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What drives carbon-dioxide emissions: income or electricity generation? Evidence from Saudi Arabia
No full textSaudi Arabia ranks sixteenth among nations based on 2002 fossil-fuel carbon-dioxide emissions per capita. Even though Saudi Arabia is the world's largest exporter of oil, not suprisingly consumption of petroleum products represents the bulk of the country's fossil-fuel emissions is from electricity generation. Use of natural gas increasingly has become important since the mid-1980s and in 2008 accounts for 31.3 percent of total fossil-fuel carbon-dioxide emissions
SH 1002: Shariah aspects in business and finance
No full textThis aim of this book is to provide the students a sound foundation in Islamic jurisprudence, Shariah audit and compliance coupled with a comprehensive knowledge on the theory of contracts in Islamic commercial. The module consists of three major parts which are Islamic jurisprudence, Shariah audit, and theory of Islamic contract
The role of management of commercial waqfَ properties on their corresponding generated revenues
No full textThis paper pursues two goals. At first, it uses an unrestricted error correction model (UECM) and the bounds testing approach proposed by Pesaran, Shin, and Smith (2001) to study the short- and long-run effects of bank credit on inflation in Iran, a country with some history of interest-free banking system. Secondly, we examine how institutional and cultural changes resulted from bank nationalization and the implementation of interest-free banking have affected price level movement in Iran. The approach we have used in this paper is capable of testing the existence of long run relations regardless of whether the underlying variables are stationary, integrated, or mutually cointegrated. The results indicate that there exists a long-run relationship between inflation and its main determinants, namely, bank credit, import price, real GNP, and black market exchange rate. However, bank credit has no short-run effect on price level movement in Iran. Furthermore, the paper shows that the nationalization of banks and the implementation of interest-free banking system in Iran have caused a structural change in the behavior of inflation
Islamic finance: where are the opportunities
No full textThe Quran relates the story of Prophet Joseph who was a master in interpreting dreams. When the King of Egypt saw in his dream that there were seven lean cows eating seven fat cows and that there were seven green ears of corn and seven others that withered, Prophet Joseph said there will be seven years of prosperity to be followed by seven years of famine. What was mentioned in the Quran which happened thousands of years ago, is still being repeated until the present day. What is obvious is that each recession was more severe than the previous one
Revitalization of waqf administration & family waqf law
No full textHistorically speaking, the institution of waqf played an incredible role in providing all the basic and fundamental services to Muslim societies in terms of providing education, goon health care, basic infrastructures, employment opportunities, enhanced the commercial and business activities, food for the hunger, sheltered for the poor and the needy, besides supporting the agricultural and industrial sectors. Nevertheless, its role has been deteriorated since the end of the 19th century up to the present as the governments in different Muslim countries centralized its administration and abolished family waqf. The main objective of this paper is to revitalize the administration and the law of waqf in order to meet the basic and the essential services which are needed in Muslim societies and without any cost to the government
Interest rates and coupon bonds in quantum finance
No full textThe economic crisis of 2008 has shown that the capital markets need new theoretical and mathematical concepts to describe and price financial instruments. Focusing almost exclusively on interest rates and coupon bonds, this book does not employ stochastic calculus - the bedrock of the present day mathematical finance - for any of the derivations. Instead, it analyzes interest rates and coupon bonds using quantum finance. The Heath-Jarrow-Morton and the Libor Market Model are generalized by realizing the forward and Libor interest rates as an imperfectly correlated quantum field. Theoretical models have been calibrated and tested using bond and interest rates market data. Building on the principles formulated in the author's previous book (Quantum Finance, Cambridge University Press, 2004) this ground-breaking book brings together a diverse collection of theoretical and mathematical interest rate models. It will interest physicists and mathematicians researching in finance, and professionals working in the finance industry
Is conventional alternative dispute resolution to Islamic law?
No full textAlternative dispute resolution ('ADR') is not a new concept which was introduced in the last century; but rather, it is a rejuvenation of the conservative methods of dispute resolution which was inherent in previous societies. The main objective of this paper is to prove that conventional ADR is not alien to Islamic law, but the modern ADR is in specie of the Islamic ADR
Money-price relation in Malaysia: has it disappeared or strengthened?
No full textThe paper analyzes empirically the money-price link for the case of Malaysia using quarterly data from 1978 to 2006. Looking at the correlations between cyclical components of monetary aggregates (M1, M2 and M3) and of the price level, we note that the significant correlations documented between money and price during 1978–1987 tend to disappear or become perverse during late 1980s and 1990s. However, for the case of M2 and M3 monetary aggregates, their significant relations with the price level reemerge during 1998–2006. While time series analyses of cointegration and vector autoregressions (VAR) are uncertain in suggesting the pre-1998 relations between broader monetary aggregates (M2 and M3) and the price level, we note the declining role of M1 monetary aggregate in anticipating future variations in the price level for the recent sample. However, the significant causal influences of M2 and M3 are apparent post-1998. Our results further suggest 4–6-quarter lagged effect of monetary aggregates on the price level. We tend to conclude that the broad monetary aggregates especially M3 is useful for the conduct of monetary policy
Output and employment generated in the Malaysian manufacturing sector: an input-output analysis
No full textThis study was conducted to examine the effects of export changes on the output and employment in the manufacturing sector. Specifically, this study aimed to (1) measure the level of output generated due to changes in export to ASEAN 4;(2) estimate the level of employment generated due to changes in export to ASEAN 4.(3) analyze which country among ASEAN 4, namely Indonesia, Philippines, Thailand and Singapore is the most important destination of Malaysian manufacturing exports.The period of study covers the time period 2000-2004. We employed the Input Output (IO) method since structural analysis deals with economic systems as defined by the set of industries and the relationships between them. However, multi-sectoral models are often limited: when studying economic systems empirically it is difficult to distinguish a priori the subset of basic or important relationships between industries. There are positive relationship for manufacturing export and output and employment. Export increased rapidly within this five years leading to output and emplyment growth of 23% and 37% respectively. Analysis in 2004 showed that spending of every RM1 of export to Indonesia generated output of RM1.28, while RM 1.26 was generated by Philippines, RM 1.25 by Thailand and RM1.23 by Singapor
Islamic banks: profit sharing equity and credit control
No full textThis paper deals with three basic issues in Islamic banking: First, how the profit sharing ratios in mudarabah contracts are in principle determined? Second, do the actual sharing ratios result in an equitable division of profit between the banks on the one hand and the depositors on the other? Finally, can the central bank use the profit sharing ratio along with the rate of interest for credit control so as to mitigate leverage lure in a dual banking system? The paper provides a brief explanation as an answer to the first question. The response to the second is negative but is positive to the third. It suggests a policy tool the central banks can possibly use to prevent the sort of credit turmoil as the world is facing today in 2008 because of leverage lure. The tool may also help improve return to investors and thus establish some equity in the distribution of profits