Search results for: Islamic finance

Authors: Ahmad Alshammari

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This study focused on exploring the students’ views about the science education in intermediate stage in State of Kuwait. This study used Social-Culture Theory (SCT) as a theoretical framework to understand the science curriculum reform process through the socio-cultural context and to discuss and explain the study findings. This study used a multi-method design, with both quantitative and qualitative methods to collect the data: students’ questionnaires and interviews. The study sample was selected randomly. First, the questionnaire was conducted with 647 students. Then 30 students (5 in each of 6 focus groups) were chosen to conduct the in-depth interviews. The findings of this study indicated the generally negative views of most of the students about the new science curriculum. The findings showed that most of the students have a negative attitude toward science, they have difficulty understanding most of the lessons, and they do not enjoy studying the science subject. This study recommends reviewing the new science curriculum (now currently in use) and taking into account the perspectives of the students about this curriculum. Developing and adapting the new science curriculum took place without taking into consideration the socio-culture and Islamic religion of Kuwaiti students. The MoE should deal with the relationship between science and culture and between science and religion, integrating more relevant science into the curriculum.

Keywords: science education, students views, science curriculum, curriculum development

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Authors: Evisa Mitrou, Nicholas Tsitsianis, Supriya Shinde

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In the age of digitisation and globalisation, businesses have shifted online and are investing in big data analytics (BDA) to respond to changing market conditions and sustain their performance. Our study shifts the focus from the adoption of BDA to the impact of BDA on financial performance. We explore the financial performance of both BDA-vendors (business-to-business) and BDA-clients (business-to-customer). We distinguish between the five BDA-technologies (big-data-as-a-service (BDaaS), descriptive, diagnostic, predictive, and prescriptive analytics) and discuss them individually. Further, we use four perspectives (internal business process, learning and growth, customer, and finance) and discuss the significance of how each of the five BDA-technologies affects the performance measures of these four perspectives. We also present the analysis of employee engagement, average turnover, average net income, and average net assets for BDA-clients and BDA-vendors. Our study also explores the effect of the COVID-19 pandemic on business continuity for both BDA-vendors and BDA-clients.

Keywords: BDA-clients, BDA-vendors, big data analytics, financial performance

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Authors: Yasser Alhiagi, Moshalleh Almoraekhi, Sameh Refaat

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Urban heritage has an important status in the process of developing the Yemeni tourism sector. Urban heritage in Yemen differs depending on the regions and historical cities such as City of Old Sana'a, Historic Town of Zabid, Shibam Hadhramout, Taiz, and others. Zabid is an old town with a long history, founded in the 9th century. It has been the capital of Yemen from the 13th to the 15th century and played, because of its Islamic university, an important role in the Arab and Muslim world for many centuries. The aim of this research is to promote the built heritage of Historic Town of Zabid and explore the possibilities of visiting the rehabilitated buildings and other heritage attractions through tourism. It examines the nature of the relationship exists between tourism and built heritage. The research is intended to contribute to the strategy development of national tourism for the purpose of protecting, developing, and utilizing cultural heritage. Also, the research depended chiefly on the results of a field work proposed to be carried out at Historic Town of Zabid.

Keywords: historic town of Zabid, strategy, tourism development, urban heritage

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Authors: Said S. Aldhafri, Marwa N. Alrajhi

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This study examines gender differences in emotional intelligence levels in the Sultanate of Oman, an Arabic country in the Middle East. As a collective culture, the Omani culture rears children differently based on the Islamic beliefs and the Arabic culture. Gender differences across the different dimensions of emotional intelligence are possible within this collective culture. Emotional intelligences reflect the ability to understand and act upon one’s and others’ emotions. The sample of the study consisted of 338 (50.6% were females) adults from different regions in Oman. The participants completed a 25-item emotional intelligence scale, using 5-point Likert type responses. The results showed that the total scores of the scale as well as the scores from the five dimensions (self management, self motivation, social skills, empathy, and self-awareness) all have good reliability coefficients. Using independent sample t-tests, the findings show that female adults scored higher than male adults. The differences were all statistically significant across the five dimensions of emotional intelligence. The findings are discussed from a cultural perspective and applications for the development of emotional intelligence skills are outlined.

Keywords: emotional intelligence, gender, Arab, Oman

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Authors: Vera Jancurova

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People are, in general, exposed to behavioral biases, however, the degree and impact are affected by experience, knowledge, and other characteristics. The purpose of this article is to study two of defined behavioral biases, the overconfidence and self-attribution bias, and its impact on economic and non-economic students at different stage of the study. The research method used for the purpose of this study is a controlled field study that contains questions on perception of own confidence and self-attribution and estimation of limits to analyse actual abilities. The results of the research show that economic students seem to be more overconfident than their non–economic colleagues, which seems to be caused by the fact the questionnaire was asking for predicting economic indexes and own knowledge and abilities in financial environment. Surprisingly, the most overconfidence was detected by the students at the beginning of their study (1st-semester students). However, the estimations of real numbers do not point out, that economic students have better results by the prediction itself. The study confirmed the presence of self-attribution bias at all of the respondents.

Keywords: behavioral finance, overconfidence, self-attribution, heuristics and biases

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Authors: Marasovic Branka, Aljinovic Zdravka, Poklepovic Tea

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Numerical methods like binomial and trinomial trees and finite difference methods can be used to price a wide range of options contracts for which there are no known analytical solutions. American options are the most famous of that kind of options. Besides numerical methods, American options can be valued with the approximation formulas, like Bjerksund-Stensland formulas from 1993 and 2002. When the value of American option is approximated by Bjerksund-Stensland formulas, the computer time spent to carry out that calculation is very short. The computer time spent using numerical methods can vary from less than one second to several minutes or even hours. However to be able to conduct a comparative analysis of numerical methods and Bjerksund-Stensland formulas, we will limit computer calculation time of numerical method to less than one second. Therefore, we ask the question: Which method will be most accurate at nearly the same computer calculation time?

Keywords: Bjerksund and Stensland approximations, computational analysis, finance, options pricing, numerical methods

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Authors: Lina Sinevičienė

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Arising problems of countries’ public finances, social and demographic changes motivate scientific and policy debates on public spending size, structure and efficiency in order to meet the changing needs of society and business. The concept of sustainable development poses new challenges for scientists and policy-makers in the field of public finance. This paper focuses on the investigation of the relationship between government expenditure and country’s economic development in the context of sustainable development. Empirical analysis focuses on the data of the European Union (except Croatia and Luxemburg) countries. The study covers 2003 – 2012 years, using annual cross-sectional data. Summarizing the research results, it can be stated that governments should pay more attention to the needs that ensure sustainable development in the long-run when formulating public expenditure policy, particularly in the field of environment protection.

Keywords: economic development, economic growth, government expenditure, sustainable development

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Authors: Dina Hadad

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Women empowerment in the Arab world remains a central issue in the context of development and human rights. Akin to many societies around the globe, gender equality is yet to be achieved. This research will provide an introduction into the current legal stand of some Arab countries in terms of gender equality and women rights in the context of family law. It will look specifically into the recent family law in Kuwait and why many women consider it a positive step towards affirming their rights and their needs. Depending on comparative material from the area, the research argues that whilst some countries made efforts to promote women’s empowerment as a concept and practice throughout its policies, others have indeed some unique journeys that reflect organic and from within evolutions. Nonetheless, these efforts are yet to reflect a comprehensive structure that addresses women legal and political empowerment let alone social status. A contradiction in the realities of different Arab states is nothing new since the lack of comprehensive rights-based policy making in Arab countries has contributed to the disconnect between economic growth and development challenges.

Keywords: women empowerment, cultural challenges, gender equality, Islamic law, international standards, family law

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Authors: Reihaneh Rafiemanzelt

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The need to protect our cultural heritage was stressed on revitalization of historical city centers in communities. The main goals the proses was to attract finance and activities to the historical city centers through the citizens and municipalities participation while cities expanded their boundaries toward suburban areas. Todays the main problems which facing to the most historical city centers, is loss of their centrality through effect of urbanization on any point of the cities which is the most important issue on neglect and abandonment of the historical central area by decentralizing living, commerce and public areas. This article evaluate the ways in which city center revitalization can be effect on vitality and viability of the central area in case of Naghshe Jahan square which situated at the center of Isfahan city, Iran. Constructed between 1598 and 1629, it is now an important historical site, and one of UNESCO's World Heritage Sites.

Keywords: urban development, revitalization, city centers, vitality and viability

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Authors: Faribaebrahimi, Mehdi Ghorbani, Mohsen Mohsenisaravi

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Ecosystem management is complex because of natural and human issues. To cope with this complexity water governance is recommended since it involves all stakeholders including people, governmental and non-governmental organization who related to environmental systems. Water governance emphasizes on water co-management through consideration of all the stakeholders in the form of social and organizational network. In this research, to illustrate indicators of water governance in Dorood watershed, in Shemiranat region of Iran, social network analysis had been applied. The results revealed that social cohesion among pastoralists in Dorood is medium because of trust links, while link sustainability is weak to medium. According to the results, some pastoralists have high social power and therefore are key actors in the utilization network, regarding to centrality index and trust links. The results also demonstrated that Agricultural Development Office and (Shemshak-Darbandsar Islamic) Council are key actors in rangeland co-management, based on centrality index in rangeland institutional network at regional scale in Shemiranat district.

Keywords: social network analysis, water governance, organizational network, water co-management

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Authors: Muhammad Samiullah

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Religion and spirit always goes side by side. In this era spirit and religion are studied separately with thought of an anti-religious phenomenon is there with its vast impacts. Non-religious mind and religious one have a lot of things that differs, they have spiritual struggles.so there is theme arises that is in the name of non-religious spirituality(SBNR). The thinking prevailing in west and now in east in reverse of the religious institutional thought and spirituality. Religious disputes created an image to the world that is nontolerant and companionate, rising a question of god existence and self-existence. Thus giving rise in Atheism, nihilism, free thinking. The thinking of spirituality also gone in another side with superstitions and spiritual meditation. Christian religious bodies and scholar criticized the stance with their religious aspect but there should be an Islamic counter narrative should be there. Here in this dissertation the phenomenon is addressed and analyzed in respect with some of the literature presented from 2014 till present year. The phenomenon was not analyzed before in broader sense. There are some introductory and static views presented in this regard. So there is a literature gap to be filled by this effort, the Muslim counter narrative is still not there though Christians do their part.

Keywords: SBNR, non-spirituality, superstitions, Sam Harris

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Authors: Sandra Rigot, Samira Demaria, Frederic Lemaire

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The starting point of this research is the contemporary capitalist paradox: there is a real scarcity of long term investment despite the boom of potential long term investors. This gap represents a major challenge: there are important needs for long term financing in developed and emerging countries in strategic sectors such as energy, transport infrastructure, information and communication networks. Moreover, the recent financial and sovereign debt crises, which have respectively reduced the ability of financial banking intermediaries and governments to provide long term financing, questions the identity of the actors able to provide long term financing, their methods of financing and the most appropriate forms of intermediation. The issue of long term financing is deemed to be very important by the EU Commission, as it issued a 2013 Green Paper (GP) on long-term financing of the EU economy. Among other topics, the paper discusses the impact of the recent regulatory reforms on long-term investment, both in terms of accounting (in particular fair value) and prudential standards for banks. For banks, prudential and accounting standards are also crucial. Fair value is indeed well adapted to the trading book in a short term view, but this method hardly suits for a medium and long term portfolio. Banks’ ability to finance the economy and long term projects depends on their ability to distribute credit and the way credit is valued (fair value or amortised cost) leads to different banking strategies. Furthermore, in the banking industry, accounting standards are directly connected to the prudential standards, as the regulatory requirements of Basel III use accounting figures with prudential filter to define the needs for capital and to compute regulatory ratios. The objective of these regulatory requirements is to prevent insolvency and financial instability. In the same time, they can represent regulatory constraints to long term investing. The balance between financial stability and the need to stimulate long term financing is a key question raised by the EU GP. Does fair value accounting contributes to short-termism in the investment behaviour? Should prudential rules be “appropriately calibrated” and “progressively implemented” not to prevent banks from providing long-term financing? These issues raised by the EU GP lead us to question to what extent the main regulatory requirements incite or constrain banks to finance long term projects. To that purpose, we study the 292 responses received by the EU Commission during the public consultation. We analyze these contributions focusing on particular questions related to fair value accounting and prudential norms. We conduct a two stage content analysis of the responses. First, we proceed to a qualitative coding to identify arguments of respondents and subsequently we run a quantitative coding in order to conduct statistical analyses. This paper provides a better understanding of the position that a large panel of European stakeholders have on these issues. Moreover, it adds to the debate on fair value accounting and its effects on prudential requirements for banks. This analysis allows us to identify some short term bias in banking regulation.

Keywords: basel 3, fair value, securitization, long term investment, banks, insurers

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Authors: Sirajo Muhammad Sokoto

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The Commander of the Faithful, Muhammad Bello, is considered one of the most distinguished scholars and poetic geniuses who is famous for reciting poetry in the classical vertical style. He is also represented by pre-Islamic poets such as Imru’ al-Qays and Alqamah and among the Islamists such as Hassan bin Thabit, Amr bin Abi Rabi’ah, and others. The poet drew from the seas of the Arabic language and its styles at the hands of His father, Sheikh Othman Bin Fodio, and his uncle, Sheikh Abdullah Bin Fodio, are both things that made Muhammad Bello conversant with the Arabic language until he was able to write poetry in a beautiful format and good style. The Commander of the Faithful, Muhammad Bello, did not deviate from what the Arabs know of poetic elements, such as taking into account its meanings and music; Muhammadu Bello has used every Bahr of prosody and its technicals in many of his poems. This article prepares the reader for the efforts made by the poet Muhammad Bello in composing poems on poetic seas, taking into account musical tones for different purposes according to his desire. The article will also discuss the poet’s talent, skill, and eloquence.

Keywords: music, Muhammad Bello, poetry, performances

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Authors: Zaid Haris

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Since the beginning of time, transgender people have faced difficult circumstances, particularly in Pakistan. They have experienced discrimination, physical abuse, sexual assault, and murder in their lives. In response to their complaints, the Pakistani Supreme Court established a landmark that enables them to participate in society on an equal base. As a result, transgendered people living all around Pakistan have seen their legal, political, and cultural advocacy blossom since 2009. In order to provide and defend the human rights of Pakistan's transgender persons, this paper aims to identify and analyse the constitutional and legal framework set out there. The Supreme Court's momentous decision sparked legal reform in the nation for these rights, most notably the Transgender Persons (Protection of Rights) Act of 2017, a bill that was filed in Parliament. The implementation of the rights granted to transgender people in Pakistan, whether it relates to education, health, or any other area, requires close inspection. Additionally, for society to be accepting and inclusive, a significant and radical change in behaviour is required. This paper also includes the interviews of a few transgenders from Pakistan.

Keywords: discrimination, islam, pakistan, physical abuse, sexual assault, transgenders

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Authors: Asror Nigmonov Asqar Ogli, Sitora Inoyatova Amonovna

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It has been a decade when the crowdfunding and P2P lending opportunities were created. Today, the market of these modern alternative investments is becoming increasingly complex to navigate. There are overwhelming amount of peer-to-peer lending platforms both in developed and emerging economies. This study looks into this market via the cross country empirical study. In this respect, it tests the effect of various macroeconomic factors on P2P loan lending. Based on the existing literature that largely lacks empirical investigations, it builds regression model that aims to explore the relationship between economy and P2P lending. Though the author found it extremely difficult to compare the findings with earlier studies, this paper had identified certain tendencies in the data and had certain policy implications. However, the paper could not find any significant effect of economic variables on P2P lending. The paper can be considered as a starting point in empirical investigation of P2P lending and highlights room further research based on limitations of the study.

Keywords: peer-to-peer lending, crowdfunding, marketplace lending, alternative finance, fintech

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Authors: Sabra Saeidi

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This research focuses on the historical techniques associated with the lajevardina and Haft-Rangi production methods in creating tiles, with emphasis on the identification of the techniques of inserting gold sheets on the surface of such historical glazed tiles. In this regard, firstly, the history of the production of enamel, gold plated, and Lajevardina glazed pottery work made during the Khwarizmanshahid and Mongol era (eleventh to the thirteenth century) have been assessed to reach a better understanding of the background and the history associated with historical glazing methods. After the historical overview of the production technique of glazed pottery work and introductions of the civilizations using those techniques, we focused on the niches production methods of enamel and Lajevardina glazing, which are two categories of decorations usually found in tiles. Next, a general classification method for various types of gilt tiles has been introduced, which is applicable to the tile works up to Safavid period (Sixteenth to the seventeenth century). Gilded lajevardina glazed tiles, gilt Haft-Rangi tiles, monolithic glazed gilt tiles, and gilt mosaic tiles are included in the categories.

Keywords: gilt tiles, Islamic art, Iranian art, historical studies, gilding

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Authors: G. Khasaev, S. Ashmarina , A. Zotova

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The priority of Russian enterprises development has been given to the optimization process of industrial enterprise activity for their sustainable development in a long-term period. The assessment of sustainable development level as one of the most efficient instruments of sustainable development management at the industrial enterprise gives a complex view of its state. In order to perform accurate analysis of the current state of the industrial enterprise, it is necessary to perform the assessment of its sustainable development and using its results to elaborate the further tactic of enterprise functioning. The assessment of sustainable development level of the enterprise may help the effective management of strategy development only if the corresponding indicators system is created. The elaboration and usage the sustainable development indicators allows the enterprise to implement analysis of its activity results and monitoring of sustainable enterprise functioning. The authors’ methods are based on general aspects of the industrial enterprise functioning such as finance, customers, inner economic process, and staff system.

Keywords: assessment methods, indicators system, industrial enterprise, sustainable development

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Authors: Mohammad Yousuf Khan, Bhavya Alankar

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Blockchain is a promising technology with its features such as immutability and decentralized database. It has applications in various fields such as pharmaceutical, finance, & the food industry. At the core of its heart lies its feature, traceability which is the most desired key in supply chains. However, supply chains have always been hit rock bottom by scandals and controversies. In this review paper, we have explored the advancement and research gaps of blockchain technology (BT) in supply chain management (SCM). We have used the Prisma framework for systematic literature review (SLR) and included a minuscule amount of grey literature to reduce publication bias. We found that supply chain traceability and transparency is the most researched objective in SCM. There was hardly any research in supply chain resilience. Further, we found that 40 % of the papers were application based. Most articles have focused on the advantages of BT, rather than analyzing it critically. This study will help identify gaps and suitable actions to be followed for an efficient implementation of BT in SCM.

Keywords: blockchain technology, supply chain management, supply chain transparency, supply chain resilience

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Authors: Gemala Dewi, Wirdyaningsih, Farida Prihatini

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The development of sharia business activities at present has solidified its societal mark and has crossed influence between several nations. In the practice, there may be disputes, breaches and other forms of conflict that occurred along the way. In the meantime, alternative settlements of disputes are utilized differently between nations in the context of their political, social, economic, legal and infrastructural (technology and transportation) scope. Besides the various conditions, there is a common driving factor, which is a consequence of the need for businesses to settle conflicts in an efficient and cost-efficient manner. This factor is paired symbiotically with the limitations of the court and legal processes. Knowing this, Indonesia and Egypt represent countries that have similar social, political, economic and legal conditions. This academic research establishes a normative analysis that looks and compares the rules that regulate the prospects and challenges in the regards of dispute settlements in reference to sharia economics in Indonesia and Egypt. This work recommends that sharia economics dispute settlement is significant to be incorporated in both Indonesian and Egyptian legal systems.

Keywords: sharia economics, dispute resolution, Indonesia, Egypt

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Authors: Yelda Yenel, Orkut Acele

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In a media-saturated world, celebrities have become ubiquitous figures, encountered both in public spaces and within the privacy of our homes, seamlessly integrating into daily life. From Alexander the Great to contemporary media personalities, the image of celebrity has persisted throughout history, manifesting in various forms and contexts. Over time, as the relationship between society and the market evolved, so too did the roles and behaviors of celebrities. These transformations offer insights into the cultural climate, revealing shifts in habits and worldviews. In Türkiye, the emergence of private television channels brought an influx of celebrities into everyday life, making them a pervasive part of daily routines. To understand modern celebrity culture, it is essential to examine the ideological functions of media within political, economic, and social contexts. Within this framework, celebrities serve as both reflections and creators of cultural values and, at times, act as intermediaries, offering insights into the society of their era. Starting its broadcasting life in 1992 with religious films and religious conversation, Türkiye Newspaper, Radio, Television channel (TGRT) later changed its appearance, slogan, and the celebrities it featured in response to the political atmosphere. Celebrities played a critical role in transforming from the existing slogan 'Peace has come to the screen' to 'Watch and see what will happen”. Celebrities hold significant roles in society, and their images are produced and circulated by various actors, including media organizations and public relations teams. Understanding these dynamics is crucial for analyzing their influence and impact. This study aims to explore Turkish society in the 1990s, focusing on TGRT and its visual and discursive characteristics regarding celebrity figures such as Seda Sayan. The first section examines the historical development of celebrity culture and its transformations, guided by the conceptual framework of celebrity studies. The complex and interconnected image of celebrity, as introduced by post-structuralist approaches, plays a fundamental role in making sense of existing relationships. This section traces the existence and functions of celebrities from antiquity to the present day. The second section explores the economic, social, and cultural contexts of 1990s Türkiye, focusing on the media landscape and visibility that became prominent in the neoliberal era following the 1980s. This section also discusses the political factors underlying TGRT's transformation, such as the 1997 military memorandum. The third section analyzes TGRT as a case study, focusing on its significance as an Islamic television channel and the shifts in its public image, categorized into two distinct periods. The channel’s programming, which aligned with Islamic teachings, and the celebrities who featured prominently during these periods became the public face of both TGRT and the broader society. In particular, the transition to a more 'secular' format during TGRT's second phase is analyzed, focusing on changes in celebrity attire and program formats. This study reveals that celebrities are used as indicators of ideology, benefiting from this instrumentalization by enhancing their own fame and reflecting the prevailing cultural hegemony in society.

Keywords: celebrity culture, media, neoliberalism, TGRT

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Authors: Naveed Ul Hassan, Bilal Aziz, Maryam Mushtaq, Imran Ameen Khan

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Equity risk premium (ERP) is the stock return in excess of risk free return. Even though it is an essential topic of finance but still there is no common consensus upon its forecasting. For forecasting ERP, apart from the macroeconomic variables attention is devoted to technical indicators as well. For this purpose, set of 14 technical and 14 macro-economic variables is selected and all forecasts are generated based on a standard predictive regression framework, where ERP is regressed on a constant and a lag of a macroeconomic variable or technical indicator. The comparative results showed that technical indicators provide better indications about ERP estimates as compared to macro-economic variables. The relative strength of ERP predictability is also investigated by using National Bureau of Economic Research (NBER) data of business cycle expansion and recessions and found that ERP predictability is more than twice for recessions as compared to expansions.

Keywords: equity risk premium, forecasting, macroeconomic indicators, technical indicators

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Authors: Shuqi Zhang

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Federated learning allows users to participate in collaborative model training without sending data to third-party servers, reducing the risk of user data privacy leakage, and is widely used in smart finance and smart healthcare. However, the distributed architecture design of federation learning itself and the existence of secure aggregation protocols make it inherently vulnerable to backdoor attacks. To solve this problem, the federated learning backdoor defense framework FLEX based on group aggregation, cluster analysis, and neuron pruning is proposed, and inter-compatibility with secure aggregation protocols is achieved. The good performance of FLEX is verified by building a horizontal federated learning framework on the CIFAR-10 dataset for experiments, which achieves 98% success rate of backdoor detection and reduces the success rate of backdoor tasks to 0% ~ 10%.

Keywords: federated learning, secure aggregation, backdoor attack, cluster analysis, neuron pruning

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Authors: F. Zamani Ashni, P. Gerber

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In today's religious and political climate, Muslims find themselves the focus of much attention, often in the form of discrimination and vilification. There is a widely held belief that Islam and terrorism are inextricably intertwined. An anti-Muslim narrative has been shaping policy around the world for some time now. This study, which focuses on the experience of Muslims in Australia, provides guidance on legislative and other steps that can be taken by Australia to help address Islamophobia. This study provides a doctrinal analysis of the state, territory, and federal anti-discrimination laws in Australia. Using principles of statutory interpretation along aside an analysis of relevant jurisprudence, this study concludes that Australian anti-discrimination laws are ill-equipped to address modern-day Islamophobia. The study also finds that laws alone are insufficient to combat Islamophobia, and a more holistic approach is required. Six strategies are identified, which can, in combination, help to successfully respond to Islamophobia. In addition to legislative initiatives, combating Islamophobia requires Australia to promote inclusive human rights education, fair media coverage, strong leadership, integration of the Islamic community, and comprehensive documentation of anti-Muslim attacks.

Keywords: Australia, discrimination, Islamophobia, Muslim

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Authors: Siti Raihana Hamzah

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This paper elaborates risk shifting in debt financing system as the ultimate cause of the global financial crisis. In contrast, risk sharing in equity financing like sukuk helps the economic system to be better sustained. Nevertheless, some types of sukuk are haunted by the issue of imitation with bonds. The critics on the imitation issue not only have raised doubt on the ability of sukuk to diminish risk shifting behavior but also the ability of this Islamic financial instrument to ensure better future financial stability. Through that, this paper provides discussion on the possibility of sukuk to induce risk shifting and how equity financing may help sukuk to be free from risk shifting. This paper is important in the sense that sukuk receives a significant demand from investors throughout the world. For this instrument to be supportive in the future economic stability, the issue of imitation needs to be identified and addressed. Furthermore, critics cannot be focused on debts and its ability to gauge the financial flux but also to sukuk due to their structures similarity.

Keywords: global financial crisis, debt, risk-shifting, risk sharing, equity, sukuk, bonds

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Authors: Ibrahim Alshalan

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The Islamic Republic of Iran is one of the greatest and most powerful countries, not only in the Arabian Gulf but in the entire Middle East region. However, the Iranian regime, which came to power as a result of the 1979 revolution that resulted in overthrowing the Shah Mohammad Reza Pahlavi, has been the biggest source of threat to the stability of the Middle East since the revolution until this day. It has ambitions to dominate the neighboring Arab countries, especially Iraq, Syria, Lebanon, Yemen and Bahrain. Iran has bad relationships with countries of the Gulf Cooperation Council (GCC), which includes Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Oman and Bahrain. The main objective of this paper is to shed light on the deteriorating political relations between the Iranian regime on one hand and the GCC on the other, especially Saudi Arabia which is witnessing more challenges as a result of Iran's determination to develop its nuclear program. Another important objective of this paper is to identify the Iranian role in the creation of the hotbeds of conflict in addition to its responsibility for some of the region's problems. It also aims to answer the question; why does Iran insist on developing its controversial nuclear program?

Keywords: Iran, GCC, Gulf, Saudi Arabia

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Authors: David C. Ni

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In the previous efforts, we constructed N-Body Systems by an extended Blaschke product (EBP), which represents a non-temporal and nonlinear extension of Lorentz transformation. In this construction, we rely only on two parameters, nonlinear degree, and relative momentum to characterize the systems. We further explored root computation via iteration with an algorithm extended from Jenkins-Traub method. The solution sets demonstrate a form of σ+ i [-t, t], where σ and t are the real numbers, and the [-t, t] shows various canonical distributions. In this paper, we correlate the convergent sets in the original domain with solution sets, which demonstrating large-deviation distributions in the codomain. We proceed to compare our approach with the formula or principles, such as Donsker-Varadhan and Wentzell-Freidlin theories. The deterministic model based on this construction allows us to explore applications in the areas of finance and statistical mechanics.

Keywords: nonlinear Lorentz transformation, Blaschke equation, iteration solutions, root computation, large deviation distribution, deterministic model

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Authors: K. C. Mujeebu Rahman

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Over the years, discussions in India regarding personal law in India have focused on its deficiencies, increasing involvement of the judiciary, and the pursuit of uniformity. However, little attention has been given to understanding how the law functions in a multicultural nation committed to political secularism. This paper addresses this gap by exploring the mahallu system in Malabar, shedding light on the decision-making process within Muslim personal law. It reveals that this process is deeply rooted in everyday micro-politics, sectarian dynamics, social pressure, and emotions. Through an in-depth examination of a triple talaq case, the paper demonstrates how love (or the lack of it), family expectations, and community authority intersect in resolving marital disputes. Instead of a straightforward legal interpretation, this process leads to a complex maze of micro-politics involving local religious factions and authorities. The paper underscores that the non-state quasi-legal institutions within the mahallu system represent a distinct form of legal pluralism characterized by intricate power dynamics at multiple levels. Moreover, it highlights the interplay between what is considered legally valid and what is deemed socially legitimate.

Keywords: islamic law, sharia, fatwa, muslim personal law

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Authors: Aaron Aboshio, Jianqiao Ye

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In this study, static and dynamic responses of a typical reinforced concrete flat slab, designed to British Standard (BS 8110, 1997) and under self and live loadings for dance halls are reported. Linear perturbation analysis using finite element method was employed for modal, impulse loading and frequency response analyses of the slab under the aforementioned loading condition. Results from the static and dynamic analyses, comprising of the slab fundamental frequencies and mode shapes, dynamic amplification factor, maximum deflection, stress distributions among other valuable outcomes are presented and discussed. These were gauged with the limiting provisions in the design code with a view to optimise the structure and ensure both adequate strength and economical section for large clear span slabs. This is necessary owing to the continued increase in cost of erecting building structures and the squeeze on public finance globally.

Keywords: economical design, finite element method, modal dynamics, reinforced concrete, slab

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Authors: Mh. D Tammam Ayoubi

Abstract:

The Old Testament has been translated into many languages, including Arabic. There have been consecutive translations of it since Islamic antiquity. The Rabbinic translation, which rendered the Hebrew text into Arabic without a linguistic medium, appeared later. It was followed by several Orthodox and Jesuit trials, including the Protestant translation. Those two translations were chosen to study the book of Proverbs, which is classified as one of the books of Wisdom; something that distances it from being either symbolical or historical and makes the translation the subject of the translator's ideology starting from the incorporated cultural element be it Jewish, Aramaic or Islamist (Mu'tazila) of the first translation, or through the choice of the equivalent signs of origin, and the neutralization of the Rabbinic, Arabic, and Greek element of the second translation. The various Protestant translation of different authors has contributed to the multiplicity of the term of reference, mostly Christian, in contrast with the single reference of one author, which carries multiple conflicting cultural facades when it comes to the Rabbinic translation. This has led to a change in the origin through the inclusion of those various verbal or interpretative elements in the book of Proverbs, which will be examined in the verses through a comparative study with the original Hebrew text or the cultural terms or references.

Keywords: rabbinic and protestant translations, book of proverbs, hebrew, protestant translation

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Authors: Khalil Ahmad Khosa

Abstract:

Pakistan is such a diverse region, it is the center of various religions and settlements long before the creation of the nation that exists today. The country's attraction range from the ruin of the Indus Valley Civilization such as Mohenjo-daro, Harappa and Taxila, to the Himalayan hill stations, which attract those interested in winter sports. Pakistan is home to several mountain peaks over 7000 m, which attracts adventurers and mountaineers from around the world, especially K2.[4] The north part of Pakistan has many old fortresses, ancient architecture and the Hunza and Chitral valley, home to small pre-Islamic Animist Kalash people community. The romance of the historic Khyber Pakhtunkhwa province is timeless and legendary, Punjab province has the site of Alexander's battle on the Jhelum River and the historic city Lahore, Pakistan's cultural capital, with many examples of Mughal architecture such as Badshahi Masjid, Shalimar Gardens, Tomb of Jahangir and the Lahore Fort. Tourism is a growing industry in Pakistan. However, till this date, the government has not be able to take the tourism market seriously within Pakistan. Pakistan is home to a diverse number of tourist attractions which have not been funded or protected due to the government giving the tourism market a low priority.

Keywords: architecture, Pakistan, tourism, turist

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