Search results for: Dubai world Islamic finance arbitration center

Authors: Rahasanica Nariswari Pratiwi, Maulana Syaiful Haq

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The role of accounting in Islamic Banking is not only as economic reality but also as religious reality. Religious reality constructed by religious value in annual report of Islamic Bank. Thus, the purpose of this paper is to understand and analyze the existence of religious values by form of photographs in annual report, and to analyze the reason of religious values disclosure in annual report. Ontologically, this study is build on a belief that annual report is a communication media to show the ways Islamic Banks express adherence to sharia principle. The research has done by analyzing the photographs in annual report of Bank Syariah Mandiri (BSM), Bank Muamalat Indonesia (BMI), Bank Nasional Indonesia (BNI) Syariah, Bank Rakyat Indonesia (BRI) Syariah, and Bank Central Asia (BCA) Syariah in Indonesia. This study is qualitative research, was carried out within interpretive paradigm using semiotic approach. By employing semiotic analysis, this research showed that annual report of Islamic Bank in Indonesia contained religious value by the form of its photographs. The results of this study also show that photographs in annual report of Islamic Banks in this research contained religious values. Furthermore, this study concludes that Islamic banks actually expressed religious reality and make them different from the other bank’s annual report which focuses only on economic reality. This indicates Islamic Banks obidience existence about responsibility, not only to the stakeholders but also to the society and Allah.

Keywords: Islamic banking, semiotics, accounting, annual report

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Authors: Shuruq Ghazi Nahhas

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Islamic art is a decorative art that depends on repeating motifs in various shapes to cover different surfaces. Each motif has its own characteristics and style that may reflect different Islamic periods, such as Umayyad, Abbasid, Fatimid, Seljuk, Nasrid, Ottoman, and Safavid. These periods were the most powerful periods which played an important role in developing the Islamic motifs. Most of these motifs of the Islamic heritage were not used in new applications. This research focused on reviving the vegetal Islamic motifs found on Islamic heritage and redesign them in a new format to decorate various products, including scarfs, cushions, coasters, wallpaper, wall art, and boxes. The scarf is chosen as one element of these decorative products because it is used as accessories to add aesthetic value to fashion. A descriptive-analytical method is used for this research. The process started with extracting and analyzing the original motifs. Then, creating the new motifs by simplifying, deleting, or adding elements based on the original structure. Then, creating repeated patterns and applying them to decorative products. The findings of this research indicated: repeating patterns based on different structures creates unlimited patterns. Also, changing the elements of the motifs of a pattern adds new characteristics to the pattern. Also, creating frames using elements from the repeated motifs adds aesthetic and contemporary value to decorative products. Finally, using various methods of combining colors creates unlimited variations of each pattern. At the end, reviving the Islamic motifs in contemporary vision enriches decorative products with aesthetic, artistic, and historical values of different Islamic periods. This makes the decorative products valuable that adds uniqueness to their surroundings.

Keywords: Islamic motifs, contemporary patterns, scarfs, decorative products

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Authors: Maryam Bakhtyar, Pegah Akrami

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Intuitional insight or mystical cognition is a different insight from common, concrete and intellectual insights. This kind of insight is not achieved by visionary contemplation but by the recitation of God, self-purification, and mystical life. In this insight, there is no distance or medium between the subject of cognition and its object, and they have a sort of unification, unison, and incorporation. As a result, knowledgeable consider this insight as direct, immediate, and personal. The goal of this insight is God, cosmos’ creatures, and the general inner and hidden aspect of the world that is nothing except God’s manifestations in the view of mystics. AS our common cognitions have diversity and stages, intuitional insight also has diversity and levels. As our senses are divided into concrete and rational, mystical discovery is divided into superficial discovery and spiritual one. Based on Islamic mystics, the preferable way to know God and believe in him is intuitional insight. There are two important criteria for evaluating mystical intuition, especially for beginner mystics of intellect and revelation. Indeed, the conclusion and a brief evaluation of Islamic mystics’ viewpoint is the main subject of this paper.

Keywords: intuition, discovery, mystical insight, personal knowledge, superficial discovery, spiritual discovery

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Authors: Yasmin Umar Assegaf, Falikhatun, Salamah Wahyuni

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This study aims to provide empirical evidence about the influence of Islamic Corporate Social Responsibility Disclosures of the financial performance of Islamic banking with the characteristics of the company, as a control variable in Islamic banking in Indonesia. ICSR disclosures are an independent variable, while the Financial Performance is the dependent variable (proxied by Return on Assets (ROA), Return on Equity (ROE), Income Expense Ratio (IER), and Non-net Interest Margin (NIM). The control variables used are firm size, firm age and the type of audit. The population of the study was all Islamic Banks (BUS) operate in Indonesia. The research sample is Islamic Commercial Bank which has existed in Indonesia since 2002 and publishes financial statements between the years of 2007-2011. The sample of the study were include 31 Annual Report published. The results of this study concluded that there are significant influences between the ICSR Disclosures and financial performance. The disclosure is partially effect on ROA, IER and NIM, whereas there is no influence on ROE. Further result shows that all control variables (Firm Size, Age, and Type of Audit Companies) does not have any influence on ICSR Disclosures in Indonesia. This research gives a suggestion for further research to compare these ICSR disclosures in Indonesia with ICSR disclosures in other countries that have Islamic banking, by using other measure variables of financial performance, to get more comprehensive model and real picture.

Keywords: ROA, ROE, IER, NIM, company size, age of the company, audit type, Islamic banking

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Authors: Barbora Chmelíková

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Financial literacy is a widely discussed topic on the national and international level by governments, organizations and academia. For this reason this study analyses financial knowledge, financial behavior and financial attitudes of students of finance. The aim of the paper is to determine whether the financial literacy of university students studying finance differs from the level of financial literacy in selected OECD countries. The research was conducted at Masaryk University in the Czech Republic. The empirical study comprises questions related to several aspects of financial literacy, as well as socio-demographic data enabling more thorough analysis. The results indicate that improvement in financial literacy of university students is still required, even though their major is finance related.

Keywords: financial literacy, financial behavior, personal finance management, university students

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Authors: Basyir Yaman, Fades Br. Gultom

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The picture and pattern of Islamic education in the Prophet's period in Mecca and Medina is the history of the past that we need to bring back. The Basic Education Institute called Kuttab. Kuttab or Maktab comes from the word kataba which means to write. The popular Kuttab in the Prophet’s period aims to resolve the illiteracy in the Arab community. In Indonesia, this Institution has 25 branches; one of them is located in Semarang (i.e. Kuttab Al-Fatih). Kuttab Al-Fatih as a non-formal institution of Islamic education is reserved for children aged 5-12 years. The independently designed curriculum is a distinctive feature that distinguishes between Kuttab Al-Fatih curriculum and the formal institutional curriculum in Indonesia. The curriculum includes the faith and the Qur’an. Kuttab Al-Fatih has been licensed as a Community Activity Learning Center under the direct supervision and guidance of the National Education Department. Here, we focus to describe the implementation of curriculum Kuttab Al-Fatih Semarang (i.e. faith and al-Qur’an). After that, we determine the relevance between the implementation of the Kuttab Al-Fatih education system with the formal education system in Indonesia. This research uses literature review and field research qualitative methods. We obtained the data from the head of Kuttab Al-Fatih Semarang, vice curriculum, faith coordinator, al-Qur’an coordinator, as well as the guardians of learners and the learners. The result of this research is the relevance of education system in Kuttab Al-Fatih Semarang about education system in Indonesia. Kuttab Al-Fatih Semarang emphasizes character building through a curriculum designed in such a way and combines thematic learning models in modules.

Keywords: Islamic education system, implementation of curriculum, Kuttab Al-Fatih Semarang, formal education system, Indonesia

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Authors: Wen Liu

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With the rapid progress of modern cities, the railway construction must be developing quickly in China. As a typical high-density country, shopping center on the subway should be one important factor during the process of urban development. The paper discusses the influence of the layout of shopping center on the subway, and put it in the time and space’s axis of Shanghai urban development. We use the digital technology to establish the database of relevant information. And then get the change role about shopping center on subway in Shanghaiby the Kernel density estimate. The result shows the development of shopping center on subway has a relationship with local economic strength, population size, policy support, and city construction. And the suburbanization trend of shopping center would be increasingly significant. By this case research, we could see the Kernel density estimate is an efficient analysis method on the spatial layout. It could reveal the characters of layout form of shopping center on subway in essence. And it can also be applied to the other research of space form.

Keywords: Shanghai, shopping center on the subway, layout form, Kernel density estimate

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Authors: Puji Sucia Sukmaningrum, Achsania Hendratmi, Noven Suprayogi, Muhammad Madyan

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Theoretically, Islamic banks in Indonesia and Malaysia not necessarily aware to the interest rate fluctuation, since they don’t use interest-based instruments. Both countries use dual banking system in which Islamic and conventional banking system are exist. This situation makes the profit-sharing level of the Islamic banks will be indirectly affected by the interest rate fluctuation from the conventional banks system. One of the risk management tools for anticipating the risk of interest rate fluctuation is gap management, which has purpose to narrow the difference between Rate Sensitive Asset (RSA) and Rate Sensitive Liability (RSL). This formed gap will give the information about the risk potential in Islamic banks which respect to the fluctuation on the interest rate. This study aims to determine the position of the gap formed at Islamic Maybank Indonesia and Islamic Maybank Malaysia, and analyze the difference in the formation of gap based on the period of sensitivity. This study is a quantitative research with comparative study using sensitivity gap analysis, independent sample t-test, and Mann-Whitney method. The data being used was secondary data from Maturity Profile contained in the Annual Financial Report of Islamic Maybank Indonesia and Islamic Maybank Malaysia from 2011 to 2015 period. The result shows that, cumulatively the formation of the gap was negative gap. From the results of independent sample t-test and Mann-Whitney, the formation of the gap in Islamic Maybank Indonesia and Islamic Maybank Malaysia for a period of sensitivity of ≤ 1 month and >1-3 months show a significant difference, while the period of sensitivity >3-12 months does not. The result shows, even though Indonesia and Malaysia using same dual banking systems, the gap values are different. The difference in debt policy between Indonesia and Malaysia also affecting the gap sensitivity in debt. In can be concluded that each country needs an appropriate gap management to support its Islamic banking performance specifically.

Keywords: assets and liability management, gap management, interest rate risk, Islamic bank

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Authors: Sikiru O. Aminu, Magda Ismail Abdul Mohsin, Fauziah M. Taib

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Fund collections for Waqf projects in some Muslim countries received some boost because of the resuscitation of the cash waqf concept This study envisages that such development can improve the economic empowerment of the poor in contemporary Muslim communities given appropriate collections and effective management of the Waqf institution. Recent developments in the Financial Technology (FINTECH) space portend valuable relevance in the conduct and delivery of social charitable causes such as Waqf around the world. Particularly, emerging areas in FINTECH such as Islamic Crowdfunding (ICF) and blockchain have brought about greater efficiency and effectiveness through cost reduction, faster transactions, wider access, transparency and prompt disclosure of adequate information to relevant stakeholders. These FINTECH options of ICF and blockchain provide veritable opportunities to resuscitate, re-align, synergize and magnify the Islamic Social Finance (ISF) ecosystem of Waqf, Zakat and Sodaqah to generate positive and sustainable impact to the community, environment and the economy at large, with a view to projecting the Maqasid Shari’ah (Objective of the Law Giver). To document the effect of FINTECH on Waqf, this study examined the activities of six banks in Malaysia that signed a pact to utilize FINTECH for waqf collection towards improving the economy. Semi-structured Face to Face interviews were conducted with officers in charge of Waqf in the six banks, founder of the Islamic Crowdfunding platform and senior officers in Waqaf Selangor. Content analysis was used to analyze their responses, and the emergent themes were reported verbatim. Based on the derived themes, survey questionnaires were also administered to 300 customers with respect to the Waqf’s FINTECH functionalities of the identified banks.to further confirm and strengthen the results of the interviews. Simple descriptive analysis was performed on the result of the survey questionnaire to provide clear information on the questions raised. The findings showed a disproportionate level of readiness among the banks, where few of the banks have put structure in place to increase their Waqf collections, others are at their elementary stage. However, the commitment is high across the six banks to achieve their set goals.

Keywords: blockchain, Fintech, Islamic crowdfunding, waqf

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Authors: Avasha Rambiritch, Adelia Carstens

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In especially the context of a writing center, learning takes place during, and as part of, the conversations between the writing center tutor and the student. This interaction or dialogue is an integral part of writing center research and is the focus of this largely qualitative study, employing a politeness lens. While there is some research on positive politeness strategies employed by writing center tutors, there is very little research on specifically praising as a positive politeness strategy. This study attempts to fill this gap by analyzing a corpus of 10 video-recorded consultations to determine how tutors in a writing center utilize the positive politeness strategy of praise. Findings indicate that while tutors exploit a range of politeness strategies, praise is used more often than any other strategy. The research indicates that praise as a politeness strategy is utilized significantly more when commenting on higher-order concerns, as in line with the writing center literature. The benefits of this study include insights into how such analyses can be used to better prepare and equip the tutors (usually postgraduate students appointed as part-time tutors in the writing center) for the work they do on a daily basis.

Keywords: writing center, academic writing, positive politeness, tutor

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Authors: Ummu Salma Al Azizah, Herri Mulyono, Anisa Mauliata Suryana

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The significance of corporate governance regarding to the agency problem have been transparent. This study examine the impact of corporate governance on the performance of Islamic banking in Indonesia. By using fixed effect model and added some control variable, the current study try to explore the correlation between the theoretical framework on corporate governance, such as agency theory and risk management theory. The bank performance (Return on Asset and Return on Equity) which are operational performance and financial performance. And Corporate governance based on Board size, CEO duality, Audit committee and Shariah supervisory board. The limitation of this study only focus on the Islamic banks performance from year 2015 to 2020. The study fill the gap in the literature by addressing the issue of corporate governance on Islamic banks performance in Indonesia.

Keywords: corporate governance, financial performance, islamic banks, listed companies, Indonesia

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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: Shahzada Gulfam

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

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

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Authors: 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: Mohammad Iqbal Malik

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Economic development of a country depends on its business ethics and values. Islamic teachings provide obvious guidelines in this regard. Mutual understanding, honesty and ethics possess central place in Islamic teachings. These teachings not only prohibit from amalgamation, black-marketing, hoarding and deception but also force to treat a customer amiably. Business ethics are broad spectrum in Islamic society due to these high moral values. One can estimate the importance of business ethics in Islam for economic development in Islamic society is evident by the Hadith of Prophet Muhammad (PBUH) in which He excluded a trader from Muslim community who did not behave in good manners with his clients. In this study we present impact of business ethics on economic development of a Muslim society. This study is based on basic teachings of Quran and Sunnah, Fiqh, Economics and other books. This study explores the behavior of Muslim traders and reveals useful inferences. Policy makers, traders, academia, scholars, and general public may learn lessons from this study with respect to business ethics in Islamic perspective.

Keywords: ethics, business, Islam, economic perspective

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Authors: Louati Salma, Louhichi Awatef, Boujelbene Younes

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Analysis of the trade-off between competition and financial stability has been at the center of academic and policy debate for over two decades and especially since the 2007-2008 global financial crises. We use information on 10 OIC countries from 2005 to 2014 to investigate the influence of bank competition on individual bank stability and risk-taking. Alternatively, we explore whether the quality of prudential regulation may affect the nexus between competition and banking stability/risk-taking. We provide a particular attention to the Islamic banking system which principally involves with the Riba-free instruments as compared to the conventional interest-based system. We first run a dynamic panel regression (GMM), and then we apply a panel vector autoregressive (PVAR) methodology to compare both banking business models.

Keywords: Lerner index, Islamic banks, non-performing loans, prudential regulations, z-score

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Authors: Muhammad Kashif

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The primary aim of this paper is to investigate the influence of financial technology (FinTech) on sustainable finance. The sample for this study spans from 2010 to 2021, encompassing data from 89 countries worldwide. The study employed two-stage least squares (2SLS) regression approach with the instrumental variables and validated the findings using a two-step system generalized method of moments (GMM). The findings indicate that fintech has a significant favorable impact on sustainable finance. While other factors such as institutional quality, socio-economic condition, and renewable energy have a significant and beneficial influence on the trajectory of sustainable finance, except globalization's impact is positive but insignificant. Furthermore, fintech is crucial in driving the transition toward a sustainable future characterized by a lower carbon economy. The study found that fintech has extensive application across various sectors of sustainable finance and has substantial potential to create long-term positive effects on sustainable finance. Fintech can integrate extensively with other technologies to facilitate diversified growth in sustainable finance. Additionally, this study highlights fintech-related trends and research opportunities in sustainable finance, showing how these can promote each other worldwide with important policy implications for countries looking to advance sustainable finance through technology.

Keywords: sustainable development goals (SDGs), financial technology (FinTech), genuine savings index (GSI), financial stability index, sustainable finance

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Authors: Mohammad Saber Eslamlou

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Morphology of Islamic cities has been extensively studied by researchers of Islamic cities and different theories could be found about it. In this regard, there exist much difference in method of analysis, classification, recognition, confrontation and comparative method of urban morphology. The present paper aims to examine the previous methods, approaches and insights and that how Dr. Giulia Annalinda Neglia dealt with the analysis of morphology of Islamic cities. Neglia is assistant professor in University of Bari, Italy (UNIBA) who has published numerous papers and books on Islamic cities. I introduce her works in the field of morphology of Islamic cities. And then, her thoughts, insights and research methodologies are presented and analyzed in critical perspective. This is a qualitative research on her written works, which have been classified in three major categories. The first category consists mainly of her works on morphology and physical shape of Islamic cities. The results of her works’ review suggest that she has used Moratoria typology in investigating morphology of Islamic cities. Moreover, overall structure of the cities under investigation is often described linear; however, she’s against to define a single framework for the recognition of morphology in Islamic cities. She states that ‘to understand the physical complexity and irregularities in Islamic cities, it is necessary to study the urban fabric by typology method, focusing on transformation processes of the buildings’ form and their surrounding open spaces’ and she believes that fabric of each region in the city follows from the principles of an specific period or urban pattern, in particular, Hellenistic and Roman structures. Furthermore, she believes that it is impossible to understand the morphology of a city without taking into account the obvious and hidden developments associated with it, because form of building and their surrounding open spaces are written history of the city.

Keywords: city, Islamic city, Giulia Annalinda Neglia, morphology

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Authors: Vamsi G.

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Majority of the modern-day structures have less aesthetical value with minimum requirements set by foreign tribes. Numerous elements of traditional architecture can be incorporated into modern designs using appropriate principles to improve and enhance the functionality, aesthetics, and usability of any space. This paper reviews the diminishing ancient values of the traditional Islamic architecture. By introducing them into the modern-day structures like commercial, residential and recreational spaces in at least the Islamic states, the functionality of those spaces can be improved. For this, aspects like space planning, aesthetics, scale, hierarchy, value, and patterns are to be experimented with modern day structures. Case studies of few ancient Islamic architectural marvels are done to elaborate the whole. A brief analysis of materials and execution strategies are also a part of this paper. The analysis is formulated and is ready to design or redesign spaces using traditional Islamic principles and Elements of design to improve the quality of the architecture of modern day structures by studying the ancient Islamic architectural theories. For this, sources from the history and evolution of this architecture have been studied. Also, elements and principles of design from case studies of various mosques, forts, tombs, and palaces have been tabulated. All this data accumulated, will help revive the elements decorated by ancient principles in functional and aesthetical ways. By this, one of the most astonishing architectural styles can be conserved, reinstalled into modern day buildings and remembered.

Keywords: ancient architecture, architectural history, Islamic architecture, principles and elements

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Authors: Rukhsana Shaheen, Tahira Ifraq

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Interest based transactions led the advent of Islamic banking. In order to provide an alternative to Interest based banking, financial transactions found in classical books of fiqh were employed. Musharakah, Mudarabah, Murabahah Salam, Ijara, and some other modes were adopted. These modes were modified so that they can be adopted for banking and satisfy the needs of customers. Since the inception of Islamic banking, these modes are being used and with the passage of time, are being molded and experimented with to cater different kinds of customers and requirements. Human efforts cannot be errorless. These modes too bear legal defects which need an in-depth scrutiny and refinement. The aim of this paper is to dig the basis and rulings of these modes in classical books of fiqh and analyze its modification and adoption in Islamic banking and the legal defects that these modes are bearing. Paper will prove itself fruitful by providing remedies for the legal defects.

Keywords: financial instruments, legal defects, remedies, Islamic banking

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Authors: Barbora Chmelíková

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Making sound financial decisions is an essential skill which can have an impact on life of each consumer of financial products. The aim of this paper is to examine decision-making concerning financial matters and personal finance. The selected target group was university students majoring in finance related fields. The study was conducted in the Czech Republic at Masaryk University in 2015. In order to analyze financial decision-making questions related to basic finance decisions were developed to address the research objective. The results of the study suggest gaps in detecting best solutions to given financial decision-making questions among finance students. The analysis results indicate relation between financial decision-making and own experience with holding and using concrete financial products.

Keywords: financial decision-making, financial literacy, personal finance, university students

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Authors: Syahruddin Sumardi Samindjaya, Indra Fajar Alamsyah, Junaidah Hashim

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Purpose: This study attempts to explore and presents a proposed recruitment model in Islamic university which aligned with holistic role. Design/methodology/approach: It is a conceptual paper in nature. In turn, this study is designed to utilize exploratory approach. Literature and document review that related to this topic are used as the methods to analyse the content found. Findings: Recruitment for any organization is fundamental to achieve its goal effectively. Staffing in universities is vital due to the important role of lecturers. Currently, Islamic universities still adopt the common process of recruitment for their academic staffs. Whereas, they have own characteristics which are embedded in their institutions. Furthermore, the FCWC (Foundation, Capability, Worldview and Commitment) model of recruitment proposes to suit the holistic character of Islamic university. Research limitation/implications: Further studies are required to empirically validate the concept through systematic investigations. Additionally, measuring this model by a designed means is appreciated. Practical implications: The model provides the map and alternative tool of recruitment for Islamic universities to determine the process of recruitment which can appropriate their institutions. In addition, it also allows stakeholders and policy makers to consider regarding Islamic values that should inculcate in the Islamic higher learning institutions. Originality/value: This study initiates a foundational contribution for an early sequence of research.

Keywords: academic staff, Islamic values, recruitment model, university

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Authors: Alimshan Faizulayev, Eralp Bektas, Abdul Ghafar Ismail, Bezhan Rustamov

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This paper performs empirical analysis on determinants of profitability in Islamic and Conventional Banks. The main focus of this study is to evaluate and measure of financial performance of Islamic banking firms operating in Egypt, Iran, Malaysia, Pakistan, Turkey, UAE in contrast to Conventional ones in those countries. To evaluate empirically performance of the banks, various financial ratios are employed. We measure performance in terms of liquidity, profitability, solvency, and efficiency. In this work, t-test, F-test, and OLS analysis are used to make hypothesis tests. Our findings reveal that there are similarities and differences in profitability determinants of Islamic and Conventional banking firms. The cost to revenue ratio has inverse relationship with profitability indicators in both banking systems. However, there are differences in financial performances between Conventional Banks and Islamic banks which are found in overall picture of all banks in terms of net income margin.

Keywords: Islamic banking, conventional banking, GDP growth, emerging market economies

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Authors: Muhamad Rosdi Senam, Khairuddin Abdul Rashid, Azila Ahmad Sarkawi, Rapiah Mohd Zaini

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Islam is a way of life than merely a religion that covers all facets of Muslim affairs and lifes. It provides the most comprehensive values, principles and guidance that are based on divine sources to all mankind in all spheres including leadership. Islamic leadership is all encompassing and holistic model of leadership that offers the tauhidic paradigm, spiritual and ethical (akhlaq) dimensions that are absent in the modern conventional leadership theories. Islamic leadership has a glorious history of great success from the era of the Prophet S.A.W. and the following caliphs that had conquered almost one third of the world territory during that time, as their leadership was paragon of excellence that followed to the spirits and teachings of the Qur’an and the Sunnah. As the modern civilisation designed by the West takes place, the modern leadership theories has been dominating the world and literature including those in the Muslim countries. However, it is clear that values and principles derived from Islam and the West are distinct, as the Islamic ones are based on divine, the non-Islamics are not indeed as there are based on human rational and judgement. Recent development in business organisations and literature have seen the tendency towards moral, ethical, even spiritual and positive form of leadership such as servant leadership, ethical leadership, authentic leadership and spiritual leadership that found its root in the Islamic model of leadership.This development has surfaced after series of serious ethical dilemma, corporate scandals and leadership crisis in the West. This paper aims to draw a comparative discussions and analysis between the modern conventional leadership theories with the Islamic leadership by highlighting the key dimensions that distinguish the two. It is suggested in this paper that the core dimensions of Islamic leadership are spiritual dimension, moral and ethical dimension and physical dimension which is also paralleled with the roles of khalifah of Allah on earth; relationship with Allah, relationship with human beings and relationship with the environment respectively. Islam is a way of life than merely a religion that covers all facets of Muslim affairs and lifes. It provides the most comprehensive values, principles and guidance that are based on divine sources to all mankind in all spheres including leadership. Islamic leadership is all encompassing and holistic model of leadership that offers the tauhidic paradigm, spiritual and ethical (akhlaq) dimensions that are absent in the modern conventional leadership theories. Islamic leadership has a glorious history of great success from the era of the Prophet S.A.W. and the following caliphs that had conquered almost one third of the world territory during that time, as their leadership was paragon of excellence that followed to the spirits and teachings of the Qur’an and the Sunnah. As the modern civilisation designed by the West takes place, the modern leadership theories has been dominating the world and literature including those in the Muslim countries. However, it is clear that values and principles derived from Islam and the West are distinct, as the Islamic ones are based on divine, the non-Islamics are not indeed as there are based on human rational and judgement. Recent development in business organisations and literature have seen the tendency towards moral, ethical, even spiritual and positive form of leadership such as servant leadership, ethical leadership, authentic leadership and spiritual leadership that found its root in the Islamic model of leadership.This development has surfaced after series of serious ethical dilemma, corporate scandals and leadership crisis in the West. This paper aims to draw a comparative discussions and analysis between the modern conventional leadership theories with the Islamic leadership by highlighting the key dimensions that distinguish the two. It is suggested in this paper that the core dimensions of Islamic leadership are spiritual dimension, moral and ethical dimension and physical dimension which is also paralleled with the roles of khalifah of Allah on earth; relationship with Allah, relationship with human beings and relationship with the environment respectively.

Keywords: conventional leadership, Islamic leadership, comparative, dimensions

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Authors: Hamid Mohamad Hosein Zadeh Hashemi

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In this article, in order to recognize the value of aesthetics of the place of wisdom and mysticism on Islamic art-architecture, and compare it with the influence of philosophy and thought on the "modern art of architecture" of the West, it examines the position of wisdom and philosophy in art Architecture ". In this regard, one can point out the unique status of "art of architecture" in human societies, which in two cultures of the East and West, based on the ideas of Islamic wisdom and Western thought, has taken a dual path, so that even today, even from the original And the basic "art of architecture" of its primary and academic has turned away and has undergone some kind of transformation. To this end, we examine some of the "aesthetics" positions based on the "art of architecture" in the broad sense of the word, in order to reflect on the historical course of this art, and with regard to the position of Islamic thought and Western thought, each of which originated from, but based on The basis of cultures, climate, and sociology, and others, are ultimately the result of an arbitrary result, namely the achievement of the aesthetic position of wisdom and mysticism on the "Islamic-Iranian" architecture of art "and its opposition to the position of philosophy and thought On modern art of modern architecture of the West.

Keywords: aesthetics, art, philosophy, the art of Architecture, wisdom

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Authors: Jamal Abdi

Abstract:

This paper offers a 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 the 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 the 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: clash of civilizations, groups, categories, groupism

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Authors: Nawaf Alyaseen

Abstract:

This paper provides a comparative analysis of the Islamic and Western public policy and morality principles governing trademarks. The aim of this paper is to explore public policy and morality principles that affect trademark registration and protection under Shari'a by using Kuwaiti law as a case study. The findings provide a better understanding of trademark recognition from the perspective of Shari'a and the requirements demanded by Islamic Shari'a, especially of those who deal with strict Shari'a jurisdiction countries. In addition, this understanding is required for corporations or legislators that wish to take into consideration Muslim consumers. The conclusion suggests that trademarks in Western and Islamic systems are controlled by a number of public policy and morality rules that have a direct effect on the registration and protection of trademarks. Regardless of the fact that there are many commonalities between the two systems, there are still fundamental differences.

Keywords: trademark, public policy and morality, Islamic sharia, western legal systems

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Authors: Aslam Faheem, Hunjra Ahmed Imran, Tayachi Tahar, Verhoeven Peter, Tariq Yasir

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We investigate the evidence of three risk-adjusted calendar anomalies in eight frontier markets. Our sample consists of the daily closing prices of their stock indices for the period of January 2006 to September 2019. We categorize the data with respect to day-of-the-week, Lunar calendar and Islamic calendar. Using Morgan Stanley Capital International (MSCI) eight Markets Index as our proxy of the market portfolio, most of the frontier markets tested exhibit calendar seasonality. We confirm that systematic risk varies with respect to day-of-the-week, Lunar months and Islamic months. After consideration of time-varying risk and applying Bonferroni correction, few frontier markets exhibit profitable investment opportunities from calendar return anomalies for active investment managers.

Keywords: asset pricing, frontier markets, market efficiency, Islamic calendar effects, Islamic stock markets

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Authors: Achsania Hendratmi, Puji Sucia Sukmaningrum, Fatin Fadhilah Hasib, Nisful Laila

Abstract:

The research aimed to know the influence of Capital Adequacy Ratio (CAR), Return on Assets (ROA) and Size of the Financing to Deposit Ratio (FDR) Islamic Banks in Malaysia by using eleven Islamic Banks in Indonesia and fifteen Islamic Banks in Malaysia in the period 2012 to 2016 as samples. The research used a quantitative approach method, and the analysis technique used multiple linear regression. Based on the result of t-test (partial), CAR, ROA and size significantly affect of FDR. While the results of f-test (simultaneous) showed that CAR, ROA and Size significant effect on FDR.

Keywords: capital adequacy ratio, financing to deposit ratio, return on assets, size

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Authors: Ziyad Motala

Abstract:

It is often proclaimed by leasers in Muslim majority countries that Islamic Law does not permit dissent against a ruler. This paper will evaluate and discuss freedom of speech and dissent as found in concrete prophetic examples during the time of the Prophet Muhammad. It will further look at the examples and practices during the time of the four Noble Caliphs, the immediate successors to the Prophet Muhammad. It will argue that the positivist position of absolute obedience to a ruler is inconsistent with the prophetic tradition. The examples of the Prophet and his immediate four successors (whose lessons Sunni Islam considers to be a source of Islamic Law) demonstrates among the earliest example of freedom of speech and dissent in human history. That tradition frowned upon an inert and uninvolved citizenry. It will conclude with lessons for modern day Muslim majority countries arguing with empirical evidence that freedom of speech, dissent and the right to be governed by consensus versus coercion are fundamental requisites of Islamic law.

Keywords: islamic law, demoracy, freedom of speech, right to dissent

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