Search results for: financing microstructure

Authors: Yusuf Emirov, Abdullatif Hakami, Prasanta K Biswas, Elias K Stefanakos, Sesha S Srinivasan

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This study is aimed to develop microencapsulated thermochromic materials and the analysis of core-shell formation using high resolution electron microscopy. The candidate metal oxides (e.g., titanium oxide and silicon oxide) used for the microencapsulation of thermochromic materials are based on the microemulsion route that involves the micelle formation using different surfactants. The effectiveness of the core-shell microstructure formationrevealed the influence of surfactants and the metal oxide precursor concentrations. Additionally, a detailed thermal and color chromic behavior of these core-shell microcapsules are evaluated with the pristine thermochromic dye particles.

Keywords: core-shell thermochromic materials, core-shell microstructure formation, thermal and color chromic behavior of core-shell microcapsules, development micro-capsulated thermochromic materials

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Authors: Siri Marthe Arbo, Afaf Saai, Sture Sørli, Mette Nedreberg

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This work aims to establish a reliable approach for optimizing a Laser Metal Deposition (LMD) process for a critical maritime component, based on the material properties and structural performance required by the maritime industry. The component of interest is a water jet impeller, for which specific requirements for material properties are defined. The developed approach is based on the assessment of the effects of LMD process parameters on microstructure and material performance of standard AM 2205 duplex stainless steel powder. Duplex stainless steel offers attractive properties for maritime applications, combining high strength, enhanced ductility and excellent corrosion resistance due to the specific amounts of ferrite and austenite. These properties are strongly affected by the microstructural characteristics in addition to microstructural defects such as porosity and welding defects, all strongly influenced by the chosen LMD process parameters. In this study, the influence of deposition speed and heat input was evaluated. First, the influences of deposition speed and heat input on the microstructure characteristics, including ferrite/austenite fraction, amount of porosity and welding defects, were evaluated. Then, the achieved mechanical properties were evaluated by standard testing methods, measuring the hardness, tensile strength and elongation, bending force and impact energy. The measured properties were compared to the requirements of the water jet impeller. The results show that the required amounts of ferrite and austenite can be achieved directly by the LMD process without post-weld heat treatments. No intermetallic phases were observed in the material produced by the investigated process parameters. A high deposition speed was found to reduce the ductility due to the formation of welding defects. An increased heat input was associated with reduced strength due to the coarsening of the ferrite/austenite microstructure. The microstructure characterizations and measured mechanical performance demonstrate the great potential of the LMD process and generate a valuable database for the optimization of the LMD process for duplex stainless steels.

Keywords: duplex stainless steel, laser metal deposition, process optimization, microstructure, mechanical properties

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Authors: Melissa James Maceachern

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This study examines a financial aid program that is designed to “keep residents at home” to attend higher education by providing financial aid as an incentive or discount in their first year of university following high school graduation. This study offers insight into financial matters for higher education students that can assist in providing policy direction for student financing. In particular, this study found that students appeared to value the bursary but none of the key metrics related to participation or conversion to the home institution indicated that the bursary impacted enrolment or participation. One key metric, student loans received by direct entry high school students did indicate a decline in the number of recipients. This study also identified accessibility issues to higher education that are of importance when considering the declining youth populations, future labour market needs and the need to sustain higher education institutions. This is undoubtedly a challenging period of time given the changing social and demographic forces within Canada. A comprehensive examination of the policy and programs to address these forces needs to be undertaken. This study highlights the importance of utilizing financial aid in combination with other policy to assist students in accessing higher education.

Keywords: accessibility, participation, financing, government

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Authors: Azad Hussain, Andrew Cobley

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The demand for lightweight parts with high mechanical strength(s) and integrity, in sectors such as the aerospace and automotive is ever increasing, motivated by the need for weight reduction in order to increase fuel efficiency with components usually manufactured using a high grade primary metal or alloy. For components manufactured using the squeeze casting process, this alloy is usually A356 aluminium (Al), it is one of the most versatile Al alloys; and is used extensively in castings for demanding environments. The A356 castings provide good strength to weight ratio making it an attractive option for components where strength has to be maintained, with the added advantage of weight reduction. In addition, the versatility in castabilitiy, weldability and corrosion resistance are other attributes that provide for the A356 cast alloy to be used in a large array of industrial applications. Conversely, it is rare to use remelted Al in these cases, due the nature of the applications of components in demanding environments, were material properties must be defined to meet certain specifications for example a known strength or ductility. However the use of remelted Al, especially primary grade Al such as A356, would offer significant cost and energy savings for manufacturers using primary alloys, provided that remelted aluminium can offer similar benefits in terms of material microstructure and mechanical properties. This study presents the results of the material microstructure and properties of 100% primary A356 Al and 100% remelt Al cast, manufactured via the direct squeeze cast method. The microstructures of the castings made from remelted A356 Al were then compared with the microstructures of primary A356 Al. The outcome of using remelting Al on the microstructure was examined via different analytical techniques, optical microscopy of polished and etched surfaces, and scanning electron microscopy. Microstructural analysis of the 100% remelted Al when compared with primary Al show similar α-Al phase, primary Al dendrites, particles and eutectic constituents. Mechanical testing of cast samples will elucidate further information as to the suitability of utilising 100% remelt for casting.

Keywords: A356, microstructure, remelt, squeeze casting

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Authors: Mehari Kahsay, Krishna Murthy Kyathegowda, Temesgen Berhanu

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Aluminum matrix composites have gained focus on research and industrial use, especially those not requiring extreme loading or thermal conditions, for the last few decades. Their relatively low cost, simple processing and attractive properties are the reasons for the widespread use of aluminum matrix composites in the manufacturing of automobiles, aircraft, military, and sports goods. In this article, the microstructure, mechanical, and corrosion behaviors of the aluminum metal matrix were reviewed, focusing on the stir casting fabrication process and usage of agro/industrial waste reinforcement particles. The results portrayed that mechanical properties like tensile strength, ultimate tensile strength, hardness, percentage of elongation, impact, and fracture toughness are highly dependent on the amount, kind, and size of reinforcing particles. Additionally, uniform distribution, wettability of reinforcement particles, and the porosity level of the resulting composite also affect the mechanical and corrosion behaviors of aluminum matrix composites. The two-step stir-casting process resulted in better wetting characteristics, a lower porosity level, and a uniform distribution of particles with proper handling of process parameters. On the other hand, the inconsistent and contradicting results on corrosion behavior regarding monolithic and hybrid aluminum matrix composites need further study.

Keywords: microstructure, mechanical behavior, corrosion, aluminum matrix composite

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Authors: Michael Regev, Shai Essel, Alexander Katz-Demyanetz

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Magnesium alloys are characterized by good physical properties: They exhibit high strength, are lightweight and have good damping absorption and good thermal and electrical conductivity. Amorphous magnesium alloys, moreover, exhibit higher strength, hardness and a large elastic domain in addition to having excellent corrosion resistance. These above-mentioned advantages make magnesium based metallic glasses attractive for industrial use. Among the various existing magnesium alloys, Mg₆₅Cu₂₅Y₁₀ alloy is known to be one of the best glass formers. In the current study, Mg₆₅Cu₂₅Y₁₀ ribbons were produced by melt spinning, their microstructure was investigated in its as-cast condition, after pressing under 0.5 GPa for 5 minutes under different temperatures - RT, 500C, 1000C, 1500C and 2000C - and after five minute exposure to the above temperatures without pressing. The microstructure was characterized by means of X-ray Diffraction (XRD), Differential Scanning Calorimetry (DSC), High Resolution Scanning Electron Microscope (HRSEM) and High Resolution Transmission Electron Microscopy (HRTEM). XRD and DSC studies showed that the as-cast material had an amorphous character and that the material crystallized during exposure to temperature with or without applying stress. HRTEM revealed that the as-cast Mg65Cu25Y10, although known to be one of the best glass formers, is nano-crystalline rather than amorphous. The current study casts light on the question what an amorphous alloy is and whether there is any clear borderline between amorphous and nano-crystalline alloys.

Keywords: metallic glass, magnesium, melt spinning, amorphous alloys

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Authors: Erinma Chibuzo Nwandu

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Graduates unemployment has risen astronomically in spite of the emphasis on teaching of small scale business and Entrepreneurship in schools. This study sets out to evaluate the effect of teaching small scale business and Entrepreneurship on graduates’ unemployment in Nigeria. This study adopted the survey research design. Thus the nature of data for this study is primary, sourced by the use of a questionnaire administered to a sample of two thousand and sixty-five (2065) respondents drawn from groups of graduates who are employed, unemployed and self-employed in South East Nigeria. Simple percentages, Chi-square and regression analysis were used to derive useful and meaningful information and test the hypotheses respectively. Findings from the study suggest that Nigeria graduates are ill prepared to embark on small-scale business and entrepreneurship after graduation, and that teaching of small scale business and entrepreneurship in Nigeria tertiary institutions is ineffective on graduate unemployment reduction. Findings also suggest that while a lot of graduates agreed that they have taken a class(s) on small scale or entrepreneurship, they received more theoretical teachings than practical, more so while teachings on small scale business or entrepreneurship motivated graduates to think of self-employment, most of them cannot do a good business plan and hence could not benefit from some kind of Government assisted program for small-scale business and bank loan for the sake of small scale business. Thus, so many graduates are not interested in small scale business or entrepreneurship development as a result of lack of startup capital. The study thus recommends that course content and teaching method of entrepreneurship education needs to be reviewed and re-structured to constitute more practical teachings than theoretical teachings. Also, graduates should be exposed to seminar /workshop for self-employment at least once every semester. There should be practical teaching and practice of developing a business plan that will be viable to attract government or private sponsorship as well for it to be viable to attract financing from financing institutions. Government should provide a fund such as venture capital financing arrangement to empower business startups in Nigeria by graduates’.

Keywords: entrepreneurship, small scale business, startup capital, unemployment

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Authors: Veselin Konstantinov Hristov

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In recent years, the lease contract has become more and more applicable and occupies a key place in commercial relations and business. In Bulgaria, the legal regulation of the leasing contract is relatively new and imperfectly developed. There are many legal loopholes and it is they that determine the need for a comparative legal analysis. The purpose of the study is to analyze the various European legislations regarding the leasing contract and to find effective solutions for the legal system of Bulgaria. First of all, are examined the concept of the leasing contract, which originated in the United States of America around the 1950s and spread in Europe, and the etymology of the term "leasing". After that, the main types of lease contracts – financial and operational – are examined and analyzed in detail. Their features and characteristics were studied, as well as a comparative analysis was made between them. Next, in the research, a comparative-legal analysis of the leasing contract in different European countries was made in terms of its development and distribution, as well as its legal characteristics. The mechanism of action and functioning of the leasing contract in several European countries is analyzed. Conclusions are made regarding the legal framework under which the lease contract is most effective. Types of leasing contracts specific only to certain European countries and their advantages are examined. In conclusion, recommendations are made to improve the legal framework of the leasing contract in Bulgaria.

Keywords: alternative financing, leasing contract, financing instruments, innovation

Procedia PDF Downloads 51

Authors: Mohamed M. Ali, Adel Nofal, Amr Kandil, Mahmoud Agour

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High phosphorus gray iron (HPGI) is used to connect the steel stub of an anode rod to a prebaked anode carbon block in the aluminium reduction cells. In this paper, a complete characterization for HPGI was done, includes studying the chemical composition of the HPGI collar, anodic voltage drop, collar temperature over 30 days anode life cycle, microstructure and mechanical properties. During anode life cycle, the carbon content in HPGI was lowed from 3.73 to 3.38%, and different changes in the anodic voltage drop at the stub- collar-anode connection were recorded. The collar temperature increases over the anode life cycle and reaches to 850°C in four weeks after anode changing. Significant changes in the HPGI microstructure were observed after 3 and 30 days from the anode changing. To simulate the actual operating conditions in the steel stub/collar/carbon anode connection, a bench-scale experimental set-up was designed and used for electrical resistance and resistivity respectively. The results showed the current HPGI properties needed to modify or producing new alloys with excellent electrical and mechanical properties. The steel stub and HPGI thermal expansion were measured and studied. Considerable permanent expansion was observed for the HPGI collar after the completion of the heating-cooling cycle.

Keywords: high phosphorus gray iron (HPGI), aluminium reduction cells, anodic voltage drop, microstructure, mechanical and electrical properties

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Authors: Yağmur Can Gündoğan, Kübra Gürcan Bayrak, Ece Özerdem, Buse Katipoğlu, Erhan Ayas, Rifat Yılmaz

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Eutectic oxide based ceramic matrix composites have a unique microstructure that does not include grain boundary in the form of a continuous network. Because of this, these materials have the properties of perfect high-temperature strength, creep strength, and high oxidation strength. Mechanical properties of them are much related to occurring solidification structures during eutectic reactions. One of the most important production methods of this kind of material is the process of vacuum arc melting. Within scope of this studying, it is aimed to investigate the production of Al₂O₃-YAG-based eutectic ceramics by Arc melting and Spark Plasma Sintering methods for use in aerospace and defense industries where high-temperature environments play an important role and to examine the effects of ZrO₂ and LiF additions on microstructure development and mechanical properties.

Keywords: alumina, composites, eutectic, YAG

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Authors: Seok Hong Min, Tae Kwon Ha

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High-temperature deformation behavior of ferritic stainless steels such as STS 409L, STS 430J1L, and STS 429EM has been investigated in this study. Specimens with fully annealed microstructure were obtained by heat treatment. A series of load relaxation tests has been conducted on these samples at temperatures ranging from 200 to 900oC to construct flow curves in the strain rate range from 10-6 s-1 to 10-3 s-1. Strain hardening was not observed at high temperatures above 800oC in any stainless steels. Load relaxation behavior at the temperature was closely related with high-temperature mechanical properties such as the thermal fatigue and tensile behaviors. Load drop ratio of 436L stainless steel was much higher than that of the other steels. With increasing temperature, strength and load drop ratio of ferritic stainless steels showed entirely different trends.

Keywords: ferritic stainless steel, high temperature deformation, load relaxation, microstructure, strain rate sensitivity

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Authors: Viranshu Kumar, Hitesh Arora, Pradeep Joshi

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SS 304 is Austenitic stainless steel with Chromium and Nickel as basic constituents. It has excellent corrosion resistance properties and very good weldability. Austenitic stainless steels have superior mechanical properties at high temperatures and are used extensively in a range of applications. SS 304L has wide applications in various industries viz. Nuclear, Pharmaceutical, marine, chemical etc. due to its excellent applications and ease of joining this material has become very popular for fabrication as well as weld surfacing. Austenitic stainless steels have a tendency to form chromium depleted zones at the grain boundaries during welding and heat treatment, where chromium combines with available carbon in the vicinity of the grain boundaries, to produce an area depleted in chromium, and thus becomes susceptible to intergranular corrosion. This phenomenon is known as sensitization.

Keywords: sensitization, SS 304, GTAW, mechanical properties, carbideprecipitationHAZ, microstructure, micro hardness, tensile strength

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Authors: Keri̇m Emre Öksüz, Şaduman Şen, Uğur Şen

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0.5 wt. % B2O3–doped Ba (Ti1-xZrx) O3, (x=0-0.4) lead-free nanoceramics were synthesized using the solid-state reaction method by adopting the ball milling technique. The influence of the substitution content on crystallographic structure, phase transition, microstructure and sintering behaviour of BT and BZT ceramics were investigated. XRD analysis at room temperature revealed a structural transformation from tetragonal to rhombohedral with enhancement of ZrO2 content in the barium titanate matrix. The scanning electron microscope (SEM) and energy-dispersive X-ray spectroscopy (EDS) were used to investigate microstructure and surface morphology of the sintered samples. The evolution of the Raman spectra was studied for various compositions, and the spectroscopic signature of the corresponding phase was determined. Scanning Electron Microscope (SEM) observations revealed enhanced microstructural uniformity and retarded grain growth with increasing Zr content.

Keywords: BaTiO3, barium-titanate-zirconate, nanoceramics, raman spectroscopy

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Authors: Young Sik Kim, Tae Kwon Ha

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High strength Fe-36Ni-base Invar alloys containing Al contents up to 0.3 weight per cent were cast into ingots and thermodynamic equilibrium during solidification has been investigated in this study. From the thermodynamic simulation using Thermo-Calc®, it has been revealed that equilibrium phases which can be formed are two kinds of MC-type precipitates, MoC, and M2C carbides. The mu phase was also expected to form by addition of aluminum. Microstructure observation revealed the coarse precipitates in the as-cast ingots, which was non-equilibrium phase and could be resolved by the successive heat treatment. With increasing Al contents up to 0.3 wt.%, tensile strength of Invar alloy increased as 1400MPa after cold rolling and thermal expansion coefficient increased significantly. Cold rolling appeared to dramatically decrease thermal expansion coefficient.

Keywords: Invar alloy, transition metals, phase equilibrium, aging behavior, microstructure, hardness

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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: Esther T. Akinlabi, Stephen A. Akinlabi

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This paper reports on the effects of heat treatment on 3CR12 and AISI 316 stainless steel grades. Heat treatment was conducted on the steel grades and cooled using two different media; air and water in order to study the effect of each medium on the evolving properties of the samples. The heat treated samples were characterized through the evolving microstructure and hardness. It was found that there was a significant grain size reduction in both the heat treated stainless steel specimens compared to the parent materials. The finer grain sizes were achieved as a result of impediment to growth of one phase by the other. The Vickers micro-hardness values of the heat treated samples were higher compared to the parent materials due to the fact that each of the steel grades had a proportion of martensitic structures in their microstructures.

Keywords: austenite, ferrite, grain size, hardness, martensite, microstructure and stainless steel

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Authors: Suraya Mohamad Nadzir, Badrol Ahmad, Norlia Berahim

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T91 steel has been used as construction material for superheater tubes in sub-critical and super critical boiler. This steel was developed with higher creep strength property as compared to conventional low alloy steel. However, this steel is also susceptible to materials degradation due to its sensitivity to heat treatment especially Post Weld Heat Treatment (PWHT) after weld repair process. Review of PWHT process shows that the holding temperature may different from one batch to other batch of samples depending on the material composition. This issue was reviewed by many researchers and one of the potential solutions is the development of weld repair process without PWHT. This process is possible with the use of temper bead welding technique. However, study has shown the hardness value across the weld joint with exception of PWHT is much higher compare to recommended hardness value. Based on the above findings, a study to evaluate the microstructure and hardness changes of T91 weld joint after heating at 560°C at varying duration was carried out. This study was carried out to evaluate the possibility of self-tempering process during in-service period. In this study, the T91 weld joint was heat-up in air furnace at 560°C for duration of 50 and 150 hours. The heating process was controlled with heating rate of 200°C/hours, and cooling rate about 100°C/hours. Following this process, samples were prepared for the microstructure examination and hardness evaluation. Results have shown full tempered martensite structure and acceptance hardness value was achieved after 50 hours heating. This result shows that the thin component such as T91 superheater tubes is able to self-tempering during service hour.

Keywords: T91, weld-joint, tempered martensite, self-tempering

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Authors: F. Husem, M. E. Turan, Y. Sun, H. Ahlatci, I. Tozlu

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Residual stress and fatigue crack growth rates are important to determine mechanical behavior of rails. This study aims to make relationship between residual stress and fatigue crack growth values in rails. For this purpose, three R260 quality rails (0.6-0.8% C, 0.6-1.25 Mn) were chosen. Residual stress of samples was measured by cutting method that is related in railway standard. Then samples were machined for fatigue crack growth test and analyze was completed according to the ASTM E647 standard which gives information about parameters of rails for this test. Microstructure characterizations were examined by Light Optic Microscope (LOM). The results showed that residual stress change with fatigue crack growth rate. The sample has highest residual stress exhibits highest crack growth rate and pearlitic structure can be seen clearly for all samples by microstructure analyze.

Keywords: residual stress, fatigue crack growth, R260, SEM, ASTM E647

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Authors: Muhammad Shujaat Saleem, Imamuddin

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In reply to the argument made by the non-believers of Makkah “Sale is similar to riba”, Almighty Allah ordered “Sale is permissible while riba is impermissible”. The main intent of the study was to clarify the fallacy prevailing among the Muslims that in practical terms the product of Murabaha which is being offered by the Islamic banks is similar to that of conventional interest based business loan. However, specific objective was to ascertain the degree of financial efficiency on the basis of fund/loan utilization for intended purpose of Murabaha financing vis-à-vis conventional interest based business loan. The study employed survey strategy to collect primary data through structured close ended questionnaires from the sample of 98 Murabaha officers and 178 loan officers out of the whole population of 5 Islamic and 10 conventional banks respectively. Quantitative and qualitative techniques were used to analyze the data and the same is tabulated by use of frequency tables. The study found that the financial efficiency of Murabaha financing is more than that of conventional interest based business loan by 28% as Murabaha funds of Islamic banks are utilized for its intended purpose to the extent of 97% on average, compared to 69% of business loan offered by conventional banks.

Keywords: financial efficiency, murabaha funds, loan amount, intended purpose

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Authors: Erindi Allaj

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This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

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Authors: Mohamed Ben Amar, Henda Barhoumi, Hokia Siala, Foued Elhalouani

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The present contribution consists of a purely experimental investigation on the effect of Squeeze casting on the micro structural and mechanical propriety of Al-Si alloys destined to automotive industry. Accordingly, we have proceeding, by ourselves, to all the thermal treatment consisting of solution treatment at 540°C for 8h and aging at 160°C for 4h. The various thermal treatment, have been carried out in order to monitor the processes of formation and dissolution accompanying the solid state phase transformations as well as the resulting changes in the mechanical proprieties. The examination of the micrographs of the aluminum alloys reveals the dominant presence of dendrite. Concerning the mechanical characteristic the Vickers micro-hardness curve an increase as a function of the pressure. As well as the heat treatment increase mechanical propriety such that pressure and micro hardness. The curves have been explained in terms of structural hardening resulting from the various compounds formation.

Keywords: squeeze casting, process parameters, heat treatment, ductility, microstructure

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Authors: Ilhan Keskin, Hasan Bulent Kantarci

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In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and non-interest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, islamic markets, non-interest bearing, rental certificates

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Authors: Conner Side, Hunter Pearce

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Traditional elastic metamaterials have difficulties in achieving independent tunable working frequency in two orthogonal directions. In this work, we proposed a pragmatic active elastic metamaterial to obtain extreme anisotropic stiffness with a tunable working frequency range. Piezoelectric patches shunted with variable conductance are properly proposed in the microstructure unit cell to manipulate the effective elastic stiffness along two principal directions at the subwavelength scale. Simulation of manipulation of wave propagation in such metamaterials is performed. An experimental study is also conducted to validate the design, and the results are in good agreement with mathematic analysis and numerical predictions. The proposed active elastic metamaterial will bring forth significant guidelines for ultrasonic imaging technique, and the results are expected to offer novel and general design methodology for elastic metamaterials.

Keywords: microstructure, active elastic metamaterials, piezoelectric patches, experimental study

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Authors: Ruitao Li, Zhili Dong, Nay Win Khun, Khiam Aik Khor

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In this study, microstructure and sintering mechanism as well as wear resistance properties of Ti/Al-Cr-Fe metal matrix composites (MMCs) fabricated by spark plasma sintering (SPS) with Ti as matrix and Al-Cr-Fe as reinforcement were investigated. Phases and microstructure of the sintered samples were analyzed using X-ray diffractometry (XRD), scanning electron microscopy (SEM), energy dispersive spectroscopy (EDS) and transmission electron microscopy (TEM). Wear resistance properties were tested by ball-on-disk method. An Al3Ti ring forms around each Al-Cr-Fe particle as the bonding layer between Ti and Al-Cr-Fe particles. The Al content in Al-Cr-Fe particles experiences a decrease from 70 at.% to 60 at.% in the sintering process. And these particles consist of quasicrystalline icosahedral AlCrFe and quasicrystal approximants γ-brass Al8(Cr,Fe)5 and Al9(Cr,Fe)4 in the sintered compact. The addition of Al-Cr-Fe particles into the Ti matrix can improve the microhardness by about 40% and the wear resistance is improved by more than 50% due to the increase in the microhardness and the change of wear mechanism.

Keywords: metal matrix composites, spark plasma sintering, phase transformation, wear

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Authors: P. C. Chiu, Jehnming Lin

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In this study, a 50-W CO₂ laser was used for the clad of 304L powders on the stainless steel substrate with a temperature sensor and image monitoring system. The laser power and cladding speed and focal position were modified to achieve the requirement of the workpiece flatness and mechanical properties. The numerical calculation is based on ANSYS to analyze the temperature change of the moving heat source at different surface positions when coating the workpiece, and the effect of the process parameters on the bath size was discussed. The temperature of stainless steel powder in the nozzle outlet reacting with the laser was simulated as a process parameter. In the experiment, the difference of the thermal conductivity in three-dimensional space is compared with single-layer cladding and multi-layer cladding. The heat dissipation pattern of the single-layer cladding is the steel plate and the multi-layer coating is the workpiece itself. The relationship between the multi-clad temperature and the profile was analyzed by the temperature signal from an IR pyrometer.

Keywords: laser cladding, temperature, profile, microstructure

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Authors: Seyed Habib A. Rahmati, Parsa Fallah Sheikhlari, Morteza Musakhani

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This paper studies the structure of financial investment and efficiency on the subway would be created between Hashtgerd and Qazvin in Iran. Regarding ascending rate of transportation between Tehran and Qazvin which directly air pollution, it clearly implies to public transportation requirement between these two cities near Tehran. The railway transportation like subway can help each country to terminate traffic jam which has some advantages such as speed, security, non-pollution, low cost of public transport, etc. This type of transportation needs national infrastructures which require enormous investment. It couldn’t implement without leading and managing funds and investments properly. In order to response 'needs', clear norms or normative targets have to be agreed and obviously it is important to distinguish costs from investment requirements critically. Implementation phase affects investment requirements and financing needs. So recognizing barrier related to investment and the quality of investment (what technologies and services are invested in) is as important as the amounts of investment. Different investment methods have mentioned as follows loan, leasing, equity participation, Line of financing, finance, usance, bay back. Alternatives survey before initiation and analyzing of risk management is one of the most important parts in this project. Observation of similar project cities each country has the own specification to choose investment method.

Keywords: subway project, project investment, project contract, project management

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Authors: Mouldi Djelassi, Jamel Boukhatem

Abstract:

Background: A relation has been established between Islamic banks' activities and interest rates. The aim of this study was to explore the impact of interest rates on the deposits and loans held by Islamic and conventional banks in Saudi Arabia. Methods: A time series data was performed over the period 2008Q1-2020Q2 on eight conventional banks and four Islamic banks. The impacts of interest rate shocks on deposits and loans were identified through panel vector autoregressive models. Results: Impulse response function analysis showed that increasing interest rates reduce loans and conventional deposits. For Islamic banks, deposits are more affected by interest rates than lending. Variance decomposition analysis revealed that deposits contribute to 61% of the Islamic financing variation and only 25% of the conventional loans. Conclusion: Interest rates impacted Islamic banks especially through deposits, which is inconsistent with the theoretical framework. Islamic deposits played an important role in Islamic financing variation and may provide to be a channel for the transmission of the monetary policy in a dual banking system. Monetary policy in Saudi Arabia works in part through “credits” (conventional bank credits) as well as through “money” (conventional and Islamic bank deposits).

Keywords: Islamic banking, interest rates, monetary policy transmission, panel VAR

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Authors: Humayun Murshed

Abstract:

There is growing importance of ‘social enterprise’ among the researchers and policy makers around the globe. Such enterprises have been viewed as alternative means for addressing the concerns relating to financing of corporate enterprises and social empowerment. This, some cases, has led to relatively unrealistic and higher level of expectations among policy makers and the members of the society at large. There is a general perception among different social actors that these enterprises provide universal and magic solution towards employment generation, and thus resulting in eradicating poverty, and ensuring equitable distribution of income and wealth. However, in many cases, these enterprises find a challenging journey in terms of prevailing market structure, socio-political environment, and unrealistic perception and expectations of social participants. This paper is focused on reviewing case studies based on empirical research and information from secondary sources and geared to looking at the challenges that social enterprises face. The research will draw the experience primarily from the developing countries’ perspective by adopting case study methodology. A tentative action plan will be suggested for further review by the policy makers and researchers in this growing arena of discipline. This research will attempt to highlight the myths and realities surrounding the operation of social enterprises.

Keywords: social enterprises, social empowerment, economic development, financing need

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Authors: Muhammad Arzim Naim, Saiful Azhar Rosly, Mohamad Sahari Nordin

Abstract:

The objective of this study is to investigate the factors affecting the rise of Shariah non-compliance risk that can bring Islamic banks to succumb to monetary loss. Prior literatures have never analyzed such risk in details despite lots of it arguing on the validity of some Shariah compliance products. The Shariah non-compliance risk in this context is looking to the potentially failure of the facility to stand from the court test say that if the banks bring it to the court for compensation from the defaulted clients. The risk may also arise if the customers refuse to make the financing payments on the grounds of the validity of the contracts, for example, when relinquishing critical requirement of Islamic contract such as ownership, the risk that may lead the banks to suffer loss when the customer invalidate the contract through the court. The impact of Shariah non-compliance risk to Islamic banks is similar to that of legal risks faced by the conventional banks. Both resulted into monetary losses to the banks respectively. In conventional banking environment, losses can be in the forms of summons paid to the customers if they won the case. In banking environment, this normally can be in very huge amount. However, it is right to mention that for Islamic banks, the subsequent impact to them can be rigorously big because it will affect their reputation. If the customers do not perceive them to be Shariah compliant, they will take their money and bank it in other places. This paper provides new insights of risks faced by credit intensive Islamic banks by providing a new extension of knowledge with regards to the Shariah non-compliance risk by identifying its individual components that directly affecting the risk together with empirical evidences. Not limited to the Islamic banking fraternities, the regulators and policy makers should be able to use findings in this paper to evaluate the components of the Shariah non-compliance risk and make the necessary actions. The paper is written based on Malaysia’s Islamic banking practices which may not directly related to other jurisdictions. Even though the focuses of this study is directly towards to the Bay Bithaman Ajil or popularly known as BBA (i.e. sale with deferred payments) financing modality, the result from this study may be applicable to other Islamic financing vehicles.

Keywords: Islamic banking, Islamic finance, Shariah Non-compliance risk, Bay Bithaman Ajil (BBA), principal axis factoring

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Authors: Majid Mokhtari, Masoud Bahrami Alamdarlo, Babak Nazari, Hossein Zakerinya, Mehdi Salehi

Abstract:

In this study, microstructure, macro, and microhardness of phases for three grades of cast iron rolls with modified chemical composition using a light microscope (OM) and electron microscopy (SEM) were investigated. The grades were chosen from Chodan Sazan Manufacturing Co. (CSROLL) productions for finishing stands of hot strip mills. The percentage of residual austenite was determined with a ferrite scope magnetic device. Thermal susceptibility testing was also measured. The results show the best oxidation resistance at high temperatures is graphitic high chromium white cast iron alloy. In order to evaluate the final properties of these grades in rolling lines, the results of the Pin on Disk abrasion test showed the superiority of the abrasive behavior of the white chromium graphite cast iron alloy grade sample at the same hardness compared to conventional alloy grades and the enhanced grades.

Keywords: hot roller, wear, behavior, microstructure

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