Search results for: Islamic financial industries

Authors: Syed Ahmed Salman

Abstract:

Ethicality is essential in our daily activities, including personal and commercial activities. This is evidenced by referring to the historical development of the corporate governance and ethical guidelines. The first corporate governance guideline, i.e. Cadbury Report from U.K. focuses the responsibility of board members towards the shareholders only. Gradually, realising the need to take care of the society and community, stakeholders are now concerns of business entities. Consequently, later codes of corporate governance started extending the responsibility to the other stakeholders in addition to the shareholders. One prevailing corporate governance theory, i.e. stakeholder theory, has been widely used in the research to explore the effects of business entities on society. In addition, the Global Reporting Initiative (GRI) is the leading organisation which promotes social care from businesses for sustainable development. Conventionally, history shows that ethics is key to the long term success of businesses. Many organisations, societies, and regulators give full attention and consideration to ethics. Several countries have introduced ethical codes of conduct to direct trade activities. Similarly, Islam and other religions prohibit the practice of interest, uncertainty, and gambling because of its unethical nature. These prohibited practices are not at all good for the society, business, and any organisation especially as it is detrimental to the well-being of society. In order to avoid unethicality in the finance industry, Shari’ah scholars come out with the idea of Islamic finance which is free from the prohibited elements from the Islamic perspective. It can also be termed ethical finance. This paper highlights how Takaful as one of the Islamic finance products offers fair and just products to the contracting parties and the society. Takaful is framed based on ethical guidelines which are extracted from Shari’ah principles and divine sources such as the Quran and Sunnah. Takaful products have been widely offered all over the world, including in both Muslim and non-Muslim countries. It seems that it is gaining acceptance regardless of religion. This is evidence that Takaful is being accepted as an ethical financial product.

Keywords: ethics, insurance, Islamic finance, religion and takaful

Procedia PDF Downloads 250

Authors: Naufal Ahmad Rijalul Alam

Abstract:

This article presents a quality of education for the poor people in Indonesia and the offering of strategy to be done. It also investigates the influence of Islamic Education which stands behind the religious values in developing effort of government to respond the problem with using humanities approaches in medium society. The offering strategy resulted in four agenda: 1) building a shared commitment, 2) encouraging the improvement of the quality of public and private schools, 3) encouraging the use of 'the indicator of disaffection' for gifted children, and 4) encouraging the enlargement of vocational training centers and polytechnics. The conclusion is that the quality of education can be increased with these four agenda, although they are not too easy because it deals with other factors such as the economy, politics, and culture which is happening in the country.

Keywords: quality education, poor people, strategy of Islamic education, medium community

Procedia PDF Downloads 450

Authors: Narvada Ramdhany, Reena Bhattu Babajee

Abstract:

The 2007-2008 Global Financial Crisis which initiated in the US had a global outreach, impacting the financial and banking sectors of several economies; such as European countries, developing and emerging countries in Asia, Latin America and Africa. European countries represent one of the main sources of export earnings for Mauritius and given that Europe has been quite profoundly affected by the crisis, the Mauritian economy also could have been negatively affected. This study is being undertaken to see if the crisis had a spill-over effect on the Mauritian banking system. It will also enable to determine if the measures put in place to counteract the crisis by regulatory authorities have been effective. The study will be carried out on 17 banks and data will be collected over a time frame of seven years; with a pre-crisis period from 2005 to 2007 and a post-crisis period from 2009 to 2011. The impact of the crisis as such will be measured through the financial performance of the banks, using financial ratios and regression analysis. The results show that during the period concerned Mauritian banks have remained solvent and relatively stable. One of the main explanations put forward to explain the resilience of the banking sector to the crisis is that foreign exposure was relatively low. Another explanation put forward is that Mauritian banks normally transact mainly with prime borrowers unlike most the banks which were affected by the financial crisis.  

Keywords: global financial crisis, banking sector, financial performance, Mauritian banks

Procedia PDF Downloads 422

Authors: Yuzhi Cai

Abstract:

In this paper, we introduce a newly developed quantile function model that can be used for estimating conditional distributions of financial returns and for obtaining multi-step ahead out-of-sample predictive distributions of financial returns. Since we forecast the whole conditional distributions, any predictive quantity of interest about the future financial returns can be obtained simply as a by-product of the method. We also show an application of the model to the daily closing prices of Dow Jones Industrial Average (DJIA) series over the period from 2 January 2004 - 8 October 2010. We obtained the predictive distributions up to 15 days ahead for the DJIA returns, which were further compared with the actually observed returns and those predicted from an AR-GARCH model. The results show that the new model can capture the main features of financial returns and provide a better fitted model together with improved mean forecasts compared with conventional methods. We hope this talk will help audience to see that this new model has the potential to be very useful in practice.

Keywords: DJIA, financial returns, predictive distribution, quantile function model

Procedia PDF Downloads 352

Authors: Olga Bernikova, Oleg Redkin

Abstract:

Islamic Studies and the Arabic language are indivisible from each other starting from the appearance of Islam and formation of the Classical language. The present paper demonstrates correlation among linguistics and religion in historical perspective with regard to peculiarities of the Arabic language which distinguish it from the other prophetic languages. Islamic Studies and Linguistics are indivisible from each other starting from the invent of Islam and formation of the Classical language. In historical perspective, the Arabic language has been and remains a tool for the expression of Islamic rhetoric being a prophetic language. No other language in the world has preserved its stability for more than 14 centuries. Islam is considered to be one of the most important factors which secure this stability. The analysis and study of the text of Qurʾān are of special importance for those who study Islamic civilization, its role in the destinies of the mankind, its values and virtues. Without understanding of the polyphony of this sacred text, indivisible unity of its form and content it is impossible to understand social developments both in the present and the past. Since the first years of Islam Qurʾān had been in the center of attention of Muslim scholars, and in the center of attention of theologians, historians, philologists, jurists, mathematicians. Only quite recently it has become an object of analysis of the specialists of computer technologies. In Arabic and Islamic studies mediaeval texts i.e. textual documents are considered the main source of information. Hence the analysis of the multiplicity of various texts and finding of interconnections between them help to set scattered fragments of the riddle into a common and eloquent picture of the past, which reflects the state of the society on certain stages of its development. The text of the Qurʾān like any other phenomenon is a multifaceted object that should be studied from different points of view. As a result, this complex study will allow obtaining a three-dimensional image rather than a flat picture alone.

Keywords: Arabic, Islamic studies, linguistics, religion

Procedia PDF Downloads 204

Authors: Hamza Zafar, Quratulain Rajput

Abstract:

Salah (نماز ) is one of five pillars of Islam and obligatory for every Muslims. However, due to the lack of Islamic knowledge it might be very difficult for a layperson to perform it correctly. This paper presents an ontology based representation of Islamic rules to perform Salah. The Salah ontology has been built under the guidance of domain expert in light of Quran and Hadith. The ontology consists of basic concepts as well as relationship among concepts and constraints on them. The basic concepts include cleanness, body cover, Salah timing and steps to perform Salah. The SWRL rule language has been used to represent rule to determine whether the Salah performed correctly or it should be repeated. Finally, we evaluate the use of the Salat ontology through user’s example queries using SPARQL queries.

Keywords: prayer, salah, ontology, SPARQL queries, reasoning

Procedia PDF Downloads 393

Authors: Jin Chuhao, Chen Xiang

Abstract:

In recent years, due to the rapid development of Chinese urbanization, a great deal of rural population surge into urban to make a living. This fact causes the vicious circulation of rural development including sharp decrease of agricultural labor force in rural area, the obvious increase of rural land price, the shrinking of traditional agriculture and the bigger gap between Chinese urban and rural areas. With the improvement of living condition and ideological level of the Chinese people, the use and renewal of the traditional villages are gaining more and more attention, thus agricultural cultural and creative industries appears. Basing on the investigation of practical projects, this paper discusses how the agricultural cultural and creative industries promote the sustainable development of Chinese rural areas.

Keywords: sustainable design, Chinese rural areas, renewal, agricultural cultural and creative industries

Procedia PDF Downloads 505

Authors: Hossein Emari, Hossein Vazifehdoust, Hashem Nikoo Maram

Abstract:

This study aims to develop an original framework of Environmental Consciousness (EC) to explore the positive effect of environmental consciousness on financial performance through the partial mediator - green intellectual capital. A questionnaire survey on the environmental consciousness, intellectual capital, and financial performance of Iran’s manufacturing firms was conducted, and 324 samples were analyzed. This study utilizes structural equation modeling to explore the direct and indirect influences of EC on financial performance. Research results reveal that environmental consciousness had an indirect impact on financial performance through investment in green intellectual capital. It was thus known that green intellectual capital is a mediator of the relationship between environmental consciousness and financial performance. This paper may serve as a reference for firms mapping out future environmental policies and provide an input of various perspectives and arguments into the discipline of green management.

Keywords: environmental consciousness, social responsibility, green intellectual capital, financial performance

Procedia PDF Downloads 469

Authors: Levan Sabauri

Abstract:

In this paper, we discuss the deteriorated standing of engineering companies, some of the reasons behind it and the problems facing engineering enterprises during the financial crisis. We show the part that financial analysis plays in the detection of the main factors affecting the standing of a company, classify internal problems and the reasons influencing efficiency thereof. The publication contains the analysis of municipal engineering companies in post-Soviet transitional economies. In the wake of the 2008 world financial crisis the issue became even more poignant. It should be said though that even before the problem had been no less acute for some post-Soviet states caught up in a lengthy transitional period. The paper highlights shortcomings in the management of transportation companies, with new, more appropriate methods suggested. In analyzing the financial stability of a company, three elements need to be considered: current assets, investment policy and structural management of the funding sources leveraging the stability, should be focused on. Inappropriate management of the three may create certain financial problems, with timely and accurate detection thereof being an issue in terms of improved standing of an enterprise. In this connection, the publication contains a diagram reflecting the reasons behind the deteriorated financial standing of a company, as well as a flow chart thereof. The main reasons behind low profitability are also discussed.

Keywords: efficiency, financial management, financial analysis funding structure, financial sustainability, investment policy, profitability, solvency, working capital

Procedia PDF Downloads 284

Authors: Mirjana Dokmanovic

Abstract:

The paper will introduce main findings of the research of the responses of the Central European and South Eastern European (CEE/SEE) countries to the global economic and financial crisis in 2008 from human rights and gender perspectives. The research methodology included desk research and qualitative analysis of the available data, studies, statistics, and reports produced by the governments, the UN agencies, international financial institutions (IFIs) and international network of civil society organizations. The main conclusion of the study is that the governments in the region missed to assess the impacts of their anti-crisis policies both ex ante and ex post from the standpoint of human rights and gender equality. Majority of the countries have focused their efforts solely on prompting up the banking and financial sectors, and construction business sectors. The tremendous debt which the states have accumulated for the rescue of banks and industries lead to further cuts in social expenses and reduction of public services. Decreasing state support to health care and social protection and declining family incomes made social services unaffordable for many families. Thus, the economic and financial crisis stirred up the care crisis that was absorbed by women’s intensifying unpaid work within a family and household to manage household survival strategy. On the other hand, increased burden of the care work weakened the position of women in the labour market and their opportunities to find a job. The study indicates that the artificial separation of the real economy and the sphere of social reproduction still persist. This has created additional burden of unpaid work of women within a family. The aim of this paper is to introduce the lessons learnt for future: (a) human rights may not be derogated in the times of crisis; (b) the obligation of states to mitigate negative impacts of economic policies to population, particularly to vulnerable groups, must be prioritized; (c) IFIs and business sector must be liable as duty bearers with respect to human rights commitments.

Keywords: CEE/SEE region, global financial and economic crisis, international financial institutions, human rights commitments, principle of non-derogability of human rights

Procedia PDF Downloads 190

Authors: Hawa Khan

Abstract:

Autism is a complex disorder related to abnormalities in the development of brain structure and neurological function and a new phenomenon which is epidemically on the increase. The Muslim community, with its profound commitment to the all-encompassing Islamic precedence, views all phenomena in the light of religious imperatives. How autism is understood and treated in these communities is key to successful inclusive services. Moreover, parents mentioned their Islamic faith as a coping mechanism for the challenges they faced while caring for their child. This study utilises interpretative phenomenology analysis as a methodology that seeks to interpret the meaning the participants make of their experiences, which extends descriptive analysis. Semi-structured interviews were conducted with 5 family units that included fathers, mothers, grandparents, and siblings. In the preliminary stage, this study found families give high importance of accessible Islamic education for their child and questioning the accountability of the child who might not be able to follow the Islamic way of life entirely or understand the concept of Allah. Moreover, the families expressed their beliefs in traditional and religious treatment as an effective way to treat and cure autism. This poses a major barrier between families seeking support and professionals providing services. Consequentially, it can also result in a low uptake of mainstream services from the Muslim community. Exploring the lived experiences of parents from the Muslim community and how ASD is conceptualised in this community could have implications for improved and effective home, community, and service collaboration.

Keywords: autism spectrum disorder, Islamic education, religious beliefs, mainstream services

Procedia PDF Downloads 100

Authors: Marko Kolakovic

Abstract:

Creative industries are an important sector of growth and development of knowledge economies. They have a positive impact on employment, economic growth, export and the quality of life in the areas where they are developed. Creative sectors include architecture, design, advertising, publishing, music, film, television and radio, video games, visual and performing arts and heritage. Following the positive trends of development of creative industries on the global and European level, this paper analyzes creative industries in general and specific characteristics of creative entrepreneurship. Special focus in this paper is put on the influence of the information communication technology on the development of new creative business models and protection of the intellectual property rights. One part of the paper is oriented on the analysis of the status of creative industries and creative entrepreneurship in Croatia. The main objective of the paper is by using the statistical analysis of creative industries in Croatia and information gained during the interviews with entrepreneurs, to make conclusions about potentials and development of creative industries in Croatia. Creative industries in Croatia are at the beginning of their development and growth strategy still does not exist at the national level. Statistical analysis pointed out that in 2015 creative enterprises made 9% of all enterprises in Croatia, employed 5,5% of employed people and their share in GDP was 4,01%. Croatian creative entrepreneurs are building competitive advantage using their creative resources and creating specific business models. The main obstacles they meet are lack of business experience and impossibility of focusing on the creative activities only. In their business, they use digital technologies and are focused on export. The conclusion is that creative industries in Croatia have development potential, but it is necessary to take adequate measures to use this potential in a right way.

Keywords: creative entrepreneurship, knowledge economy, business models, intellectual property

Procedia PDF Downloads 191

Authors: Sari K. Ishii

Abstract:

This study considers a wider viewpoint to connect migration studies with questions about financial capitalism, which seeks cheap, disposable labour transnationally. This study offers insight into whether the current state of immigration acceptance contributes to stabilizing the aging society of the nation in the long term or merely fulfills the ephemeral requirements of industries. The analyses in this study focused on three aspects. First, it examined how many migrants in Japan joined the labour market. Second, it analyzed the number of migrants that are aging. Third, it determined the number of dependent migrants accepted through labour migrants. The study findings raise further questions for future empirical studies to verify the schema of financial capitalism through the lens of migration. The scheme of seeking cheap, disposable labour transnationally may result in the descendants of both locals and mobilized labour becoming more unstable than the prior generations.

Keywords: migration, aging society, low fertility rate, Japan

Procedia PDF Downloads 10

Authors: Busari Moshood Olanyi

Abstract:

Good governance remains the expectation of every political party in power, especially in this democratic dispensation of the Nigerian Nation. The need to ensure that the citizenry enjoys the dividends of democracy as often promised during various electioneering campaigns is envisioned to be the motif for different agendas and political slogans by different administrations. Unfortunately, different political agendas towards the security of lives and properties, halting the pillage of the economy by corrupt public officials and creation of employment opportunities for the youths, have a record of setback in the history of political leadership and governance in Nigeria. Therefore, the paper examined the principles of Islamic theocracy in its advocacy for a paradigm shift in the Nigerian political system, with a view to engendering good governance. Islamic political terms such as Shūrā (mutual consultation), ‘Adālah (equality and justice), Khilāfah (succession and stewardship) Majlis ash-Shūrā (consultative forum) and Muḥāsabah (accountability) were espoused as sacrosanct to implementing Islamic theocracy as an alternative system of government in Nigeria. The paper concluded by being flexible on the nomenclature of the suggested political system, considering the multi-religious nature of the country as a political entity. Among other recommendations, infusion of politics into our moral/religious system and not the other way round was considered a good step in the direction of a political paradigm shift for ensuring good governance and guaranteeing its sustainability in Nigeria.

Keywords: Nigerian nation, democracy, good governance, Islamic theocracy, paradigm shift

Procedia PDF Downloads 133

Authors: Craig M. Allen

Abstract:

Twenty two African entrepreneurs with Small and Medium Enterprises (SMEs) in a single social network centered around a non-Muslim population in a smaller African country, selected an Islamic financing structure, a form of Murabaha, based solely on market rationale. These entrepreneurs had all won procurement contracts from major purchasers of goods within their country and faced difficulty arranging traditional bank financing to support their supply-chain needs. The Murabaha-based structure satisfied their market-driven demand and provided an attractive alternative to the traditional bank-offered lending products. The Murabaha-styled trade-financing structure was not promoted with any religious implications, but solely as a market solution to the existing problems associated with bank-related financing. This indicates the strong market forces that draw SMEs to financing structures that are traditionally considered within the framework of Islamic finance.

Keywords: Africa, entrepreneurs, Islamic finance, market acceptance, Murabaha, SMEs

Procedia PDF Downloads 164

Authors: Sanaz Ahmadzadeh Siyahrood, Arghavan Ebrahimi, Mohammadjavad Mahdavinejad

Abstract:

Islamic culture was accountable for a plethora of development in astronomy and science in the medieval term, and in geometry likewise. Geometric patterns are reputable in a considerable number of cultures, but in the Islamic culture the patterns have specific features that connect the Islamic faith to mathematics. In Islamic art, three fundamental shapes are generated from the circle shape: triangle, square and hexagon. Originating from their quiddity, each of these geometric shapes has its own specific structure. Even though the geometric patterns were generated from such simple forms as the circle and the square, they can be combined, duplicated, interlaced, and arranged in intricate combinations. So in order to explain geometrical interaction principles between square and equal triangle, in the first definition step, all types of their linear forces individually and in the second step, between them, would be illustrated. In this analysis, some angles will be created from intersection of their directions. All angles are categorized to some groups and the mathematical expressions among them are analyzed. Since the most geometric patterns in Islamic art and architecture are based on the repetition of a single motif, the evaluation results which are obtained from a small portion, is attributable to a large-scale domain while the development of infinitely repeating patterns can represent the unchanging laws. Geometric ornamentation in Islamic art offers the possibility of infinite growth and can accommodate the incorporation of other types of architectural layout as well, so the logic and mathematical relationships which have been obtained from this analysis are applicable in designing some architecture layers and developing the plan design.

Keywords: angle, equal triangle, square, structural hierarchy

Procedia PDF Downloads 180

Authors: Ahmed S. Attia

Abstract:

This paper includes a study of modern sustainable architectural techniques and elements that are originally found in vernacular and traditional architecture, particularly in the Arab region. Courtyards, Wind Catchers, and Mashrabiya, for example, are elements that have been developed in contemporary architecture using modern technology to create sustainable architecture designs. An analytical study of the topic will deal with some examples of the Islamic House in Fatimid Cairo city in Egypt, analyzing its elements and their relationship to the environment, in addition to the examples in southern Egypt (Nubba) of sustainable architecture systems, and traditional houses in Sana'a city, Yemen, using earth resources of mud bricks and other construction materials. In conclusion, a comparative study between traditional and contemporary techniques will be conducted to confirm that it is possible to achieve sustainable architecture through the use of low-technology in buildings in Arab regions.

Keywords: Islamic context, cultural environment, natural environment, Islamic house, low-technology, mud brick, vernacular and traditional architecture

Procedia PDF Downloads 269

Authors: Dchieche Amina, Aboulaich Rajae

Abstract:

Profit and loss sharing suggests an equitable sharing of risks and profits between the parts involved in a financial transaction. Salam is a contract in which advance payment is made for goods to be delivered at a future date. The purpose of this work is to price a new contract for profit and loss sharing based on Salam contract, using Khiyar Al Ghabn which is an agreement of choice in case of misrepresent facts.

Keywords: Islamic finance, shariah compliance, profit and loss sharing, derivatives, risks, hedging, salam contract

Procedia PDF Downloads 308

Authors: Rania Mousa, Peterson Ozili

Abstract:

A key agenda of policymakers in developed and developing countries is to increase the level of financial inclusion. Microlending institutions have been recognized as important agents of financial inclusion, which have the potential to achieve this objective and help move toward a more accessible, inclusive, and equitable path to financial sustainability. In that respect, this case study attempts to identify and assess the key initiatives undertaken by Grameen America as it responded to the COVID-19 pandemic within the framework of selected United Nations’ Sustainability Development Goals (UN’s SD Goals). This study goes beyond the stated objective by using the vulnerable group theory and special agent theory of financial inclusion to support the analysis of financial and non-financial information collected from Grameen America’s Annual Reports and audited financial statements. The study follows a qualitative content analysis method to precisely gauge the shift in Grameen’s strategy and focus, as well as to assess the impact of its initiatives on the small business community before and after the pandemic. The findings showcase that Grameen’s longstanding mission to alleviate poverty is in line with the UN’s Sustainability Development Goal 1. Furthermore, Grameen’s commitment to creating partnerships with external organizations to offer credit and non-credit services and support is consistent with UN’s Sustainability Development Goal 17. The study suggests that policymakers should foster the creation of more member-based financial and non-financial institutions which are ethically and morally responsible to their members in both good and bad times.

Keywords: COVID-19, financial inclusion, microfinance, sustainable development, microlending

Procedia PDF Downloads 57

Authors: Sang Ho Lee, Tae Heon Moon, Youn Taik Leem, Kwang Woo Nam

Abstract:

Knowledge and IT inputs to other industrial production have become more important as a key factor for the competitiveness of national and regional economies, such as knowledge economies in smart cities. Knowledge and IT industries lead the industrial innovation and technical (r)evolution through low cost, high efficiency in production, and by creating a new value chain and new production path chains, which is referred as knowledge and IT dynamics. This study aims to investigate the knowledge and IT dynamics in Korea, which are analyzed through the input-output model and structural path analysis. Twenty-eight industries were reclassified into seven categories; Agriculture and Mining, IT manufacture, Non-IT manufacture, Construction, IT-service, Knowledge service, Non-knowledge service to take close look at the knowledge and IT dynamics. Knowledge and IT dynamics were analyzed through the change of input output coefficient and multiplier indices in terms of technical innovation, as well as the changes of the structural paths of the knowledge and IT to other industries in terms of new production value creation from 1985 and 2010. The structural paths of knowledge and IT explain not only that IT foster the generation, circulation and use of knowledge through IT industries and IT-based service, but also that knowledge encourages IT use through creating, sharing and managing knowledge. As a result, this paper found the empirical investigation on the knowledge and IT dynamics of the Korean economy. Knowledge and IT has played an important role regarding the inter-industrial transactional input for production, as well as new industrial creation. The birth of the input-output production path has mostly originated from the knowledge and IT industries, while the death of the input-output production path took place in the traditional industries from 1985 and 2010. The Korean economy has been in transition to a knowledge economy in the Smart City.

Keywords: knowledge and IT industries, input-output model, structural path analysis, dynamics of knowledge and it, knowledge economy, knowledge city and smart city

Procedia PDF Downloads 320

Authors: Dinesh Sivaguru, Kamal Thilakasiri

Abstract:

Preventing money laundering and terrorist financing is a major national and international problem today. Several attempts have been made to prevent money laundering by national and international dimension. These are often counteracted by the multi dynamic nature of the crimes. However, launders are often to use remittance systems to clean their ill-gotten money. This study presents the role of domestic financial institutions and the effective practices and actions should implement within domestic financial institutions to control and prevent financial crimes. This thesis highlights the progress that is required to prevent money laundering and terrorist financing, further it is an original contribution to the knowledge in an under researched field in Sri Lanka.

Keywords: money laundering, terrorists financing, financial institutions, regulatory bodies

Procedia PDF Downloads 206

Authors: Piotr Prewysz-Kwinto, Grazyna Voss

Abstract:

In June 2013, the European Parliament and the Council adopted a directive on financial reporting (Directive 2013/34/EU). The main objective was to simplify the principles of the preparation of financial statements, including the principles of the presentation and disclosures of financial information by adapting reporting burdens to the type and size of an undertaking. Therefore, the Directive introduced a classification of all undertakings into five groups, i.e. micro, small, medium-sized, large and public-interest entities, and defined in detail the classification criteria. The principles of the preparation of financial statements and the presentation of financial information as well as applicable simplifications were defined for each group. The EU Member States had to implement the provisions of Directive 34 relating to accounting and financial reporting into domestic norms until January 1, 2016. In Poland, the provisions of Directive 34 were implemented into domestic accounting norms specified in the Polish Accounting Act on a gradual basis. On July 11, 2014, the Polish Parliament adopted an amendment to the Act, introducing the Directive's solutions for micro-undertakings and on July 23, 2015, for the remaining undertakings. The aim of this paper is to present Polish solutions relating to financial reporting after the implementation of Directive 34 and the results of the survey conducted among accountants regarding the evaluation of the implemented simplifications for micro and small undertakings.

Keywords: accounting standards, financial reporting, financial statement, simplification

Procedia PDF Downloads 264

Authors: Shumaila Zeb

Abstract:

The proposed study aims to investigate insolvency risk of commercial banks of Pakistan. Furthermore, it empirically estimates the effect of already implemented financial regulations on the insolvency risk of banks. To carry out the empirical analysis, a balanced bank-level panel data covering the period 2008-2016 is used. The Z-score is used for calculating the insolvency risk of each bank. The panel regression is used to investigate the relationship between financial regulations and insolvency risk of banks. The empirics reveal that the financial regulations enforced by State Bank of Pakistan have significant impacts on the insolvency risk of banks. The results further indicate that loan ratio and reserve ratio are positively and significantly related to the insolvency risk of banks.

Keywords: insolvency risk, Z-score, financial regulations, banks

Procedia PDF Downloads 179

Authors: Sheba Akhtar

Abstract:

The profound importance that Islam places on knowledge has directly influenced the architectural development of the mosque throughout the Muslim world. The masjid is the most important religious building type in Islamic society because, as a place of worship and social interaction, it is the center of both spiritual knowledge and secular guidance. The Quran begins with the emphatic injunction, “Iqra”, establishing the central importance of the pursuit of the sacred ilm that is offered to man by Allah. Similarly, numerous hadiths of the Prophet Muhammad emphasize the profound importance of the acquisition and dissemination of knowledge, both spiritual and temporal. The Muslim worshipper must enter the sacred space of the masjid to receive spiritual knowledge, but the transition from the profane realm outside the mosque to that of spirituality within is not merely physical; it is also deeply psychological and emotional. To this end, the architecture of the masjid, from the plan and geometry to the design elements and intricate ornamental details, plays a vital role in creating the environment within which the ritual acts of wudu and salat are enacted to foster the transformative journey, from the mundane reality of this world to the realm of spirituality beyond, in the heart, mind, and soul of the worshipper. It is expected that the paper will provide a better understanding of the ways in which sacred Islamic knowledge has influenced the architectural design of the mosque. The research will draw upon Islamic epistemology, Islamic architecture history, and compositional analysis to demonstrate this philosophical, historical, and formal relationship. In this way, the paper will provide a meaningful bridge between the existing knowledge related to mosque design and the expanding academic discourse about the religious architecture of Islam.

Keywords: Islamic architecture, mosque architecture, religious architecture, sacred architecture

Procedia PDF Downloads 74

Authors: Muhajirin Gafar

Abstract:

In Indonesia, Azan not only used as a reminder or call to prayer, its also used at the birth of a child, as the direction of the Prophet Muhammad PBUH, but also become part of a 'tradition’ to echoed in obsequies or the funeral, even there is a tradition in which the Azan echoed in the four corners of the grave. This tradition has become a necessity and has become part of the local Islamic culture preserved from time to time, although it certainly can not be known legal basis underlying the tradition. Based on the phenomenon, this paper proposed three research objective, namely: 1) To described the history about tradition Azan in funeral, 2) To analyze some of the postulates supporting the occurrence of the tradition, 3) To find out the postulates/ hadist which has been arranged in accordance with the instructions of the Prophet Muhammad PBUH about the rules of funeral. To reconstruct the history of the emergence of events azan tradition in the funeral this research used historical method, while the second and third objective used library research. Data and facts systematically processed and analyzed so as to be able to answer the questions of what, who, where, when, how, and why an event occurred. Finally, this research used Takhrij al-hadith a method to look at the validity of the arguments of the hadith. Result found that tradition of Azan in funeral has been around since the presence of Islam in Indonesia. This tradition continued and became a local Islamic culture which spread almost all over Indonesia, even considered part of religious guidance. While there are no decisive postulates which can be accounted for this tradition, except ‘qiyas’ postulates which are not appropriate. Most Indonesian Muslim put Azan as the first priority to do in funeral while oblivious other compulsory things that must be recited when lay down the corpse. They tend to assume that this tradition is a part of Islamic local culture.

Keywords: Azan, tradition, qiyas, Islamic local, hadist

Procedia PDF Downloads 492

Authors: Ying-Hsiu Chen, Pao-Peng Hsu

Abstract:

This paper adopts a two-stage data envelopment analysis to explore the impacts of financial development and bank operational scale on bank efficiencies. The sample comprises of unbalanced panel data of 32 Taiwanese enlisted in domestic commercial banks over the period 1998 to 2013. Empirical results show that technical efficiency is positively related to financial development, whereas the effect of financial development on scale efficiency is insignificant. The effect of operational scale exerts a significantly positive effect on bank efficiencies, but the gain of efficiency is decreased gradually when operational scale increases. Furthermore, increase in capital adequacy ratio and market power of banks leads to a growth of bank efficiencies.

Keywords: financial development, operational scale, efficiency, DEA

Procedia PDF Downloads 503

Authors: Jamila Garba Audu, Shehu Usman Hassan

Abstract:

The widespread failure in the financial information quality has created the need to improve the financial information quality and to strengthen the control of managers by setting up good firms structures. Published accounting information in financial statements is required to provide various users - shareholders, employees, suppliers, creditors, financial analysts, stockbrokers and government agencies – with timely and reliable information useful for making prudent, effective and efficient decisions. The relationship between corporate governance and performance to financial reporting quality is imperative; this is because despite rapid researches in this area the findings obtained from these studies are constantly inconclusive. Data for the study were extracted from the firms’ annual reports and accounts. After running the OLS regression, a robustness test was conducted for the validity of statistical inferences; the data was empirically tested. A multiple regression was employed to test the model as a technique for data analysis. The results from the analysis revealed a negative association between all the regressors and financial reporting quality except the performance of listed manufacturing firms in Nigeria. This indicates that corporate governance plays a significant role in mitigating earnings management and improving financial reporting quality while performance does not. The study recommended among others that the composition of audit committee should be made in accordance with the provision for code of corporate governance which is not more than six (6) members with at least one (1) financial expert.

Keywords: corporate governance, financial reporting quality, manufacturing firms, Nigeria, performance

Procedia PDF Downloads 231

Authors: Nihal Chandratilaka Matara Arachchige, Nishantha Sampath Punichihewa

Abstract:

Intellectual property (IP) assets are the ‘crown-jewels’ of innovation-driven businesses in the knowledge-based economy. In that sense, IP rights such as patents, trademarks and copyrights afford enormous economic opportunities to an enterprise, especially Small and Medium Enterprise (SME). As can be gleaned from the latest statistics, the domestic industries in Sri Lanka are predominantly represented by SMEs. Undeniably, in terms of economic contribution, the SME sector is considered to be the backbone of the country’s ‘real economy’. However, the SME sector in Sri Lanka faces number of challenges. One of the nearly-insurmountable-hurdles for small businesses is the access to credit facilities, due to the lack of collateral. In the eyes of law, the collateral is something pledged as security for repayment in the event of default. Even though the intellectual property rights are used as collateral in order to facilitate obtaining credit for businesses in number of Asian jurisdictions, financial institutions in Sri Lanka are extremely reluctant to accept IP rights as collateral for granting financial resources to SMEs. Against this backdrop, this research investigates from a legal perspective reasons for not accepting IP rights as collateral when granting loans for SMEs. Drawing emerging examples from other jurisdiction, it further examines the inadequacies of existing legal framework in relation to the use of IP rights as collateral. The methodology followed in this paper is qualitative research. Empirical research and analysis concerning the core research question are carried out by conducting in-depth interviews with stakeholders, including leading financial institutions in Sri Lanka.

Keywords: intellectual property assets, SMEs, collaterals financial facilities, credits

Procedia PDF Downloads 258

Authors: Mofizul Islam Awwal

Abstract:

Due to globalization, industries are rapidly growing throughout the world which leads to many manufacturing organizations. But recently, service industries are beginning to emerge in large numbers almost in all parts of the world including some developing countries. In this context, organizations need to have strong competitive advantage over their rivals to achieve their strategic business goals. Manufacturing industries are adopting many methods and techniques in order to achieve such competitive edge. Over the last decades, manufacturing industries have been successfully practicing lean concept to optimize their production lines. Due to its huge success in manufacturing context, lean has made its way into the service industry. Very little importance has been addressed to service in the area of operations management. Service industries are far behind than manufacturing industries in terms of operations improvement. It will be a hectic job to transfer the lean concept from production floor to service back/front office which will obviously yield possible improvement. Service processes are not as visible as production processes and can be very complex. Lack of research in this area made it quite difficult for service industries as there are no standardized frameworks for successfully implementing lean concept in service organization. The purpose of this research paper is to capture the present scenario of service industry in terms of lean implementation. Thorough analysis of past literature will be done on the applicability and understanding of lean in service structure. Classification of research papers will be done and critical factors will be unveiled for implementing lean in service industry to achieve operational excellence.

Keywords: lean service, lean literature classification, lean implementation, service industry, service excellence

Procedia PDF Downloads 358

Authors: Maryam Bakhtyar-Pegah Akrami

Abstract:

The relationship between spiritual health and spirituality is one of the important is that in recent years, the research about it is expanding and due to the rich heritage of the in this field of study and research in this important field more than before and we will come to spiritual life and healthier than before. In this research, we provide the following and the basics of Islamic Mysticism in the realm of spiritual health thoughts. This research is based on a descriptive method and comparison with analytical-method to data collected. The findings show that human beings due to this pivotal topic of full Islamic slab, and mental and physical education with the sought to reach the human place are complete, we can provide the basics along with new discussions of spiritual health help human beings to spiritual education along with our faiths in the reconstruction of the spiritual foundations of spiritual health are extremely helpful

Keywords: spirituality, health, Islam, mysticism, perfect human

Procedia PDF Downloads 145