9 research outputs found

    Research Methods for Islamic Banking and Finance Law : Interdisciplinary Research Method

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    This study presents an original guideline for choosing valid research methods when analyzing Islamic banking regulations and Islamic finance laws. It presents a theoretical model that explains the complexity of the field of Islamic banking and finance, provides legal scholars with a brief analysis of the various issues and challenges that may arise while researching Islamic banking and finance law, and offers different possibilities and solutions to progress and supply high-quality research into Islamic finance. Research on Islamic finance in recent decades has produced extensive literature; however, most of it is descriptive and lacks standard research methods. This creates uncertainty for young scholars and graduate students about the method that should be adopted to address the legal approach to Islamic banking and finance. The outcome of the study leads to the fact that due to the complexity of the subject, multiple research disciplines may interfere with each other in answering different research questions. Accordingly, various solutions have been proposed to help researchers and students with their choices. The study offers an original and unique standard for legal scholars in approaching Islamic banking and finance lawPeer reviewe

    Tax Issues and Tax Treatment of the Societas Europaea

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    According to the Treaty on the Functioning of the European Union (TFEU)1, Companies of the Union do not actually have to be in a certain Member State in order to be associated with it. However, the question of companies’ nationality has remained for a long time a subject of controversy in European company law. Although the question of transfer of the seat has been mentioned in the Treaty, experts and national representatives have not been able to issue an adequate solution. Some members like France, Germany and Italy are not always ready to accept the movement of the company headquarters without re-incorporation into the new legislative system, while some states as the United Kingdom (UK) or Denmark opt for company cross-border relocations without losing the legal identity. The difference in the application of national principles gives constantly rise to conflicts between national laws and are only resolved by the interference of the European Union’s (EU) legal bodies.2 For example, the Centros case describes very well the Danish reaction towards the creation of a branch of the English Centros Ltd in Denmark and considered that the founder of the company had the intention to circumvent the Danish minimum capital requirement, especially that the company was not engaged in any real activity in England.3 The common rule in the transfer of the seat of an Societas Europaena (SE) is that the transfer does not change the identity of the European Company; it only changes the applicable law.4 The SE Statute provides that the company can transfer the seat to another State without affecting the legal person.5 Until now, at least 60 SEs out of the overall number of registered SEs have transferred their seat from one State to another without any difficulty.6 However, if we take in consideration the Cartesio case’s decision7, where a Hungarian limited partnership applied for transferring its seat to Italy but intended to continue its business activities under Hungarian law, the Hungarian Company Register refused to transfer the head office and the case was referred to the European Union Court of Justice (ECJ). However, the ECJ decision was surprising as it continued to support its previous Daily Mail case which gives a Member State the possibility to restrict the transfer of a company’s central administration into According to the Treaty on the Functioning of the European Union (TFEU)1, Companies of the Uanother Member State.8 This opinion has also been confirmed by the Vale case (C-378-10). Therefore, freedom of establishment afforded in art. 49 and 54 of the TFEU, (previously 43 and 48 EC), accords the right to cross-border conversion for companies, however this right is not absolute, as the sovereignty of the Member State and its national laws may have important weight on the rights of the company to freedom of establishment. The decision would suggest that whether or not a Member State accepts the conversion of a foreign company into a national company depends on that Member State only.9 The mobility of the SE is probably the most important advantage of the company form. Besides its national founding and its similarity to a PLC of the state where it is registered, the SE enjoys a European legal personality, which allows it to benefit from an unequalled freedom of movement. The jurisprudence of the ECJ afforded this freedom for legal entities, but it has been until now more theoretical than real. Since the famous case of Centros10 in 1999 until the Sevic11 case in 2005, the Court has recognized the right for a company to register in any state it wants and then not to exercise its activities in this state but to carry out the entirety of its activities through a subsidiary based in another state (Centros). In Überseering12 the Court stated that a Member State shall admit to a company of another state the possibility to be a party to legal proceedings in order to represent and defend their rights, although there is no European Convention on mutual recognition of legal entities . In Inspire Art13, the Court provided that a Member State shall not introduce specific rules or impose obligations on foreign companies even if those rules are simple formalities. Then in the Sevic case, the Court decided against a Member State that refused a company resulting from a cross-border merger to be registered. Since that, it is required that all Member States should recognize the validity of cross-border mergers. This jurisprudence represents an important progress in the freedom of movement of companies. However the court recognized the validity of cross-border mergers only on the basis that the TFEU allows companies to establish ‘agencies, branches and subsidiaries’ in the internal market, companies were, in reality, unable to move freely in the EU.14 So mobility is one of the substantive particularities that the SE company has compared to other companies. SE Regulation is beneficial for the banking and insurance sector, financial and insurance companies under the form of SEs are dominant, and this is due to the facility of managing their capital with total flexibility through their branches, as they can report only to the authority which is at the level of the holding SE and reduce thereby the external capital control requirements.15 This article discusses these relevant tax issues of the SE . On the tax level, the SE is to be subject to the fiscal law of the country of residence, however, when the company will exercise its taxable activities by the intermediary of entities situated in another country, the losses suffered by these entities will be deducted from the profits of the SE.16 As the legal characteristics of an SE will vary depending on the state where the company is registered, this concludes to the fact that different interpretations concerning tax treatment of an SE apply, since it will be mainly governed by the domestic tax laws as the SE Regulation contains no rules concerning tax law.17 So, the question is, is there a role for the national regimes in preparing a harmonized treatment in order to prevent obstacles that can face the establishment of an SE in another Member State?18 What kind of tax treatment does the SE get when it is created? And what are the problems faced during the running of an SE

    Islamic Finance in Finland

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    Abstract— This is a research based on the results of a survey conducted with Muslims residing in Finland about the reasons for not taking usurious loans and their reluctance to pay interest, which affects significantly the Muslim community and leads to their financial exclusion, such as preventing them from owning a dwelling in Finland or investing their money in projects that are in compliance with their religion. The results were exclusive and reflect the reality experienced by the Muslim minority in Finland. In addition to the interesting results observed, the non-existence of Islamic banking institutions in Finland makes this research unique because it explains how Muslims perceive usury and deal with it in an environment where the Muslim community is growing constantly but is still considered a minority

    Opportunities for the use of drone technology in forest ecosystems

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    Au cours de la dernière décennie, la technologie drone a suscité un grand intérêt et a été largement utilisée pour des applications civiles. Ainsi, les drones ont rapidement prouvé leurs efficiences dans les ressources naturelles, l’environnement, l’agriculture et la foresterie. Étant une plate-forme de télédétection, les drones ont le potentiel d'augmenter l'efficacité d'acquisition des données forestières en ayant des résolutions spatiale et temporelle beaucoup plus importantes que celles des autres techniques de télédétection. Dans cet article, nous présentons une synthèse des travaux de recherche portant sur l’utilisation de la technologie drone dans diverses applications forestières, dont la modélisation de la canopée forestière, l’évaluation des paramètres de l’inventaire forestier, le suivi de la santé des forêts et la discrimination des essences forestières. L’analyse de ces travaux a montré que l’utilisation de la technologie drone a concerné plusieurs aspects diversifiés, tandis que d’autres thématiques de recherche sont encore peu étudiées, notamment l’évaluation de la régénération naturelle, le suivi des projets de réhabilitation des écosystèmes naturels, l’étude des impacts des changements climatiques et des impacts anthropogènes sur un écosystème forestier. Le drone offre des opportunités d’utilisation de la technologie drone dans la gestion du domaine forestier Marocain, afin de remédier aux limites des techniques de télédétection utilisées actuellement en termes de résolution spatiale, de flexibilité du choix du temps d’acquisition des données et en terme du coût. Mots clés: Drone, Écosystème forestier, Inventaire forestier, Modélisation de la canopée forestière, Photogrammétrie, LidarOver the past decade, UAV technology has attracted a great deal of interest and has been widely used for civilian applications. UAVs have rapidly proven their efficiency in natural resources, the environment, agriculture and forestry. As a remote sensing platform, UAVs have the potential to increase the efficiency of forest data acquisition, having much higher spatial and temporal resolutions than other remote sensing techniques. In this paper, we present a synthesis of research on the use of UAV technology in various forestry applications, such as forest canopy modelling, forest inventory parameter assessment, forest health monitoring and forest species discrimination. The analysis of this research has shown that the use of UAV technology has concerned several diversified aspects, while other research themes are less studied, notably the assessment of natural regeneration, the monitoring of natural ecosystem rehabilitation projects, the study of climate and anthropogenic change impacts forest ecosystems. UAV technology is an opportunities for management of the Moroccan forest ecosystem, in order to overcome the limitations of the remote sensing techniques currently used, in terms of spatial resolution, flexibility in the choice of data acquisition time and in terms of cost. Keywords: UAV, Forest ecosystem, Forest inventory, Forest canopy modelling, Photogrammetry, Lida

    Shaping the Future of Islamic Banking and Finance : a Legal Perspective

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    After the inception of Islamic banking and finance (IBF) in the global financial industry, IBF became a new alternative form of ethical finance based on Islamic economic thought. According to classical thought, the essence of Islamic economics is not to prohibit making a profit but to prioritize people’s well-being and, hence, enjoy the profit. This study examines the regulation and functioning of Islamic financial institutions (IsFIs), including their compliance with Sharia law. It explores the ethical considerations surrounding IsFIs by examining how their financial services align with the Sustainable Development Goals (SDGs). The study aims to shed light on the challenges and opportunities within the IBF sector, ultimately contributing to a deeper understanding of its role in promoting ethical finance and sustainable development. This study employs an empirical legal research approach to investigate the legal framework of IBF. The results reveal that by effectively highlighting ethical foundations and objectives, Islamic finance will attract a larger market of Muslims and arouse the interest of a wider audience of stakeholders who are not just interested in avoiding financial transactions that support prohibited practices. The findings of this study suggest that a major obstacle to the massive growth of the Islamic banking and finance sector is the existence of contradictions that depend especially on the excessively liberal accreditation of Islamic banks as “Sharia compliant.”Peer reviewe

    Implications for Islamic Finance Development in Finland : How Do Finnish Muslims Perceive Riba and Islamic Banking?

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    Islamic banking and finance (IBF) has gained significant attention in recent years, including in Finland where a growing Muslim community has created a demand for Islamic financial products. This research aims to explore the perceptions of Muslims in Finland towards riba and IBF and the implications for the development of IBF in Finland. The study employs survey research utilizing a questionnaire for a sample of Muslims living in Finland about the reasons for not taking usurious loans and their reluctance to pay interest, which affects significantly the Muslim community and leads to their financial exclusion, such as preventing them from owning a dwelling in Finland or investing their money in projects that follow their belief. The results were exclusive and reflect the reality experienced by the Muslim minority in Finland. The findings reveal that while Muslims in Finland are generally aware of the concept of riba and the importance of avoiding interest-based transactions, there is a lack of understanding of the broader principles of IBF. In addition to the interesting results observed, the non-existence of Islamic banking institutions in Finland makes this research unique because it highlights the challenges facing the development of IBF in Finland, including the lack of awareness and education about IBF, the lack of access to Islamic financial products, and regulatory and legal barriers. The study concludes that there is a need for increased awareness and education about Islamic finance in Finland, as well as greater efforts to promote the development of a regulatory framework that is favorable to the growth of IBF, this study provides valuable insights into the perceptions of Muslims in Finland towards riba and IBF and the implications for the development of IBF in Finland.Peer reviewe

    Biomass and Carbon Stock Quantification in Cork Oak Forest of Maamora Using a New Approach Based on the Combination of Aerial Laser Scanning Carried by Unmanned Aerial Vehicle and Terrestrial Laser Scanning Data

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    The Mediterranean forests, particularly Cork oak (Quercus suber L., 1927), make a major contribution to the fight against climate change through Carbon sequestration. Hence, there is a great interest in the accurate quantification of biomass and carbon stock. In this context, this study aims at assessing the performance of a new approach, based on the combination of Unmanned aerial vehicle airborne Aerial laser scanning (ALS-UAV) and Terrestrial laser scanning (TLS) data, in the determination of dendrometric parameters (Circumference at 1.30 m and Tree Height), and consequently the estimation of biomass and carbon stock, considering field data as reference. This study takes the Maamora forest in Morocco as an example of a Mediterranean Cork oak forest. The methodology consists of collecting data at three levels: the entire area level for an ALS-UAV scan, the plot and tree levels for TLS surveys, as well as field data collection. Afterwards, dendrometric parameters (Circumference at 1.30 m and the Tree height) were estimated using individual tree segmentation and biomass; the carbon stock (aboveground, belowground, and total) was estimated using allometric equations. The comparison of the estimated dendrometric parameters with those measured in the field shows a strong relationship, with a Pearson coefficient of 0.86 and 0.83, a correlation coefficient (R2) of 0.81 and 0.71, and a Root mean square error (RMSE) of 1.84 cm and 0.47 m, respectively. Concerning the biomass and carbon stock estimation, the proposed approach gives a satisfactory accuracy, with a Pearson coefficient of 0.77, an R2 of 0.83, and an RMSE of 36.40 kg for biomass and 20.24 kg for carbon stock

    Biomass and Carbon Stock Quantification in Cork Oak Forest of Maamora Using a New Approach Based on the Combination of Aerial Laser Scanning Carried by Unmanned Aerial Vehicle and Terrestrial Laser Scanning Data

    No full text
    The Mediterranean forests, particularly Cork oak (Quercus suber L., 1927), make a major contribution to the fight against climate change through Carbon sequestration. Hence, there is a great interest in the accurate quantification of biomass and carbon stock. In this context, this study aims at assessing the performance of a new approach, based on the combination of Unmanned aerial vehicle airborne Aerial laser scanning (ALS-UAV) and Terrestrial laser scanning (TLS) data, in the determination of dendrometric parameters (Circumference at 1.30 m and Tree Height), and consequently the estimation of biomass and carbon stock, considering field data as reference. This study takes the Maamora forest in Morocco as an example of a Mediterranean Cork oak forest. The methodology consists of collecting data at three levels: the entire area level for an ALS-UAV scan, the plot and tree levels for TLS surveys, as well as field data collection. Afterwards, dendrometric parameters (Circumference at 1.30 m and the Tree height) were estimated using individual tree segmentation and biomass; the carbon stock (aboveground, belowground, and total) was estimated using allometric equations. The comparison of the estimated dendrometric parameters with those measured in the field shows a strong relationship, with a Pearson coefficient of 0.86 and 0.83, a correlation coefficient (R2) of 0.81 and 0.71, and a Root mean square error (RMSE) of 1.84 cm and 0.47 m, respectively. Concerning the biomass and carbon stock estimation, the proposed approach gives a satisfactory accuracy, with a Pearson coefficient of 0.77, an R2 of 0.83, and an RMSE of 36.40 kg for biomass and 20.24 kg for carbon stock
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