Search results for: islamic capital markets

Authors: Regine R. Villanueva

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The study looks into how a cultural industry such as Tesoro’s Philippine Handicrafts underwent the brand revitalization process throughout its 70 years of existence in the Philippine market. This study uses a historical approach which analyzes the changes in product development and promotional strategies. Similarly, its brand identity was determined as well in terms of its internal processes and archival data such as history, mission – vision, customer relations, products, and promotions. The product life cycle model and the brand identity planning model were used as theoretical framework for the study. The life cycle was used in historically tracing the company’s developments and changes in terms of its branding, more specifically the products, promotions, and identity. Interviews were conducted among informants who included the CEO and the heads of each department in the business. The researcher also utilized textual analysis to have an in-depth understanding of Tesoro’s’ brand identity portrayal through its advertisements. The results showed how the company has undergone a progressive and innovative transition in its life cycle. With the changing markets and increased competition, the brand started active promotions and engaged in product development. In terms of identity, they are branded as pioneers of the handicraft industry in the Philippines. They started their brand revitalization to be able to imbibe this identity to their consumers through advertisement communication and identifying their segmented markets.

Keywords: cultural industry, handicrafts, case study, philippines

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Authors: Koryukaeva Ksenia, Jinfeng Sun

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Europe has been a traditional importer of Russian natural gas for more than 50 years. In 2021, Russian state-owned company Gazprom supplied about a third of all gas consumed in Europe. The Russia-Europe mutual dependence in terms of natural gas supplies has been causing many concerns about the energy security of the two sides for a long period of time. These days the issue has become more urgent than ever considering recent Russian invasion in Ukraine followed by increased large-scale geopolitical conflicts, making the future of Russian natural gas supplies and global gas markets as well highly uncertain. Hence, the main purpose of this study is to get insight into the possible futures of Russian pipeline natural gas exports by a scenario planning method based on Monte-Carlo simulation within LUSS model framework, and propose Russian pipeline natural gas export strategies based on the obtained scenario planning results. The scenario analysis revealed that recent geopolitical disputes disturbed the traditional, longstanding model of Russian pipeline gas exports, and, as a result, the prospects and the pathways for Russian pipeline gas on the world markets will differ significantly from those before 2022. Specifically, our main findings show, that (i) the events of 2022 generated many uncertainties for the long-term future of Russian pipeline gas export perspectives on both western and eastern supply directions, including geopolitical, regulatory, economic, infrastructure and other uncertainties; (ii) according to scenario modelling results, Russian pipeline exports will face many challenges in the future, both on western and eastern directions. A decrease in pipeline gas exports will inevitably affect country’s natural gas production and significantly reduce fossil fuel export revenues, jeopardizing the energy security of the country; (iii) according to proposed strategies, in order to ensure the long-term stable export supplies in the changing environment, Russia may need to adjust its traditional export strategy by performing export flows and product diversification, entering new markets, adapting its contracting mechanism, increasing competitiveness and gaining a reputation of a reliable gas supplier.

Keywords: Russian natural gas, Pipeline natural gas, Uncertainty, Scenario simulation, Export strategy

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Authors: Phillip F. Blaauw, Anna M. Pretorius

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South Africa re-entered the international economy in the early 1990s, after Apartheid, at a time when globalisation was gathering momentum. Globalisation led to a more open economy, increased export volumes and a changed export mix. Manufacturing goods gained ground relative to mining products. After 21 years of democracy, South African researchers and policymakers need to evaluate the impact of international trade on the level of employment and compensation of employees in the South African manufacturing industry. This is important given the consistent and high levels of unemployment in South Africa. This paper has this evaluation as its aim. Two complimenting approaches are utilised. The 27 sub divisions of the South African manufacturing industry are classified according to capital/labour ratios. Possible trends in employment levels and employee compensation for these categories are then identified when comparing levels in 1995 to those in 2014. The supplementing empirical approach is cross-sectional and panel data regressions for the same period. The aim of the regression analysis is to explain the observed changes in employment and employee compensation levels between 1995 and 2014. The first part of the empirical approach revealed that over the 20-year period the intermediate capital intensive, labour intensive an ultra-labour intensive manufacturing industries all showed massive declines in overall employment. Only three of the 19 industries for these classifications showed marginal overall employment gains. The only meaningful gains were recorded in three of the eight capital intensive manufacturing industries. The overall performance of the South African manufacturing industry is therefore dismal at best. This scenario plays itself out for the skilled section of the intermediate capital intensive, labour intensive an ultra-labour intensive manufacturing industries as well. 18 out of the 19 industries displayed declines even for the skilled section of the labour force. The formal regression analysis supplements the above results. Real production growth is a statistically significant (95 per cent confidence level) explanatory variable of the overall employment level for the period under consideration, albeit with a small positive coefficient. The variables with the most significant negative relationship with changes in overall employment were the dummy variables for intermediate capital intensive and labour intensive manufacturing goods. Disaggregating overall changes in employment further in terms of skill levels revealed that skilled employment in particular responded negatively to increases in the ratio between imported and local inputs for manufacturing. The dummy variable for the labour intensive sectors remained negative and statistically significant, indicating that the labour intensive sectors of South African manufacturing remain vulnerable to the loss of employment opportunities. Whereas the first period (1995 to 2001) after the opening of the South African economy brought positive changes for skilled employment, continued increases in imported inputs displaced some of the skilled labour as well, putting further pressure on the South African economy with already high and persistent unemployment levels. Given the negative for the world commodity cycle and a stagnant local manufacturing sector, the challenge for policymakers is getting even more pronounced after South Africa’s political coming of age.

Keywords: capital/labour ratios, employment, employee compensation, manufacturing

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Authors: Yavuz Arat, Ugur Tuztasi, Mehmet Uysal

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Anatolia has been the host of many civilizations and a site where architectural structures of many cultural layers were interpreted. Most significantly the Turks who settled in Central Asia brought their architectural dynamics and cultural accumulation to Anatolia after the 12th century. The tomb structures first observed in Central Asia under the influence of Islamic faith and Turkish cultural heritage has blossomed under Great Seljuk Empire and with the Anatolian Seljuk Empire these tombs changed both in size and form with rich and beautiful samples from Ahlat to Sivas to Kayseri and Konya. This tomb tradition which started during 13th century has continued during the Ottoman Empire period with some alterations of form and evolved into the rarely observed mausoleum type tombs. The Ottoman tradition of building tombs inside mosque gardens and their forms present the clues of an important burial tradition. However this understanding was abandoned in 20th century Turkey. This tradition was abandoned with regard to legal regulations and health conditions. This study investigates the vestiges of this tradition and its spatial reflections over a sample. The present sample is representative of a tradition that started in 1970s and the case of building tombs inside mosque gardens will be illustrated over the tomb of Hacı Kemal Onsun and his wife which is located in Konya, the capital of the Anatolian Seljuks. The building process of this tomb will be evaluated with regard to burial traditions and architectural stylization.

Keywords: tomb, language of architectural form, Anatolian Seljuk tombs, Ottoman tombs

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Authors: Liza Ireni-Saban

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The 6.6 magnitude quake event that occurred in 2003 (Bam, Iran) made it impossible for the Iranian government to handle disaster relief efforts domestically. In this extreme event, the Iranian government reached out to the international community, and this created a momentum that had to be carried out by trust-building efforts on all sides, often termed ‘Disaster Diplomacy’. Indeed, the circumstances were even more critical when one considers the increasing political and economic isolation of Iran within the international community. The potential for transformative political space to be opened by disaster has been recognized by dominant international political actors. Despite the fact that Bam 2003 post-disaster relief efforts did not catalyze any diplomatic activities on all sides, it is suggested that few international aid agencies have successfully used disaster recovery to enhance their popular legitimacy and reputation among the international community. In terms of disaster diplomacy, an actor’s reputational capital may affect his ability to build coalitions and alliances to achieve international political ends, to negotiate and build understanding and trust with foreign publics. This study suggests that the post-disaster setting may benefit from using the ecology of games framework to evaluate the role of bridging actors and mediators in facilitating collaborative governance networks. Recent developments in network theory and analysis provide means of structural embeddedness to explore how reputational capital can be built through brokerage roles of actors engaged in a disaster management network. This paper then aims to structure the relations among actors that participated in the post-disaster relief efforts in the 2003 Bam earthquake (Iran) in order to assess under which conditions actors may be strategically utilized to serve as mediating organizations for future disaster events experienced by isolated nations or nations in conflict. The results indicate the strategic use of reputational capital by the Iranian Ministry of Foreign Affairs as key broker to build a successful coordinative system for reducing disaster vulnerabilities. International aid agencies rarely played brokerage roles to coordinate peripheral actors. U.S. foreign assistance (USAID), despite coordination capacities, was prevented from serving brokerage roles in the system.

Keywords: coordination, disaster diplomacy, international aid organizations, Iran

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Authors: Amira Khelil, Habib Affes

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Organization resource planning implementation success is important. Today`s competitors in business, in enterprise resource planning and in managing are becoming one of the main tools of achieving competitiveness in business. Resource technologies are considered as an infrastructure to create and maintain business to improve front and back-office efficiency and effectiveness. This study is significant to bring new ideas in determining the key antecedents which are technological resource planning implementation based on knowledge capacity perspectives and help to understand the key success factor in the Tunisian banks. Based on a survey of 150 front office Tunisian agents working in Tunisian banks with mixed capital, using Groupware system, only 51 respondents had given feedback to this survey. By using Warp PLS 3.0, through several tests the relationship between knowledge capability and Groupware implementation success having beta coefficient 0.37 and P-Value <0.01. This result highlights that knowledge capability of bank agent can influence the success of the Groupware implementation.

Keywords: groupware implementation, knowledge capacity, partial least squares method, Tunisian banks

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Authors: Sylvia O. Ogoanah, Khalifa Mustapha, Joshua E. Emedo

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Despite the call for wildlife conservation and sustainability, wildlife trade and bushmeat consumption seem to have reached an all-time high in Benin City, Southern Nigeria. This necessitated the survey of wildlife trade, otherwise called bushmeat, in selected markets in Benin City, Southern Nigeria, between December 2015 and May 2016 (dry season) and June to September (rainy season). Although the eight markets randomly selected within the urban and peri-urban areas operate daily, visits were made weekly to prevent double counting of the same live specimen. On each visit, counts were made of live specimens seen while those cut in parts and dried were identified by the vendors before photographing and recording. Quantitative data analysis was done using SPSS 14 software programs. A total of two thousand five hundred and eighty-nine (2589) bushmeat specimens comprising six mammals and a reptile were recorded for the rainy season. These included the grasscutter (Thryonomis swinderianus) with an abundance of 37.9%, duikers (Sylvicapra grimma) 31.8%, porcupines (Artherurus africanus) 25.0 %, alligators (Alligator mississipienus) 3.2%, pangolins (Manis tricuspis) 0.85%, bush-pig (Potachoerus porcus) 0.7%, and the white-throated monkey (Cercopithecus erythrogaster) 0.5%, respectively. The dry season sampling recorded nine thousand seven hundred and ninety-three (9793) specimens comprising four mammals and one reptile. Species recorded included Thryonomis swinderianus (grasscutters) 35.8%, Artherurus africanus (porcupine) 30.1%, Sylvicapra grimmia (duikers) 21.8%, Alligator mississipiensis (alligators) 6.18% with juveniles 2.27% and Manis tricuspis (pangolin) 3.58%, The designated Central bush meat market as well as markets in the peri-urban areas recorded the highest number of specimens. The three dominant species in both rainy and dry seasons were the grasscutters, porcupines, and duikers, with the grasscutter having the highest dominance of 37.9% and 35.8%, respectively. There was a significant difference between the rainy and dry season samplings p=0.001. The increase in specimens collected in the dry season could be due to greater exposure due to reduced vegetation cover. The high number of specimens arising from weekly sampling from markets that operate daily could be used as an estimation of wildlife specimens captured over the period. This poses a great threat to wildlife conservation as juveniles, as well as endangered species, are hunted indiscriminately. Educating the people with emphasis on the importance of sustainability and conservation, rearing of the grasscutter, which is in high demand and enforcement of existing laws on wildlife trade offenses would help in reducing threats to wildlife conservation.

Keywords: bushmeat consumption, conservation implications, Southern Nigeria, threats, wildlife trade

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Authors: Ahmed Aisa, Tariq Iqbal

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This letter talks about the ready-to-use design of a solar water heating system because, in Canada, the average consumption of hot water per person is approximately 50 to 75 L per day and the average Canadian household uses 225 L. Therefore, this paper will demonstrate the method of designing a solar water heating system with thermal storage. It highlights the renewable hybrid power system, allowing you to obtain a reliable, independent system with the optimization of the ingredient size and at an improved capital cost. The system can provide hot water for a big building. The main power for the system comes from solar panels. Solar Advisory Model (SAM) and HOMER are used. HOMER and SAM are design models that calculate the consumption of hot water and cost for a house. Some results, obtained through simulation, were for monthly energy production, annual energy production, after tax cash flow, the lifetime of the system and monthly energy usage represented by three types of energy. These are system energy, electricity load electricity and net metering credit.

Keywords: water heating, thermal storage, capital cost solar, consumption

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Authors: Michele Catalano, Jacopo Di Domenico, Luca Riccetti, Andrea Teglio

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We develop a data-driven agent based model (ABM) for the Italian economy. We calibrate the model for the initial condition and parameters. As a preliminary step, we replicate the Monte-Carlo simulation for the Austrian economy. Then, we evaluate the dynamic properties of the model: the long-run equilibrium and the allocative efficiency in terms of disequilibrium patterns arising in the search and matching process for final goods, capital, intermediate goods, and credit markets. In this perspective, we use a randomized initial condition approach. We perform a robustness analysis perturbing the system for different parameter setups. We explore the empirical properties of the model using a rolling window forecast exercise from 2010 to 2022 to observe the model’s forecasting ability in the wake of the COVID-19 pandemic. We perform an analysis of the properties of the model with a different number of agents, that is, with different scales of the model compared to the real economy. The model generally displays transient dynamics that properly fit macroeconomic data regarding forecasting ability. We stress the model with a large set of shocks, namely interest policy, fiscal policy, and exogenous factors, such as external foreign demand for export. In this way, we can explore the most exposed sectors of the economy. Finally, we modify the technology mix of the various sectors and, consequently, the underlying input-output sectoral interdependence to stress the economy and observe the long-run projections. In this way, we can include in the model the generation of endogenous crisis due to the implied structural change, technological unemployment, and potential lack of aggregate demand creating the condition for cyclical endogenous crises reproduced in this artificial economy.

Keywords: agent-based models, behavioral macro, macroeconomic forecasting, micro data

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Authors: M.J. Seddighi, Moradchelleh, M. Keyvan

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The ultimate goal in building a city is to provide pleasant, comfortable and nurturing environment as a context of public life. City environment establishes strong connection with people and their surrounding habitant, acting as relevance in social interactions between citizens itself. Urban environment and appropriate municipal facilities are the only way for proper communication between city and citizens and also citizens themselves.There is a need for complement elements between buildings and constructions to settling city life through which the move, comfort, reactions and anxiety will adjust and reflect the spirit to the city. In the surging development of society, urban’ spaces are encountered evolution, sometimes causing the symbols to fade and waste, and as a result, leading to destroy belongs among humans and their physical liquidate. Houses and living spaces exhibit materialistic reflection of life style. In the other words, way of life makes the symbolic essence of living spaces. In addition, it is of sociocultural factor of lifestyle, consisting the concepts and culture, morality, worldview, and national character. Culture is responsible for some crucial meaningful needs which can be wide because they depend on various causes such as perception and interpretation of believes, philosophy of life, interaction with neighbors and protection against climate and enemies. The bi-lateral relationship between human and nature is the main factor that needs to be properly addressed. It is because of the fact that the approach which is taken against landscape and nature has a pertinent influence on creation and shaping the structure of a house. The first response of human in tackling the environment is to build a “shelter” and place as dwelling. This has been a crucial factor in all time periods. In the proposed study, dwelling in Khorasgan’ Stream, as an area located in one of the important historical city of Iran, has been studied. Khorasgan’ Stream is the basic constituent elements of the present architectural form of Isfahan. The influence of Islamic spiritual culture and neighborhood with the historical elements on the dwelling of the selected location, subsequently on other regions of the town are presented.

Keywords: dwelling, neighborhood, historical, Islamic, architectural elements

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Authors: Sara Jelodarian

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Organic agriculture is a kind of living and dynamic agriculture that was introduced in the early 20^th century. The fundamental basis for organic agriculture is in harmony with nature. This version of farming emphasizes removing growth hormones, chemical fertilizers, toxins, radiation, genetic manipulation and instead, integration of modern scientific techniques (such as biologic and microbial control) that leads to the production of healthy food and the preservation of the environment and use of agricultural products such as forage and manure. Supports from governments for the markets producing organic products and taking advantage of the experiences from other successful societies in this field can help progress the positive and effective aspects of this technology, especially in developing countries. This research proves that till 2030, 25% of the global agricultural lands would be covered by organic farming. Consequently Iran, due to its rich genetic resources and various climates, can be a pioneer in promoting organic products. In addition, for sustainable farming, blend of organic and other innovative systems is needed. Important limitations exist to accept these systems, also a diversity of policy instruments will be required to comfort their development and implementation. The paper was conducted to results of compilation of reports, issues, books, articles related to the subject with library studies and research. Likewise we combined experimental and survey to get data.

Keywords: develop, production markets, progress, strategic role, technology

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Authors: Gunawan Prayitno, Kakuya Matshusima, Kiyoshi Kobayashi

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Indonesia’s rural regions are characterized by wide-spread poverty, under-employment, and surplus of low-skilled labor. The aim of this paper is to empirically prove the effect of social ties (strong and weak tie) as social capital construct on households’ migration decision in the case of developing country (Indonesia). The methodology incorporated indicators of observe variables (four demographic attributes data: income, occupation, education, and family members) and indicators of latent variables (ties to neighbors, ties to community and sense of place) provided by responses to survey questions to aid in estimating the model. Using structural equation model that we employed in Mplus program, the result of our study shows that ties to community positively have a significant impact to the decision of respondents (migrate or not). Besides, education as observed variable directly influences the migration decisions. It seems that higher level of education have impact on migration decision. Our current model so far could explain the relation between social capital and migration decision choice.

Keywords: migration, ties to community, ties to neighbors, education

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Authors: Meron Okbandrias

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The South African formal economy is rule-based economy, unlike most African and Asian markets. It has a highly developed financial market. In such a market, foreign migrants have dominated the small or spaza shops that service the poor. They are highly competitive and capture significant market share in South Africa. This paper analyses the factors that assisted the foreign migrants in having a competitive age. It does that by interviewing Somali, Bangladesh, and Ethiopian shop owners in Cape Town analysing the data through a narrative analysis. The paper also analyses the 2019 South African consumer report. The three migrant nationalities mentioned above dominate the spaza shop business and have significant distribution networks. The findings of the paper indicate that family, ethnic, and nationality based network, in that order of importance, form bases for a relationship-based business network that has trust as its mainstay. Therefore, this network ensures the pooling of resources and abiding by certain principles outside the South African rule-based system. The research identified practises like bulk buying within a community of traders, sharing information, buying from a within community distribution business, community based transportation system and providing seed capital for people from the community to start a business is all based on that relationship-based system. The consequences of not abiding by the rules of these networks are social and economic exclusion. In addition, these networks have their own commercial and social conflict resolution mechanisms aside from the South African justice system. Network theory and relationship based systems theory form the theoretical foundations of this paper.

Keywords: migrant, spaza shops, relationship-based system, South Africa

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Authors: Fatimh Alshahri, Muna Alqahtani

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The specific activities of 238U, 226Ra, 40K and 222Rn in chemical fertilizers were measured using gamma ray spectrometer and Cr-39 detector. In this study 21 chemical fertilizers were collected from Eastern Saudi Arabia markets. The specific activities of 238U ranged from 23 ± 0.5 to 3900 ± 195 Bq kgˉ¹, 226Ra ranged from 5.6 ± 2.8 to 392 ± 18 Bq kgˉ¹ and 40K ranged from 18.4 ± 3 to 16476 ± 820 Bq kgˉ¹. The radon concentrations and the radon exhalation rates were found to vary from 3.2 ± 1.2 to 1531.6 ± 160 Bq mˉ³ and from 1.6 to 773.7 mBq mˉ² hˉ¹, respectively. Radium equivalent activities (Raeq) were calculated for the analyzed samples to assess the radiation hazards arising due to the use of these chemical fertilizers in the agriculture soil. The Raeq for Six local samples (NPK and SSP) and one imported sample (SOP) were greater than the acceptable value 370 Bq kgˉ¹. The total air absorbed doses rates in air 1 m above the ground (D) were calculated for all samples. All samples, except one imported granule sample (DAP), were higher than the estimated average global terrestrial radiation of 55 nGy hˉ¹. The highest annual effective dose was in TSP fertilizers (2.1 mSvyˉ¹). The results show that the local TSP, imported SOP and local NPK (sample 13) fertilizers were unacceptable for use as fertilizers in agricultural soil. Furthermore, the toxic elements and trace metals (Pb, Cd, Cr, Co, Ni, Hg and As) were determined using atomic absorption spectrometer. The concentrations of chromium in chemical fertilizers were higher than the global values.

Keywords: chemical fertilizers, 238U, 222Rn, trace metals, Saudi Arabia

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Authors: Mohammad Anwarul Kabir, Fayezul Islam

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Language invariably is learned / taught to be used primarily as means of communications. Teaching a language for its native audience differs from teaching it to non-native audience. Moreover, teaching a language for communication only is different from teaching it for specific purposes. Arabic language is primarily regarded as the language of the Quran and the Sunnah (Prophetic tradition). Arabic is, therefore, learnt and spread all over the globe. However, Arabic is also a cultural heritage shared by all Islamic nations which has used Arabic for a long period to record the contributions of Muslim thinkers made in the field of wide spectrum of knowledge and scholarship. That is why the phenomenon of teaching Arabic by different educational institutes became quite rife, and the idea of teaching Arabic for specific purposes is heavily discussed in the academic sphere. Although the number of learners of Arabic is increasing consistently, yet their purposes vary. These include religious purpose, international trade, diplomatic purpose, better livelihood in the Arab world extra. By virtue of this high demand for learning Arabic, numerous institutes have been established all over the world including Bangladesh. This paper aims at focusing on the current status of the language institutes which has been established for learning Arabic for specific purposes in Bangladesh including teaching methodology, curriculum, and teachers’ quality. Such curricula and using its materials resulted in a lot of problems. The least, it confused teachers and students as well. Islamic educationalists have been working hard to professionally meet the need. They are following a systematic approach of stating clear and achievable goals, building suitable content, and applying new technology to present these learning experiences and evaluate them. It also suggests a model for designing instructional systems that responds to the need of non-Arabic speaking Islamic communities and provide the knowledge needed in both linguistic and cultural aspects. It also puts forward a number of suggestions for the improvement of the teaching / learning Arabic for specific purposes in Bangladesh after a detailed investigation in the following areas: curriculum, teachers’ skills, method of teaching and assessment policy.

Keywords: communication, Quran, sunnah, educational institutes, specific purposes, curriculum, method of teaching

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Authors: Muhammad Tayyab Sohail, Li Jiangfeng

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This study aimed at characterizing land cover dynamics for about three decades in capital city of Pakistan Islamabad. The specific objectives were identifying and map the major land cover types in 1993, 2002 and 2014 and check the reduction of greenery and urbanization rate and its some environments aspects. The study showed that overall grasslands decreased in the prescribed period. The key hotspots of these changes were distributed in all directions of the study area, but at different times. Urbanization is increasing every year in this city but the policies for this number of people are not sufficient to meet their living standard requirements. Apart from it, there is also an impact of urbanization on environmental related problems. Underground water is going down and down, traffic related issue and other associated problems are part of this research. Therefore, policies that integrate restoration and conservation of natural ecosystems with enhancement of agricultural productivity are strongly recommended. This will ensure environmental sustainability and socio-economic well-being in the area. Future research needs to address the problems related to urbanization and need to clarify the problems and solve it on high priority.

Keywords: land, Islamabad, water, urban

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Authors: Zidane Abderrezzaq

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In contrast to recent successful developments in macro monetary policies, the modelling, measurement and management of systemic financial stability has remained problematical. Indeed, the focus of most effort has been on improving individual, rather than systemic, bank risk management; the Basel II objective has been to bring regulatory bank capital into line with the (sophisticated) banks’ assessment of their own economic capital. Even at the individual bank level there are concerns over appropriate diversification allowances, differing objectives of banks and regulators, the need for a buffer over regulatory minima, and the distinction between expected and unexpected losses (EL and UL). At the systemic level the quite complex and prescriptive content of Basel II raises dangers of ‘endogenous risk’ and procyclicality. Simulations suggest that this latter could be a serious problem. In an extension to the main analysis we study how liquidity effects interact with banking structure to produce a greater chance of systemic breakdown. We finally consider how the risk of contagion might depend on the degree of asymmetry (tiering) inherent in the structure of the banking system. A number of our results have important implications for public policy, which this paper also draws out.

Keywords: systemic stability, financial regulation, credit risk, systemic risk

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Authors: Adji Achmad Rinaldo Fernandes

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Path analysis is an analytical technique to study the causal relationship between independent and dependent variables. In this study, the integration of Clusters in the Ward Linkage method was used in a variety of clusters with path analysis. The variables used are character (x₁), capacity (x₂), capital (x₃), collateral (x₄), and condition of economy (x₄) to on time pay (y₂) through the variable willingness to pay (y₁). The purpose of this study was to compare the Ward Linkage method cluster integration in various clusters with path analysis to classify willingness to pay (y₁). The data used are primary data from questionnaires filled out by customers of Bank X, using purposive sampling. The measurement method used is the average score method. The results showed that the Ward linkage method cluster integration with path analysis on 2 clusters is the best method, by comparing the coefficient of determination. Variable character (x₁), capacity (x₂), capital (x₃), collateral (x₄), and condition of economy (x₅) to on time pay (y₂) through willingness to pay (y₁) can be explained by 58.3%, while the remaining 41.7% is explained by variables outside the model.

Keywords: cluster integration, linkage, path analysis, compliant paying behavior

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Authors: Qazi Sarah Rasheed

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Feminism and religion have been regarded as opposing binaries. The reason being that religion is regarded as a tool to legitimize the patriarchal control over women, and therefore, it stands in contrast with the basic feminist principle of gender equity. Hence, the issue of incompatibility between religion and gender parity is often discussed by the feminist as well as secular/liberal discourses, but the feminist discourse has suffered a serious backlash in the recent times for it alienates those women who want to liberate but not at the expense of their religious identity. Though in the Western feminist thought, religion is regarded as a tool of patriarchy that promotes women’s suppression, but for many women, religion can be a source of liberation that advances their rights. The feminists in general, fail to realize that religion, as a social phenomenon may not necessarily promote a series of dogmatic doctrines which are inevitably retrogressive or instinctively status-quoist especially when it comes to the social reforms affecting gender orders. The traditional institution of religion could be instrumental to provide what the women in contemporary situation demand. This paper highlights how the Muslim women in India negotiate and mediate this opposition in an Islamic context. To advance the socio-legal recognition of women’s rights, they question the male privilege and patriarchy in a meaningful way without challenging their Islamic doctrines and try to build a feminist consciousness from within religion.

Keywords: feminism, Islam, Muslim women's rights, religious identity

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Authors: Asma Moomal, Zukarnain Zakaria

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In this uncertain, highly competitive and hasty moving era, most of the organizations are surviving under the pressure of complex dynamics, fierce competition and many challenges in terms of global talent management within the global market. One key result of these challenges is that the organizations have to be organized and good at handling human capital if they want to gain sustainable and steady success in near future. By keeping in mind the importance of global competition, many human resource (HR) professionals are diagnosing the complexities in managing talent of human capital at global level, especially those of multinational enterprises (MNEs). As, there has been little research in the country regarding identification of the GTM in MNEs, this paper reviewed the relevant literature in order to examine the role of GTM strategies in enhancing the organizational development in the MNEs of Malaysia. The data collection technique used in this study was done through the secondary data resources (i.e. the existing literature analysis). This study contributes to extend our understanding of the impact of GTM on organizational development of MNEs within the country.

Keywords: Global Talent Management (GTM), multinational enterprises (MNEs), organizational development, talent

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Authors: Hasna Elalaoui Elabdallaoui, Abdelaziz Elfazziki, Mohamed Sadgal

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Outlines: The social economy is a moral approach to solidarity applied to the projects’ development. To reconcile economic activity and social equity, crowdfunding is as an alternative means of financing social projects. Several collaborative blockchain platforms exist. It eliminates the need for a central authority or an inconsiderate middleman. Also, the costs for a successful crowdfunding campaign are reduced, since there is no commission to be paid to the intermediary. It improves the transparency of record keeping and delegates authority to authorities who may be prone to corruption. Objectives: The objectives are: to define a software infrastructure for projects’ participatory financing within a social and solidarity economy, allowing transparent, secure, and fair management and to have a financial mechanism that improves financial inclusion. Methodology: The proposed methodology is: crowdfunding platforms literature review, financing mechanisms literature review, requirements analysis and project definition, a business plan, Platform development process and implementation technology, and testing an MVP. Contributions: The solution consists of proposing a new approach to crowdfunding based on Islamic financing, which is the principle of Mousharaka inspired by Islamic financing, which presents a financial innovation that integrates ethics and the social dimension into contemporary banking practices. Conclusion: Crowdfunding platforms need to secure projects and allow only quality projects but also offer a wide range of options to funders. Thus, a framework based on blockchain technology and Islamic financing is proposed to manage this arbitration between quality and quantity of options. The proposed financing system, "Musharaka", is a mode of financing that prohibits interests and uncertainties. The implementation is offered on the secure Ethereum platform as investors sign and initiate transactions for contributions using their digital signature wallet managed by a cryptography algorithm and smart contracts. Our proposal is illustrated by a crop irrigation project in the Marrakech region.

Keywords: social economy, Musharaka, blockchain, smart contract, crowdfunding

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Authors: Julia Reinold, Inge Hooijen, Christoph Meng, Melissa Siegel

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This paper investigates whether or not students intend to stay in the Euregio Meuse-Rhine (EMR) after graduation taking into account the role of hard and soft locational factors, social factors as well as demographic aspects in shaping their mobility preferences. Since graduates are considered a convenient source of human capital in today’s knowledge based economy, it is crucial to understand what drives their mobility intentions in order to retain larger numbers of graduates. This is particularly true for peripheral regions, which need to compete with assumed more attractive economic centres. This paper adds a euregional perspective to the existing literature on graduate migration. Using survey data from 2015 from five higher education institutions in the EMR, this paper finds that mobility intentions are determined by students’ perceptions of the quality of life, openness and career opportunities in the euroregion. In addition, distance to the partner and other social ties such as family and friends influence migration intentions.

Keywords: Euroregion, graduate migration, highly skilled migration, human capital

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Authors: Michael F. Mascolo

Abstract:

Western democratic traditions are being strained. Western nations are losing the common agonistic ground needed to engage in traditional forms of democracy – adversarial debate, voting, and the peaceful transfer of power. Political polarization among party elites has become commonplace. Because it seeks to resolve conflict through the integration of opposites, a dialectical approach to resolving partisan conflict offers the promise of helping political partisans bridge ideological divides. This paper contains an analysis of dialectical engagement as a collaborative alternative to adversarial politics. Dialectical engagement involves two broad phases: collaborative political problem-solving and dialectical problem-solving. The paper contains a description of an 18-month longitudinal study assessing the effectiveness of dialectical engagement as a method for bridging divides on contentious socio-political issues. The study shows how dialectical engagement produced dramatic consensus among a small group of individuals from different political orientations as they worked together to resolve the issue of capital punishment.

Keywords: collaborative democracy, dialectical thinking, capital punishment, partisan conflict

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Authors: Ayushi Modi, Eliot Bochet-Merand

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This study investigates the structural determinants of green strategies among Small and Medium Enterprises (SMEs) in the European Union and select countries, utilizing data from the Flash Eurobarometer 498 - SMEs, Resource Efficiency, and Green Markets. By applying sequential logit analysis, we explore the drivers behind the adoption and scaling of green actions, such as resource efficiency, waste management, and product innovation, while also examining the provision of green products and services. A key contribution of this research is the novel distinction between the process stage (green actions) and the product stage (green outputs), allowing for a deeper analysis of how green initiatives translate into sustainable business outcomes. Our findings reveal that structural characteristics, such as firm size, sector, and turnover growth, significantly influence the likelihood of both providing green products and implementing comprehensive green actions. Smaller, younger firms in high-impact sectors like construction and industry are more likely to engage in sustainability efforts, particularly when they have a green strategy and a dedicated green workforce. Furthermore, companies serving B2B and B2C clients and experiencing turnover growth are more inclined to offer green products. The study underscores the economic implications of these insights, suggesting that financial flexibility, strategic commitment, and human capital investments are critical for scaling green initiatives. By refining variables and excluding heterogeneous countries, our data management ensures robust results. This research provides novel insights into the distinct roles of process and product stages in sustainability, offering valuable policy recommendations for promoting environmental performance in SMEs.

Keywords: green strategy, resource efficiency, SMES, sustainability, product innovation, environmental performance

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Authors: Santosh Kumar Sharma

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In view of management education with special reference to India, it has been noted that students have deviations between their career anchors and domain of specialization. As a consequence, they face problems in their summer internships and placements in the corporate sector. Eventually, they either change their career track or leave the management profession, which is a serious concern from the perspective of human capital. However, there is no substantial literature in the given context. Therefore, the present study contributes to the global discourse of management education and its spillover effect on human resource management. The objective of the present study is to analyze the deviation between career anchors and domain specialization with reference to management education in India. The present study is exploratory in nature, wherein data has been collected from a significant number of post-graduate students who are pursuing management education from a premium business school in India, followed by descriptive analysis. The present research contributes to the professional development of management students from the perspective of human capital, which is eventually related to various factors of the Indian economy.

Keywords: India, management education, domain specialization, placements

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Authors: Kolawole Oyekan

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Torture, cruel, inhuman and degrading treatment is one of the issues dealt with by the United Nations in its development of human rights standard. Torture and other ill -treatments is banned at all times in all places including in times of war. There is no justification for torture, cruel, inhuman and degrading treatment under any law in Nigeria. All statutes; local, regional and international on human rights prohibits all forms of degrading treatment. This paper examines the definition of torture, inhuman and degrading treatment and the prevalence of confessional statements obtain through torture by security agencies during the interrogation of crime suspects and are mostly relied upon during trial even in cases involving capital punishment. The paper further reviews the Violence against Persons Prohibition Act 2015 which prohibits torture and other forms of ill-treatment. Presently, the Act is applicable only to the federal Federal Capital Territory, Abuja. Consequently, the paper concludes that the Act should be adopted as a matter of urgency by the 36 states of the Federation of Nigeria and in addition, cogent steps must be taken to ensure that the provisions of the Act are strictly complied with in order to eliminate torture, cruel and inhuman degrading treatment in Nigeria.

Keywords: confessional statement, human rights, torture, United Nations

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Authors: Amany Abdelrazek

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Fashion is considered the main feature of modern and postmodern capitalist and consumerist society. Consumer historians maintain that fashion, namely, a sector of people embracing a prevailing clothing style for a short period, started during the Middle Ages but gained popularity later. It symbolised the transition from a medieval society with its solid fixed religious values into a modern society with its secular consumer dynamic culture. Renaissance society was a modern secular society concerning its preoccupation with daily life and changing circumstances. Yet, the late 18th-century industrial revolution revolutionised thought and ideology in Europe. The Industrial Revolution reinforced the Western belief in rationality and strengthened the position of science. In such a rational Western society, modernity, with its new ideas, came to challenge the whole idea of old fixed norms, reflecting the modern secular, rational culture and renouncing the medieval pious consumer. In modern society, supported by the industrial revolution and mass production, fashion encouraged broader sectors of society to integrate into fashion reserved for the aristocracy and royal courts. Moreover, the fashion project emphasizes the human body and its beauty, contradicting Judeo-Christian culture, which tends to abhor and criticize interest in sensuality and hedonism. In mainstream Western discourse, fashionable dress differentiates between emancipated stylish consumerist secular modern female and the assumed oppressed traditional modest religious female. Opposing this discourse, I look at the controversy over what has been called "Islamic fashion" that started during the 1980s and continued to gain popularity in contemporary Egyptian society. I discuss the challenges of being a fashionable and Muslim practicing female in light of two prominent models for female "Islamic fashion" in postcolonial Egypt; Jasmin Mohshen, the first hijabi model in Egypt and Manal Rostom, the first Muslim woman to represent the Nike campaign in the Middle East. The research employs fashion and postcolonial theories to rethink current Muslim women's position on women's emancipation, Western modernity and practising faith in postcolonial Egypt. The paper argues that Muslim women's current innovative and fashionable dress can work as a counter-discourse to the Orientalist and exclusive representation of non-Western Muslim culture as an inherently inert timeless culture. Furthermore, "Islamic" fashionable dress as an aesthetic medium for expressing ideas and convictions in contemporary Egypt interrogates the claim of universal secular modernity and Western fashion theorists' reluctance to consider Islamic fashion as fashion.

Keywords: fashion, muslim women, modernity, secularism

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Authors: Norazilawati Binti Md Dahlal, Nabiila Binti Mat Yusoff, Anis Najiha Binti Ahmad

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With the increasing demand for halal products, there is a growing emphasis on ensuring their quality and adherence to halal standards. However, the vulnerability of halal goods to fraud and adulteration poses a significant challenge to the integrity of the halal industry. Whistleblowers play a pivotal role in safeguarding the safety and integrity of halal food by exposing wrongdoings, misconduct, and fraudulent practices. This study explores the implementation of whistleblowing practices aligned with halal and toyyib principles to effectively address halal food fraud issues. Whistleblowing is defined as the act of disclosing information about misconduct, immorality, or unlawful activities to relevant authorities or the public. Although whistleblowing is universally recognized as beneficial, it exposes whistleblowers to substantial risks, including career setbacks, reputation damage, and personal safety threats. Despite legal protections, whistleblowers often face retaliation and hesitancy to come forward. By integrating the principles of halal and toyyib, which encompass the physical and spiritual as well as material and supernatural elements, effective whistleblowing practices can be developed. These principles include the physical characteristic of the product in accordance with Shari’ah law (P1); products that are sourced ethically and responsibly (P2); Products that meet high standard of quality and safety (P3); functioning as servant and caliph of Allah in managing according to Allah's commands and prohibitions (P4); not excessively wasteful or extravagant (P5); positive moral and spiritual implications associated with the product (P6); and aimed at achieving prosperity in both this life and the Hereafter (P7). Employing a quantitative research approach, this study examines Islamic primary data sources and secondary data sources to investigate the prevalence and impact of whistleblowing in the halal industry. By analyzing the principles of halal and toyyib and exploring the importance of whistleblowing effective whistleblowing practices, this research aims to enhance our understanding of promoting accountability and justice within the halal industry from an Islamic perspective.

Keywords: whistleblowing, halal and toyyib, food fraud, halal integrity, Islamic practices

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Authors: Wangshi Yong, Wei Shi, Jing Zou, Qiang Li, Yilin Tian

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With the advancement of the reform of China’s housing security system, the impact is becoming increasingly profound. This paper explores the relationship between the housing security system and household entrepreneurship on the 2017 China Household Finance Survey (CHFS) and conducts a large number of robustness checks, including PSM and IV estimation. The results show that the assistance of the housing security system will significantly promote family entrepreneurship, increasing the probability of entrepreneurship by 2%. Its internal mechanism is mainly achieved by relaxing liquidity constraints and increasing household social capital. However, the risk preference effect has not existed. Heterogeneity analysis shows that the positive impact of the housing security system on family entrepreneurship is mainly reflected in areas with high housing prices and incomes, as well as households with long-term security and social or commercial insurance. Meanwhile, it also verifies that the positive externalities of the housing security system will also positively affect active entrepreneurial motivation, entrepreneurial intensity, and entrepreneurial innovation.

Keywords: the housing security system, household entrepreneurship, social capital, liquidity constraints, risk preference

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Authors: Mahdi Karazmodeh, Pooyan Jafari

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

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

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