Search results for: Islamic finance and simulation.
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 3626

Search results for: Islamic finance and simulation.

3596 An Introduction to Giulia Annalinda Neglia Viewpoint on Morphology of the Islamic City Using Written Content Analysis Approach

Authors: Mohammad Saber Eslamlou

Abstract:

Morphology of Islamic cities has been extensively studied by researchers. In this regard, there exist much difference in method of analysis, classification, recognition, confrontation and comparative method of urban morphology. The present paper aims to examine the previous methods, approaches and insights and how Dr. Giulia Annalinda Neglia dealt with the analysis of morphology of Islamic cities. Neglia is assistant professor in University of Bari, Italy (UNIBA) who has published numerous papers and books on Islamic cities. We introduce the works in the field of morphology of Islamic cities and then, her thoughts, insights and research methodologies are presented and analyzed in critical perspective. This is a qualitative research on her written works, which have been classified in three major categories. The present paper focuses mainly on her works regarding morphology and physical shape of Islamic cities. The results of her works’ review suggest that she has used Moratoria typology in investigating morphology of Islamic cities. Moreover, overall structure of the cities under investigation is often described linear; however, she is against to define a single framework for the recognition of morphology in Islamic cities. She believes that fabric of each region in the city follows from the principles of a specific period or urban pattern, in particular, Hellenistic and Roman structures. Furthermore, she believes that it is impossible to understand the morphology of a city without taking into account the obvious and hidden developments associated with it, because form of building and their surrounding open spaces are written history of the city.

Keywords: City, Islamic city, morphology of city, Giulia Annalinda Neglia.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 234
3595 Financial Literacy of Students of Finance: An Empirical Study from the Czech Republic

Authors: Barbora Chmelíková

Abstract:

Financial literacy is a widely discussed topic on the national and international level by governments, organizations and academia. For this reason, this study analyses financial knowledge, financial behavior, and financial attitudes of students of finance. The aim of the paper is to determine whether the financial literacy of university students studying finance differs from the level of financial literacy in selected OECD countries. The research was conducted at Masaryk University in the Czech Republic. The empirical study comprises questions related to several aspects of financial literacy, such as financial knowledge, personal finance behavior, or decisionmaking. The results indicate that improvement in financial literacy of university students is still required, even though their major is finance related.

Keywords: Financial literacy, financial behavior, personal finance management, university students.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2296
3594 A Short Reflection on the Strengths and Weaknesses of Simulation Optimization

Authors: P. Vazan, P. Tanuska

Abstract:

The paper provides the basic overview of simulation optimization. The procedure of its practical using is demonstrated on the real example in simulator Witness. The simulation optimization is presented as a good tool for solving many problems in real praxis especially in production systems. The authors also characterize their own experiences and they mention the strengths and weakness of simulation optimization.

Keywords: discrete event simulation, simulation optimization, Witness

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2535
3593 Financial Decision-Making among Finance Students: An Empirical Study from the Czech Republic

Authors: Barbora Chmelíková

Abstract:

Making sound financial decisions is an essential skill which can have an impact on life of each consumer of financial products. The aim of this paper is to examine decision-making concerning financial matters and personal finance. The selected target group was university students majoring in finance related fields. The study was conducted in the Czech Republic at Masaryk University in 2015. In order to analyze financial decision-making questions related to basic finance decisions were developed to address the research objective. The results of the study suggest gaps in detecting best solutions to given financial decision-making questions among finance students. The analysis results indicate relation between financial decision-making and own experience with holding and using concrete financial products.

Keywords: Financial decision-making, financial literacy, personal finance, university students.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2406
3592 Deficiency Risk in Islamic and Conventional Banks

Authors: Korbi Fakhri

Abstract:

In this article, we have elaborated a study over the nature of financial intermediation in Islamic banks by comparison to those of conventional ones. We have found a striking difference between two kinds of intermediation. We tried, from another side, to study the relationship between the capital level and deficiency risk relying on econometric model, and we have obtained a positive and significant relation between the capital and the deficiency risk for the conventional banks. This means that when the capital of these banks increases, the deficiency risk increases as well. In return, since the Islamic banks are constrained to respect the Sharia Committee as well as customers’ demands that may, in certain contracts, choose to invest their capitals in projects they are interested in. These constraints have as effects to reduce the deficiency risk even when the capital increases.

Keywords: Conventional bank, deficiency risk, financial intermediation, Islamic bank.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1860
3591 The Role of the Injured Party's Fault in the Apportionment of Damages in Tort Law: A Comparative-Historical Study between Common Law and Islamic Law

Authors: Alireza Tavakolinia

Abstract:

In order to understand the role of the injured party's fault in dividing liability, we studied its historical background. In common law, the traditional contributory negligence rule was a complete defense. Then the legislature and judicial procedure modified that rule to one of apportionment. In Islamic law, too, the Action rule was at first used when the injured party was the sole cause, but jurists expanded the scope of this rule, so this rule was used in cases where both the injured party's fault and that of the other party are involved. There are some popular approaches for apportionment of damages. Some common law countries like Britain had chosen ‘the causal potency approach’ and ‘fixed apportionment’. Islamic countries like Iran have chosen both ‘the relative blameworthiness’ and ‘equal apportionment’ approaches. The article concludes that both common law and Islamic law believe in the division of responsibility between a wrongdoer claimant and the defendant. In contrast, in the apportionment of responsibility, Islamic law mostly believes in equal apportionment that is way easier and saves time and money, but common law legal systems have chosen the causal potency approach which is more complicated than the rival approach but is fairer.

Keywords: Contributory negligence, common law, Islamic Law, Tort Law.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 757
3590 Importance of Simulation in Manufacturing

Authors: F. Hosseinpour, H. Hajihosseini

Abstract:

Simulation is a very helpful and valuable work tool in manufacturing. It can be used in industrial field allowing the system`s behavior to be learnt and tested. Simulation provides a low cost, secure and fast analysis tool. It also provides benefits, which can be reached with many different system configurations. Topics to be discussed include: Applications, Modeling, Validating, Software and benefits of simulation. This paper provides a comprehensive literature review on research efforts in simulation.

Keywords: Manufacturing, modeling, simulation, training.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 7896
3589 Factors Influence Depositors- Withdrawal Behavior in Islamic Banks: A Theory of Reasoned Action

Authors: Muhamad Abduh, Jarita Duasa, Mohd. Azmi Omar

Abstract:

Unlike its conventional counterpart, Islamic principles forbid Islamic banks to take any interest-related income and thus makes deposits from depositors as an important source of fund for its operational and financing. Consequently, the risk of deposit withdrawal by depositors is an important aspect that should be wellmanaged in Islamic banking. This paper aims to investigate factors that influence depositors- withdrawal behavior in Islamic banks, particularly in Malaysia, using the framework of theory of reasoned action. A total of 368 respondents from Klang valley are involved in the analysis. The paper finds that all the constructs variable i.e. normative beliefs, subjective norms, behavioral beliefs, and attitude towards behavior are perceived to be distinct by the respondents. In addition, the structural equation model is able to verify the structural relationships between subjective norms, attitude towards behavior and behavioral intention. Subjective norms gives more influence to depositors- decision on deposit withdrawal compared to attitude towards behavior.

Keywords: Islamic bank, structural equation model, theory of reasoned action, withdrawal behavior

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3898
3588 The Contribution of Translation to Arabic and Islamic Civilization during the Golden Age: 661-1258

Authors: Smail Hadj Mahammed

Abstract:

Translation is not merely a process of conveying the meaning from one particular language into another to overcome language barriers and ensure a good understanding; it is also a work of civilization and progress. Without the translation of Greek, Indian and Persian works, Arabic and Islamic Civilization would not have taken off, and without the translations of Arabic works into Latin, and then into European languages, the scientific and technological revolution of the modern world would not have taken place. In this context, the present paper seeks to investigate how the translation movement contributed to the Arabic and Islamic Civilizations during the Golden Age. The paper consists of three major parts: the first part provides a brief historical overview of the translation movement during the golden age, which witnessed two important eras: the Umayyad and Abbasid eras. The second part shows the main reasons why translation was a prominent cultural activity during the Golden Age and why it gained great interest from the Arabs. The last part highlights the constructive contribution of translation to the Arabic and Islamic Civilization during the period (661–1258). The results demonstrate that Arabic translation movement during the Golden Age had significantly assisted in enriching the Arabic and Islamic civilizations considering the major and important scientific works of old Greek, Indian and Persian civilizations which had been absorbed.

Keywords: Arabic and Islamic civilization, contribution, golden age, translation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 112
3587 The Effects of Media Campaigns on Different Cultures

Authors: B. Al-Jenaibi

Abstract:

The paper examines the Most public relations spots and advertisements dealing with drugs. For this reason, public service advertisements show Americans in activities with drugs and alcohol. The way that the advertisements are produced, viewers from the Middle East say these ads are not for them. They recognize the ads as strictly for Americans trying to overcome their problems with drugs and alcohol. Also, this paper explores the development of the advertisements which are ineffective in other cultures like the Islamic because the limited scope of the message does not have a major effect on the Islamic beliefs and practices.

Keywords: Arab media campaign, Middle easy Advertisements, Islamic culture and American campaigns.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1926
3586 A Look at the History of Calligraphy in Decoration of Mosques in Iran: 630-1630 AD

Authors: Cengiz Tavşan, Niloufar Akbarzadeh

Abstract:

Architecture in Iran has a continuous history from at least 5000 BC to the present, and numerous Iranian pre-Islamic elements have contributed significantly to the formation of Islamic art. At first, decoration was limited to small objects and containers and then progressed in the art of plaster and brickwork. They later applied in architecture as well. The art of gypsum and brickwork, which was prevalent in the form of motifs (animals and plants) in pre-Islam, was used in the aftermath of Islam with the art of calligraphy in decorations. The splendor and beauty of Iranian architecture, especially during the Islamic era, are related to decoration and design. After the invasion of Iran by the Arabs and the introduction of Islam to Iran, the arrival of the Iranian classical architecture significantly changed, and we saw the Arabic calligraphy decoration of the mosques in Iran. The principles of aesthetics in the art of calligraphy in Iran are based precisely on the principles of the beauty of ancient Iranian and Islamic art. On the other hand, after Islam, calligraphy was one of the most important sources of Islamic art in Islam and one of the important features of Islamic culture. First, the calligraphy had no cultural meaning and was only for decoration and beautification, it had the same meaning only in the inscriptions; however, over time, it became meaningful. This article provides a summary of the history of calligraphy in the mosques (from the entrance to Islam until the Safavid period), which cannot ignore the role of the calligraphy in their decorative ideas; and also, the important role that decorative elements play in creating a public space in terms of social and aesthetic performance. This study was conducted using library studies and field studies. The purpose of this study is to show the characteristics of architecture and art of decorations in Iran, especially in the mosque's architecture, which reaches the pinnacle of progress. We will see that religious beliefs and artistic practices are merging and trying to bring a single concept.

Keywords: Islamic art, Islamic architecture, decorations in Iranian mosques, calligraphy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2117
3585 West African Islamic Civilization: Sokoto Caliphate and Science Education

Authors: Hassan Attahiru Gwandu

Abstract:

This study aims at surveying and analyzing the contribution of Sokoto scholars or Sokoto Caliphate in the development of science and technology in West Africa. Today, it is generally accepted that the 19th century Islamic revivalism in Hausaland was a very important revolution in the history of Hausa society and beyond. It is therefore, as a result of this movement or Jihad; the Hausaland (West Africa in general) witnessed several changes and transformations. These changes were in different sectors of life from politics, economy to social and religious aspect. It is these changes especially on religion that will be given considerations in this paper. The jihad resulted is the establishment of an Islamic state of Sokoto Caliphate, the revival Islam and development of learning and scholarship. During the existence of this Caliphate, a great deal of scholarship on Islamic laws were revived, written and documented by mostly, the three Jihad leaders; Usmanu Danfodiyo, his brother Abdullahi Fodiyo and his son Muhammad Bello. The trio had written more than one thousand books and made several verdicts on Islamic medicine. This study therefore, seeks to find out the contributions of these scholars or the Sokoto caliphate in the development of science in West Africa.

Keywords: Sokoto Caliphate, scholarship, science and technology, West Africa.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2177
3584 Directors- Islamic Code of Ethics

Authors: Ahmad Saiful Azlin Puteh Salin, Norlela Kamaludin, Siti Khadijah Ab Manan, Mohd Shatari Abdul Ghafar

Abstract:

This paper discusses a new model of Islamic code of ethics for directors. Several corporate scandals and local (example Transmile and Megan Media) and overseas corporate (example Parmalat and Enron) collapses show that the current corporate governance and regulatory reform are unable to prevent these events from recurring. Arguably, the code of ethics for directors is under research and the current code of ethics only concentrates on binding the work of the employee of the organization as a whole, without specifically putting direct attention to the directors, the group of people responsible for the performance of the company. This study used a semi-structured interview survey of well-known Islamic scholars such as the Mufti to develop the model. It is expected that the outcome of the research is a comprehensive model of code of ethics based on the Islamic principles that can be applied and used by the company to construct a code of ethics for their directors.

Keywords: Code of ethics, director, Islam, ethics

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1870
3583 Dynamic Correlations and Portfolio Optimization between Islamic and Conventional Equity Indexes: A Vine Copula-Based Approach

Authors: Imen Dhaou

Abstract:

This study examines conditional Value at Risk by applying the GJR-EVT-Copula model, and finds the optimal portfolio for eight Dow Jones Islamic-conventional pairs. Our methodology consists of modeling the data by a bivariate GJR-GARCH model in which we extract the filtered residuals and then apply the Peak over threshold model (POT) to fit the residual tails in order to model marginal distributions. After that, we use pair-copula to find the optimal portfolio risk dependence structure. Finally, with Monte Carlo simulations, we estimate the Value at Risk (VaR) and the conditional Value at Risk (CVaR). The empirical results show the VaR and CVaR values for an equally weighted portfolio of Dow Jones Islamic-conventional pairs. In sum, we found that the optimal investment focuses on Islamic-conventional US Market index pairs because of high investment proportion; however, all other index pairs have low investment proportion. These results deliver some real repercussions for portfolio managers and policymakers concerning to optimal asset allocations, portfolio risk management and the diversification advantages of these markets.

Keywords: CVaR, Dow Jones Islamic index, GJR-GARCH-EVT-pair copula, portfolio optimization.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 944
3582 A Java Based Discrete Event Simulation Library

Authors: Brahim Belattar, Abdelhabib Bourouis

Abstract:

This paper describes important features of JAPROSIM, a free and open source simulation library implemented in Java programming language. It provides a framework for building discrete event simulation models. The process interaction world view adopted by JAPROSIM is discussed. We present the architecture and major components of the simulation library. A pedagogical example is given in order to illustrate how to use JAPROSIM for building discrete event simulation models. Further motivations are discussed and suggestions for improving our work are given.

Keywords: Discrete Event Simulation, Object-Oriented Simulation, JAPROSIM, Process Interaction Worldview, Java-based modeling and simulation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3741
3581 The Influence of Islamic Arts on Omani Weaving Motifs

Authors: Zahra Ahmed Al-Zadjali

Abstract:

The influence of Islam on arts can be found primarily in calligraphy, arabesque designs and architecture. Also, geometric designs were used quite extensively. Muslim craftsmen produced stunning designs based on simple geometric principles and traditional motifs which were used to decorate many surfaces. The idea of interlacing simple rectilinear lines to form the patterns impressed Arabs. Nomads of Persia, Turks and Mongols were equally impressed with the designs so they begin to use them in their homes in carpet weaving. Islamic designs, motifs and colours which were used became common place and served to influence people’s tastes. Modern life style and contemporary products have changed the style of people’s daily lives, however, people still long for the nomadic way of life. This is clearly reflected in people’s homes. In a great many Muslim homes, Islamic decorative motifs can be seen along with traditional ‘Bedouin’ style furnishing, especially in homes of the Arabian Peninsula.

Keywords: Cultural heritage, textile design, Islamic art, motifs.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2206
3580 Simulation Programs to Education of Crisis Management Members

Authors: Jiri Barta

Abstract:

This paper deals with a simulation programs and technologies using in the educational process for members of the crisis management. Risk analysis, simulation, preparation and planning are among the main activities of workers of crisis management. Made correctly simulation of emergency defines the extent of the danger. On this basis, it is possible to effectively prepare and plan measures to minimize damage. The paper is focused on simulation programs that are trained at the University of Defence. Implementation of the outputs from simulation programs in decision-making processes of crisis staffs is one of the main tasks of the research project.

Keywords: Crisis Management, Continuity, Critical Infrastructure, Dangerous substance, Education, Flood, Simulation Programs.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1680
3579 Modeling Salam Contract for Profit and Loss Sharing

Authors: Dchieche Amina, Aboulaich Rajae

Abstract:

Profit and loss sharing suggests an equitable sharing of risks and profits between the parts involved in a financial transaction. Salam is a contract in which advance payment is made for goods to be delivered at a future date. The purpose of this work is to price a new contract for profit and loss sharing based on Salam contract, using Khiyar Al Ghabn which is an agreement of choice in case of misrepresent facts.

Keywords: Islamic finance, Shariah compliance, profit and loss sharing, derivatives, risks, hedging, salam contract.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1838
3578 Poverty Measurement by Islamic Institutions

Authors: Mohamed Saladin Abdul Rasool, Arifin Md Salleh, Mohd Fauzi Mohd Harun

Abstract:

Islamic institutions in Malaysia play a variety of socioeconomic roles such as poverty alleviation. To perform this role, these institutions face a major task in identifying the poverty group. Most of these institutions measure and operationalize poverty from the monetary perspective using variables such as income, expenditure or consumption. In practice, most Islamic institutions in Malaysia use the monetary approach in measuring poverty through the conventional Poverty Line Income (PLI) method and recently, the had al kifayah (HAK) method using total necessities of a household from an Islamic perspective. The objective of this paper is to present the PLI and also the HAK method. This micro-data study would highlight the similarities and differences of both the methods.A survey aided by a structured questionnaire was carried out on 260 selected head of households in the state of Selangor. The paper highlights several demographic factors that are associated with the three monetary indicators in the study, namely income, PLI and HAK. In addition, the study found that these monetary variables are significantly related with each other.

Keywords: Poverty line, multidimensional, necessities, monetary

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2395
3577 Object-Oriented Simulation of Simulating Anticipatory Systems

Authors: Eugene Kindler

Abstract:

The present paper is oriented to problems of simulation of anticipatory systems, namely those that use simulation models for the aid of anticipation. A certain analogy between use of simulation and imagining will be applied to make the explication more comprehensible. The paper will be completed by notes of problems and by some existing applications. The problems consist in the fact that simulation of the mentioned anticipatory systems end is simulation of simulating systems, i.e. in computer models handling two or more modeled time axes that should be mapped to real time flow in a nondescent manner. Languages oriented to objects, processes and blocks can be used to surmount the problems.

Keywords: Anticipatory systems, Nested computer models, Discrete event simulation, Simula.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1388
3576 SMEs Access to Finance in Croatia – Model Approach

Authors: Vinko Vidučić, Ljiljana Vidučić, Damir Boras

Abstract:

The goals of the research include the determination of the characteristics of SMEs finance in Croatia, as well as the determination of indirect growth rates of the information model of the entrepreneurs` perception of business environment. The research results show that cost of finance and access to finance are most important constraining factor in setting up and running the business of small entrepreneurs in Croatia. Furthermore, small entrepreneurs in Croatia are significantly dissatisfied with the administrative barriers although relatively to a lesser extent than was the case in the pre crisis time. High collateral requirement represents the main characteristic of bank lending concerning SMEs followed by long credit elaboration process. Formulated information model has defined the individual impact of indirect growth rates of the remaining variables on the model’s specific variable.

Keywords: Business environment, information model, indirect growth rates, SME finance.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2050
3575 Conventional and Islamic Perspective in Accounting: Potential for Alternative Reporting Framework

Authors: Shibly Abdullah

Abstract:

This paper provides an overview of fundamental philosophical and functional differences in conventional and Islamic accounting. The aim of this research is to undertake a detailed analysis focus on specific illustrations drawn from both these systems and highlight how these differences implicate in recording financial transactions and preparation of financial reports for a range of stakeholders. Accounting as being universally considered as a platform for providing a ‘true and fair’ view of corporate entities can be challenged in the current world view, as the business environment has evolved and transformed significantly. Growth of the non-traditional corporate entity such as Islamic financial institutions, fundamentally questions the applicability of conventional accounting standards in preparation of Shariah-compliant financial reporting. Coupled with this, there are significant concerns about the wider applicability of Islamic accounting standards and framework in order to achieve reporting practices satisfying the information needs generally. Against the backdrop of such a context, this paper raises fundamental question as to how potential convergence could be achieved between these two systems in order to provide users’ a transparent and comparable state of financial information resulting in an alternative framework of financial reporting.

Keywords: Accounting, Islamic accounting, conventional accounting, corporate reporting.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3476
3574 The Classical Islamic Laws of Apostasy in the Present Context

Authors: Ali Akbar

Abstract:

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

Keywords: Apostasy, Islam, Quran, hadith, Abdolkarim Soroush, contextualization.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 867
3573 Machine Morphisms and Simulation

Authors: Janis Buls

Abstract:

This paper examines the concept of simulation from a modelling viewpoint. How can one Mealy machine simulate the other one? We create formalism for simulation of Mealy machines. The injective s–morphism of the machine semigroups induces the simulation of machines [1]. We present the example of s–morphism such that it is not a homomorphism of semigroups. The story for the surjective s–morphisms is quite different. These are homomorphisms of semigroups but there exists the surjective s–morphism such that it does not induce the simulation.

Keywords: Mealy machine, simulation, machine semigroup, injective s–morphism, surjective s–morphisms.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1465
3572 A Study of Islamic Stock Indices and Macroeconomic Variables

Authors: Mohammad Irfan

Abstract:

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

Keywords: Indian shariah indices, macroeconomic variables, co-integration, Granger causality, Vector error correction model.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1142
3571 Development of Innovative Islamic Web Applications

Authors: Farrukh Shahzad

Abstract:

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

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1237
3570 Bounded Rational Heterogeneous Agents in Artificial Stock Markets: Literature Review and Research Direction

Authors: Talal Alsulaiman, Khaldoun Khashanah

Abstract:

In this paper, we provided a literature survey on the artificial stock problem (ASM). The paper began by exploring the complexity of the stock market and the needs for ASM. ASM aims to investigate the link between individual behaviors (micro level) and financial market dynamics (macro level). The variety of patterns at the macro level is a function of the AFM complexity. The financial market system is a complex system where the relationship between the micro and macro level cannot be captured analytically. Computational approaches, such as simulation, are expected to comprehend this connection. Agent-based simulation is a simulation technique commonly used to build AFMs. The paper proceeds by discussing the components of the ASM. We consider the roles of behavioral finance (BF) alongside the traditionally risk-averse assumption in the construction of agent’s attributes. Also, the influence of social networks in the developing of agents interactions is addressed. Network topologies such as a small world, distance-based, and scale-free networks may be utilized to outline economic collaborations. In addition, the primary methods for developing agents learning and adaptive abilities have been summarized. These incorporated approach such as Genetic Algorithm, Genetic Programming, Artificial neural network and Reinforcement Learning. In addition, the most common statistical properties (the stylized facts) of stock that are used for calibration and validation of ASM are discussed. Besides, we have reviewed the major related previous studies and categorize the utilized approaches as a part of these studies. Finally, research directions and potential research questions are argued. The research directions of ASM may focus on the macro level by analyzing the market dynamic or on the micro level by investigating the wealth distributions of the agents.

Keywords: Artificial stock markets, agent based simulation, bounded rationality, behavioral finance, artificial neural network, interaction, scale-free networks.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2472
3569 Increasing the Heterogeneity and Competition of Early Stage Financing: An Analysis of the Role of Crowdfunding in Entrepreneurial Ventures

Authors: Lars Silver, Björn Berggren, Andreas Fili

Abstract:

The financial crisis has decreased the opportunities of small businesses to acquire financing through conventional financial actors, such as commercial banks. This credit constraint is partly the reason for the emergence of new alternatives of financing, in addition to the spreading opportunities for communication and secure financial transfer through Internet. One of the most interesting venues for finance is termed “crowdfunding". As the term suggests crowdfunding is an appeal to prospective customers and investors to form a crowd that will finance projects that otherwise would find it hard to generate support through the most common financial actors. Crowdfunding is in this paper divided into different models; the threshold model, the microfinance model, the micro loan model and the equity model. All these models add to the financial possibilities of emerging entrepreneurs.

Keywords: Entrepreneurship, crowdfunding, equity finance, bank finance.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2614
3568 Access of Small and Medium Enterprises to Finance in Rural Areas: Case of Indonesia and Thailand

Authors: N. Ikasari, T. Sumransat, U. Eko, R. Kusumastuti

Abstract:

Small and medium enterprises (SMEs) are regarded as the engine for economic development, notwithstanding their continuous financing conundrum. In the case of developing countries, access to finance is a reflection of the effectiveness of government policy. The widely accepted perspective to assess small businesses’ access to finance is that of economic view. The existing body of literature presents access to finance in three dimensions; they are accessibility, eligibility and affordability. Within this perspective, the role of socio-cultural has not explored. This study is aimed at investigating the existence of any socio-cultural factors within access to finance issue in Asian countries where governance is enriched by countries’ values and beliefs. The significance of this study is the instigation of supplementary dimension to assess access to finance that eventually contributes to the development of micro-finance policy. Indonesia and Thailand are selected as cases in point, where distinction is drawn on the level of cultural diversity and micro-finance policy in respective country. A questionnaire is used to collect information related to the three dimensions of access to finance as well as to explore alternative financing reasoning to elaborate the issue from the demand side. Questionnaires are distributed to 60 small business owners operating in Indonesia and the same number in Thailand. In order to present a complete understanding on the matter at hand, interviews with banks are conducted to capture the perspective as presented by the supply side. Research findings show that small business owners and banks in Indonesia and Thailand are in agreement that access to finance is not deemed as an issue. However, trust issue that exists mutually between financing users and providers leads small business owners in Indonesia to look for alternative financing other than banks. The findings contribute to the refinement of micro-financing policy in Indonesia and Thailand.

Keywords: Access to finance, Indonesia, small and medium enterprises, Thailand.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1907
3567 Lunar Rover Virtual Simulation System with Autonomous Navigation

Authors: Bao Jinsong, Hu Xiaofeng, Wang Wei, Yu Dili, Jin Ye

Abstract:

The paper researched and presented a virtual simulation system based on a full-digital lunar terrain, integrated with kinematics and dynamics module as well as autonomous navigation simulation module. The system simulation models are established. Enabling technologies such as digital lunar surface module, kinematics and dynamics simulation, Autonomous navigation are investigated. A prototype system for lunar rover locomotion simulation is developed based on these technologies. Autonomous navigation is a key echnology in lunar rover system, but rarely involved in virtual simulation system. An autonomous navigation simulation module have been integrated in this prototype system, which was proved by the simulation results that the synthetic simulation and visualizing analysis system are established in the system, and the system can provide efficient support for research on the autonomous navigation of lunar rover.

Keywords: Lunar rover, virtual simulation, autonomous navigation, full-digital lunar terrain

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1857