Search results for: islamic finance

Authors: Muhammad Khubaib

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The Holy Quran purport is to establish a democratic system in which Allah has the right to special authority and He who has the supreme power or sovereignty. The supreme leader, Allah ceded the right to govern to his prophet and whoever would ever rule he would have to govern as a deputy of Prophet of Allah and he will not have the right to deviate from the basic rules of law and constitution. Centuries before the birth of prevailing democracy, Muslim scholars and researchers continuously keep using the term of “Jamhür” (majority) in their books. Islam gives the basic importance to the public opinion to establish a government and make the public confidence necessary for the government. The most effective way to gain the trust of the people in the present to build national institutions is through the vote. Vote testifies in favor of the candidate and majority tells us who is more honest and talented. Each voter stands at the position of trustworthy. To vote a cruel person would be tantamount to treason and even not to vote would be considered as a national offence. After transparent process, the selected member of government would be seemed a fine example of the saying of Muhammad (S.A.W) in which he said; the majority of my people will never be agreed at misleading. In short in this article, there would be discussed democracy in the Islamic perception, while elaborating the western democracy so that it can be cleared that in which way the Holy Quran supported the democracy and what gestures Muhammad (S.A.W) made to spread the democracy and on the basis of those gestures, and how come those gestures are being followed to choose the sacred caliphate. It's hoped that this research would be helpful to refine the democratic system and support to meet the challenges Muslim world are facing.

Keywords: democracy, modern democratic system, respect of majority opinion, vote casting

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Authors: Yongsheng Guo, Mengyu Lu

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This study investigates how Chinese SMEs manage financial risks in financing from customers from the perspectives of ethics and national culture. A grounded theory approach is adopted to identify the causal conditions, actions/interactions, and consequences. 32 interviews were conducted, and systematic coding methods were used to identify themes and categories. This study found that Chinese ethical principles, including integrity, friendship, and reciprocity, and cultural traits, including collectivism, acquaintance society, and long-term orientation, provide conditions for financing from customers. The SMEs establish trust-based relationships with customers through personal communications and social networks and reduce financial risk through diversification, frequent operations, and enterprise reputations. Both customers and SMEs can get benefits like financial resources and customer experiences. This study creates a theoretical framework that connects the causal conditions, processes, and outcomes, providing a deeper understanding of financing from customers. A resource and process capability theory of SMEs and a customer capital and customer value model are proposed to connect accounting and finance concepts. Suggestions are proposed for the authorities as more guidance and regulations are needed for this informal finance.

Keywords: CRM, culture, ethics, SME, risk management

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Authors: Mustaffa Kamal Bashar Mohd Fauzi, Puteri Shireen Jahn Kassim, Nurul Syala Abdul Latip

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It is increasingly realized that sustainability includes both a response to the climatic and cultural context of a place. To assess the cultural context, a morphological analysis of urban patterns from heritage legacies is necessary. While the climatic form is derived from an analysis of meteorological data, cultural patterns and forms must be abstracted from a typological and morphological study. This current study aims to analyzes morphological and formal elements of water-based architectural and urban design of past Islamic vernacular complexes in the hot arid regions and how a vast utilization of water was shaped and sited to act as cooling devices for an entire complex. Apart from its pleasant coolness, water can be used in an aesthetically way such as emphasizing visual axes, vividly enhancing the visual of the surrounding environment and symbolically portraying the act of purity in the design. By comparing 2 case studies based on the analysis of interactions of water features into the form, planning and morphology of 2 Islamic heritage complexes, Fatehpur Sikri (India) and Lahore Fort (Pakistan) with a focus on Shish Mahal of Lahore Fort in terms of their mass, architecture and urban planning, it is agreeable that water plays an integral role in their climatic amelioration via different methods of water conveyance system. Both sites are known for their substantial historical values and prominent for their sustainable vernacular buildings for example; the courtyard of Shish Mahal in Lahore fort are designed to provide continuous coolness by constructing various miniatures water channels that run underneath the paved courtyard. One of the most remarkable features of this system that all water is made dregs-free before it was inducted into these underneath channels. In Fatehpur Sikri, the method of conveyance seems differed from Lahore Fort as the need to supply water to the ridge where Fatehpur Sikri situated is become the major challenges. Thus, the achievement of supplying water to the palatial complexes is solved by placing inhabitable water buildings within the two supply system for raising water. The process of raising the water can be either mechanical or laborious inside the enclosed well and water rising houses. The studies analyzes and abstract the water supply forms, patterns and flows in 3-dimensional shapes through the actions of evaporative cooling and wind-induced ventilation under arid climates. Through the abstraction analytical and descriptive relational morphology of the spatial configurations, the studies can suggest the idealized spatial system that can be used in urban design and complexes which later became a methodological and abstraction tool of sustainability to suit the modern contemporary world.

Keywords: heritage site, Islamic vernacular architecture, water features, morphology, urban design

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Authors: Miyoko Taniguchi

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Conflict and violence have prevailed over the last four decades in conflict-affected areas in Muslim Mindanao, despite the signing of several peace agreements between the Philippine government and Islamic separatist insurgents (the Moro National Liberation Front (MNLF) and the Moro Islamic Liberation Front (MILF)), and peacebuilding activities on the ground. In the meantime, the peace talks had been facilitated and mediated by international actors such as the Organization of Islamic Cooperation (OIC) and its member countries such as Indonesia, and Malaysia, and Japan. In 2014, both the Government of the Philippines (GPH) and the MILF finally reached a Comprehensive Peace Agreement (CAB) in 2014 under the Aquino III administration, though a Bangsamoro Basic Law (BBL) based on the CAB was not enacted at the Catholic-majority of the Philippine Congress. After a long process of deliberations at the Congress, Republic Act 11054, known as the Bangsamoro Organic Law (BOL), was enacted in 2018 under the Duterate administration. In the beginning, President Duterte adopted an 'inclusive approach' that involves the MILF, all factions of the MNLF, non-Islamized indigenous peoples, and other influential clan leaders to align all peace processes under a single Bangsamoro peace process. A notable difference from past administrations, there is an explicit recognition of all agreements and legislations based on the rights of each stakeholder. This created a new identity as 'Bangsamoro', the residents of Muslim Mindanao, enhancing political legitimacy. Besides, it should be noted an important role of 'insider mediators' -a platform for the Bangsamoro from diverse sectors attempting to work within their respective organizations in Moro society. Give the above background, this paper aims at probing the effectiveness of insider mediation as one of the alternative approaches for mediation in the peace process. For the objectives, this research uses qualitative methods such as process-tracing and semi-structured interviews from diverse groups of stakeholders at from the state to the regional level, including the government officials involved in peace process under the Presidential Office, rebels (MILF and MNLF), civil society organizations involved in lobbying and facilitating peace process, especially in the legislative process. The key outcomes and findings are that the Insider Mediators Group, formed in 2016, had taken on a significant role in facilitating the achievement of a wider consensus among stakeholders on major Moro issues such as BBL’s passing during the last administration to call for unity among the Bangsamoro. Most of its members are well-educated professionals affiliated with the MILF, the MNLF, and influential clans. One of the group’s biggest achievements has been the lobbying and provision of legal advice to legislators who were not necessarily knowledgeable about the peace process during the deliberation of the bicameral conference of the BBL, which eventually led to its passage. It can be concluded that in the long run, strengthening vertical and horizontal relations between the Moro society and the State and among the Moro peoples that can be viewed as a means to sustainable peace.

Keywords: insider mediation, Mindanao, peace process, Moro Islamic liberation front

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Authors: Hassan Sher

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God has made this world with all of his essences and beautified it with his countless blessings. In Islam, no doubt, beauty is a very important characteristic but also an aspect of the body and the heart. In a world where the standards of beauty seem to change from year to year according to trends and norms. Moreover, in this world, many people want to look good and feel satisfied and will be willing to go through many ways for their ideal look. likewise, several products came into use for beautifying, cleansing, and promoting attractiveness. These products include components of cosmetics, they are utilized for health and beauty purposes. There are concerns regarding the existence of harmful or ḥarām chemicals, but With the advancement in (technology), it results in the transformation of unlawful and forbidden cosmetic products into permissible several new ingredients and products. The process of transforming certain items or products from one form to another, Muslim jurists tend to use terms like Istiḥālah (transformation).Istiḥālah is an Islamic principle unknown to many Muslims. LinguisticallyIstiḥālah carries the meaning of a transformation or a change in the nature of a thing into something else.According to the religious contact, Istiḥālah signifies a turning of a matter from a state of impurity or inedibility into a matter of different nature, name, properties, and characteristics (colour, taste, and smell) (Zuhayli, 1997). This principle, which is unanimously accepted by Muslim scholars, are breaths of fresh air to Muslims suffering from the suffocation of excessive prohibition. This will allow the invention to be utilized fully. This research tends to highlight the different ideological concepts of Istiḥālah from the perspective of Islamic Shariah and jurisprudence and its application in cosmetic products. However, the study focuses on the issues related to alcohol and pig ingredients in beauty products.

Keywords: istiḥālah. harām, jurisprudence, cosmetic, pig

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Authors: Ali Riza Perçin, Eser Bingül

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Internet technologies have created opportunities with which people share their ideologies, thoughts and products. This virtual world, named social media has given the chance of gathering individual users and people from the world's remote locations and establishing an interaction between them. However, to an increasingly higher degree terrorist organizations today use the internet and most notably social-network media to create the effects they desire through a series of on-line activities. These activities, designed to support their activities, include information collection (intelligence), target selection, propaganda, fundraising and recruitment to name a few. Meanwhile, these have been used as the most important tool for recruitment especially from the different region of the world, especially disenfranchised youth, in the West in order to mobilize support and recruit “foreign fighters.” The recruits have obtained the statue, which is not accessible in their society and have preferred the style of life that is offered by the terrorist organizations instead of their current life. Like other terrorist groups, for a while now the terrorist organization Islamic State (IS) in Iraq and Syria has employed a social-media strategy in order to advance their strategic objectives. At the moment, however, IS seems to be more successful in their on-line activities than other similar organizations. IS uses social media strategically as part of its armed activities and for the sustainability of their military presence in Syria and Iraq. In this context, “Generation Y”, which could exist at the critical position and undertake active role, has been examined. Additionally, the explained characteristics of “Generation Y” have been put forward and the duties of families and society have been stated as well.

Keywords: social media, "generation Y", terrorist organization, islamic state IS

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Authors: Fatin Fadhilah Hasib, Dewi Nuraini, Nisful Laila, Muhammad Madyan

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A big political event such as Cabinet reshuffle mostly can affect the stock price positively or negatively, depend on the perception of each investor and potential investor. This study aims to analyze the movement of the market and trading activities which respect to an event using event study method. This method is used to measure the movement of the stock exchange in which abnormal return can be obtained by investor related to the event. This study examines the differences of reaction on abnormal return and trading volume activity from the companies listed in the Jakarta Islamic Index (JII), before and after the announcement of the Cabinet Work Volume II on 27 July 2016. The study was conducted in observation of 21 days in total which consists of 10 days before the event and 10 days after the event. The method used in this study is event study with market adjusted model method that observes market reaction to the information of an announcement or publicity events. The Results from the study showed that there is no significant negative nor positive reaction at the abnormal return and abnormal trading before and after the announcement of the cabinet reshuffle. It is indicated by the results of statistical tests whose value not exceeds the level of significance. Stock exchange of the JII just reflects from the previous stock prices without reflecting the information regarding to the Cabinet reshuffle event. It can be concluded that the capital market is efficient with a weak form.

Keywords: abnormal return, abnormal trading volume activity, event study, political event

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Authors: Damilohun D. Ayoyo, Anthony Mpiani, Temitope B. Oriola

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The debate on women’s roles in insurgencies and terrorist organizations continues to garner scholarly attention. While some scholars view women insurgents and terrorists as perpetrators, others have argued that they are non-agents and victims. This paper de/reconstructs the notion of ‘women as perpetrators’ of terrorism. Drawing on the narratives of rescued female Boko Haram operatives, and Boko Haram’s tactics for recruiting and deploying women and girls, the paper advances three main arguments. First, the growing social construction of women as perpetrators of terrorism – particularly radical Islamic terrorism – downplays the socio-cultural and structural processes leading to women’s involvement with terrorist organizations. Second, women agency in Boko Haram activities is better understood when grounded in the cultural and structural contexts of Northern Nigeria, Boko Haram’s construction of ‘female,’ and the experiences of female Boko Haram operatives. Third, the mechanisms through which female Boko Haram operatives are recruited and deployed make them more of non-agents and victims than perpetrators of terrorism. The paper draws on the agency-structure approach and argues that the gendered power asymmetries embedded in the cultures and structures of Northern Nigeria –the base of Boko Haram– contribute to the nature and dynamics of women’s involvement in the insurgency. Although the paper does not negate the agency of women in terrorism, it aligns with the studies that consider women insurgents as more victims than perpetrators of terror.

Keywords: Boko Haram, female agency, Northern Nigeria, patriarchy, perpetrator of terror, radical Islamic terrorism, sharia, victim of terror, women insurgents

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Authors: Arjumand Warsy

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Among the Muslims, the Holy Quran is taught from early childhood and generally by the age of 7-8 years the reading of the entire Quran is completed by most of the children in Muslim families. During this period excellent reciter’s are selected to teach and emphasis is laid on correct reading, pronunciation and memorization. Following these years, the parents lay emphasis on the recitation of the Quran on daily basis. During the month of Ramadan the entire Quran is read one or more times and there are considerable number of Muslims who complete the entire Quran once or more each calendar month. Many Muslims do not know Arabic and for them message in the Quran is what others tell them and often they have no idea about this Guidance sent to them. This deficiency is reflected in many ways, both among people living in Muslim or non-Muslim countries. Due to the deficiency in knowledge about Islamic teachings, the foundations of Islam are being eroded by a variety of forces. In an attempt to guard against the non-Islamic influences, every Muslim must have a clear understanding of the Islamic teachings and requirements. The best guidance can be provided by the understanding of the Holy Quran. However, we are faced with the problem that often the Quran is taught in a way that fails to develop an interest and understanding of the message from Allah. Looking at the teaching of other subjects both scientific and non-scientific, at school, college or University levels, it is obvious that the advances in teaching methodologies using electronic technology have had a major impact, where both the understanding and the interest of the students are significantly elevated. We attempted to teach the meaning of the Holy Quran to children and adults using a scientific and modern approach using slide presentation and animations. The results showed almost 100% increase in the understanding of the Quran message; all attendees claimed they developed an increased interest in the study of the Holy Quran and did not lose track or develop boredom throughout the lectures. They learnt the information and remembered it more effectively. The love for Allah and Prophet Mohammad (PBUH) increased significantly. The fear of Allah and love of Heaven developed significantly. Historical facts and the stories of the past nations became clearer and the Greatness of the Creator was strongly felt. Several of attendees wanted to become better Muslims and to spread the knowledge of Islam. In this presentation, the adopted teaching method will be first presented and demonstrated to the audience using a short Surah from the Quran, followed by discussion on the results achieved during our study. We will endeavor to convey to the audience that there is a need to adopt a more scientific approach to teach the Quran so that a greater benefit is achieved by all.

Keywords: The Holy Quran, Muslims, presentations, technology

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Authors: Anifowose Oluwafemi Dele, Ngah Rohana, Hasni Abdulahi

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The economic crisis, which resulted in university funding cuts with an astronomically devastating impact on teaching and research around the world. Sequel to this, Nigerian universities are in disarray due to insufficient government funding and are under pressure to discover new financial streams of Internally Generated Revenue (IGR) to disentangle finance-related teething problems and most tangible means of outsourcing finance inclusively for the creation of more entrepreneurial ventures through the possibilities of prudent IGR management. To the best of our knowledge, one way to address this still-unknown or underappreciated cog is through the strategic use of IGR and the outsourcing of financing for the launch of entrepreneurial ventures. As a result, it is critical to investigate and evaluate financial inclusion through prudently managed IGR to achieve greater financial inclusion for more long-term entrepreneurial ventures. Justifying the need to look inward and devise mechanisms for strong instruments internal fund raising and managing cash inflows to benefit university entrepreneurial ventures to increase the University's IGR for the benefit of the university and its stakeholders. The paper concludes that University Managers must fully accept the use of genuine means of boosting IGR through financial inclusion of in-house funds to aggressively established IGR boosting and the creation of entrepreneurial ventures that could serve as an alternative to inadequate government funding.

Keywords: government funding, university managers, financial inclusion, entrepreneurial venture

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Authors: Nyong Princely Awazi, Gadinga Walter Forje, Barnabas Neba Nfornkah, Ndzifon Jude Kimengsi

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Ecotourism is documented as a sustainable measure of bridging conservation goals and livelihood sustenance around protected areas, due to its ability of not just providing alternative livelihood, but also in providing the necessary resources that can help finance conservation initiatives. In Cameroon, all ecotourism activities around national parks are aimed at generating revenue through the conservation service while providing sustainable livelihood options to the local population. There exists an information lacuna regarding the contribution of ecotourism finances to conservation efforts in the country. This study was aimed at establishing the contribution of ecotourism finances to conservation initiatives in and around the Campo Ma’an National Park (CMNP). Data were collected through the administering of 120 structured questionnaires to ecotourism actors and 15 key/expert interviews with tourism and conservation actors in the Campo Ma’an landscape. Chi-square test, Spearman’s rank correlation and regressions were used for data analysis. The study revealed that the main sources of ecotourism financing to the park service are through entrance fees, cameras and vehicle fees paid by tourists as well as ecotourism project financing through NGOs. Calculations from the tourism register of the park showed that the park was able to raise as much as 1,576,000 FCFA (US$ 3,152) annually. It was further established that ecotourism revenue has not greatly supported conservation, with 54% of respondents perceiving ecotourism not contributing to biodiversity conservation. Chi Square test results highlighted poor ecotourism governance, low level of ecotourism development, corruption from park management staff, obsolete nature of the current finance law on the management of protected area revenue as key factors hindering ecotourism financing in conservation. For ecotourism financing to contribute to biodiversity conservation in the CMNP and in Cameroon’s protected areas, the government needs to revise the finance law on the management of revenue generated from protected areas, improve park governance to fight corruption and enhance transparency, invest in the development and marketing of the Campo Ma’an national park as a tourism destination in the country.

Keywords: Cameroon, Campo Ma’an National Park, conservation, ecotourism, ecotourism financing

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Authors: Badrane Hasnaa, Bouzahir Brahim

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Crowdfunding has emerged as an innovative solution to address the financing needs of individuals and businesses marginalized by traditional financial systems. This participatory funding model promises to expand financial inclusion by opening access to resources once limited to conventional financial actors. However, a central question remains : does crowdfunding genuinely reduce inequalities in access to finance, or does it replicate existing biases ? This research focuses on the dynamics of equity within this financing model, shedding light on its challenges, opportunities, and the factors influencing its ability to meet the needs of excluded populations. Participation in crowdfunding campaigns often relies on several prerequisites, such as access to digital technologies, a certain level of financial literacy, and an understanding of platform mechanisms. These conditions can pose significant barriers, particularly in regions with limited technological infrastructure, thereby reinforcing exclusion for some groups. Furthermore, structural biases within crowdfunding platforms, such as algorithms favoring already popular projects, can create disparities in access to funding. Nevertheless, crowdfunding offers unique opportunities for financial inclusion. It enables the funding of projects that would otherwise go unsupported, particularly in socially or environmentally impactful sectors. Moreover, it fosters a direct relationship between project creators and investors, enhancing transparency and trust. This participatory approach also allows for the inclusion of local communities and traditionally underrepresented groups in the financial ecosystem. This study leverages empirical analyses and case studies to explore these dynamics. It assesses the impact of crowdfunding across diverse socio-economic contexts and identifies mechanisms that can enhance its effectiveness in promoting equitable financial inclusion. Key recommendations include improving financial literacy, developing accessible technological tools, and designing platform structures that prioritize inclusivity over popularity-driven dynamics. Additionally, policy interventions such as targeted regulatory frameworks can help address structural limitations while ensuring investor protection. The findings of this research contribute to a deeper understanding of crowdfunding’s role as a tool for democratizing access to finance. By addressing the existing challenges and leveraging its potential, crowdfunding can transition from being a mere alternative financing model to a transformative force in reducing financial inequalities. Ultimately, this study offers actionable insights into how crowdfunding can be optimized to serve as a vehicle for sustainable and inclusive economic growth

Keywords: crowdfunding, financial inclusion, equity, access to finance, marginalized populations, alternative finance, platform dynamics, financial literacy, digital inclusion, sustainable financing

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Authors: Siti Dewi Aisyah

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Islamic Muslim fashion has become a trend in Indonesia. It is said that social media has a huge impact on its development. Indonesia is ranked among the most users of social media. That is why people who wear hijab also use social media for different purposes, one of this is to introduce hijab fashion. Consequently, they are becoming famous in social media. Social media has become a tool for communicating their beliefs as a Muslim as well as personal branding as a good hijabi yet with a fashionable style. This research will examine the social media such as Blog and Instagram, how it triggers the consumer culture to hijabi, what is the actual meaning behind of their feed posts in their social media, how they produce good photograph in their social media and for what reason they use social media. This research had been conducted through in-depth interviews with several bloggers who created Hijabers Community who have made a new trend in Muslim fashion and also Instagrammers who made their feeds as a style inspiration. The methodology used for this research is by analyzing Blog and Instagram through visual analysis that also examines the semiotic meaning behind the photographs that are posted by the people on the social media especially about the Islamic Modest Fashion trend. The theoretical framework for this research is about studying social media that is examined through visual analysis. The Muslim fashion trend was lead by several bloggers and continued to Instagram which then created a consumption pattern. From colourful colors, pastel colors, monochrome colors to neutral coffee tone colors, it was influenced by the Muslim fashion designers that also become digital influencers in social media. It was concluded that social media had been a powerful promotional and effective tool to change the trend in Indonesian Muslim Fashion trend.

Keywords: blog, instagram, consumer culture, muslim fashion, social media, visual analysis

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Authors: Zeinab Mirabulqasemi, Gholamali Hatam

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This article discusses the significance of mural paintings in Iranian culture, particularly within the context of religious tombs known as Imamzadehs. These tombs, dedicated to Shiite imams and other revered religious figures, serve as important religious and communal spaces. The tradition of tomb construction evolved from early Islamic practices, gradually transforming burial sites into places of worship. In the Gilan region of Iran, these tombs hold a revered status, serving as focal points for religious observances and social gatherings. The murals adorning these tombs often depict religious motifs, with a particular emphasis on events like the Day of Judgment and the martyrdom of the Imams, notably the saga of Ashura. These paintings also reflect the community's social perspectives and historical allegiances. Various architectural styles are employed in constructing these tombs, including Islamic, traditional, local, and aesthetic architecture. However, the region's climate poses challenges to the preservation of these structures and their murals. Despite these challenges, efforts are made to document and preserve these artworks to ensure their accessibility for future generations. This research also studies tomb paintings by adopting a multifaceted approach, including library research, image analysis, and field research. Finally, it examines the portrayal of significant figures such as the Shiite imams, prophets, and Imamzadehs within these murals, highlighting their thematic significance and cultural importance.

Keywords: cultural ritual, Shiite imams, mural, belief foundations, religious paintings

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Authors: Mohamed Faslan

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This paper describes how caste-based differentiation functions among the Southern Muslims of Sri Lanka despite Islamic egalitarian principles. Such differences are not promoted by religious teachings, mosques, or the various Islamic religious denominations. Instead, it underpins a hereditary, hierarchical stratification in social structure. Since Islam is against social stratification and promotes egalitarianism, what are the persuasive social structures that organize the existing caste system among Southern Muslims? To answer this puzzle, this paper discusses and analyses the caste system under these five subsections: ancestry; marriage; geography; mosque ownership or trustees; and occupation. The study of caste in Sri Lanka is generally compartmentalized into separate Sinhala and Tamil systems. Most caste studies have focused on the characteristics, upward mobility, or discrimination of specific castes in relation to other castes within ethnic systems. As an operational definition, in this paper, by “southern” or the south of Sri Lanka, I refer to the Kalutara, Galle and Matara Districts. This research was conducted in these three districts, and the respondents were selected purposively. Community history interviews were used as a tool for collecting information, and grounded theory used for analysis. Caste stratification among the Southern Muslims of Sri Lanka is directly connected to whether they are descended from Arab or South Indian ancestors. Arab ancestors are considered upper caste and South Indian ancestors are considered lower caste. Endogamy is the most serious driving factor keeping caste system functioning among Muslims while the other factors—geography, mosques, and occupations—work as supporting factors.

Keywords: caste, social stratification, Sri Lanka Muslims, endogamy

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Authors: Eric S. Lee, Connie Bygrave, Jordan Mahar, Naina Garg, Suzanne Cottreau

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Marking exams is universally detested by lecturers. Final exams in many higher education courses often last 3.0 hrs. Do exams really need to be so long? Can we justifiably reduce the number of questions on them? Surprisingly few have researched these questions, arguably because of the complexity and difficulty of using traditional methods. To answer these questions empirically, we used a new approach based on three key elements: Use of an unusual variation of a true experimental design, equivalence hypothesis testing, and an expanded set of six psychometric criteria to be met by any shortened exam if it is to replace a current 3.0-hr exam (reliability, validity, justifiability, number of exam questions, correspondence, and equivalence). We compared student performance on each official 3.0-hr exam with that on five shortened exams having proportionately fewer questions (2.5, 2.0, 1.5, 1.0, and 0.5 hours) in a series of four experiments conducted in two classes in each of two finance courses (224 students in total). We found strong evidence that, in these courses, shortening of final exams to 2.0 hrs was warranted on all six psychometric criteria. Shortening these exams by one hour should result in a substantial one-third reduction in lecturer time and effort spent marking, lower student stress, and more time for students to prepare for other exams. Our approach provides a relatively simple, easy-to-use methodology that lecturers can use to examine the effect of shortening their own exams.

Keywords: exam length, psychometric criteria, synthetic experimental designs, test length

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Authors: Daniel Muwooya

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This paper analyses economic factors that have affected the competitiveness of petroleum refinery and petrochemical projects in sub-Saharan Africa in the past and continue to plague greenfield projects today. Traditional factors like plant sizing and complexity, low-capacity utilization, changing regulatory environment, and tighter product specifications have been important in the past. Additional factors include the development of excess refinery capacity in Asia and the growth of renewable sources of energy – especially for transportation. These factors create both challenges and opportunities for the development of greenfield refineries and petrochemical projects in areas of increased demand growth and new low-cost crude oil production – like sub-Saharan Africa. This paper evaluates the strategies available to project developers and host countries to address contemporary issues of energy transition and the apparent reduction of funds available for greenfield oil and gas projects. The paper also evaluates the structuring of greenfield refinery and petrochemical projects for limited recourse project finance bankability. The methodology of this paper includes analysis of current industry data, conference proceedings, academic papers, and academic books on the subjects of petroleum refinery economics, refinery financing, refinery operations, and project finance generally and specifically in the oil and gas industry; evaluation of expert opinions from journal articles; working papers from international bodies like the World Bank and the International Energy Agency; and experience from playing an active role in the development and financing of US$ 10 Billion greenfield oil development project in Uganda. The paper also applies the discounted cash flow modelling to illustrate the circumstances of an inland greenfield refinery project in Uganda. Greenfield refinery and petrochemical projects are still necessary in sub-Saharan Africa to, among other aspirations, support the transition from traditional sources of energy like biomass to such modern forms as liquefied petroleum gas. Project developers and host governments will be required to structure projects that support global climate change goals without occasioning undue delays to project execution.

Keywords: financing, refinery and petrochemical economics, Africa, project finance

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Authors: Sevcan Ozturk

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The aim of this paper is to analyze the twentieth-century Muslim philosopher Muhammad Iqbal’s philosophy of action in the light of the main issues of contemporary philosophy of action. Iqbal is one of the most celebrated and eminent figures of modern Islamic thought. However, a review of the works on Iqbal shows that most of the central concepts of his philosophy have not received enough attention. His notion of ‘action’ in its philosophical context is one of these concepts. One of the main characteristics of Iqbal’s approach is that he develops his discussion around the main themes of contemporary philosophy of action, which includes ontological and conceptual questions regarding the nature of human actions. He also discusses that action is the only way to develop human personality, and that the human being can only achieve immortality promised by Islam through his actions. Therefore, while presenting an approach that can be read in the light of contemporary philosophy of action, which has become one of the significant parts of modern philosophical discussions in the west particularly since the nineteenth century, he, at the same time, develops his own philosophy of action in the light of Islamic resources. Consequently, these two main characteristics of his discussion of the notion of action make his philosophy of action an important contribution to contemporary philosophy of action, a field that ignores the discussions of Muslim philosophers on action. Therefore, this paper aims at highlighting Iqbal’s contribution to the modern debate of action by analysing Iqbal’s notion of action in the light of the contemporary issues of philosophy of action. This will, first of all, include an examination of contemporary action theory. Although the main discussions of contemporary philosophy of action will provide the methodology of this study, the main paradigms of Iqbal’s approach to the notion of action will also be considered during the examination of the discussions of philosophy of action. Then, Iqbal’s own philosophy of action will be established in the light of the contemporary philosophy of action. It is hoped that this paper will cultivate a dialogue between Iqbal scholars and those working in the field of philosophy of action, and that it will be a contribution to the fields of Iqbal studies, philosophy of action, and intercultural philosophy.

Keywords: action, development of personality, Muhammad Iqbal, philosophy of action

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Authors: Mona Alyedreessy

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This study, which is based on a qualitative study sample of thirty-four British converts from different ages, ethnicities, social classes, areas and religious backgrounds in London, investigates the common challenges, problems and abuse in the name of Islam that many British female Muslim converts experienced during their time as Muslims, which caused them to leave the faith. It is an important study, as it creates an awareness of the weaknesses found in western Muslim societies and in various Islamic educational programs that causes people to leave Islam and contribute towards its negative reputation in the media. The women in this study shared common problems regarding gender and racial discrimination, identity development, feminism, marriage, parenting, Muslim culture, isolation, extremism, belonging and practising Islam in both Muslim and non-Muslim societies with differing sacrifices and consequences that caused them to de-convert. The study argues that many of the personal, religious and social problems female Muslim converts experience are due to a lack of knowledge about Islam and their rights as Muslim women, which often results in them being vulnerable and influenced by the opinions, attitudes and actions of uneducated, abusive, non-practising and extremist Muslims. For example, it was found that young female converts in particular were often taken advantage of and manipulated into believing that many negative actions displayed by patriarchal Muslim husbands were a part of Islam. This created much confusion, especially when their husbands used specific Quran texts and Hadiths to justify their abuse, authority and attitudes that made them miserable. As a result and based on the positive experiences of some converts, the study found that obtaining a broad Islamic education that started with an intimate study of the Prophet Muhammad’s biography alongside being guided by the teachings of western Muslim scholars contributed greatly towards a more enjoyable conversion journey, as women were able to identify and avoid problematic Muslims and abuse in the name of Islam. This in turn helped to create a healthier family unit and Muslim society. Those who enjoyed being Muslims were able to create a balanced western Muslim identity by negotiating and applying their own morals and western values to their understanding of The Prophet’s biography and The Quran and integrated Islamic values into their own secular western environments that were free from foreign cultural practices. The outcomes of the study also highlight some effective modern approaches to da’wah based on the teachings of The Prophet Mohammad and other prophets for young Arab and Asian Muslims who marry, study and live among non-Muslims and converts.

Keywords: abuse, apostasy, converts, Muslims

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Authors: Salman Amur Alhajri

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Purpose: This paper explores the art of contemporary Arabic calligraphy in Oman. It explains the aesthetic features of Arabic calligraphy as a unique icon of Islamic art. This paper also explores the profile of one Omani artist, Salman Alhajri, as an example of Omani artists who have developed unique styles in this art stream. Methodology and approach: The paper is based on a theoretical study using a descriptive and case-study approach. Omani artists are fascinated by the art forms of Arabic calligraphy, which combine both spiritual meaning and aesthetic beauty. Artist Salman Alhajri is an example of a contemporary Arabic artist who uses Arabic calligraphy as the main theme in his art. Dr. Alhajri is trying to introduce the beauty of Arabic letters from a new aesthetic point of view. He also aims to create unusual visual effects that viewers can easily interact with. Even though words and phrases appear in Alhajri’s artwork, they are not conveying direct meanings: viewers can create their own meaning or expressions from them by appreciating the compositions of the artwork. Results: Arabic writing is directly related to the identity of Omani artists and their cultural background. This paper shows how the beauty of Arabic letters comes from its indefinite possibilities in designing calligraphic expressions, even within a single word, because letters can be stretched and transformed in various ways to create different compositions. Omani artists are interested in employing new media applications in this kind of practice to find new techniques for creating artwork based on Arabic writing. It is really important for all Omani artists to practice this art style because Arabic calligraphy and its flexibility introduce infinite possibilities that involve further exploration and investigation.

Keywords: Islamic art, contemporary Arabic calligraphy, new techniques, Omani artist

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Authors: Satish Kumar, Nisha Goyal

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In the stock market, individual investors exhibit different kinds of behaviour. Traditional finance is built on the notion of 'homo economics', which states that humans always make perfectly rational choices to maximize their wealth and minimize risk. That is, traditional finance has concern for how investors should behave rather than how actual investors are behaving. Behavioural finance provides the explanation for this phenomenon. Although finance has been studied for thousands of years, behavioural finance is an emerging field that combines the behavioural or psychological aspects with conventional economic and financial theories to provide explanations on how emotions and cognitive factors influence investors’ behaviours. These emotions and cognitive factors are known as behavioural biases. Because of these biases, investors make irrational investment decisions. Besides, the emotional and cognitive factors, the social influence of media as well as friends, relatives and colleagues also affect investment decisions. Psychological factors influence individual investors’ investment decision making, but few studies have used qualitative methods to understand these factors. The aim of this study is to explore the behavioural factors or biases that affect individuals’ investment decision making. For the purpose of this exploratory study, an in-depth interview method was used because it provides much more exhaustive information and a relaxed atmosphere in which people feel more comfortable to provide information. Twenty investment advisors having a minimum 5 years’ experience in securities firms were interviewed. In this study, thematic content analysis was used to analyse interview transcripts. Thematic content analysis process involves analysis of transcripts, coding and identification of themes from data. Based on the analysis we categorized the statements of advisors into various themes. Past market returns and volatility; preference for safe returns; tendency to believe they are better than others; tendency to divide their money into different accounts/assets; tendency to hold on to loss-making assets; preference to invest in familiar securities; tendency to believe that past events were predictable; tendency to rely on the reference point; tendency to rely on other sources of information; tendency to have regret for making past decisions; tendency to have more sensitivity towards losses than gains; tendency to rely on own skills; tendency to buy rising stocks with the expectation that this rise will continue etc. are some of the major concerns showed by experts about investors. The findings of the study revealed 13 biases such as overconfidence bias, disposition effect, familiarity bias, framing effect, anchoring bias, availability bias, self-attribution bias, representativeness, mental accounting, hindsight bias, regret aversion, loss aversion and herding bias/media biases present in Indian investors. These biases have a negative connotation because they produce a distortion in the calculation of an outcome. These biases are classified under three categories such as cognitive errors, emotional biases and social interaction. The findings of this study may assist both financial service providers and researchers to understand the various psychological biases of individual investors in investment decision making. Additionally, individual investors will also be aware of the behavioural biases that will aid them to make sensible and efficient investment decisions.

Keywords: financial advisors, individual investors, investment decisions, psychological biases, qualitative thematic content analysis

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Authors: Nasrin Badrkhani

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Human beings step into this world to live thus, the way of living holds undeniable importance. Addressing the contemporary lifestyle is a necessity that has attracted the attention of scholars. To formulate an ideal lifestyle, we need to progress in two dimensions: the instrumental and the content dimensions. In the context of lifestyle, which is the software part of Islamic civilization, we have not made significant progress. In analyzing the Iranian-Islamic lifestyle, it must be said that our current lifestyle is eclectic, and we need to refine it by selecting one or two main factors, which other factors are dependent on, and work on them so that the secondary factors change on their own. Lifestyle is a broad concept that, in addition to goals, includes an individual's thoughts about themselves, the world, and their unique way of striving to achieve their goals under specific conditions. The discussion of harm becomes relevant for an institution when it cannot fulfill the expected functions or is on the verge of dissolution. There is no doubt that today's Iranian family is far from being the balanced family that should be the cornerstone of a healthy society. The generation gap, as a global issue, is a problem facing Iranian society and families. The weakening of the element of faith, prioritizing worldly benefits over divine satisfaction, the prominence of material pleasures over spiritual joy, individualism and attention to personal interests instead of altruism and sacrifice, increased grounds for establishing relationships outside the framework of marriage, and the fading culture of hijab reduce the felt need to form a family. In a general summary regarding the pathology of the lifestyle of Iranians, it must be said that the consumerist lifestyle or the libertinism that some of our families have adopted is, whatever it may be, not beneficial for our country and society in terms of the development and perfection of future generations. We need to design alternative lifestyles that are suitable for our society and are also geared towards the elevation of our children.

Keywords: social problems, gap generation, communication, lifestyle of Iranians

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Authors: Faranak Omidian

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This study has been carried out to examine the status of architecture department at bachelor's level of engineering architecture in Islamic Azad University of Dezful in 2012-13 academic year. The present research is a descriptive cross sectional study and in terms of measurement, it is descriptive and analytical, which was done based on 7 steps and in 7 areas with 32 criteria and 169 indicators. The sample includes 201 students, 14 faculty members, 72 graduates and 39 employers. Simple random sampling method, complete enumeration method, network sampling (snowball sampling) were used for students, faculty members and graduates respectively. All sample responded to the questions. After data collection, the findings were ranked on Likert scale from desirable to undesirable with the scores ranging from 1 to 3.The results showed that the department with a score of 1.88 in regard to objectives, organizational status, management and organizations, with a score of 2 in relation to students, with a score of 1.8 in regard to faculty members was in a relatively desirable status. Regarding training courses and curriculum, it gained a score of 2.33 which indicates the desirable status of the department in this regard. It gained scores of 1.75, 2, and 1.8 with respect to educational and research facilities and equipment, teaching and learning strategies, and graduates respectively, all of which shows the relatively desirable status of the department. The results showed that the department of architecture, with an average score of 2.14 in all evaluated areas, was in a desirable situation. Therefore, although the department generally has a desirable status, it needs to put in more effort to tackle its weaknesses and shortages and corrects its defects in order to promote educational quality, taking to the desirable level.

Keywords: internal evaluation, architecture department in Islamic, Azad University, Dezful

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Authors: Saidalavi Kannattippadi

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It is a culture based study on revealing how the indebtedness of the west belongs to the moral and scientific culture of Islam, even to such a way to be said there was no room for renaissance and the enlightment of the west without the active intervention of the Islamic culture in thoughts and activities of the European thinkers. The study focuses on the exact causes that led the west to the renaissance and goes through analyzing each of historical evidences for confirming the continuous cultural assimilations that occurred between east and west, through transmissions of knowledge, translations of unique treatises, study trips and so on. The west had deeply influenced by the thought and culture of Islam after having a long bitter experience from the blind rituals and customs introduced by the church and was expecting for a movement that can raise them upwards from the bankruptcy of morality and spirituality. The sequence of crusades and voyages of thinkers from west to eastern wards made the western people aware of the best culture ever found in the world as in name of Islam and they become ready to assimilate its notable cultural values and to borrow its cultural achievements. The west had two types of influences from the Islam; moral and scientific. the uprooting of untouchablitlity and racism from western society and their accepting the ideologies of equality and fraternity are moral influence and the innumerable inventions and discoveries found in modern science and technology are the scientific influences. Without the frantic efforts of Muslims in translating, modifying and commenting the science and philosophy of the Greek the west would not have even a chance to peep to the cultural values of the Greek. Here the Muslims are the guides and channels through which the west got educated and well cultured. The study also briefly sheds light on the cultural achievements of Muslims in material science, human science, etc.

Keywords: cultural assimilation, culture and civilization, indebtedness, Muslim world, west, translation, transmission

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Authors: Sharafat Karimi, Jamil Jafari

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The impact of Western Literature on other nations' pieces of literature (including Arabic) has caused critics to ignore the importance of Arabic cultural & literary heritage in the formation of contemporary Arabic fiction; but on the contrary, an important part of literary genres in any society, especially fiction has been formed in the past and depends on ancient literary events. The current paper, utilizing the descriptive-analytical method and by means of library studies, tries to challenge those critics who regard Western Literature as the only effective factor on the appearance of Arabic fiction. Furthermore, this research tries to find out effective Islamic-Arabic elements on the development of Arabic novel by the investigation of some fictional works. The results show that in addition to regarding Western literature as an important factor, Arab novelists have applied their heritage, culture, and ancient history, either written or orally transmitted to the current generation, in their innovations. Among great historical works containing moral stories, allegorical legends, myths, tales of heroes, and folklore, we can refer to Arabian Nights, Kalila & Dimna, romantic stories, historical puzzles, history of Islam, history of ancient Egypt, Maqama, and Quranic stories. Famous novels like 'Hadith Isa ibn-Hisham', 'Layali Alif Layla', 'Abas al-Aqdar', 'Radoubis', 'Ahlam Shahrzad, and 'Alam Bela Kharaet' were compiled on the basis of ancient literary heritage not only in the theme but also in the structure; so one can conclude that the ancient literary-cultural heritage and Islamic-Arabian history have been influential on Arabic novel appearance and development.

Keywords: Arabic fictional literature, culture, heritage, history, language, novel

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Authors: Roberta Martino, Viviana Ventre

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Empirical evidence has, over time, confirmed that the behavior of individuals is inconsistent with the descriptions provided by the Discounted Utility Model, an essential reference for calculating the utility of intertemporal prospects. The model assumes that individuals calculate the utility of intertemporal prospectuses by adding up the values of all outcomes obtained by multiplying the cardinal utility of the outcome by the discount function estimated at the time the outcome is received. The trend of the discount function is crucial for the preferences of the decision maker because it represents the perception of the future, and its trend causes temporally consistent or temporally inconsistent preferences. In particular, because different formulations of the discount function lead to various conclusions in predicting choice, the descriptive ability of models with a hyperbolic trend is greater than linear or exponential models. Suboptimal choices from any time point of view are the consequence of this mechanism, the psychological factors of which are encapsulated in the discount rate trend. In addition, analyzing the decision-making process from a psychological perspective, there is an equivalence between the selection of dominated prospects and a degree of impatience that decreases over time. The first part of the paper describes and investigates the anomalies of the discounted utility model by relating the cognitive distortions of the decision-maker to the emotional factors that are generated during the evaluation and selection of alternatives. Specifically, by studying the degree to which impatience decreases, it’s possible to quantify how the psychological and emotional mechanisms of the decision-maker result in a lack of decision persistence. In addition, this description presents inconsistency as the consequence of an inconsistent attitude towards time-delayed choices. The second part of the paper presents an experimental phase in which we show the relationship between inconsistency and impatience in different contexts. Analysis of the degree to which impatience decreases confirms the influence of the decision maker's emotional impulses for each anomaly in the utility model discussed in the first part of the paper. This work provides an application in the field of personalized behavioral finance. Indeed, the numerous behavioral diversities, evident even in the degrees of decrease in impatience in the experimental phase, support the idea that optimal strategies may not satisfy individuals in the same way. With the aim of homogenizing the categories of investors and to provide a personalized approach to advice, the results proven in the experimental phase are used in a complementary way with the information in the field of behavioral finance to implement the Analytical Hierarchy Process model in intertemporal choices, useful for strategic personalization. In the construction of the Analytic Hierarchy Process, the degree of decrease in impatience is understood as reflecting irrationality in decision-making and is therefore used for the construction of weights between anomalies and behavioral traits.

Keywords: analytic hierarchy process, behavioral finance, financial anomalies, impatience, time inconsistency

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Authors: Eru Ihie Joel

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This study was carried out to investigate the influence of information technology on financial management practice in secondary schools for transformation. In Zone C Senatorial District of Benue state. The study answered four research questions and tested four hypotheses. Related literature was reviewed to show the gap to be filled in the study. The population was 196 respondents made up of principals and finance clerks of secondary schools. The descriptive survey was adopted for the study. A structured 20 item questionnaire (IITFMPSQ) was constructed and used to collect date for the study. Data obtained were analyzed using descriptive and inferential statistic. Mean and standard deviation were used to analyze the research question while the chi- square (x2) test of goodness of fit was used to test the hypothesis. The major findings revealed that the use of computer system significantly influences budgeting in secondary schools in zone senatorial district of Benue State for transformation. It was also established that the use of internet facilities influences the funding of secondary schools for transformation in the zone. Based on the findings of the study, it was recommended among other things that administrators and teachers in schools should be trained to make effective use of the computer in budgeting so as to facilitate delegations, control, evaluation, accountability for transformation. It was further suggested that the study be replicated on the effective use of information communication teaching (ITC) in teaching and learning in secondary school for transformation.

Keywords: influence, finance, management, technology

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Authors: Ragini Trehan, D.K. Srivastava

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In the post-planning era, India’s fiscal transfers from the central to state governments are solely determined by the Finance Commissions (FCs). While in some of the well-established federations such as Australia, Canada, and Germany, equalization serves as the guiding principle of fiscal transfers and is constitutionally mandated, in India, it is not explicitly mandated, and FCs attempt to implement it indirectly by a combination of a formula-based share in the divisible pool of central taxes supplemented by a set of grants. In this context, it is important to measure the extent of equalization that is achieved through FC transfers with a view to improving the design of such transfers. This study uses an index-based methodology for measuring the degree of equalization achieved through FC-transfers covering the period from FC12 to the first year of FC15 spanning from 2005-06 to 2020-21. The ‘Index of Equalization’ shows that the extent of equalization has remained low in the range of 30% to 37% for the four Commission periods under review. The highest degree of equalization at 36.7% was witnessed in the FC12 period and the lowest equalization at 29.5% was achieved during the FC15(1) period. The equalizing efficiency of recommended transfers also shows a consistent fall from 11.4% in the FC12 period to 7.5% by the FC15 (1) period. Further, considering progressivity in fiscal transfers as a special case of equalizing transfers, this study shows that the scheme of per capita total transfers when determined using the equalization approach is more progressive and is characterized by minimal deviations as compared to the profile of transfers recommended by recent FCs.

Keywords: fiscal transfers, index of equalization, equalizing efficiency, fiscal capacity, expenditure needs, finance Commission, tax effort

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Authors: Anna Paola Micheli, Anna Maria Calce, Loris Di Nallo

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Sustainable finance identifies the process that leads, in the adoption of investment decisions, to take into account environmental and social factors, with the aim of orienting investments towards sustainable and long-term activities. Considering that the topic is at the center of the interest of national agendas, long-term investments will no longer be analyzed only by looking at financial data, but environmental, social, and governance (ESG) factors will be increasingly important and will play a fundamental role in determining the risk and return of an investment. Although this perspective does not deny the orientation to profit, ESG mutual funds represent sustainable finance applied to the world of mutual funds. So the goal of this paper is to verify this attitude, in particular in the energy sector. The choice of the sector is not casual: ESG is the acronym for environmental, social, and governance, and energy companies are strictly related to the environmental theme. The methodology adopted leads to a comparison between a sample of ESG funds and a sample of ESG funds with similar characteristics, using the most important indicators of literature: yield, standard deviation, and Sharpe index. The analysis is focused on equity funds. Results that are partial, due to the lack of historicity, show a good performance of ESG funds, testifying how a sustainable approach does not necessarily mean lower profits. It is clear that these first findings do not involve an absolute preference for ESG funds in terms of performance because the persistence of results is requested. Furthermore, these findings are to be verified in other sectors and in bond funds.

Keywords: mutual funds, ESG, performance, energy

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Authors: Sun-Ki Choi

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The U.S. student loan policy was initiated to improve the equality of educational opportunity and help low-income families to provide higher education opportunities for their children. However, with the increase in the average student loan amount, college graduates with student loans experience problems and restrictions in their early-career choices. This study examines the early career labor market choices of college graduates who obtained student loans to finance their higher education. In this study, National Survey of College Graduates (NSCG) data for 2017 and 2019 was used to estimate the effects of student loans on the employment status and current job wages of graduates with student loans. In the analysis, two groups of workers, those with student loans and those without loans, were compared. Using basic models and Mahalanobis distance matching, it was found that graduates who rely on student loans to finance their education are more likely to participate in the labor market than those who do not. Moreover, in entry-level jobs, graduates with student loans receive lower salaries than those without student loans. College graduates make job-related decisions based on their current and future wages and fringe benefits. Graduates with student loans tend to demonstrate risk-averse behaviors due to their financial restrictions. Thus, student loan debt creates inequity in the early-career labor market for college graduates. Furthermore, this study has implications for policymakers and researchers in terms of the student loan policy.

Keywords: student loan, wage differential, unintended consequences, mahalanobis distance matching

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