Search results for: Islamic Banks

Authors: Sheriff Muhammad Ibrahim

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The contemporary world has seen many agents of market liberalization, globalization, and expansion in agribusiness, which pose a big threat to the existence of smallholder farmers in the farming business or, at most, being marginalized against government interventions, investors' partnerships and further stretched by government policies in an effort to promote subsistent farming that can generate profits and speedy growth through attracting foreign businesses. The consequence of these modern shifts ends basically at the expense of smallholder farmers. Many scholars believed that this shift was among the major causes of urban-rural drift facing almost all communities in the World. In an effort to address these glaring economic crises, various governments at different levels and development agencies have created different programs trying to identify other sources of income generation for rural farmers. However, despite the different approaches adopted by many communities and states, the mass rural exodus continues to increase as the rural farmers continue to lose due to a lack of reliable sources for cost-efficient inputs such as agricultural extension services, mechanization supports, quality, and improved seeds, soil matching fertilizers and access to credit facilities and profitable markets for rural farmers output. Unfortunately for them, they see these agricultural requirements provided by large-scale farmers making their farming activities cheaper and yields higher. These have further created other social problems between the smallholder farmers and the large-scale farmers in many areas. This study aims to suggest the Islamic mode of agricultural financing named Muzara’ah for smallholder farmers as a microfinance banking product adopted and practiced by Yobe Microfinance Bank as a model to promote agricultural financing to be adopted in other communities. The study adopts a comparative research method to conclude that the Muzara’ah model of financing can be adopted as a valid means of financing smallholder farmers and reducing food insecurity.

Keywords: Muzara'ah, Islamic finance, agricultural financing, microfinance, smallholder farmers

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Authors: Michelo Obrey

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Traditionally, mutual funds have long been esteemed as stand-alone entities in the U.S. However, the prevalence of the fund families’ affiliation to financial conglomerates is eroding this striking feature. Mutual fund families' affiliation with financial conglomerates can potentially be an important source of superior performance or cost to the affiliated mutual fund investors. On the one hand, financial conglomerates affiliation offers the mutual funds access to abundant resources, better research quality, private material information, and business connections within the financial group. On the other hand, conflict of interest is bound to arise between the financial conglomerate relationship and fund management. Using a sample of U.S. domestic equity mutual funds from 1994 to 2017, this paper examines whether fund family affiliation to an investment bank help the affiliated mutual funds deliver superior performance through private material information advantage possessed by the investment banks or it costs affiliated mutual fund shareholders due to the conflict of interest. Robust to alternative risk adjustments and cross-section regression methodologies, this paper finds that the investment bank-affiliated mutual funds significantly outperform those of the mutual funds that are not affiliated with an investment bank. Interestingly the paper finds that the outperformance is confined to holding return, a return measure that captures the investment talent that is uninfluenced by transaction costs, fees, and other expenses. Further analysis shows that the investment bank-affiliated mutual funds specialize in hard-to-value stocks, which are not more likely to be held by unaffiliated funds. Consistent with the information advantage hypothesis, the paper finds that affiliated funds holding covered stocks outperform affiliated funds without covered stocks lending no support to the hypothesis that affiliated mutual funds attract superior stock-picking talent. Overall, the paper findings are consistent with the idea that investment banks maximize fee income by monopolistically exploiting their private information, thus strategically transferring performance to their affiliated mutual funds. This paper contributes to the extant literature on the agency problem in mutual fund families. It adds to this stream of research by showing that the agency problem is not only prevalent in fund families but also in financial organizations such as investment banks that have affiliated mutual fund families. The results show evidence of exploitation of synergies such as private material information sharing that benefit mutual fund investors due to affiliation with a financial conglomerate. However, this research has a normative dimension, allowing such incestuous behavior of insider trading and exploitation of superior information not only negatively affect the unaffiliated fund investors but also led to an unfair and unleveled playing field in the financial market.

Keywords: mutual fund performance, conflicts of interest, informational advantage, investment bank

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Authors: Nada Azhar

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The aim of the paper is to investigate the effect of corporate social responsibility (CSR) CSR on the National Commercial Bank (NCB) in Saudi Arabia. In order to achieve this, a case study was made of the CSR activities of this bank from the perspective of its branch managers. The NCB was chosen as it was one of the first Saudi banks to engage in CSR and currently has a wide range of CSR initiatives. A qualitative research method was used. Open-ended questionnaires were administered to eighty branch managers of the NCB, with fifty-five usable questionnaires returned and twenty managers were interviewed as part of the primary research. Data from both questionnaires and interviews were analysed using qualitative content analysis. Six themes emerged from the questionnaire findings were used to develop the interview questions. These themes are the following: Awareness of employees about CSR in the NCB; CSR activities as a type of investment; Government and media support; Increased employee loyalty in the NCB; Prestige and profit to the NCB; and View of CSR in Islam. This paper makes a theoretical contribution in that it investigates and increases understanding of the effect of CSR on the NCB in Saudi Arabia. In addition, it makes a practical contribution by making recommendations which can support the development of CSR in the NCB. A limitation of the paper is that it is a case study of only one bank. It is therefore recommended that future research could be conducted with other banks in Saudi Arabia, or indeed, with a range of other types of firm within the financial services area in Saudi Arabia. In this way, the same issues could be explored but with a greater potential generalisability of findings of CSR within the Saudi Arabian financial services industry. In addition, this paper takes a qualitative approach and it is suggested that future research be carried out using mixed methods, which could provide a greater depth of analysis.

Keywords: branch managers, corporate social responsibility, national commercial bank, Saudi Arabia

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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: 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: Éva Pintér, Péter Bagó, Nikolett Deutsch, Miklós Hetényi

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The process of digital transformation has a profound influence on all sectors of the worldwide economy and the business environment. The influence of blockchain technology can be observed in the digital economy and e-government, rendering it an essential element of a nation's growth strategy. The banking industry is experiencing significant expansion and development of financial technology firms. Utilizing developing technologies such as artificial intelligence (AI), machine learning (ML), and big data (BD), these entrants are offering more streamlined financial solutions, promptly addressing client demands, and presenting a challenge to incumbent institutions. The advantages of digital transformation are evident in the corporate realm, and firms that resist its adoption put their survival at risk. The advent of digital technologies has revolutionized the business environment, streamlining processes and creating opportunities for enhanced communication and collaboration. Thanks to the aid of digital technologies, businesses can now swiftly and effortlessly retrieve vast quantities of information, all the while accelerating the process of creating new and improved products and services. Big data analytics is generally recognized as a transformative force in business, considered the fourth paradigm of science, and seen as the next frontier for innovation, competition, and productivity. Big data, an emerging technology that is shaping the future of the banking sector, offers numerous advantages to banks. It enables them to effectively track consumer behavior and make informed decisions, thereby enhancing their operational efficiency. Banks may embrace big data technologies to promptly and efficiently identify fraud, as well as gain insights into client preferences, which can then be leveraged to create better-tailored products and services. Moreover, the utilization of big data technology empowers banks to develop more intelligent and streamlined models for accurately recognizing and focusing on the suitable clientele with pertinent offers. There is a scarcity of research on big data analytics in the banking industry, with the majority of existing studies only examining the advantages and prospects associated with big data. Although big data technologies are crucial, there is a dearth of empirical evidence about the role of big data analytics (BDA) capabilities in bank performance. This research addresses a gap in the existing literature by introducing a model that combines the resource-based view (RBV), the technical organization environment framework (TOE), and dynamic capability theory (DC). This study investigates the influence of Big Data Analytics (BDA) utilization on the performance of market and risk management. This is supported by a comparative examination of Hungarian mobile banking services.

Keywords: big data, digital transformation, dynamic capabilities, mobile banking

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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: Amjed Rasheed

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Rebellions are driven by several incentives. They do not often occur because of historical grievances or political exclusion. They can be driven by the desire to control over natural resources, or by both. In the case of the Islamic State (ISIL), greed and grievance are both drive this radical group to operate in Iraq and Syria. This article aims to show that grievance was the trigger to the emergence of ISIL. It also aims to demonstrate that ISIL is using oil as a tool, to implements its political ends, than a purpose per se. In other words, the emergence of ISIL is based on socio-political conditions, which are domestically driven, and oil is not ISIL’s aim but a source of revenue to finance its activities. This paper applies conflict analysis methodology to analyse the conflict in Iraq and Syria, with a specific highlight to ISIL. By doing so, it gives ahistorical background on emergence of ISIL. It also provides an insightful explanation on the main dynamics and the tactics this organisation applies. It also delivers a sufficient explanation on how it recruits its members, both local and international. It concludes that tackling ISIL needs a more sophisticated approach than the one Obama administration has adopted. It is more a political issue to be tackled by political means, than a military one to be tackled by military means. The current war is an Intra-Sunni war, and therefore, Sunni states have to be on board to crackdown ISIL. Besides, the article finishes with the argument that democratisation is not necessarily the key answer to bring stability to the region, but a sort of governance that provides security and material needs to individuals.

Keywords: ISIL, Iraq, domestic politics, Islamic radicalisation

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Authors: Hasan Bulent Kantarci

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This paper examine how Zakat provide a fair income redistribution and struggle with poverty. To provide a fair income redistribution and struggle with poverty take place among the fundamental tasks of all countries. Each country seeks a solution for this problem according to their political, economical and administrative styles through applying various economic and financial policies. The same situation gets handled via zakat association in the Islam. Nowadays, we observe different versions of zakat in developed countries. The applications such as negative income tax denote merely a difference from the zakat being applied almost the same way under changed names. But the minimum values to donate the zakat (e.g. 85 gr. gold and 40 animals) get altered and various amounts are put into practice. It might be named as negative income tax instead of zakat, nonetheless, these applications are based on the Holy Koran and the hadith released 1400 years ago. Besides, considering the savage and slavery in the world at those times, we might easily recognize the true value of the zakat applied the first time then in Islamic system. Through zakat is enabled an income transfer by the government so that the poor could reach the minimum level of life standard. To whom the zakat would be donated was not left to people’s heart and encouraged to determine according to objective criteria. Since the zakat is obligatory, the transfer do not get forward by hand but via the government and get distributed, which requires a vast government organization. Through applying the zakat as it must be would achieve to reduce the poverty mostly and ensuring the fair income redistribution.

Keywords: Islamic finance, zakat, income redistribution, circle of poverty, negatif income tax

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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: Yosef Ferede Bogale

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The purpose of this study was to evaluate the degree of customer satisfaction and the variables influencing it in the instance of the Bank of Abyssinia branches in the districts of Arada and Bole in Addis Ababa. The study was carried out utilizing a mixed research approach and a descriptive and explanatory research design in Addis Ababa, the capital city of Ethiopia. Both primary and secondary data were employed in this investigation. The study's target population consisted of 1000 of the bank's most prestigious clients. With a 93% response rate, 265 respondents from both genders in the active age group had higher levels of education and work experience and were in the active age group. Customers of the case bank under consideration comprised the study's target audience. The respondents, who belonged to both gender groups, were in the active age bracket with superior levels of education and work experience. As a result, this investigation discovered that the degree of client satisfaction was assigned a medium rating. Additionally given a middling rating were the company's image practices, employee competency, technology, and service quality. Further, the results also demonstrate that corporate image, employees’ competency, technology, and service quality all positively and significantly affect customer happiness. This study found that, to varying degrees, company image, technology, competence, and high-quality financial services will all improve consumer happiness. According to this report, banks should monitor customer satisfaction and service quality at least twice a year. This is because there is a growing movement among bank service providers for accountability, and measuring these factors is crucial. This study also recommends that banks make every effort to satisfy consumers' expectations to the highest level.

Keywords: customer satisfaction, corporate image, quality services risk, bank

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Authors: Venus Torabi

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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: Kamlesh Shashikant Dave

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The global financial crisis is rooted in the sub-prime crisis in U.S.A. During the boom years, mortgage brokers attracted by the big commission, encouraged buyers with poor credit to accept housing mortgages with little or no down payment and without credit check. A combination of low interest rates and large inflow of foreign funds during the booming years helped the banks to create easy credit conditions for many years. Banks lent money on the assumptions that housing price would continue to rise. Also the real estate bubble encouraged the demand for houses as financial assets .Banks and financial institutions later repackaged these debts with other high risk debts and sold them to worldwide investors creating financial instruments called collateral debt obligations (CDOs). With the rise in interest rate, mortgage payments rose and defaults among the subprime category of borrowers increased accordingly. Through the securitization of mortgage payments, a recession developed in the housing sector and consequently it was transmitted to the entire US economy and rest of the world. The financial credit crisis has moved the US and the global economy into recession. Indian economy has also affected by the spill over effects of the global financial crisis. Great saving habit among people, strong fundamentals, strong conservative and regulatory regime have saved Indian economy from going out of gear, though significant parts of the economy have slowed down. Industrial activity, particularly in the manufacturing and infrastructure sectors decelerated. The service sector too, slow in construction, transport, trade, communication, hotels and restaurants sub sectors. The financial crisis has some adverse impact on the IT sector. Exports had declined in absolute terms in October. Higher inputs costs and dampened demand have dented corporate margins while the uncertainty surrounding the crisis has affected business confidence. To summarize, reckless subprime lending, loose monetary policy of US, expansion of financial derivatives beyond acceptable norms and greed of Wall Street has led to this exceptional global financial and economic crisis. Thus, the global credit crisis of 2008 highlights the need to redesign both the global and domestic financial regulatory systems not only to properly address systematic risk but also to support its proper functioning (i.e financial stability).Such design requires: 1) Well managed financial institutions with effective corporate governance and risk management system 2) Disclosure requirements sufficient to support market discipline. 3)Proper mechanisms for resolving problem institution and 4) Mechanisms to protect financial services consumers in the event of financial institutions failure.

Keywords: FIIs, BSE, sensex, global impact

Procedia PDF Downloads 441

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

Abstract:

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

Keywords: solar energy, heat demand, renewable, pollution

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Authors: Ashgar Ali Ali Mohamed, Farheen Baig Sardar Baig

Abstract:

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

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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: Aisha Zubair, Anila Kamal

Abstract:

Leadership styles and practices greatly influence the organizational effectiveness and productivity. It also plays an important role in employees’ experiences of positive emotions at workplace and creative work behaviors. Authentic leadership as a newly emerging concept has been found as a significant predictor of various desirable work related outcomes. However, leadership practices and its work related outcomes, to a great extent, are determined by the very nature of the organizational structures (tall and flat). Tall organizations are characterized by multiple hierarchical layers with predominant vertical communication patterns, and narrow span of control; while flat organizations are featured by few layers of management employing both horizontal and vertical communication styles, and wide span of control. Therefore, the present study was undertaken to determine the work related outcomes of perceived authentic leadership; that is work related flow and creative work behavior among employees of flat and tall organizations. Moreover, it was also intended to determine the moderating role of organizational structure (flat and tall) in the relationship between perceived authentic leadership with work related flow and creative work behavior. In this regard, two types of companies have been considered; that is, banks as a form of tall organizational structure with multiple hierarchical structures while software companies have been considered as flat organizations with minimal layers of management. Respondents (N = 1180) were full time regular employees of marketing departments of banks (600) and software companies (580) including both men and women with age range of 22-52 years (M = 33.24; SD = 7.81). Confirmatory Factor Analysis yielded factor structures of measures of work related flow and creative work behavior in accordance to the theoretical models. However, model of authentic leadership exhibited variation in terms of two items which were not included in the final measure of the perceived authentic leadership. Results showed that perceived authentic leadership was positively associated with work related flow and creative work behavior. Likewise, work related flow was positively aligned with creative work behavior. Furthermore, type of organizational structure significantly moderated the relationship of perceived authentic leadership with work related flow and creative work behavior. Results of independent sample t-test showed that employees working in flat organization reflected better perceptions of authentic leadership; higher work related flow and elevated levels of creative work behavior as compared to those working in tall organizations. It was also found that employees with extended job experience and more job duration in the same organization displayed better perceptions of authentic leadership, reported more work related flow and augmented levels of creative work behavior. Findings of the present study distinctively highlighted the similarities as well as differences in the interactions of major constructs which function differentially in the context of tall (banks) and flat (software companies) organizations. Implications of the present study for employees and management as well as future recommendations were also discussed.

Keywords: creative work behavior, organizational structure, perceived authentic leadership, work related flow

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Authors: Peyman Soltani, Mohammad Sadegh Amin Din

Abstract:

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

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Authors: Ayodeji Motunrayo Omoare

Abstract:

Economically fish provides an important source of food and income for both men and women especially many households in the developing world and fishing has an important social and cultural position in river-rine communities. However, fish is highly susceptible to deterioration. Consequently, this study was carried out to correlate income generation of small-scale women fish processors in Abeokuta metropolis, Ogun State, Nigeria. Eighty small-scale women fish processors were randomly selected from five communities as the sample size for this study. Collected data were analyzed using both descriptive and inferential statistics. The results showed that the mean age of the respondents was 31.75 years with average household size of 4 people while 47.5% of the respondents had primary education. Most (86.3%) of the respondents were married and had spent more than 11 years in fish processing. The respondents were predominantly Yoruba tribe (91.2%). Majority (71.3%) of the respondents used traditional kiln for processing their fish while 23.7% of the respondents used hot vegetable oil to fry their fish. Also, the result revealed that respondents sourced capital from Personal Savings (48.8%), Cooperatives (27.5%), Friends and Family (17.5%) and Microfinance Banks (6.2%) for fish processing activities. The respondents generated an average income of ₦7,000.00 from roasted fish, ₦3,500.00 from dried fish, and ₦5,200.00 from fried fish daily. However, inadequate processing equipment (95.0%), non-availability of credit facility from microfinance banks (85.0%), poor electricity supply (77.5%), inadequate extension service support (70.0%), and fuel scarcity (68.7%) were major constraints to fish processing in the study area. Results of chi-square analysis showed that there was a significant relationship between personal characteristics (χ2 = 36.83, df = 9), processing methods (χ2 = 15.88, df = 3) and income generated at p < 0.05 level of significance. It can be concluded that significant relationship existed between processing methods and income generated. The study, therefore, recommends that modern processing equipment should be made available to the respondents at a subsidized price by the agro-allied companies.

Keywords: correlates, income, fish processors, women, small-scale

Procedia PDF Downloads 245

Authors: Eman Muhammad Rashwan

Abstract:

The identity of the state in many Middle East countries today, between secularity and religiousness, is an important and controversial question. Specially after the sweeping repels in number of countries that put Islamic parties in power. In this paper two role model states in this respect, are under examination to answer the question of how their identity that was expressed in their constitutions influenced the allocation of power between different state authorities. In the beginning both the criteria used to define the two concepts of secularity and religiousness, and the reason why these two states are particularly chosen for comparison, are explained. The situation in Turkey is firstly indicated. The constitutional system shows that power is divided between parliament, cabinet and the president. The first two authorities have the most significant powers, and generally, the system in Turkey is similar to many other secular states in the world. But when the research moves to the system in Iran, the importance of comparison starts to appear. In this section, the nature of Islamic Shi’a of Iran Republic is discussed, and also its influence on the main and unique authorities of this religious state, which don`t only include the president and council of ministers, but also The Supreme Leader and The Council of Guardians. This paper doesn`t aim to favor a one system over another, and doesn`t discuss the influences of the two systems on the social or economic situation in the two model states. The aim of this paper is to study the influence of excluding, and applying religion in respect to allocation of power in constitutions.

Keywords: comparative law, constitutional systems, secular states, religious states

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Authors: Abdul Rahman Chamseddine

Abstract:

The Companions of the Prophet Muhammad, the Sahaba, are regarded as the first link between him and later believers who did not know him or learn from him directly. This makes the Sahaba a link in the chain between God and the ummah (community). Apart from their role in spreading the Prophet’s teachings, they came to be regarded as role models, representing the Islamic ideal of life as prescribed by the Prophet himself. According to Hadith, the Prophet had promised some Sahaba unqualified admission to paradise. It is commonly agreed that the Sahaba have the following attributes in common: God is well pleased with them; they will surely go to paradise; they are perfectly trustworthy; and they are the authorities from whom Muslims can learn all matters related to their religion. No other generation of Muslims has received the attention received by the Companions of the Prophet. In spite of the importance of the Sahaba in Islam, we still know comparatively little about them. There are at least two reasons for this. First, there is the overall scarcity of information surviving from the early period. At the death of the Prophet, it is said, there were more than 100,000 Companions. As we shall see, this is a complex issue, involving the definition of the term Sahaba. However, only few Companions of the Prophet are known to us. Ibn Hajar al-‘Asqalani, who wrote in the fifteenth century A.D., was only able to collect facts about 11,000 of them (including those whose status as Sahaba was disputed). Ibn Sa‘d, Ibn ‘Abd al-Barr and Ibn al-Athir, all of whom lived earlier than Ibn Hajar, included in their respective works fewer lives of Sahaba than he did. If we consider Ibn Hajar’s Isaba as the most complete biographical account of the Sahaba that remains available, we have information, presumably, on approximately one tenth of them. The remaining nine tenths are apparently lost from the historical record. Second, discussion of the Sahaba tends to focus on those considered the most important among them such as ‘Uthman, ‘Ali and Mu‘awiya, while others, who together number in the thousands, are less well-known. This paper will try to study the origins of the term Sahaba that became exclusive to the Companions of the Prophet and not a synonym of the word companions in general.

Keywords: companions, Hadith, Islamic history, Muhammad, Sahaba, transmission

Procedia PDF Downloads 416

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

Abstract:

The purpose of this paper is to present an active solar energy system to supply heating demands of the teaching staff dormitory of the 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 252

Authors: Prashant Das, Tushar Singh, Virendra Byadwal

Abstract:

The present study attempted to understand the role of cognitive flexibility and employee engagement in predicting employees’ turnover intentions. Employee turnover is a significant problem that many organizations are facing these days. Employee turnover is not only extremely expensive for the employer but also results in poor production levels. In developing countries like India, organizations once believed to have most stable employees, are facing major turnover problems. One such organization is banking organizations. Due to globalization, banks are now changing their work scenarios under which the employees have many different roles to perform. Cognitive flexibility which refers to an individual’s ability to shift cognitive sets and to adapt to one’s changing environment, thus seems to be an important factor that are responsible for the employee turnover in organizations. It is hypothesized that those with higher cognitive flexibility would be more able to adapt to the changing work demands of the organizations and thus would show less turnover intentions. Another factor that seems to be important in predicting turnover is employee engagement. Kahn referred to engagement in terms of the harnessing of organization members’ selves to their work roles [by which they] employ and express themselves physically, cognitively, and emotionally during role performances. Studies have shown a strong relationship between employee engagement and turnover intentions. Those with higher engagement with their jobs have found to show low turnover intentions. This study thus hypothesizes that employees with higher engagement will show lower levels of turnover intentions. A total of 150 bank employees (75 from private and 75 from public) participated in this study. They were administered Cognitive Flexibility Scale, Gallup Questionnaire and Intention to Stay Questionnaire along with another questionnaire asking for their demographic details. Results of the study revealed that employees with higher levels of cognitive flexibility and employee engagement show lover levels of turnover intentions. However, the effect is more prominent in case of employees of private banks. Demographic characteristics such as level of the employee and years of engagement in the current job have also been found to be influencing the relationship between cognitive flexibility, employee engagement and turnover intentions. Results of the study are interpreted in accordance to the prevalent literature and theoretical positions.

Keywords: cognitive flexibility, employee engagement, organization, turnover intentions

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Authors: Randa Ismail Sharafeddine

Abstract:

The Islamic economic system is distinctive in that it implicitly recognizes money as a separate, independent component of production capable of assuming risk and so entitled to the same reward as other Entrepreneurial Factors of Production (EFP). Conventional theory does not identify money capital explicitly as a component of production; rather, interest is recognized as a reward for capital, the interest rate is the cost of money capital, and it is also seen as a cost of physical capital. The conventional theory of production examines how diverse non-entrepreneurial resources (Land, Labor, and Capital) are selected; however, the economic theory community is largely unaware of the reasons why these resources choose to remain as non-entrepreneurial resources as opposed to becoming entrepreneurial resources. Should land, labor, and financial asset owners choose to work for others in return for rent, income, or interest, or should they engage in entrepreneurial risk-taking in order to profit. This is a decision made often in the actual world, but it has never been effectively treated in economic theory. This article will conduct a critical analysis of the conventional classification of factors of production and propose a classification for resource allocation and income distribution (Rent, Wages, Interest, and Profits) that is more rational, even within the conventional theoretical framework for evaluating and developing production and distribution theories. Money is an essential component of production in an Islamic economy, and it must be used to sustain economic activity.

Keywords: financial capital, production theory, distribution theory, economic activity, riba avoidance, institution of participation

Procedia PDF Downloads 91