. The study found that the religious beliefs is the most significant factors for Muslim customers for considering FSIBL to open an account, and they are satisfied with the services, too. However, for non-Muslim customers, other benefits like E-banking, various user-friendly services are the most significant factors for choosing FSIBL. Their satisfaction level is also statistically significant. Furthermore, even if the non- Muslim customers didn’t consider religious beliefs as determinant factors for choosing FSIBL, the respondents informed that they have trust that people who believe in shariah law are more reliable to keep money with them. These findings open up the avenue for future researchers to conduct more study in this area through employing a larger sample size and more branches and extending the current model by incorporating new variables. The study will be an important addition to the potentials of Islamic banking system, literature of service quality and customer satisfaction level, particularly in the success of Islamic banking system in Bangladesh.Keywords: islamic banking, customers’ satisfaction, customers’ perception, shariah law
Procedia PDF Downloads 76588 Western Culture Differences and the Contradictions in the Islamic World
Authors: Shabnam Dadparvar, Laijin Shen, Farzad Ravanbod
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Regarding the issues that are currently happening in the world, more than any other time the differences between West and Islam is under discussion. The cultural relations between Islam and the West took a drastically new turn when Europe arose as the dominant and unchallenged force of the modern era. The author, by using descriptive- analytical method, tries to analyse one of the most controversial questions facing analysts of relations between the Islamic world and the West: What are the roots of the conflict? This paper addresses the history of the intellectual tradition of the West and the attitude of Muslim world regarding the rise of western modernity. Also, the differences between two groups on philosophical foundations such as religion, power, science and humanism will be explained. The author believes that the real difference between the West and Islam is epistemological.Keywords: civilization, culture, Islam, West
Procedia PDF Downloads 314587 Challenging Shariah-Compliant Contract: A Latest Insight into the Malaysian Court Cases
Authors: Noor Suhaida Kasri
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In the last three decades, Malaysia has developed fundamental legal and regulatory structures that aim to accommodate and facilitate the growth of Islamic banking and finance industry. Important building blocks have been put in place, to cite a few, the elevation of the position of the Malaysian Central Bank Shariah Advisory Council (SAC) as the apex advisory body and the empowerment of their Shariah resolutions through the Central Bank Act 1958; the promulgation of the Islamic Financial Services Act 2013 that regulate and govern Islamic finance market with a robust statutory requirement of Shariah governance and Shariah compliance. Notwithstanding these achievements, enforceability of Shariah-compliant contract remains a contentious subject. The validity of Al Bai Bithaman Ajil concept that was commonly used by the Islamic financial institutions in their financing facilities structures and documentation has been unabatedly challenged by the customers in courts. The challenge was due to the manner in which the Al Bai Bithaman Ajil transactions were carried out. Due to this legal challenge, Al Bai Bithaman Ajil financing structure seems to no longer be the practitioners’ favourite in Malaysia, though its substitute tawarruq and commodity murabahah financing structure may potentially face similar legal challenges. This paper examines the legal challenges affecting the enforceability of these underlying Shariah contracts. The examination of these cases highlights the manner in which these contracts were being implemented and applied by the Malaysian Islamic financial institutions that triggered Shariah and legal concern. The analysis also highlights the approach adopted by the Malaysian courts in determining the Shariah issues as well as the SAC in ascertaining the rulings on the Shariah issues referred to it by the courts. The paper adopts a qualitative research methodology by using textual and documentary analysis approach. The outcome of this study underlines factors that require consideration by industry stakeholder in order to ameliorate the efficacy of the existing building blocks that would eventually strengthens the validity and enforceability of Shariah-compliant contracts. This, in the long run, will further reinforce financial stability and trust into the Islamic banking and finance industry in Malaysia.Keywords: enforceability of Shariah compliant contract, legal challenge, legal and regulatory framework, Shariah Advisory Council
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