Search results for: Islamic stock markets

Authors: Sultan Haji Shube

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Woodland ecosystems of semiarid rift valley of Ethiopia play a significant role in climate change mitigation by sequestering and storing more carbon. This study was conducted in Gidabo river sub-basins southeastern rift-valley escarpment of Ethiopian. It aims to estimate biomass and carbon stocks of woodlands and its implications for climate change mitigation. A total of 44 sampling plots (900m²each) were systematically laid in the woodland for vegetation and environmental data collection. A composite soil sample was taken from five locations main plot. Both disturbed and undisturbed soil samples were taken at two depths using soil auger and core-ring sampler, respectively. Allometric equation was used to estimate aboveground biomass while root-to-shoot ratio method and Walkley-Black method were used for belowground biomass and SOC, respectively. Result revealed that the totals of the study site was 17.05t/ha, of which 14.21t/ha was belonging for AGB and 2.84t/ha was for BGB. Moreover, 2224.7t/ha total carbon stocks was accumulated with an equivalent carbon dioxide of 8164.65t/ha. This study also revealed that more carbon was accumulated in the soil than the biomass. Both aboveground and belowground carbon stocks were decreased with increase in altitude while SOC stocks were increased. The AGC and BGC stocks were higher in the lower slope classes. SOC stocks were higher in the higher slope classes than in the lower slopes. Higher carbon stock was obtained from woody plants that had a DBH measure of >16cm and situated at plots facing northwest. Overall, study results will add up information about carbon stock potential of the woodland that will serve as a base line scenario for further research, policy makers and land managers.

Keywords: allometric equation, climate change mitigation, soil organic carbon, woodland

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Authors: Ben Kwame Agyei-Mensah

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This study investigated the influence of firm-specific characteristics which include proportion of Non-Executive Directors, ownership concentration, firm size, profitability, debt equity ratio, liquidity and leverage on the extent and quality of financial ratios disclosed by firms listed on the Ghana Stock Exchange. The research was conducted through detailed analysis of the 2012 financial statements of the listed firms. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis which forms the main data analysis. The results of the extent of financial ratio disclosure level, mean of 62.78%, indicate that most of the firms listed on the Ghana Stock Exchange did not overwhelmingly disclose such ratios in their annual reports. The results of the low quality of financial ratio disclosure mean of 6.64% indicate that the disclosures failed woefully to meet the International Accounting Standards Board's qualitative characteristics of relevance, reliability, comparability and understandability. The results of the multiple regression analysis show that leverage (gearing ratio) and return on investment (dividend per share) are associated on a statistically significant level as far as the extent of financial ratio disclosure is concerned. Board ownership concentration and proportion of (independent) non-executive directors, on the other hand were found to be statistically associated with the quality of financial ratio disclosed. There is a significant negative relationship between ownership concentration and the quality of financial ratio disclosure. This means that under a higher level of ownership concentration less quality financial ratios are disclosed. The findings also show that there is a significant positive relationship between board composition (proportion of non-executive directors) and the quality of financial ratio disclosure.

Keywords: voluntary disclosure, firm-specific characteristics, financial reporting, financial ratio disclosure, Ghana stock exchange

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Authors: Peter Oyelere, Fernando Zanella

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Corporate governance is one of the most discussed and researched issues in recent times in countries around the world, with different countries developing and adopting different governance structures, models and mechanisms. While the Codes of corporate governance have been weaved into the regulatory fabrics of most countries, it is equally critically important that their mechanisms, procedures and practices be transparent, and be transparently communicated to all stakeholders. The Internet can be a very useful and cost-effective tool for the timely and voluntary communication of corporate governance matters to stakeholders. The current paper details the results of an investigation on the extent of which companies listed in the UAE are using the Internet for communicating corporate governance issues, matters and procedures. We surveyed the websites of companies listed on the two UAE Stock Exchanges – the Abu Dhabi Stock Exchange (ADX) and the Dubai Financial Market (DFM) – to find out their level and nature of usage of the Internet for corporate governance disclosures. Regulatory and policy implications of the results of our investigation, as well as other areas for further studies, are also presented in the paper.

Keywords: corporate governance, internet financial reporting, regulation, transparency, United Arab Emirates

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Authors: Abdulkarim Yusuf

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Motivation: The Nigerian economy has seen significant macroeconomic instability, fuelled mostly by an overreliance on fluctuating oil revenues. The rising disparity between tax receipts and government spending in Nigeria necessitates government borrowing to fund the anticipated pace of economic growth. Rising public debt and fiscal sustainability are limiting the government's ability to invest in key infrastructure that promotes private investment and growth in Nigeria. Objective: This paper fills an empirical research vacuum by examining the impact of public debt on fiscal sustainability in Nigeria, given the significance of fiscal stability in decreasing poverty and the constraints that an unsustainable debt burden imposes on it. Data and method: Annual time series data covering the period 1980 to 2022 exposed to conventional and structural breaks stationarity tests and the Autoregressive Distributed Lag estimation approach were adopted for this study. Results: The results reveal that domestic debt stock, debt service payment, foreign reserve stock, exchange rate, and private investment all had a major adverse effect on fiscal stability in the long and short run, corroborating the debt overhang and crowding-out hypothesis. External debt stock, prime lending rate, and degree of trade openness, which boosted fiscal stability in the long run, had a major detrimental effect on fiscal stability in the short run, whereas foreign direct investment inflows had an important beneficial impact on fiscal stability in both the long and short run. Implications: The results indicate that fiscal measures that inspire domestic resource mobilization, sustainable debt management techniques, and dependence on external debt to boost deficit financing will improve fiscal stability and drive growth.

Keywords: ARDL co-integration, debt overhang, debt servicing, fiscal stability, public debt

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Authors: Syed Ahmed Salman

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Ethicality is essential in our daily activities, including personal and commercial activities. This is evidenced by referring to the historical development of the corporate governance and ethical guidelines. The first corporate governance guideline, i.e. Cadbury Report from U.K. focuses the responsibility of board members towards the shareholders only. Gradually, realising the need to take care of the society and community, stakeholders are now concerns of business entities. Consequently, later codes of corporate governance started extending the responsibility to the other stakeholders in addition to the shareholders. One prevailing corporate governance theory, i.e. stakeholder theory, has been widely used in the research to explore the effects of business entities on society. In addition, the Global Reporting Initiative (GRI) is the leading organisation which promotes social care from businesses for sustainable development. Conventionally, history shows that ethics is key to the long term success of businesses. Many organisations, societies, and regulators give full attention and consideration to ethics. Several countries have introduced ethical codes of conduct to direct trade activities. Similarly, Islam and other religions prohibit the practice of interest, uncertainty, and gambling because of its unethical nature. These prohibited practices are not at all good for the society, business, and any organisation especially as it is detrimental to the well-being of society. In order to avoid unethicality in the finance industry, Shari’ah scholars come out with the idea of Islamic finance which is free from the prohibited elements from the Islamic perspective. It can also be termed ethical finance. This paper highlights how Takaful as one of the Islamic finance products offers fair and just products to the contracting parties and the society. Takaful is framed based on ethical guidelines which are extracted from Shari’ah principles and divine sources such as the Quran and Sunnah. Takaful products have been widely offered all over the world, including in both Muslim and non-Muslim countries. It seems that it is gaining acceptance regardless of religion. This is evidence that Takaful is being accepted as an ethical financial product.

Keywords: ethics, insurance, Islamic finance, religion and takaful

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Authors: Hariyadi, Rili Windiasih

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Halal tourism is a recent global phenomenon that emerged out of the needs of Muslim tourists. However, works on halal tourism rarely discuss the connection of it to the rising religiosity in Indonesia since halal tourism has been mostly studied in the sphere of tourism, business, and management studies. A few works on the increase of Islamic expressions in Indonesia do mention the recent booming of non-mandatory pilgrimage to Mecca and the emergence of sharia compliant accommodation, yet they do not go into details on the issue. To our best knowledge, there is a lack of more critical, cultural political studies on halal tourism in which the paper attempts to fill in. The paper is a result of fieldwork research in Central Java, Indonesia. The study focuses on sacred sites for pilgrimage and sharia-compliant hotels. It combines in-depth interviews and participatory observation methods to gather the data. It is important for us to take a look at the network of halal tourism actors (businessperson, local government, clerics, etc.) in Central Java, how they conceive halal tourism, and how their networking shape halal tourism discourses, policies, and practices. Despite having numerous Islamic pilgrimage places and being designated by the Ministry of Tourism as one of 12 Muslim friendly tourist destinations, the province is not yet widely recognised as the main destination for halal tourism as it is known as the place for more secular, nationalist groups rather than for more Islamic oriented ones. However, in some of its municipalities, there is increasingly more attention to develop halal tourism. In this study, we found out that the development of halal tourism in Central Java connected to dynamics of Islamisation and ideological competition as well as the influence of the more pragmatist businesspersons in a 'nationalist province' in Indonesia.

Keywords: actor networking, halal tourism, Islamisation, Indonesia

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Authors: Lourenco Camnahas, Eileen Willis, Greg Fisher, Jessie Gunson, Pascale Dettwiller, Charlene Thornton

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Stock-out of pharmaceuticals is a common issue at all level of health services in Timor-Leste, a small post-conflict country. This lead to the research questions: what are the current methods used to quantify pharmaceutical supplies; what factors contribute to the on-going pharmaceutical stock-out? The study examined factors that influence the pharmaceutical supply chain system. Methodology: Privett and Goncalvez dependency model has been adopted for the design of the qualitative interviews. The model examines pharmaceutical supply chain management at three management levels: management of individual pharmaceutical items, health facilities, and health systems. The interviews were conducted in order to collect information on inventory management, logistics management information system (LMIS) and the provision of pharmaceuticals. Andersen' behavioural model for healthcare utilization also informed the interview schedule, specifically factors linked to environment (healthcare system and external environment) and the population (enabling factors). Forty health professionals (bureaucrats, clinicians) and six senior officers from a United Nations Agency, a global multilateral agency and a local non-governmental organization were interviewed on their perceptions of factors (healthcare system/supply chain and wider environment) impacting on stock out. Additionally, policy documents for the entire healthcare system, along with population data were collected. Findings: An analysis using Pozzebon’s critical interpretation identified a range of difficulties within the system from poor coordination to failure to adhere to policy guidelines along with major difficulties with inventory management, quantification, forecasting, and budgetary constraints. Weak logistics management information system, lack of capacity in inventory management, monitoring and supervision are additional organizational factors that also contributed to the issue. There were various methods of quantification of pharmaceuticals applied in the government sector, and non-governmental organizations. Lack of reliable data is one of the major problems in the pharmaceutical provision. Global Fund has the best quantification methods fed by consumption data and malaria cases. There are other issues that worsen stock-out: political intervention, work ethic and basic infrastructure such as unreliable internet connectivity. Major issues impacting on pharmaceutical quantification have been identified. However, current data collection identified limitations within the Andersen model; specifically, a failure to take account of predictors in the healthcare system and the environment (culture/politics/social. The next step is to (a) compare models used by three non-governmental agencies with the government model; (b) to run the Andersen explanatory model for pharmaceutical expenditure for 2 to 5 drug items used by these three development partners in order to see how it correlates with the present model in terms of quantification and forecasting the needs; (c) to repeat objectives (a) and (b) using the government model; (d) to draw a conclusion about the strength.

Keywords: inventory management, pharmaceutical forecasting and quantification, pharmaceutical stock-out, pharmaceutical supply chain management

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Authors: J. Stejskal, P. Hajek

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The goal of this article is the analysis of knowledge transfer at the regional level of the Czech Republic. We show how goals of enterprises´ innovative activities are related to the rate of cooperation with different actors within regional innovative systems as well as in other world regions. The results show that the most important partners of enterprises are their suppliers and clients in most Czech regions. The cooperation rate of enterprises correlates significantly mainly with enterprises´ efforts to enter new markets and reduce labour costs per unit output. The meaning of this cooperation decreases with the increase of partner’s distance. Regarding the type of a cooperating partner, cooperation within an enterprise had to do with the increase of market share and decrease of labour costs. On the other hand, cooperation with clients had to do with efforts to replace outdated products or processes or enter new markets. We can pay less attention to the cooperation with government authorities and organizations. The reasons for marginalization of this cooperation should be submitted to further detailed investigation.

Keywords: knowledge, transfer, innovative process, Czech republic, region

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Authors: Ashneel Ajay Singh, Naoki Suzuki, Kazumi Sakuramoto, Swastika Roshni, Paras Nath, Alok Kalla

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Albacore tuna (Thunnus alalunga) is one of the commercially important species of tuna in the North Pacific region. Despite the long history of albacore fisheries in the Pacific, its ecological characteristics are not sufficiently understood. The effects of changing climate on numerous commercially and ecologically important fish species including albacore tuna have been documented over the past decades. The objective of this study was to explore and elucidate the relationship of environmental variables with the stock parameters of albacore tuna. The relationship of the North Pacific albacore tuna recruitment (R), spawning stock biomass (SSB) and recruits per spawning biomass (RPS) from 1970 to 2012 with the environmental factors of sea surface temperature (SST), Pacific decadal oscillation (PDO), El Niño southern oscillation (ENSO) and Pacific warm pool index (PWI) was construed. SST and PDO were used as independent variables with SSB to construct stock reproduction models for R and RPS as they showed most significant relationship with the dependent variables. ENSO and PWI were excluded due to collinearity effects with SST and PDO. Model selections were based on R2 values, Akaike Information Criterion (AIC) and significant parameter estimates at p<0.05. Models with single independent variables of SST, PDO, ENSO and PWI were also constructed to illuminate their individual effect on albacore R and RPS. From the results it can be said that SST and PDO resulted in the most significant models for reproducing North Pacific albacore tuna R and RPS time series. SST has the highest impact on albacore R and RPS when comparing models with single environmental variables. It is important for fishery managers and decision makers to incorporate the findings into their albacore tuna management plans for the North Pacific Oceanic region.

Keywords: Albacore tuna, El Niño southern oscillation, Pacific decadal oscillation, sea surface temperature

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Authors: Josip Arneric, Blanka Skrabic Peric

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Forecasting of volatility, i.e. returns fluctuations, has been a topic of interest to portfolio managers, option traders and market makers in order to get higher profits or less risky positions. Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most common used models are GARCH type models. As standard GARCH models show high volatility persistence, i.e. integrated behaviour of the conditional variance, it is difficult the predict volatility using standard GARCH models. Due to practical limitations of these models different approaches have been proposed in the literature, based on Markov switching models. In such situations models in which the parameters are allowed to change over time are more appropriate because they allow some part of the model to depend on the state of the economy. The empirical analysis demonstrates that Markov switching GARCH model resolves the problem of excessive persistence and outperforms uni-regime GARCH models in forecasting volatility for selected emerging markets.

Keywords: emerging markets, Markov switching, GARCH model, transition probabilities

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Authors: Enrico Maria la Forgia

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Since the 80ies, in specific situations, France’s Muslims have enacted political actions to reply to attacks on their identity or assimilation attempts, using their religious affiliation as a resource for the organization and expression of collective claims. Indeed, despite Islam's internal sectarian and ethnic differences, religion may be politicized when minorities’ social and cultural rights are under attack. French Civil Society organizations, in this specific case with an Islamic background (ICSO - Islamic Civil Society Organizations), play an essential role in defending Muslims’ social and cultural rights. As a matter of fact, Civil Society organized on an ethnic or religious base is a way to strengthen minoritarian communities and their role as political actors, especially in multicultural contexts. Since the first 1983’s “Marche des Beurs” (slang word referring to French citizens with foreign origins), which involved many Muslims, the development of ICSO contributed to the strenghtening of Islam in France, here meant as a Social Movement aiming to constitute a French version of Islam, defending minorities’ cultural and religious rights, and change the perception of Islam itself in national society. However, since a visible and stigmatized minority, ICSO do not relate only to protests as a strategy to achieve their goals: on several occasions, pressure on authorities through personal networks and connections, or the introduction into public debates of bargaining through the exploitation of national or international crisis, might appear as more successfully - public discourses on minorities and Islam are generally considered favorable conditions to advance requests for cultural legitimation. The proposed abstract, based on a literary review and theoretical/methodological reflection on the state of knowledge on the topic, aims to open a new branch of studies and analysis of Civil Society and Social Movements in Europe, focusing on the French Islamic community as a political actor relating on ICSO to pressure society, local, and national authorities to improve Muslims' rights. The opted methodology relies on a qualitative approach based on ethnography and face-to-face interviews addressing heads and middle-high level activists from ICSO, in an attempt to individuate the strategies enacted by ICSO for mobilizing Muslims and build relations with, on one hand, local and national authorities; into the other, with actors belonging to the Civil Society/political sphere. The theoretical framework, instead, relies on the main Social Movements Theories (resources mobilization, political opportunity structure, and contentious/non-contentious movements), aiming to individuate eventual gaps in the analysis of Islamic Social Movements and Civil Society in minoritarian contexts.

Keywords: Islam, islamophobia, civil society, social movements, sociology, qualitative methodology, Islamic activism in social movement theory, political change, Islam as social movement, religious movements, protest and politics, France, Islamic civil society

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Authors: Omogboyega Abe

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This paper examines the relationships between socio-economic inequalities of power, race, wealth engendered by corporate structure, and domination in postcolonial Africa. The paper further considers how land as an epitome of property and power for the locals paved the way for capitalist accumulation and control in the hands of transnational corporations. European colonization of Africa was contingent on settler colonialism, where properties, including land, were re-modified as extractive resources for primitive accumulation. In developing Africa's extractive resources, transnational corporations (TNCs) usurped states' structures and domination over native land. The usurpation/corporate capture that exists to date has led to remonstrations and arguably a counter-productive approach to development projects. In some communities, the mention of extractive companies triggers resentment. The paradigm of state capture and state autonomy is simply inadequate to either describe or resolve the play of forces or actors responsible for severe corporate-induced human rights violations in emerging markets. Moreover, even if the deadly working conditions are conceived as some regulatory failure, it is tough to tell whose failure. The analysis in this paper is that the complexity and ambiguity evidenced by the multiple regimes and political and economic forces shaping production, consumption, and distribution of socio-economic variables are not exceptional in emerging markets. Instead, the varied experience in developing countries provides a window for seeing what we face in understanding and theorizing the structure and operation of the global economic and regulatory order in general.

Keywords: colonial, emerging markets, business, human rights, corporation

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Authors: Jonathan J. Burson

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With the rise of virtually costless, mobile-based trading platforms, stock market trading activity has increased significantly over the past decade, particularly for the millennial generation. This increased stock market attention, combined with the recent market turmoil due to the economic upset caused by COVID-19, make the topics of market-timing and forecasting particularly relevant. While the overall stock market saw an unprecedented, historically-long bull market from March 2009 to February 2020, the end of that bull market reignited a search by investors for a way to reduce risk and increase return. Similar searches for outperformance occurred in the early, and late 2000’s as the Dotcom bubble burst and the Great Recession led to years of negative returns for mean-variance, index investors. Extensive research has been conducted on fundamental analysis, technical analysis, macroeconomic indicators, microeconomic indicators, and other techniques—all using different methodologies and investment periods—in pursuit of higher returns with lower risk. The enormous variety of timeframes, data, and methodologies used by the diverse forecasting methods makes it difficult to compare the outcome of each method directly to other methods. This paper establishes a process to evaluate the market-timing methods in an apples-to-apples manner based on simplicity, performance, and feasibility. Preliminary findings show that certain technical analysis models provide a higher return with lower risk when compared to the buy-and-hold method and to other market-timing strategies. Furthermore, technical analysis models tend to be easier for individual investors both in terms of acquiring the data and in analyzing it, making technical analysis-based market-timing methods the preferred choice for retail investors.

Keywords: buy-and-hold, forecast, market-timing, probit, technical analysis

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Authors: Apedzan Emmanuel Kighir

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This research investigates dividends smoothing among non-financial companies trading on the Nigerian Stock Exchange in an era of unclaimed dividends from 2004 to 2013. There has been a raging controversy among Regulatory Authorities, Company Executives, Registrars of Companies, Shareholders and the general public regarding the increasing incidence of unclaimed dividends in Nigeria. The objective of this study is to find out if corporate earnings management through dividends smoothing is implicated in unclaimed dividends among Nigerian non-financial firms. The research used panel data and employed Generalized Method of Moment as method of analysis. The research finds evidence of dividends-smoothing in this era of unclaimed dividends in Nigeria. The research concludes that dividends-smoothing is a trigger and red flag for unclaimed dividends, an output of earnings management. If earnings management and hence unclaimed dividends in Nigeria is allowed to continue, it will lead to great consequences to the investors and corporate policy of government. It is believed that the research will assist investors and government in making informed decisions regarding dividends policy in Nigeria.

Keywords: dividends smoothing, non financial companies, Nigerian stock exchange, unclaimed dividends, corporate earnings management

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Authors: Mohammad Ali Ghareh, Habib Honari, Alireza Ahmadi

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The aim of this study was to investigate the relationship between strategic management and organizational culture in sport federations of Islamic Republic of Iran. Strategic management is a set of decisions and actions which define the long term performance of an organization. Organizational culture can be considered as an identity for every organization and somehow gives an identification to organization members. Organizational culture result in a certain commitments in organization members which is more valuable than individual profits and interests. The method of research was descriptive and correlational, conducted as a field study. The statistical population consisted of the employees of 10 sports federations and 170 persons were selected as sample. For data gathering, Barringer and Bluedorn’s strategic management questionnaire (1999) and Sakyn’s organizational culture questionnaire (2001) were used. The reliability of the questionnaires were 0.82 and 0.80 respectively, and the validity was approved by 8 experienced professors in sport management. To analyze data, KS (Kolmogorov–Smirnov) test and Pearson's coefficient were used. The results have shown that there is a significant meaningful relationship between strategic management and organizational culture (p < 0.05, r= 0.62). Beside this, there is a positive relationship between strategic management variables including scanning intensity, planning flexibility, locus of planning, planning horizon, strategic controls, and organizational culture (p < 0.05). Based on this research result it can be derived that strategic management planning and operation in terms of appropriate organizational culture is more applicable. By agreeing on their values and beliefs, adaptation to changes, caring about the individualities, coordination in tasks, modifying the individual and organizational goals, the federations will be able to achieve their strategic goals.

Keywords: strategic management, organizational culture, sports federations, Islamic Republic of Iran

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Authors: András Horkai, Attila Talamon, Viktória Sugár

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There is an urgent need nowadays to reduce energy demand and the current level of greenhouse gas emission and use renewable energy sources increase in energy efficiency. On the other hand, the European Union (EU) countries are largely dependent on energy imports and are vulnerable to disruption in energy supply, which may, in turn, threaten the functioning of their current economic structure. Residential buildings represent a significant part of the energy consumption of the building stock. Only a small part of the building stock is exchanged every year, thus it is essential to increase the energy efficiency of the existing buildings. Present paper focuses on the buildings built with industrialized technology only, and their opportunities in the boundaries of nearly zero-energy regulation. Current paper shows the emergence of panel construction method, and past and present of the ‘panel’ problem in Hungary with a short outlook to Europe. The study shows as well as the possibilities for meeting the nearly zero and cost optimized requirements for residential buildings by analyzing the renovation scenarios of an existing residential typology.

Keywords: Budapest, energy consumption, industrialized technology, nearly zero-energy buildings

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Authors: Şule Turhan, Özlem Turan

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Permanence in the international markets for many global companies is about being known as having effective logistics which targets customer satisfaction management and lower costs. Under competitive conditions, the necessity of providing the products to customers quickly and on time for the companies which constantly aim to improve their profitability increased the strategic importance of the logistics concept. Food logistic is one of the most difficult areas in logistics. In the process from manufacturer to final consumer, quality and hygiene standards must be provided constantly. In food logistics, reliable and extensive service network has great importance and on time delivery is the target. Developing logistics industry provide the supply of foods in the country and the development of export markets more quickly and has an important role in providing added value to the country's economy. Turkey that creates a bridge between the east and the west is an attractive market for logistics companies. In this study, by examining both the place and the importance of logistics in Turkish food sector, recommendations will be made for the food industry.

Keywords: logistics, Turkish food industry, competition, food industry

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Authors: Leili Nekounazar

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Since 2009, when the Green movement, Iran’s most significant political uprising in post-Islamic revolution materialized, the term 'soft war' has become an integral part of the Iranian regime’s lexicon when addressing the media propaganda waged by the west and the regime’s so-called 'enemies'. Iran’s authorities describe soft war as a western campaign aiming at undermining the revolutionary values by covert activities, deploying cultural tools and purposeful dissemination of information. With this respect, Internet and in particular, the social media networks, and oppositional radio-television broadcasts have been considered as the west’s soft war conduits. With the rising of the underground fashion industry in the past couple of years that does not conform to the compulsory dress codes prescribed by the state, the Islamic regime expands the soft war narrative to include any undesired fashion-related activities and frames the rising fashion industry as a cultural war intoxicating the Iranian-Islamic identity. Accordingly, fashion products created by the Iranian fashion intermediators have been attributed to the westerners and outsiders and are regarded as the matter of national security. This study examines the reactive and proactive measures deployed by the Iranian regime to control the rise of fashion industry. It further puts under the scrutiny how the state as a part of its proactive measure shapes the narrative of 'soft war' in relation to fashion in Iran and explores how the notion of soft war has been articulated in relation to the modeling and fashion in the state’s political rhetoric. Through conducting a content analysis of the authorities’ statements, it describes how the narrative of soft war assists the state policing the fashion industry.

Keywords: censorship, fashion, Iran, soft war

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Authors: Dalal Benboutrif

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Religion and Development relation is one of the most arguable phrases amongst politicians, philosophers, clerics, scientists, sociologists and even the public. The main objective of this research is to clarify the relations, contrasts and interactions between religion and the major types of development including social, political, economic and scientific developments, by focusing on Islam religion. A review of the literature was performed concerning religion and development relations and conflicts, by focusing on Islam religion and then the unprocessed tips of the review were characterized. Regarding clarification of the key points of the literature, three main sectors were considered in the research. The first sector of the research mainly focused on the philosophical views on religion, which were analyzed by main evaluation of three famous philosophers’ ideas: ‘Kant’, ‘Hegel’ and ‘Weber’, and then a critical discussion on Weber’s idea about Islam and development was applied. The second sector was specified to ‘Religion and Development’ and mainly discussed the role of religion in development through poverty reduction, the interconnection of religion, spirituality and social development, religious education effects on social development, and the relation of religion with political development. The third sector was specified to ‘Islam and Development’ and mainly discussed the Islamic golden age of science, major reasons of today’s backwardness (non-development) of most Islamic countries, and Quranic instructions regarding adaptability of Islam with development. The findings of the current research approved the research hypothesis as: ‘Religious instructions (included Islam) are not in conflict with development’, rather, it could have positive effects mainly on social development and it can pave the way for society to develop. Turkey was considered as a study model, as a successful developed Islamic country demonstrating the non-conflicting relation of Islam and development.

Keywords: development, Islam, philosophy, religion

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Authors: Mohammad Reza Bagherzadeh, Mohammad Hossein Taheri

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Knowledge management serves as one of the great breakthroughs in information and knowledge era and given its outstanding features, successful organizations tends to adopt it. Therefore, to deal with knowledge management establishment in universities is of special importance. In this regard, the present research aims to shed lights on factors background knowledge management establishment at Islamic Azad University, Behshahr Branch (Northern Iran). Considering three factors information technology system, knowledge process system and organizational culture as a fundamental of knowledge management infrastructure, foregoing factors were evaluated individually. The present research was conducted in descriptive-survey manner and participants included all staffs and faculty members, so that according to Krejcie & Morgan table a sample size proportional to the population size was considered. The measurement tools included survey questionnaire whose reliability was calculated to 0.83 according to Cronbachs alpha. To data analysis, descriptive statistics such as frequency and its percentage tables, column charts, mean, standard deviation and as for inferential statistics Kolomogrov- Smirnov test and single T-test were used. The findings show that despite the good corporate culture as one of the three factors background the establishment of the knowledge management at Islamic Azad University Behshahr Branch, other two ones, including IT systems, and knowledge processes systems are characterized with adverse status. As a result, these factors have caused no necessary conditions for the establishment of Knowledge Management in the university provided.

Keywords: knowledge management, information technology, knowledge processes, organizational culture, educational institutions

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Authors: Julia A. Ermakova

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In today's multicultural societies, dialogue, self-respect, and cultural etiquette play a vital role in fostering mutual respect and understanding. Whether viewed from an Islamic or secular perspective, the importance of these values cannot be overstated. Firstly, dialogue is essential in multicultural societies as it allows individuals from different cultural backgrounds to exchange ideas, opinions, and experiences. To engage in dialogue, one must be open and willing to listen, understand, and respect the views of others. This requires a level of self-awareness, where individuals must know themselves and their interlocutors to create a productive and respectful conversation. Secondly, self-respect is crucial for individuals living in multicultural societies (McLarney). One must have adequately high self-esteem and self-confidence to interact with others positively. By valuing oneself, individuals can create healthy relationships and foster mutual respect, which is essential in diverse communities. Thirdly, cultural etiquette is a way of demonstrating the beauty of one's culture by exhibiting good temperament (Al-Ghazali). Adab, a concept that encompasses good manners, praiseworthy words and deeds, and the pursuit of what is considered good, is highly valued in Islamic teachings. By adhering to Adab, individuals can guard against making mistakes and demonstrate respect for others. Islamic teachings provide etiquette for every situation in life, making up the way of life for Muslims. In the Islamic view, an elegant Muslim woman has several essential qualities, including cultural speech and erudition, speaking style, awareness of how to greet, the ability to receive compliments, lack of desire to argue, polite behavior, avoiding personal insults, and having good intentions (Al-Ghazali). The Quran highlights the inclination of people towards arguing, bickering, and disputes (Qur'an, 4:114). Therefore, it is imperative to avoid useless arguments and disputes, for they are poison that poisons our lives. The Prophet Muhammad, peace and blessings be upon him, warned that the most hateful person to Allah is an irreconcilable disputant (Al-Ghazali). By refraining from such behavior, individuals can foster respect and understanding in multicultural societies. From a secular perspective, respecting the views of others is crucial to engage in productive dialogue. The rule of argument emphasizes the importance of showing respect for the other person's views, allowing for the possibility of error on one's part, and avoiding telling someone they are wrong (Atamali). By exhibiting polite behavior and having respect for everyone, individuals can create a welcoming environment and avoid conflict. In conclusion, the importance of dialogue, self-respect, and cultural etiquette in multicultural societies cannot be overstated. By engaging in dialogue, respecting oneself and others, and adhering to cultural etiquette, individuals can foster mutual respect and understanding in diverse communities. Whether viewed from an Islamic or secular perspective, these values are essential for creating harmonious societies.

Keywords: multiculturalism, self-respect, cultural etiquette, adab, ethics, secular perspective

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Authors: Adam Abdullahi Mohammed

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Performance appraisal is an assessment made to ensure the level of a worker’s productivity in a given period of time. The appraisal system is divided into two categories that are traditional methods and modern methods, with emphasis based on the evaluation of work results. In the traditional approach of staff appraisal, which puts more emphasis on individual traits, supervisors are required to measure employees through interactions based on what they achieved with reference to job descriptions, as well as rating them based on questionnaires without staff interaction. These methods are not effective because staff may give biased information. The study will attempt to assess the effect of performance appraisal on employee productivity at Yobe State University, Damaturu. It is aimed at assessing the process, methods, and objectives of performance appraisal and its feedback to know how they affect the success of the appraisal, its results, and employee productivity. In this study, a quantitative research method is adopted in collecting and analyzing data, and a questionnaire will be used as data collecting instrument. As it is a case study, the target population is the staff of the department of Islamic Studies. The research will employ a census sampling technique where all the subjects in the target populations are given a chance to participate in the study. This sampling method was considered because the entire target population is considered researchable. The expected findings are that staff performance appraisal in the department of Islamic Studies has effects on employee productivity; this is to say if it is given due consideration and the needful being done will improve employee productivity.

Keywords: performance appraisal, employee productivity, Yobe state University, appraisal feedback

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Authors: Muhammad Irfan

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The rise of radicalization within Islam has spawned a new era of global terror. The battlefield Successes of ISIS and the Taliban are fuelled by an ideological war waged, largely and successfully, in the media arena. This research will examine how Islamic extremist groups are using media modalities and populist narratives to influence migrant Muslim populations in Europe towards extremism. In 2014, ISIS shocked the world in exporting horrifically graphic forms of violence on social media. Their Muslim support base was largely disgusted and reviled. In response, they reconfigured their narrative by introducing populist 'hooks', astutely portraying the Muslim populous as oppressed and exploited by unjust, corrupt autocratic regimes and Western power structures. Within this crucible of real and perceived oppression, hundreds of thousands of the most desperate, vulnerable and abused migrants left their homelands, risking their lives in the hope of finding peace, justice, and prosperity in Europe. Instead, many encountered social stigmatization, detention and/or discrimination for being illegal migrants, for lacking resources and for simply being Muslim. This research will examine how Islamic extremist groups are exploiting the disenfranchisement of these migrant populations and using populist messaging on social media to influence them towards violent extremism. ISIS, in particular, formulates specific encoded messages for newly-arriving Muslims in Europe, preying upon their vulnerability. Violence is posited, as a populist response, to the tyranny of European oppression. This research will analyze the factors and indicators which propel Muslim migrants along the spectrum from resilience to violence extremism. Expected outcomes are identification of factors which influence vulnerability towards violent extremism; an early-warning detection framework; predictive analysis models; and de-radicalization frameworks. This research will provide valuable tools (practical and policy level) for European governments, security stakeholders, communities, policy-makers, and educators; it is anticipated to contribute to a de-escalation of Islamic extremism globally.

Keywords: populism, radicalization, de-radicalization, social media, ISIS, Taliban, shariah, jihad, Islam, Europe, political communication, terrorism, migrants, refugees, extremism, global terror, predictive analysis, early warning detection, models, strategic communication, populist narratives, Islamic extremism

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Authors: Shahzada Gulfam

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Islamism was considered as a new phenomenon in Muslim World to revolt against static Religious Traditionalists and the Imperialists. Islamist political parties viewed the establishment of an Islamic state within the limits of Sharia’h as their destination. The Islamists movements like Ikhwan-ul Muslimun, Jamaat-i-Islami etc. did appear with revolutionary agenda but were contained by military forces and the secular modernists of Muslim World. The Muslim rulers, historically could not respect the democratic and moral norms and equally emerged as dictators in democracies, military rule as well as in monarchies. The Arab Spring did not follow the Islamists agenda but gathered the common masses against the corrupt rulers to have a just democratic political system. The Islamic State and Sharia’h were not their immediate targets but the achievement of moral norms in Muslim societies and eradication of dictatorial rule were the basic aims. This phenomenon is named as post-Islamism. The political struggle of PAT (Pakistan Awami Tehreek) and the PTI (Pakistan Tehreek-i-Insaf) has been following the footsteps of Arab Spring and can be noted as the extension of Arab Spring in Muslim World. The results of this struggle would define the fate of Post-Islamism in Pakistan. Has Jamaat-i-Islami got the potential to reform its agenda accordingly? This paper intends to study the Jamaat’s struggle and tries to predict Jamaat’s role in post-Islamism scenario. There is a clear distinction between the people of religion and the people following the popular materialistic westernized value system. This division is also evident in political parties. Pakistan has been ruled mostly by the secular parties and rulers. The inability to establish Islamic system by replacing the imperial system has created militancy and revolt which requires the establishment of a sound model Islamic based system in the country. The political parties of Pakistan could not device a modernize agenda, equally acceptable in modernized world and addressing the prevailing issues and also having the indigenous religious and cultural roots. The inability of Jamaat-i-Islami Pakistan to transform its agenda accordingly to serve the post-Islamism has made it irrelevant in Pakistan’s politics. Once Jamaat leaves behind its hard position as an Islamist party and accepts the post-Islamism as beginning to create its idealized state and society, it can pursue its agenda gradually. The phenomenon of post-Islamism does not make Islamists irrelevant but invites them to listen to the priorities of masses rather than insisting on the agenda of their respective ideologues to be followed for all times. The ruling Muslim democrats and military dictators of Pakistan have been following unfair means to sustain their political power which gave rise to space for the new political parties to emerge and organize agitation successfully in Pakistani Politics. Jamaat-i-Islami could not fill that space to be an agent of Post-Islamism and could not break their chains which had been tying them to the prevailing failed democracy of Pakistan. Post-Islamists are the addressers of the rulers corruption and are struggling for reforms in system. Jamaat due to its ideological compulsions could not transform its agenda accordingly. The new scenario indicates that the Post-Islamism which emerged in Arab World can be taken as first step to establish democracy and justice in state and society and then the establishment of Islamic law and the establishment of an Islamic state should have been the next targets. This gradual agenda would have delivered public support to the Jamaat which deserved that but PTI & PAT have cashed this opportunity in Pakistani politics by strengthening their respective vote banks.

Keywords: arab spring, islamic state, islamic political parties, muslim world, post-islamism

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Authors: Onur Arugaslan, Ajay Samant, Devrim Yaman

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Financial advisors and investors seek new assets which could potentially increase portfolio returns and decrease portfolio risk. Cryptocurrencies represent a relatively new asset class which could serve in both these roles. There has been very little research done in the area of the risk/return tradeoff in a portfolio consisting of fixed income assets, stocks, and cryptocurrency. The objective of this study is a rigorous examination of this issue. The data used in the study are the monthly returns on 4-week US Treasury Bills, S&P Investment Grade Corporate Bond Index, Bitcoin and the S&P 500 Stock Index. The methodology used in the study is the application Modern Portfolio Theory to evaluate the risk-adjusted returns of portfolios with varying combinations of these assets, using Sharpe, Treynor and Jensen Indexes, as well as the Sortino and Modigliani measures. The results of the study would include the ranking of various investment portfolios based on their risk/return characteristics. The conclusions of the study would include objective empirical inference for investors who are interested in including cryptocurrency in their asset portfolios but are unsure of the risk/return implications.

Keywords: financial economics, portfolio diversification, fixed income securities, cryptocurrency, stock indexes

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Authors: Yan Wang, Wei Wu

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In recent years, with the gradual change of Chinese urban development mode from 'incremental development' to 'stock-based renewal', the urban design method of ‘grand scene’ in the past could only cope with the planning and construction of incremental spaces such as new towns and new districts, while the problems involved in the renewal of the stock lands such as historic blocks of ancient cities are more complex. 'Simplified' large-scale demolition and construction may lead to the damage of the ancient city's texture and the overall cultural atmosphere; thus it is necessary to re-explore the urban design path of historical blocks in the conservation context of the ancient city. Through the study of the cultural context of the ancient city of Suzhou in China and the interpretation of its current characteristics, this paper explores the methods and paths for the renewal of historical and cultural blocks in the ancient city. It takes No. 12 and No. 13 historical blocks in the ancient city of Suzhou as examples, coordinating the spatial layout and the landscape and shaping the regional characteristics to improve the quality of the ancient city's life. This paper analyses the idea of conservation and regeneration from the aspects of culture, life, business form, and transport. Guided by the planning concept of ‘block repair and cultural infiltration’, it puts forward the urban design path of ‘conservation priority, activation and utilization, organic renewal and strengthening guidance’, with a view to continuing the cultural context and stimulating the vitality of ancient city, so as to realize the integration of history, modernity, space and culture. As a rare research on urban design in the scope of Suzhou ancient city, the paper expects to explore the concepts and methods of urban design for the historic blocks on the basis of the conservation of the history, space, and culture and provides a reference for other similar types of urban construction.

Keywords: historical block, Suzhou ancient city, stock-based renewal, urban design

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Authors: Azzam Alosaimi

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Different countries attempt to reduce energy demands and Greenhouse Gas (GHG) emissions to mitigate global warming potential. They set different building codes to regulate excessive building’s energy losses. Energy losses occur due to pressure difference between the indoor and outdoor environments, and thus, heat transfers from one region to another. One major sources of energy loss is known as building airtightness. Building airtightness is the fundamental feature of the building envelope that directly impacts infiltration. Most of international building codes require minimum performance for new construction to ensure acceptable airtightness. The execution of airtightness required standards has become more challenging in recent years due to a lack of expertise and equipment, making it costly and time-consuming. Hence, researchers have developed predictive models to predict buildings infiltration rates to meet building codes and to reduce energy and cost. This research applies a theoretical modeling approach using Matlab software to predict mean infiltration rate distributions and total heat loss of Saudi Arabia’s housing stock.

Keywords: infiltration rate, energy demands, heating loss, cooling loss, carbon emissions

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Authors: Riccardo Patriarca, Giulio Di Gravio, Francesco Costantino, Massimo Tronci

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An accurate inventory management policy acquires a crucial role in the several high-availability sectors. In these sectors, due to the high-cost of spares and backorders, an (S-1, S) replenishment policy is necessary for high-availability items. The policy enables the shipment of a substitute efficient item anytime the inventory size decreases by one. This policy can be modelled following the Multi-Echelon Technique for Recoverable Item Control (METRIC). The METRIC is a system-based technique that allows defining the optimum stock level in a multi-echelon network, adopting measures in line with the decision-maker’s perspective. The METRIC defines an availability-cost function with inventory costs and required service levels, using as inputs data about the demand trend, the supplying and maintenance characteristics of the network and the budget/availability constraints. The traditional METRIC relies on the hypothesis that a Poisson distribution well represents the demand distribution in case of items with a low failure rate. However, in this research, we will explore the effects of using a Poisson distribution to model the demand of low failure rate items characterized by an irregular demand trend. This characteristic of a demand is not included in the traditional METRIC formulation leading to the need of revising its traditional formulation. Using the CV (Coefficient of Variation) and ADI (Average inter-Demand Interval) classification, we will define the inherent flaws of Poisson-based METRIC for irregular demand items, defining an innovative ad hoc distribution which can better fit the irregular demands. This distribution will allow defining proper stock levels to reduce stocking and backorder costs due to the high irregularities in the demand trend. A case study in the aviation domain will clarify the benefits of this innovative METRIC approach.

Keywords: METRIC, inventory management, irregular demand, spare parts

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Authors: Ibrahim M. Alwehaibi

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Recently the windows of globalization weirdly open, which increase the trade between the Western countries and Muslim nations. Sales of goods contracts are one of the most common business transaction in the world. This commercial exchange has faced many obstacles. One of the most concerned obstacles is the conflicts between laws. Thus, United Nation created a Convention on Contracts for the International Sale of Goods (CISG). Some of Islamic countries have ratified the CISG, while other Islamic countries have concerns about the feasibility of ratification of the CISG, and many businessmen have a concern of application of the convention. The concerns related to the conflict between CISG and Sharia, and the long debate about the success, ambiguity, and stability of the CISG. Therefore, this research will examine the feasibility of Muslim countries and Muslim businessmen to adopt the CISG by following steps: First, this research will introduce sharia Law (Islamic contracts law) and CISG and provide backgrounds of both laws. Second, this research will compare the provisions of CISG and Sharia and figuring out the conflicts and provide possible solutions for the conflicts. Third, this study will examine the advantages and disadvantages of adopting the CISG and examining the success of the CISG. Fourth, this study will explore the current situation in Islamic countries by taking Saudi Arabia as a case and explore how the application of Sharia law works and the possibility to enforce the CISG and explore the current practice of foreign Sales in Saudi Arabia. The research finds that there are some conflicts between CISG and Sharia Law. The most notable conflicts are interest and uncertainty in considerations. Also, this research finds that it seems that ratification of CISG is not beneficial for Muslim countries because the convention has not reached its goal which is uniformity of laws. Moreover, the CISG has been excluded and ignored by businessmen and some courts. Additionally, this research finds that it could be possible to enforce CISG in Saudi Arabia, provided that no conflict between the enforced provision and Sharia Law. This study is following the competitive and analysis methodologies to reach its findings. The researcher analyzes the provision of CISG and compares them with Sharia rules and finds the conflicts and compatibilities. In fact, CISG has 101 articles, so a comprehensive comparison of all articles in CISG with Sharia is difficult. Thus, in order to deeply analyze all aspects of this issue, this study will exclude some areas of contract which have been discussed by other researchers such as deliver of goods, conformity, and mirror image rules. The comparative section of this study will focus on the most concerned articles that conflict or doubtful of conflict with Sharia, which are interest, uncertainty, statute of limitation, specific performance, and pass of risk.

Keywords: Sharia, CISG, Contracts for International Sale of Goods, contracts, sale of goods, Saudi Arabia

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Authors: Syed Jamil H. Kazmi, Faiza Sarwar

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The Indus delta of Sindh Province forms the largest creeks zone of Pakistan. The Sindh coast starts from the mouth of Hab River and terminates at Sir Creek area. In this paper, we have considered the major creeks from the site of Bin Qasim Port in Karachi to Jetty of Keti Bunder in Thatta District. A general decline in the mangrove forest has been observed that within a span of last 25 years. The unprecedented human interventions damage the creeks habitat badly which includes haphazard urban development, industrial and sewage disposal, illegal cutting of mangroves forest, reduced and inconsistent fresh water flow mainly from Jhang and Indus rivers. These activities not only harm the creeks habitat but affected the fish stock substantially. Fishing is the main livelihood of coastal people but with the above-mentioned threats, it is also under enormous pressure by fish catches resulted in unchecked overutilization of the fish resources. This pressure is almost unbearable when it joins with deleterious fishing methods, uncontrolled fleet size, increase trash and by-catch of juvenile and illegal mesh size. Along with these anthropogenic interventions study area is under the red zone of tropical cyclones and active seismicity causing floods, sea intrusion, damage mangroves forests and devastation of fish stock. In order to sustain the natural resources of the Indus Creeks, this study was initiated with the support of FAO, WWF and NIO, the main purpose was to develop a Geo-Spatial dataset for fish stock assessment. The study has been spread over a year (2013-14) on monthly basis which mainly includes detailed fish stock survey, water analysis and few other environmental analyses. Environmental analysis also includes the habitat classification of study area which has done through remote sensing techniques for 22 years’ time series (1992-2014). Furthermore, out of 252 species collected, fifteen species from estuarine and marine groups were short-listed to measure the weight, health and growth of fish species at each creek under GIS data through SPSS system. Furthermore, habitat suitability analysis has been conducted by assessing the surface topographic and aspect derivation through different GIS techniques. The output variables then overlaid in GIS system to measure the creeks productivity. Which provided the results in terms of subsequent classes: extremely productive, highly productive, productive, moderately productive and less productive. This study has revealed the Geospatial tools utilization along with the evaluation of the fisheries resources and creeks habitat risk zone mapping. It has also been identified that the geo-spatial technologies are highly beneficial to identify the areas of high environmental risk in Sindh Creeks. This has been clearly discovered from this study that creeks with high rugosity are more productive than the creeks with low levels of rugosity. The study area has the immense potential to boost the economy of Pakistan in terms of fish export, if geo-spatial techniques are implemented instead of conventional techniques.

Keywords: fish stock, geo-spatial, productivity analysis, risk

Procedia PDF Downloads 245