Search results for: modern Islamic finance

Authors: Jasman Tuyon, Zamri Ahmad

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Behavioral asset pricing research has been gaining momentum since in 1990s. However, it is still incomplete and has been criticized for some philosophical, theoretical and model specification limitations. Due to these drawbacks, investors’ behaviors as a source of risk in behavioral asset pricing modeling still remains disputable. This paper aims to address these issues with an alternative perspective based on behavioral finance paradigm. Specifically, this paper proposes a theoretical linkages of both fundamental and behavioral risks on stock prices formation and an extension of the multifactor stock pricing model by combining multi-factor fundamentals and behavioral risks factors.

Keywords: behavioral finance, multifactor asset pricing, behavioral risks, fundamental risks

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Authors: Mehry Daraei

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The goal of this study was to survey the components and affective factors on organizational commitment of Islamic Azad university Khoramabad Baranch’s faculty members. The research method was correlation by causal modeling and data were gathered by questionnaire. Statistical society consisted of 147 faculty members in Islamic Azad University Khoramabad Branch and sample size was determined as 106 persons by Morgan’s sample table that were selected by class sampling. Correlation test, T-single group test and path analysis test were used for analysis of data. Data were analyzed by Lisrel software. The results showed that organizational corporate was the most effective element on organizational commitment and organizational corporate, experience work and organizational justice were only in direct relation with organizational commitment. Also, job security had direct and indirect effect on OC. Job security had effect on OC by gender. Gender variable had direct and indirect effect on OC. Gender had effect on OC by organizational corporate. Job opportunities out of university also had direct and indirect effect on OC, which means job opportunities had indirect effect on OC by organizational corporate.

Keywords: organization, commitment, job security, Islamic Azad University

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Authors: Zakaria S. G. Hegazy, Walid M. A. Ahmed

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This paper examines the dependence structure of Islamic stock markets on Bitcoin’s realized volatility components in bear, normal, and bull market periods. A quantile regression approach is employed, after adjusting raw returns with respect to a broad set of relevant global factors and accounting for structural breaks in the data. The results reveal that upside volatility tends to exert negative influences on Islamic developed-market returns more in bear than in bull market conditions, while downside volatility positively affects returns during bear and bull conditions. For emerging markets, we find that the upside (downside) component exerts lagged negative (positive) effects on returns in bear (all) market regimes. By and large, the dependence structures turn out to be asymmetric. Our evidence provides essential implications for investors.

Keywords: cryptocurrency markets, bitcoin, realized volatility measures, asymmetry, quantile regression

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Authors: Waseem Makai

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The term ‘political Islam’ now seem to have gained the centre stage in every discourse pertaining to Islamic legitimacy and compatibility in modern civilisations. A never ceasing tradition of the philosophy of caliphate that has kept overriding the options of any alternate political institution in the Muslim world still permeates a huge faction of believers. Fully accustomed with the proliferation of changes and developments in individual, social and natural dispositions of the world, Islamic theologians retaliated to this flux through both conventional and modernist approaches. The so-called conventional approach was quintessential of the interpretations put forth by Syed Maududi, with new comprehensive, academic and powerful vigour, as never seen before. He generated the avant-garde scholarship which would bear testimony to his statements, made to uphold the political institution of Islam as supreme and noble. However, it was not his trait to challenge the established views but to codify them in such a bracket which a man of the 20th century would find captivating to his heart and satisfactory to his rationale. The delicate microcosms like selection of a caliph, implementation of Islamic commandments (Sharia), interest free banking sectors, imposing tax (Jazyah) on non-believers, waging the holy crusade (Jihad) for the expansion of Islamic boundaries, stoning for committing adulteration and capital punishment for apostates were all there in his scholarship which he spent whole of his life defending in the best possible manner. What and where did he went wrong with all this, was supposedly to be notified later, by his once been disciple, Javed Ahmad Ghamidi. Ghamidi is being accused of struggling between Scylla and Charybdis as he tries to remain steadfast to his basic Islamic tenets while modernising their interpretations to bring them in harmony with the Western ideals of democracy and liberty. His blatant acknowledgement of putting democracy at a high pedestal, calling the implementation of Sharia a non-mandatory task and denial to bracket people in the categories of Zimmi and Kaafir fully vindicates his stance against conventional narratives like that of Syed Maududi. Ghamidi goes to the extent of attributing current forms of radicalism and extremism, as exemplified in the operations of organisations like ISIS in Iraq and Syria and Tehreek-e-Taliban in Pakistan, to such a version of political Islam as upheld not only by Syed Maududi but by other prominent theologians like Ibn-Timyah, Syed Qutub and Dr. Israr Ahmad also. Ghamidi is wretched, in a way that his allegedly insubstantial claims gained him enough hostilities to leave his homeland when two of his close allies were brutally murdered. Syed Maududi and Javed Ghamidi, both stand poles apart in their understanding of Islam and its political domain. Who has the appropriate methodology, scholarship and execution in his mode of comprehension, is an intriguing task, worth carrying out in detail.

Keywords: caliphate, democracy, ghamidi, maududi

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Authors: Zuwaira Abubakar

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Islam is the Divine religion which guides Man ways of leading a prosperous life in this life and the hereafter. This study was conducted in order to investigate the possible relationship between adherence to Islamic principles of success and academic performance of university students. Accordingly, a questionnaire based on Islamized principles of success (referred to as 'Islamic character quotient inventory (ICQi)') was correlated with CGPA (Cumulative Grade Point Averages) of 343 students of Usmanu Danfodiyo University Sokoto. The empirical testing indicates that the total score on ICQi correlated positively and significantly with academic performance of the respondent. Students with either high or medium adherence have a significantly (P<0.01) higher CGPA than their counterparts with the low-adherence level. However, the result did not show a significant relationship between the CGPA of highly adherent individuals and that of those with medium adherence level. This may suggests that Islam is not for spiritual life only but also relevant and useful for our practical life.

Keywords: academic, Islam, principles, success

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Authors: Khaled Alkadamani

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Using the simultaneous equations model, this paper examines the impact of capital requirements on bank risk-taking during the recent financial crisis. It also explores the relationship between capital and risk decisions and the impact of economic instability on this relationship. By analyzing the data of 20 Islamic commercial banks between 2004 and 2014 from four Middle East countries, the study concludes a positive effect of regulatory pressure on bank capital in Saudi Arabia and UAE and a negative effect in Jordan and Kuwait. Moreover, the results show a negative impact of regulatory pressure on bank risk taking in Saudi Arabia, Jordan and UAE. The findings reveal also that banks close to the minimum regulatory capital requirements improve their capital adequacy by increasing their capital and decreasing their risk taking. Furthermore, the results show that economic crisis negatively affects bank risk changes, suggesting that banks react to the impact of uncertainty by reducing their risk taking. Finally, the estimations show a negative correlation between banks profitability and capital adequacy ratio (CAR), implying that as more capital is set aside as a buffer for banks safety; it affects the performance of Islamic banks.

Keywords: bank capital, bank regulation, crisis, Islamic banks, risk taking

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Authors: Muhsina Khadeeja

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Introducing theological texts combined with philosophy will be useful in understanding the major difference between theology and philosophy and making a comparative study between these two epistemologies. SHARAHUL AQAID is one of them. Which originated in the Fourteenth century; the time was enriched with theological discourses and religious revisions. Meanwhile, visions of philosophy strengthened and its ideologies were discussed widely until it reflected on Islamic theology. Those philosophers initiated to interpretation of Islamic theology from a philosophical aspect. Some prominent Muslim theologists like Gazzali analyzed that this genre of interpretations and followed questions will threaten the existence of Islamic theology. Understanding these situations, prominent leaders defended Islamic theology through their intellectual works. SHARAHUL AQAID of SADUDDIN THATHAZANI is one of them, which is written as a commentary on UMAR NASAFI's work. The mentioned book is full of answers to the counters of philosophers and rectification of their interpretation. He adopted the philosophical method in this work rather than other methods to make philosophers understand his answers vividly. Because of that, the book is plentiful with philosophical terminologies. Common people can't grasp it without a deep reading. So, the researcher hopes that the analysis of this work will help to elaborate its meanings and make it graspable. The researcher chooses a thematical and critical analysis of the answers of SADUDDIN THAFTHAZANI in SHARAHUL AQAID and on his methodology. This analysis denotes theology and philosophy show similarities rather than contradictions. The researcher concludes this study by examining the difference between theology and philosophy, similarities and contradiction. Finally, researcher proves how both epistemologies coexist.

Keywords: islamic theology, sharahul aqaid, saduddin thafthazani, philosophy

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Authors: Samaneh Khalili

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Natural law theory, in moral philosophy, refers to a system of unchanging values held to be mutual to all humans and can be discovered through reason. The natural law theory is commonly associated with western Philosophers. In contrast, discussions on notions of natural law in Islamic intellectual history were relatively rare. This paper aims to show that the moral theory developed by the Mu'tazilite thinkers can be classified in the ideas of natural law. In doing so, this study will demonstrate that the objective and unchanging values, according to Mu'tazilite theologians, provide the guidelines for assessing the Islamic law rules in the field of human coexistence. The focus of the paper lies on ʿAbd al-Ğabbār, who was the most influential thinker in the late epoch of the Muʿtazila. Although ʿAbd al-Ǧabbār did not leave a text with a systematic discussion of natural law, his teaching of nature, human reason, and the moral values of actions are all scattered throughout his work -'al-Muġnī fī abwāb at-tawḥīd wa-l-'adl'. It is necessary to focus on ʿAbd al-Ǧabbār's theories on reason, nature, and ethics since natural law revolves around the basic concepts of nature, reason, and moral value. While analyzing the concept of the Nature, it will attempt to answer how he explains the world's physical structure and God's relationship to natural events. Moreover, from ʿAbd al-Ǧabbār's point of view, is nature a self-determined system that follows its inner principle in every kind of change, or is nature guided by an external power? Does causality govern natural events? About the concept of reason, an attempt is made to examine how human reason, according to ʿAbd al-Ǧabbār, conceives moral attributes. Finally, the Autor will discuss the concepts of objective values and the place of rights and duties derived from Islamic law in ʿAbd al-Ǧabbār's thought.

Keywords: Islamic law, Mu'tazilite theology, natural law in Islamic theology, objective and unchanging values.

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Authors: Bukhari M. S. Sillah, Imran Khokhar, Muhammad Nauman Khan

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This paper studies the technical efficiency of Saudi banking sector using stochastic frontier model. A sample of 12 banks over the period 2000-2011 is selected to investigate their technical efficiencies in mobilizing deposits, producing investment and generating income. The banks are categorized as Saudi-owned banks, Saudi-foreign-owned banks and Islamic banks. The findings show some consistent pattern of these bank types; and there exist significant disparities among the banks in term of technical efficiency. The Banque Saudi Fransi stands out as a benchmark bank for the industry, and it is a Saudi-foreign owned bank type. The Saudi owned bank types have shown fluctuating performance during the period; and the Islamic bank types are no significantly different from Saudi-owned bank types.

Keywords: technical efficiency, production frontier model, Islamic banking

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Authors: Maryam Bakhtyar, Pegah Akrami

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Intuitional insight or mystical cognition is a different insight from common, concrete and intellectual insights. This kind of insight is not achieved by visionary contemplation but by the recitation of God, self-purification, and mystical life. In this insight, there is no distance or medium between the subject of cognition and its object, and they have a sort of unification, unison, and incorporation. As a result, knowledgeable consider this insight as direct, immediate, and personal. The goal of this insight is God, cosmos’ creatures, and the general inner and hidden aspect of the world that is nothing except God’s manifestations in the view of mystics. AS our common cognitions have diversity and stages, intuitional insight also has diversity and levels. As our senses are divided into concrete and rational, mystical discovery is divided into superficial discovery and spiritual one. Based on Islamic mystics, the preferable way to know God and believe in him is intuitional insight. There are two important criteria for evaluating mystical intuition, especially for beginner mystics of intellect and revelation. Indeed, the conclusion and a brief evaluation of Islamic mystics’ viewpoint is the main subject of this paper.

Keywords: intuition, discovery, mystical insight, personal knowledge, superficial discovery, spiritual discovery

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Authors: Afsana Afsar Tuly

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The Rohingyas are a group of minority Muslimsin Myanmar who witnessed series of persecution, violence, and torture from Burmese military since 1948. In 2017, around 700,000 Rohingyas fled to the neighboring country Bangladesh and took shelter as refugees after facing clashes with Myanmar security forces. The number increased to 1.8 million in 2020, creating one of the largest refugee crises of recent times. This research focuses on the vulnerability and poverty faced by Rohingyas in refugee camps and how thelack of long-term solution and silence from international communitycan pose national security threat and increasing Islamic extremism in Bangladesh. Islamic religious and terrorist groups have used the Rohingyas position as stateless people to influence them into speaking against the secular government of Bangladesh. There has been increasing crime rates and formation of different rebel groups in refugee camps, causing clashes with Bangladeshi police and authority. Human trafficking, illegal drug dealings, prostitution, and other illicit activities have continuously gone up in the southeastern part of Bangladesh. Some economic, social, and environmental factors are studied and analyzed to show the change in Bangladesh between 2017 and 2020.

Keywords: national security threat, islamic extremism, rohingya refugees, refugee studies, Bangladesh, myanmar

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Authors: Numan Hasan

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We have tried to highlight the linguistic trend in the Qur’anic Tafsir of ‘Al Tahreer wa Al Tanveer’ by Sheikh Tahir Bin A’shur, the brightest linguistic commentator in the modern era. We have started studying the life of Bin A’shur and his contributions to the field of Qur’anic knowledge. We have also studied to focus on the linguistic approach of ‘Al Tahreer wa Al Tanveer’ and emphasized the importance of linguistic interpretations. We have tried to have a clear understanding about the features and characteristics of his Tafsir. We have also reflected on the methodological approach and linguistic reference of his interpretation. In the conclusion we presented the main results of a research.

Keywords: Sheikh Tahir Bin A’shur, tafsir, linguistics, interpretation, Islamic studies

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Authors: Sana Ammad

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The tradition of linguistic analysis in Islam and Christianity has developed independently of each other in lieu of the social developments specific to their historical context. However, recently increasing number of Muslim academics educated in the West have tried to apply the Western tradition of linguistic interpretation to the Qur’anic text while completely disregarding the Islamic linguistic tradition used and developed by the traditional scholars over the centuries. The aim of the paper is to outline the linguistic tools and methods used by the traditional Islamic scholars for the purpose of interpretating the Holy Qur’an and shed light on how they contribute towards a better understanding of the text compared to their Western counterparts. This paper carries out a descriptive-comparative study of the linguistic tools developed and perfected by the traditional scholars in Islam for the purpose of textual analysis of the Qur’an as they have been described in the authentic works of Usul Al Fiqh (Jurisprudence) and the principles of textual analysis employed by the Western hermeneutical tradition for the study of the Bible. First, it briefly outlines the independent historical development of the two traditions emphasizing the final normative shape that they have taken. Then it draws a comparison of the two traditions highlighting the similarities and the differences existing between them. In the end, the paper demonstrates the level of academic excellence achieved by the traditional linguistic scholars in their efforts to develop appropriate tools of textual interpretation and how these tools are more suitable for interpreting the Qur’an compared to the Western principles. Since the aim of interpreters of both the traditions is to try and attain an objective understanding of the Scriptures, the emphasis of the paper shall be to highlight how well the Islamic method of linguistic interpretation contributes to an objective understanding of the Qur’anic text. The paper concludes with the following findings: The Western hermeneutical tradition of linguistic analysis developed within the Western historical context. However, the Islamic method of linguistic analysis is much more highly developed and complex and serves better the purpose of objective understanding of the Holy text.

Keywords: Islamic jurisprudence, linguistic analysis, textual interpretation, western hermeneutics

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Authors: Divya Ramaseshan

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The indigenous beauty of a space supported by its local context is unmatchable. India, known to be a hub for varied cultural significance, has one of the best uses of vernacularism. This paper focuses on the traditional houses present in Thirumayilai, Mylapore, one of the oldest and most populous cities in Chennai. The Mylapore houses are known for their Agraharam style with thinnai, courtyard, and sloping roof characteristics. These homes had a combined influence of Indian, Islamic as well as Neo-classical architecture in their design. The design of the houses reflects the lives of Brahmin communities which have almost vanished from sight now. According to the growing demands of local residents as well as urbanization, many houses have been renovated. Some of those structures have been conserved in certain streets showcasing their historical identity. Other structures have either been demolished or redesigned based on people’s needs. Those structures have been identified and studied to understand the comparative features that have been changed. Many of those were in direct relevance to the city’s climate, family size, socializing habits, and local materials. Being a temple town, Mylapore has contour variations sloping towards various water bodies. These factors have been considered for building homes as well. The study aims to list down the possible design guidelines that could be effective in today’s construction field. The pros and cons are analyzed, and the respective methodologies are framed. Our modern construction technologies have brought in the best visual aesthetics in a short frame of time, but the serene touch of teak wood, walking through paved stones, daydreaming in the sunlit courtyards, and chitchatting in porticos are always cherished. Architects around the world are trying hard to achieve such appreciated design elements in upcoming projects with the best use of modern technology. This will also improvise people’s mental health in the comfort of their homes.

Keywords: Agraharam, Mylapore, traditional, vernacularism

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Authors: Aisya Zaharin

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The reporting of Islam in the Malaysian government-controlled press is complicated and occurs almost daily. This is due to the Islamisation process that has been heavily politicized in recent years. This article analyses media representations of Islam in the Malaysian media through the social responsibility theory. A provocative case study of media reporting on the “I want to touch a dog” event was analysed since dog’s saliva is ritually considered unhygienic by Muslims. This paper will not question the Islamic ruling on the dog’s issue. Instead, it calls for discussions in relation to openness and maturity in religious discourse with respect to the dog’s saliva dialogue in 1937. It applies Hage’s “minor and major reality” to explain the increasing percentage of Muslim who define their own understandings of Islam vs the government’s dogmatic versions. This paper employs Alatas’s method of “sociological investigation in Southeast Asia” by using ethnographic examination on selected mass media. Through Asiacentricity approach, this paper revisited the local framework of Alatas’s New Man encouraging Muslims to engage in knowledge and to appreciate diversities in Islamic jurisprudences. Despite government’s control, findings showed that non-Malay languages and online media are more comprehensive in reporting the news about Islam. Clearly, there has to be a re-conceptualization of Islamic discourses in the Malay-language media.

Keywords: dog, Fiqh, Islamic jurisprudence, Malaysian media, New Man, social responsibility

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Authors: Mohammad Reza Abidi, Zahra Nourouz Pour, Mehdi Moudi

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In this research, firstly critical success factors and deterrent factors in implementing projects and also the factors those cause information technology productivity (IT) paradox in Islamic Azad University, Zahedan branch examined. Research method of this paper is descriptive. In fact, the researcher by using survey, proposed useful solutions. In this research, subjects’ responders to questionnaires items were based on Likert scale. In the questionnaire, economic, technical, organizational and cultural factors in the university have been assessed in order to obtain the necessary validity. We used masters and technicians of IT department’s advices to realize reliability and consistency. For the reliability test we used Cronbach’s reliability test and validity has been obtained using SPSS software. Because of the research questions and objectives, t-student test is used for hypothesis testing. Finally we analyze the findings, we offer conclusions and suggestions.

Keywords: IT projects, Islamic Azad University, success factors, deterrent factors

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Authors: Timothy Akinwande, Eddie C. M. Hui

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Housing the urban poor has remained a challenge for many years across the world, especially in developing economies, despite the apparent research attention and policy interventions. It is apt to investigate the prevalent affordable housing (AH) provision challenges using unconventional approaches. It is pragmatic to thoroughly examine housing experts to provide supply-side solutions to AH challenges and investigate informal settlers to deduce solutions from AH demand viewpoints. This study being the supply-side investigation of an ongoing research, interrogated housing experts to determine significant expert solutions. Focus group discussions and in-depth interviews were conducted with housing experts in Nigeria. Through descriptive, content, and systematic thematic analyses of data, major findings are that deliberate finance models designed for the urban poor are the most significant housing finance solution in developing economies. Other findings are that adequately implemented rent control policies, deliberate PPP approaches like inclusionary housing and land-value capture, and urban renewal programmes to enlighten and tutor the urban poor on how to earn more, spend wisely, and invest in their own better housing will effectively solve AH finance challenges. Study findings are informative for the best approaches to achieve effective, affordable housing finance for the urban poor in Nigeria, which is indispensable for the achievement of sustainable development goals. This research’s originality lies in the exploration of experts’ opinions in relation to AH finance to produce an equation model of critical solutions to AH finance challenges. Study data are useful resources for future pro-poor housing studies. This study makes housing policy-oriented recommendations toward effective, affordable housing for the urban poor in developing countries.

Keywords: affordable housing, effective affordable housing, housing policy, housing research, sustainable development, urban poor

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Authors: Muhammad Ilham Agus Salim

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This study aims to reconstruct the discourse of human rights which focused on the issue of freedom of religion/belief (FORB) in Indonesia. This topic always has an appeal considering the development of Islam, both as a phenomenon of religion as well as social and political phenomenon, always in touch with human rights issues. For the majority, Islam is involved in human rights discourse needs to be viewed as a natural thing as it also occurs in the majority group in other countries. The natural state is increasingly gaining affirmation when also considering the doctrine of Islam which is also related to human rights. So the involvement of Islamic parties to human rights talks in Indonesia is not as excessive when considering the sociological position and character of Islamic doctrine. But because of who made the object of conversation, namely human rights and particularly freedom of religion or belief again, not something that is taken for granted, then the diversity within Islam itself impossible can be avoided. In this study the diversity of views presented in the trial which categorically can be grouped into two views, namely: inclusive and exclusive.

Keywords: Islam doctrine, Islamic parties, human rights, freedom of religion

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Authors: Rim Baroudi

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The notion of the context-induced metaphors refers to the role of different contextual aspects (socio-cultural, linguistic, bodily-physical, and ideological) in affecting metaphor production. This has not been investigated in visual discourse. This paper intends to extend the focus of this research interest to study context-induced metaphors in newspapers’ cartoons. It seeks to account for different contextual variables influencing the production of metaphors in cartoons placing special focus on the ideological variable. The aim is to demonstrate how different contextual aspects are conditioned by the ideological variable. The study applied critical metaphor approach to analyse contextual variables shaping the conceptualization of ‘the Islamic State’ in the cartoons of 3 newspapers (Al-Ryadh newspaper, Tehran Times, and The New York Times). Findings have revealed the decisive role of the ideological context in conditioning and priming the rest of contextual variables in the conceptualisation of ‘the Islamic State’ in political cartoons of the three newspapers. These findings bear special importance to the study of bodily-physical and socio-cultural variables inducing and shaping political cognition in political cartoons in a way consistent with the ideological framework within which newspapers operate.

Keywords: context-induced metaphors, ideological context, the Islamic State, political cartoons

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Authors: Abshari Nabilah Fiqi, Sekar Ayu Dian Kusumaningtyas, Amira Eka Pratiwi

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Since a very long time ago, Indonesia are well known for their hospitality. Hospitality has been one of the civility concepts that represented Indonesia’s culture. However, as an Indonesian, we found that nowadays we are starting to lose this particular culture. The influence of modern culture is undeniably strong. As a capital city, Jakarta is one of the most modern cities in Indonesia. We conduct this experimental study to find out whether the people in Jakarta are still willing to maintain their identity as a friendly Indonesian or not by testing their willingness to reply greetings from strangers.

Keywords: city, civility, culture, greetings, hospitality, modern

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Authors: Maszlee Malik

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If the contemporary notion of welfare arises from the horizontal material needs and to be structured by the vertical framework of the state, Islamic societal-based welfare is to be shaped by moral based and faith inspired ihsan (benevolence) culture in producing the ‘Ihsani’ version of the enhancement of the political participation, democratic culture, good governance and self-realisation, which eventually culminating towards the bigger picture of ‘development’. This paper will analytically investigate on how the over-arching principle of ‘ihsan’ could be an essential tool in harmonizing the social-based welfare instrument as another conceptual framework to formulate a conceptual approach towards development and poverty elevation beyond the state. Essentially, this research will employ the inductive method of exploration on Islamic epistemological sources and historical evidence, to formulate the discursive concept of non-state societal-based welfare based on the ‘ihsani’ framework.

Keywords: benevolent society, development, Hisbah, HomoIslamicus, Ihsani, islamic epistemology, state, social capital, societal-based welfare, zakat

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Authors: Hassan Malami Alkanchi

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Acquiring the knowledge of Islamic business ethics nowadays for the conduct of business activities and other business transactions has become one of the best strategies for promoting lawful business as well as a successful business for economic development. The idea of infusing the significance of Islamic business ethics into the minds of Muslim individuals has spurred much enthusiasm in the last few decades. Putting this idea into practice posed significant impacts on the life of Muslim individuals for the development of business. The main objective of this paper is to explore the significant role of Muslim families' awareness in promoting Islamic business ethics for successful business economic development. The methodology adopted for the conduct of this study is qualitative research. The study employed a purposive sampling technique and considered it the most suitable method for data collection. The data collection techniques employed for this study were interviews and focus group discussions. The study used semi-structured interviews and focus group discussions for the data collection. The standard used for selecting the participants was strictly based on professionalism, relevance, expertise and the willingness of the participants to participate in the study. The participants interviewed include Muslim family experts, Islamic scholars, and media workers, comprising five (5) participants for each research subject. Twelve (15) participants were sampled for the study. The method of data analysis used is thematic and theoretical explanations. This paper analytically discusses the new and emerging ethical issues in relation to business activities as well as new strategies for the development of successful businesses for economic prosperity, growth, and development. The study findings revealed that the awareness of Muslim families in promoting Islamic business ethics has significantly contributed to changing the negative attitudes of some Muslim individuals' in relation to their business. Furthermore, findings of unveiled Muslim individuals immensely benefited towards understanding and having knowledge in relation to ethical business guidelines enshrined by the sharia in the conduct of pure business as well as strengthening Islamic business ethics through the teachings of the noble Quran and Sunnah.

Keywords: Muslim family, awareness, business ethics, economic development

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Authors: Anahita Shahrokhi, Hamed Kazemzadeh

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Various issues are included in cultural relations between societies. Art styles along with architectural similarities are by far one of the most noticeable cultural-historic relations. The Dagestan Republic located in the south of Russia Federation in the North Caucasus has had cultural relations with historical Iran since long ago and is considered as a part of the Islamic world. From Sassanid era and Islamic Empire prior to Tsars’ government, such relations had been maintained largely due to Iran and Islam’s political and social dominance over the region. The presence of the Iranians, mostly for business and commerce, is evident through not only written documents but also other cultural elements including architecture and art. Southern Dagestan and northern provinces of Iran, not distant from each other by sea, have a lot of artistic and cultural aspects in common. The architecture used in some structures such as religious centers, Tekie and Saqa Nafars strongly resembles religious centers in the south of Dagestan. The majority of these similarities lie in the wooden carvings, engravings, and paintings of the interior decorations on the pillars, capitals, walls, and ceilings, as well as the similarity of the plans. Such designs were formed in Safavid dynasty first in Mazandaran and later in Dagestan so that this style is currently named Persiski, meaning Persian, in the Dagestan Republic. These similarities indicate the relationship between the artists and educated people from Iran and Dagestan and the Iranians’ role on the religious and cultural development of Dagestan from the 17th and 18th centuries.

Keywords: wooden works, Mazandaran, Dagestan, Saqa Nafar, ritual and Islamic architecture

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Authors: Bengi Demirci

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Out-of-pocket payments have become one of the common models adopted by health care reforms all over the world, and they have serious implications for not only the financial set-up of the health care systems in question but also for the people involved in terms of their access to the health care services provided. On the one hand, out-of-pocket payments are used in raising resources for the finance of the health care system and in decreasing non-essential health care expenses by having a deterrent role on the patients. On the other hand, out-of-pocket payment model causes regressive distribution effect by putting more burdens on the lower income groups and making them refrain from using health care services. Being a relatively incipient country having adopted the out-of-pocket payment model within the context of its Health Transformation Program which has been ongoing since the early 2000s, Turkey provides a good case for re-evaluating the pros and cons of this model in order not to sacrifice equality in access to health care for raising revenue for health care finance and vice versa. Therefore this study aims at analyzing the impact of out-of-pocket payments on the health finance system itself and on the patients’ access to healthcare services in Turkey where out-of-pocket payment model has been in use for a while. In so doing, data showing the revenue obtained from out-of-pocket payments and their share in health care finance are analyzed. In addition to this, data showing the change in the amount of expenditure made by patients on health care services after the adoption of out-of-pocket payments and the change in the use of various health care services in the meanwhile are examined. It is important for the incipient countries like Turkey to be careful in striking the right balance between the objective of cost efficiency and that of equality in accessing health care services while adopting the out-of-pocket payment model.

Keywords: health care access, health care finance, health reform, out-of-pocket payments

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Authors: Said Baadel

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The belief of a heavenly God is enshrined to all Abrahamic religions which form the three major religions of the world today. Muslims believe in Allah who is above the seven heavens. The youth in the United Arab Emirates (UAE) study Islamic courses as part of their high school curriculum and are required to take at least one Islamic course at the university level to gain credit hours towards their general education (GENED). This paper provides an insight of what the youth studying in the UAE think of where Allah was. Our analysis reveals that a big number of Muslim youth were not sure, especially those from the Middle Eastern and Arab countries bringing to the conclusion that this subject needs to be revisited again in the course work.

Keywords: Allah, Islam, Tawheed, religion

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Authors: Adnan M. Al Assaf

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This research project aims to assess the methods of enhancing tolerant thinking and behavior among Muslim societies. This is in addition to spreading the anti-terrorist approach in their communities. The critical assessment for the Islamic major texts in question is the selected way for convincing, as Muslims adopt these sources as the authentic references for their lives and cultures. Moreover, this research devotes a special room to the analysis of the royal ‘Amman Message’ as a contemporary Islamic approach for enhancing tolerance and anti-terrorism from an Islamic perspective. The paper includes the study of the related concepts, texts, practical applications, with some reference to the history of Islam in human interaction, accepting the others, mercy with minorities, protecting human rights. Furthermore, it assesses the methods of enhancing tolerance and minimizing the terrorist thinking and behavior practically, in the view of Amman message, as well.

Keywords: Islam, tolerance, anti-terrorism, coexistence, Amman Message

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Authors: Abdolmoghset Banikamal

Abstract:

This study looks at the issue of human needs from Islamic perspectives. The key objective of the study is to contribute in regulating the persuasion of needs. It argues that all needs are not necessarily genuine, rather a significant part of them are delusive. To distinguish genuine needs from delusive ones, the study suggests looking at the purpose of the persuasion of that particular need as a key criterion. In doing so, the paper comes with a model namely Orbit of Needs. The orbit has four circles. The central one is a necessity, followed by comfort, beautification, and exhibition. According to the model, all those needs that fall into one of the first three circles in terms of purpose are genuine, while any need which falls into the fourth circle is delusive.

Keywords: desire, human need, Islam, orbit of needs

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Authors: Rishabh Garg

Abstract:

Traditionally, business parties build trust with a centralized operating mechanism, such as payment by letter of credit. However, the increase in cyber-attacks and malicious hacking has jeopardized business operations and finance practices. Emerging markets, owing to their higher banking risks and bigger presence of digital financing, are looking forward to technology-driven solutions, financial inclusion and innovative working paradigms. Blockchain has the potential to enhance transaction transparency and supply chain traceability. It has captured a vast landscape with 200 million crypto users worldwide. Fintech and blockchain products are popping up across brokerage, digital wallets, exchanges, post-trade clearance, settlement, middleware, infrastructure, and base protocols.

Keywords: blockchain, distributed ledger technology, decentralized applications, ethereum, smart contracts, trade finance

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Authors: Shaloom Mbambu Kabeya, Léonard Kabeya Mukeba

Abstract:

Churches, cathedrals and castles beaten from antiquity to modern times were relevant from that time to the present day, and preserved as cultural heritage. Our predecessors as François 1er1, Michelangelo2, and Giotto3 left us traces. Gustave Eiffel4, Hector Guimard5 did not decrease their time to show modernization (evolution) in architecture. Plagiarism is a brake on architectural development, construction works of spirits is necessary architecture. This work explains the relationship between ancient and modern architecture. It also shows the power of mathematics in modern architecture.

Keywords: architectural modernization, heritage, mathematical architecture, materials

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Authors: Sumeyra Yakar, Emine Enise Yakar

Abstract:

Iran presents itself as Islamic, first and foremost, and thus, it can be said that sharī’a is the political and social centre of the states. However, actual practice reveals distinct interpretations and understandings of the sharī’a. The research can be categorised inside the framework of logic in Islamic law and theology. The first task of this paper will be to identify how the sharī’a is understood in Iran by mapping out how the judges apply the law in their respective jurisdictions. The attention will then move from a simple description of the diversity of sharī’a understandings to the question of how that diversity relates to social concepts and cultures. This, of course, necessitates a brief exploration of Iran’s historical background which will also allow for an understanding of sectarian influences and the significance of certain events. The main purpose is to reach an understanding of the process of applying sources to formulate solutions which are in accordance with sharī’a and how religious education is pursued in order to become official judges. Ultimately, this essay will explore the attempts to gain an understanding by linking the practices to the secondary sources of Islamic law. It is important to emphasise that these cultural components of Islamic law must be compatible with the aims of Islamic law and their fundamental sources. The sharī’a consists of more than just legal doctrines (fiqh) and interpretive activities (ijtihād). Its contextual and theoretical framework reveals a close relationship with cultural and historical elements of society. This has meant that its traditional reproduction over time has relied on being embedded into a highly particular form of life. Thus, as acknowledged by pre-modern jurists, the sharī’a encompasses a comprehensive approach to the requirements of justice in legal, historical and political contexts. In theological and legal areas that have the specific authority of tradition, Iran adheres to Shīa’ doctrine, and this explains why the Shīa’ religious establishment maintains a dominant position in matters relating to law and the interpretation of sharī’a. The statements and interpretations of the tradition are distinctly different from sunnī interpretations, and so the use of different sources could be understood as the main reason for the discrepancies in the application of sharī’a between Iran and other Muslim countries. The sharī’a has often accommodated prevailing customs; moreover, it has developed legal mechanisms to all for its adaptation to particular needs and circumstances in society. While jurists may operate within the realm of governance and politics, the moral authority of the sharī’a ensures that these actors legitimate their actions with reference to God’s commands. The Iranian regime enshrines the principle of vilāyāt-i faqīh (guardianship of the jurist) which enables jurists to solve the conflict between law as an ideal system, in theory, and law in practice. The paper aims to show how the religious, educational system works in harmony with the governmental authorities with the concept of vilāyāt-i faqīh in Iran and contributes to the creation of religious custom in the society.

Keywords: guardianship of the jurist (vilāyāt-i faqīh), imitation (taqlīd), seminaries (hawza), Shi’i jurisprudence

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