Search results for: Islamic financial innovation

Authors: Fahad Ahmed Qureshi

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Is it essential for a Muslim businessperson and employees of Islamic financial institutions not only in Islamic Banks to perform his/her actions ethically in a universally, competing habitat? The answer is an emphatic NO! in Islam, ethics conduct all departments of life. The orders for eternal success or falah in Islam are the same for all Muslims–whether in managing their business activities or in carrying out their routine affairs. Without designating any circumstantial ambience, Allah specify people who achieve success as those who are “inviting to all that is good (Khayr), enjoining what is right (Ma'ruf) and forbidding what is wrong (Munkar).” Within a business context, however, what sole axioms of regimen should a company follow? What is a Muslim businessperson’s encumbrance to internal and external stakeholders? Although an organization’s top executives may display sterling ethical behavior, how can middle- and lower-level managers be enthusiastic to perform in a correspondingly ethical manner? What are some protocols that would clinch persistent ethical behavior in a Muslim business?

Keywords: business, ethics, finance, Islam

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Authors: Inten Meutia, Emylia Yuniarti

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The objective of this study is to analyze the effects of interest rate, the rate of return of Islamic banks on the amount of mudarabah deposits in Islamic banks. In analyzing the effect of rate of return in the Islamic banks and interest rate risk in the conventional banks, the 1-month Islamic deposit rate of return and 1 month fixed deposit interest rate of a total Islamic deposit are considered. Using data covering the period from January 2010 to Sepember 2013, the study applies the regression analysis to analyze the effect between variable and independence t-test to analyze the mean difference between rate of return and rate of interest. Regression analysis shows that rate of return have significantly negative influence on mudarabah deposits, while interest rate have negative influence but not significant. The result of independent t test shows that the interest rate is not different from the rate of return in Islamic Bank. It supports the hyphotesis that rate of return in Islamic banking mimic rate of interest in conventional bank. The results of the study have important implications on the risk management practices of the Islamic banks in Indonesia.

Keywords: conventional bank, interest rate, Islamic bank, rate of return

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Authors: Sajjad Shalsouz, Hamid karamipour

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Islamic civilization after a period of glory in the ninth and tenth centuries AD, known as the Islamic Renaissance, stagnated and declined from the eleventh century, despite the political and military power of Islamic governments, faced a scientific and cultural decline in later, foreign invaders such as the Mongol invasion, the Crusades, and Timur invasions also caused severe political, social, and economic instability, some of which were never remedied. Lack of growth of intellectual sciences in Islamic societies, which is necessary for the growth and development of any civilization, and lack of attention of the ruling class and the masses to this important factor, the tyranny of kings, social and economic turmoil from the thirteenth century onwards, absence of Islamic societies from global developments all intensified and stabilized the decline Islamic civilizations, the consequences of which are still evident. This article tries to deal with the historical factors of this decline and decadence from the 11th century to the contemporary era by examining historical events and issues and achieves a desirable and efficient result in this field.

Keywords: Islamic civilization, decline, historical factors, intellectual sciences

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Authors: Wafeek Mohamed Ibrahim Mohamed

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In the era of globalization and openness informational. Anyone who thinks about innovation in the earth population in Islam in our contemporary reality, he will find that it is not destined to its civilized extension to last. The purpose of the research is a trial to reach a realistic vision for creative, innovative and intellectual thought for the earth population in Islam as an instrument to Confrontation and observe the changes that have affected in the architecture of the land during different eras. Through knowing the controls of the ruling legitimacy(that served as definitions and laws which formulate its features) and using customs, traditions, and conventions as a telescope for the earth population in Islam, It explained the impact of them on features of creative formation for the architecture of the land in our contemporary reality. The study shows a modern vision to identify innovation in the earth population in Islam. As well as reformulating its mental image and monitoring its changes in Islamic heritage cities. This will be done through a two main branches: firstly, set forth a theory represented in studying creative concepts which formulate the population of the earth in Islam. Such as initiative and responsibility for reviving the dead land, the lane [alley] as formation unit and social solidarity,… Etc.. The second branch is preparing a practical, critical vision for innovative conceptual thought for the architecture of the land of Islam, through studying the development of a traditional Islamic city., The conceptual thought of making the birth festival ["Al-Refaee"] and its emulation for governing roles in the traditional city building. The research concludes The necessity of forming the suggested a creative vision for identifying how to re-form the conceptual for our contemporary population of the earth. It poses an important question which is how to return to creativity in the architecture of the land of Islam in our built environments.

Keywords: innovation and creation, architecture, the land in Islam, criticism of design

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Authors: Omer Akkaya, Nurullah Ekmekcı, Muammer Zerenler

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Innovation for businesses means a new product and service and sometimes a new implementation. Total Quality Management is a management philosophy which focus on customer, process and system.There is a certain relationship between principles of Total Quality Management and innovation performance. Main aim of this study is to show how the implementation and principles of Total Quality Management (TQM) affect a firm's innovation performance. Also, this paper discusses positive and negative affects of Total Quality Management on innovation performance and demonstrates some examples.

Keywords: innovation, innovation types, total quality management, principles of total quality management

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Authors: Judit Nagy

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Many scientific studies claim that financial education should start as early as possible. Children are much more capable of and willing to absorb new concepts than adults. If we introduce children to financial knowledge early, their behaviour and attitudes to this subject will change, increasing later success in this area of life. However, poor financial decisions may entail severe consequences, not only to individuals but even to the wider society. Good financial decisions and economic attitudes may contribute to economic growth and well-being. Whilst in several countries, education about financial awareness and fundamentals is available, the understanding and acquisition of complex economic knowledge and the development of children’s independent problem-solving skills are still lacking. The results suggest that teaching economic and financial knowledge through accounting and making lectures interactive by using special tools of positive education is critical to stimulating children’s interest. Eighty percent of the students in the study liked the combined and interactive lecture. Introducing this kind of knowledge to individuals is a relevant objective, even at the societal level.

Keywords: positive psychology, education innovation, primary school, gender, economics, accounting, finance, personal finance, mathematics, economic growth, well-being, sustainability

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Authors: Laura de Zwaan, Tracey West

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There is a sustained observable gender gap in financial literacy, with females consistently having lower levels than males. This research explores the knowledge and experiences of high school students in Australia aged 14 to 18 in order to understand how this gap can be improved. Using a predominantly qualitative approach, we find evidence to support impacts on financial literacy from financial socialization and socio-economic environment. We also find evidence that current teaching and assessment approaches to financial literacy may disadvantage female students. We conclude by offering recommendations to improve the way financial literacy education is delivered within the curriculum.

Keywords: financial literacy, financial socialization, gender, maths

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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: 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: 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: 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: Abidemi C. Adegboye, Samuel Iweriebor

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The primary link between financial institutions and economic performance is the provision of resources by these institutions to businesses in order to drive enterprise expansion, sustainability, and development. In this study, the role of access to finance in driving innovations and productivity in Nigerian SMEs is investigated using the World Bank Enterprise Survey (ES) dataset. Innovation is defined based on the ES analysis using five compositions including product, method, organisational, use of foreign-licensed technology, and spending on R&D. The study considers finance in terms of source in meeting investment needs and in terms of access. Moreover, finance access is categorized as external and internal to a firm with each having different implications. The research methodology adopted a survey analysis based on the 2014 World Bank Enterprise Survey of 19 states in Nigeria. The survey comprised over 10,000 manufacturing and services firms, both at the small scale and medium scale levels. The logit estimation technique is used to estimate the relationships in the study. The results from the empirical analysis show that in general, access to finance drives SME innovation in Nigeria. In particular, ease of accessing bank loans and credit is shown to be the strongest positive force in driving all types of innovation among SMEs in Nigeria. In the same vein, the type of finance source for investment matters in terms of how it affects innovation: it is shown that both internal and external sources improve investment in product, process, and organisational innovation, but only external financing has effect on R&D spending and use of foreign licensed technology. Overall spending on R&D is only driven by access to external finance by the SMEs. For productivity, the results show that while structure of financing investment improves productivity, increased access to finance may actually lead to productivity decline among SMEs in Nigeria. There is a need for the financial system to evolve structures to increase fund availability to SMEs in Nigeria, especially for the purpose of innovation investment.

Keywords: access to finance, financing investment, innovation, productivity, SMEs

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Authors: Arnault Morisson

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Innovation districts are being implemented as urban regeneration strategies in cities as diverse as Barcelona (Spain), Boston (Massachusetts), Chattanooga (Tennessee), Detroit (Michigan), Medellin (Colombia), and Montréal (Canada). Little, however, is known about the concept. This paper aims to provide a framework to define innovation districts. The research methodology is based on a qualitative approach using 22@ Barcelona as a case study. 22@ Barcelona was the first innovation district ever created and has been a model for the innovation districts of Medellin (Colombia) and Boston (Massachusetts) among others. Innovation districts based on the 22@ Barcelona’s model can be defined as top-down urban innovation ecosystems designed around four multilayered and multidimensional models of innovation: urban planning, productive, collaborative, and creative, all coordinated under strong leadership, with the ultimate objectives to accelerate the innovation process and competitiveness of a locality. Innovation districts aim to respond to a new economic paradigm in which economic production flows back to cities.

Keywords: innovation ecosystem, governance, technology park, urban planning, urban policy, urban regeneration

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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: R. Hashim, A. J. Bock, S. Cooper

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Absorptive capacity generally facilitates the adoption of innovation. How does this relationship change when economic return is not the sole driver of innovation uptake? We investigate whether absorptive capacity facilitates the adoption of green innovation based on a survey of 79 construction companies in Scotland. Based on the results of multiple regression analyses, we confirm that existing knowledge utilisation (EKU), knowledge building (KB) and external knowledge acquisition (EKA) are significant predictors of green process GP), green administrative (GA) and green technical innovation (GT), respectively. We discuss the implications for theories of innovation adoption and knowledge enhancement associated with environmentally-friendly practices.

Keywords: absorptive capacity, construction industry, environmental, green innovation

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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: Murtuza Ali Lakhani, Michelle Marquard

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Given the paradoxical nature of innovation, we propose that leaders of innovation-centered organizations need certain specific qualities focused on developing higher-order structures, fostering self-organization, and nurturing constructive dissonance and conciliation. Keeping in view the prolific literature on leadership and innovation, we carry out a quantitative study with data collected over a five-year period involving 31 leaders and 209 observers (direct reports, peers, and managers) from across five companies based in the United States. Rather than accepting, as some scholars and practitioners do, that leadership is all-encompassing, we argue that it is specific to a given context, e.g., innovation. We find that leadership is the locus of innovation and that leaders able to effectively lead the innovation agenda demonstrate five specific behaviors and characteristics, namely stewardship, communication, empowerment, creativity, and vision. We demonstrate that the alignment (or misalignment) between a leader’s “self view” and “other view” is a tell-tale sign of whether (or not) the leader’s organization will succeed at innovation. We propose a scale, iLeadership, and test it psychometrically for assessment of leaders and organizational units charged with innovation.

Keywords: innovation, leadership, innovation leadership, knowledge creation

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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: Hailu Getnet

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This study focus on reverse innovation on performance outcomes across developed and subsistence markets context. The subsistence market consists two third of the world population and the largest international market. To date, it has been neglected because of its issues of perceived challenges and seeming unattractiveness compared to the established markets in the west. However, subsistence markets are becoming source of reverse innovation; an innovation that is likely to be adopted first in developing world and successfully traded globally. In response, there is a growing interest on reverse innovation to power the future. Based on the theories of innovation and growing subsistence market literatures, the study propose drivers and outcomes of reverse innovation, a potential similarities and difference in benefiting and challenging firms and consumers in subsistence and developed markets.

Keywords: reverse innovation, subsistence market, developing world, developed market

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Authors: Zeynep Ayfer Bozat

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As traditional innovation has already taken its place in managers’ to do lists; managers and companies have started to look for new ways to go beyond the traditional innovation. Because of its cost, traditional innovation became a burden for companies since they only use inner sources. Companies have intended to use outer innovation sources to decrease the innovation costs and Open Innovation has become a new solution for companies at this point. Crowdsourcing is a tool of Open Innovation and it consists of two words: Outsourcing and crowd. Crowdsourcing aims to benefit from the efforts and ideas of a virtual crowd via Internet technologies. In addition to that, crowdsourcing can help entrepreneurs to innovate and grow their businesses. They can crowd source anything they can use to grow their businesses: Ideas, investment, new business, new partners, new solutions, new policies, data, insight, marketing or talent. Therefore, the aim of the study is to be able to show some possible ways for entrepreneurs to benefit from crowdsourcing to expand or foster their businesses. In the study, the term crowdsourcing has been given in details and these possible ways have been searched and given.

Keywords: crowdsourcing, entrepreneurship, innovation, open innovation

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Authors: Ala Hanetite

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The purpose of this article is to present, by means of a model, the determinants of organisational culture which influence creativity and innovation. A literature study showed that a model, based on the open systems theory and the work of Schein, can offer a holistic approach in describing organisational culture. The relationship between creativity, innovation and culture is discussed in this context. Against the background of this model, the determinants of organisational culture were identified. The determinants are strategy, structure, support mechanisms, behaviour that encourages innovation, and open communication. The influence of each determinant on creativity and innovation is discussed. Values, norms and beliefs that play a role in creativity and innovation can either support or inhibit creativity and innovation depending on how they influence individual and group behaviour. This is also explained in the article.

Keywords: attitudes, creativity, innovation, organisational culture

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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: Bakr Zade, Paolo Cervera

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With the aim of maximising return on innovation investments, organisations create central units to support successful implementation of innovation management initiatives. The support units–referred to in this research as innovation management offices (IMOs)–range from small teams of innovation management champions to fully resourced centres of excellence for innovation management. However, roles and responsibilities of IMOs vary in different organisations. This research investigates the different types of IMO in organisations, based on their different roles and responsibilities in supporting innovation management processes. The research uses grounded theory methodology to uncover an IMO taxonomy from emergent concepts during innovation management maturity assessment exercises in twelve organisations from the United Kingdom and the United Arab Emirates. The taxonomy distinguishes five types of IMO, based on their roles and responsibilities in supporting innovation management processes, from organisational strategic foresight to managing innovation management project portfolios. The IMO taxonomy addresses a gap in research into innovation management support in organisations and offers a practical framework that diverse organisations can appreciate and use in designing IMOs that are aligned with their innovation management visions and strategies.

Keywords: future foresight, future shaping, innovation management, innovation management office, portfolio management

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Authors: Suman Podder

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As Australian ‘Open Banking’ allows customers to share their financial data with accredited Third-Party Providers (‘TPPs’), it is necessary to evaluate whether the regulators have achieved the balance between protecting customer data privacy and promoting data-related innovation. Recognising the need to increase customers’ influence on their own data, and the benefits of data-related innovation, the Australian Government introduced ‘Consumer Data Right’ (‘CDR’) to the banking sector through Open Banking regulation. Under Open Banking, TPPs can access customers’ banking data that allows the TPPs to tailor their products and services to meet customer needs at a more competitive price. This facilitated access and use of customer data will promote innovation by providing opportunities for new products and business models to emerge and grow. However, the success of Open Banking depends on the willingness of the customers to share their data, so the regulators have augmented the protection of data by introducing new privacy safeguards to instill confidence and trust in the system. The dilemma in policymaking is that, on the one hand, lenient data privacy laws will help the flow of information, but at the risk of individuals’ loss of privacy, on the other hand, stringent laws that adequately protect privacy may dissuade innovation. Using theoretical and doctrinal methods, this paper examines whether the privacy safeguards under Open Banking will add to the compliance burden of the participating financial institutions, resulting in the undesirable effect of stifling other policy objectives such as innovation. The contribution of this research is three-fold. In the emerging field of customer data sharing, this research is one of the few academic studies on the objectives and impact of Open Banking in the Australian context. Additionally, Open Banking is still in the early stages of implementation, so this research traces the evolution of Open Banking through policy debates regarding the desirability of customer data-sharing. Finally, the research focuses not only on the customers’ data privacy and juxtaposes it with another important objective of promoting innovation, but it also highlights the critical issues facing the data-sharing regime. This paper argues that while it is challenging to develop a regulatory framework for protecting data privacy without impeding innovation and jeopardising yet unknown opportunities, data privacy and innovation promote different aspects of customer welfare. This paper concludes that if a regulation is appropriately designed and implemented, the benefits of data-sharing will outweigh the cost of compliance with the CDR.

Keywords: consumer data right, innovation, open banking, privacy safeguards

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Authors: Muhammad Ilham Agus Salim

Abstract:

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: Mohammad Samarah, Benjamin Stark, Jennifer Kindle, Langley Payton

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Innovation is a key driver for companies, society, and economic growth. However, assessing and measuring innovation for individuals as well as organizations remains difficult. Our i5-Score presented in this study will help to overcome this difficulty and facilitate measuring the innovation potential. The score is based on a framework we call the 5Gs of innovation which defines specific innovation attributes. Those are 1) the drive for long-term goals 2) the audacity to generate new ideas, 3) the openness to share ideas with others, 4) the ability to grow, and 5) the ability to maintain high levels of optimism. To validate the i5-Score, we conducted a study at Florida Polytechnic University. The results show that the i5-Score is a good measure reflecting the innovative mindset of an individual or a group. Thus, the score can be utilized for evaluating, refining and enhancing innovation capabilities.

Keywords: Change Management, Innovation Attributes, Organizational Development, STEM and Venture Creation

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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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