Search results for: Investment cost recovery

Authors: Leila Jafari, Viliam Makis, Akram Khaleghei G.B.

Abstract:

In this paper, we present a maintenance model of a two-unit series system with economic dependence. Unit#1 which is considered to be more expensive and more important, is subject to condition monitoring (CM) at equidistant, discrete time epochs and unit#2, which is not subject to CM has a general lifetime distribution. The multivariate observation vectors obtained through condition monitoring carry partial information about the hidden state of unit#1, which can be in a healthy or a warning state while operating. Only the failure state is assumed to be observable for both units. The objective is to find an optimal opportunistic maintenance policy minimizing the long-run expected average cost per unit time. The problem is formulated and solved in the partially observable semi-Markov decision process framework. An effective computational algorithm for finding the optimal policy and the minimum average cost is developed, illustrated by a numerical example.

Keywords: Condition-Based Maintenance, Semi-Markov Decision Process, Multivariate Bayesian Control Chart, Partially Observable System, Two-unit System.

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Authors: Libena Cernohorska, Veronika Linhartova, Michal Sinka, Petr Teply

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The term private equity usually refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. Some researchers believe that private equity contributed to the extent of the crisis and increased the pace of its spread over the world. We do not agree with this. On the other hand, we argue that during the economic recession private equity might become an important source of funds for firms with special needs (e.g. for firms seeking buyout financing, venture capital, expansion capital or distress debt financing). However, over-regulation of private equity in both the European Union and the US can slow down this specific funding channel to the economy and deepen credit crunch during global crises.

Keywords: scredit lunch, distress debt, global crisis, private equity, regulation

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Authors: S. T. Tan, H. Hashim, W. S. Ho, C. T. Lee

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Rapid economic development and population growth in Malaysia had accelerated the generation of solid waste. This issue gives pressure for effective management of municipal solid waste (MSW) to take place in Malaysia due to the increased cost of landfill. This paper discusses optimal planning of waste-to-energy (WTE) using a combinatorial simulation and optimization model through mixed integer linear programming (MILP) approach. The proposed multi-period model is tested in Iskandar Malaysia (IM) as case study for a period of 12 years (2011 -2025) to illustrate the economic potential and tradeoffs involved in this study. In this paper, 3 scenarios have been used to demonstrate the applicability of the model: (1) Incineration scenario (2) Landfill scenario (3) Optimal scenario. The model revealed that the minimum cost of electricity generation from 9,995,855 tonnes of MSW is estimated as USD 387million with a total electricity generation of 50MW /yr in the optimal scenario.

Keywords: Mixed Integer Linear Programming (MILP), optimization, solid waste management (SWM), Waste-to-energy (WTE).

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Authors: H. Amoozad-khalili, R. Tavakkoli-Moghaddam, N.Shahab-Dehkordi

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The main aim of Supply Chain Management (SCM) is to produce, distribute, logistics and deliver goods and equipment in right location, right time, right amount to satisfy costumers, with minimum time and cost waste. So implementing techniques that reduce project time and cost, and improve productivity and performance is very important. Emerging technologies such as the Radio Frequency Identification (RFID) are now making it possible to automate supply chains in a real time manner and making them more efficient than the simple supply chain of the past for tracing and monitoring goods and products and capturing data on movements of goods and other events. This paper considers concepts, components and RFID technology characteristics by concentration of warehouse and inventories management. Additionally, utilization of RFID in the role of improving information management in supply chain is discussed. Finally, the facts of installation and this technology-s results in direction with warehouse and inventory management and business development will be presented.

Keywords: Logistics, Supply Chain Management, RFIDTechnology, Inventory Control.

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Authors: Amin Nekoubin, Abdolamir Nekoubin

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Vertical ZnO nanowire array films were synthesized based on aqueous method for sensing applications. ZnO nanowires were investigated structurally using X-ray diffraction (XRD) and scanning electron microscopy (SEM). The gas-sensing properties of ZnO nanowires array films are studied. It is found that the ZnO nanowires array film sensor exhibits excellent sensing properties towards O2 and CO2 at 100 °C with the response time shorter than 5 s. High surface area / volume ratio of vertical ZnO nanowire and high mobility accounts for the fast response and recovery. The sensor response was measured in the range from 100 to 500 ppm O2 and CO2 in this study.

Keywords: Gas sensor, semiconductor, ZnO, Nanowire array

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Authors: H. A. Taner, V. Önen

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A suitable choice of flotation parameters and reagents have a strong effect on the effectiveness of flotation process. The objective of this paper is to give an overview of the flotation of chalcopyrite with the different conditions and dispersants. Flotation parameters such as grinding time, pH, type, and dosage of dispersant were investigated. In order to understand the interaction of some dispersants, sodium silicate, sodium hexametaphosphate and sodium polyphosphate were used. The optimum results were obtained at a pH of 11.5 and a grinding time of 10 minutes. A copper concentrate was produced assaying 29.85% CuFeS₂ and 65.97% flotation recovery under optimum rougher flotation conditions with sodium silicate.

Keywords: Chalcopyrite, dispersant, flotation, copper.

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Authors: I. Erins, J. Erina

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The aim of this article is to assess the existing business models used by the banks operating in the CEE countries in the time period from 2006 till 2011. In order to obtain research results, the authors performed qualitative analysis of the scientific literature on bank business models, which have been grouped into clusters that consist of such components as: 1) capital and reserves; 2) assets; 3) deposits, and 4) loans. In their turn, bank business models have been developed based on the types of core activities of the banks, and have been divided into four groups: Wholesale, Investment, Retail and Universal Banks. Descriptive statistics have been used to analyse the models, determining mean, minimal and maximal values of constituent cluster components, as well as standard deviation. The analysis of the data is based on such bank variable indices as Return on Assets (ROA) and Return on Equity (ROE).

Keywords: Banks, Business model, CEE, ROA, ROE.

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Authors: Meysam Lak, Mohammad Fatehi Marji, Alireza Yarahamdi Bafghi, Abolfazl Abdollahipour

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A wellbore is a hole that is drilled to aid in the exploration and recovery of natural resources including oil and gas. Occasionally, in order to increase productivity index and porosity of the wellbore and reservoir, the well stimulation methods have been used. Hydraulic fracturing is one of these methods. Moreover, several explosions at the end of the well can stimulate the reservoir and create fractures around it. In this study, crack initiation in rock around the wellbore has been numerically modeled due to explosion. One, two, three, and four pairs of explosion have been set at the end of the wellbore on its wall. After each stage of the explosion, results have been presented and discussed. Results show that this method can initiate and probably propagate several fractures around the wellbore.

Keywords: Crack initiation, explosion, finite difference modelling, well productivity.

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Authors: Marcell S. A. Martins, Benedito S. R. Neto, Gerson L. Serejo, Carlos G. R. Santos

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Indoor positioning systems use sensors such as Bluetooth, ZigBee, and Wi-Fi, as well as cameras for image capture, which can be fixed or mobile. These computer vision-based positioning approaches are low-cost to implement, mainly when it uses a mobile camera. The present study aims to create a design of a fiducial marker for a low-cost indoor localization system. The marker is tape-shaped to perform a continuous reading employing two detection algorithms, one for greater distances and another for smaller distances. Therefore, the location service is always operational, even with variations in capture distance. A minimal localization and reading algorithm was implemented for the proposed marker design, aiming to validate it. The accuracy tests consider readings varying the capture distance between [0.5, 10] meters, comparing the proposed marker with others. The tests showed that the proposed marker has a broader capture range than the ArUco and QRCode, maintaining the same size. Therefore, reducing the visual pollution and maximizing the tracking since the ambient can be covered entirely.

Keywords: Multiscale recognition, indoor localization, tape-shaped marker, Fiducial Marker.

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Authors: Dominika Crnjac Milic, Martina Martinovic, Vladimir Simovic

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The case study method in this paper shows the implementation of Information Technology (IT) and the Serial Shipping Container Code (SSCC) in a Croatian company that deals with logistics operations and provides logistics services in the cold chain segment. This company is aware of the sensitivity of the goods entrusted to them by the user of the service, as well as of the importance of speed and accuracy in providing logistics services. To that end, it has implemented and used the latest IT to ensure the highest standard of high-quality logistics services to its customers. Looking for efficiency and optimization of supply chain management, while maintaining a high level of quality of the products that are sold, today's users of outsourced logistics services are open to the implementation of new IT products that ultimately deliver savings. By analysing the positive results and the difficulties that arise when using this technology, we aim to provide an insight into the potential of this approach of the logistics service provider.

Keywords: Logistics operations, serial shipping container code, SSCC, information technology, cost optimization.

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Authors: M. Saeki

Abstract:

This paper presents the results of an experimental study on the performance of a triboelectric separator of plastic mixtures used for recycling. The separator consists of four cylindrical electrodes. The principle behind the separation technique is based on the difference in the Coulomb force acting on the plastic particles after triboelectric charging. The separation of mixtures of acrylonitrile butadiene styrene (ABS) and polystyrene (PS) using this method was studied. The effects of the triboelectric charging time and applied voltage on the separation efficiency were investigated. The experimental results confirm that it is possible to obtain a high purity and recovery rate for the initial compositions considered in this study.

Keywords: Coulomb force, recycling, triboelectric separator, waste plastics.

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Authors: Anilkumar Kothalil Gopalakrishnan

Abstract:

A subjectively influenced router for vehicles in a fourjunction traffic system is presented. The router is based on a 3-layer Backpropagation Neural Network (BPNN) and a greedy routing procedure. The BPNN detects priorities of vehicles based on the subjective criteria. The subjective criteria and the routing procedure depend on the routing plan towards vehicles depending on the user. The routing procedure selects vehicles from their junctions based on their priorities and route them concurrently to the traffic system. That is, when the router is provided with a desired vehicles selection criteria and routing procedure, it routes vehicles with a reasonable junction clearing time. The cost evaluation of the router determines its efficiency. In the case of a routing conflict, the router will route the vehicles in a consecutive order and quarantine faulty vehicles. The simulations presented indicate that the presented approach is an effective strategy of structuring a subjective vehicle router.

Keywords: Backpropagation Neural Network, Backpropagationalgorithm, Greedy routing procedure, Subjective criteria, Vehiclepriority, Cost evaluation, Route generation

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Authors: Chaitanya Vyas

Abstract:

This paper identifies limitations of existing two e- Governance services viz. railway ticket booking and passport service in India. The comparison has been made as to how in the past these two citizen services were operating manually and how these services are taken online via e-Governance. Different e-Governance projects, investment aspects, and role of corporate are discussed. For Indian Railway online ticketing a comparison has been made between state run booking website and popular private firm run booking websites. For passport service, observations through personal visit to passport center is described. Suggestions are made to improve these services further to improve citizen service experiences.

Keywords: e-Governance, citizen services, Indian Railways, passport.

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Authors: George M. Nyori, Peter K’Obonyo

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Over the past few decades, manufacturing has evolved from a more labor-intensive set of mechanical processes to a sophisticated set of information based technology processes. With the existence of various advanced manufacturing technologies (AMTs), more and more functions or jobs are performed by these machines instead of human labour. This study was undertaken in order to research the extent of AMTs adoption in manufacturing companies in Kenya. In order to investigate a survey was conducted via questionnaires that were sent to 183 selected AMT manufacturing companies in Kenya. 92 companies responded positively. All the surveyed companies were found to have a measure of investment in at least two of the 14 types of AMTs investigated. In general the company surveyed showed that the level of AMT adoption in Kenya is very low with investments levels at a mean of 2.057 and integration levels at a mean of 1.639 in a scale of 1-5.

Keywords: AMT adoption, AMT investments, AMT integration, companies in Kenya.

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Authors: S. P. Jordan, G. Christian, S. P. Jeffs

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Modern composite materials are increasingly being chosen in replacement of heavier metallic material systems within many engineering fields including aerospace and automotive industries. The increasing push towards satisfying environmental targets are fuelling new material technologies and manufacturing processes. This paper will introduce materials and manufacturing processes using metal matrix composites along with manufacturing processes optimized at Alvant Ltd., based in Basingstoke in the UK which offers modern, cost effective, selectively reinforced composites for light-weighting applications within engineering. An overview and introduction into modern optimized manufacturing methods capable of producing viable replacements for heavier metallic and lower temperature capable polymer composites are offered. A review of the capabilities and future applications of this viable material is discussed to highlight the potential involved in further optimization of old manufacturing techniques, to fully realize the potential to lightweight material using cost-effective methods.

Keywords: Aluminum matrix composites, light-weighting, hybrid squeeze casting, strategically placed reinforcements.

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Authors: A. Ursoiu, C. Paul, C. Marcu, M. Ungurean, F. Péter

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Sol-gel immobilization of enzymes, which can improve considerably their properties, is now one of the most used techniques. By deposition of the entrapped lipase on a solid support, a new and improved biocatalyst was obtained, which can be used with excellent results in acylation reactions. In this paper, lipase B from Candida antarctica was double immobilized on different adsorbents. These biocatalysts were employed in the kinetic resolution of several aliphatic secondary alcohols in organic medium. High total recovery yields of enzymatic activity, up to 560%, were obtained. For all the studied alcohols the enantiomeric ratios E were over 200. The influence of the reaction medium was studied for the kinetic resolution of 2-pentanol.

Keywords: Double immobilization, enantioselectivity, kineticresolution, lipase, racemates, sol-gel entrapment.

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Authors: Jayant Sakhardande, Pratik Pattanayak, Mita Bhowmick

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An efficient reintegration of the disabled people in the family and society should be fulfilled; hence it is strongly needful to assist their diminished functions or to replace the totally lost functions. Assistive technology helps in neutralizing the impairment. Recent advancements in embedded systems have opened up a vast area of research and development for affordable and portable assistive devices for the visually impaired. Granted there are many assistive devices on the market that are able to detect obstacles, and numerous research and development currently in process to alleviate the cause, unfortunately the cost of devices, size of devices, intrusiveness and higher learning curve prevents the visually impaired from taking advantage of available devices. This project aims at the design and implementation of a detachable unit which is robust, low cost and user friendly, thus, trying to aggrandize the functionality of the existing white cane, to concede above-knee obstacle detection. The designed obstruction detector uses ultrasound sensors for detecting the obstructions before direct contact. It bestows haptic feedback to the user in accordance with the position of the obstacle.

Keywords: Visually impaired, Ultrasonic sensors, Obstruction detector, Mobility aid

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Authors: J. H. Park, S. K. Lee, Y. W. Kim, D. C. Ko

Abstract:

A large variety of pipe flange is required in marine and construction industry. Pipe flanges are usually welded or screwed to the pipe end and are connected with bolts. This approach is very simple and widely used for a long time; however, it results in high development cost and low productivity, and the productions made by this approach usually have safety problem at the welding area. In this research, a new approach of forming pipe flange based on cold forging and floating die concept is presented. This innovative approach increases the effectiveness of the material usage and save the time cost compared with conventional welding method. To ensure the dimensional accuracy of the final product, the finite element analysis (FEA) was carried out to simulate the process of cold forging, and the orthogonal experiment methods were used to investigate the influence of four manufacturing factors (pin die angle, pipe flange angle, rpm, pin die distance from clamp jig) and predicted the best combination of them. The manufacturing factors were obtained by numerical and experimental studies and it shows that the approach is very useful and effective for the forming of pipe flange, and can be widely used later.

Keywords: Cold forging, FEA, finite element analysis, Forge- 3D, rotating forming, tubes.

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Authors: Dimitrios J. Dimitriou

Abstract:

The decades after the end of the second War provide evidence that infrastructures investments contibute to economic development, on terms of productivity and income growth. In order to force productivity and increase competitiveness the financing of large transport infrastructure projects are on the top of the agenda in strategic planning process. Such a decision may take form some days to some decades and stakeholders as well as decision makers need tools in order to estimate the economic impact on natioanl economy of such an investment. The key question in such decisions is if the effects caused by the new infrastructure could be able to boost economic development on one hand, and create new jobs and activities on the other. This paper deals with the review of estimation of the mega transport infrastructure projects economic effects in economy.

Keywords: Economic impact, transport infrastructure, strategic planning.

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Authors: A. R. Seifi

Abstract:

This work presents a new algorithm based on a combination of fuzzy (FUZ), Dynamic Programming (DP), and Genetic Algorithm (GA) approach for capacitor allocation in distribution feeders. The problem formulation considers two distinct objectives related to total cost of power loss and total cost of capacitors including the purchase and installation costs. The novel formulation is a multi-objective and non-differentiable optimization problem. The proposed method of this article uses fuzzy reasoning for sitting of capacitors in radial distribution feeders, DP for sizing and finally GA for finding the optimum shape of membership functions which are used in fuzzy reasoning stage. The proposed method has been implemented in a software package and its effectiveness has been verified through a 9-bus radial distribution feeder for the sake of conclusions supports. A comparison has been done among the proposed method of this paper and similar methods in other research works that shows the effectiveness of the proposed method of this paper for solving optimum capacitor planning problem.

Keywords: Capacitor planning, Fuzzy logic method, Genetic Algorithm, Dynamic programming, Radial Distribution feeder

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Authors: Rami H. Fouad

Abstract:

The purpose of this study is to identify and evaluate the scale of implementation of Just-In-Time (JIT) in the different industrial sectors in the Middle East. This study analyzes the empirical data collected by a questionnaire survey distributed to companies in three main industrial sectors in the Middle East, which are: food, chemicals and fabrics. The following main hypotheses is formulated and tested: (The requirements of JIT application differ according to the type of industrial sector).Descriptive statistics and Box plot analysis were used to examine the hypotheses. This study indicates a reasonable evidence for accepting the main hypotheses. It reveals that there is no standard way to adopt JIT as a production system. But each industrial sector should concentrate in the investment on critical requirements that differ according to the nature and strategy of production followed in that sector.

Keywords: Just-In-Time, JIT, Questionnaire, Types of Industrial Sectors.

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Authors: B. S. Boyanov, A. B. Peltekov, K. I. Ivanov

Abstract:

The ferrites ZnFe2O4, CdFe2O4 and CuFe2O4 are synthesized in laboratory conditions using ceramic technology. Their homogeneity and structure are proven by X-Ray diffraction analysis and Mössbauer spectroscopy. The synthesized ferrites are subjected to strong acid and high temperature leaching with solutions of H2SO4, HCl and HNO3. The results indicate that the highest degree of leaching of Zn, Cd and Cu from the ferrites is achieved by use of HCl. The charging of five zinc sulfide concentrates was optimized using the criterion of minimal amount of zinc ferrite produced when roasting the concentrates in a fluidized bed. The results obtained are interpreted in terms of the hydrometallurgical zinc production and maximum recovery of zinc, copper and cadmium from initial zinc concentrates after their roasting.

Keywords: Hydrometallurgy, inorganic acids, solubility, zinc ferrite.

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Authors: Jingya Liu, Yue Wu, Jiabin Luo

Abstract:

This work investigates an intermodal transportation system for delivering goods from a Regional Distribution Centre to supermarkets on the Isle of Wight (IOW) via the port of Southampton or Portsmouth in the UK. We consider this integrated logistics chain as a 3-echelon transportation system. In such a system, there are two types of transport methods used to deliver goods across the Solent Channel: one is accompanied transport, which is used by most supermarkets on the IOW, such as Spar, Lidl and Co-operative food; the other is unaccompanied transport, which is used by Aldi. Five transport scenarios are studied based on different transport modes and ferry routes. The aim is to determine an optimal delivery plan for supermarkets of different business scales on IOW, in order to minimise the total running cost, fuel consumptions and carbon emissions. The problem is modelled as a vehicle routing problem with time windows and solved by genetic algorithm. The computing results suggested that accompanied transport is more cost efficient for small and medium business-scale supermarket chains on IOW, while unaccompanied transport has the potential to improve the efficiency and effectiveness of large business scale supermarket chains.

Keywords: Genetic algorithm, intermodal transport system, Isle of Wight, optimization, supermarket.

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Authors: Manas Ranjan Kabat, Manoj Kumar Patel, Chita Ranjan Tripathy

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Many multimedia communication applications require a source to transmit messages to multiple destinations subject to quality of service (QoS) delay constraint. To support delay constrained multicast communications, computer networks need to guarantee an upper bound end-to-end delay from the source node to each of the destination nodes. This is known as multicast delay problem. On the other hand, if the same message fails to arrive at each destination node at the same time, there may arise inconsistency and unfairness problem among users. This is related to multicast delayvariation problem. The problem to find a minimum cost multicast tree with delay and delay-variation constraints has been proven to be NP-Complete. In this paper, we propose an efficient heuristic algorithm, namely, Economic Delay and Delay-Variation Bounded Multicast (EDVBM) algorithm, based on a novel heuristic function, to construct an economic delay and delay-variation bounded multicast tree. A noteworthy feature of this algorithm is that it has very high probability of finding the optimal solution in polynomial time with low computational complexity.

Keywords: EDVBM, Heuristic algorithm, Multicast tree, QoS routing, Shortest path.

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Authors: C. Li, G. Coates, N. Johnson, M. McGuinness

Abstract:

In the UK, flooding is responsible for significant losses to the economy due to the impact on businesses, the vast majority of which are Small and Medium Enterprises (SMEs). Businesses of this nature tend to lack formal plans to aid their response to and recovery from disruptive events such as flooding. This paper reports on work on how an agent-based model (ABM) is being developed based on interview data gathered from SMEs at-risk of flooding and/or have direct experience of flooding. The ABM will enable simulations to be performed allowing investigations of different response strategies which SMEs may employ to lessen the impact of flooding, thus strengthening their resilience.

Keywords: ABM, Flood response, SMEs, Business continuity.

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Authors: Cuong D. Dao, Rob J.I. Basten, Andreas Hartmann

Abstract:

This paper studies the optimal maintenance planning of preventive maintenance and renewal activities for components in a single railway track when the available time for maintenance is limited. The rail-track system consists of several types of components, such as rail, ballast, and switches with different preventive maintenance and renewal intervals. To perform maintenance or renewal on the track, a train free period for maintenance, called a possession, is required. Since a major possession directly affects the regular train schedule, maintenance and renewal activities are clustered as much as possible. In a highly dense and utilized railway network, the possession time on the track is critical since the demand for train operations is very high and a long possession has a severe impact on the regular train schedule. We present an optimization model and investigate the maintenance schedules with and without the possession capacity constraint. In addition, we also integrate the social-economic cost related to the effects of the maintenance time to the variable possession cost into the optimization model. A numerical example is provided to illustrate the model.

Keywords: Rail-track components, maintenance, optimal clustering, possession capacity.

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Authors: Nizar Sakli, Chayma Bahar, Chokri Baccouch, Hedi Sakli

Abstract:

If connected objects multiply, they are becoming a challenge in more than one way. In particular by their consumption and their supply of electricity. A large part of the new generations of connected objects will only be able to develop if it is possible to make them entirely autonomous in terms of energy. Some manufacturers are therefore developing products capable of recovering energy from their environment. Vital solutions in certain contexts, such as the medical industry. Energy recovery from the environment is a reliable solution to solve the problem of powering wireless connected objects. This paper presents and study a optically transparent solar patch antenna in frequency band of 2.4 GHz for connected objects in the future standard 5G for energy harvesting and RF transmission.

Keywords: 5G, IoT, wireless communications, antenna, solar cell.

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Authors: Bachir Bentouati, Lakhdar Chaib, Saliha Chettih, Gai-Ge Wang

Abstract:

The problem of economic dispatch (ED) is the basic problem of power framework, its main goal is to find the most favorable generation dispatch to generate each unit, reduce the whole power generation cost, and meet all system limitations. A heuristic algorithm, recently developed called Stud Krill Herd (SKH), has been employed in this paper to treat non-convex ED problems. The proposed KH has been modified using Stud selection and crossover (SSC) operator, to enhance the solution quality and avoid local optima. We are demonstrated SKH effects in two case study systems composed of 13-unit and 40-unit test systems to verify its performance and applicability in solving the ED problems. In the above systems, SKH can successfully obtain the best fuel generator and distribute the load requirements for the online generators. The results showed that the use of the proposed SKH method could reduce the total cost of generation and optimize the fulfillment of the load requirements.

Keywords: Stud Krill Herd, economic dispatch, crossover, stud selection, valve-point effect.

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Authors: Murat Gunduz, Mohanad H. A. AbuHassan

Abstract:

Construction industry mainly focuses on the superstructure, infrastructure, and oil and gas industry. The development of infrastructure projects in developing countries attracted a lot of foreign construction contractors, consultants, suppliers and diversified workforce to interfere and to be evolved in such huge investment. Reducing worksite delays in such projects require knowledge and attention. Therefore, it is important to identify the influencing delay attributes affecting construction projects. The significant project factors affecting construction delays were investigated. Data collection was carried out through an online web survey system to capture significant factors. Significant factors were determined with importance index and relevant recommendations are made. The output of the data analysis would lead the industry experts better assess the impact of construction delays on construction projects.

Keywords: Construction industry, delays, importance index.

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Authors: Aqeel Akhtar

Abstract:

One of prevailing modes of finance in emerging Islamic banking system is Murabah’a. It means a financial dealing or transaction in which seller tells cost of the goods to be sold to buyer. Otherwise, the transaction would become invalid. In this mainstream, import Murabah’a transaction is divergent in such a way that the cost is not recognized and identified due to execution of import transaction in foreign currency i.e. US Dollar and the next transaction of Murabaha’a with the client is executed in local currency. Since this transaction is executed in dual currency i.e. bank pays supplier in foreign currency and executes Murabah’a with its client in local currency and it is not allowed in according to Islamic Injunctions as mentioned in hadith narrated by Hazrat Ibn-e-Umar (May Allah be pleased with them) used to sell his camels with Dirhams and take dinars instead and vice versa. Upon revealing before the Prophet (Peace be upon him), he was advised that it must not be contingent in the agreement and the ready rate would be applied and possession of one of the consideration is compulsory. The solution in this regard is that the import Murabah’a transaction should be in single currency However, other currency can be paid in payment at the time of payment in a very indispensable situation provided that ready rate would be applied. Moreover, some of other solutions have also been given in this regard.

Keywords: Shariah compliance, import murabaha, islamic banking, product development.

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