Search results for: islamic finance

Authors: Shaghayegh Mirshekari, Atiyeh Ghorbani

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EThe Iranian system of education has been politically influenced by the thoughts of the governing religious party. It has brought many religious books into the educational system from grade one up to graduation from high school, and therefore, teaching English as a non-Islamic language has been put aside the system, focusing on the Islamic language of Arabic. Teaching English has been widely talked about in international academia, but the Iranian educational system has not brought in any of its outcomes due to the general policy of keeping people away from international Western thoughts. Because of the increasing interest among Iranians in learning English, this language is being taught and studied in public and private schools, commercial and adult schools, language institutes, colleges, universities, and numerous homes throughout the country. Methods and techniques of teaching English, the attitude of the teachers and learners towards the language, and the availability of textbooks and other language materials are quite different in any one of the different institutions. This paper has evaluated the outcome of the Iranian educational system in teaching English in terms of their methods of teaching, as well as the policies regarding the educational system. The results show that not only has there been no progress in the system in terms of teaching English, rather there is backwardness in this regard due to the political policy of preventing people from learning English. Therefore, we see the majority of the youth not speaking English properly at the age where they need to enter the international arena.

Keywords: English, public school, language, Iran, teaching

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Authors: Khawla Almulla

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It is noticed that many Arab intellectuals have called to the need and the importance of enlightenment and its application in their communities, such as Saudi Arabia. To every Islamic state, the Kingdom of Saudi Arabia represents a strategic cornerstone, since it is considered the cradle of Islam. It is the Land of the Two Holy Mosques: the Holy Mosque in Makkah surrounding the Kaaba, towards which all Muslims around the world turn while performing daily prayers and even travel to if possible in order to perform the Hajj (Pilgrimage). It also has the Prophet'ـ‘s Holy Mosque in Al-Madinah Al-Munawarah, which contains the tomb of Prophet Muhammad (pbuh). Therefore, Saudi Arabia occupies an eminent position among Arab and Islamic countries on a religious level. Saudi Arabia has become the most influential country in the Arab world, since it has one-third of the oil resources outside Central Asia, China and Russia .It is the world’s largest producer and exporter of oil. Discovering oil in Saudi Arabia converted it from an important country for Muslims-only to an important country for the major industrial countries and also the developing countries, as well. For various reasons, the diversity of intellectual currents can play a significant role in each community by way of cultural improvement, the development of civilization and the education of people until they become accustomed to accepting or rejecting opinions or ideas which differ from or oppose their own. In addition, the intellectual pluralism and cultural diversity can play a variety of roles. This helps promote dialogue and understanding between different groups or schools of thought. It can also develop cognitive skills, by exchanging ideas and views between different schools and intellectual currents. However, in Saudi Arabia there is much to oppose this plurality. The situation today shows that having a variety of ideologies and differences of cultures are not considered a reasonable way to develop intellectually as an individual or as a country. Rather the opposite is recommended, such that the ideologies of different groups are enough to bring out intellectual conflict and then to the segregation of society. As a consequence, extremism of thought from the different currents in Saudi Arabia has become apparent. This research is of great importance in its exploration of two significant themes. First, it highlights the Saudi Arabian background, in particular the historical, religious and social contexts, in order to understand the background of each religious or liberal movement and find the core of the intellectual differences between them. In addition, the aim of this research is to show the importance of moderation in Islamic thought in Saudi Arabia by tracing the thoughts and views of Dr Salman Al-Odah, whom he has considered to be the most important moderate thinker in Saudi Arabia.

Keywords: Saudi Arabia, intellectual movements, religious movements, extremism, moderation, Salafism, liberalism, Salman Al-Odah

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Authors: Nguyen Thi Hoang Hieu

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Mergers and Acquisitions (M&A) activities have increasingly become popular in both developed and developing countries. It is also an attractive topic for researchers to exploit in various sectors such as business, economies or finance. However, activities of Small and Medium Enterprises (SMEs) in M&A activities for a long time have not been sufficiently studied to provide the complete picture of what has been really, particularly in the developing market like Vietnam. The study employs semi-structured in-depth interviews with experts who have worked for years in the M&A sector to explore the participation motivation of both buy side and sell side of M&A activities. In addition, through the interviews, the study attempts to explain how firms finance their M&A deals. The collected data then will be content-analyzed to reflect the study's expectations based on the theories and practices reviews. In addition, limitations and recommendations are given in the hope that the M&A performance in Vietnam can be improved in the future.

Keywords: mergers and acquisitions, Vietnam, small and medium enterprises, content-analysis, semi-structure in-depth interview

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Authors: Kugbeme Isumonah

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The Nigerian State has continued to battle huge power supply challenges. Erratic supply, low voltage, and billing issues characterize its power sector. Solar power is increasingly being advocated for as a potential to Nigeria’s energy crisis. This study investigates how the Nigerian public perceives solar power. It employs the use of an open-ended online survey eliciting responses from participants resident in two of South-West Nigeria’s largest cities (Lagos and Ibadan). The study found that general attitudes towards solar power are positive, and the energy source is viewed with great optimism within the context of solutions to Nigeria’s energy issues. It also found no significant variation in public perceptions of solar power along demographic lines. Further, it found that finance represents the biggest barrier to broader solar power adoption. The results of this study provide evidence for policy formulation geared towards addressing finance difficulties that currently impede expansion of solar power use in Nigeria.

Keywords: public perceptions, solar energy, Nigeria, attitudes

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Authors: John Hardy

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Over the last decade, the world has witnessed an unprecedented rise in the quality and availability of violent extremist propaganda. This phenomenon has been fueled primarily by three interrelated trends: rapid adoption of online content mediums by creators of violent extremist propaganda, increasing sophistication of violent extremist content production, and greater coordination of content and action across violent extremist organizations. In particular, the self-styled ‘Islamic State’ attracted widespread attention from its supporters and detractors alike by mixing shocking video and imagery content in with substantive ideological and political content. Although this practice was widely condemned for its brutality, it proved to be effective at engaging with a variety of international audiences and encouraging potential supporters to seek further information. The reasons for the noteworthy success of this kind of shock-value propaganda content remain unclear, despite many governments’ attempts to produce counterpropaganda. This study examines violent extremist propaganda distributed by five terrorist organizations between 2010 and 2016, using material released by the ‎Al Hayat Media Center of the Islamic State, Boko Haram, Al Qaeda, Al Qaeda in the Arabian Peninsula, and Al Qaeda in the Islamic Maghreb. The time period covers all issues of the infamous publications Inspire and Dabiq, as well as the most shocking video content released by the Islamic State and its affiliates. The study uses frame analysis to distinguish thematic from symbolic content in violent extremist propaganda by contrasting the ways that substantive ideology issues were framed against the use of symbols and violence to garner attention and to stylize propaganda. The results demonstrate that thematic content focuses significantly on diagnostic frames, which explain violent extremist groups’ causes, and prognostic frames, which propose solutions to addressing or rectifying the cause shared by groups and their sympathizers. Conversely, symbolic violence is primarily stylistic and rarely linked to thematic issues or motivational framing. Frame analysis provides a useful preliminary tool in disentangling substantive ideological and political content from stylistic brutality in violent extremist propaganda. This provides governments and researchers a method for better understanding the framing and content used to design narratives and propaganda materials used to promote violent extremism around the world. Increased capacity to process and understand violent extremist narratives will further enable governments and non-governmental organizations to develop effective counternarratives which promote non-violent solutions to extremists’ grievances.

Keywords: countering violent extremism, counternarratives, frame analysis, propaganda, terrorism, violent extremism

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Authors: Esmaeil Zabihi, Seyed Hossein Alavi

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The purpose of this study is the review and prioritizes of sport-centered social capital on Islamic Azad university of Garmsar student’s tendency in sports activities, especially public sports based on Bourdieu viewpoint. 365 students at of 6254 students (3140 male and 3114 female) of Islamic Azad university of Garmsar branch were selected randomly, Morgan also used. 272 person answer questionnaire (with the help of specific questionnaires moeinaldini, 1391) it has 30 questions. Researchers have confirmed the validity of this questionnaire justifiability. Reliability was achieved through Cronbach's alpha 84%. The analysis of data done by, SPSS software and independent t-tests, friedman, u Mann Whitney, Kruskal Wallis test. friedman test showed below things : environmental dimension (MR=4.71) social and economic factors (MR=3.57) and family (MR=3.47). These factors have significant role on sports activities of students (P≤1.0). Also, comparison of these dimensions showed that the men believe to university (t-4.30) in increasing students participation. These results show that environment like (such as) governmental organization, going to the stadium and life environment is the most important factor which can effect on sport and body activities of the students.

Keywords: cultural capital, social capital, Bourdieu viewpoint, sport for all

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Authors: Vera Jancurova

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The financial theory is dominated by the believe that weekday effect has disappeared from current markets. The purpose of this article is to study anomalies, especially weekday effect, at real markets that disrupt the efficiency of financial markets. The research is based on the analyses of historical daily exchange rates of significant world indices to determine the presence of weekday effects on financial markets. The methodology used for the study is based on the analyzes of daily averages of particular indexes for different time periods. Average daily gains were analyzed for their whole time interval and then for particular five and ten years periods with the aim to detect the presence on current financial markets. The results confirm the presence of weekday effect at the most significant indices - for example: Nasdaq, S & P 500, FTSE 100 and the Hang Seng. It was confirmed that in the last ten years, the weekend effect disappeared from financial markets. However in last year’s the indicators show that weekday effect is coming back. The study shows that weekday effect has to be taken into consideration on financial markets, especially in the past years.

Keywords: indices, anomalies, behavioral finance, weekday effect

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Authors: Radosław Pastusiak, Anna Kaźmierska, Magdalena Jasiniak

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The impact of Special Economic Zones (SEZs) has been analyzed for many years by researchers. There are lot of theoretical studies proving the SEZs importance for regional development, however, there is lack of empirical studies (and they are mainly focused on China market) that are based on available data. The theoretical studies indicate the various impacts of enterprises operating within SEZs on the economy. The article proves that, in case of Poland, locating SEZs in municipalities is an important part of increasing municipalities’ income. Therefore SEZs have a positive impact on regional development. Municipality income is understood as taxes paid by taxpayers who depend on SEZ companies’ performance. The analysis includes the Corporate Income Tax (CIT), Personal Income Tax (PIT) and real estate tax. The effects of SEZs on regional development were narrowed to a few variables that are most significant for the financial system. The analysis indicates the significant impact of SEZs on the amount of taxes influencing the municipality budget.

Keywords: special economic zone, local finance, municipal finance, government

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Authors: M.J. Seddighi, Moradchelleh, M. Keyvan

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The ultimate goal in building a city is to provide pleasant, comfortable and nurturing environment as a context of public life. City environment establishes strong connection with people and their surrounding habitant, acting as relevance in social interactions between citizens itself. Urban environment and appropriate municipal facilities are the only way for proper communication between city and citizens and also citizens themselves.There is a need for complement elements between buildings and constructions to settling city life through which the move, comfort, reactions and anxiety will adjust and reflect the spirit to the city. In the surging development of society, urban’ spaces are encountered evolution, sometimes causing the symbols to fade and waste, and as a result, leading to destroy belongs among humans and their physical liquidate. Houses and living spaces exhibit materialistic reflection of life style. In the other words, way of life makes the symbolic essence of living spaces. In addition, it is of sociocultural factor of lifestyle, consisting the concepts and culture, morality, worldview, and national character. Culture is responsible for some crucial meaningful needs which can be wide because they depend on various causes such as perception and interpretation of believes, philosophy of life, interaction with neighbors and protection against climate and enemies. The bi-lateral relationship between human and nature is the main factor that needs to be properly addressed. It is because of the fact that the approach which is taken against landscape and nature has a pertinent influence on creation and shaping the structure of a house. The first response of human in tackling the environment is to build a “shelter” and place as dwelling. This has been a crucial factor in all time periods. In the proposed study, dwelling in Khorasgan’ Stream, as an area located in one of the important historical city of Iran, has been studied. Khorasgan’ Stream is the basic constituent elements of the present architectural form of Isfahan. The influence of Islamic spiritual culture and neighborhood with the historical elements on the dwelling of the selected location, subsequently on other regions of the town are presented.

Keywords: dwelling, neighborhood, historical, Islamic, architectural elements

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Authors: A. A. Akharayi, B. E. Anjola

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The economic development of a country depends greatly on internally built revenue. Small and Medium-scale Enterprise (SMEs) contributes to the economic buoyancy as it provides employment for the teeming population, encourages job creation by youths who believes in themselves and also by others who have gathered finance enough to invest in growable investment. SMEs is faced with several challenges. The study investigates the role and challenges of SMEs Somolu Local Government Area. Simple random sampling techniques were used to select entrepreneurs (SMEs owners and managers). One hundred and fifty (150) registered SMEs were selected across the LGA data collection with the use of well-structured questionnaire. The data collected were analysed using Statistical Package for Social Science (SPSS) version 21. The result of the analysis indicated that marketing, finance, social facilities and indiscriminate taxes among other high level of fund available significantly (p <0 .05) increase firm capacity while marketing showed a significant (p < 0.05) relationship with profit level.

Keywords: challenge, development, economic, small and medium scale enterprise

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Authors: Ilgoun Kim, Jongpil Jeong

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Recently, a connected industrial parks (CIPs) architecture using new technologies such as RFID, cloud computing, CPS, Big Data, 5G 5G, IIOT, VR-AR, and ventral AI algorithms based on IoT has been proposed. This researcher noted the vehicle junction problem (VJP) as a more specific detail of the CIPs architectural models. The VJP noted by this researcher includes 'efficient AI physical connection challenges for vehicles' through ventilation, 'financial and financial issues with complex vehicle physical connections,' and 'welfare and working conditions of the performing personnel involved in complex vehicle physical connections.' In this paper, we propose a public solution architecture for the 'electronic financial problem of complex vehicle physical connections' as a detailed task during the vehicle junction problem (VJP). The researcher sought solutions to businesses, consumers, and Korean social problems through technological advancement. We studied how the beneficiaries of technological development can benefit from technological development with many consumers in Korean society and many small and small Korean company managers, not some specific companies. In order to more specifically implement the connected industrial parks (CIPs) architecture using the new technology, we noted the vehicle junction problem (VJP) within the smart factory industrial complex and noted the process of achieving the vehicle junction problem performance among several electronic processes. This researcher proposes a more detailed, integrated public finance enterprise architecture among the overall CIPs architectures. The main details of the public integrated financial enterprise architecture were largely organized into four main categories: 'business', 'data', 'technique', and 'finance'.

Keywords: enterprise architecture, IT Finance, smart logistics, CIPs

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Authors: Zurina Shafii, Mohamed Obaidullah, Rochania Ayu Yunanda, Nor Farha Zubair

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Cooperative members (also known as user-owners) are responsible in running the cooperative businesses in order to improve their socio economic well-being. Cooperatives have always been recognized as a vehicle to elevate the standard of living of the poor and low-income earners by improving their ability to mobilize resources among the people within the urban and rural sectors of the population. To improve its performance and role, the cooperative should ensure the existence of its specific governance. Using narrative analysis and quasi-statistics, this paper describes the state of operation, growth and nature of products and services offered in Sakofah Savings Co-op (the largest Islamic cooperative in Krabi), Koperasi Muslimin Malaysia Berhad (KMMB) in Malaysia and KOSPIN Jasa Keuangan in Indonesia. Furthermore, it identifies and evaluates the current governance system in each cooperatives and proposes governance framework which may enhance the performance of the cooperatives. The paper, in turn discusses the challenges to cooperative growth and investment from the aspects of governance and monitoring, transparency and human capital. The paper will be useful for regulators and governance organs of cooperatives, namely Board of Members, Management and Shariah Committee in order for these parties to strengthen the governance within cooperatives to further grow this economic sector.

Keywords: Islamic cooperatives, governance, Shariah governance, case study

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Authors: Mohammad Anwarul Kabir, Fayezul Islam

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Language invariably is learned / taught to be used primarily as means of communications. Teaching a language for its native audience differs from teaching it to non-native audience. Moreover, teaching a language for communication only is different from teaching it for specific purposes. Arabic language is primarily regarded as the language of the Quran and the Sunnah (Prophetic tradition). Arabic is, therefore, learnt and spread all over the globe. However, Arabic is also a cultural heritage shared by all Islamic nations which has used Arabic for a long period to record the contributions of Muslim thinkers made in the field of wide spectrum of knowledge and scholarship. That is why the phenomenon of teaching Arabic by different educational institutes became quite rife, and the idea of teaching Arabic for specific purposes is heavily discussed in the academic sphere. Although the number of learners of Arabic is increasing consistently, yet their purposes vary. These include religious purpose, international trade, diplomatic purpose, better livelihood in the Arab world extra. By virtue of this high demand for learning Arabic, numerous institutes have been established all over the world including Bangladesh. This paper aims at focusing on the current status of the language institutes which has been established for learning Arabic for specific purposes in Bangladesh including teaching methodology, curriculum, and teachers’ quality. Such curricula and using its materials resulted in a lot of problems. The least, it confused teachers and students as well. Islamic educationalists have been working hard to professionally meet the need. They are following a systematic approach of stating clear and achievable goals, building suitable content, and applying new technology to present these learning experiences and evaluate them. It also suggests a model for designing instructional systems that responds to the need of non-Arabic speaking Islamic communities and provide the knowledge needed in both linguistic and cultural aspects. It also puts forward a number of suggestions for the improvement of the teaching / learning Arabic for specific purposes in Bangladesh after a detailed investigation in the following areas: curriculum, teachers’ skills, method of teaching and assessment policy.

Keywords: communication, Quran, sunnah, educational institutes, specific purposes, curriculum, method of teaching

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Authors: Qazi Sarah Rasheed

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Feminism and religion have been regarded as opposing binaries. The reason being that religion is regarded as a tool to legitimize the patriarchal control over women, and therefore, it stands in contrast with the basic feminist principle of gender equity. Hence, the issue of incompatibility between religion and gender parity is often discussed by the feminist as well as secular/liberal discourses, but the feminist discourse has suffered a serious backlash in the recent times for it alienates those women who want to liberate but not at the expense of their religious identity. Though in the Western feminist thought, religion is regarded as a tool of patriarchy that promotes women’s suppression, but for many women, religion can be a source of liberation that advances their rights. The feminists in general, fail to realize that religion, as a social phenomenon may not necessarily promote a series of dogmatic doctrines which are inevitably retrogressive or instinctively status-quoist especially when it comes to the social reforms affecting gender orders. The traditional institution of religion could be instrumental to provide what the women in contemporary situation demand. This paper highlights how the Muslim women in India negotiate and mediate this opposition in an Islamic context. To advance the socio-legal recognition of women’s rights, they question the male privilege and patriarchy in a meaningful way without challenging their Islamic doctrines and try to build a feminist consciousness from within religion.

Keywords: feminism, Islam, Muslim women's rights, religious identity

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Authors: Hasna Elalaoui Elabdallaoui, Abdelaziz Elfazziki, Mohamed Sadgal

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Outlines: The social economy is a moral approach to solidarity applied to the projects’ development. To reconcile economic activity and social equity, crowdfunding is as an alternative means of financing social projects. Several collaborative blockchain platforms exist. It eliminates the need for a central authority or an inconsiderate middleman. Also, the costs for a successful crowdfunding campaign are reduced, since there is no commission to be paid to the intermediary. It improves the transparency of record keeping and delegates authority to authorities who may be prone to corruption. Objectives: The objectives are: to define a software infrastructure for projects’ participatory financing within a social and solidarity economy, allowing transparent, secure, and fair management and to have a financial mechanism that improves financial inclusion. Methodology: The proposed methodology is: crowdfunding platforms literature review, financing mechanisms literature review, requirements analysis and project definition, a business plan, Platform development process and implementation technology, and testing an MVP. Contributions: The solution consists of proposing a new approach to crowdfunding based on Islamic financing, which is the principle of Mousharaka inspired by Islamic financing, which presents a financial innovation that integrates ethics and the social dimension into contemporary banking practices. Conclusion: Crowdfunding platforms need to secure projects and allow only quality projects but also offer a wide range of options to funders. Thus, a framework based on blockchain technology and Islamic financing is proposed to manage this arbitration between quality and quantity of options. The proposed financing system, "Musharaka", is a mode of financing that prohibits interests and uncertainties. The implementation is offered on the secure Ethereum platform as investors sign and initiate transactions for contributions using their digital signature wallet managed by a cryptography algorithm and smart contracts. Our proposal is illustrated by a crop irrigation project in the Marrakech region.

Keywords: social economy, Musharaka, blockchain, smart contract, crowdfunding

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Authors: Amany Abdelrazek

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Fashion is considered the main feature of modern and postmodern capitalist and consumerist society. Consumer historians maintain that fashion, namely, a sector of people embracing a prevailing clothing style for a short period, started during the Middle Ages but gained popularity later. It symbolised the transition from a medieval society with its solid fixed religious values into a modern society with its secular consumer dynamic culture. Renaissance society was a modern secular society concerning its preoccupation with daily life and changing circumstances. Yet, the late 18th-century industrial revolution revolutionised thought and ideology in Europe. The Industrial Revolution reinforced the Western belief in rationality and strengthened the position of science. In such a rational Western society, modernity, with its new ideas, came to challenge the whole idea of old fixed norms, reflecting the modern secular, rational culture and renouncing the medieval pious consumer. In modern society, supported by the industrial revolution and mass production, fashion encouraged broader sectors of society to integrate into fashion reserved for the aristocracy and royal courts. Moreover, the fashion project emphasizes the human body and its beauty, contradicting Judeo-Christian culture, which tends to abhor and criticize interest in sensuality and hedonism. In mainstream Western discourse, fashionable dress differentiates between emancipated stylish consumerist secular modern female and the assumed oppressed traditional modest religious female. Opposing this discourse, I look at the controversy over what has been called "Islamic fashion" that started during the 1980s and continued to gain popularity in contemporary Egyptian society. I discuss the challenges of being a fashionable and Muslim practicing female in light of two prominent models for female "Islamic fashion" in postcolonial Egypt; Jasmin Mohshen, the first hijabi model in Egypt and Manal Rostom, the first Muslim woman to represent the Nike campaign in the Middle East. The research employs fashion and postcolonial theories to rethink current Muslim women's position on women's emancipation, Western modernity and practising faith in postcolonial Egypt. The paper argues that Muslim women's current innovative and fashionable dress can work as a counter-discourse to the Orientalist and exclusive representation of non-Western Muslim culture as an inherently inert timeless culture. Furthermore, "Islamic" fashionable dress as an aesthetic medium for expressing ideas and convictions in contemporary Egypt interrogates the claim of universal secular modernity and Western fashion theorists' reluctance to consider Islamic fashion as fashion.

Keywords: fashion, muslim women, modernity, secularism

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Authors: Norazilawati Binti Md Dahlal, Nabiila Binti Mat Yusoff, Anis Najiha Binti Ahmad

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With the increasing demand for halal products, there is a growing emphasis on ensuring their quality and adherence to halal standards. However, the vulnerability of halal goods to fraud and adulteration poses a significant challenge to the integrity of the halal industry. Whistleblowers play a pivotal role in safeguarding the safety and integrity of halal food by exposing wrongdoings, misconduct, and fraudulent practices. This study explores the implementation of whistleblowing practices aligned with halal and toyyib principles to effectively address halal food fraud issues. Whistleblowing is defined as the act of disclosing information about misconduct, immorality, or unlawful activities to relevant authorities or the public. Although whistleblowing is universally recognized as beneficial, it exposes whistleblowers to substantial risks, including career setbacks, reputation damage, and personal safety threats. Despite legal protections, whistleblowers often face retaliation and hesitancy to come forward. By integrating the principles of halal and toyyib, which encompass the physical and spiritual as well as material and supernatural elements, effective whistleblowing practices can be developed. These principles include the physical characteristic of the product in accordance with Shari’ah law (P1); products that are sourced ethically and responsibly (P2); Products that meet high standard of quality and safety (P3); functioning as servant and caliph of Allah in managing according to Allah's commands and prohibitions (P4); not excessively wasteful or extravagant (P5); positive moral and spiritual implications associated with the product (P6); and aimed at achieving prosperity in both this life and the Hereafter (P7). Employing a quantitative research approach, this study examines Islamic primary data sources and secondary data sources to investigate the prevalence and impact of whistleblowing in the halal industry. By analyzing the principles of halal and toyyib and exploring the importance of whistleblowing effective whistleblowing practices, this research aims to enhance our understanding of promoting accountability and justice within the halal industry from an Islamic perspective.

Keywords: whistleblowing, halal and toyyib, food fraud, halal integrity, Islamic practices

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Authors: Khalid Huwaydi Alshammari

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The paper examined the extent to which it was necessary for the Saudi Arabian Monetary Agency (SAMA), as a central bank, to update the Banking Control Law 1966 (BCL) in order to gain full independence, while ensuring that SAMA would have enough flexibility to develop the banking industry yet make sound decisions with regard to the issuance of new regulations related to banking supervision.Using a comparative study approach, the paper looked to find the best practices around these issues. The Bank of England, which was recently granted full independence, presented a good opportunity for a case study. The perspectives of the World Bank, the International Monetary Fund and commercial banks in Saudi Arabia are examined, including an analysis of their recommendations regarding SAMA regulations on banking supervision. This paper found several issues are important for SAMA as the central bank in a country which is a member of the G20, and which has recently faced unstable oil prices. The paper also discusses conflicts of interest which arose when the Saudi government became a shareholder in commercial banks while simultaneously regulating SAMA through the Ministry of Finance, resulting in a monopoly which disabled free competition in the banking market. The paper recommends further steps for SAMA to develop the banking industry, which is an important arm of Saudi’s economy, and examines the challenges SAMA faces in updating regulations such as the BCL under Sharia law. The author also suggests practical solutions to the difficulties. The paper found these difficulties could be avoiding them if SAMA focuses on Islamic banking product, and fixed the lacks of regulations of the related laws.

Keywords: Saudi Arabian monetary agency, comparative study, banking control law 1966, the bank of England

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Authors: Galih Mediana

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Boarding school can helps students to turn all good qualities into habits. The process of forming one's personality can be done in various ways. In addition to gaining general knowledge at school during learning hours, teachers can instill values in students which can be done while in the dormitory when the learning process has ended. This shows the important role that must be played by boarding school’s teachers. Transformational leadership and a culture of innovation are things that can instill innovative behavior in teachers. This study aims to determine the effect of perceptions of transformational leadership and a culture of innovation on innovative work behavior among Islamic boarding school teachers. Respondents in this study amounted to 70 teachers. To measure transformational leadership, a modified measuring tool is used, namely the Multifactor Leadership Questionnaire (MLQ) by Bass (1985). To measure innovative work behavior, a measurement tool based on dimensions from Janssen (2000) is used. The innovation culture in this study will be measured using the innovation culture factor from Dobni (2008). This study uses multiple regression analysis to test the hypothesis. The results of this study indicate that there is an influence of perceptions of transformational leadership and innovation culture factors on innovative work behavior in Islamic boarding school’s teachers by 57.7%.

Keywords: transformational leadership, innovative work behavior, innovation culture, boarding school, teacher

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Authors: Christina E. Bannier, Milena Neubert

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This study examines the role of actual and perceived financial sophistication (i.e., financial literacy and confidence) for individuals’ wealth accumulation. Using survey data from the German SAVE initiative, we find strong gender- and education-related differences in the distribution of the two variables: Whereas financial literacy rises in formal education, confidence increases in education for men but decreases for women. As a consequence, highly-educated women become strongly underconfident, while men remain overconfident. We show that these differences influence wealth accumulation: The positive effect of financial literacy is stronger for women than for men and is increasing in women’s education but decreasing in men’s. For highly-educated men, however, overconfidence closes this gap by increasing wealth via stronger financial engagement. Interestingly, female underconfidence does not reduce current wealth levels though it weakens future-oriented financial engagement and may thus impair future wealth accumulation.

Keywords: financial literacy, financial sophistication, confidence, wealth, household finance, behavioral finance, gender, formal education

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Authors: Judit Nagy

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Many scientific studies claim that financial education should start as early as possible. Children are much more capable of and willing to absorb new concepts than adults. If we introduce children to financial knowledge early, their behaviour and attitudes to this subject will change, increasing later success in this area of life. However, poor financial decisions may entail severe consequences, not only to individuals but even to the wider society. Good financial decisions and economic attitudes may contribute to economic growth and well-being. Whilst in several countries, education about financial awareness and fundamentals is available, the understanding and acquisition of complex economic knowledge and the development of children’s independent problem-solving skills are still lacking. The results suggest that teaching economic and financial knowledge through accounting and making lectures interactive by using special tools of positive education is critical to stimulating children’s interest. Eighty percent of the students in the study liked the combined and interactive lecture. Introducing this kind of knowledge to individuals is a relevant objective, even at the societal level.

Keywords: positive psychology, education innovation, primary school, gender, economics, accounting, finance, personal finance, mathematics, economic growth, well-being, sustainability

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Authors: Mahnoush Mahmoudi, Ali Chaeedeh

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In the architecture of Iranian traditional houses, the ornamentations available in the inscriptions of houses entrance portal express the identity of architects and personality of houses owners and are rooted in their religious and national beliefs and faiths. The main hypothesis of this research is changing the physique and application of religious contents in compliance with the thoughts and beliefs of people in Dezfoul historical city in the epigraphs of houses entrance portals. The objective of this study is reviewing the development trend of texts, concepts and physique of inscriptions as well as analyzing the factors effective on the quality and diversity of application of inscriptions. The present research is an applied study and descriptive-analytical method has been applied, and the data was collected by library and survey studies. The population of this research includes historical houses, houses damaged in war (Iran & Iraq) and renovated and new tissue and new-built houses of Dezfoul, from Qajar era so far. Random sampling method has been applied in this study and dispersal area includes the city. Data analysis method in this study is qualitative and quantitative. The results of this study indicate that today the inscriptions available in the entrance portal of houses in Dezfoul comparing to inscriptions in Qajar1 and Pahlavi2 era is very simple and has lower aesthetic value. One of the causes for such superficial and contextual gap between inscriptions seems to be the war and renovations during and after destruction.

Keywords: architecture, islamic architecture, reconstruction, epigraph, inscription, entrance portal, Dezfoul

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Authors: Duygu Dere, Mert Ergeneci, Kaan Gokcesu

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Google Trends data has gained increasing popularity in the applications of behavioral finance, decision science and risk management. Because of Google’s wide range of use, the Trends statistics provide significant information about the investor sentiment and intention, which can be used as decisive factors for corporate and risk management fields. However, an anomaly, a significant increase or decrease, in a certain query cannot be detected by the state of the art applications of computation due to the random baseline noise of the Trends data, which is modelled as an Additive white Gaussian noise (AWGN). Since through time, the baseline noise power shows a gradual change an adaptive thresholding method is required to track and learn the baseline noise for a correct classification. To this end, we introduce an online method to classify meaningful deviations in Google Trends data. Through extensive experiments, we demonstrate that our method can successfully classify various anomalies for plenty of different data.

Keywords: adaptive data processing, behavioral finance , convex optimization, online learning, soft minimum thresholding

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Authors: Venus Torabi

Abstract:

ISIS, the terrorist organization, modified two videogames, ARMA III and Grand Theft Auto 5 (2013) as means of online recruitment and ideological propaganda. The urge to study the mechanism at work, whether it has been successful or not, derives (Digital) Humanities experts to explore how codes of terror, Islamic ideology and recruitment strategies are incorporated into the ludic mechanics of videogames. Another aspect of the significance lies in the fact that this is a latent problem that has not been fully addressed in an interdisciplinary framework prior to this study, to the best of the researcher’s knowledge. Therefore, due to the complexity of the subject, the present paper entangles with game studies, philosophical and religious poles to form the methodology of conducting the research. As a contextualized epistemology of such exploitation of videogames, the core argument is building on the notion of “Culture Industry” proposed by Theodore W. Adorno and Max Horkheimer in Dialectic of Enlightenment (2002). This article posits that the ideological underpinnings of ISIS’s cause corroborated by the action-bound mechanics of the videogames are in line with adhering to the Islamic Eschatology as a furnishing ground and an excuse in exercising terrorism. It is an account of ISIS’s modification of the videogames, a tool of technological progression to practice online radicalization. Dialectically, this practice is packed up in rhetoric for recognizing a religious myth (the advent of a savior), as a hallmark of regression. The study puts forth that ISIS’s wreaking havoc on the world, both in reality and within action videogames, is negotiating the process of self-assertion in the players of such videogames (by assuming one’s self a member of terrorists) that leads to self-annihilation. It tries to unfold how ludic Mod videogames are misused as tools of mass deception towards ethnic cleansing in reality and line with the distorted Eschatological myth. To conclude, this study posits videogames to be a new avenue of mass deception in the framework of the Culture Industry. Yet, this emerges as a two-edged sword of mass deception in ISIS’s modification of videogames. It shows that ISIS is not only trying to hijack the minds through online/ludic recruitment, it potentially deceives the Muslim communities or those prone to radicalization into believing that it's terrorist practices are preparing the world for the advent of a religious savior based on Islamic Eschatology. This is to claim that the harsh actions of the videogames are potentially breeding minds by seeds of terrorist propaganda and numbing them to violence. The real world becomes an extension of that harsh virtual environment in a ludic/actual continuum, the extension that is contributing to the mass deception mechanism of the terrorists, in a clandestine trend.

Keywords: culture industry, dialectic, ISIS, islamic eschatology, mass deception, video games

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Authors: Achmad Muchadam Fahham, Sony Hendra Permana

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Millennial Muslims are a generation of young people between 20-30 years. They will play an important role in various aspects of life for the next 10 to 20 years. In Indonesia, the population of this generation is quite large and in the next ten to twenty years they will occupy strategic position in various fields of social, economic and political life. One of the characteristics of the millenials generation are always connected to the internet and independence to learn anything from the internet. In terms of religion, the majority of millennial are Muslim. In digital era, the generation of millenial Muslim is vulnerable to the influence of radical Islamic thinking because of their easy access to that thought on social media, new media, and the books they read. This study seeks to examine the religious views of millennial Muslim women in four main focuses, namely religious identity, religious leaders, the role of the state on religious issues, and religious radicalism. This study was conducted with a qualitative approach, the data collection was carried out by the interview method. The study was conducted in Jakarta, mainly in religious study groups located in several mosques and shopping center in Jakarta. This study is expected to portray the religious views of millennial Muslim women, especially their commitment to Islamic identity, their views on the authority of religious leaders, the role of the state in various religious problems, and religious radicalism.

Keywords: millenial Muslims, radicalism, muslim mowen, religious identity

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Authors: Eliane Abdo

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Small and medium sized firms “SMEs” play essential role in the countries’ economic development mainly in terms of production, employment and equitable distribution of income. For innovative SMEs, the investment in the human capital and in research and development are crucial to survive in a competitive environment. In this paper we perform a literature review to underline the financing difficulties and constraints which innovative SMEs face while investing in intangible assets: not only when defining amount of the investments but also while choosing its financing methods. Literature review revealed that in order to finance their intangible assets, SMEs rely in first on their internal financing: the availability of internal cash flows can then determine their investment’s decision. Moreover SMEs face difficulties to finance their intangibles by financial debts due to the uncertainty of future cash flow and the absence of physical guarantees; they will therefore go for the issuance of new shares as a second choice, since innovative companies have high opportunity of growth that attract new shareholders.

Keywords: small and medium sized firms, capital structure, intangible investment, financial constraints

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

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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 403

Authors: Ashgar Ali Ali Mohamed, Farheen Baig Sardar Baig

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In Malaysia, the Whistle-blower Protection Act 2010 provides protection to a person in an organization who exposes misconduct, alleged dishonest or illegal activity that violates the existing laws, among others. For example, alleged fraud, health and safety violations, and corruption, to name but a few. Undeniable, most whistle-blowers are internal to an organisation who report misconduct of a fellow employee or superior within their company and they frequently face reprisal at the hands of the organisation which they have accused. In fact, many people do not consider blowing the whistle because of fear of retaliation and losing their relationships at workplace. Although whistle-blowers are protected under law from employer retaliation, there have been many cases where punishment for whistleblowing has occurred, such as suspension, demotion, termination, or harsh mistreatment by other employees. Hence, this paper will analyse the adequacy of the legal protection available to employees who whistle-blow on their employers with reference to the Whistle-blower Protection Act 2010. Reference will also be made to the approach taken in other selected jurisdiction with a view of highlighting the adequacy of the Malaysian legislation on this subject besides strengthen employee whistle-blower protection. Further, reference is also made to the Islamic approach on this subject with particular reference to the concept of amr-bil-Ma’roof (ordering for acknowledged virtues) and nahi anil munkar (forbidding from sin). Allah (SWT) says: “And there should be a group amongst you who invite towards good, order for acknowledged virtues, forbid from sin and these it is that are the successful ones” (Al Imran(Chp 3), verse 104).

Keywords: whistleblower protection, employee whistleblower, detrimental and reprisal, Malaysian law

Procedia PDF Downloads 536

Authors: Mennani Maha, Attak El Houssain

Abstract:

Under the massive effect of the Covid-19 health crisis, marked by a loss of competitiveness, a slowdown in growth and an accumulation of the repercussions of socio-economic inequalities, a considerable effort must be combined, in Morocco, to put into perspective macro-political, macro-economic and social opportunities. The development of a new economic and social approach is essential in order to respond to the authenticity of the new development model that will be used by the country. The appropriation of strategies of solidarity and social cohesion constitutes a participatory, competitive and inclusive approach to support the functionalities of the economic, social and political system. Therefore, the search for alternative financial resources has become a necessity to achieve the objectives of sustainable socio-economic growth on the one hand; and to promote, on the other hands, the dynamics, of large scale, social investments. The zakat remains a site of the Islamic economy dedicated to stimulating the bases of a collective adhesion of the population on the economic, as well as on the social level, thanks to a fair and equitable distribution of the zakat funds. However, Morocco is one of the few Muslim countries that has not yet had an institution for collecting and distributing this Islamic duty, which makes it difficult to measure the socio-economic impact of zakat. This theoretical document essentially ensures the development of the crucial utility of institutionalizing zakat in order to reinforce the objectives of social solidarity in Morocco in line with the process of conceptualizing a new development model.

Keywords: zakat, socio-economic development, solidarity, social investment

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Authors: Peyman Soltani, Mohammad Sadegh Amin Din

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The relation between religion and education has been considered for a long time. Approaching education through religion and sovereignty has been a kind of idealism in past centuries` educational systems and no opposition between religion and education has been felt. The doctrine of human education and training is mentioned in the Qur’an, as the most important reason of Prophet Mohammad ` first revelation, Verse 129 of Chapter Baqara, Verse 164 of Chapter Aali-ʻimraan and verse 2 of Chapter Jumʻah have addressed this issue. During Middle age, temples and mosques were engaged in children education. Religious materials have played an important role in the content of educational courses. In this era, the main goal of education was to study the religious books and behaving in society accordingly. Also in this training period, the European countries were considerably influenced by religion. Children in these countries were trained in churches and monasteries. Training and religion are closely connected with each other. It should be noted that experience and religious knowledge is a heart and emotional issue with no-imposition, therefore, the educational space should be designed in such a way that students, themselves, shift to experiencing some religious feelings. The important factors in Islamic Educational system are as follow: - Religious-based - Strengthening national identity - Authenticity of learner role 4- Importance of teacher` authority role. These factors are explained in Conceptual and intertwined network and in practical process, training each of them, proportional to student needs and conditions, can be the beginning of a course of religious education for students, and can strengthen other elements.

Keywords: education and training, Islamic educational system, the Qur'an, religious knowledge

Procedia PDF Downloads 368