Search results for: Islamic Financial Institutions

Authors: Siti Raihana Hamzah

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

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

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Authors: Rafat Y. Alwazna

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Certain religious texts are deemed part of legal texts that are characterised by high sensitivity and sacredness. Amongst such religious texts are Islamic legal texts that are replete with Islamic legal terms that designate particular legal concepts peculiar to Islamic legal system and legal culture. However, from the syntactic perspective, Islamic legal texts prove lengthy, condensed and convoluted, with little use of punctuation system, but with an extensive use of subordinations and co-ordinations, which separate the main verb from the subject, and which, of course, carry a heavy load of legal detail. The present paper seeks to examine the syntactic features of Islamic legal texts through analysing a short text of Islamic jurisprudence in an attempt at exploring the syntactic features that characterise this type of legal text. A translation of this text into legal English is then exercised to find the translation implications that have emerged as a result of the English translation. Based on these implications, the paper compares and contrasts the syntactic features of Islamic legal texts to those of legal English texts. Finally, the present paper argues that there are a number of syntactic features of Islamic legal texts, such as nominalisation, passivisation, little use of punctuation system, the use of the Arabic cohesive device, etc., which are also possessed by English legal texts except for the last feature and with some variations. The paper also claims that when rendering an Islamic legal text into legal English, certain implications emerge, such as the necessity of a sentence break, the omission of the cohesive device concerned and the increase in the use of nominalisation, passivisation, passive participles, and so on.

Keywords: English legal texts, Islamic legal texts, nominalisation, participles, passivisation, syntactic features, translation implications

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Authors: Seyed Sajjad Habibi

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The aim of this study is to investigate the impact of global financial crises and corporate financial crisis on tax evasion of companies listed on the Tehran Stock Exchange. For this purpose, panel data in the periods of financial crisis period (2007 to 2012) and without a financial crisis (2004, 2005, 2006, 2013, 2014, and 2015) was analyzed using multivariate linear regression. The results indicate a significant relationship between the corporate financial crisis (bankruptcy risk) and tax evasion in the global financial crisis period. The results also showed a significant relationship between the corporate bankruptcy risk and tax evasion in the period with no global financial crisis. A significant difference was found between the bankruptcy risk and tax evasion in the period of the global financial crisis and that with no financial crisis so that tax evasion increased in the financial crisis period.

Keywords: global financial crisis, corporate financial crisis, bankruptcy risk, tax evasion risk, emerging markets

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Authors: Zouari Ezzeddine, Ghraieb Ikram

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From the results of the academic literature which evokes the limitations of previous studies, this article shows the reasons for multidimensionality Prediction of financial bubbles. A new framework for modeling study predicting financial bubbles by linking a set of variable presented on several dimensions dictating its multidimensional character. It takes into account the preferences of financial actors. A multicriteria anticipation of the appearance of bubbles in international financial markets helps to fight against a possible crisis.

Keywords: classical measures, predictions, financial bubbles, multidimensional, artificial neural networks

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Authors: Khairul Hasni

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A Memorandum of Understanding (MoU) for the cessation of hostilities was signed by Aceh's longstanding adversaries (the Government of Indonesia and the Free Aceh Movement (GAM) in August 2005. The Government of Indonesia has given the autonomy to Aceh Province of Indonesia, the Law Number 11 of 2006 the authority of the Aceh government to the implementation of the Islamic Sharia. The implementation of Islamic Sharia, Aceh can be a role model of Islam that glorifies women, the implementation of Islamic law in Aceh when enacted and got legality because it supported the socio-cultural and historical community. The value of the value of women's lives is shifted under the pressure of applying Islamic law, with this argument, the importance of justice and equality of policy enforcement in women's lives. Based on interviews conducted in 2016 and 2017 with women's activists, government officials, women non-governmental organizations in Aceh, this paper finds that there is lack of gender balance because of the many problems involving women in the enactment of regional regulations and control policies on women's bodies. The research points to ensure the implementation of Islamic Sharia practitioners have only directed to women and discrimination against women.

Keywords: women, policy, Islamic law, social

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Authors: Siamrotul Ayu Masruroh

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Cases of sexual violence among Islamic boarding schools have now reached a point of equal concern with other cases of sexual violence that have occurred in universities, schools, offices, mass halls, and even churches. Worse yet, several cases of sexual violence that occurred in Islamic boarding schools were actually carried out by religious authorities such as kyai, caregivers, and ndalem families. This article discusses the phenomenon of cases of sexual violence and mistreatment of victims with cases that occurred in the Shiddiqiyyah Islamic boarding school, the importance of creating a safe space, preventing and dealing with sexual violence in Islamic boarding schools. The author uses the theory of masculinity from Raewyn W. Connell to see sexual violence in Islamic boarding schools and its relation to masculinity and femininity. In addition, the author also uses the spiral theory of violence from Dom Helder Camara to analyze the persecution case. The author conducted a literature study, observation, questionnaire, and interviews in the process of this research.

Keywords: sexual violence, islamic boarding school, safe space, women

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Authors: Kamlesh Shashikant Dave

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The global financial crisis is rooted in the sub-prime crisis in U.S.A. During the boom years, mortgage brokers attracted by the big commission, encouraged buyers with poor credit to accept housing mortgages with little or no down payment and without credit check. A combination of low interest rates and large inflow of foreign funds during the booming years helped the banks to create easy credit conditions for many years. Banks lent money on the assumptions that housing price would continue to rise. Also the real estate bubble encouraged the demand for houses as financial assets .Banks and financial institutions later repackaged these debts with other high risk debts and sold them to worldwide investors creating financial instruments called collateral debt obligations (CDOs). With the rise in interest rate, mortgage payments rose and defaults among the subprime category of borrowers increased accordingly. Through the securitization of mortgage payments, a recession developed in the housing sector and consequently it was transmitted to the entire US economy and rest of the world. The financial credit crisis has moved the US and the global economy into recession. Indian economy has also affected by the spill over effects of the global financial crisis. Great saving habit among people, strong fundamentals, strong conservative and regulatory regime have saved Indian economy from going out of gear, though significant parts of the economy have slowed down. Industrial activity, particularly in the manufacturing and infrastructure sectors decelerated. The service sector too, slow in construction, transport, trade, communication, hotels and restaurants sub sectors. The financial crisis has some adverse impact on the IT sector. Exports had declined in absolute terms in October. Higher inputs costs and dampened demand have dented corporate margins while the uncertainty surrounding the crisis has affected business confidence. To summarize, reckless subprime lending, loose monetary policy of US, expansion of financial derivatives beyond acceptable norms and greed of Wall Street has led to this exceptional global financial and economic crisis. Thus, the global credit crisis of 2008 highlights the need to redesign both the global and domestic financial regulatory systems not only to properly address systematic risk but also to support its proper functioning (i.e financial stability).Such design requires: 1) Well managed financial institutions with effective corporate governance and risk management system 2) Disclosure requirements sufficient to support market discipline. 3)Proper mechanisms for resolving problem institution and 4) Mechanisms to protect financial services consumers in the event of financial institutions failure.

Keywords: FIIs, BSE, sensex, global impact

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

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The purpose of this study is to determine and comparing the level of efficiency of Islamic Banks in Indonesia and United Kingdom during eurozone sovereign debt crisis. This study using a quantitative non-parametric approach with Data Envelopment Analysis (DEA) VRS assumption, and a statistical tool Mann-Whitney U-Test. The samples are 11 Islamic Banks in Indonesia and 4 Islamic Banks in England. This research used mediating approach. Input variable consists of total deposit, asset, and the cost of labour. Output variable consists of financing and profit/loss. This study shows that the efficiency of Islamic Bank in Indonesia and United Kingdom are varied and fluctuated during the observation period. There is no significant different the efficiency performance of Islamic Banks in Indonesia and United Kingdom.

Keywords: data envelopment analysis, efficiency, eurozone crisis, islamic bank

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Authors: Ibrahim Malik, Vita Fathimah Silondae, Askoning

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The liberalization of Islamic thought is not only an impact on the views of Muslim community regarding worldview, but has touched the stage reconstruction of contemporary science. It can be seen from the emergence of Western and Eastern intellectual movements that try to reconstruct contemporary science arguing that scientific culture is not currently able to deliver audiences to change the order of the better society. Such Islamic thought liberalization has a huge influence on the multi-dimensional crisis in various sectors such as the economic, culture, politic, ecology, and other sectors. Therefore, this paper examines the effects of the liberalization of contemporary Islamic thought towards on the development of modern science. The method used in this paper is based on textual study of Al-Qur'an, Hadith (prophetic tradition), and the history of contemporary Islamic thought and comparing it with the reality of the development of science today. So, the influence of Islamic thought liberalization has created a crisis and stagnation of the development of scientific disciplines can be found.

Keywords: liberalization, science, Islam, development of science

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Authors: Saeed Seyed Agha Banihashemi

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The history of mathematics as one of the trends in the field of mathematics has special importance and in most of the important universities of the world, this trend in the field of mathematics is taught and researched. In teaching the history of mathematics and mathematics books, special attention is paid to the scientific works of the four Greek-Indian-Islamic and European civilizations, although the history of mathematics in China and East Asia is a special category due to its ancient civilization. In this article, while examining mathematics in the Islamic empire, the factors of the scientific rise and fall of the Islamic empire, which can include mathematics, have been studied. In this article, according to my own research and other sources mentioned s, It is believed the factors of scientific rise and fall in the Islamic Empire.

Keywords: history of mathematics, alkandi, cryptology, manuscripts

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Authors: Suprihatin Soewarto

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The background of writing this paper is to assess the truth of rejection of some Muslim scholars who develop Islamic economics on the concept of consumer satisfaction and replace it with the concept of maslahah. In the perspective of Islamic law, this rejection attitude needs to be verified in order to know the accuracy of the replacement of this concept of satisfaction with maslahah as part of consumer behavior. This is done so that replacement of rejection of the term satisfaction with maslahah is objective. This objective replacement of the term will surely be more enlightening and more just than the subjective substitution. Therefore the writing of this paper aims to get an answer whether the concept of satisfaction needs to be replaced? is it possible for Islamic law to confirm the theory of consumer satisfaction? The method of writing this paper using the method of literature with a critical analysis approach. The results of this study is an explanation of the similarities and differences of consumer satisfaction theory and consumer theory maslahah according to Islamic law. disclosure of the concept of consumer gratitude according to Islamic law and its implementation in Muslim consumer demand theory.

Keywords: consumer's gratitude, islamic law, confirmation, satisfaction consumer's

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Authors: K. Matušínská, H. Starzyczná, M. Stoklasa

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The paper deals with finding and describing of the effective marketing communication forms relating to the segment 50+ in the financial market in the Czech Republic. The segment 50+ can be seen as a great marketing potential in the future but unfortunately the Czech financial institutions haven´t still reacted enough to this fact and they haven´t prepared appropriate marketing programs for this customers´ segment. Demographic aging is a fundamental characteristic of the current European population evolution but the perspective of further population aging is more noticeable in the Czech Republic. This paper is based on data from one part of primary marketing research. Paper determinates the basic problem areas as well as definition of marketing communication in the financial market, defining the primary research problem, hypothesis and primary research methodology. Finally suitable marketing communication approach to selected sub-segment at age of 50-60 years is proposed according to marketing research findings.

Keywords: population aging in the Czech Republic, segment 50+, financial services, marketing communication, marketing research, marketing communication approach

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Authors: Jacinta Ifeoma Obidile

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The study sought to ascertain from the opinions of the business educators, effective strategies for funding public tertiary institutions in Anambra State Nigeria, for effective functioning and delivery. Funding of tertiary institutions has become so important following the dilapidated state of most of the public tertiary institutions in Nigeria. Tertiary institutions are known for the production of competitive and competent workforce in the nation. Considering the state of public tertiary institutions currently, one wonders if their objectives are achieved. Many scholars have identified funding as one of the major barriers to effective functioning of tertiary institutions. Although federal and state governments have been supporting the tertiary institutions, but their support seems not to be adequate. This study therefore ascertained from the perspective of business educators, other strategies for funding public tertiary institutions in Anambra State Nigeria, for effective functioning and delivery. Survey research design was adopted for the study. A total of 104 business educators from the public tertiary institutions in the State constituted the population. There was no sampling, hence the whole population was used. Structured questionnaire validated by three experts with a reliability coefficient of 0.82 was the instrument for data collection. Data collected were analyzed using mean and standard deviation. Findings from the study revealed that public-private partnership and external aids were among the strategies considered effective for funding public tertiary institutions. It was therefore recommended among others that associations like alumni should be strongly instituted in each of the public tertiary institutions so as to assist in the funding of tertiary institutions for effective functioning and delivery.

Keywords: strategies, funding, tertiary institutions, business educators

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Authors: Ya'u Saidu

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The introduction of the non-interest banking system in Nigeria was part of the regulators efforts to increase the inclusion of other stakeholders into the financial sector who have stayed out of the sector for some reasons. However, the concept has been misunderstood by various stakeholders within the country where some view it as a Muslim affair which exclude the non-Muslims from gaining despite its existence in advance countries of the world. This paper attempts to fill-in the gap created by the literature especially with regards to the proper education and enlightenment of the Nigerian citizens. Survey research method was employed where primary data was collected using questionnaire and convenience sampling was used to select 100 respondents. The data was analysed using Chi-square. It was found that lack of knowledge on Islamic banking has significant effect on its prospects.

Keywords: finance, non-interest, sustainability, enlightenment

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Authors: Olurankinse Felix, Fatukasi Bayo

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Over the years, the medium through which government financial statements are prepared has been on cash basis of accounting. This basis was characterised with some shortcomings ranging from non- disclosure of quality and detail information relating to government financial transactions, ill informed assessment of government resource allocation, weak internal control system that inhibits accountability and transparency and non- standardisation of reporting ethics for the purpose of comparability. The emergence of international public sector accounting standards (IPSAS) is therefore seen as leverage as it aims at improving the quality of general purpose financial reporting by public sector entities thereby increasing transparency and accountability. IPSAS is a new concept that all institutions must fully adopts. The crux of this paper is to find out to what extent is the awareness and adoption of IPSAS to both students and lecturers interms of teaching, learning and inclusion in the curriculum of accounting education. The methodology involved the use of well designed questionnaires to obtain information from some selected institutions and the analysis was done with the use of maximum likelihood ordered probit regression. The result of the analysis shows that despite a high level of sensitisation/awareness of IPSAS, the degree of adoption is still low due to low level of desirability by students and lecturers. The paper recommend the need for the government to enact an enabling law to back up the adoption and more importantly to institute appropriate sanctions to ensure full compliance.

Keywords: assessment, awareness, adoption, IPSAS, cash basis

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Authors: Muhammad Ilham Agus Salim

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The liberalization of Islamic thought is not only an impact on the views of Muslim community regarding worldview, but has touched the stage reconstruction of contemporary general science. It can be seen from the emergence of Western and Eastern intellectual movements that try to reconstruct contemporary science arguing that scientific culture is not currently able to deliver audiences to change the order of the better society. Such Islamic thought liberalization has a huge influence on the multidimensional crisis in various sectors such as the economic, culture, politic, ecology, and other sectors. Therefore, this paper examines the effects of the liberalization of contemporary Islamic thought towards on the development of modern science. The method used in this paper is based on textual study of Al -Qur'an, Hadith (prophetic tradition), and the history of contemporary Islamic thought and comparing it with the reality of the development of science today. So the influence of Islamic thought liberalization has created a crisis and stagnation of the development of scientific disciplines can be found.

Keywords: liberalization, science, Islam, al-Qur’an textual studies

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Authors: Flex Anim

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The financial system is a decentralized studies system that was put into place in Ghana as a grassroots financial studies approach. Its main goal is to give people the precise knowledge, abilities, and training required for a given trade, business, profession, or occupation. In this essay, the question of how the financial studies system's devolution to local businesses results in responsible and responsive representation as well as long-term company learning is raised. It centers on two case studies, Asekwa Municipal and Oforikrom. The next question posed by the study is how senior high school students are rebuilding their livelihoods and socioeconomic well-being by creating new curriculum and social practices related to the finance and business studies system. The paper here concentrates on Kumasi District and makes inferences for the other two examples. The paper demonstrates how the financial studies system's establishment of representative groups creates the democratic space required for the successful representation of community goals. Nonetheless, the interests of a privileged few are advanced as a result of elite capture. The state's financial and business training programs do not adhere to the financial studies system's established policy procedures and do not transfer pertinent and discretionary resources to local educators. As a result, local educators are unable to encourage representation that is accountable and responsive. The financial studies system continues to pique the interest of rural areas, but this desire is skewed toward getting access to financial or business training institutions for higher education. Since the locals are not actively involved in financial education, the financial studies system serves just to advance the interests of specific populations. This article explains how rhetoric and personal benefits can be supported by the public even in the case of "failed" interventions.

Keywords: financial studies system, financial studies' devolution, local government, senior high schools and financial education, as well as community goals and representation

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Authors: Naheed Malik, Waheed Akhtar

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An introduction to the Islamic move towards the managing human resource is a preliminary attempt to provide managers with a useful way of managing and accepting employees. This knowledge would be helpful to even non-Muslim managers. Muslim managers are required not to know only the Islamic HR but also it is expected from them to apply the Islamic approach in managing the employees. Human resource is considered the most substantial asset of organizations. Studies have recommended that successful human resource management (HRM) leads to positive attitudes and behaviors at the workplace. On the contrary, unproductive use of human resources results in negative penalty in the form of lower job satisfaction, lower commitment, or even high employee turnover and even poor workforce quality.The study examined the Impact of Islamic HR practices on job satisfaction. Islamic HR variables encompass the aspects of performance appraisal, training and development, selection and recruitment. Data was obtained via self –administered questionnaires distributed among the employees of Banks in Pakistan which are practicing Islamic Banking. The sampling method employed was purposive sampling.Based on 240 responses obtained ,the study revealed that Islamic HRM deliberates the 40per cent of the variances in Job satisfaction .All variables excluding recruitment were found to be substantially pertinent to the dependent variable. The study also meditated the implications for future studies.

Keywords: islamic HRM, job satisfaction, islamic and conventional banks, Pakistan

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Authors: Audia Syafa'atur Rahman, Rozali Haron

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The practices of Islamic banking are more attuned to the goals of profit maximization rather than obtaining ethical profit. Ethical profit is obtained from interest-free earnings and to give an impact which benefits to the growth of society and economy. Good corporate governance practices are needed to assure the sustainability of Islamic banks in order to achieve Maqasid Shariah with the main purpose of boosting the well-being of people. The Maqasid Shariah performance measurement is used to measure the duties and responsibilities expected to be performed by Islamic banks. It covers not only unification dimension like financial measurement, but also many dimensions covered to reflect the main purpose of Islamic banks. The implementation of good corporate governance is essential because it covers the interests of the stakeholders and facilitates effective monitoring to encourage Islamic banks to utilize resources more efficiently in order to achieve the Maqasid Shariah. This study aims to provide the empirical evidence on the Maqasid performance of Islamic banks in relation to the Maqasid performance evaluation model, to examine the influence of SSB characteristics and board structures to Islamic Banks performance as measured by Maqasid performance evaluation model. By employing the simple additive weighting method, Maqasid index for all the Islamic Banks in Indonesia within 2012 to 2016 ranged from above 11% to 28%. The Maqasid Syariah performance index where results reached above 20% are obtained by Islamic Banks such as Bank Muamalat Indonesia, Bank Panin Syariah, and Bank BRI Syariah. The consistent achievement above 23% is achieved by BMI. Other Islamic Banks such as Bank Victoria Syariah, Bank Jabar Banten Syariah, Bank BNI Syariah, Bank Mega Syariah, BCA Syariah, and Maybank Syariah Indonesia shows a fluctuating value of the Maqasid performance index every year. The impact of SSB characteristics and board structures are tested using random-effects generalized least square. The findings indicate that SSB characteristics (Shariah Supervisory Board size, Shariah Supervisory Board cross membership, Shariah Supervisory Board Education, and Shariah Supervisory Board reputation) and board structures (Board size and Board independence) have an essential role in improving the performance of Islamic Banks. The findings denote Shariah Supervisory Board with smaller size, higher portion of Shariah Supervisory Board cross membership; lesser Shariah Supervisory Board holds doctorate degree, lesser reputable scholar, more members on board of directors, and less independence non-executive directors will enhance the performance of Islamic Banks.

Keywords: Maqasid Shariah, corporate governance, Islamic banks, Shariah supervisory board

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Authors: Mohd Adib Abd Muin, Shuhairimi Abdullah, Azizan Bahari

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Problem: The research problem is lacking of model on social entrepreneurship that focus on Islamic perspective. Objective: The objective of this paper is to analyse the existing model on social entrepreneurship and to identify the research gap on Islamic perspective from existing models. Research Methodology: The research method used in this study is literature review and comparative analysis from 6 existing models of social entrepreneurship. Finding: The research finding shows that 6 existing models on social entrepreneurship has been analysed and it shows that the existing models on social entrepreneurship do not emphasize on Islamic perspective.

Keywords: social entrepreneurship, Islamic perspective, research gap, business management

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Authors: Mike Tsionas

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The paper develops new indices of financial stability based on an explicit model of expected utility maximization by financial institutions subject to the classical technology restrictions of neoclassical production theory. The model can be estimated using standard econometric techniques, like GMM for dynamic panel data and latent factor analysis for the estimation of co-variance matrices. An explicit functional form for the utility function is not needed and we show how measures of risk aversion and prudence (downside risk aversion) can be derived and estimated from the model. The model is estimated using data for Eurozone countries and we focus particularly on (i) the use of the modeling approach as an “early warning mechanism”, (ii) the bank- and country-specific estimates of risk aversion and prudence (downside risk aversion), and (iii) the derivation of a generalized measure of risk that relies on loan-price uncertainty.

Keywords: financial stability, banking, expected utility maximization, sub-prime crisis, financial crisis, eurozone, PIIGS

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Authors: B. O. Oyedoyin, M. O. Ilori, T. O. Oyebisi, B. A. Oluwale, O. O. Jegede

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The study was designed to evaluate the business development and transfer of technologies to small manufacturing companies by research institutes in South Western Nigeria. The study covered all the industrial research institutions with headquarters in South Western Nigeria. The study showed that the involvement of scientists in innovation process was rated highest in the idea generation (4.14) and idea screening (4.29) phases; high in R&D (3.86) and fairly high in pilot plant development (2.71) and commercialization (2.43) phase. Their involvement was rated low in business analysis and development (2.14), and test marketing (2.29) phase. The involvement of engineers was rated highest in idea generation (3.28), fairly high in R&D (2.71), pilot plant development (2.57), and idea screening (2.40) phases. However, their involvement was rated low in business analysis and development (2.0), test marketing (2.0), and commercialization (1.28) phases. The involvement of technology marketers in innovation process was generally rated fairly high in R&D (2.7) and business analysis and development (2.6), and low in all the other phases of innovation. However, their involvement at IAR&T, FIIRO, and NIOMR in all the phases was rated very high (3.0-5.0). The involvement of entrepreneurs was generally rated from fairly high to low (2.7-2.3) in all the phases of innovation. The involvement of financial institutions in all the phases of innovation was generally rated low (1.28-1.71). In conclusion, the study showed that the involvement of stakeholders like entrepreneurs and financial institutions in technology packaging for commercialization is very low.

Keywords: research institutes, national innovation system, Nigeria, entrepreneurs, financial institution

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Authors: Ipenyi Peter

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Discipline is an issue that tends to undermine the provision of quality education in tertiary institutions in Nigeria. This is because the overall goals of tertiary institutions, as enunciated in the National Policy of Education, can hardly be achieved by all the stakeholders without strict conformity and adherence to the rules and regulations and the ideals of the entire society. The adherence is essential for the general welfare of the society. This paper critically X-rayed the causes of indiscipline in tertiary institutions in Nigeria. Such courses include laxity in home control and parental supervision, school, teacher and societal factors as well as government influence. The paper recommended among others such strategies as enculturation, acculturation as well as the acquisition of a certain number of generic skills for dealing with discipline and ethical issues in tertiary institutions in Nigeria.

Keywords: discipline, education, tertiary institutions, society

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Authors: Djehich Mohamed Yousri

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This research deals with an important issue in Islamic political thought, which is the relationship of ethics to the Islamic political system. This is done by following the legal politics books and analyzing their texts in order to reach the moral values on which the political system in Islam is based, starting from the concept of politics to the political principles and conditions of the ruler and the reasons for his removal and the conditions of those authorized to choose him, and ending with the ruler’s relationship with his people, and the relationship of the Islamic state with other countries. The research concluded that moral values are the basis of the political system in Islam, and the reason for this is due to the fact that Islam is a religion and a global and realistic human system that embraces morals and higher values in order to preserve its lofty message and calls for brotherhood, love, and justice and does not harm human morals. And if the reality of politics in the Islamic world today is not related to the moral values and the lofty message of Islam, this research tries to show the origins of political theory in Islam, and the purpose of the Islamic political system, towards the morality of politics.

Keywords: moral, politics, islam, political system, islamic political system

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Authors: Khan Shahid, Shahid Zakia

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This article explores the fields of Theology and Islamic Philosophy in alignment with the SOUL (Sincere act, Optimization efforts, Ultimate goal, Law compliance) framework. It examines their historical development and demonstrates how embracing sincerity, optimization, ultimate goals, and law compliance enhances these disciplines within the Islamic context. By emphasizing the importance of Sincere acts, Optimization efforts, Ultimate goal, and Law compliance, this article provides a framework for enriching Theology and Islamic Philosophy.

Keywords: SOUL framework, Theology, Islamic Philosophy, Sincerity act, Optimization effort, Ultimate goal, Law compliance

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Authors: Rachel Gugu Mkhasibe

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Incorporation of technology as a pedagogy has many benefits. For instance, improvement of pedagogy, increased information access, increased cooperation, and collaboration. However, as good as it may be, this integration of technology as a pedagogy has not been widely adopted in most historically Black higher education institutions especially those in developing countries. For example, the socioeconomic background of students in historically black universities, the weak financial support available from these universities, as well as a large population of students struggle to access the recommended modern physical resources such as iPads, laptops, mobile phones, to name a few. This contributes to an increase in the increase of educational inequalities. The qualitative research approach was utilized in this work to gather detailed data about the obstacles created by the integration of technology as a pedagogy. Interviews were conducted to generate data from 20 academics from 10 Leve two students from one of the historically disadvantaged higher education Institutions in South Africa. The findings revealed that although both students and academics had overwhelming support of the integration of technology as a pedagogy in their institution, the environment which they found themselves in compromise the incorporation of technology as a pedagogy. Therefore, this paper recommends that Department of Higher Education and University Management should intervene and budget for technology to be provided in all the institutions of higher education regardless of where the institutions are situated.

Keywords: collaboration, integration, pedagogy, technology

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Authors: Muhammad Bahrul Ilmi

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The purpose of this research is to analyze the influence of Islamic financing and work relation founding simultaneously and partially towards non-performing financing in Islamic banks. This research was regression quantitative field research, and had been done in Muammalat Indonesia Bank and Islamic Danamon Bank in 3 months. The populations of this research were 15 account officers of Muammalat Indonesia Bank and Islamic Danamon Bank in Surakarta, Indonesia. The techniques of collecting data used in this research were documentation, questionnaire, literary study and interview. Regression analysis result shows that Islamic financing and work relation founding simultaneously has positive and significant effect towards non performing financing of two Islamic Banks. It is obtained with probability value 0.003 which is less than 0.05 and F value 9.584. The analysis result of Islamic financing regression towards non performing financing shows the significant effect. It is supported by double linear regression analysis with probability value 0.001 which is less than 0.05. The regression analysis of work relation founding effect towards non-performing financing shows insignificant effect. This is shown in the double linear regression analysis with probability value 0.161 which is bigger than 0.05.

Keywords: Syariah financing, work relation founding, non-performing financing (NPF), Islamic Bank

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Authors: Pascal Horni, Sandro Fuchs

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In presence of increasing deficits and public debt among OECD countries, the debate on fiscal disciple and mechanisms to constrain public spending policy heated up and gave rise to the institutionalization of fiscal rules. Considering the notions from political economy literature and the therein advocated axiom of maximization of votes, introduction of institutional mechanisms and rules to govern public spending is likely to be coined by electoral motives. While there exists a series of research concerned with the rise of creative accounting in the presence fiscal rules, implementation of accrual government accounting and its impact on the biting of fiscal rules has to authors’ best knowledge never been explored. This paper serves the illumination of the connection between debt break mechanisms and the adoption of accrual public sector accounting standards such as the IPSAS in the interface of political economy in the Swiss context. By explicitly considering the technical accounting dimension, this paper develops an integrated conceptual view on well-established Public Financial Management (PFM) institutions and elaborates how their interdependencies can co-create value with regard to the contemporary challenge of fiscal sustainability. Derivation of this integrated view follows an explorative approach, taking into account expert interviews with director level staff from cantonal finance administrations and policy documents, as well as literature from both research areas – public sector accounting and political economy.

Keywords: accounting, fiscal rules, International Public Sector Accounting Standards (IPSAS), public financial management

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Authors: Muhammad Khaleequzzaman, Muhammad Mansoori, Abdul Rashid

Abstract:

The legitimacy of Islamic banking refers to the compliance with the precepts of Shariah (Islamic law) of the pronouncements and their implementation, requisites of various contracts, as well as, observance of the welfare objectives. Therefore, the Islamic banks are supposed to follow the Islamic values focused to bring benefit to the society alongside the commercial motive. These distinguishing features establish identity of the Islamic banks separate from their conventional counterparts and require pursuing normative values of Islamic injunctions instead of profit maximization merely through commercial motive. Given this, the efficiency of the Islamic banks should be evaluated against the value judgements prescribed by the Islamic economic philosophy and their role in establishing the just economy. Nevertheless, the empirical evidence on such value-oriented role of Islamic banking is limited that is filled by this research. The primary focus of the research is two folds; developing a theoretical framework that affords a holistic approach of Shariah legitimacy of Islamic banking practices, including welfare pursuits in addition to the usual compliance mechanism, to help evaluating legitimacy of Islamic banking practices in Pakistan. Therefore, the research has been commissioned by developing the constructs of Shariah legitimacy through extensive review of the relevant literature. At the same time, the empirical analysis based on the opinion of 836 customers of Islamic and conventional banks in all the four provinces and the capital city of Pakistan has produced important conclusions regarding their perception about legitimacy of the Islamic banking practices. The results have helped to know as to how the legitimacy through Shariah perspective is viewed by them. The data analysis using various statistical techniques has yielded results consistent with the objectives of the study. The key findings of the theoretical framework conclude that the value judgements have been grossly ignored by the Islamic banks. The empirical research achieves that about half of the customers perceived Islamic banking as Shariah legitimate. On overall basis, the other half viewed contrary to this or preferred to remain indifferent. There is a need that Islamic banks should look into the desired goals of Shariah legitimacy in both contexts; the value judgement and the perception of the customers.

Keywords: Islamic banking, Shariah legitimacy, Maqasid al Shariah (higher purposes of the lawgiver), value judgment, distributive justice

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Authors: Ridzuan Hussin, Mohd Zaihidee Arshad

Abstract:

The creativity of earlier artists and sculptors in designing geometric is extraordinary provided with only a compass. Indeed, geometric in Islamic art and design are unique and have their own aesthetic values. In order to further understand geometric, self-learning with the approach of hands on would be appropriate. For this study, Islamic themed geometric designed and created, concerning only; i. The Square Repetition Unit and √2, ii. The Hexagonal Repetition Unit and √3 and iii. Double Hexagon. The aim of this research is to evaluate the creativity of Islamic geometric pattern artworks, through Fundamental Arts and Gestalt theory. Data was collected using specific tasks, and this research intends to identify the difference of Islamic geometric between 21 untitled selected geometric artworks (conventional design method), and 25 digital untitled geometric pattern artworks method. The evaluation of creativity, colors, layout, pattern and unity is known to be of utmost importance, although there are differences in the conventional or the digital approach.

Keywords: Islamic geometric design, Gestalt, fundamentals of art, patterns

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