Search results for: Islamic financial industries

Authors: Somayeh Pashaee

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The ever-increasing growth of the Internet and the development of information and communication technology have prompted the politicians of different countries to use virtual networks as an efficient tool for their foreign policy. The communication of governments and countries, even in the farthest places from each other, through electronic networks, has caused vast changes in the way of statecraft and governance. Importantly, in the meantime, diplomacy, which is always based on information and communication, has been affected by the new prevailing conditions and new technologies more than other areas and has faced greater changes. The emergence of virtual space and the formation of new communication tools in the field of public diplomacy has led to the redefinition of the framework of diplomacy and politics in the international arena and the appearance of a new aspect of diplomacy called digital diplomacy. Digital diplomacy is in the concept of changing relations from a face-to-face and traditional way to a non-face-to-face and new way, and its purpose is to solve foreign policy issues using virtual space. Digital diplomacy, by affecting diplomatic procedures and its change, explains the role of technology in the visualization and implementation of diplomacy in different ways. The purpose of this paper is to investigate the position of digital diplomacy in the public diplomacy of the Islamic Republic of Iran. The paper tries to answer these two questions in a descriptive-analytical way, considering the progress of communication and the role of virtual space in the service of diplomacy, what is the approach of the Islamic Republic of Iran towards digital diplomacy and the use of a new way of establishing foreign relations in public diplomacy? What capacities and damages are facing the country after the use of this type of new diplomacy? In this paper, various theoretical concepts in the field of public diplomacy and modern diplomacy, including Geoff Berridge, Charles Kegley, Hans Tuch and Ronald Peter Barston, as well as the theoretical framework of Marcus Holmes on digital diplomacy, will be used as a conceptual basis to support the analysis. As a result, in order to better achieve the political goals of the country, especially in foreign policy, the approach of the Islamic Republic of Iran to public diplomacy with a focus on digital diplomacy should be strengthened and revised. Today, only emphasizing on advancing diplomacy through traditional methods may weaken Iran's position in the public opinion level from other countries.

Keywords: digital diplomacy, public diplomacy, islamic republic of Iran, foreign policy, opportunities and challenges

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Authors: Ari Prasetyo, Taufik Faturohman

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The COVID-19 pandemic in Indonesia is part of the ongoing worldwide pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). It was confirmed to have spread to Indonesia on 2 March 2020. Moreover, the government of Indonesia has been conducting a local lockdown to limit people's movement from one city to another city. Therefore, this situation has impact on business operation, especially on highway companies listed on the Indonesia stock exchange. This study evaluates and measures three companies’ financial performance and health conditions before and during the COVID-19 pandemic from 2016 – 2020. The measurement is conducted by using financial ratio analysis and the Altman Z-score method. The ratio used to measure the financial ratio analysis is taken from the decree of the Ministry of SOE’s KEP-100/MBU/2002 about the company’s health level condition. From the decree, there are eight financial ratios used such as return on equity (ROE), return on investment (ROI), current ratio, cash ratio, collection period, inventory turnover, total asset turnover, and total equity to total asset. Altman Z-score is used to calculate the financial distress condition. The result shows that the highway companies for the period 2016 – 2020 are as follows: PT Jasa Marga (Persero) Tbk (AA, BB, BB, BB, C), PT Citra Marga Nusaphala Persada Tbk (BB, AA, BB, BBB, C), and PT Nusantara Infrastructure Tbk (BB, BB, AA, BBB, C). In addition, the Altman Z-score assessment performed in 2016-2020 shows that PT Jasa Marga (Persero) Tbk was in the grey zone area for 2015-2018 and in the distress zone for 2019-2020. PT Citra Marga Nusaphala Persada Tbk was in the grey zone area for 2015-2019 and in the distress zone for 2020. PT Nusantara Infrastructure Tbk was in the grey zone area for 2015-2018 and in the distress zone for 2019-2020.

Keywords: financial performance, financial ratio, Altman Z-score, financial distress, highway company

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Authors: Priyesh Kumar Singh, S. K. Sharma, Sanjay Verma, C. Samuel

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Supplier Relationship Management (SRM), is strategic planning and managing of all interactions with suppliers to maximize its value. Its application varies from construction industries to healthcare system and investment banks to aviation industries. Several buyer-supplier relationship models, as well as supplier selection and evaluation strategies, have been documented by many academicians and researchers. In this paper, through a comprehensive literature review of over 30 published papers, different theoretical models, empirical data and conclusions were analysed relating to SRM to find its role in establishing better supplier relationships. These journal articles were searched by using the keyword “supplier relationship management,” in databases of Mendeley Library, ProQuest, EBSCO and Google Scholar. This paper reviews the academic literature on different relationship models, supplier evaluation, and selection strategies to discuss its implications in different situations. It also describes the dominant factors responsible for buyer-supplier relationships such trust and power. Finally, conclusions have been drawn which can be validated by various researchers and can help practitioners in industries.

Keywords: supplier relationship management, supplier performance, supplier evaluation, supplier selection strategies

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Authors: Mahdi Karazmodeh, Pooyan Jafari

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One of the most interesting topics in finance is the relation between stock prices and exchange rates. During the past decades different stock markets in different countries have been the subject of study for researches. The volatilities of exchange rates and its effect on stock prices during the past 10 years have continued to be an attractive research topic. The subject of this study is one of the most important indices, FTSE 100. 20 firms with the highest market capitalization in 5 different industries are chosen. Firms are included in oil and gas, mining, pharmaceuticals, banking and food related industries. 5 different criteria have been introduced to evaluate the relationship between stock markets and exchange rates. Return of market portfolio, returns on broad index of Sterling are also introduced. The results state that not all firms are sensitive to changes in exchange rates. Furthermore, a Granger Causality test has been run to observe the route of changes between stock prices and foreign exchange rates. The results are consistent, to some level, with the previous studies. However, since the number of firms is not large, it is suggested that a larger number of firms being used to achieve the best results. However results showed that not all firms are affected by foreign exchange rates changes. After testing Granger Causality, this study found out that in some industries (oil and gas, pharmaceuticals), changes in foreign exchange rate will not cause any changes in stock prices (or vice versa), however, in banking sector the situation was different. This industry showed more reaction to these changes. The results are similar to the ones with Richards and Noel, where a variety of firms in different industries were evaluated.

Keywords: stock prices, foreign exchange rate, exchange rate exposure, Granger Causality

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Authors: Mohamad Alnajem

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Purpose: To measure the readiness of the Kuwaiti small and medium sized manufacturing industries (K-SMMIs) to implement the lean system (LS) through an evaluation of their existing quality practices, and compare such readiness among different product sectors and ownership types. Design/methodology/approach: This study adopts the measurement framework developed by Al-Najem et al. (2013), which establishes six constructs related to lean quality practices, namely: process, planning and control, customer relations, suppliers relations, HR, and top management and leadership. Data were collected from a survey of 50 K-SMMIs operating in different industrial sectors. One research question and two hypotheses were developed and tested using t-test and Levene’s test, descriptive analysis, and one-way ANOVA. Findings: The results demonstrate that the K-SMMIs are far from being ready to implement lean. In addition, the study found that product sector and ownership type have no significant impact on the lean readiness in the K-SMMIs. Practical implications: This research provides insight into preparing Kuwaiti, and other SMMIs, to implement the LS by creating an assessment of their existing lean practices and readiness. Originality/value: This research is among a limited number of studies that have addressed lean within the Arab region, and only the second to examine the level of lean readiness of the K-SMMIs. It expands the literature on lean in developing countries, particularly in the Arab region, and can provide guidance to research within other countries in the region.

Keywords: Kuwaiti small and medium sized industries, lean system, lean readiness, manufacturing industries

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Authors: Gulnara Moldasheva

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The research explores the relationship between management responsibility and corporate governance of listed companies in Kazakhstan. This research employs firm level data of randomly selected listed non-financial firms and firm level data “operational” financial sector, consisted from banking sector, insurance companies and accumulated pension funds using multivariate regression analysis under fixed effect model approach. Ownership structure includes institutional ownership, managerial ownership and private investor’s ownership. Management responsibility of the firm is expressed by the decision of the firm on amount of leverage. Results of the cross sectional panel study for non-financial firms showed that only institutional shareholding is significantly negatively correlated with debt to equity ratio. Findings from “operational” financial sector show that leverage is significantly affected only by the CEO/Chair duality and the size of financial institutions, and insignificantly affected by ownership structure. Also, the findings show, that there is a significant negative relationship between profitability and the debt to equity ratio for non-financial firms, which is consistent with pecking order theory. Generally, the found results suggest that corporate governance and a management responsibility play important role in corporate performance of listed firms in Kazakhstan.

Keywords: ownership, corporate governance, debt to equity ratio, corporate performance

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Authors: Maryam Idris Bakori

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The level of poverty in our region (West Africa) is a severe problem. The statistics about it are scary and alarming. For example, Report on Economic and Social Conditions in West Africa by United Nations Economic Commission for Africa gives the following gloomy picture of social conditions in the region: In West Africa, approximately one person in three in the towns, and one in two in the rural areas, cannot afford the expenditure needed to cover their basic needs. The situation has reached emergency proportions and calls for urgent social action (Recent Economic and Social Developments in West Africa and Prospects for 2010). Many different policies and programs to combat the poverty in the region have been embarked upon by the government of various countries in West Africa, but yet the ugly face of poverty persists. However, to explore opportunities and avenues for making positive contributions to national and regional development, this paper sets out to examine the role of two Islamic institutions; Zakah and Waqf, in poverty alleviation and how Islam uses these two institutions among others to eradicate poverty. The paper suggests that the governments of various countries of West Africa should endeavor to integrate Zakah and Waqf into their poverty alleviation programs by borrowing a leaf from some countries in Africa and Asia that have integrated these Islamic institutions into their poverty reduction programs, and they have started to reap the positive result from the policy.

Keywords: waqf, poverty, zakah, Islamic economy, education

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Authors: Javaid Ahmad Dar, Mohammad Asif

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The present study investigates the long-run impact of financial development, energy consumption and economic growth on greenhouse gas emissions for India, in presence of endogenous structural breaks, over a period of 1971-2013. Autoregressive distributed lag bounds testing procedure and Hatemi-J threshold cointegration technique have been used to test the variables for cointegration. ARDL bounds test did not confirm any cointegrating relationship between the variables. The threshold cointegration test establishes the presence of long-run impact of financial development, energy use and economic growth on greenhouse gas emissions in India. The results reveal that the long-run relationship between the variables has witnessed two regime shifts, in 1978 and 2002. The empirical evidence shows that financial sector development and energy consumption in India degrade environment. Unlike previous studies, this paper finds no statistical evidence of long-run relationship between economic growth and environmental deterioration. The study also challenges the existence of environmental Kuznets curve in India.

Keywords: cointegration, financial development, global warming, greenhouse gas emissions, regime shift, unit root

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Authors: Shehu Usman Hassan

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Published accounting information in financial statements are required to provide various users - shareholders, employees, suppliers, creditors, financial analysts, stockbrokers and government agencies – with timely and reliable information useful for making prudent, effective and efficient decisions. The widespread failure in the financial information quality has created the need to improve the financial information quality and to strengthen the control of managers by setting up good firms structures. This paper investigates firm attributes from perspective of structure, monitoring, performance elements of listed deposit money banks in Nigeria. The study adopted correlational research design with balanced panel data of 14 banks as sample of the study using multiple regression as a tool of analysis. The result reveals that firms attributes (leverage, profitability, liquidity, bank size and bank growth) has as significant influence on earnings quality of listed deposit money banks in Nigeria after the adoption of IFRS, while the pre period shows that the selected firm attributes has no significant impact on earnings quality. It is therefore concluded that the adoption of IFRS is right and timely.

Keywords: earnings quality, firm attributes, listed deposit money bank, Nigeria

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Authors: Liwen Wang, Yuting Chen, Tong Wu, Shaolei Hu

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In order to enhance the security of critical financial infrastructure, this study carries out a transformation of the architecture of a financial trading terminal to a zero trust architecture (ZTA), constructs an active defense system for cybersecurity, improves the security level of trading services in the Internet environment, enhances the ability to prevent network attacks and unknown risks, and reduces the industry and security risks brought about by cybersecurity risks. This study introduces the SDP technology of ZTA, adapts and applies it to a financial trading terminal to achieve security optimization and fine-grained business grading control. The upgraded architecture of the trading terminal moves security protection forward to the user access layer, replaces VPN to optimize remote access, and significantly improves the security protection capability of Internet transactions. The study achieves 1. deep integration with the access control architecture of the transaction system; 2. no impact on the performance of terminals and gateways, and no perception of application system upgrades; 3. customized checklist and policy configuration; 4. introduction of industry-leading security technology such as single-packet authorization (SPA) and secondary authentication. This study carries out a successful application of ZTA in the field of financial trading and provides transformation ideas for other similar systems while improving the security level of financial transaction services in the Internet environment.

Keywords: zero trust, trading terminal, architecture, network security, cybersecurity

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Authors: Nikki Berrange, Gizelle Willows

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Business rescue has become increasingly popular since its inclusion in the Companies Act of South Africa in May 2011. The Alternate Exchange (AltX) of the Johannesburg Stock Exchange has experienced a marked increase in the number of companies entering business rescue. This study sampled twenty companies listed on the AltX to determine whether Altman’s Z-score model for emerging markets (ZEM) or Taffler’s Z-score model is a more accurate model in predicting financial distress for small to medium size companies in South Africa. The study was performed over three different time horizons; one, two and three years prior to the event of financial distress, in order to determine how many companies each model predicted would be unlikely to succeed as well as the predictive ability and accuracy of the respective models. The study found that Taffler’s Z-score model had a greater ability at predicting financial distress from all three-time horizons.

Keywords: Altman’s ZEM-score, Altman’s Z-score, AltX, business rescue, Taffler’s Z-score

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Authors: Adebiyi Sunday Adeyanju, Kola Benson Ajeigbe, Fortune Ganda

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In the past three decades, there has been a notable increase in the number of firms delisting from the Johannesburg Stock Exchange (JSE) in South Africa. The recent increasing rate of delisting waves of corporate listed firms motivated this study. This study aims to explore the influence of institutional investor perceptions on the financial distress experienced by delisted firms within the South African market. The study further examined the impact of financial distress on the corporate performance of delisted firms. Using the data of delisted firms spanning from 2000 to 2023 and the FGLS (Feasible Generalized Least Squares) for the short run and PCSE (Panel-Corrected Standard Errors) for the long run effects of the relationship. The finding indicated that a decline in institutional investors’ perceptions was associated with the corporate financial distress of the delisted firms, particularly during the delisting year and the few years preceding the announcement of the delisting. This study addressed the importance of investor recognition in corporate financial distress and the delisting wave among listed firms- a finding supporting the stakeholder theory. This study is an insight for companies’ managements, investors, governments, policymakers, stockbrokers, lending institutions, bankers, the stock market, and other stakeholders in their various decision-making endeavours. Based on the above findings, it was recommended that corporate managements should improve their governance strategies that can help companies’ financial performances. Accountability and transparency through governance must also be improved upon with government support through the introduction of policies and strategies and enabling an easy environment that can help companies perform better.

Keywords: delisting wave, institutional investors, financial distress, corporate performance, investors’ perceptions

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Authors: P. Nafisi Poor, P. Javid

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Religion and divinity have always held important meaning to humans, and therefore it affects different aspects of life including art and architecture. Numerous works of art are related to religion whether supporting or denying it. Religion and religious scholars have influenced and changed art throughout history. This paper focuses on Islam and Christianity because these two religions have been the most discussed and most popular of all time, starting from the birth of Jesus to the arrival of Mohammad. Based on this popularity, these religions have influenced the arts and especially architecture. Islam on one hand changed Iranian and Arabian architecture and they applied it in different places around the world. From the appearance of Islam at 622 AD to this day, Islamic architecture has been evolving; however, one of the most important periods for this style was between 1501 AD and 1736 AD in Iran. Christianity, on the other hand, changed European architecture especially between 1150 AD and 1450 AD or the so-called "Gothic" era, which begins at medieval time and reaches its peak at International Gothic ages. At both of these periods, designing buildings based on spiritual concepts and divine statements reached its peak, and architects were considering God and religion as their center of attention. This article studies the focus on the religions of Islam and Christianity in terms of architecture and presents a general philosophy of both styles to comprehend the idea behind each one, followed by an analysis of their geometry and architectural aspects derived from the best examples, all to understand the purpose of each style and to realize, which one was more successful in reaching their purpose. Subsequently, a comprehensive review of each building is provided including 3D visualizations to help achieve the goal of the article. These studies can support diverse inquiries about both Islamic and Gothic architecture and can be used as a resource to support studies and research towards designing based on religion or for divine purposes.

Keywords: architecture, Gothic, Islamic, religion

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Authors: Sennanda Musa, Ahmed Mutunzi Kitunzi, Gerald Kasigwa, Ismail Kintu

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This paper is an analysis of the empirical relationship between project financing by Islamic Development Bank (IsDB) and the poverty trends in the context of countries benefiting from IsDB. Specifically, the study seeks to find out whether there is a statistically significant relationship between the project financing dollar amounts by IsDB (PF) and the GNI Per Capita, PPP of 57 countries for the years 2002 to 2021. The research is a longitudinal, desk-top triangulation of correlation, regression, hypothesis-testing employing the linear dynamic panel data GMM model as an estimator of the empirical relationships between the key variables of the study. The study results show that there is a significant positive relationship between the PF dollar amounts from the IsDB and the GNI Per Capita, PPP in these 57 countries. Therefore, countries that receive higher PF dollar amounts from the IsDB, generally have more GNI Per Capita, PPP (less poverty) than their counterparts. It is, therefore, recommendable for countries to formulate policies that facilitate Islamically financed projects to mitigate poverty. This paper develops policy discussions regarding allocation of political attention to the policy topics on poverty mitigation, and their relation to financing projects Islamically, thus generate information on policy choices regarding the Islamic financing alternative.

Keywords: gross-national-income, IsDB-project-financing, public policy, poverty

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Authors: Vithul Kalki

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The mainstream political economy failed to explain the nature and causes of systemic failures and thus to compare and comprehend how contemporary capitalist systems work. An alternative research framework of Critical Macro-Finance (CMF) is an attempt to collaborate political theory with post-Keynesian economics with an objective to find answers to unresolved questions that emerged since the international financial crisis and repeated failures of capital systems. This unorthodox approach brings out four main propositions, namely : (a) that the adoption of American financial practices has anchored financial globalization in market-based finance; (b) that global finance is a set of interconnected, hierarchical balance sheets, increasingly subject to time-critical liquidity; (c) that credit creation in market-based finance involves new forms of money; and (d) that market-based finance structurally requires a de-risking state capable both of protecting systemic liabilities and creating new investment opportunities. The ongoing discussion of CMF literature is yet to be tested or even fully framed. This qualitative paper will critically examine the CMF framework and will engage in discussions aiming to connect the CMF with theories of capitalism in a wider context to bring a holistic approach for analyzing contemporary financial capitalism.

Keywords: critical macro-finance, capitalism, financial system, comparative political economy

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Authors: Laura G. Caixeta, Maico R. Severino

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One of the biggest challenges that the industries find nowadays is to incorporate sustainability practices into its operations. The Green Supply Chain Management (GSCM) concept assists industries in such incorporation. For the full application of this concept is important that enterprises of a same supply chain have the GSCM practices coordinated among themselves. Note that this type of analyses occurs on the context of developed countries and sectors considered big impactors (as automotive, mineral, among others). The propose of this paper is to analyze as the GSCM concepts are applied on the Brazilian animal nutrition industries. The method used was the Case Study. For this, it was selected a supply chain relationship composed by animal nutrition products manufacturer (Enterprise A) and its supplier of animal waste, such as blood, viscera, among others (Enterprise B). First, a literature review was carried out to identify the main GSCM practices. Second, it was done an individual analysis of each one selected enterprise of the application of GSCM concept. For the observed practices, the coordination of each practice in this supply chain was studied. And, it was developed propose of GSCM applications for the practices no observed. The findings of this research were: a) the systematization of main GSCM practices, as: Internal Environment Management, Green Consumption, Green Design, Green Manufacturing, Green Marketing, Green Packaging, Green Procurement, Green Recycling, Life Cycle Analysis, Consultation Selection Method, Environmental Risk Sharing, Investment Recovery, and Reduced Transportation Time; b) the identification of GSCM practices on Enterprise A (7 full application, 3 partial application and 3 no application); c) the identification of GSCM practices on Enterprise B (2 full application, 2 partial application and 9 no application); d) the identification of how is the incentive and the coordination of the GSCM practices on this relationship by Enterprise A; e) proposals of application and coordination of the others GSCM practices on this supply chain relationship. Based on the study, it can be concluded that its possible apply GSCM on animal nutrition industries, and when occurs the motivation on the application of GSCM concepts by a supply chain echelon, these concepts are deployed for the others supply chain echelons by the coordination (orchestration) of the first echelon.

Keywords: animal nutrition industries, coordination, green supply chain management, supply chain management, sustainability

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Authors: Shagufta Jahangir, Nadeemullah, Yaqoob, Raisa Jahangir

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The Persian language word ‘Purdah’ and in Arabic ‘Hajab’ is used for veil. Veil has been used by women for being escaped from men. In one way or the other veil has been continuously used in ancient as well as modern civilizations by women. Developed nations have blamed the use of veil an obstacle in the process of development. Therefore, modern nations have struggled to get rid of the use of veil. They argue that it is a sign of slavery for women and it is an obstacle in the path of development. The modern secular Muslims considered veil as the biggest obstacle for social and economic development. It makes a woman helpless, as being zanjir in her feet. It has become an obstacle in the process of development for women. It is also considered as a tool for segregation among men and women. The so called Muslims of the modern era are trying to introduce changes in religion by imitation the modern nations of the world. In particular ways for Muslim woman use of veil in Islam is must. It is a right provided her by religion. It provides her strength. In the Holy Quran word ‘Hajab’ is used 5 times. Islam is against domination and forceful practice of veil, as a part of teaching of Islam it is being adopted by women as a protection. This article aims at: (1) historical background of veil (2) Its existence in civilizations, (3) Meaning and interpretation of veil in Islamic context, (4) Economic impact of it on women (5) Discussion on its practice in Islamic (eastern) and other (European) circles and conclusions followed by concerted bibliography.

Keywords: veil, economic development, civilizations, obstacle, secular Muslims, segregation

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Authors: Nasser Karami

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The Urmia grapes have been famous for centuries and have been among the most desirable in the production of wine. Interestingly, evidence shows that the Urmia region was the first place in the world where wine was produced and consumed. In fact, the grapes known as “Shiraz” and made popular by “Shiraz Wine” are the grapes cultivated as a local species especially in the West Azerbaijan watershed basin and exported to Europe. But after the Islamic Revolution, because the production, usage, and sale of wine were unlawful (under Islamic rule), they decided to cultivate apples instead of grapes. Before Islamic revolution, about 50 percent of the gardens were producing grapes, but the apple groves took up less than 1.5 percent (100 hectares). Three years after the revolution, in 1982, people were swept up in the revolutionary excitement and grape cultivation decreased, using less than 10 percent of the garden area. Important is the fact that an apple tree needs 12 times more water than a grapevine, it should be noted that in terms of water usage in the area, the agricultural area has not been increased by 2 or 4 times but rather by 12 times. Evaluation of this study showed that contrary to official reports, climate change isn’t major cause of drying up Urmia Lake and 65 percent of this environmental crisis happened due to spreading unsustainable agricultural in basin of this lake.

Keywords: cultivation pattern, unsustainable agriculture, urmia lake drying, water managment

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Authors: Rym Ghariani, Younes Boujelbene

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In contemporary times, global technological advancements, particularly those in the realm of digital technology, have emerged as pivotal instruments for enterprises in fostering viable partnerships and forging meaningful alliances with other firms. The advent of these digital innovations is poised to revolutionize nearly every facet and operation within corporate entities. The primary objective of this study is to explore the correlation between digitization, integration of supply chains, and the financial efficacy of the agro-industrial sector in Tunisia. To accomplish this, data collection employed a questionnaire as the primary research instrument. Subsequently, the research queries were addressed, and hypotheses were examined by subjecting the gathered data to principal component analysis and linear regression modeling, facilitated by the utilization of SPSS26 software. The findings revealed that digitalization within the supply chain, along with external supply chain integration, exerted discernible impacts on the financial performance of the organization.

Keywords: digitalization, supply chain integration, financial performance, Tunisian agro-industrial sector

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Authors: Olumide A. Fafore, Khondlo Mtshali

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The beginning of the 21st century saw the emergence of new and global threats to national and transnational security in West Africa and the Asia Pacific regions as a result of the spread of jihadist terrorism across borders, a manifestation of the rise of radical Islam. Extremist and armed Islamic movements influenced by Salafism, the Jihad in Afghanistan and the Muslim Brotherhood are prevalent in Northern Nigeria, Niger, Cameroon, Mali, Chad, Pakistan, Afghanistan, and India. Carrying out attacks across borders, including assassinations, murders, armed robberies, and kidnapping, assisted by open and porous borders and large flow of illegal immigrants across borders. This paper examines the effect of Radical Islam on Transnational security through a review of past literature and the social and security consequences on the people of the regions. Our findings indicate that the activities of armed Islamic movements such as Boko Haram, Ansaru and Al-Qaeda are having a negative impact on the economy, development, and security of the states and people of West Africa and the Asia Pacific. It stresses the importance of regional, transnational and international cooperation, as these threats to national and transnational security can no longer be solved in a national or regional framework.

Keywords: Islamic movements, jihadist terrorism, radical Islam, transnational security

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Authors: Shobhit Mittal

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Headcount budgeting stands as a pivotal element in organizational financial management, extending beyond traditional budgeting to encompass strategic resource allocation for workforce-related expenses. This process is integral to maintaining financial stability and fostering a productive workforce, requiring a comprehensive analysis of factors such as market trends, business growth projections, and evolving workforce skill requirements. It demands a collaborative approach, primarily involving Human Resources (HR) and finance departments, to align workforce planning with an organization's financial capabilities and strategic objectives. The dynamic nature of headcount budgeting necessitates continuous monitoring and adjustment in response to economic fluctuations, business strategy shifts, technological advancements, and market dynamics. Its significance in talent management is also highlighted, aligning financial planning with talent acquisition and retention strategies to ensure a competitive edge in the market. The consequences of incorrect headcount budgeting are explored, showing how it can lead to financial strain, operational inefficiencies, and hindered strategic objectives. Examining case studies like IBM's strategic workforce rebalancing and Microsoft's shift for long-term success, the importance of aligning headcount budgeting with organizational goals is underscored. These examples illustrate that effective headcount budgeting transcends its role as a financial tool, emerging as a strategic element crucial for an organization's success. This necessitates continuous refinement and adaptation to align with evolving business goals and market conditions, highlighting its role as a key driver in organizational success and sustainability.

Keywords: strategic planning, fiscal budget, headcount planning, resource allocation, financial management, decision-making, operational efficiency, risk management, headcount budget

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Authors: Abdul Rofiq Badril Rizal Muzammil

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Education is an absolute necessity for human’s life that one must fulfill for the entire life. Without education it is impossible for human to develop her/himself well. The education process is an effort to maintain a good behavior within one’s life. Good behavior will be absolutely achieved if it is taught to early-aged children. This paper focuses on how the story telling method enables teachers to make the students have the construction of good behavior and obtain the goal of national education in Indonesia. The targeted students would involve students in As-Solihin kindergarten, Salafiyah-Syafi’iyah Mumbulsari, Jember, Indonesia. Story is what early-aged children like most. Thus, it is a gorgeous chance to make story telling activity as a method to invest Islamic education values to children. This paper, however, also focuses on some deliberately important aspects which of course teachers need to consider including objectives and strategies of the method’s implementation. The teachers will be in need of knowing each student’s characteristic in the classroom so that it would enable them to select appropriate stories that fit best to early aged students. The selected stories are taken from Islamic stories that tell the life of Prophet and heroes of Islam as well as well-known persons in Islam. In addition, there will be a number of activities done in the classroom after the delivery of the story is over on purpose of leading students to have the fundamental foundation of how to build self-awareness in order they could understand better about the importance of being a well-behaved person. After reviewing relevant theories, secondary research and scholars’ opinion involved in all aspects of early-aged children behavior, the author concludes that by leveraging trusted sources, a proactive, co-operative and creative strategy, the teacher can successfully build up children’s good behavior by instilling the Islamic value toward early-aged children through story telling method.

Keywords: story, Islam, children, early age

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Authors: Felyppe Blum Goncalves, Juliana Sebastiany

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In line with Brazilian legislation on the inclusion of persons with disabilities in the world of work, known as the 'quota law' (Law 8213/91) and in accordance with the prerogatives of the United Nations Convention on Human Rights of people with disabilities, which was ratified by Brazil through Federal Decree No. 6.949 of August 25, 2009, the SESI National Department, through Working Groups, structured the product Affordable Industry. This methodology aims to prepare the industries for the adequate process of inclusion of people with disabilities, as well as the development of an organizational culture that values and respects human diversity. All industries in Brazil with 100 or more employees must comply with current legislation, but due to the lack of information and guidance on the subject, they end up having difficulties in this process. The methodology brings solutions for companies through the professional qualification of the disabled person, preparation of managers, training of human resources teams and employees. It also advocates the survey of the architectural accessibility of the factory and the identification of the possibilities of inclusion of people with disabilities, through the compatibility between work and job requirements, preserving safety, health, and quality of life.

Keywords: inclusion, app, disability, management

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Authors: Shu-Han Hsu, Jiho Yoon, Chwen Sheu

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With the rapidly growing of blockchain technology and cryptocurrency, various industries which include tourism has added in cryptocurrency as the payment method of their transaction. More and more tourism companies accept payments in digital currency for flights, hotel reservations, transportation, and more. For travellers and tourists, using cryptocurrency as a payment method has become a way to circumvent costs and prevent risks. Understanding volatility dynamics and interdependencies between standard currency and cryptocurrency is important for appropriate financial risk management to assist policy-makers and investors in marking more informed decisions. The purpose of this paper has been to understand and explain the risk spillover effects between six major cryptocurrencies and the top ten most traded standard currencies. Using data for the daily closing price of cryptocurrencies and currency exchange rates from 7 August 2015 to 10 December 2019, with 1,133 observations. The diagonal BEKK model was used to analyze the co-volatility spillover effects between cryptocurrency returns and exchange rate returns, which are measures of how the shocks to returns in different assets affect each other’s subsequent volatility. The empirical results show there are co-volatility spillover effects between the cryptocurrency returns and GBP/USD, CNY/USD and MXN/USD exchange rate returns. Therefore, currencies (British Pound, Chinese Yuan and Mexican Peso) and cryptocurrencies (Bitcoin, Ethereum, Ripple, Tether, Litecoin and Stellar) are suitable for constructing a financial portfolio from an optimal risk management perspective and also for dynamic hedging purposes.

Keywords: blockchain, co-volatility effects, cryptocurrencies, diagonal BEKK model, exchange rates, risk spillovers

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Authors: Morteza Raei Dehaghi, Seyed Mohammad Mirhashemi

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The current study explored the effect of economic development, financial development and institutional quality on environmental destruction in upper-middle income countries during the time period of 1999-2011. The dependent variable is logarithm of carbon dioxide emissions that can be considered as an index for destruction or quality of the environment given to its effects on the environment. Financial development and institutional development variables as well as some control variables were considered. In order to study cross-sectional correlation among the countries under study, Pesaran and Friz test was used. Since the results of both tests show cross-sectional correlation in the countries under study, seemingly unrelated regression method was utilized for model estimation. The results disclosed that Kuznets’ environmental curve hypothesis is confirmed in upper-middle income countries and also, financial development and institutional quality have a significant effect on environmental quality. The results of this study can be considered by policy makers in countries with different income groups to have access to a growth accompanied by improved environmental quality.

Keywords: economic development, environmental destruction, financial development, institutional development, seemingly unrelated regression

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Authors: Mutaz Shurahabeel Ahmed Ombada

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This paper investigates potential health and financial settlement of health information technology, this paper evaluates health care with the use of IT and other associated industries. It assesses prospective savings and costs of extensive acceptance of Electronic Medical Record Systems (EMRS), models significant to health as well as safety remuneration, and conclude that efficient EMRS execution and networking could ultimately save more than US $55 billion annually through recuperating health care effectiveness and that Health Information Technology -enabled prevention and administration of chronic disease could eventually double those savings while rising health and other social remuneration. On the contrary, this is improbable to be realized without related to significant modifications to the health care system.

Keywords: electronic medical record systems, health care economics, EMRS

Procedia PDF Downloads 541

Authors: Kristel Faye Tandog

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The State Owned Enterprise (SOE) or also called Public Enterprise (PE) has been playing a vital role in a country’s social and economic development. Following this idea, this study focused on the Factor Structures of Financial Performance of the Local Economic Enterprises (LEEs) namely: Food Court, Market, Slaughterhouse, and Terminal in Matalam, Cotabato. It aimed to determine the profile of the LEEs in terms of organizational structure, manner of creation, years in operation, source of initial operating requirements, annual operating budget, geographical location, and size or description of the facility. This study also included the different financial ratios of LEE that covered a five year period from Calendar Year 2009 to 2013. Primary data using survey questionnaire was administered to 468 respondents and secondary data were sourced out from the government archives and financial documents of the said LGU. There were 12 dominant factors identified namely: “management”, “enforcement of laws”, “strategic location”, “existence of non-formal competitors”, “proper maintenance”, “pricing”, “customer service”, “collection process”, “rentals and services”, “efficient use of resources”, “staffing”, and “timeliness and accuracy”. On the other hand, the financial performance of the LEE of Matalam, Cotabato using financial ratios needs reformatting. This denotes that refinement as to the following ratios: Cash Flow Indicator, Activity, Profitability and Growth is necessary. The cash flow indicator ratio showed difficulty in covering its debts in successive years. Likewise, the activity ratios showed that the LEE had not been effective in putting its investment at work. Moreover, profitability ratios revealed that it had operated in minimum capacity and had incurred net losses and thus, it had a weak profit performance. Furthermore, growth ratios showed that LEE had a declining growth trend particularly in net income.

Keywords: factor structures, financial performance, financial ratios, state owned enterprises

Procedia PDF Downloads 239

Authors: Prangvalai Buasan, Boonrod Sajjakulnukit, Thongchart Bowonthumrongchai

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The demand for biomass pellets in the industrial sector has significantly increased since 2020. The revised version of Thailand’s power development plan as well as the Alternative Energy Development Plan, aims to promote biomass fuel consumption by around 485 MW by 2030. The replacement of solid fossil fuel with biomass pellets will affect medium-term and long-term national benefits for all industries throughout the supply chain. Therefore, the evaluation of environmental and economic impacts throughout the biomass pellet supply chain needs to be performed to provide better insight into the goods and financial flow of this activity. This study extended the national input-output table for the biomass pellet industry and applied the input-output analysis (IOA) method, a sort of macroeconomic analysis, to interpret the result of transactions between industries in the monetary unit when the revised national power development plan was adopted and enforced. Greenhouse gas emissions from consuming energy and raw material through the supply chain are also evaluated. The total intermediate transactions of all economic sectors, which included the biomass pellets sector (CASE 2), increased by 0.02% when compared with the conservative case (CASE 1). The control total, which is the sum of total intermediate transactions and value-added, the control total of CASE 2 is increased by 0.07% when compared with CASE 1. The pellet production process emitted 432.26 MtCO2e per year. The major sharing of the GHG is from the plantation process of raw biomass.

Keywords: input-output analysis, environmental extended input-output analysis, macroeconomic planning, biomass pellets, renewable energy

Procedia PDF Downloads 85

Authors: Heba Aboul-Enein

Abstract:

The blessed Mecca (Makkah) has been attacked as a city without a pre-Islamic history. Many claims have been posited denying the historicity of this holy city, and mythicizing Arabic historical records. Hence, the current paper attempted to shed light on this controversial history of Makkah. To achieve the intended objective, the study recoursed to archaeological, historical, and linguistic evidence, to prove that the holy city existed since the dawn of human history. The data under study include the results of recent excavations; archaeological surveys in Saudi Arabia, academic works of archaeologists, newspaper reports of the latest archaeological discoveries, and the findings of Saudi explorers. In addition, the study examined ancient and contemporary references; western accounts of Makkah, the bible, Jewish, Christian, Islamic, and Arabic references, in an effort to reconcile these texts with the archeological findings. The paper also reviewed the latest results of aerial archeology of the region. The study proved based on archaeological finds, and contrary to fallacious claims, that Makkah is an ancient city that existed and was inhabited by humans in varied historical eras.

Keywords: aerial archaeology, archaeological finds in the Makkan region, archaeological surveys, Western, Jewish and Islamic accounts of Makkah

Procedia PDF Downloads 445

Authors: Rodrigo Zepeda

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Transaction cost analysis (TCA) is a way of analyzing the relative performance of different intermediaries and different trading strategies for trades undertaken in financial instruments. It is a way for an investor to determine the overall quality of execution of a particular trade, and there are many different approaches to undertaking TCA. Under the updated Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), investment firms are required when executing orders, to take all sufficient steps to obtain the best possible result for their clients. This requirement for 'Best Execution' must take into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. The new regulatory compliance framework under MiFID II will now also apply across a very broad range of financial instruments. This article will provide a comprehensive technical analysis of how TCA and Best Execution will significantly change under MiFID II. It will also explain why harmonization of post-trade reporting requirements under MiFID II could potentially support the development of peer group analysis, which in turn could provide a new and highly advanced framework for TCA that could more effectively support Best Execution requirements under MiFID II. The study is significant because there are no studies that have dealt with TCA and Best Execution under MiFID II in the literature.

Keywords: transaction cost analysis, execution quality, best execution, MiFID II, financial instruments

Procedia PDF Downloads 276