Search results for: Islamic finance practices

Authors: M. S. Riyazulla

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Since the dawn of the 21st century, there has been a perceptible decline in Islamic supremacy in world affairs, apart from the gradual waning of the amiable relations and relevance of Islamic countries in the International political arena. For a long, Islamic countries have been marginalised by the superpowers in the global conflicting issues. This was evident in the context of their recent invasions and interference in Afghanistan, Syria, Iraq, and Libya. The leading International Islamic organizations like the Arab League, Organization of Islamic Cooperation, Gulf Cooperation Council, and Muslim World League did not play any prominent role there in resolving the crisis that ensued due to the exogenous and endogenous causes. Hence, there is a need for Islamic countries to create a credible International Islamic organization that could dictate its terms and shape a new Islamic world order. The prominent Islamic countries are divided on ideological and religious fault lines. Their concord is indispensable to enhance their image and placate the relations with other countries and communities. The massive boon of oil and gas could be synergistically utilised to exhibit their omnipotence and eminence through constructive ways. The prevailing menace of Islamophobia could be abated through syncretic messages, discussions, and deliberations by the sagacious Islamic scholars with the other community leaders. Presently, as Muslims are at a crossroads, a dynamic leadership could navigate the agitated Muslim community on the constructive path and herald political stability around the world. The present political disorder, chaos, and economic challenges necessities a paradigm shift in approach to worldly affairs. This could also be accomplished through the advancement in science and technology, particularly space exploration, for peaceful purposes. The Islamic world, in order to regain its lost preeminence, should rise to the occasion in promoting peace and tranquility in the world and should evolve a rational and human-centric solution to global disputes and concerns. As a splendid contribution to humanity and for amicable international relations, they should devote all their resources and scientific intellect towards space exploration and should safely transport man from the Earth to the nearest and most accessible cosmic body, the Moon, within one hundred years as the mankind is facing the existential threat on the planet.

Keywords: carboniferous period, Earth, extinction, fossil fuels, global leaders, Islamic glory, international order, life, marginalization, Moon, natural catastrophes

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Authors: Jilly John

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The paper reports one of the study conducted to explore the dimensions of child rearing practice and effects of power difference among parents on child rearing practices adopted in the families. The first objective investigated dimensions of child rearing practices (a) overprotection (b) disciplinarian, (c) esteem building, (d) normal, (e) harsh (f) ridicule, and (g) rejection. The second objective investigated difference among father and mother on child rearing practices. The results of the study revealed that dimensions of child rearing practices are crucial variables which resulted in form of major deviations in distribution of parents in the seven dimensions. Analysis of objective two revealed that harsh and ridicule dimensions of child rearing practices are significantly different among father and mother. The dimensions are also different when the parents are employed and according to the type of families. Thus the results of the study present the possibility of changed child rearing practices among Indian families in relation to prevalent sociodemographic changes and indicate the necessity to re-examine culture-based explanations on child rearing practices.

Keywords: child rearing practices, dimensions of child rearing, difference among parents, Indian families

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Authors: Nerissa Gloria Balboa, Aire Yukdawan, Venice Gordula, Rhea Jannagen Curva

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This research examined the lived experiences and compared their similarities and differences of former Catholics turned Muslim converts in and out of prison. Qualitative comparative study with an Interpretative Phenomenological Analysis approach was used to explore the lives of Muslim converts. Interviews were conducted at Islamic Studies, Call and Guidance of the Philippines (ISCAG) and Tarbiyyah Islamic Female Institute for Muslim converts out of prison, New Bilibid Prison (NBP) and Correctional Institution for Women (CIW) for Muslim converts in prison. Results of the study show that first, for Muslim converts out of prison, exploration begins through (1) experiences of Catholicism as a norm in the family and eventual realization of its emptiness in practice, (2) experiences of Islam as a norm in the environment and discovery of meaningfulness of Islam (3) experiences of gradual holistic transformation of being a Muslim; and (4) experiences of extension of oneself towards family and society. Secondly, for Muslim converts in prison, exploration begins through (1) experiences of Apathy towards Catholicism and eventual deviation from moral standards, (2) experiences of prison condition as an environment of reflection on spirituality; and (3) experiences of positive effects of being a Muslim inside Prison. Comparisons show that there exists similarities and differences across the two settings in terms of (1) experiences of Catholicism and the degree of its internalization and actualization, (2) experiences of Islamic encounters and the process of conversion; and (3) experience of Islamic devotion and Islamic construct for the self. Theoretical bases of religious conversion found in unique contexts are discussed, initiating a paradigm shift of thinking that is needed to address the deeply rooted prejudices within Catholic and Islamic circles.

Keywords: Catholicism, Islamic conversion, social psychology, religion

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Authors: Gebrehiwot H., Giorgis Bahita

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Firms in Africa experience less financial market in comparison to other emerging and developed countries, thus lagging behind the rest of the world in terms of innovation and growth. Though there are different factors to be considered, underdeveloped financial systems take the lion's share in hindering firm innovation and growth in Africa. Insufficient capacity to innovate is one of the problems facing African businesses. Moreover, a critical challenge faced by firms in Africa is access to finance and the inability of financially constrained firms to grow. Only little is known about how different sources of finance affect firm innovation and growth in Africa, specifically the formal and informal finance effect on firm innovation and growth. This study's aim is to address this gap by using formal and informal finance for working capital and fixed capital and its role in firm innovation and firm growth using firm-level data from the World Bank enterprise survey 2006-2019 with a total of 5661 sample firms from 14 countries based on available data on the selected variables. Additionally, this study examines factors for accessing credit from a formal financial institution. The logit model is used to examine the effect of finance on a firm’s innovation and factors to access formal finance, while the Ordinary List Square (OLS) regression mode is used to investigate the effect of finance on firm growth. 2SLS instrumental variables are used to address the possible endogeneity problem in firm growth and finance-innovation relationships. A result from the logistic regression indicates that both formal and informal finance used for working capital and investment in fixed capital was found to have a significant positive association with product and process innovation. In the case of finance and growth, finding show that positive association of both formal and informal financing to working capital and new investment in fixed capital though the informal has positive relations to firm growth as measured by sale growth but no significant association as measured by employment growth. Formal finance shows more magnitude of effect on innovation and growth when firms use formal finance to finance investment in fixed capital, while informal finance show less compared to formal finance and this confirms previous studies as informal is mainly used for working capital in underdeveloped economies like Africa. The factors that determine credit access: Age, firm size, managerial experience, exporting, gender, and foreign ownership are found to have significant determinant factors in accessing credit from formal and informal sources among the selected sample countries.

Keywords: formal finance, informal finance, innovation, growth

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Authors: Suwaiba Sabiu Bako, Yaw Debrah

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In spite of the extensive literature available on the human resource management (HRM) systems and practices of multinational companies (MNCs) from developed countries, there are gaps concerning emerging countries’ multinational companies’ (EMNCs) HRM systems and practices. This study examines the transfer of HRM practices in Nigerian subsidiaries of MNCs from South Africa. It reveals that South MNCs hybridise their recruitment and selection processes and localise their compensation and employee relations. It also proves that performance appraisal, talent management and code of conduct practices are largely transferred to subsidiaries with minimal adaptation.

Keywords: EMNCs, HRM practices, HRM systems, Nigeria, South Africa

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Authors: Ali Akbar

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The main purpose of this essay is to examine whether or not the earthly punishments in regards to apostates that are often found in classical Islamic sources are applicable in the present context. The paper indeed addresses how Muslims should understand the question of apostasy in the contemporary context. To do so, the paper first argues that an accurate understanding of the way the Quranic verses and prophetic hadiths deal with the concept of apostasy could help us rethink and re-examine the classical Islamic laws on apostasy in the present context. In addition, building on Abdolkarim Soroush’s theory of contraction and expansion of religious knowledge, this article argues that approaches to apostasy in the present context can move away from what prescribed by classical Islamic laws. Finally, it argues that instances of persecution of apostates in the early days of Islam during the Medinan period of Muhammad’s prophetic mission should be interpreted in their own socio-historical context. Rereading these reports within our modern context supports the mutability of the traditional corporal punishments of apostasy.

Keywords: apostasy, Islam, Quran, hadith, Abdolkarim Soroush, contextualization

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Authors: Saeed Saffar-Heidari

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This article aims to study the recent Iranian national uprising of “Women, Life, Freedom” as a site of memory which renders the political possibility of imagining the post-Islamic futures in Iran. “Women, Life, Freedom” movement in Iran has been arguably the most pervasive social movement since the Islamic Revolution (1979) as it has posed serious issues and conflicts for the present Islamic state in Iran. The core argument of this article, however, is oriented toward the critical role of collective memory as a means of political transition and revolutionary mobilization. “Women, Life, Freedom” movement, among other things, has revitalized the popular binary opposition of pre-1979 and post-1979 Iran through which the Ancien Régime or the pre-1979 era is likely to be interpreted, read, and remembered in terms of present post-1979 cultural and political demands. As remembering involves everyday participation in shaping and reshaping the past through new codes, criteria, and values, it is argued that the presentist refashioning and remembering of the pre-1979 monarchical era has been one of the major facilitatory forces for the on-going revolutionary mobilization in Iran. The construction of the pre-1979 memory and the return of the dynastic specter has played a significant role in revolutionary mobilization as it has provided the protesters with the possible perspectives of post-Islamic regime in Iran. Additionally, the question of compulsory “Hijab” (veiling) as the prime mover of "Women, Life, Freedom” movement in Iran has strongly contributed to the everyday comparative discourse of pre/post 1979 memory. According to this presentist remembering of pre-1979, the Pahlavi dynasty would be conceived as a symbol of modernization, westernization, secularization, and non-compulsory Hijab. While the memory of the pre-revolutionary Iran is genuinely an imaginative as well as a constructed entity that finally culminates in the public condemnation of the very Islamic revolution (1979), it serves the enrichment of the Iranian political imagination as it paves the ways for the revolutionary mobilization and then the overthrowing of the Islamic regime in Iran. This article makes a case for the ways that the public narrative and discourse around the Islamic regime (especially the Islamic Hijab) led to the refashioning of the memory of pre-1979 era and inspired he revolutionary mobilization in Iran.

Keywords: post-islamic, utopias, memory, revolutionary, mobilization, Iran

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Authors: Erika Mattio , Edoardo Casolo

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This project studies in a complete and innovative way the lesser known southern roman border: the limes africanus. In this work, thanks to the comparison of archaeological, historical and epigraphic sources, the evolution and changes that occurred in the cities and areas around the limes were analysed. As of now, there are many studies relative to the roman imperial period, however there are not that many analysing the evolution of the limes from the Islamic conquest to the modern day, comparing the ancient, byzantine, islamic and contemporary periods, understanding the significance of the limes, it s role and the cities and commerce that were defined by it in north Africa. Using modern methods of remote sensing and landscape archaeology, a georeferencing of the area documented in the thirties of the last century by French military aviation colonel Jean Baradez was created, showing that the limes africanus had survived the fall of the roman empire and continued to be important also for the Islamic dynasties that came later, even until the italo-turkish war and the Italian conquest of Libya. With this research we wish to demonstrate the continuation through time of the limes africanus and whether today it exists still or not.

Keywords: Limes Tripolitanus, Muslim, North Africa, Romans

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Authors: Akram Atef Rawshdeh

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This research aims to prove the role of Islamic pilgrimage caravans in formulating the concept of the tourism industry and the concept of Grand Tours before that which was found in Europe in the medieval and modern Ages, through its duration and the number of tourists who participated in it and its role in providing tourism services from the establishment of castles and inns that were built To accommodate pilgrims during their travels from different regions of the Islamic world to the holy places in Saudi Arabia, as well as food and beverage services, transportation and support services like tourist security and tourist guide services. This research will depend on the historical method

Keywords: grand tour, hajj caravan routes, tourism services, transportation

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Authors: Yusuf Abdullahi

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The contribution of entrepreneurship in the economic development cannot be over-emphasized neither it should be underestimated for any reason as this is already a known fact that it plays an important role as a change agent and as a prime mover of economy. In developed or underdeveloped economy, the essence of entrepreneurship is highly significant as this exist in both private as well as public sectors of any economy. The roles of entrepreneurship are worldly acclaimed but yet as laudable as these roles there can be no significant success by any entrepreneur except with availability of finance. Nonetheless, mere availability of finance also cannot guarantee the success of an enterprise but there must be in place appropriate financial strategies for the funding/investment needs of an enterprise. Thus, little has been said when it comes to strategies needed to access various sources of finance. This paper, therefore, establishes appropriate strategies to obtain funds sources of finance by both small and as well as medium enterprises.

Keywords: entrepreneurship, Nigeria, financial strategies, economic development

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Authors: Muhammad Rafiq, Lamae Zulfiqar, Nazish Idrees Chaudhary

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A growing number of research focuses on healthy and unhealthy eating behaviors and their impact on health. It was intended to study the Islamic point of view on eating behavior, its impact on mental health and preventative strategies in the light of the Quran and Sunnah. Different articles and Islamic sayings related to eating behaviors and mental health were reviewed in detail. It was also revealed scientifically and through Islamic point of view that appropriate quantity, quality and timings of food have positive effects on mental health. Therefore, a 3Rs model of eating behaviors has been proposed.

Keywords: food intake, mental health, quality of food, quantity of food

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Authors: Hazlin Kadir Shahar, Razaleigh Muhamat Kawangit, Badlihisham Mohd Nasir, Rosmawati Mohamad Rasit

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Stigma and discrimination have become the main topic of discussion when dealing with HIV/AIDS issues. They affect the daily life of People Living With HIV(PLHIV), families, friends and people around them indirectly. This paper discusses the potential measurement in helping to reduce stigma and discrimination existence among Islamic Religious Officers towards PLHIV in Malaysia. These people have been trained with special programmes to tackle the HIV/AIDS issues by using a manual, namely as ‘The Manual of Islam and HIV/AIDS’, specifically designed by the Islamic Development Department of Malaysia (JAKIM). The objectives of the training programmes are to give the accurate information about HIV/AIDS and to suggest ways on how to handle the PLHIV issues in Islamic perspective. This research used quantitative methodology by survey. A pilot test had been done over thirty (30) trained Islamic Religious Officers in Malaysia. The findings have shown that the trainings have given a positive impact for them as they managed to acquire the knowledge of HIV/AIDS from both primer and authorized sources such as medical practitioners, Muslim chaplains and social workers. The knowledge they have acquired from the trainings has guided them in changing their perception, thus helping to reduce their own stigma and discrimination towards PLHIV. The training programmes have given them opportunities to practice what they have learned through several outreach sessions as they have had the opportunities to approach PLHIV directly.

Keywords: Islamic religious officers, people with HIV, stigma and discrimination, training programmes

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Authors: Samir Srairi

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This paper investigates the impact of the internal corporate governance on bank performance by constructing a corporate governance index (CGI) for 27 Islamic banks operating in five Arab Gulf countries. Using content analysis on the banks’ annual reports for 3 years (2011-2013), the index construction uses information on six important corporate governance mechanisms, namely board structure, risk management, transparency and disclosure, audit committee, Sharia supervisory board and investment account holders. The results demonstrate that Islamic banks adhere to 54% of the attributes addressed in the CGI. The most frequently reported and disclosed elements are Sharia supervisory board followed by board structure and risk management. The findings related to countries revealed that only two countries, the United Arab Emirates and Bahrain, possess a higher level of CGI. Our regression results provide evidence that Islamic banks with higher levels of corporate governance report high operating performance measured by return on assets and net interest margin. Finally, as of the effect of internal and external factors, we identified four variables that were associated with bank performance, namely size, equity, risk and concentration.

Keywords: governance mechanisms, corporate governance index, bank performance, Islamic banks, GCC countries

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Authors: Hosein Rahmati

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The Fatimid government was one of the powerful Shiite governments that was formed in 297 AH in the Islamic Maghreb based on Ismaili ideas and played an important role in promoting the culture and civilization of the Islamic world. Ismaili is one of the Shiite sects that has its own beliefs and teachings. This research seeks to find out which of the Ismaili beliefs and teachings were considered by the Fatimid political government and which the Fatimid government paid serious attention to highlighting. The present study, based on library sources and descriptive-analytical method, has concluded that the Ismaili doctrinal foundations, especially the doctrine of Imamate, are essential elements in the formation and continuation of the Fatimid rule. Their goals were approaching.

Keywords: Fatimid rule, The Ismaili, The Islamic Maghreb, Imamate

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Authors: Koffi Sodokin

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Financing microstructures are increasingly seen as a means of financial inclusion and improving overall well-being in developing countries. In practice, digital transformation in finance can accelerate the optimal functioning of financing microstructures, such as access by households to microfinance and microinsurance. Large households' access to finance can lead to a reduction in income inequality and an overall improvement in well-being. This paper explores the impact of access to digital finance and financing microstructures on household well-being and the reduction of income inequality. To this end, we use the propensity score matching, the double difference, and the smooth instrumental quantile regression as estimation methods with two periods of survey data. The paper uses the FinScope consumer data (2016) and the Harmonized Living Standards Measurement Study (2018) from Togo in a comparative perspective. The results indicate that access to digital finance, as a cultural game changer, and to financing microstructures improves overall household well-being and contributes significantly to reducing income inequality.

Keywords: financing microstructure, microinsurance, microfinance, digital finance, well-being, income inequality

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Authors: Jabulani Sibanda, Clemence Chikiwa

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This paper traces diverse language practices representative of equally diverse conceptions of language. To be dynamic with languaging practices, one needs to appreciate nuanced languaging practices, their challenges, prospects, and opportunities. The paper presents what we envision as three major conceptions of language that give impetus to diverse language practices. It examines theoretical models of the bilingual mental lexicon and how they inform language practices. The paper explores classroom languaging practices that have been promulgated and experimented with. The paper advocates the deployment of multisensory semiotic systems to complement linguistic classroom communication and the acknowledgement of learners’ linguistic and semiotic resources as valid in the learning enterprise. It recommends the enactment of specific clauses on language in education policies and curriculum documents that empower classroom interactants to exercise discretion in languaging practices.

Keywords: languaging, monolingual, multilingual, semiotic and linguistic repertoire

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Authors: Mina Latif Ghaly Sawiras

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The difference between Islamic terrorism and human-rights has become a big question in the fight against Islamic terrorism globally. This is was raised on the fact that terrorism and human rights are interrelated to the extent that, when the former starts, the latter is violated. This direct linkage was recognized in the Vienna Declaration and Program of Action as adopted by the World Conference on Human Rights in Vienna on 25 June 1993 which agreed that acts of terrorism in all its forms and manifestations are aimed at the destruction of human rights. Hence, Islamic-terrorism constitutes a violation on our most basic human rights. To this end, the first part of this paper will focus on the nexus between terrorism and human rights and endeavors to draw a co-relation between these two concepts. The second part thereafter will analyse the emerging concept of cyber-terrorism and how it takes place. Further, an analysis of cyber counter-terrorism balanced as against human rights will also be undertaken. This will be done through the analysis of the concept of ‘securitization’ of human rights as well as the need to create a balance between counterterrorism efforts as against the protection of human rights at all costs. The paper will then conclude with recommendations on how to balance counter-terrorism and human rights in the modern age.

Keywords: balance, counter-terrorism, cyber-terrorism, human rights, security, violation

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Authors: Vishwa Nath Maurya, Rama Shanker Sharma, Saad Talib Hasson Aljebori, Avadhesh Kumar Maurya, Diwinder Kaur Arora

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Present paper deals with problems of determining the relationship between the variables of corporate governance and financial performance of Islamic banks. Here, we dealt with the corporate governance in the banking sector, where increasing the importance of corporate governance, due to their special nature, as the bankruptcy of banks affects not only the relevant parties from customers, depositors and lenders, but also affect financial stability and then the economy as a whole. Through this paper we dealt to the specificity of governance in Islamic banks, which face double governance: Anglo-Saxon governance system and Islamic governance system. In addition, we focused our attention to measure the impact of corporate governance variables on financial performance through an empirical study on a sample of Islamic banks during the period 2005-2012 in the GCC region. Our present study implies that there is a very strong relationship between the variables of governance and financial performance of Islamic banks, where there is a positive relationship between return on assets and the composition of the Board of Directors, the size of the Board of Directors, the number of committees in the Council, as well as the number of members of the Sharia Supervisory Board, while it is clear that there is a negative relationship between return on assets and concentration ownership.

Keywords: correlation analysis, parametric estimation, corporate governance, financial performance, financial stability, conventional banks, bankruptcy, Islamic governance system

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Authors: Jabulani Sibanda, Clemence Chikiwa

Abstract:

This paper traces diverse language practices representative of equally diverse conceptions of language. To be dynamic with languaging practices, one needs to appreciate nuanced languaging practices, their challenges, prospects, and opportunities. The paper presents what we envision as three major conceptions of language that give impetus to diverse language practices. It examines theoretical models of the bilingual mental lexicon and how they inform language practices. The paper explores classroom languaging practices that have been promulgated and experimented with. The paper advocates the deployment of multisensory semiotic systems to complement linguistic classroom communication and the acknowledgement of learners’ linguistic and semiotic resources as valid in the learning enterprise. It recommends the enactment of specific clauses on language in education policies and curriculum documents that empower classroom interactants to exercise discretion in languaging practices.

Keywords: languaging, monolingual, multilingual, semiotic and linguistic repertoire

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Authors: Mohammad Irfan

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The purpose of this paper is to investigate the relationship among the key macroeconomic variables and Islamic stock market in India. This study is based on the time series data of financial years 2009-2015 to explore the consistency of relationship between macroeconomic variables and Shariah Indices. The ADF (Augmented Dickey–Fuller Test Statistic) and PP (Phillips–Perron Test Statistic) tests are employed to check stationarity of the data. The study depicts the long run relationship between Shariah indices and macroeconomic variables by using the Johansen Co-integration test. BSE Shariah and Nifty Shariah have uni-direct Granger causality. The outcome of VECM is significantly confirming the applicability of best fitted model. Thus, Islamic stock indices are proficiently working for the development of Indian economy. It suggests that by keeping eyes on Islamic stock market which will be more interactive in the future with other macroeconomic variables.

Keywords: Indian Shariah Indices, macroeconomic variables, co-integration, Granger causality, vector error correction model (VECM)

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Authors: Abdulbasit Musa Ahmad Karkarku

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Knowledge is the best asset you can leave for your child, especially the knowledge of Islam because it facilitates success in this life and the next. This made it necessary for every Muslim male and female to acquire Islamic education. The objective of this research is to highlight the role played by Muslim scholars in promoting Islamic education in Katsina State, Nigeria. There are so many problems facing Muslim scholars in the area of study; some of these problems include a lack of government support for Muslim scholars, a lack of community support, and a lack of financial support from wealthy individuals and philanthropists. In this research, two methods were used concurrently, i.e., library and interview methods. In the library method, the researcher consulted books and other academic works. In the course of this research, parents and religious leaders were interviewed in order to collect needed data information from them. The major findings of this research have shown that the Muslim scholars in area of study have contributed tremendously toward the development of Islamic education. Also, Muslim scholars played a vital role in the promotion of Islamic education in the area of study and beyond. In view of the above, some suggestions were highlighted with the view toward solving the associated problems; the government at every level should come to the aid of these Muslim scholars in order to provide them with basic amenities. The Philanthropists and wealthy individuals should help the Muslim scholars by giving them financial assistance. Also, communities have a vital role to play in order to improve the condition of Muslim scholars by giving them more donations.

Keywords: education, Islamic, Muslim, scholars

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Authors: Haroon Mahmood, Christopher Gan, Cuong Nguyen

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Maturity transformation risk is highlighted as one of the major causes of recent global financial crisis. Basel III has proposed new liquidity regulations for transformation function of banks and hence to monitor this risk. Specifically, net stable funding ratio (NSFR) is introduced to enhance medium- and long-term resilience against liquidity shocks. Islamic banking is widely accepted in many parts of the world and contributes to a significant portion of the financial sector in many countries. Using a dataset of 68 fully fledged Islamic banks from 11 different countries, over a period from 2005 – 2014, this study has attempted to analyze various factors that may significantly affect the maturity transformation risk in these banks. We utilize 2-step system GMM estimation technique on unbalanced panel and find bank capital, credit risk, financing, size and market power are most significant among the bank specific factors. Also, gross domestic product and inflation are the significant macro-economic factors influencing this risk. However, bank profitability, asset efficiency, and income diversity are found insignificant in determining the maturity transformation risk in Islamic banking model.

Keywords: Basel III, Islamic banking, maturity transformation risk, net stable funding ratio

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Authors: Hariyadi, Rili Windiasih

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Halal tourism is a recent global phenomenon that emerged out of the needs of Muslim tourists. However, works on halal tourism rarely discuss the connection of it to the rising religiosity in Indonesia since halal tourism has been mostly studied in the sphere of tourism, business, and management studies. A few works on the increase of Islamic expressions in Indonesia do mention the recent booming of non-mandatory pilgrimage to Mecca and the emergence of sharia compliant accommodation, yet they do not go into details on the issue. To our best knowledge, there is a lack of more critical, cultural political studies on halal tourism in which the paper attempts to fill in. The paper is a result of fieldwork research in Central Java, Indonesia. The study focuses on sacred sites for pilgrimage and sharia-compliant hotels. It combines in-depth interviews and participatory observation methods to gather the data. It is important for us to take a look at the network of halal tourism actors (businessperson, local government, clerics, etc.) in Central Java, how they conceive halal tourism, and how their networking shape halal tourism discourses, policies, and practices. Despite having numerous Islamic pilgrimage places and being designated by the Ministry of Tourism as one of 12 Muslim friendly tourist destinations, the province is not yet widely recognised as the main destination for halal tourism as it is known as the place for more secular, nationalist groups rather than for more Islamic oriented ones. However, in some of its municipalities, there is increasingly more attention to develop halal tourism. In this study, we found out that the development of halal tourism in Central Java connected to dynamics of Islamisation and ideological competition as well as the influence of the more pragmatist businesspersons in a 'nationalist province' in Indonesia.

Keywords: actor networking, halal tourism, Islamisation, Indonesia

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Authors: Korbi Fakhri

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The management of assets and liability is a vital task for every bank as far as a good direction allows its stability; however, a bad running forewarns its disappearance. Equity of a bank is among the most important rubrics in the liability side because, actually, these funds ensure three notably primordial functions for the survival of the bank. From one hand, equity is useful to bankroll the investments and cover the unexpected losses. From another hand, they attract the fund lessors since they inspire trust. So we are going to tackle some points including whether equity of the Islamic banks are oversized. In spite of the efforts made on the subject, the relationship between the capital and the deficiency probability has not been defined with certainty. In this article, we have elaborated a study over the nature of financial intermediation in Islamic banks by comparison to those of conventional ones. We have found a striking difference between two kinds of intermediation. We tried, from another side, to study the relationship between the capital level and deficiency risk relying on econometric model, and we have obtained a positive and significant relation between the capital and the deficiency risk for the conventional banks. This means that when the capital of these banks increases, the deficiency risk increases as well. In return, since the Islamic banks are constrained to respect the Sharia Committee as well as customers’ demands who may, in certain contracts, choose to invest their capitals in projects they are interested in. These constraints have as effects to reduce the deficiency risk even when the capital increases.

Keywords: Islamic bank, conventional bank, deficiency risk, financial intermediation

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Authors: Ana C. Sanchez

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This paper will discuss some of the bilingual practices of Heritage Spanish speakers caused by living within two cultures and two languages, Spanish, the heritage language, and English, the dominant language. When two languages remain in contact for long periods, such as the case of Spanish and English, it is common that both languages can be affected by bilingual practices such as Spanglish, code-switching, borrowing, anglicisms and calques. Examples of these translingual practices will be provided, as well as HS speaker’s linguistic dialects, and the challenges they encounter with the standard variety used in the Spanish classroom.

Keywords: heritage, practices, Spanish, speakers translingual

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Authors: Farrukh Shahzad

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The rich Islamic resources related to religious text, Islamic sciences, and history are widely available in print and in electronic format online. However, most of these works are only available in Arabic language. In this research, an attempt is made to utilize these resources to create interactive web applications in Arabic, English and other languages. The system utilizes the Pattern Recognition, Knowledge Management, Data Mining, Information Retrieval and Management, Indexing, storage and data-analysis techniques to parse, store, convert and manage the information from authentic Arabic resources. These interactive web Apps provide smart multi-lingual search, tree based search, on-demand information matching and linking. In this paper, we provide details of application architecture, design, implementation and technologies employed. We also presented the summary of web applications already developed. We have also included some screen shots from the corresponding web sites. These web applications provide an Innovative On-line Learning Systems (eLearning and computer based education).

Keywords: Islamic resources, Muslim scholars, hadith, narrators, history, fiqh

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Authors: Sulaiman Ahmed

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This paper will analyse the classical Islamic text in order to determine whether the Arab spring was a rebellion or a revolution. Commencing in 2010, we saw a series of revolutions or what some would call rebellions throughout the Arab peninsula. Many of the religious clergies came out emphatically in support of the people who wanted to overthrow the leaders. This brought forth the important question about the acceptability of rebelling against unjust leaders in Islamic theological texts. The paper will look to analyse the Islamic legal and theological position on the permissibility of rebelling, whether there is scholarly consensus on the issue, and how the texts are analysed in order to come to the current position we have today. The position of the clergy who supported the Arab spring will also be analysed in order to deduce if their position falls within the religious framework. An inquiry will be about to determine the ideology of those who joined the rebellion after the inception and whether these ideas can be found in classical Islamic texts. The nuances of these positions will be analysed in order to determine whether what we witnessed was a rebellion or a revolution.

Keywords: rebellion, revolution, Arab spring, scholarly consensus

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Authors: Lianne M. Q. Lee, Mohammed Sharaf Shaiban

Abstract:

The importance of bank liquidity management took center stage as policy makers promoted a more resilient global banking system after the market turmoil of 2007. The growing recognition of Islamic banks’ function of intermediating funds in the economy warrants the need to investigate its balance sheet structure which is distinct from its conventional counterparts. Given that asymmetric risk, transformation is inevitable; Islamic banks need to identify the liquidity risk within their distinctive balance sheet structure. Thus, there is a strong need to quantify and assess the liquidity position to ensure proper functioning of a financial institution. It is vital to measure bank liquidity because liquid banks face less liquidity risk. We examine this issue by using two alternative quantitative measures of liquidity creation “cat fat” and “cat nonfat” constructed by Berger and Bouwman (2009). “Cat fat” measures all on balance sheet items including off balance sheet, whilst the latter measures only on balance sheet items. Liquidity creation is measured over the period 2007-2014 in 14 countries where Islamic and conventional commercial banks coexist. Also, separately by bank size class as empirical studies have shown that liquidity creation varies by bank size. An interesting and important finding shows that all size class of Islamic banks, on average have increased creation of aggregate liquidity in real dollar terms over the years for both liquidity creation measures especially for large banks indicating that Islamic banks actually generates more liquidity to the economy compared to its conventional counterparts, including from off-balance sheet items. The liquidity creation for off-balance sheets by conventional banks may have been affected by the global financial crisis when derivatives markets were severely hit. The results also suggest that Islamic banks have the higher volume of assets and deposits and that borrowing/issues of bonds are less in Islamic banks compared to conventional banks because most products are interest-based. As Islamic banks appear to create more liquidity than conventional banks under both measures, it translates that the development of Islamic banking is significant over the decades since its inception. This finding is encouraging as, despite Islamic banking’s overall size, it represents growth opportunities for these countries.

Keywords: financial institution, liquidity creation, liquidity risk, policy and regulation

Procedia PDF Downloads 309

Authors: Md. Abu Yousuf

Abstract:

Islamic social financing (ISF) refers to the fair distribution of wealth and financial dealings and prevents economic exploitation at all levels. ISF instruments include Islamic institutions Zakat (obligatory charity), Sadaqah (voluntary charity) and Waqf (endowment) based on philanthropy such and Qard-al Hasan (beautiful loan), micro takaful (insurance) and social investments through Sukuk (bonds) based on cooperation. ISF contributes to socio-economic development, end poverty, protects environmental sustainability, promotes education, equality, social justice and above all, establishes social well-being since the birth of Islam. ISF tools are instrumental towards achieving sustainable development goals (SDGs) set by United Nations (UN). The present study will explore the scope of ISF for community development in Bangladesh and examine the challenges in implementing ISF tools and will provide the most practical model of ISF. The study will adopt a mixed-method (MM) design in the process of data collection and analysis. The researcher will consider all issues related to ethics, reliability, validity and feasibility while conducting the study.

Keywords: Islamic social financing, sustainable development goals, poverty eradication, zakat, waqf, sadaqah, Islamic microfinance

Procedia PDF Downloads 138

Authors: Asma Dill

Abstract:

The aim of this study is to explore the role of HRM practices in SMEs success. The role of HRM practices in large enterprises is relatively known, on the other hand, small and medium enterprises (SMEs) companies have not been greatly studied in relation to the HRM practices in the past. Although, there is a lack of literature and empirical research in this area, several studies in the recent years emphasized on the importance of the HRM practices for the success of the SMEs. This study finds out relationship of HRM practices and SMESs performances. The objective is to analyze significant impacts of HRM practices (training, performance appraisal, compensation and employee development) on SMEs success, to determine whether SMEs recognize the importance of HRM practices in their businesses. To carry out this research a survey research strategy was followed. The sample frame for this study consisted of firms that belong to the services and commerce sector, employing at least 50 employees. The final research sample consisted of questionnaires. Descriptive statistical methods have been used during quantitative analysis to explore the relations. The findings of the study revealed that HRM practices have a significant influence on the performance of SMEs, and the better the HRM practice, the higher the performance of the SMEs. HRM practices, including, training, compensation, performance appraisal and employee development, have been found to be significantly and positively related to business success. Outcome of the study will provide useful guidelines to the business organizations. This study contributes to knowledge by providing insights on the impact of HRM practices on SMEs performance.

Keywords: compensation, employee performance, HRM practices, training

Procedia PDF Downloads 141