Search results for: Islamic stock markets

Authors: Jamal Abdi

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This paper is largely a response/critique of Samuel P. Huntington´s Clash of Civilizations thesis. The overriding argument is that Huntington´s thesis is characterized by failure to distinguish between ´groups´ and ´categories´. Multinational civilizations overcoming their internal collective action problems, which would enable them to pursue a unified strategy vis-à-vis the West, is a rather foundational assumption in his theory. Without assigning sufficient intellectual attention to the processes through which multinational civilizations may gain capacity for concerted action i.e. become a group, he contended that the post-cold-war world would be shaped in large measure by interactions among seven or eight major civilizations. Thus, failure in providing a convincing analysis of multi-national civilizations´ transition from categories to groups is a significant weakness in Huntington´s clash theory. It is also suggested that so-called Islamic terrorism and the war on terror is not to be taken as an expression of presence of clash between a Western and an Islamic civilization, as terrorist organizations would be superfluous in a world characterized by clash of civilizations. Consequences of multinational civilizations becoming a group are discussed in relation to contemporary Western superiority.

Keywords: categories, civilizations, clash, groups, groupness

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Authors: Meseret Habtamu, Mekuria Argaw

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Urban forests can help to improve the microclimate and air quality. Urban forests in Addis Ababa are important sinks for GHGs as the number of vehicles and the traffic constrain is steadily increasing. The objective of this study was to characterize the vegetation types in selected public parks and to estimate the carbon stock potential of urban forests by assessing carbon in the above, below ground biomass, in the litter and soil. Species which vegetation samples were taken using a systematic transect sampling within value DBH ≥ 5cm were recorded to measure the above, the below ground biomass and the amount of C stored. Allometric models (Y= 34.4703 - 8.0671(DBH) + 0.6589(DBH2) were used to calculate the above ground and Below ground biomass (BGB) = AGB × 0.2 and sampling of soil and litter was based on quadrates. There were 5038 trees recorded from the selected study sites with DBH ≥ 5cm. Most of the Parks had large number of indigenous species, but the numbers of exotic trees are much larger than the indigenous trees. The mean above ground and below ground biomass is 305.7 ± 168.3 and 61.1± 33.7 respectively and the mean carbon in the above ground and below ground biomass is 143.3±74.2 and 28.1 ± 14.4 respectively. The mean CO2 in the above ground and below ground biomass is 525.9 ± 272.2 and 103.1 ± 52.9 respectively. The mean carbon in dead litter and soil carbon were 10.5 ± 2.4 and 69.2t ha-1 respectively. Urban trees reduce atmospheric carbon dioxide (CO2) through sequestration which is important for climate change mitigation, they are also important for recreational, medicinal value and aesthetic and biodiversity conservation.

Keywords: biodiversity, carbon sequestration, climate change, urban forests

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Authors: Syaza Bt. Saifuddin, Rashidi Bin Othman, Muhammad Hafizuddin Akmal Bin Md Hashim, Ismail Bin Jasmani, Noor Hanita Bt. Abdul Majid

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This paper illustrates the background of various concepts, approaches, terminologies used to describe the basic framework of an Islamic Hotel Room design. This paper reviews the theoretical views in establishing a suitable and optimum environment for Muslim as well as non-Muslim guests in hotel rooms while according to shariah. It involves a few research methodologies that requires the researcher to study on a few characteristics needed to create more efficient rooms in terms of social interaction, economic growth and other tolerable elements. This paper intends on revealing the elements that are vital and may contribute for hotels in achieving a more conclusive research on space planning for hotel rooms focusing on the shariah and Muslim guests. Malaysia is an Islamic country and has billion of tourists coming over for business and recreational purposes. Therefore, having a righteous environment that best suit this target user is important in terms of generating the economy as well as providing a better understanding to the community on the benefits of applying these qualities in a conventional resort design.

Keywords: design, Islam, room, shariah compliant hotel

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Authors: Samad Alipour, Khadije Mosavi Onlaghi

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Urmia Salt Lake (USL) is a hypersaline lake in the northwest of Iran. It contains halite as main dissolved and precipitated mineral and the major mineral mixed with lake bed sediments. Other detrital minerals such as calcite, aragonite, dolomite, quartz, feldspars, augite are forming lake sediments. This study examined the impact of weathering of this sediments collected from 1.5 meters depth and augite placers. The study indicated that weathering of tephritic and adakite rocks of the Islamic Island at the immediate boundary of the lake play a main control of lake bed sediments and has produced a large volume of augite placer along the lake bank. Weathering increases from south to toward north with increasing distance from Islamic Island. Geochemistry of lake sediments demonstrated the enrichment of MgO, CaO, Sr with an elevated anomaly of Eu, possibly due to surface absorbance of Mn and Fe associated Sr elevation originating from adakite volcanic rocks in the vicinity of the lake basin. The study shows the local geology is the major factor in origin of lake sediments than chemical and biochemical produced mineral during diagenetic processes.

Keywords: Urmia Lake, weathering, mineralogy, augite, Iran

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Authors: Nirmalasanti Pramesi

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In 2004 the CLD KHI Team offered several new ideas in the field of Islamic family law, such as marriage, inheritance (waris), and waqf. The new idea is based on six main principles; pluralism, nationality, human rights, democracy, maslahah, and gender equality. However, the existence of this has actually caused various criticisms, appreciations, and controversies. For this reason, CLD-KHI, as the idea of reforming family law, especially in the field of marriage, really needs to be studied academically with a comprehensive method as an unfinished problem. The main issues examined in this study are what are the ideas for reforming the law of marriage that have been formulated by the CLD KHI team, as well as how to implement Maqasid Sharia in legal reform. The methodology used in this research is a qualitative method with a normative-empirical-sociological approach. The results of this research show every substance of the idea considers aspects of locality, nationality, and global ethics. The Maqasid approach used in most of the legal provisions is moderate (wasati). Meanwhile, in matters of wali niqah and inheritance, it is adjusted to the context of Indonesian society.

Keywords: Maqasid syari'ah, CLD KHI, marriage law reform, moderate

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Authors: Taimoor Hussain Alvi, Syed Toqueer Akhter

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The focus of this research is to identify Pak-India bilateral trade spillover effects upon Pakistan’s Growth rate. Cross-country spillover growth Effects have been linked with openness and access to markets. In this research, we intend to see the short run and long run effects of Pak-India Bilateral Trade Openness upon economic growth in Pakistan. Trade Openness has been measured as the sum of bilateral exports and imports between the two countries. Increased emphasis on the condition and environment of financial markets is laid in light of globalization and trade liberalization. This research paper makes use of the Univariate Autoregressive Distributed Lagged Model to analyze the effects of bilateral trade variables upon the growth pattern of Pakistan in the short run and long run. Key findings of the study empirically support the notion that increased bilateral trade will be beneficial for Pakistan in the short run because of cost advantage and knowledge spillover in terms of increased technical and managerial ability from multinational firms. However, contrary to extensive literature, increased bilateral trade measures will affect Pakistan’s growth rate negatively in the long run because of the industrial size differential and increased integration of Indian economy with the world.

Keywords: bilateral trade openness, spillover, comparative advantage, univariate

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Authors: Maryam Umar Ladan, Arshad Munir

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Poverty has always been a constant feature of society throughout history. It has existed in the lives of people and it is a fact that although the majority of people lives in poverty, the remaining minority lives in luxury. While some countries called the first World countries lives in luxury, the third World countries lives in poverty. It remains an undesirable phenomenon affecting a vast number of people across the globe despite governmental, institutional and private organizations’ interventions with measures aimed at cushioning its adverse effects. Unequal distribution of societal resources, accumulated wealth in the hands of few, lack of access to education and employment, individual responsibility among others, were highlighted as factors associated with poverty. Poverty predisposes the poor individual to malnutrition and starvation, exposure to disease, thereby resulting to violence, crimes, and experiencing lifelong problems. Evidence show that about 50 percent of the world population lives on less than 2.50 dollar a day, 90 percent of whom are from Sub-Saharan Africa and South Asia including countries where Islam is the major if not one adherent religion. As a solution to poverty, Islam prescribes a system of annual Zakat (charity). The Islamic law prescribes that every person who has a saving that reaches a certain limit should give out 2.5 percent of the total annual earning (as in income, money, farm produce) to deserving and prescribed citizens. This is to, among others; reduce the level of inequality through distribution of wealth among the Muslim Ummah (community). Furthermore, Islam encourages the rich in several places in the Qur’an to spend their wealth on poor people other than the compulsory 2.5%. Therefore, it is inarguable that the Islamic system of distribution of resources (as zakat) is the best strategy to poverty eradication. Thus, strongly recommended for desired results in poverty eradication efforts. If every rich person gives Zakat sincerely, poverty will be eradicated in the world, and not a single person will die of want of food or material things.

Keywords: Islam, charity, poverty, zakat

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Authors: Joseph Paul Chunga

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The investment universe is awash with a myriad of financial choices that investors have to opt for, which principally culminates into a duality between aggressive or conservative approaches. Howbeit, it is pertinent to emphasize that the investment vehicles with an aggressive approach tend to take on more risk than the latter group in an effort to generate higher future returns for their respective investors. This study examines the conditionality effect that such partiality in financing has on the High-Tech and Public Utility companies listed on the Shenzhen Stock Exchange (SSE). Specifically, it examines the significance of the relationship between capitalization ratios of Total Debt Ratio (TDR), Degree of Financial Leverage (DFL) and profitability ratios of Earnings per Share (EPS) and Returns on Equity (ROE) on the Financial Risk of the two industries. We employ a modified version of the Panel Regression Model used by Rahman (2017) to estimate the relationship. The study finds that there is a significant positive relationship between the capitalization ratios on the financial risk of Public Utility companies more than High-Tech companies and a substantial negative relationship between the profitability ratios and the financial risk of the former than the latter companies. This then spells an important insight for prospective investors with regards to the volatility of earnings of such companies.

Keywords: financial leverage, debt financing, conservative firms, aggressive firms

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Authors: Qingqing Zhao, Junhong Bai

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To investigate the effects of salinity on dynamics of soil carbon and nitrogen contents and stocks, soil samples were collected at a depth of 30 cm at four sampling sites (Sites B, T, S and P) along a salinity gradient in a drained coastal wetland, the Yellow River Delta, China. The salinity of these four sites ranked in the order: B (8.68±4.25 ms/cm) > T (5.89±3.17 ms/cm) > S (3.19±1.01 ms/cm) > P (2.26±0.39 ms/cm). Soil total carbon (TC), soil organic carbon (SOC), soil microbial biomass carbon (MBC), soil total nitrogen (TC) and soil microbial biomass carbon (MBC) were measured. Based on these data, soil organic carbon density (SOCD), soil microbial biomass carbon density (MBCD), soil nitrogen density (TCD) and soil microbial biomass nitrogen density (MBND) were calculated at four sites. The results showed that the mean concentrations of TC, SOC, MBC, TN and MBN showed a general deceasing tendency with increasing salinities in the top 30 cm of soils. The values of SOCD, MBCD, TND and MBND exhibited similar tendency along the salinity gradient. As for profile distribution pattern, The C/N ratios ranged from 8.28 to 56. 51. Higher C/N ratios were found in samples with high salinity. Correlation analysis showed that the concentrations of TC, SOC and MBC at four sampling sites were significantly negatively correlated with salinity (P < 0.01 or P < 0.05), indicating that salinity could inhibit soil carbon accumulation. However, no significant relationship was observed between TN, MBN and salinity (P > 0.05).

Keywords: carbon content and stock, nitrogen content and stock, salinity, coastal wetland

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Authors: Erindi Allaj

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This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

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Authors: Mekdes Lulu

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This study assessed the soil organic C (SOC) and soil nutrients in smallholding home garden, woodlot, grazing land, and cropland at two soil depths and two sites in Wolaita Zone, southern Ethiopia. The results showed that soil properties were significantly influenced by land use. The home garden had significantly higher (p < 0.05) SOC and soil nutrients when compared to the cropland. When the home garden was compared to the woodlot and grazing land uses, it had significantly higher (p < 0.05) values except in SOC, total N (TN), cation exchange capacity (CEC), and exchangeable Ca. Cropland, in comparison with grazing land and woodlot, had a non-significant difference except TN. The SOC stock (0–40 cm) in the home garden, woodlot, grazing land and cropland was 79.5, 68.0, 65.0, and 58.1 Mg ha–1, respectively. Home garden significantly differed (p <0.05) in SOC only from cropland, and this was attributed not only to the relatively higher organic input in the home garden but also to the little organic matter input and frequently tillage of the cropland. The similar SOC among the home garden, woodlot and grazing lands may imply that the balance between inputs and outputs could be nearly similar for the land uses. Soil TN and CEC had a nearly similar pattern of difference as in SOC among the land uses because of their close relationship with SOC. In general, the land use influence on soil nutrients can be in the order: home garden > wood land » grazing land » cropland, with home garden showing the least difference from the woodlot and the greatest from the cropland. In the agroecosystem, in general, the influence of smallholding home garden on SOC and soil nutrient was marginally different from Eucalyptus woodlot and grazing lands but evidently different from cropland.

Keywords: cropland, grazing land, home garden, soc stock, soil nutrients, woodlot

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Authors: Sulihantoro, Muhamad Irga Fahreza

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Age of onset of the crisis makes more advanced understanding of the values of Islam that has been etched in architectural design. The majority Muslim mosque architecture designing buildings when they designed the architecture of Islam has always stuck in a cultural symbol, the shape of the facade, carving calligraphy, and all things that are closely related to the culture of the Middle East. As well as the interpretation of symbols, by designing a dome in every mosque, calligraphy carvings inside the mosque, and the other elements in the building which is interpreted by middle eastern culture. So here we have a problem understanding the meaning of Islam with kaf fah (overall), which appears distorted understanding to distinguish between cultural values and theological in design. This paper will try to evaluate the design of a contemporary mosque in Indonesia, with a case study in Masjid Kauman Yogyakarta Indonesia. building characteristics focused on the function of the building, history, aesthetics, comfort, and safety. The results of this study should be found on the evaluation of the integrated design of contemporary mosques are based on a study of the Quran and Hadith.

Keywords: characteristics, Islamic concept, culture, Kauman Mosque

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Authors: Shih-Fang Lo, Tzu-Wei Guo, Chih-Hsuan Lee

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Tropical fisheries are vulnerable to the physical and biogeochemical oceanic changes associated with climate change. Warmer temperatures and extreme weather have beendamaging the abundance and growth patterns of aquatic organisms. In recent year, the shrinking of fish stock and labor shortage have increased the threat to global aquacultural production. Thus, building a climate-resilient and sustainable mechanism becomes an urgent, important task for global citizens. To tackle the problem, Taiwanese fishermen applies the artificial intelligence (AI) technology. In brief, the AI system (1) measures real-time water quality and chemical parameters infish ponds; (2) monitors fish stock through segmentation, detection, and classification; and (3) implements fishermen’sprevious experiences, perceptions, and real-life practices. Applying this system can stabilize the aquacultural production and potentially increase the labor force. Furthermore, this AI technology can build up a more resilient and sustainable system for the fishermen so that they can mitigate the influence of extreme weather while maintaining or even increasing their aquacultural production. In the future, when the AI system collected and analyzed more and more data, it can be applied to different regions of the world or even adapt to the future technological or societal changes, continuously providing the most relevant and useful information for fishermen in the world.

Keywords: aquaculture, artificial intelligence (AI), real-time system, sustainable fishery

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Authors: Pascal Alberti, Mustapha Mouloua

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In today’s global market economy, various companies are often confronted with the dynamic and complex nature of current competitive markets. The dynamics of these markets are becoming more and more fluid, often requiring companies to provide competitive, definite advantages, and technological responses within increasingly shorte time frames. To meet these demands, companies must rely on the cognitive abilities of actors of creativity to provide tangible answers to the current contextual problems. Thus, it is important to provide a variety of instruments and design tools to support this particular stage of innovation, and to meet their demand expectations. For a number of years now, we have been extensively conducting experiments on the use of mind maps in the context of innovative projects with collaborative research teams from various nationalities. Our research findings reported a significant difference between a “Word” Mind Map and “Photographic” Mind Map, a correlation between the different uses of iconic tools and certain types of innovation, and a relationship between the different cognitive logics. In this paper, we will present our new results related to the effect of symmetrical presentation of a Photographic Mind Map" on the production of design solutions. Finally, we will conclude by highlighting the importance of our experimental method, and discussing both the theoretical and practical implications of our research.

Keywords: creativity, innovation, management, mind mapping, design product

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Authors: Yosra Makni Fourati, Sana Masmoudi Mardassi

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This paper investigates the effect of Book-tax conformity on audit quality regarding the proxies of audit fees, auditors’ industry specialization and audit report lag. Using a sample of Canadian firms listed on the Toronto Stock Exchange spanning the years 2006- 2016, we applied an Ordinary Least Squares (OLS) regression to test hypotheses of this research. The authors find that higher Book-tax conformity leads to lower audit fees. They also provide evidence that there is a negative association between Book-tax conformity and auditors’ industry specialization, whereas there is a positive association between Book-tax conformity and audit report lag. Overall, the findings are prominent to better understanding the effect of Book-tax conformity on audit quality and are relevant for academic researchers, practitioners, and regulators. As the paper investigates the relationship of Book-tax conformity and audit quality using a sample of Canadian firms, it brings original insights regarding the importance of audit fees and Book-tax conformity. In addition, it considers the role of auditor’s industry specialization in the relation between audit quality and Book-tax conformity by considering a sample listed on the Toronto Stock Exchange. This paper contributes to the existing literature by highlighting the Canadian setting, to our best knowledge. In addition, our results are prominent to the auditing literature as they introduce a different determinant of auditors’ industry specialization and audit report lag.

Keywords: audit fees, auditors' industry specialization, audit report lag, book-tax conformity

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Authors: Faustina Masocha

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This study sought to determine if the Covid-19 pandemic played a disruptive role in the signalling effect of dividend increases for the Top 40 companies listed on the Johannesburg Stock Exchange. With the use of Event Study Methodologies, it was found that dividend increases that were announced in the 2018 and 2019 financial years resulted in Cumulative Abnormal Returns (CARs) that were significantly different from zero, as confirmed by a p-value of 0,0300. This resulted in the conclusion that, under normal circumstances, dividend increases follow the precepts outlined in signalling theories which indicate that the announcement of dividend increases sent positive signals about the expected financial performance of a company. To prove the notion that Covid-19 plays a disruptive role on the signalling hypothesis, it was found from both parametric and non-parametric tests of significance that CARs related to dividend increases that were announced during the 2020 and 2021 financial years, when the Covid-19 pandemic was at its peak, were not significantly different from zero. Therefore, although the dividend increases still resulted in some CARs, such CARs were not statistically different from zero to confirm the signalling hypothesis. A p-value of 0.9830 from parametric t-tests and a p-value of 0.8971 from the Wilcoxon signed-rank test were used as a gauge that led to the conclusion that Covid-19 plays a disruptive effect on the signalling process of dividend increases.

Keywords: cumulative abnormal returns, dividend increases, event study methodology, signalling

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Authors: Adilla Anggraeni

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The purpose of the paper is to investigate the effects of religiosity and subjective knowledge towards initial trust that a consumer has towards a product manufacturer. Since globalization enters the point of no return, it should be acknowledged that further exploration of country of origin image, its influences and possible limiting factors is imperative. This model aims to broaden COO-related research, especially related to different product categories based on the perception of consumers in emerging markets. The study employs quantitative method, aiming to involve 200 Indonesian respondents to evaluate different product categories (food/apparel). Relationships between variables are evaluated using structural equation modeling. It is expected that subjective knowledge will have significant influence towards initial trust that an individual possesses towards food products. A major contribution of this study will be the inclusion of religiosity and subjective knowledge in the country of origin study’s body of knowledge. Companies are also expected to benefit from the study as the acceleration of globalization may again repose the question of whether companies should market their product using similar strategies across different countries or different ones. Religiosity dimension is expected to add values to international marketing literature concerning emerging economies in particular, as many companies view the emerging economies as promising markets.

Keywords: country of origin, subjective knowledge, initial trust, emerging economy, Indonesia

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Authors: Suha Hassen

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This research aims to untangle the complexity of conducting face-to-face interviews with 80 ex-Islamic State fighters, encompassing three groups: local Iraqis, Arabs from the Middle East, and international fighters from around the globe. Each interview lasted approximately two hours and was conducted in both Arabic and English, focusing on the motivations behind joining the Islamic State and the pathways and mechanisms facilitating their involvement. The phenomenon of individuals joining violent Islamist extremist and jihadist organizations is multifaceted, drawing substantial attention within terrorism and security studies. Organizations such as the Islamic State, Hezbollah, Hamas, and Al-Qaeda pose formidable threats to international peace and stability, employing various terrorist tactics for radicalization and recruitment. However, significant gaps remain in current studies, including a lack of firsthand accounts, an inadequate understanding of original narratives (religious and linguistic) due to abstraction and misinterpretation of motivations, and a lack of Arab women's perspectives from the region. This study addresses these gaps by exploring the cultural, religious, and historical complexities that shape the narratives of ex-ISIS fighters. The paper will showcase three distinct cases: one French prisoner, one Moroccan fighter, and a local Iraqi, illustrating the diverse motivations and experiences that contribute to joining and leaving extremist groups. The findings provide valuable insights into the nuanced dynamics of radicalization, emphasizing the need for gender-sensitive approaches in counter-terrorism strategies and deradicalization programs. Importantly, this research has practical implications for counter-narrative policies and early-stage prevention of radicalization. By understanding the narratives used by ex-fighters, policymakers can develop targeted counter-narratives that disrupt recruitment efforts. Additionally, insights into the mechanisms of radicalization can inform early intervention programs, helping to identify and support at-risk individuals before they become entrenched in extremist ideologies. Ultimately, this research enhances our understanding of the individual experiences of ex-ISIS fighters and calls for a reevaluation of the narratives surrounding women’s roles in extremism and recovery.

Keywords: Arab women in extremism, counter-narrative policy, ex-ISIS fighters in Iraq, radicalization

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Authors: Plessen Mogens Graf

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Within the context of multivariate time series segmentation, this paper proposes a method inspired by a posteriori optimal trading. After a normalization step, time series are treated channelwise as surrogate stock prices that can be traded optimally a posteriori in a virtual portfolio holding either stock or cash. Linear transaction costs are interpreted as hyperparameters for noise filtering. Trading signals, as well as trading signals obtained on the reversed time series, are used for unsupervised channelwise labeling before a consensus over all channels is reached that determines the final segmentation time instants. The method is model-free such that no model prescriptions for segments are made. Benefits of proposed approach include simplicity, computational efficiency, and adaptability to a wide range of different shapes of time series. Performance is demonstrated on synthetic and real-world data, including a large-scale dataset comprising a multivariate time series of dimension 1000 and length 2709. Proposed method is compared to a popular model-based bottom-up approach fitting piecewise affine models and to a recent model-based top-down approach fitting Gaussian models and found to be consistently faster while producing more intuitive results in the sense of segmenting time series at peaks and valleys.

Keywords: time series segmentation, model-free, trading-inspired, multivariate data

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Authors: Cesar Leines

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The social effects of the pandemic are significant and diverse, most of those effects have widened the gap of economic inequality. Without a doubt, each country faces difficulties associated with the strengths and weaknesses of its own institutions that can address these causes and consequences. Around the world, pricing practices that have no connection to production costs have been used extensively in numerous markets beyond those relating to the supply of essential goods and services, and although it is not unlawful to adjust pricing considering the increased demand of certain products, shortages and disruption of supply chains, illegitimate pricing practices may arise and these tend to transfer wealth from consumers to producers that affect the purchasing power of the former, making people worse off. High prices with no objective justification indicate a poor state of the competitive process in any market and the impact of those underlying competition issues leading to inefficiency is increased when national competition agencies are weak and ineffective in enforcing competition in law and policy. It has been observed that in those countries where competition authorities are perceived as weak or ineffective, price increases of a wide range of products and services were more significant during the pandemic than those price increases observed in countries where the perception of the effectiveness of the competition agency is high. When a perception is created of a highly effective competition authority, one which enforces competition law and its non-enforcement activities result in the fulfillment of its substantive functions of protecting competition as the means to create efficient markets, the price rise observed in markets under its jurisdiction is low. A case study focused on the effectiveness of the national competition agency in Mexico (COFECE) points to institutional weakness as one of the causes leading to excessive pricing. There are many factors that contribute to its low effectiveness and which, in turn, have led to a very significant price hike, potentiated by the pandemic. This paper contributes to the discussion of these factors and proposes different steps that overall help COFECE or any other competition agency to increase the perception of effectiveness for the benefit of the consumers.

Keywords: agency effectiveness, competition, institutional weakness, price gouging

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Authors: Sumeyra Yakar, Emine Enise Yakar

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Iran presents itself as Islamic, first and foremost, and thus, it can be said that sharī’a is the political and social centre of the states. However, actual practice reveals distinct interpretations and understandings of the sharī’a. The research can be categorised inside the framework of logic in Islamic law and theology. The first task of this paper will be to identify how the sharī’a is understood in Iran by mapping out how the judges apply the law in their respective jurisdictions. The attention will then move from a simple description of the diversity of sharī’a understandings to the question of how that diversity relates to social concepts and cultures. This, of course, necessitates a brief exploration of Iran’s historical background which will also allow for an understanding of sectarian influences and the significance of certain events. The main purpose is to reach an understanding of the process of applying sources to formulate solutions which are in accordance with sharī’a and how religious education is pursued in order to become official judges. Ultimately, this essay will explore the attempts to gain an understanding by linking the practices to the secondary sources of Islamic law. It is important to emphasise that these cultural components of Islamic law must be compatible with the aims of Islamic law and their fundamental sources. The sharī’a consists of more than just legal doctrines (fiqh) and interpretive activities (ijtihād). Its contextual and theoretical framework reveals a close relationship with cultural and historical elements of society. This has meant that its traditional reproduction over time has relied on being embedded into a highly particular form of life. Thus, as acknowledged by pre-modern jurists, the sharī’a encompasses a comprehensive approach to the requirements of justice in legal, historical and political contexts. In theological and legal areas that have the specific authority of tradition, Iran adheres to Shīa’ doctrine, and this explains why the Shīa’ religious establishment maintains a dominant position in matters relating to law and the interpretation of sharī’a. The statements and interpretations of the tradition are distinctly different from sunnī interpretations, and so the use of different sources could be understood as the main reason for the discrepancies in the application of sharī’a between Iran and other Muslim countries. The sharī’a has often accommodated prevailing customs; moreover, it has developed legal mechanisms to all for its adaptation to particular needs and circumstances in society. While jurists may operate within the realm of governance and politics, the moral authority of the sharī’a ensures that these actors legitimate their actions with reference to God’s commands. The Iranian regime enshrines the principle of vilāyāt-i faqīh (guardianship of the jurist) which enables jurists to solve the conflict between law as an ideal system, in theory, and law in practice. The paper aims to show how the religious, educational system works in harmony with the governmental authorities with the concept of vilāyāt-i faqīh in Iran and contributes to the creation of religious custom in the society.

Keywords: guardianship of the jurist (vilāyāt-i faqīh), imitation (taqlīd), seminaries (hawza), Shi’i jurisprudence

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Authors: Rong Wang, Sandra Hasanefendic, Elizabeth von Hauff, Bart Bossink

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Technological learning and learning curve models have been continuously used to estimate the photovoltaics (PV) cost development over time for the climate mitigation targets. They can integrate a number of technological learning sources which influence the learning process. Yet the accuracy and realistic predictions for cost estimations of PV development are still difficult to achieve. This paper develops four hypothetical-alternative learning curve models by proposing different combinations of technological learning sources, including both local and global technology experience and the knowledge stock. This paper specifically focuses on the non-linear relationship between the costs and technological learning source and their dynamic interaction and uses the system dynamics approach to predict a more accurate PV cost estimation for future development. As the case study, the data from China is gathered and drawn to illustrate that the learning curve model that incorporates both the global and local experience is more accurate and realistic than the other three models for PV cost estimation. Further, absorbing and integrating the global experience into the local industry has a positive impact on PV cost reduction. Although the learning curve model incorporating knowledge stock is not realistic for current PV cost deployment in China, it still plays an effective positive role in future PV cost reduction.

Keywords: photovoltaic, system dynamics, technological learning, learning curve

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Authors: Siti Napsiyah, Ismet Firdaus, Lisma Dyawati Fuaida, Ellies Sukmawati

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This paper examines the existence, role, and challenge of Family Service Agency, in Bahasa Indonesia known as Lembaga Konsultasi Kesejahteraan Keluarga (LK3) of Syarif Hidayatullah State Islamic University (UIN) Jakarta. It has been established since 2012. It is an official agency under the Ministry of Social Affairs of Indonesia. The establishment of LK3 aims to provide psychosocial services for families of students who has psychosocial problem in their life. The study also aims to explore the trend of psychosocial problems of its client (student) for the past three years (2014-2016). The research method of the study is using a qualitative social work research method. A review of selected data of the client of LK3 UIN Syarif Hidayatullah Jakarta around five main issues: Family background, psychosocial mapping, potential resources, student coping mechanism strategy, client strength and network. The study also uses a review of academic performance report as well as an interview and observation. The findings show that the trend of psychosocial problems of the client of LK3 UIN Syarif Hidayatullah Jakarta vary as follow: bad academic performance, low income family, broken home, domestic violence, disability, mental disorder, sexual abuse, and the like. LK3 UIN Syarif Hidayatullah Jakarta has significant roles to provide psychosocial support and services for the survival of the students to deal with their psychosocial problems. Social worker of LK3 performs indigenous social work practice: individual counseling, family counseling, group therapy, home visit, case conference, Islamic Spiritual Approach, and Spiritual Emotional Freedom Technique (SEPT).

Keywords: psychosocial, indigenizing social work, resiliency, coping mechanism

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Authors: Spyridon Plakoudas

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After the capture of Al-Raqqah and the defeat of the short-lived Islamic Caliphate in 2017, everyone predicted the end of ISIS. However, ISIS proved far more resilient than initially thought. The militant group quickly regrouped from its defeat and started a low-intensity guerrilla campaign in central Iraq (near Kirkuk and Mosul) and north-eastern Syria (near Deir ez-Zorr). At the same time, ISIS doubled down on its cyber-campaign; actually, ISIS is as active on the cyber-domain as during the peak of its power in 2015. This paper, a spin-off paper from a co-authored book on the Syrian Civil War (due to be published by Rowman and Littlefield), intends to examine how ISIS operates in the cyber-domain and how this "Cyber-Caliphate" under re-construction is associated with its post-2017 strategy. This paper will draw on the discipline of War Studies (with an emphasis on Cyber-Security and Insurgency / Counter-Insurgency) and will benefit from the insights of interviewed experts on the field (e.g., Hassan Hasssan). This paper will explain how the successful operation of ISIS in the cyber-space preserves the myth of the “caliphate” amongst its worldwide followers (against the odds) and sustains the group’s ongoing insurgency in Syria and Iraq; in addition, this paper will suggest how this cyber-threat can be countered best.

Keywords: ISIS, cyber-jihad, Syrian Civil War, cyber-terrorism, insurgency and counter-insurgency

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Authors: Abdul-Nasser El-Kassar, Walid Elgammal, Hisham Jawhar

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This paper studies the determinants of the dividends payout ratio. The factors affecting the dividends payout ratio are to be identified. The study focuses only on the cement and construction industry within the MENA region in an attempt to isolate any incoherent behavior. The factors under consideration are: sales growth, ROE, ROA, ROS, debt to equity ratio, firm size, and free cash flow. Data were collected from official stock exchange markets in addition to annual reports. The study considered all firms that paid dividend in each of the three consecutive years starting from 2010 till 2012. Out of the 123 listed firms that work in cement and construction industry in MENA region, only 19 paid dividends in the three consecutive years 2010-12. Our sample consists of the 19 firms (57 observations) which are selected according to purposive sampling. Moreover, the study uses the homogeneous subcategory within the purposive sampling since only similar firms in the construction industry had been examined. The outcome of the study provides a vital insight into the determinants of dividends payout ratio of companies in MENA region. The results showed that the dividend payout ratio has a strong and positive relationship with return on assets and strong but negative relationship with return on equity. On the other hand, the results detected weak relationships between dividend payout ratio and sale growth, debt to equity ratio, firm size, and free cash flow. The study suggests that board of directors tend to compensate shareholders and minimize the agency cost by distributing a high portion of profits in form of dividends whenever return on equity decreases. Also, when the performance of the firm improves, and hence return on assets increases, boards of directors are more generous in distributing profits.

Keywords: dividends payout ratio, profitability firm size, free cashflow, debt to equity ratio

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Authors: Dina Tawfic, Robert Hassan

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The current chapter addresses Al-Azhar's strategy to counter extremism in tandem with reflecting on the ideology of the Islamic establishment itself. The topic is motivated by the fact that some of the Western governments have been relying on Al-Azhar to counter the ideology of Islamist radicalism and violent extremism, in particular during the rise of the Islamic State in Syria and Iraq (known as ISIS/ ISIL/ Daesh) in 2014/2015. In his visit to Egypt in June 2016, Brett McGurk, the then U.S. envoy for the global coalition to counter ISIS, commended Al-Azhar’s “intellectual and reforming role” in refuting the ideology of extremism. On the other hand, Egyptian liberal intellectuals, such as Farag Fouda (1945- 1992) and Nasr Hamed Abu Zeid (1943-2010), had always questioned the ideological capability of Al-Azhar to counter extremism, citing the rigidity and resistance of the Islamic establishment to carry out genuine reformation. This chapter aims to discuss the following research questions: what is the strategy of Al-Azhar to counter extremism? Does Al-Azhar have a solid strategy to combat online propaganda produced by violent extremist groups? Is it applicable to identify Al-Azhar ideological identity? and is it capable of countering extremism? To answer these questions, I conducted intensive interviews with seven senior scholars and officials at Al-Azhar and the Endowments ministry from September to December 2020. Using a qualitative approach as a backdrop, this project uses semi-structured interviews to collect data. Participants were briefed on the purpose of the study and consented to be interviewed and to record their interviews. Some of the participants chose to conceal their names. All the interviews were conducted in Arabic via Zoom. The researcher then transcribed and translated the interviews into English. A purposive sample is used to select the seven interviewees, based on their prominence and experience in the field of counter-extremism and Al-Azhar affairs. The researcher uses a snowball sample to select the sample, in which a personal contact recommends other officials within the establishment.

Keywords: Al-Azhar, Egypt, Counter-Extremism, Political Islam, Ideology

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Authors: Anna Rhodora A. Solar, Jan Emil N. Langomez

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Social Media plays a crucial role in influencing Philippine public opinion with regard to a variety of socio-political issues. This became evident in the massacre of 44 members of the Special Action Force (SAF 44) tasked by the Philippine government to capture one of the US Federal Bureau of Investigation’s most wanted terrorists. The incident was said to be perpetrated by members of the Moro Islamic Liberation Front and the Bangsamoro Islamic Freedom Fighters. Part of the online discourse within Philippine cyberspace sparked intense debates on Filipino Muslim identity, with several Facebook viral posts linking Islam as a factor to the tragic event. Facebook is considered to be the most popular social media platform in the Philippines. As such, this begs the question of the extent to which social media, specifically Facebook, shape the perceptions of Filipinos on Filipino Muslims. This study utilizes Habermas’ theory of communicative action as it offers an explanation on how public sphere such as social media could be a network for communicating information and points of view through free and open dialogue among equal citizens to come to an understanding or common perception. However, the paper argues that communicative action which is aimed at reaching understanding free from force, and strategic action which is aimed at convincing someone through argumentation may not necessarily be mutually exclusive since reaching an understanding can also be considered as a result of convincing someone through argumentation. Moreover, actors may clash one another in their ideas before reaching common understanding, hence the presence of force. Utilizing content analysis on the Facebook posts with Islamic component that went viral after the massacre of the SAF 44, this paper argues that framing the image of Filipino Muslims through Facebook reflects both communicative and strategic actions. Moreover, comment threads on viral posts manifest force albeit implicit.

Keywords: communication, Muslim, Philippines, social media

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Authors: Dewan Ali Ahsan

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Hilsa (Tenualosa ilisha) is one of the most important anadromous fish species of the trans-boundary ecosystem of Bangladesh, India and Myanmar. Hilsa is not only an economically important species specially for Bangladesh and India, but also for the integral part of the culture of the Bangladesh and India. This flag-ship species in Bangladesh contributed alone of 10.82% of the total fish production of the country and about 75% of world’s total catch of hilsa comes from Bangladesh alone. As hilsa is an anadromous fish, it migrates from the Bay of Bengal to rivers for spawning, nursing and growing and for all of these purposes hilsa needs freshwaters. Ripe broods prefer turbid, fast flowing freshwater for spawning but young prefer clear and slow flowing freshwater. Climate change (salinity intrusion, sea level rise, temperature rise, impact of fresh water flow), unplanned developmental activities and other anthropogenic activities all together are severely damaging the hilsa stock and its habitats. So, climate change and human interferences are predicted to have a range of direct and indirect impacts on marine and freshwater hilsa fishery, with implications for fisheries-dependent economies, coastal communities and fisherfolk. The present study identified that salinity intrusion, siltation in river bed, decrease water flow from upstream, fragmentation of river in dry season, over exploitation, use of small mesh nets are the major reasons to affect the upstream migration of hilsa and its sustainable management. It has been also noticed that Bangladesh government has taken some actions for hilsa management. Government is trying to increase hilsa production not only by conserving jatka (juvenile hilsa) but also protecting the brood hilsa during the breeding seasons by imposing seasonal ban on fishing, restricted mesh size etc. Unfortunately, no such management plans are available for Indian and Myanmar territory. As hilsa is a highly migratory trans-boundary fish in the Bay of Bengal (and all of these countries share the same stock), it is essential to adopt a joint management policy (by Bangladesh-India-Myanmar) for the sustainable management for the hilsa stock.

Keywords: hilsa, climate change, south-east Asia, fishery management

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Authors: Abdul Mufid

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This study aims to integrate hadith, astronomy, and sociology studies in studying the accelerated implementation of the unification of the Hijri calendar through a multidisciplinary approach. The Hijri calendar is compiled based on the astronomical phenomena of regular movements of the earth, moon, and sun. Meanwhile, for the implementation of worship, the Hijri calendar must refer to the provisions of Islamic law or fiqh. To set the Hijri calendar, agreement on the criteria for the visibility of the new moon (first crescent), date limits, and absolute authority is required. Agreement on visibility criteria requires a valid basis for astronomical studies. Agreement on territorial boundaries is necessary because our earth is round, and the new moon cannot be observed simultaneously. And the agreement of the authorities is also needed to resolve unavoidable differences, especially differences in the appearance of the new moon and differences in schools of thought. The research is based on astronomical data, the experiences of Indonesia and Islamic countries regarding the Hijri calendar, in-depth and focused interviews with various sources, as well as a review of hadith literature. The results of the study show that the implementation of the unification of the Hijri calendar through the three approaches above can be carried out and can be accelerated.

Keywords: calendar unification, new moon (hilal) visibility, multidisciplinary approach, the unity of the Muslims

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Authors: Yula Milshteyn

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The present study focuses on the science of the “Soul” in Islamic Medieval Psychology.The main objective of the current essay is to analyze the concept of the “soul” in relation to “mental” disorders, in the philosophical psychology and medicinal treatise of Ibn Sina, a Muslim Persian physician-philosopher (known as Avicenna in the Western world) (981-1037 CE). The examination will concentrate on the nature of the soul, and the relationship of the soul to the body, as well as the manifestation of health and sickness in soul and body, The analysis draws on Avicenna’s Psychology (Kitab al-Najat or The Book of Salvation), Remarks and Admonitions (Al-isharat wa al-tanbihat), and the medical treatise – The Canon of Medicine (al-Qānūn fī al-Ṭibb). Avicenna’s psychology of the soul is primarily based on Aristotelian and Neo-platonic paradigms. For Avicenna, soul is a metaphysical, independent substance, which in modern terms implies independence of human consciousness from the material body. The soul however, is linked to the body and controls all its’ faculties or functions. It is suggested that in the specific case study of schizophrenia, it is a disorder pertained to both, soul and body and can be characterized as a multi-faceted neurobiological, physiological, psychological and metaphysical spiritual phenomenon.

Keywords: Avicenna, canon of the medicine, mental disorders, psychology, schizophrenia, soul-body

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