Search results for: islamic windows

Authors: Ho Wen Hui, Azwina Wati Abdull Manaf, Asfarina Kartika Mohd Shakri

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The global trend of Fintech had taken the Malaysian shore by storm in recent years, thus making the studies and observations of its impacts more critical than ever. Additionally, Fintech has grown to become an unavoidable subject in the Islamic Banking and Finance (IBF) industry. In relation to that, this paper seeks to analyze the development of Fintech parallel with the IBF industry and its connection to Islamic economics. While the scarcity of studies on this area is apparent, it is found that there is a need to regulate the development of the Fintech Industry and its effects while analyzing the ramifications and positive effects of Fintech towards parties involved in IBF industry. This paper objectively studies the phenomenon of Islamic Fintech around the world as a whole as well as more specifically in Malaysia. The paper will then explore on the existing regulatory instruments in Malaysia, study their boundaries as well as limitations and contribute on possible reform to regulate Islamic Fintech in this jurisdiction. It is aimed that this paper will prompt and encourage more thorough studies to be conducted on the topic of Fintech which would subsequently contribute to a positive growth of the IBF industry worldwide.

Keywords: financial technology, FinTech, Islamic banking & finance, regulation

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Authors: Senesh Wijayarathne

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This study focuses on how someone could develop a Buffer Overflow and could use that to exploit the SLMail Server. This study uses a Kali Linux V2018.4 Virtual Machine and Windows 7 - Internet Explorer V8 Virtual Machine (IPv4 Address - 192.168.56.107). This study starts by sending continued bytes to the SLMail Server to find the crashing point range and creating a unique pattern of the length of the crashing point range to control the Extended Instruction Pointer (EIP). Then by sending all characters to SLMail Server, we could observe and find which characters are not rendered properly by the software, also known as Bad Characters. By finding the ‘Jump to the ESP register (JMP ESP) and with the help of ‘Mona Modules’, we could use msfvenom to create a non-stage windows reverse shell payload. By including all the details gathered previously on one script, we could get a system-level reverse shell of the Windows 7 PC. The end of this paper will discuss how to mitigate this vulnerability.

Keywords: slmail server, extended instruction pointer, jump to the esp register, bad characters, virtual machine, windows 7, kali Linux, buffer overflow, Seattle lab, vulnerability

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Authors: Paolo Pietro Biancone

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The spread of Islamic financial instruments is an opportunity to offer integration for the immigrant population and to attract, through the specific products, the richness of sovereign funds from the "Arab" countries. However, it is important to consider the possibility of comparing a traditional finance model, which in recent times has given rise to many doubts, with an "alternative" finance model, where the ethical aspect arising from religious principles is very important.

Keywords: banks, Europe, Islamic finance, Italy

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

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

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

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Authors: Turkan Harmanbasi, Zeliha Busra Eryigit

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The Anatolian Seljuk State was established in Anatolia by the Seljuks and continued its existence between the 11th and 14th centuries. Iznik was the first capital of Anatolian Seljuks. With the conquest of Konya in 1086, this place was declared as the capital. The Anatolian Seljuk State, with its numerous cultural elements, has produced valuable and permanent works for more than two centuries. Most of the important and monumental works were built in Konya. Anatolian Seljuk Art that makes unique; the technique in his works is the difference in material and style. It has gained an important place in Islamic architecture with this feature. In this period, rich embellishment programs emerged with the use of geometrical ornaments, floral motifs and calligraphy belts. In the Anatolian Seljuks, decoration was mainly applied with façade, crown gates, doors, windows, mihrab, mimbar, cover, transition elements and minarets; built with stone, brick and wooden materials. The minarets are located adjacent to the mosques or outside, as a high place that can be reached by stairs, which is made to invite people to worship and to announce this to people. They are architectural elements that have always been important in Islamic architecture with their compositions, construction techniques and ornaments. In different countries where Islam has spread, it has gained different appearances with the influence of local traditions. In the Seljuk art, minarets have become indispensable architectural elements of mosques and masjids. Stone and brick are generally used as a material in the minarets, and in some examples it can be seen that the tile was accompanied by the material. Ornamental motifs are formed by bringing these materials side by side vertically or horizontally. The scope of this study, the decoration details of the minarets built during the Anatolian Seljuk period will be examined. As a study area, samples from various Anatolian cities, especially Konya, were selected. Aim of studying the decoration of the Anatolian Seljuk minaret can shed some light on one of the most important aspects of the Islamic architecture in Anatolia and the development of the minaret in the Islamic World.

Keywords: Anatolian Seljuk, decoration, Islamic architecture, minaret, ornament

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Authors: Djehich Mohamed Yousri

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

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

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Authors: Khan Shahid, Shahid Zakia

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

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

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Authors: Fabianna Bacil, Zenathan Hasannundin, Clovis Freire

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The green transition opens green windows of opportunity – temporary moments in which there are lower barriers and shorter learning periods for developing countries to enter emerging technologies and catch-up. However, taking advantage of these windows requires capabilities in national sectoral systems to adopt and develop technologies linked to green sectors as well as strong responses to build the required knowledge, skills, and infrastructure and foster the growth of targeted sectors. This paper uses UNCTAD’s frontier technology readiness index to analyse the current position of Latin America and the Caribbean to use, adopt, and adapt frontier technologies, examining the preconditions in the region to take up windows of opportunity that arise with the green transition. The index highlights the inequality across countries in the region, as well as gaps in capabilities dimensions, especially in terms of R&D. Moving to responses, it highlights industrial policies implemented to foster the growth of green technologies, emphasising the essential role played by the state to build and strengthen capabilities and provide infant industry protection that enables the growth of these sectors. Overall, while there are exceptions, especially in the Brazilian case, countries in Latin America and the Caribbean should focus on strengthening their capabilities to be better positioned, especially in terms of knowledge creation, infrastructure, and financing availability.

Keywords: Green technologies, Industrial policy, Latin America, windows of opportunity

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Authors: Muhammad Bahrul Ilmi

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

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

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Authors: Muhamad Badri Bin Othman

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As a role model and leading country in the world that establishes and promotes Islamic banking and finance, Malaysia has set up and come up with a set of standards and frameworks to govern its Shari’ah function towards implementing the desired outcome of Islamic banking and finance as new source of wealth creation. This paper, examines and highlights, at the very minimum, the importance and application of Shari’ah governance in Islamic banking and finance in Malaysia as a leading country in Islamic banking and finance. This paper also, compares on Shari’ah governance, which is being adopted between Malaysia and other selected countries namely, Pakistan, Bahrain, Kuwait, United Arab Emirates (UAE) and Qatar. This paper also, aims at highlighting the current challenges and issues faced by the scholars in Shari’ah Supervisory Board (SSB) in deliberating their opinions and fatwa towards the implementation of new products in Islamic banking industry to promote innovation among the industry players. The author of this paper will highlight the major challenges and issues faced by the SSB members of Islamic banks in Malaysia, taking into account the complexity of the operation wise and products of Islamic banking, and how they overcome those challenges and issues identified. This will be done through a series of face-to-face interview sessions which will be conducted with a few prominent figures of Islamic banking and finance scholars in Malaysia to highlight the issues and challenges they are facing towards Islamic financial innovation and subsequently finding solutions for the identified issues and challenges.

Keywords: Shari’ah governance, Shari’ah supervisory board (SSB), Issues and challenges, Islamic financial innovation

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Authors: Ahmad Dahlan, Aries Indrianto

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Conceptually, mudarabah is the practice of fiqh (jurisprudence) in the bank institutions business that became the basis of the economic development model of modern Islamic financial system. In mudarabah, profit and loss sharing mechanism are integrated between mudarabah on liability side (funding) with mudarabah on the asset side (financing). Islamic (Sharia) Bank is positioned as an intermediary institution like investment manager, although the bank is also involved in direct investment based on bank equity. In practice, mudarabah cannot be done as much as effective at financing because the dominance of debt-financing products. This is a major criticism among experts and Islamic banks practitioners. Ironically, the criticism gets less attention by practitioners of Islamic banks due to many factors. The epistemologies of Islamic banks prioritize shareholder values than stakeholder values, and social culture that has not been ready with the mudarabah totally.

Keywords: two tier mudarabah, intermediary institution, shareholder value, stakeholder value

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Authors: Muhammad Khaleequzzaman, Muhammad Mansoori, Abdul Rashid

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

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

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Authors: Ridzuan Hussin, Mohd Zaihidee Arshad

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

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

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Authors: A. Sherif, H. Sabry, A. Elzafarany, M. Gadelhak, R. Arafa, M. Aly

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This paper addresses the design of hospital Intensive Care Unit windows for the achievement of visual comfort and energy savings. The aim was to identify the window size and shading system configurations that could fulfill daylighting adequacy, avoid glare and reduce energy consumption. The study focused on addressing the effect of utilizing different shading systems in association with a range of Window-to-Wall Ratios (WWR) in different orientations under the desert clear-sky of Cairo, Egypt. The results of this study demonstrated that solar penetration is a critical concern affecting the design of ICU windows in desert locations, as in Cairo, Egypt. Use of shading systems was found to be essential in providing acceptable daylight performance and energy saving. Careful positioning of the ICU window towards a proper orientation can dramatically improve performance. It was observed that ICU windows facing the north direction enjoyed the widest range of successful window configuration possibilities at different WWRs. ICU windows facing south enjoyed a reasonable number of configuration options as well. By contrast, the ICU windows facing the east orientation had a very limited number of options that provide acceptable performance. These require additional local shading measures at certain times due to glare incidence. Moreover, use of horizontal sun breakers and solar screens to protect the ICU windows proved to be more successful than the other alternatives in a wide range of Window to Wall Ratios. By contrast, the use of light shelves and vertical shading devices seemed questionable.

Keywords: daylighting, desert, energy efficiency, shading

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Authors: Kaoutar Abbahaddou, Mohammed Salah Chiadmi

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The need to find a relevant way to predict the next-day price of a stock index is a real concern for many financial stakeholders and researchers. We have known across years the proliferation of several methods. Nevertheless, among all these methods, the most controversial one is a machine learning algorithm that claims to be reliable, namely neural networks. Thus, the purpose of this article is to study the prediction power of neural networks in the particular case of Islamic finance as it is an under-looked area. In this article, we will first briefly present a review of the literature regarding neural networks and Islamic finance. Next, we present the architecture and principles of artificial neural networks most commonly used in finance. Then, we will show its empirical application on two Islamic stock indexes. The accuracy rate would be used to measure the performance of the algorithm in predicting the right price the next day. As a result, we can conclude that artificial neural networks are a reliable method to predict the next-day price for Islamic indices as it is claimed for conventional ones.

Keywords: Islamic finance, stock price prediction, artificial neural networks, machine learning

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Authors: Elmamy Ahmedsalem

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The world has witnessed the collapse of many corporate giants as a result of unethical behavior in recent decades. This has induced a series of questions by the global community on why such occurrences could happen, even with corporate governance in place. This paper attempts to propose a philosophical approach from an Islamic perspective to be consolidated with current corporate governance in order to confront contemporary dilemmas. In this paper, ethical theories are presented as a discussion followed by their applications to modern cases of financial collapses. Virtue ethics by Aristotle, justice and fairness by John Rawls, deontology by Immanuel Kant, and utilitarianism by John Stuart Mill, are the four theories which can then be contrasted with the paradigm of Muslim scholars. Despite the differences between the fundamental principles of Islamic and Western worldviews, their ethical theories are aimed at making right decisions and solving ethical dilemmas based on what is good for society. Therefore, Islamic principles should be synthesized with Western philosophy to form a more coherent framework. The integration of Islamic and western ethical theories into business is important for sound corporate governance.

Keywords: business ethics, Islamic philosophy, western philosophy, Western and Islamic worldview of ethics

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Authors: Syahruddin Sumardi, Indra Fajar Alamsyah, Junaidah Hashim

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

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

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Authors: Fatai O. Bakare

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This paper x-rays the liquidity problems exposed to by Islamic banks in terms of challenges in managing surplus as well as deficit liquidity positions and the attendant effects in the contemporary system of Islamic banking. Effective liquidity management is understood to be a cardinal consideration for sustainability of Islamic/non-interest banking in Nigeria and the world over. While a background is laid by considering the general situations at a global scale, a particular attention is devoted to the peculiar circumstances of the non-interest banking in Nigeria. In bring home the points various efforts of major notable supra-national institutions in bridging liquidity management gap in Islamic banks are presented. While it is believed that a good lesson could be learnt from the developmental phases of Malaysian Islamic banking system and the approaches to meeting its liquidity management problems, much emphasis is laid in maintaining that, although in the absence of political will to provide systemic support for non-interest banking in Nigeria, the challenge of liquidity management is not unsurmountable.

Keywords: deficit, liquidity management, non-interest, surplus

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Authors: Y. Karbhari, A. Benamraoui, A. Fahmi Sheikh Hassan

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The study applies role theory to investigate the quality of the compliance review in Malaysia, which is perceived to have the most advanced Islamic banking governance framework in the Islamic world. Drawing from the questionnaire survey and semi-structured interviews, our study reveals the existence of a well-established structure for compliance reviews which is found to be regulatory driven and contingent upon the level of commercial activity of individual Islamic bank’s. However, the compliance review process was found to be ceremonial and inadequately undertaken by some SBs with greater prominence placed on its advisory role. In particular, the study provides evidence of a lack of understanding on accounting issues when undertaking the compliance review. Problems in communication between SBs, board of directors and management were also reported to exist. Our findings raise concern over the quality and thus the credibility of the religious compliance assurance communicated in Islamic Banks annual reports.

Keywords: Islamic banks, religious compliance, Sharia board assurance, role theory

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Authors: Sabur Mollah, Asma Mobarek

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This study aims to explore the endogenous relationship between Shari’ah governance and board governance for Islamic banks to identify complementary or substituting relationship between these governance parameters. By using a sample of 161 Islamic Banks from 24 countries for the period of 2005-2013, we show an endogenous relationship between Shari’ah Supervisory Board (SSB) and Board of Directors (BoD). In this relationship, SSB and BoD complement each other. We also show that this complementary relationship between SSB and BoD helps enhance both management and asset quality, but mitigates capital adequacy, earnings, and liquidity in Islamic banks. The study has important implications for financial stability in the Islamic banking system.

Keywords: Shari’ah Supervisory Board, Boards of Directors, Islamic banking, financial stability

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Authors: Tamadher Alfahal

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Faith and art practice in traditional Islam had a profound rapport that is lost today. From practicing the principles of faith throughout everyday life, art was found as an expressive tool for Islamic revelation, worship, and the contemplative remembrance of God. Today, this rapport between Islamic art and spirituality has diminished; and the cosmological and metaphysical ideas that were the core of creative practices lost their imminence in people's lives. Hence, the cultural and religious practice of Islamic societies became separate from the creative production. In an attempt to revisit this rapport, it is sought to investigate the possibility of creating a set of principles for contemporary Islamic art and design through collaborative practice-led research. The research will aim to regenerate the potentials of Islamic philosophy for creative expressions, particularly in design studies. The outcomes will be manifested through different mediums such as: reflexive mind maps and visuals by the researcher, and various methods of participatory art practice aim to validate the philosophical concepts as design principles as a way to disseminate knowledge. This paper will focus on showcasing the key findings and the research approach for generating philosophical concepts as design principles. Using secondary evidence from literature, it will show examples of transforming textual findings into visuals that will be extensively explored through multidisciplinary collaborative sessions (these are scheduled to be conducted between February and April 2017).

Keywords: creative process, design pedagogy, design thinking, Islamic art, Islamic designs, Islamic philosophy

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Authors: Hafizul Rasdi

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This study was conducted to find out the perceptions of Islamic Education teachers on the implementation of 21st century learning practices in Kuching, Sarawak. This study uses the field method. Eight respondents were selected based on the interviews and focus group discussions conducted among teachers in four primary school in Kuching, Sarawak. This study is focused to find out the perceptions of Islamic Education teachers on the implementation of 21st century learning as well as the importance of 21st century learning in the subject of Islamic Education. Data were collected using library research, semi-structured interview transcripts and focus group discussions. Data analysis methods used was descriptive analysis. The findings of the study have shown that Islamic Education teachers in primary school in Kuching, Sarawak agreed on the implementation of 21st Century Learning Practices in Islamic Education subject. The finding also show that the application of 21st Century Learning Practices in the subject of Islamic Education can help improve students mastery of the subject.

Keywords: perceptions, Islamic education, 21st century learning practices, teachers

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Authors: Sutan Emir Hidayat, Latifa Hassan Al-Qassab

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The purpose of this study is to examine depositors’ awareness on the pursuit of corporate social responsibilities (CSR) conducted by Islamic retail banks in the Kingdom of Bahrain according to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards. The outcome of the paper is the extent to which the depositors knew about the banks’ CSR activities in promoting the welfare of the society beyond their business objectives. The study covered all Islamic retail banks in the Kingdom of Bahrain where a survey questionnaire was distributed to a total of 200 Islamic banks' depositors. The results of the survey show that the level of depositors’ awareness is limited on the pursuit of corporate social responsibilities by the banks as indicated by the small number of statements in the survey questionnaire which the respondents agreed to or of which they had satisfactory knowledge. The significant statistical difference in the respondents' answers to the survey questionnaire when they are grouped according to their respective banks prove that the level of depositors’ awareness on the pursuit of corporate social responsibilities varies considerably among the six Islamic retail banks in the kingdom. The findings of the study might be used to assist the policy makers in the field of CSR of Islamic financial institutions in formulation of better CSR activities and in delivering better services for the public welfare. The study also might help Islamic banks in the kingdom to set up strategy in order to increase the level of depositors’ awareness on their CSR activities.

Keywords: corporate social responsibilities, awareness, Islamic banks, Bahrain

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Authors: Fahad Ahmed Qureshi

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There were abundant renowned financial markets in Pre-Islamic Arabs. Most of those were patterned and settled during pre-particularized sunshine. Those markets were classified either as vernacular markets helping the neighboring clans, or habitual markets that people sojourned to from all articulations of the Arabian Peninsula, such as Okaz near Mecca. Some of those markets had leading significance due to their geographical positions, such as Prime market of Eden, because of their entanglement in international trade i.e. with the markets of Sub-Continent, Abyssinia, Persia and China. Other markets such as Market of Yamamah annex its gist from being situated on the caravan crossroads. Islamic worldview and Islamic epistemology base of Financial Market’s realistic theory, pragmatic model and operative approach is moderately constrained in terms of its growth. The existent situation only parasol the form of accommodative-modification and splendid-methodologies, which due to depleted and decorous endeavor in explaining Islamic financial market theoretically. This is the demand of time that particular studies should be conduct to magnify the devours in developing theoretical framework for Islamic Financial Market.

Keywords: Islam, financial market, history, research, product development

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Authors: Lina, Arlends Chris, Bagus Mulyawan, Agus B. Dharmawan

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Blood cell analysis plays a significant role in the diagnosis of human health. As an alternative to the traditional technique conducted by laboratory technicians, this paper presents an automatic white blood cell (leukocyte) detection system using Image Stitching and Color Overlapping Windows. The advantage of this method is to present a detection technique of white blood cells that are robust to imperfect shapes of blood cells with various image qualities. The input for this application is images from a microscope-slide translation video. The preprocessing stage is performed by stitching the input images. First, the overlapping parts of the images are determined, then stitching and blending processes of two input images are performed. Next, the Color Overlapping Windows is performed for white blood cell detection which consists of color filtering, window candidate checking, window marking, finds window overlaps, and window cropping processes. Experimental results show that this method could achieve an average of 82.12% detection accuracy of the leukocyte images.

Keywords: color overlapping windows, image stitching, leukocyte detection, white blood cell detection

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Authors: K. P. Fasalu Rahman

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The financial services industry of Islam include large number of institutions, such as investment banks and commercial banks, investment companies and mutual insurance companies. All types of these financial institutions should have to deal with many issues and risks in their field of work. Islamic banks should expect to face two types of risks: risks that are similar to those faced by conventional financial intermediaries and risks that are unique to the Islamic Banks due to their compliance with the Shariah. The use of financial services and products that comply with the Shariah principles cause special issues for supervision and risk management. Risks are uncertain future events that could influence the achievement of the bank’s objectives, including strategic, operational, financial and compliance objectives. In Islamic banks, effective risk management deserves special attention. As an operational problem, risk management is the classification and identification of methods, processes, and risks in banks to supervise, monitor and measure them. In comparison to conventional banks, Islamic banks face big difficulties in identifying and managing risks due to bigger complexities emerging from the profit loss sharing (PLS) concept and nature of particular risks of Islamic financing. As the developing of managing risks tool becomes very essential, especially in Islamic banking as most of the products are depending on PLS principle, identifying and measuring each type of risk is highly important and critical in any Islamic finance based systems. This paper highlights the special and general risks surrounding Islamic banking. And it investigates in detail the need for risk management in Islamic banks. In addition to analyzing the effectiveness of risk management strategies adopted by Islamic financial institutions at present, this research is also suggesting strategies for improving risk management process of Islamic banks in future.

Keywords: Islamic banking, management, risk, risk management

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Authors: Nathasa Mazna Ramli, Nurul Husna Mohd Salleh, Nurul Aini Muhamed

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This study focuses on the governance of an Islamic philanthropic institution in Malaysia. Specifically, the internal governance structure of corporate Islamic endowment, or waqf, is being analysed. The purposes of waqf are to provide continuous charity that could generate perpetual income flow for the needy. This study is based on the principle of MCCG 2012, Shariah Governance Framework and charity governance. This study utilises publicly available data to examine the internal governance structure of a corporate waqf. This study finds that the Islamic philanthropic Institution practices, to some extent, have a sound governance structure to discharge their transparency and accountability. Furthermore, findings also showed that though governance structure is in place, most of the structures are not disclosed in the annual reports of the company. Findings from the study could extend the knowledge in these areas and stimulate further research on the governance of Islamic philanthropic institutions, particularly for corporate waqf.

Keywords: accountability, governance, Islamic philanthropic, corporate waqf

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Authors: Yunusa Odiba

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Islam, from its root is a divine religion and it does not exercise anything except within the scope of its divinity-its culture, tradition morality, and the like. The damage done to the legacies, traditions, culture, morality, viability, continued existence and relevance of the Islamic religious way of life by the prevalent western secular education system in the Muslim world has become a thing of interest to many scholars especially, the Muslim scholars, hence, advocating the integration of Islamic education with the western circular educational system. The aim is to produce a new generation of dedicated Muslims whose education has prepared them for the challenges of contemporary materialistic circulation alongside real Islamic knowledge. This paper, however, examines the process of integrating Islamic schools with the contemporary western based schools that would under-take the unification which should function as basic organ of Muslim ideological revivalism, cultural retention, identity formation, socio-economic development, and scientific and ecological inventiveness.

Keywords: challenges, integrating, Islamic education, secular system, Igalaland

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Authors: Sarah A. Tobin

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Social justice outcomes, derived from customer satisfaction, serve as a main pathway and conduit for achieving Sustainable Development Goals (SDGs) because they prompt democratizing and socially-inclusive effects that are consistent with Islamic economic values. This paper argues that achieving higher levels of social justice and the SGDs is possible only through the realization of Islamic banking and finance customer satisfaction that aligns with Islamic values in the tradition of the Shari`a (or Islamic law). Through this key manifestation of Shari`a in the banks, social justice aims of achieving SDGs become possible. This paper utilizes a case study of a large-scale survey (N=127) comparing customer satisfaction between a conventional and an Islamic bank in Amman, Jordan. Based on a series of linear regressions, the statistically-significant findings suggest that when overall customer satisfaction is high, customers are more likely to become empowered citizens demanding inclusive, quality services and corruption-free management, as well as attribute their experiences to the Islamic nature of the financial endeavors. Social justice interests and expectations increase (and SDGs are more likely met) when a customer has high levels of satisfaction. The paper concludes with policy recommendations for Islamic financial institutions that enhance customer service experiences for better achieving the social justice aims of the Islamic economy and SDGs, including transparency in transactions, exemplary customer service and follow up, and attending to Islamic values in the aesthetics of bank.

Keywords: customer satisfaction, Islamic economy, social justice, sustainable development goals

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Authors: Abolfazl Alishahi Ghalehjoughi

Abstract:

Economic independence and security of Islamic world is the top priority. Economic dependence of Muslim countries on economies of non-Muslim imperialist countries results in political and cultural dependencies, and such dependencies will jeopardize the noble Islamic culture; because the will of a dependent country to implements the noble teachings of Islam would be faced with challenges. Solidarity of Muslim countries to achieve a uniformed and resistive economy-based Islamic economic system can improve ability of Islamic world to resist and counteract economic shocks produced by imperialists. Islam is the most complete religion in every aspect, from ideological and epistemological, to legislative and ethical, and economic aspect is no exception. Islam provides solutions to develop a flourishing economy for the whole Islamic nation. Knowledge of such solutions and identification of mechanisms to operationalise them in Islamic communities can highly contributed to establishment of the superior Islamic economy. Encourage of hard working, achievement and knowledge production, correction of consumption patterns, optimized management of import and export, avoiding Islamically prohibited income, economic discipline and equity, and promotion of interest free loan and the like are among the most important solutions to realize such resistive economy.

Keywords: resistive economy, cultural independence, Islam, solidarity

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