7,449 research outputs found

    Contractual Forms in Islamic Finance Law and Islamic Inv. Co. of the Gulf (Bahamas) Ltd. v. Symphony Gems N.V. & Ors.: A First Impression of Islamic Finance

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    This Article focuses on the case of Islamic Investment Company of the Gulf (Bahamas) Ltd. v. Symphony Gems N.V. & Others (“Symphony Gems”). Symphony Gems is the first instance where a Western court of law ruled on an Islamic financial transaction. Symphony Gems illuminates the challenges and tensions within the industrial complex of Islamic finance as it seeks to exist and thrive in a commercial reality where the regulatory framework and its associated assumptions (both theoretical as well as those of commercial practice) differ markedly from those of Islamic law and the contemporary Islamic financial industry. The resulting transactions often deviate from the classical modes or forms upon which they are supposed to be based. From a conventional finance perspective, Islamic transactions can be criticized as being anomalous, inefficiently structured and obliquely documented. Symphony Gems arose out of the applicability of an Islamic financial contract known as a murabahah. This Article will explain both the conceptual basis and the contemporary usage of the murabahah contract and, more generally, the challenges of integrating Islamic financial concepts into the Anglo-American legal system that predominates the modern global economy. Murabahah contracts, simply stated, involve the sale of an item, through a middleman, in which the ultimate buyer is aware of the middleman\u27s costs in obtaining the item. As discussed later in this Article, murabahah contracts in contemporary practice closely approximate conventional financing mechanisms, particularly the economics underlying a similarly-profiled conventional commercial financing. This is why murabahah contracts are so popular. Therefore, it is not surprising that the first instance in which a Western court of law has examined and opined upon an Islamic financial contract involves a murabahah sale

    Bidirectional modulation of numerical magnitude

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    Anomalous Defects and Their Quantized Transverse Conductivities

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    Using a description of defects in solids in terms of three-dimensional gravity, we study the propagation of electrons in the background of disclinations and screw dislocations. We study the situations where there are bound states that are effectively localized on the defect and hence can be described in terms of an effective 1+1 dimensional field theory for the low energy excitations. In the case of screw dislocations, we find that these excitations are chiral and can be described by an effective field theory of chiral fermions. Fermions of both chirality occur even for a given direction of the magnetic field. The ``net'' chirality of the system however is not always the same for a given direction of the magnetic field, but changes from one sign of the chirality through zero to the other sign as the Fermi momentum or the magnitude of the magnetic flux is varied. On coupling to an external electromagnetic field, the latter becomes anomalous, and predicts novel conduction properties for these materials.Comment: New material added. ReVTeX , 31 pgs., 4 figs.(uses epsf

    Novel Edge States in Self-Dual Gravity

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    In contrast to the Einstein-Hilbert action, the action for self-dual gravity contains vierbeins. They are eleminated at the level of observables by an SL(2,C)SL(2,\mathbb{C}) gauge condition implied by the action. We argue that despite this condition, new "edge" or superselected state vectors corresponding to maps of the spheres S2S^2_{\infty} at infinity to SL(2,C)SL(2, \mathbb{C}) arise. They are characterised by new quantum numbers and they lead to mixed states. For black holes, they arise both at the horizon and the spatial infinity and may be relevant for the black hole information paradox. Similar comments can be made about the Einstein-Palatini action which uses vierbeins.Comment: 15 pages, reference added, some minor notational changes - no changes in conclusio

    Edge States and Entanglement Entropy

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    It is known that gauge fields defined on manifolds with spatial boundaries support states localized at the boundaries. In this paper, we demonstrate how coarse-graining over these states can lead to an entanglement entropy. In particular, we show that the entanglement entropy of the ground state for the quantum Hall effect on a disk exhibits an approximate ``area " law.Comment: 16 pages, minor corrections and futher details adde

    Simulation Studies of Gas-Solid in the Riser of a Circulating Fluidized Bed

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    A numerical parametric study was performed on the influence of various riser exit geometries on the hydrodynamics of gas-solid two-phase flow in the riser of a Circulating Fluidized Bed (CFB). A Eulerian continuum formulation was applied to both phases. A two fluid framework has been used to simulate fully developed gas-solid flows in vertical riser. A two dimensional Computational Fluid Dynamics (CFD) model of gas-particle flow in the CFB has been investigated using the code FLUENT. The turbulence was modeled by a k-e turbulence model in the gas phase. The simulations were done using the geometrical configuration of a CFB test rig at the Universiti Teknologi Malaysia (UTM). The CFB riser column has 265 mm (width), 72 mm (depth) and 2.7 m height. The riser is made up of interchangeable Plexiglas columns. The computational model was used to simulate the riser over a wide range of operating and design parameters. In addition, several numerical experiments were carried out to understand the influence of riser end effects, particle size, gas solid velocity and solid volume fraction on the simulated flow characteristics. The CFD model with a k-e turbulence model for the gas phase and a fixed particle viscosity in the solids phase showed good mixing behaviour. These results were found to be useful in further development of modeling of gas solid flow in the riser
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