Search results for: Islamic governance system

Authors: Ruchi Agarwal

Abstract:

In today’s world, companies are operating in dynamic, uncertain and ambiguous business environments. Globally, more companies are failing due to Environmental, Social and Governance (ESG) factors than ever. Corporate governance and risk management are intertwined in nature. For decades, corporate governance and risk management have been influenced by internal and external factors. Three schools of thought have influenced risk governance for decades: Agency theory, Contingency theory, and Institutional theory. Agency theory argues that agents have interests conflicting with principal interests and the information problem. Contingency theory suggests that risk management adoption is influenced by internal and external factors, while Institutional theory suggests that organizations legitimize risk management with regulators, competitors, and professional bodies. The conflicting objectives of theories have created problems for executives in organizations in the adoption of Risk Governance. So far, there are many studies that discussed risk culture and the role of actors in risk governance, but there are rare studies discussing the role of risk culture in the adoption of risk governance from a leadership style perspective. This study explores the adoption of risk governance in two contrasting industries, such as the Insurance and energy business, to understand whether risk governance is influenced by internal/external factors or whether risk culture is influenced by leaders. We draw empirical evidence by comparing the cases of an Indian insurance company and a renewable energy-based firm in India. We interviewed more than 20 senior executives of companies and collected annual reports, risk management policies, and more than 10 PPTs and other reports from 2017 to 2024. We visited the company for follow-up questions several times. The findings of my research revealed that both companies have used risk governance for strategic renewal of the company. Insurance companies use a transactional leadership style based on performance and reward for improving risk, while energy companies use rather symbolic management to make debt restructuring meaningful for stakeholders. Overall, both companies turned from loss-making to profitable ones in a few years. This comparative study highlights the role of different leadership styles in the adoption of risk governance. The study is also distinct as previous research rarely studied risk governance in two contrasting industries in reference to leadership styles.

Keywords: leadership style, corporate governance, risk management, risk culture, strategic renewal

Procedia PDF Downloads 51

Authors: Mohammad Saif

Abstract:

In the post-Westphalianworld order, the concept of sovereignty has been a fundamental area of inquiry in Political Science, International Relations, and International Law. Modern Islamic political thought has also dedicated a fair share of debate on the subject. The debate fundamentally revolves around the ‘ontological differentiation’ between western and Islamic political thought. While the centrality of the individual in western political thought regards the individual as the center of universe, Islamic Political thought provides that space to God. The modern liberal democratic principles suggest sovereignty as one of the major attributes of modern nation state; Islamists regard sovereignty as an attribute of God. However, the position regarding God’ssovereignty in Islamic political thought is not coherent in conception. Some scholars regard such a position as ‘the political interpretation of Islam’. This paper is an attempt to first analyze the fundamental discord between two rival political ideologies (western and Islamic), and then forward a debate on the subject of sovereignty in South Asian Islamic Political thought, particularly between Syed Abul Ala Maududi (ideological father of modern islamist movements) andHifzurrahmanSeoharvi (lesser known in Academia but highly influential in shaping Deobandi position of principles related to political nature of Islamic theology). Maududi regardssovereignty as an attribute of God and the rulers as subservient to Gods will, Seoharvi suggests that God's sovereignty does not entail that the caliph or amir cannot be a ruler or hakim, nor can his command or hukum be an order. Certain references have also been made to contemporary scholars like Sayidd Qutub, Rashid al Ghanouchi, who in one way or the other have contributed to the debate on ‘sovereignty in Islamic thought’.

Keywords: nation state, sovereigty, sovereignty of God (Hakimmiyah), deoband

Procedia PDF Downloads 180

Authors: Vijay Kumar, Ron Bird

Abstract:

The study investigates the effect of bank-specific, industry-specific and macroeconomic variables on the profitability of conventional and Islamic banks. Our sample comprises 1,781 bank-year observations of 205 banks from four countries in the Asian region for the period 2004-2014. Our results suggest that credit quality, cost management and bank size are the keys factors that contribute positively to bank profitability in Asia. The banks with high non-performing loans and high cost-to-income ratio are more likely to be exposed to losses. The impacts of the bank-specific variables are stronger than are the industry-specific and macroeconomic variables. We find that Malaysian banks are the least profitable compared to the banks in Bangladesh, Indonesia and Pakistan. There is strong evidence to suggest that conventional banks are more profitable than Islamic banks. Our results suggest that the impact of capital adequacy ratio and bank size and loan to deposit ratio vary across Islamic and conventional banks and across different subsamples.

Keywords: capital adequacy ratio, Islamic banks, non-performing loan ratio, ownership

Procedia PDF Downloads 163

Authors: Umar Sheikh Tahir

Abstract:

This paper focuses on the historiography of the relationship between Logic and Arabic grammar in the Muslim Medieval Ages (a period between 750 and 1100/ 150 and 500 Ah). This sensation appears in the famous debate among many others between grammarians represented by abū Sa'id al-Sairafī and logicians represented by abū Bishr Mattā on Logic and its validity. This incident took place in Baghdad around 932 AD. However, this study singlehandedly samples these debates as the base for the contributions of Islamic philosophers to philosophy of language as well as Epistemology. The question that shapes this research is: What is the intellectual development for Muslim thinkers to philosophy of language in regards to this debate? The current research addresses the Arabic grammar and logical debates by conducting historiography to emphasize on Islamic philosophers’ concerns about this issue. Consequently, this debate generates philosophical phenomena and resolutions in deep-thinking. In addition, these dialogues create a language impression for Philosophy in Islamic world from the period under study. Thereupon, Islamic philosophers’ discourse on this phenomenon serves as contribution to the Philosophy of Language.

Keywords: debates, epistemology, grammar and grammarians, Islamic philosophy, philosophy language, logic

Procedia PDF Downloads 227

Authors: Muhammad Shoaib Iqbal, Shih Ping Ho

Abstract:

Megaprojects are large-scale, complex ventures with significant financial investments, numerous stakeholders, and extended timelines, requiring meticulous management for successful completion. This study explores the interplay between project governance, project complexity, and servant leadership and their combined effects on project success, specifically within the context of Pakistani megaprojects. The primary objectives are to examine the direct impact of project governance on project success, understand the negative influence of project complexity, assess the positive role of servant leadership, explore the moderating effect of servant leadership on the relationship between governance and success, and investigate how servant leadership mitigates the adverse effects of complexity. Using a quantitative approach, survey data were collected from project managers and team members involved in Pakistani megaprojects. Using a Comprehensive empirical model, 257 Valid responses were analyzed. Multiple regression analysis tested the hypothesized relationships and interaction effects using PLS-SEM. Findings reveal that project governance significantly enhances project success, emphasizing the need for robust governance structures. Conversely, project complexity negatively impacts success, highlighting the challenges of managing complex projects. Servant leadership significantly boosts project success by prioritizing team support and empowerment. Although the interaction between governance and servant leadership is not significant, suggesting no significant change in project success, servant leadership significantly mitigates the negative effects of project complexity, enhancing team resilience and adaptability. These results underscore the necessity for a balanced approach integrating strong governance with flexible, supportive leadership. The study offers valuable insights for practitioners, recommending adaptive governance frameworks and promoting servant leadership to improve the management and success rates of megaprojects. This research contributes to the broader understanding of effective project management practices in complex environments.

Keywords: project governance, project complexity, servant leadership, project success, megaprojects, Pakistan

Procedia PDF Downloads 40

Authors: Md. Akiz Uddin

Abstract:

This research attempted to identify the determining factors that extensively persuaded customers of the First Security Islamic Bank Limited (FSIBL) to open accounts and their perception and satisfaction level towards it. Initially, a theoretical model was established based on existing literature reviews. After that, a self-administered structured questionnaire was developed, and data were collected from 180 customers of the FSIBL of Bangladesh using purposive sampling technique. The collected data were later analyzed through a statistical software. Structural Equation Modelling (SEM) was used to verify the model of the study and test the hypotheses. The study particularly examined the determinants of opening accounts, customers’ perception and their satisfaction level towards the bank on several factors like the bank’s compliance with Shariah law, use of modern technology, assurance, reliability, empathy, profitability, and responsiveness. To examine the impact of religious belief on being FSIBL clients, the study also investigates non-Muslim clients’ perception about FSIBL. The study focused on FSIBL customers only from five branches of Dhaka city. The study found that the religious beliefs is the most significant factors for Muslim customers for considering FSIBL to open an account, and they are satisfied with the services, too. However, for non-Muslim customers, other benefits like E-banking, various user-friendly services are the most significant factors for choosing FSIBL. Their satisfaction level is also statistically significant. Furthermore, even if the non- Muslim customers didn’t consider religious beliefs as determinant factors for choosing FSIBL, the respondents informed that they have trust that people who believe in shariah law are more reliable to keep money with them. These findings open up the avenue for future researchers to conduct more study in this area through employing a larger sample size and more branches and extending the current model by incorporating new variables. The study will be an important addition to the potentials of Islamic banking system, literature of service quality and customer satisfaction level, particularly in the success of Islamic banking system in Bangladesh.

Keywords: islamic banking, customers’ satisfaction, customers’ perception, shariah law

Procedia PDF Downloads 79

Authors: Parsa Naji

Abstract:

Following the Iran Islamic Revolution in 1979 and the subsequent formation of a theocratic regime, the new regime implemented stringent regulations and a complicated censorship system in the film industry. Thereupon, the screening of films showing the relationships between males and females encountered numerous limitations. Not only did these limits encompass the physical portrayal of the relationship between males and females, but also the dialogues containing explicit sexual or even passionate romantic themes, resulting in a film being permanently consigned to archival storage. However, despite these limitations, Iranian filmmakers persevered in creating their interesting cinematic works. Throughout the years after the revolution, Iranian directors have navigated a series of challenges and obstacles, employing innovative and unconventional methods to bypass the rigorous censorship system imposed by the government, ensuring the screening of their films. This study aims to analyze the creative approaches employed by Iranian filmmakers to circumvent governmental censorship regulations.

Keywords: censorship, Iranian cinema, Islamic revolution, male-female relationship

Procedia PDF Downloads 50

Authors: Ya'u Saidu

Abstract:

The introduction of the non-interest banking system in Nigeria was part of the regulators efforts to increase the inclusion of other stakeholders into the financial sector who have stayed out of the sector for some reasons. However, the concept has been misunderstood by various stakeholders within the country where some view it as a Muslim affair which exclude the non-Muslims from gaining despite its existence in advance countries of the world. This paper attempts to fill-in the gap created by the literature especially with regards to the proper education and enlightenment of the Nigerian citizens. Survey research method was employed where primary data was collected using questionnaire and convenience sampling was used to select 100 respondents. The data was analysed using Chi-square. It was found that lack of knowledge on Islamic banking has significant effect on its prospects.

Keywords: finance, non-interest, sustainability, enlightenment

Procedia PDF Downloads 452

Authors: Siti Nor Amira Bt. Mohamad, Mohamad Yazis B. Ali Basah, Muhammad Ridhwan B. Ab. Aziz, Khairil Faizal B. Khairi, Mazlynda Bt. Md. Yusuf, Hisham B. Sabri

Abstract:

The understanding of risk and the concept of it occurs associated in Islamic financing was well-known in the financial industry by the using of Profit-and-Loss Sharing (PLS). It was presently in any Islamic financial transactions in order to comply with shariah rules. However, the existence of risk in Murabahah contract of financing is an ability that the counterparty is unable to complete its obligations within the agreed terms. Therefore, it is called as credit or default risk. Credit risk occurs when the client fails to make timely payment after the bank makes complete delivery of assets. Thus, it affects the growth of the bank as the banking business is in no position to have appropriate measures to cover the risk. Therefore, the bank may impose penalty on the outstanding balance. This paper aims to highlight the credit risk determinant and issues surrounding in Islamic bank in Malaysia in terms of Murabahah financing and how to manage it by using the proper techniques. Finally, it explores the credit risk management concept that might solve the problems arise. The study found that the credit risk can be managed properly by improving the use of comprehensive reference checklist of business partners on their character and past performance as well as their comprehensive database. Besides that, prevention of credit risk can be done by using collateral as security against the risk and we also argue on the Shariah guidelines and procedures should be implement coherently by the banking business because so that the risk would be control by having an effective instrument for Islamic modes of financing.

Keywords: Islamic banking, credit risk, Murabahah financing, risk mitigation

Procedia PDF Downloads 462

Authors: Iulian Clain

Abstract:

In contemporary public administration, the demand for greater accountability, transparency, and efficient governance has intensified, particularly in the face of increasing public scrutiny and fiscal constraints. Internal auditing has emerged as a vital tool in strengthening governance structures, enhancing the effectiveness of public sector institutions, and ensuring compliance with regulatory frameworks. This paper examines the evolving role of internal auditing within public administration, with an emphasis on risk management, regulatory compliance, and fraud prevention. Building on institutional theory and risk management frameworks, this study explores how internal audits contribute to identifying operational inefficiencies, minimizing financial irregularities, and promoting ethical governance practices. Through case studies and comparative analysis of auditing practices across OECD nations, this research provides insights into how strategic internal audits can be harnessed to reinforce public sector governance, thereby improving the delivery of public services. The paper argues that the integration of internal audit findings into decision-making processes enhances not only financial accountability but also policy outcomes, fostering greater public trust in government institutions. Key recommendations are presented on how public institutions can further integrate internal auditing processes to enhance governance outcomes, focusing on best practices for institutionalizing audit functions within public sector governance frameworks. These findings are particularly relevant for policymakers, audit professionals, and public administration leaders striving to achieve better governance, operational efficiency, and integrity in the public sector.

Keywords: internal auditing role, public administration sciences, public administration audit, internal auditing in universities

Procedia PDF Downloads 28

Authors: Chinyere Ori Elom, Ikechukwu Ogeze Ukeje, Chukwudum Collins Umoke

Abstract:

This paper aims to stimulate scholarly interest in AI, ICT and the existing (complex) systems trajectory- theory, practice, and aspirations within the African continent and to shed fresh light on the shortcomings of the higher education sector (HEs) through the prism of AI-driven Solutions for enhancing Guidance and Counseling and sound governance framework (SGF) in higher education modeling. It further seeks to investigate existing prospects yet to be realized in Nigerian universities by probing innovation neglect in the localities, exploring practices in the global ICT spaces neglected by Nigeria universities’ governance regimes (UGRs), and suggesting area applicability, sustainability and solution modeling in response to peculiar ‘wicked ICT-driven problems’ and or issues facing the continent as well as other universities in emerging societies. This study will adopt a mixed-method approach to collect both qualitative and quantitative data. This paper argues that it will command great relevance in the local and global university system by developing ICT relevance sustainability policy initiatives (SPIs) powered by a multi-stakeholder engagement governance model (MSEGm) that is sufficiently dynamic, eclectic and innovative to surmount complex and constantly rising challenges of the modern-developing world. Hence, it will consider diverse actors both as producers and users alike as victims and beneficiaries of common concerns in the ICT world; thereby providing pathways on how AI’s integration into education governance can significantly reduce counseling gaps, ensuring more students are attended to especially when human counselors are unavailable.

Keywords: AI-counseling solution, stakeholder engagement, university governance, higher education

Procedia PDF Downloads 24

Authors: Imen Dhaou

Abstract:

This study examines conditional Value at Risk by applying the GJR-EVT-Copula model, and finds the optimal portfolio for eight Dow Jones Islamic-conventional pairs. Our methodology consists of modeling the data by a bivariate GJR-GARCH model in which we extract the filtered residuals and then apply the Peak over threshold model (POT) to fit the residual tails in order to model marginal distributions. After that, we use pair-copula to find the optimal portfolio risk dependence structure. Finally, with Monte Carlo simulations, we estimate the Value at Risk (VaR) and the conditional Value at Risk (CVaR). The empirical results show the VaR and CVaR values for an equally weighted portfolio of Dow Jones Islamic-conventional pairs. In sum, we found that the optimal investment focuses on Islamic-conventional US Market index pairs because of high investment proportion; however, all other index pairs have low investment proportion. These results deliver some real repercussions for portfolio managers and policymakers concerning to optimal asset allocations, portfolio risk management and the diversification advantages of these markets.

Keywords: CVaR, Dow Jones Islamic index, GJR-GARCH-EVT-pair copula, portfolio optimization

Procedia PDF Downloads 260

Authors: Euphrasia Susy Suhendra, Lies Handrijaningsih

Abstract:

The banking sector as an intermediary party or intermediaries occupies a very important position in bridging the needs of working capital investment in the real sector with funds owner. This will certainly make money more effectively to improve the economic value added. As an intermediary, Islamic banks raise funds from the public and then distribute in the form of financing. In practice, the distribution of funding that is run by Islamic Banking is not as easy as, in theory, because, in fact, there are many financing problems; some are caused by lacking the assessment and supervision of banks to customers. This study aims to analyze the influence of the Third Party Funds, Return on Assets (ROA), Non Performing Financing (NPF), and Financing Deposit Ratio (FDR) to Total Financing provided to the Community by Islamic Banks in Indonesia. The data used is monthly data released by Bank of Indonesia in Islamic Banking Statistics in the time period of January 2009 - December 2013. This study uses cointegration test to see the long-term relationship, and use error correction models to examine the relationship of short-term. The results of this study indicate that the Third Party Fund has a short-term effect on total funding, Return on Assets has a long term effect on the total financing, Non Performing Financing has long-term effects of total financing, and Financing deposit ratio has the effect of short-term and long-term of the total financing provided by Islamic Banks in Indonesia.

Keywords: Islamic banking, third party fund, return on asset, non-performing financing, financing deposit ratio

Procedia PDF Downloads 469

Authors: Endalew Jibat, Feyera Senbeta, Tesfaye Zeleke, Fitsum Hagos

Abstract:

Water governance considers multi-sector participation beyond the state; and for sustainable use of water resources, appropriate laws, policies, regulations, and institutions needs to be developed and put in place. Water policy, a critical and integral instrument of water governance, guided water use schemes and ensures equitable water distribution among users. The Ethiopian Central Rift Valley (CRV) is wealthy of water resources, but these water resources are currently under severe strain owing to an imbalance in human-water interactions. The main aim of the study was to examine the state of water resources governance in the CRV of Ethiopia, and the impact of the Ethiopian Water Resources Management Policy on water governance. Key informant interviews (KII), focused group discussions, and document reviews were used to gather data for the study. The NVivo 11 program was used to organize, code, and analyze the data. The results revealed that water resources governance practices such as water allocation and apportionment, comprehensive and integrated water management plans, water resources protection, and conservation activities were rarely implemented. Water resources management policy mechanisms were not fully put in place. Lack of coherence in water policy implementation, absence of clear roles and responsibilities of stakeholders, absence of transparency and accountability in irrigation water service delivery, and lack of meaningful participation of key actors in water governance decision-making were the primary shortcomings observed. Factors such as over-abstraction, deterioration of buffer zone, and chemical erosion from surrounding farming have contributed to the reduction in water volume and quality in the CRV. These challenges have influenced aquatic ecosystem services and threaten the livelihoods of the surrounding communities. Hence, reforms relating to policy coherence and enforcement, stakeholder involvement, water distribution strategies, and the application of water governance principles must be given more emphasis.

Keywords: water resources, irrigation, governance, water allocation, governance principles, stakeholders engagement, central rift valley

Procedia PDF Downloads 97

Authors: Sobar M. Johari, Ida Putri Anjarsari

Abstract:

In the transmission of monetary instrument towards real sector of the economy, Bank Indonesia as monetary authority has developed Islamic Bank Indonesia Certificate (abbreviated as SBIS) as an instrument in Islamic open market operation. One of the monetary transmission channels could take place through financing channel from which the fund is used as the source of banking financing. This study aims to analyse the impact of Islamic monetary instrument towards output or economic growth. Data used in this research is taken from Bank Indonesia and Central Board of Statistics for the period of January 2008 until December 2015. The study employs Granger Causality Test, Vector Error Correction Model (VECM), Impulse Response Function (IRF) technique and Forecast Error Variance Decomposition (FEVD) as its analytical methods. The results show that, first, the transmission mechanism of banking financing channel are not linked to output. Second, estimation results of VECM show that SBIS, PUAS, and FIN have significant impact in the long term towards output. When there is monetary shock, output or economic growth could be recovered and stabilized in the short term. FEVD results show that Islamic banking financing contributes 1.33 percent to increase economic growth.

Keywords: Islamic monetary instrument, Islamic banking financing channel, economic growth, Vector Error Correction Model (VECM)

Procedia PDF Downloads 286

Authors: Lorena F. Axinte

Abstract:

Territorial rescaling is a universal practice in the UK, following a logic of agglomeration and competition as the only chance for cities to thrive. Cardiff Capital Region is one of the latest examples, and its governance structures and developmental narratives are currently being shaped. Its evolution must be compatible with the Wellbeing of Future Generations Act, a Welsh legislation that requires public bodies to put sustainability at the core of all actions. Departing from this case study, the project follows the evolution of Cardiff Capital Region and assesses it based on a new a conceptual framework that connects the notions of regenerative development, collaborative governance, and progressive regionalism. The hypothetical synergies between these different theoretical perspectives are demonstrated, inferring that if regenerative development is aimed at, it must necessarily start with collaborative modes of governance. The objective is to explore (a) whether expanding the network of active stakeholders who get to intervene in the governance structure can contribute to a more progressive definition and development of the city region and (b) whether this can be considered a pathway towards regenerative development. The exploratory fieldwork conducted during the initial phase of the project used qualitative methods, which will be complemented next by different participatory research approaches, as well as a quantitative analysis. Despite being in its early days, the study is showing that a wider range of voices can indeed change priorities, reconcile and balance between the economic drivers and the wider social, economic, cultural and environmental aspects.

Keywords: Cardiff Capital Region, collaborative governance, progressive regionalism, regenerative development

Procedia PDF Downloads 312

Authors: Imran Mehboob Shaikh, Kamaruzaman Noordin

Abstract:

Musharakah Mutanaqisah or Diminishing Partnership is a derivative of Musharakah contract, which is used by Islamic banks for housing finance facility. Most of the banks offer housing finance based on the concept of Musharakah Mutanaqisah, apart from few which still offer housing finance using BBA, Tawarruq (commodity Murabahah) and Istisna. This research attempts to compare the practice of DP housing finance offered in Malaysia. This paper will further look into challenges in Musharakah Mutanaqisah practice and its sustainability as a mortgage product. In practice there are certain issues related to Musharakah Mutanaqisah also known as Musharakah al Muntaiah bi tamlik, widely accepted and mostly used for housing finance by the Islamic banks. In Malaysia, it is in transforming stage from Bay bithamman Ajil, which is mostly used for housing finance in ASEAN region i.e., Malaysia, Indonesia and Brunei. In order to conduct this study, a discussion was carried out with few researchers who had worked on the topic previously and some Islamic bank officers attached to a full-fledged Islamic bank in Malaysia. Apart from that previous literature on Musharakah Mutanaqisah was also reviewed and various books, as well as online data, was considered for this study, and websites of different Islamic banks with information for Diminishing partnership, home financing were retrieved. This paper will highlight issues surrounding Diminishing Partnership contract and its conformity to Maqasid al Shariah (objectives of Shariah). Diminishing Partnership is widely accepted in different parts of the world and is mostly used for housing finance. The future prospect of DP is believed to be affirmative. As the product is a better substitute for BBA and most of the Islamic banks around the world have utilized their housing portfolio using the contract but at the same time, there are certain issues that need to be overcome. Even though Islamic banks are striving to sustain and compete the conventional banks but securing the customers from Gharar and other issues should be the primary objective of Islamic financial institutions.

Keywords: BBA, home financing, musharakah mutanaqisah, tawarruq

Procedia PDF Downloads 347

Authors: Xiujuan Qiao

Abstract:

Cities worldwide are increasingly adopting sustainable stormwater solutions such as using green infrastructure to mitigate challenges related to stormwater, e.g., pluvial flooding, and stormwater pollution. Barriers caused by governance factors have been identified as the main reason for the slow pace of sustainable stormwater management implementation. In this study, we examined governance factors influencing local implementation in four case cities: Lund and Malmö, Sweden, and Xi’xian New Area and Zhenjiang, China. Based on systems thinking of interrelations between previously identified influencing governance factors in sustainable stormwater management (SSM), we developed a causal loop diagram (SSM-CLD) and used it to analyze 23 semi-structured interviews with local government officers in the four case cities. Based on the results, we created one SSM-CLD for each country and analyzed the main differences between these four SSM-CLDs. The results revealed that differences in governance structures can lead to differences in the influencing governance factors. In top-down political systems, e.g., China, the role of national policy in setting local leaders’ priorities is significant for SSM implementation. In political systems with more power devolved to local governments, e.g., Sweden, public awareness and local government politicians’ priorities are important for SSM implementation. Acquiring funding for long-term maintenance was identified as a challenge in all four cities studied. These results are relevant for policymakers, local government departments, consultancy companies, and researchers seeking a better understanding of how governance factors influence sustainable stormwater management.

Keywords: sustainable stormwater management, causal loop diagram, governance structures, local government priorities, public awareness, maintenance

Procedia PDF Downloads 257

Authors: Saad Bin Nasir

Abstract:

This research will examine the impact of corporate governance on firm performance in family and non-family owned firms in Pakistan. For the purpose of this research, corporate governance mechanisms which included are board size, board composition, leadership structure, board meetings are taken as independent variable and firm performance taken as dependent variable and it will be measured with return on asset and return on equity. Firm size and firm’s age will be taken as control variables. Secondary data will collect from audited annul reports of companies and panel data regression model will applied, to check the impact of corporate governance on firm performance.

Keywords: board size, board composition, Leadership Structure, board meetings, firm performance, family and non-family owned firms

Procedia PDF Downloads 377

Authors: Adamu Buba

Abstract:

As West Africa gradually recovers from the cost of more than a decade of civil conflicts in Liberia, Sierra Leone and Côte d’Ivoire, ECOWAS has continued to place prominence on peace consolidation and the prevention of conflict in the West African Sub-Region. Of particular interest is the recent political uprising in Mali and in this regard, ECOWAS has been repositioning their existing machineries to manage this dispensation more effectively by improving their early warning and mediation capabilities. This paper firstly seeks among other things to provide a conceptual understanding of what security sector governance is, and also highlight the overview of ECOWAS and to closely examine the benchmark for assessing progress in the promotion of democracy and political governance within the sub-region as well as conflict prevention techniques. The views and analysis expressed in this paper is based on secondary method of data collection alone and do not in any way represent the views of the institutions or their representatives involved in this assignment in one way or the other.

Keywords: challenges, security, governance, ecowas, response

Procedia PDF Downloads 261

Authors: Mohammad Yousaf Safi Mohibullah Afghan

Abstract:

The study made on Islamic and conventional banks scrutinizes the risks interconnected with credit and liquidity on the productivity performance of Islamic and conventional banks that operate in Pakistan. Among the banks, only 4 Islamic and 18 conventional banks have been selected to enrich the result of our study on Islamic banks performance in connection to conventional banks. The selection of the banks to the panel is based on collecting quarterly unbalanced data ranges from the first quarter of 2007 to the last quarter of 2017. The data are collected from the Bank’s web sites and State Bank of Pakistan. The data collection is carried out based on Delta-method test. The mentioned test is used to find out the empirical results. In the study, while collecting data on the banks, the return on assets and return on equity have been major factors that are used assignificant proxies in determining the profitability of the banks. Moreover, another major proxy is used in measuring credit and liquidity risks, the loan loss provision to total loan and the ratio of liquid assets to total liability. Meanwhile, with consideration to the previous literature, some other variables such as bank size, bank capital, bank branches, and bank employees have been used to tentatively control the impact of those factors whose direct and indirect effects on profitability is understood. In conclusion, the study emphasizes that credit risk affects return on asset and return on equity positively, and there is no significant difference in term of credit risk between Islamic and conventional banks. Similarly, the liquidity risk has a significant impact on the bank’s profitability, though the marginal effect of liquidity risk is higher for Islamic banks than conventional banks.

Keywords: islamic & conventional banks, performance return on equity, return on assets, pakistan banking sectors, profitibility

Procedia PDF Downloads 170

Authors: Ariyanti Mustapha

Abstract:

The development of Islamic jurisprudence since the first century of hijra has fascinated many orientalists to explore the historiography of Islamic legislation. The practice of uÎËl fiqh began during the lifetime of the Prophet Muhammad and was continued by the companions as the legal reasoning due to the absence of the legal injunction in the QurÉn and Sunnah. The orientalists propagated that the Roman and Jewish legislation were transplanted in Islamic jurisprudence and it was the primary reason for its progression. This article focuses on the analysis of foreign elements transplanted in the uÎËl fiqh as mentioned by Ignaz Goldziher and Joseph Schacht. They insisted the methodology of Sunna and IjtihÉd were authentically from Roman and Jewish legislation, known as Mishnah and Ha-Kol were invented and transplanted as the principles in uÎËl fiqh. The author used qualitative and comparative methods to analyze the orientalists’ views. The result showed that many erroneous facts were propagated by Goldziher and Schacht by claiming the parallels between the principles, methodologies, and fundamental concepts in uÎËl fiqh and Roman Provincial law. They insisted Sunna and IjtihÉd as an invention from the corpus of Jewish Mishnah and Ha-kol and further affirmed by Schacht that Islamic jurisprudence began in the second century of hijra. These judgments are used by the orientalists to prove the inferiority of Islamic jurisprudence. Nevertheless, many evidences has proven that Islamic legislation is capable of developing independently without any foreign transplant.

Keywords: foreign transplant, ijtihad, orientalist, USUL Fiqh

Procedia PDF Downloads 166

Authors: Aqeel Akhtar

Abstract:

One of prevailing modes of finance in emerging Islamic banking system is Murabah’a; a financial transaction in which cost and profit both must be recognized by buyer. Otherwise the transaction would become invalid. In this mainstream, import Murabah’a transaction is divergent in such a way that the cost is not recognized and identified due to execution of import transaction in foreign currency i.e. US Dollar and the next transaction of Murabaha’a with the client is executed in local currency. Since this transaction is executed in dual currency i.e. bank pays supplier in foreign currency and executes Murabah’a with its client in local currency and it is not allowed in according to Islamic Injunctions as mentioned in hadith narrated by Hazrat Ibn-e-Umar (May Allah be pleased with them) used to sell his camels with Dirhams and take dinars instead and vice versa. Upon revealing before the Prophet (SAW), he was advised that it must not be contingent in the agreement and the ready rate would be applied and possession of one of the consideration is compulsory. The solution in this regard is that the import Murabah’a transaction should be in single currency, however, other currency can be paid in payment at the time of payment in a very indispensable situation provided that ready rate would be applied. Moreover, some of other solutions have also been given in this regard.

Keywords: shariah compliance, import murabaha, islamic banking, product development

Procedia PDF Downloads 242

Authors: M. S. Riyazulla

Abstract:

Since the dawn of the 21st century, there has been a perceptible decline in Islamic supremacy in world affairs, apart from the gradual waning of the amiable relations and relevance of Islamic countries in the International political arena. For a long, Islamic countries have been marginalised by the superpowers in the global conflicting issues. This was evident in the context of their recent invasions and interference in Afghanistan, Syria, Iraq, and Libya. The leading International Islamic organizations like the Arab League, Organization of Islamic Cooperation, Gulf Cooperation Council, and Muslim World League did not play any prominent role there in resolving the crisis that ensued due to the exogenous and endogenous causes. Hence, there is a need for Islamic countries to create a credible International Islamic organization that could dictate its terms and shape a new Islamic world order. The prominent Islamic countries are divided on ideological and religious fault lines. Their concord is indispensable to enhance their image and placate the relations with other countries and communities. The massive boon of oil and gas could be synergistically utilised to exhibit their omnipotence and eminence through constructive ways. The prevailing menace of Islamophobia could be abated through syncretic messages, discussions, and deliberations by the sagacious Islamic scholars with the other community leaders. Presently, as Muslims are at a crossroads, a dynamic leadership could navigate the agitated Muslim community on the constructive path and herald political stability around the world. The present political disorder, chaos, and economic challenges necessities a paradigm shift in approach to worldly affairs. This could also be accomplished through the advancement in science and technology, particularly space exploration, for peaceful purposes. The Islamic world, in order to regain its lost preeminence, should rise to the occasion in promoting peace and tranquility in the world and should evolve a rational and human-centric solution to global disputes and concerns. As a splendid contribution to humanity and for amicable international relations, they should devote all their resources and scientific intellect towards space exploration and should safely transport man from the Earth to the nearest and most accessible cosmic body, the Moon, within one hundred years as the mankind is facing the existential threat on the planet.

Keywords: carboniferous period, Earth, extinction, fossil fuels, global leaders, Islamic glory, international order, life, marginalization, Moon, natural catastrophes

Procedia PDF Downloads 76

Authors: Yawen Xia, Rubi Yang, Jing Zhao

Abstract:

By using the Reputation Risk Index (RRI) to measure company environmental, social, and governance (ESG) activities, this research studies firms’ ESG comovement with their industry and local peers. This comovement is attenuated during the Covid-19 pandemic. Further analysis shows that corporate governance plays an important role in comovement decrease. We classify companies by region (city, state, region) and industry and calculate the average RRI of companies of the same type. We run separate regressions to test 1) industry comovement; 2) local comovement; 3) Covid-19 pandemic and reputation risk comovement; 4) corporate governance and reputation risk comovement. Our findings are consistent with previous literature that companies follow their industry and local counterparts in engaging in irresponsible activities and reducing ESG engagement. We speculate Covid shock led to a reduction in social activities and information sharing among enterprise managers, and comovement between enterprises, as a result, decreased during the pandemic.

Keywords: ESG, Covid, peer pressure, local comovement, corporate governance

Procedia PDF Downloads 148

Authors: Md. Awal Hossain Mollah

Abstract:

The aim of this study was to evaluate the relation between the free, fair and credible election in ensuring democratic governance in Bangladesh. The paper is a case (Bangladesh) study and qualitative in nature and based on secondary sources of materials. For doing this study, conceptual clarification has been done first and identified few elements of free, fair and credible elections. Then, how far these elements have been ensured in Bangladeshi elections has been evaluated by analyzing all the national elections held since independence. Apart from these, major factors and challenges of holding a free, fair and credible election in Bangladesh have been examined through using the following research questions: 1. Does role of election commission matter for free, fair and credible elections to form a democratic government? 2. Does role of political parties matter for democratic governance? 3. Do role of government matter for conducting the free, fair and credible election in ensuring democratic governance? 4. Does non-party caretaker government matter for conducting a free, fair and credible election? 5. Does democratic governance depend on multi-dimensional factors and actors? Major findings of this study are: Since the independence of Bangladesh, 10 national elections held in various regimes. 4 out of 10 national elections have been found free, fair and credible which have been conducted by the non-party caretaker government. Rests of the elections are not out of controversy and full of manipulation held under elected government. However, the caretaker government has already been abolished by the AL government through 15th amendment of the constitution. The present AL government is elected by the 10th parliamentary election under incumbent (AL) government, but a major opposition allies (20 parties) lead by BNP boycotted this election and 154 of the total 300 seats being uncontested. As a result, AL again came to the power without a competitive election and most of the national and International election observers including media world consider this election as unfair and the government is suffering from lack of legitimacy. Therefore, the governance of present Bangladesh is not democratic at all and it is to be considered as one party (14 parties’ allies lead by AL) authoritarian governance in the shade of parliamentary governance. Both the position and opposition of the parliament is belonging in 14 parties’ alliances lead by AL.

Keywords: democracy, governance, free, fair and credible elections, Bangladesh

Procedia PDF Downloads 330

Authors: Rosida A. Razak, Mohamad Shanudin Zakaria

Abstract:

The fundamental issues in ICT Governance (ICTG) implementation for Malaysian Public Sector (MPS) is how ICT be applied to support improvements in productivity, management effectiveness and the quality of services offered to its citizens. Our main concern is to develop and adopt a common definition and framework to illustrate how ICTG can be used to better align ICT with government’s operations and strategic focus. In particular, we want to identify and categorize factors that drive a successful ICTG process. This paper presents the results of an exploratory study to identify, validate and refine such Critical Success Factors (CSFs) and confirmed seven CSFs and nineteen sub-factors as influential factors that fit MPS after further validated and refined. The Delphi method applied in validation and refining process before being endorsed as appropriate for MPS. The identified CSFs reflect the focus areas that need to be considered strategically to strengthen ICT Governance implementation and ensure business success.

Keywords: IT governance, critical success factors, productivity, CSFs

Procedia PDF Downloads 284

Authors: Nerissa Gloria Balboa, Aire Yukdawan, Venice Gordula, Rhea Jannagen Curva

Abstract:

This research examined the lived experiences and compared their similarities and differences of former Catholics turned Muslim converts in and out of prison. Qualitative comparative study with an Interpretative Phenomenological Analysis approach was used to explore the lives of Muslim converts. Interviews were conducted at Islamic Studies, Call and Guidance of the Philippines (ISCAG) and Tarbiyyah Islamic Female Institute for Muslim converts out of prison, New Bilibid Prison (NBP) and Correctional Institution for Women (CIW) for Muslim converts in prison. Results of the study show that first, for Muslim converts out of prison, exploration begins through (1) experiences of Catholicism as a norm in the family and eventual realization of its emptiness in practice, (2) experiences of Islam as a norm in the environment and discovery of meaningfulness of Islam (3) experiences of gradual holistic transformation of being a Muslim; and (4) experiences of extension of oneself towards family and society. Secondly, for Muslim converts in prison, exploration begins through (1) experiences of Apathy towards Catholicism and eventual deviation from moral standards, (2) experiences of prison condition as an environment of reflection on spirituality; and (3) experiences of positive effects of being a Muslim inside Prison. Comparisons show that there exists similarities and differences across the two settings in terms of (1) experiences of Catholicism and the degree of its internalization and actualization, (2) experiences of Islamic encounters and the process of conversion; and (3) experience of Islamic devotion and Islamic construct for the self. Theoretical bases of religious conversion found in unique contexts are discussed, initiating a paradigm shift of thinking that is needed to address the deeply rooted prejudices within Catholic and Islamic circles.

Keywords: Catholicism, Islamic conversion, social psychology, religion

Procedia PDF Downloads 402

Authors: M. V. Shivaani, P. K. Jain, Surendra S. Yadav

Abstract:

Risk management has been gaining extensive focus from international organizations like Committee of Sponsoring Organizations and Financial Stability Board, and, the foundation of such an effective and efficient risk management system lies in a strong risk governance structure. In view of this, an attempt (perhaps a first of its kind) has been made to develop a risk governance index, which could be used as proxy for quality of risk governance structures. The index (normative framework) is based on eleven variables, namely, size of board, board diversity in terms of gender, proportion of executive directors, executive/non-executive status of chairperson, proportion of independent directors, CEO duality, chief risk officer (CRO), risk management committee, mandatory committees, voluntary committees and existence/non-existence of whistle blower policy. These variables are scored on a scale of 1 to 5 with the exception of the variables, namely, status of chairperson and CEO duality (which have been scored on a dichotomous scale with the score of 3 or 5). In case there is a legal/statutory requirement in respect of above-mentioned variables and there is a non-compliance with such requirement a score of one has been envisaged. Though there is no legal requirement, for the larger part of study, in context of CRO, risk management committee and whistle blower policy, still a score of 1 has been assigned in the event of their non-existence. Recognizing the importance of these variables in context of risk governance structure and the fact that the study basically focuses on risk governance, the absence of these variables has been equated to non-compliance with a legal/statutory requirement. Therefore, based on this the minimum score is 15 and the maximum possible is 55. In addition, an attempt has been made to explore the determinants of this index. For this purpose, the sample consists of non-financial companies (429) that constitute S&P CNX500 index. The study covers a 10 years period from April 1, 2005 to March 31, 2015. Given the panel nature of data, Hausman test was applied, and it suggested that fixed effects regression would be appropriate. The results indicate that age and size of firms have significant positive impact on its risk governance structures. Further, post-recession period (2009-2015) has witnessed significant improvement in quality of governance structures. In contrast, profitability (positive relationship), leverage (negative relationship) and growth (negative relationship) do not have significant impact on quality of risk governance structures. The value of rho indicates that about 77.74% variation in risk governance structures is due to firm specific factors. Given the fact that each firm is unique in terms of its risk exposure, risk culture, risk appetite, and risk tolerance levels, it appears reasonable to assume that the specific conditions and circumstances that a company is beset with, could be the biggest determinants of its risk governance structures. Given the recommendations put forth in the paper (particularly for regulators and companies), the study is expected to be of immense utility in an important yet neglected aspect of risk management.

Keywords: corporate governance, ERM, risk governance, risk management

Procedia PDF Downloads 255

Authors: M. Talebzadegan, S. Bina , I. Riazi

Abstract:

The purpose of this paper is to present an active solar energy system to supply heating demands of the teaching staff dormitory of Islamic Azad University of Ramhormoz. The design takes into account the solar radiations and climate data of Ramhormoz town and is based on the daily warm water consumption for health demands of 450 residents of the dormitory, which is equal to 27000 lit of 50 C° water, and building heating requirements with an area of 3500 m² well-protected by heatproof materials. First, heating demands of the building were calculated, then a hybrid system made up of solar and fossil energies was developed and finally, the design was economically evaluated. Since there is only roof space for using 110 flat solar water heaters, the calculations were made to hybridize solar water heating system with heat pumping system in which solar energy contributes 67% of the heat generated. According to calculations, the Net Present Value “N.P.V.” of revenue stream exceeds “N.P.V.” of cash paid off in this project over three years, which makes economically quite promising. The return of investment and payback period of the project is 4 years. Also, the Internal Rate of Return (IRR) of the project was 25%, which exceeds bank rate of interest in Iran and emphasizes the desirability of the project.

Keywords: solar energy, heat demand, renewable, pollution

Procedia PDF Downloads 426