Search results for: FTSE global Islamic index
8865 Assessing the Indicators Influencing Port Resilience: A Comprehensive Literature Review
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In recent decades, the world has endured severe challenges in light of climate change, epidemics, geopolitics, terrorism, economic uncertainties, as well as regional conflicts and rivalries. The appropriate use of critical infrastructures (Cis) is confronted. Ports, as typical Cis cover more than 80% of the global freight movement. Within this context, even the minimal disruption of port operations could cause malfunction of the holistic supply chain network and substantial economic losses. Hence, it is crucial to evaluate port performance from the perspective of resilience. Research on resilience and risk/safety management has been increasing, however, it needs more attention, as it could prevent potential socio-economic losses and inspire decision-makers to make resilience-based decisions to answer the challenges, such as COVID-19. To facilitate better moves from decision-makers, ports need to identify proper factors influencing port resilience. Inappropriately influenced factor selection could have a cascading effect on undesirable port performances. Thus, a systematic evaluation of factors is essential to stimulate the improvement process of port resilience investigation. This study zooms into container ports considering their critical role in international trade and global supply chains. 440 articles are selected after relevance ranking, and consequently, 62 articles are scrutinized after the title and abstract screening. Forty-one articles are included for bibliographic analysis in the end. It is found that there is no standardized index system to measure port resilience. And most studies evaluate port resilience merely in the recovery phase. Only two articles cover absorption, adaption and recovery state. However, no literature involves the prevention state. Hence, a uniform resilience index system is expected with a clear resilience definition. And port safety and security should also be considered while evaluating port resilience.Keywords: port resilience, port safety and security, literature review, index system, port performance
Procedia PDF Downloads 1248864 An Expert System Designed to Be Used with MOEAs for Efficient Portfolio Selection
Authors: Kostas Metaxiotis, Kostas Liagkouras
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This study presents an Expert System specially designed to be used with Multiobjective Evolutionary Algorithms (MOEAs) for the solution of the portfolio selection problem. The validation of the proposed hybrid System is done by using data sets from Hang Seng 31 in Hong Kong, DAX 100 in Germany and FTSE 100 in UK. The performance of the proposed system is assessed in comparison with the Non-dominated Sorting Genetic Algorithm II (NSGAII). The evaluation of the performance is based on different performance metrics that evaluate both the proximity of the solutions to the Pareto front and their dispersion on it. The results show that the proposed hybrid system is efficient for the solution of this kind of problems.Keywords: expert systems, multi-objective optimization, evolutionary algorithms, portfolio selection
Procedia PDF Downloads 4388863 The Influence of Islamic Arts in Omani Weaving Motifs
Authors: Zahra Ahmed Al-zadjali
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The influence of Islam on arts can be found primarily in calligraphy, arabesque designs and architecture. Also, geometric designs were used quite extensively. Muslim craftsmen produced stunning designs based on simple geometric principles and traditional motifs which were used to decorate many surfaces. The idea of interlacing simple rectilinear lines to form the patterns impressed Arabs. Nomads of Persia, Turks and Mongols were equally impressed with the designs so they begin to use them in their homes in carpet weaving. Islamic designs, motifs and colours which were used became common place and served to influence people’s tastes. Modern life style and contemporary products have changed the style of people’s daily lives, however, people still long for the nomadic way of life. This is clearly reflected in people’s homes. In a great many Muslim homes, Islamic decorative motifs can be seen along with traditional ‘Bedouin’ style furnishing, especially in homes of the Arabian Peninsula.Keywords: art, craft, design, Oman, weaving
Procedia PDF Downloads 4708862 Application of Benford's Law in Analysis of Frankfurt Stock Exchange Index (DAX) Percentage Changes
Authors: Mario Zgela
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Application of Benford’s Law is very rarely covered in the field of stock market analysis, especially in percentage change of stock market indices. Deutscher Aktien IndeX (DAX) is very important stock market index of Frankfurt Deutsche Börse which serves as underlying basis for large number of financial instruments. It is calculated for selected 30 German blue chips stocks. In this paper, Benford's Law first digit test is applied on 10 year DAX daily percentage changes in order to check compliance. Deviations of 10 year DAX percentage changes set as well as distortions of certain subsets from Benford's Law distribution are detected. It is possible that deviations are the outcome of speculations; and psychological influence should not be eliminated.Keywords: Benford's Law, DAX, index percentage changes, stock market
Procedia PDF Downloads 2898861 Evaluation of a Surrogate Based Method for Global Optimization
Authors: David Lindström
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We evaluate the performance of a numerical method for global optimization of expensive functions. The method is using a response surface to guide the search for the global optimum. This metamodel could be based on radial basis functions, kriging, or a combination of different models. We discuss how to set the cycling parameters of the optimization method to get a balance between local and global search. We also discuss the eventual problem with Runge oscillations in the response surface.Keywords: expensive function, infill sampling criterion, kriging, global optimization, response surface, Runge phenomenon
Procedia PDF Downloads 5768860 The Four Pillars of Islamic Design: A Methodology for an Objective Approach to the Design and Appraisal of Islamic Urban Planning and Architecture Based on Traditional Islamic Religious Knowledge
Authors: Azzah Aldeghather, Sara Alkhodair
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In the modern urban planning and architecture landscape, with western ideologies and styles becoming the mainstay of experience and definitions globally, the Islamic world requires a methodology that defines its expression, which transcends cultural, societal, and national styles. This paper will propose a methodology as an objective system to define, evaluate and apply traditional Islamic knowledge to Islamic urban planning and architecture, providing the Islamic world with a system to manifest its approach to design. The methodology is expressed as Four Pillars which are based on traditional meanings of Arab words roughly translated as Pillar One: The Principles (Al Mabade’), Pillar Two: The Foundations (Al Asas), Pillar Three: The Purpose (Al Ghaya), Pillar Four: Presence (Al Hadara). Pillar One: (The Principles) expresses the unification (Tawheed) pillar of Islam: “There is no God but God” and is comprised of seven principles listed as: 1. Human values (Qiyam Al Insan), 2. Universal language as sacred geometry, 3. Fortitude© and Benefitability©, 4. Balance and Integration: conjoining the opposites, 5. Man, time, and place, 6. Body, mind, spirit, and essence, 7. Unity of design expression to achieve unity, harmony, and security in design. Pillar Two: The Foundations is based on two foundations: “Muhammad is the Prophet of God” and his relationship to the renaming of Medina City as a prototypical city or place, which defines a center space for collection conjoined by an analysis of the Medina Charter as a base for the humanistic design. Pillar Three: The Purpose (Al Ghaya) is comprised of four criteria: The naming of the design as a title, the intention of the design as an end goal, the reasoning behind the design, and the priorities of expression. Pillar Four: Presence (Al Hadara) is usually translated as a civilization; in Arabic, the root of Hadara is to be present. This has five primary definitions utilized to express the act of design: Wisdom (Hikma) as a philosophical concept, Identity (Hawiya) of the form, and Dialogue (Hiwar), which are the requirements of the project vis-a-vis what the designer wishes to convey, Expression (Al Ta’abeer) the designer wishes to apply, and Resources (Mawarid) available. The Proposal will provide examples, where applicable, of past and present designs that exemplify the manifestation of the Pillars. The proposed methodology endeavors to return Islamic urban planning and architecture design to its a priori position as a leading design expression adaptable to any place, time, and cultural expression while providing a base for analysis that transcends the concept of style and external form as a definition and expresses the singularity of the esoteric “Spiritual” aspects in a rational, principled, and logical manner clearly addressed in Islam’s essence.Keywords: Islamic architecture, Islamic design, Islamic urban planning, principles of Islamic design
Procedia PDF Downloads 1058859 Measuring Development through Extreme Observations: An Archetypal Analysis Approach to Index Construction
Authors: Claudeline D. Cellan
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Development is multifaceted, and efforts to hasten growth in all these facets have been gaining traction in recent years. Thus, producing a composite index that is reflective of these multidimensional impacts captures the interests of policymakers. The problem lies in going through a mixture of theoretical, methodological and empirical decisions and complexities which, when done carelessly, can lead to inconsistent and unreliable results. This study looks into index computation from a different and less complex perspective. Borrowing the idea of archetypes or ‘pure types’, archetypal analysis looks for points in the convex hull of the multivariate data set that captures as much information in the data as possible. The archetypes or 'pure types' are estimated such that they are convex combinations of all the observations, which in turn are convex combinations of the archetypes. This ensures that the archetypes are realistically observable, therefore achievable. In the sense of composite indices, we look for the best among these archetypes and use this as a benchmark for index computation. Its straightforward and simplistic approach does away with aggregation and substitutability problems which are commonly encountered in index computation. As an example of the application of archetypal analysis in index construction, the country data for the Human Development Index (HDI 2017) of the United Nations Development Programme (UNDP) is used. The goal of this exercise is not to replicate the result of the UNDP-computed HDI, but to illustrate the usability of archetypal analysis in index construction. Here best is defined in the context of life, education and gross national income sub-indices. Results show that the HDI from the archetypal analysis has a linear relationship with the UNDP-computed HDI.Keywords: archetypes, composite index, convex combination, development
Procedia PDF Downloads 1268858 Correlation between Adherence to Islamic Principles of Success and Academic Achievement
Authors: Zuwaira Abubakar
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Islam is the Divine religion which guides Man ways of leading a prosperous life in this life and the hereafter. This study was conducted in order to investigate the possible relationship between adherence to Islamic principles of success and academic performance of university students. Accordingly, a questionnaire based on Islamized principles of success (referred to as 'Islamic character quotient inventory (ICQi)') was correlated with CGPA (Cumulative Grade Point Averages) of 343 students of Usmanu Danfodiyo University Sokoto. The empirical testing indicates that the total score on ICQi correlated positively and significantly with academic performance of the respondent. Students with either high or medium adherence have a significantly (P<0.01) higher CGPA than their counterparts with the low-adherence level. However, the result did not show a significant relationship between the CGPA of highly adherent individuals and that of those with medium adherence level. This may suggests that Islam is not for spiritual life only but also relevant and useful for our practical life.Keywords: academic, Islam, principles, success
Procedia PDF Downloads 2318857 Capital Adequacy and Islamic Banks Behavior: Evidence from Middle East Countries
Authors: Khaled Alkadamani
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Using the simultaneous equations model, this paper examines the impact of capital requirements on bank risk-taking during the recent financial crisis. It also explores the relationship between capital and risk decisions and the impact of economic instability on this relationship. By analyzing the data of 20 Islamic commercial banks between 2004 and 2014 from four Middle East countries, the study concludes a positive effect of regulatory pressure on bank capital in Saudi Arabia and UAE and a negative effect in Jordan and Kuwait. Moreover, the results show a negative impact of regulatory pressure on bank risk taking in Saudi Arabia, Jordan and UAE. The findings reveal also that banks close to the minimum regulatory capital requirements improve their capital adequacy by increasing their capital and decreasing their risk taking. Furthermore, the results show that economic crisis negatively affects bank risk changes, suggesting that banks react to the impact of uncertainty by reducing their risk taking. Finally, the estimations show a negative correlation between banks profitability and capital adequacy ratio (CAR), implying that as more capital is set aside as a buffer for banks safety; it affects the performance of Islamic banks.Keywords: bank capital, bank regulation, crisis, Islamic banks, risk taking
Procedia PDF Downloads 4398856 The Effect of Global Value Chain Participation on Environment
Authors: Piyaphan Changwatchai
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Global value chain is important for current world economy through foreign direct investment. Multinational enterprises' efficient location seeking for each stage of production lead to global production network and more global value chain participation of several countries. Global value chain participation has several effects on participating countries in several aspects including the environment. The effect of global value chain participation on the environment is ambiguous. As a result, this research aims to study the effect of global value chain participation on countries' CO₂ emission and methane emission by using quantitative analysis with secondary panel data of sixty countries. The analysis is divided into two types of global value chain participation, which are forward global value chain participation and backward global value chain participation. The results show that, for forward global value chain participation, GDP per capita affects two types of pollutants in downward bell curve shape. Forward global value chain participation negatively affects CO₂ emission and methane emission. As for backward global value chain participation, GDP per capita affects two types of pollutants in downward bell curve shape. Backward global value chain participation negatively affects methane emission only. However, when considering Asian countries, forward global value chain participation positively affects CO₂ emission. The recommendations of this research are that countries participating in global value chain should promote production with effective environmental management in each stage of value chain. The examples of policies are providing incentives to private sectors, including domestic producers and MNEs, for green production technology and efficient environment management and engaging in international agreements in terms of green production. Furthermore, government should regulate each stage of production in value chain toward green production, especially for Asia countries.Keywords: CO₂ emission, environment, global value chain participation, methane emission
Procedia PDF Downloads 1908855 Contemporary Global Urban Scenarios: An Essay on Urban Insurgencies
Authors: Clovis Ultramari, Lidia Floriani, Debora Cicioli
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This paper is a preliminary discussion on the constituency of contemporary global urban scenarios. It is based on secondary sources, mostly from the topics mostly currently discussed by global studies institutes, academic material on the possible components of this phenomenon, and a list of possible scenarios preliminarily proposed by these authors. It also discusses one of these possible scenarios (urban insurgencies) through the lens of a global perspective. Main objective of the research presented in this paper is to produce insights for international aid and development agencies as well as to respond to an increasing interest in the urban studies field in discussing global topics. This paper also results from discussions held in seminars offered by the authors in the graduate program of Urban Management along 2021 and 2022. It is part of a research project that puts together an international team of researches, mostly from the Global South. Results so far obtained refer to conceptual aspects for the determination of global urban scenarios and the presentation of urban insurgencies as worldwide trending urban phenomenon. Presentation in the seminar is part of an ongoing discussion.Keywords: urban global scenarios, contemporary cities, global south, urban insurgencies
Procedia PDF Downloads 1058854 Some Conjectures and Programs about Computing the Detour Index of Molecular Graphs of Nanotubes
Authors: Shokofeh Ebrtahimi
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Let G be the chemical graph of a molecule. The matrix D = [dij ] is called the detour matrix of G, if dij is the length of longest path between atoms i and j. The sum of all entries above the main diagonal of D is called the detour index of G.Chemical graph theory is the topology branch of mathematical chemistry which applies graph theory to mathematical modelling of chemical phenomena.[1] The pioneers of the chemical graph theory are Alexandru Balaban, Ante Graovac, Ivan Gutman, Haruo Hosoya, Milan Randić and Nenad TrinajstićLet G be the chemical graph of a molecule. The matrix D = [dij ] is called the detour matrix of G, if dij is the length of longest path between atoms i and j. The sum of all entries above the main diagonal of D is called the detour index of G. In this paper, a new program for computing the detour index of molecular graphs of nanotubes by heptagons is determineded. Some Conjectures about detour index of Molecular graphs of nanotubes is included.Keywords: chemical graph, detour matrix, Detour index, carbon nanotube
Procedia PDF Downloads 2918853 Thematical and Critical Analysis of Answers of Saduddin Thafthazani and His Methodology in His Book Sharahul Aqaid
Authors: Muhsina Khadeeja
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Introducing theological texts combined with philosophy will be useful in understanding the major difference between theology and philosophy and making a comparative study between these two epistemologies. SHARAHUL AQAID is one of them. Which originated in the Fourteenth century; the time was enriched with theological discourses and religious revisions. Meanwhile, visions of philosophy strengthened and its ideologies were discussed widely until it reflected on Islamic theology. Those philosophers initiated to interpretation of Islamic theology from a philosophical aspect. Some prominent Muslim theologists like Gazzali analyzed that this genre of interpretations and followed questions will threaten the existence of Islamic theology. Understanding these situations, prominent leaders defended Islamic theology through their intellectual works. SHARAHUL AQAID of SADUDDIN THATHAZANI is one of them, which is written as a commentary on UMAR NASAFI's work. The mentioned book is full of answers to the counters of philosophers and rectification of their interpretation. He adopted the philosophical method in this work rather than other methods to make philosophers understand his answers vividly. Because of that, the book is plentiful with philosophical terminologies. Common people can't grasp it without a deep reading. So, the researcher hopes that the analysis of this work will help to elaborate its meanings and make it graspable. The researcher chooses a thematical and critical analysis of the answers of SADUDDIN THAFTHAZANI in SHARAHUL AQAID and on his methodology. This analysis denotes theology and philosophy show similarities rather than contradictions. The researcher concludes this study by examining the difference between theology and philosophy, similarities and contradiction. Finally, researcher proves how both epistemologies coexist.Keywords: islamic theology, sharahul aqaid, saduddin thafthazani, philosophy
Procedia PDF Downloads 778852 Natural Law in the Mu’Tazilite Theology
Authors: Samaneh Khalili
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Natural law theory, in moral philosophy, refers to a system of unchanging values held to be mutual to all humans and can be discovered through reason. The natural law theory is commonly associated with western Philosophers. In contrast, discussions on notions of natural law in Islamic intellectual history were relatively rare. This paper aims to show that the moral theory developed by the Mu'tazilite thinkers can be classified in the ideas of natural law. In doing so, this study will demonstrate that the objective and unchanging values, according to Mu'tazilite theologians, provide the guidelines for assessing the Islamic law rules in the field of human coexistence. The focus of the paper lies on ʿAbd al-Ğabbār, who was the most influential thinker in the late epoch of the Muʿtazila. Although ʿAbd al-Ǧabbār did not leave a text with a systematic discussion of natural law, his teaching of nature, human reason, and the moral values of actions are all scattered throughout his work -'al-Muġnī fī abwāb at-tawḥīd wa-l-'adl'. It is necessary to focus on ʿAbd al-Ǧabbār's theories on reason, nature, and ethics since natural law revolves around the basic concepts of nature, reason, and moral value. While analyzing the concept of the Nature, it will attempt to answer how he explains the world's physical structure and God's relationship to natural events. Moreover, from ʿAbd al-Ǧabbār's point of view, is nature a self-determined system that follows its inner principle in every kind of change, or is nature guided by an external power? Does causality govern natural events? About the concept of reason, an attempt is made to examine how human reason, according to ʿAbd al-Ǧabbār, conceives moral attributes. Finally, the Autor will discuss the concepts of objective values and the place of rights and duties derived from Islamic law in ʿAbd al-Ǧabbār's thought.Keywords: Islamic law, Mu'tazilite theology, natural law in Islamic theology, objective and unchanging values.
Procedia PDF Downloads 958851 The Performance of Saudi Banking Industry 2000 -2011: Have the Banks Distinguished Themselves from One Another?
Authors: Bukhari M. S. Sillah, Imran Khokhar, Muhammad Nauman Khan
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This paper studies the technical efficiency of Saudi banking sector using stochastic frontier model. A sample of 12 banks over the period 2000-2011 is selected to investigate their technical efficiencies in mobilizing deposits, producing investment and generating income. The banks are categorized as Saudi-owned banks, Saudi-foreign-owned banks and Islamic banks. The findings show some consistent pattern of these bank types; and there exist significant disparities among the banks in term of technical efficiency. The Banque Saudi Fransi stands out as a benchmark bank for the industry, and it is a Saudi-foreign owned bank type. The Saudi owned bank types have shown fluctuating performance during the period; and the Islamic bank types are no significantly different from Saudi-owned bank types.Keywords: technical efficiency, production frontier model, Islamic banking
Procedia PDF Downloads 4898850 Intuitional Insight in Islamic Mysticism
Authors: Maryam Bakhtyar, Pegah Akrami
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Intuitional insight or mystical cognition is a different insight from common, concrete and intellectual insights. This kind of insight is not achieved by visionary contemplation but by the recitation of God, self-purification, and mystical life. In this insight, there is no distance or medium between the subject of cognition and its object, and they have a sort of unification, unison, and incorporation. As a result, knowledgeable consider this insight as direct, immediate, and personal. The goal of this insight is God, cosmos’ creatures, and the general inner and hidden aspect of the world that is nothing except God’s manifestations in the view of mystics. AS our common cognitions have diversity and stages, intuitional insight also has diversity and levels. As our senses are divided into concrete and rational, mystical discovery is divided into superficial discovery and spiritual one. Based on Islamic mystics, the preferable way to know God and believe in him is intuitional insight. There are two important criteria for evaluating mystical intuition, especially for beginner mystics of intellect and revelation. Indeed, the conclusion and a brief evaluation of Islamic mystics’ viewpoint is the main subject of this paper.Keywords: intuition, discovery, mystical insight, personal knowledge, superficial discovery, spiritual discovery
Procedia PDF Downloads 938849 National Security Threat and Fear of Rising Islamic Extremism in Bangladesh due to Influx of Rohingya Refugees
Authors: Afsana Afsar Tuly
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The Rohingyas are a group of minority Muslimsin Myanmar who witnessed series of persecution, violence, and torture from Burmese military since 1948. In 2017, around 700,000 Rohingyas fled to the neighboring country Bangladesh and took shelter as refugees after facing clashes with Myanmar security forces. The number increased to 1.8 million in 2020, creating one of the largest refugee crises of recent times. This research focuses on the vulnerability and poverty faced by Rohingyas in refugee camps and how thelack of long-term solution and silence from international communitycan pose national security threat and increasing Islamic extremism in Bangladesh. Islamic religious and terrorist groups have used the Rohingyas position as stateless people to influence them into speaking against the secular government of Bangladesh. There has been increasing crime rates and formation of different rebel groups in refugee camps, causing clashes with Bangladeshi police and authority. Human trafficking, illegal drug dealings, prostitution, and other illicit activities have continuously gone up in the southeastern part of Bangladesh. Some economic, social, and environmental factors are studied and analyzed to show the change in Bangladesh between 2017 and 2020.Keywords: national security threat, islamic extremism, rohingya refugees, refugee studies, Bangladesh, myanmar
Procedia PDF Downloads 1428848 Linguistic Analysis of Holy Scriptures: A Comparative Study of Islamic Jurisprudence and the Western Hermeneutical Tradition
Authors: Sana Ammad
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The tradition of linguistic analysis in Islam and Christianity has developed independently of each other in lieu of the social developments specific to their historical context. However, recently increasing number of Muslim academics educated in the West have tried to apply the Western tradition of linguistic interpretation to the Qur’anic text while completely disregarding the Islamic linguistic tradition used and developed by the traditional scholars over the centuries. The aim of the paper is to outline the linguistic tools and methods used by the traditional Islamic scholars for the purpose of interpretating the Holy Qur’an and shed light on how they contribute towards a better understanding of the text compared to their Western counterparts. This paper carries out a descriptive-comparative study of the linguistic tools developed and perfected by the traditional scholars in Islam for the purpose of textual analysis of the Qur’an as they have been described in the authentic works of Usul Al Fiqh (Jurisprudence) and the principles of textual analysis employed by the Western hermeneutical tradition for the study of the Bible. First, it briefly outlines the independent historical development of the two traditions emphasizing the final normative shape that they have taken. Then it draws a comparison of the two traditions highlighting the similarities and the differences existing between them. In the end, the paper demonstrates the level of academic excellence achieved by the traditional linguistic scholars in their efforts to develop appropriate tools of textual interpretation and how these tools are more suitable for interpreting the Qur’an compared to the Western principles. Since the aim of interpreters of both the traditions is to try and attain an objective understanding of the Scriptures, the emphasis of the paper shall be to highlight how well the Islamic method of linguistic interpretation contributes to an objective understanding of the Qur’anic text. The paper concludes with the following findings: The Western hermeneutical tradition of linguistic analysis developed within the Western historical context. However, the Islamic method of linguistic analysis is much more highly developed and complex and serves better the purpose of objective understanding of the Holy text.Keywords: Islamic jurisprudence, linguistic analysis, textual interpretation, western hermeneutics
Procedia PDF Downloads 3278847 Applying Risk Taking in Islamic Finance: A Fiqhī Viewpoint
Authors: Mohamed Fairooz Abdul Khir
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The linkage between liability for risk and legitimacy of reward is a governing principle that must be fully observed in financial transactions. It is the cornerstone of any Islamic business or financial deal. The absence of risk taking principle may give rise to numerous prohibited elements such as ribā, gharar and gambling that violate the objectives of financial transactions. However, fiqhī domains from which it emanates have not been clearly spelled out by the scholars. In addition, the concept of risk taking in relation to contemporary risks associated with financial contracts, such as credit risk, liquidity risk, reputational risk and market risk, needs further scrutiny as regard their Sharīʿah bases. Hence, this study is imperatively significant to prove that absence of risk taking concept in Islamic financial instruments give rise to prohibited elements particularly ribā. This study is primarily intended to clarify the concept of risk in Islamic financial transactions from the fiqhī perspective and evaluate analytically the selected issues involving risk taking based on the established concept of risk taking from fiqhī viewpoint. The selected issues are amongst others charging cost of fund on defaulting customers, holding the lessee liable for total loss of leased asset under ijārah thumma al-bayʿ and capital guarantee under mushārakah based instruments. This is a library research in which data has been collected from various materials such as classical fiqh books, regulators’ policy guidelines and journal articles. This study employed deductive and inductive methods to analyze the data critically in search for conclusive findings. It suggests that business risks have to be evaluated based on their subjects namely (i) property (māl) and (ii) work (ʿamal) to ensure that Islamic financial instruments structured based on certain Sharīʿah principles are not diverted from the risk taking concept embedded in them. Analysis of the above selected cases substantiates that when risk taking principle is breached, the prohibited elements such as ribā, gharar and maysir do arise and that they impede the realization of the maqāṣid al-Sharīʿah intended from Islamic financial contracts.Keywords: Islamic finance, ownership risk, ribā, risk taking
Procedia PDF Downloads 3248846 Need for Shariah Screening of Companies in Nigeria: Lessons from Other Jurisdictions
Authors: Aishat Abdul-Qadir Zubair
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Background: The absence of Shari’ah screening methodology for companies in Nigeria has further engineered the uncertainty surrounding the acceptability of investing in certain companies by people professing the religion of Islam due to the nature of the activities carried out by these companies. There are some existing shariah screening indices in other jurisdictions whose criteria can be used to check if a company or business is shariah-compliant or not. Examples such as FTSE, DJIM, Standard and Poor to mention just a few. What these indices have tried to do is to ensure that there are benchmarks to check with before investing in companies that carry out mixed activities in their business, wherein some are halal and others may be haram. Purpose: There have been numerous studies on the need to adopt certain screening methodologies as well as call for new methods in screening companies for shariah compliance in order to suit the investments needs of Muslims in other jurisdictions. It is, however, unclear how suitable these methodologies will be to Nigeria. This paper, therefore, seeks to address this gap to consider an appropriate screening methodology to be employed in Nigeria, drawing from the experience of other jurisdictions. Methods: This study employs a triangulation of both quantitative and qualitative methods to analyze the need for Shari’ah screening of companies in Nigeria. The qualitative method is used by way of ijtihad, and this study tries to apply some Islamic Principles of Maqasid al-shari’ah as well as Qawaid al-Fiqiyyah to analyze activities of companies in order to ensure that they are indeed Shari’ah compliant. In addition, using the quantitative data gathered from the interview survey, the perspective of the investors with regards to the need for Shari’ah screening of companies in Nigeria is further analyzed. Results: The result of the study shows that there is a lack of awareness from the teeming Muslim population in Nigeria on the need for Shari’ah screening of companies in Nigeria. The result further shows that there is the need to take into cognizance the peculiar nature of company activities in Nigeria before any particular Shari’ah screening methodology is adopted and setting the necessary benchmarks. Conclusion and Implications: The study concludes that there is the need to ensure that the conscious Muslims in Nigeria screen companies for Shari’ah compliance so that they can easily identify the companies to invest in. The paper, therefore, recommends that the Nigerian government need to come up with a screening methodology that will suit the peculiar nature of companies in Nigeria. The study thus has a direct implication on the Investment regulatory bodies in Nigeria such as the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) as well as the investor Muslims.Keywords: Shari'ah screening, Muslims, investors, companies
Procedia PDF Downloads 1658845 Planning Sustainable Urban Communities through Nature-Based Solutions: Perspectives from the Global South
Authors: Nike Jacobs, Elizelle Juanee Cilliers
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In recent decades there has been an increasing strive towards broader sustainable planning practices. A wide range of literature suggests that nature-based solutions (including Green Infrastructure planning) may lead towards socio-economically and environmentally sustainable urban communities. Such research is however mainly based on practices from the Global North with very little reference to the Global South. This study argues that there is a need for Global North knowledge to be translated to Global South context, and interpreted within this unique environment, acknowledging historical and cultural differences between Global North and Global South, and ultimately providing unique solutions for the unique urban reality. This research primarily focuses on nature-based solutions for sustainable urban communities and considers a broad literature review on Global North knowledge regarding such, substantiated by an analysis of purposefully selected case studies. The investigation identifies best practices which could be translated and place such in the context of current Global South perspectives.Keywords: global south, green infrastructure planning, nature-based solutions, sustainable urbanism, urban sustainability
Procedia PDF Downloads 2558844 A Traceability Index for Food
Authors: Hari Pulapaka
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This paper defines and develops the notion of a traceability index for food and may be used by any consumer (restaurant, distributor, average consumer etc.). The concept is then extended to a region's food system as a way to measure how well a regional food system utilizes its own bounty or at least, is connected to its food sources. With increasing emphases on the sustainability of aspects of regional and ultimately, the global food system, it is reasonable to accept that if we know how close (in relative terms) an end-user of a set of ingredients (as they traverse through the maze of supply chains) is from the sources, we may be better equipped to evaluate the quality of the set as measured by any number of qualitative and quantitative criteria. We propose a mathematical model which may be adapted to a number of contexts and sizes. Two hypothetical cases of different scope are presented which highlight how the model works as an evaluator of steps between an end-user and the source(s) of the ingredients they consume. The variables in the model are flexible enough to be adapted to other applications beyond food systems.Keywords: food, traceability, supply chain, mathematical model
Procedia PDF Downloads 2728843 Critical Thinking Index of College Students
Authors: Helen Frialde-Dupale
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Critical thinking Index (CTI) of 150 third year college students from five State Colleges and Universities (SUCs) in Region I were determined. Only students with Grade Point Average (GPA) of at least 2.0 from four general classification of degree courses, namely: Education, Arts and Sciences, Engineering and Agriculture were included. Specific problem No.1 dealt with the profile variables, namely: age, sex, degree course, monthly family income, number of siblings, high school graduated from, grade point average, personality type, highest educational attainment of parents, and occupation of parents. Problem No. 2 determined the critical thinking index among the respondents. Problem No. 3 investigated whether or not there are significant differences in the critical thinking index among the respondents across the profile variables. While problem No.4 determined whether or not there are significant relationship between the critical thinking index and selected profile variables, namely: age, monthly family income, number of siblings, and grade point average of the respondents. Finally, on problem No. 5, the critical thinking instrument which obtained the lowest rates, were used as basis for outlining an intervention program for enhancing critical thinking index (CTI) of students. The following null hypotheses were tested at 0.05 level of significance: there are no significant differences in the critical thinking index of the third college students across the profile variables; there are no significant relationships between the critical thinking index of the respondents and selected variables, namely: age, monthly family income, number of siblings, and grade point average.Keywords: attitude as critical thinker, critical thinking applied, critical thinking index, self-perception as critical thinker
Procedia PDF Downloads 5158842 Contesting Blind Obedience in Islam within the Malay-Language Media: Case Study of 'I Want to Touch a Dog' Event
Authors: Aisya Zaharin
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The reporting of Islam in the Malaysian government-controlled press is complicated and occurs almost daily. This is due to the Islamisation process that has been heavily politicized in recent years. This article analyses media representations of Islam in the Malaysian media through the social responsibility theory. A provocative case study of media reporting on the “I want to touch a dog” event was analysed since dog’s saliva is ritually considered unhygienic by Muslims. This paper will not question the Islamic ruling on the dog’s issue. Instead, it calls for discussions in relation to openness and maturity in religious discourse with respect to the dog’s saliva dialogue in 1937. It applies Hage’s “minor and major reality” to explain the increasing percentage of Muslim who define their own understandings of Islam vs the government’s dogmatic versions. This paper employs Alatas’s method of “sociological investigation in Southeast Asia” by using ethnographic examination on selected mass media. Through Asiacentricity approach, this paper revisited the local framework of Alatas’s New Man encouraging Muslims to engage in knowledge and to appreciate diversities in Islamic jurisprudences. Despite government’s control, findings showed that non-Malay languages and online media are more comprehensive in reporting the news about Islam. Clearly, there has to be a re-conceptualization of Islamic discourses in the Malay-language media.Keywords: dog, Fiqh, Islamic jurisprudence, Malaysian media, New Man, social responsibility
Procedia PDF Downloads 3178841 Key Factors of Success and Deterrent of IT Projects, Case study: Islamic Azad University, Zahedan Branch
Authors: Mohammad Reza Abidi, Zahra Nourouz Pour, Mehdi Moudi
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In this research, firstly critical success factors and deterrent factors in implementing projects and also the factors those cause information technology productivity (IT) paradox in Islamic Azad University, Zahedan branch examined. Research method of this paper is descriptive. In fact, the researcher by using survey, proposed useful solutions. In this research, subjects’ responders to questionnaires items were based on Likert scale. In the questionnaire, economic, technical, organizational and cultural factors in the university have been assessed in order to obtain the necessary validity. We used masters and technicians of IT department’s advices to realize reliability and consistency. For the reliability test we used Cronbach’s reliability test and validity has been obtained using SPSS software. Because of the research questions and objectives, t-student test is used for hypothesis testing. Finally we analyze the findings, we offer conclusions and suggestions.Keywords: IT projects, Islamic Azad University, success factors, deterrent factors
Procedia PDF Downloads 3148840 Determining a Bilingualism Index: Evidence From Lebanese Control Bilinguals
Authors: Rania Kassir, Christophe Dos Santos, Halim Abboud, Olivier Godefroy
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The ability to communicate in at least two different languages is shared by a growing number of humans. Recently, many researchers have been studying the elderly bilingual population around the world in neuroscience, and yet, until today there’s no accurate nor universal measure or methodology used to examine bilingualism across these studies which constitute a real challenge for results generalization. This study contributes to the quest of a multidimensional bilingualism index and language proficiency literature by investigating a new bilingualism index from a reliable subjective questionnaire the Language Experience and Proficiency Questionnaire (LEAP-Q), multi-linguistic tests, and a diverse bilingual population all featured in one analysis and one index. One hundred Lebanese subjects aged between 55 and 92 years old divided into three different bilingualism subgroups (Arabic prominent, balanced, and French prominent) were recruited and underwent the LEAP-Q with a set of linguistic and cognitive tests. The analysis of the collected data led to the creation of a robust bilingualism index from speaking and oral understanding scores that underline specifically bilingualism subtype according to cutoffs scored. The practice implications of this index, particularly its use within bilingual populations, are addressed in the conclusion of this work.Keywords: bilingualism, language dominance, bilingualism index, balanced bilingualism, Arabic first language, Lebanese, Arabic-French bilingualism
Procedia PDF Downloads 1268839 Legal Comparative on Islam and Human Rights in Indonesia
Authors: Muhammad Ilham Agus Salim
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This study aims to reconstruct the discourse of human rights which focused on the issue of freedom of religion/belief (FORB) in Indonesia. This topic always has an appeal considering the development of Islam, both as a phenomenon of religion as well as social and political phenomenon, always in touch with human rights issues. For the majority, Islam is involved in human rights discourse needs to be viewed as a natural thing as it also occurs in the majority group in other countries. The natural state is increasingly gaining affirmation when also considering the doctrine of Islam which is also related to human rights. So the involvement of Islamic parties to human rights talks in Indonesia is not as excessive when considering the sociological position and character of Islamic doctrine. But because of who made the object of conversation, namely human rights and particularly freedom of religion or belief again, not something that is taken for granted, then the diversity within Islam itself impossible can be avoided. In this study the diversity of views presented in the trial which categorically can be grouped into two views, namely: inclusive and exclusive.Keywords: Islam doctrine, Islamic parties, human rights, freedom of religion
Procedia PDF Downloads 5938838 The Position of Islamic Jurisprudence in UAE Private Law: Analytical Study
Authors: Iyad Jadalhaq, Mohammed El Hadi El Maknouzi
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The place of Islamic law in the legal system of the UAE is best understood by introducing a differentiation between its role as a formal source of law and its influence as a material source of law. What this differentiation helps clarify is that the corpus of Islamic law constitutes a much deeper influence on adjudication, law-making and the legal profession in the UAE, than it might appear at first sight, by considering its formal position in the division of labor between courts, or legislative lists of sources of law. This paper aims to examine the role of Shariah in the UAE private law system by determining the comprehensiveness of Sharia in the legal system as a whole, and not in a limited way related to it as a source of law according to Article 1 of the Civil Transactions Law. Turning to the role of the Shariah as a formal source of law, it is useful to start from Article 1 of the UAE Civil Code. This provision lays out the formal hierarchy of sources of UAE private law, these being legislation, Islamic law, and custom. Hence, when deciding a civil dispute, a judge should first refer to positive legislation in force in the UAE. Lacking the rule to cover the case before him/her, the judge ought then to refer directly to Islamic law. If the matter lacks regulation in Islamic law, only then may the judge appeal to custom. Accordingly, in connection to civil transactions, Shariah is presented here, formally, as the second source of law. Still, Shariah law addresses many other issues beyond civil transactions, including matters of morals, worship, and belief. However, in Article 1 of the UAE Civil Code, the reference to Islamic law ought to be understood as limited to the rules it lays out for civil transactions. There are four main sets of courts in the judicial systems of the UAE, whose competence is based on whether a dispute touches upon civil and commercial transactions, criminal offenses, personal statuses, or labor relations. This sectorial and multi-tiered organization of courts as a whole constitutes an institutional development compatible with the long-standing affirmation in the Shariah of the legitimacy of the judiciary. Indeed, Islamic law authorizes the governing authorities to organize the judiciary, including by allocating specific types of cases to particular kinds of judges depending on the value of the case, or by assigning judges to a specific place in which they are to exercise their jurisdictional function. In view of this, the contemporary organization of courts in the UAE can be regarded as an organic adaptation, aligned with Shariah rules on the assignment of jurisdictional authority, to the growing complexity of modern society. Therefore, we can conclude to the comprehensive role of Shariah in the entire legal system of the United Arab Emirates, including legislation, a judicial system, institutional, and administrative work.Keywords: Islamic jurisprudence, Shariah, UAE civil code, UAE private law
Procedia PDF Downloads 1188837 Ideology-Induced Contexts in the Conceptualization of 'the Islamic State' in Political Cartoons
Authors: Rim Baroudi
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The notion of the context-induced metaphors refers to the role of different contextual aspects (socio-cultural, linguistic, bodily-physical, and ideological) in affecting metaphor production. This has not been investigated in visual discourse. This paper intends to extend the focus of this research interest to study context-induced metaphors in newspapers’ cartoons. It seeks to account for different contextual variables influencing the production of metaphors in cartoons placing special focus on the ideological variable. The aim is to demonstrate how different contextual aspects are conditioned by the ideological variable. The study applied critical metaphor approach to analyse contextual variables shaping the conceptualization of ‘the Islamic State’ in the cartoons of 3 newspapers (Al-Ryadh newspaper, Tehran Times, and The New York Times). Findings have revealed the decisive role of the ideological context in conditioning and priming the rest of contextual variables in the conceptualisation of ‘the Islamic State’ in political cartoons of the three newspapers. These findings bear special importance to the study of bodily-physical and socio-cultural variables inducing and shaping political cognition in political cartoons in a way consistent with the ideological framework within which newspapers operate.Keywords: context-induced metaphors, ideological context, the Islamic State, political cartoons
Procedia PDF Downloads 2958836 Vegetation Index-Deduced Crop Coefficient of Wheat (Triticum aestivum) Using Remote Sensing: Case Study on Four Basins of Golestan Province, Iran
Authors: Hoda Zolfagharnejad, Behnam Kamkar, Omid Abdi
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Crop coefficient (Kc) is an important factor contributing to estimation of evapotranspiration, and is also used to determine the irrigation schedule. This study investigated and determined the monthly Kc of winter wheat (Triticum aestivum L.) using five vegetation indices (VIs): Normalized Difference Vegetation Index (NDVI), Difference Vegetation Index (DVI), Soil Adjusted Vegetation Index (SAVI), Infrared Percentage Vegetation Index (IPVI), and Ratio Vegetation Index (RVI) of four basins in Golestan province, Iran. 14 Landsat-8 images according to crop growth stage were used to estimate monthly Kc of wheat. VIs were calculated based on infrared and near infrared bands of Landsat 8 images using Geographical Information System (GIS) software. The best VIs were chosen after establishing a regression relationship among these VIs with FAO Kc and Kc that was modified for the study area by the previous research based on R² and Root Mean Square Error (RMSE). The result showed that local modified SAVI with R²= 0.767 and RMSE= 0.174 was the best index to produce monthly wheat Kc maps.Keywords: crop coefficient, remote sensing, vegetation indices, wheat
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