Fıkhi Filtreleme Metodolojisi - Yeni Bir Fıkhi Yaklaşım

Bu çalışmanın ana amacı halihazırda çeşitli kurumlar tarafından uygulanan farklı metodolojilere dayanılarak elde edilmiş “fıkhi uygunluk kriterleri”ne yönelik eleştirilere dönük önerilerde bulunmaktır. Ayrıca, bu çalışma, İslamın birincil kaynaklarından (Kuran ve Sünnet) elde edilen bulgular ışığında, fıkhi uygunluk kriterlerini oluşturan metodolojilerde görülen farklılıkların standartlaştırılması için çözümler üretmeye çalışmaktadır. İslamın birincil kaynakları olan Kuran ve Sünnet’ten elde edilen güçlü çıkarımlar gösterir ki bir firmanın fıkhi uygunluk kriterlerine uygun olup olmadığı hakkındaki hakkaniyetli ve adil bir hüküm ancak o firmanın kontrolü altında olan içsel faktörlere bakılarak verilebilinir. Bu çalışma ayrıca fıkhi uygunluk kriterlerinin bir bütün halinde İslami finansin temel prensiplerini yansıtmasının önemine ve bu minvalde Bakara Suresi’nin 275’inci ayetinin ruhuna uygun olmasının elzemliğine vurgu yapmaktadır. Bu çalışmanın halihazirda var olan fıkhi uygunluk kriterlerindeki farklılıklardan harmoni/standartlaşma üretme potansiyeli ile İslami hassasiyetlere sahip yatırımcıları sağladığı bilinçlenme ve güvenilirlik sayesinde daha fazla yatırım yapmaya teşvik etmesi beklenmektedir. Bu çalışma kanıksanmış düşünme tarzlarının dışına çıkarak, fıkhi uygunluk kriterlerinin İslamın birincil kaynaklarına dayanılarak nasıl elde edilmesi gerektiği ana sorusuna kapsamlı bir şekilde cevap üretmeye çalışmaktadır. The purpose of this paper is to address to a long-standing criticism of the various Shari’ah screening methodologies implemented by Islamic index providers. This study aims to provide evidences derived from the Islamic sources (Qur’an and Sunnah) and offers a potential solution for the harmonization of Shari’ah screening methodologies. Strong evidences from the Qur’an reveal that the most righteous and fair judgment is provided when the only factors that are considered are the entirely endogenous factors. This study further emphasizes the importance of using a screening methodology that supports the main notions of Islamic finance as a whole, and adheres to the essence of the ayah (Al-Baqarah: 275). This study exhibits a potential towards the harmonization of Shari’ah screening methodologies which encourages the participation of Muslim investors by ensuring better awareness and confidence regarding stock investments. This paper fulfils an identified need to study how Shari’ah screening methodologies can be derived from the Islamic sources yet is based on “out-of-the-box” thinking

Do Portfolio Diversification Opportunities exist across the Euro Zone Islamic Equity Markets? MGARCH-DCC and Wavelet Correlation Analysis

The economic process that Euro Zone countries have gone through created contradictory claims about whether those particular financial markets have converged, which has implications for the portfolio diversification issue for the investors and policy makers alike. Thus, this paper aims to examine whether there are opportunities for creating optimally diversified portfolios from the perspectives of the Islamic investors which is a missing point in the existing literature for the above-mentioned markets. The focus of the study is the correlations among the selected Shariah Indices‟ daily returns covering the period from April 2008 to March 2014, to illustrate not only the static picture, but the dynamic comovements which can be tested through the recent econometric methodologies (M-GARCH/DCC, MODWT, and CWT/WTC). Hence, the unique contribution of this research is the enhancement of the existing literature by empirically testing the „time-varying‟ and „scale dependent‟ volatilities and correlations of the particular markets by relying on the Shariah (Islamic) indices. By incorporating scale dependence, the paper is able to identify unique portfolio diversification opportunities for different set of investors bearing different investment horizons/holding periods of stock (e.g. weekly, monthly, quarterly, etc.) The overall result driven is that since there appears to be only continuous portfolio diversification opportunities between the French and Danish Islamic equity markets for up to six-month investment holding periods, in general, the possibility of portfolio diversification benefits for the short-, medium- and long-run does not seem to be available among these markets. This result implies that the Euro Zone financial markets are highly correlated/converged yielding minimal portfolio diversification benefits for all the heterogeneous investment horizons

Fıkhi Filtreleme Metodolojisi - Yeni Bir Fıkhi Yaklaşım

Bu çalışmanın ana amacı halihazırda çeşitli kurumlar tarafından uygulanan farklı metodolojilere dayanılarak elde edilmiş “fıkhi uygunluk kriterleri”ne yönelik eleştirilere dönük önerilerde bulunmaktır. Ayrıca, bu çalışma, İslamın birincil kaynaklarından (Kuran ve Sünnet) elde edilen bulgular ışığında, fıkhi uygunluk kriterlerini oluşturan metodolojilerde görülen farklılıkların standartlaştırılması için çözümler üretmeye çalışmaktadır. İslamın birincil kaynakları olan Kuran ve Sünnet’ten elde edilen güçlü çıkarımlar gösterir ki bir firmanın fıkhi uygunluk kriterlerine uygun olup olmadığı hakkındaki hakkaniyetli ve adil bir hüküm ancak o firmanın kontrolü altında olan içsel faktörlere bakılarak verilebilinir. Bu çalışma ayrıca fıkhi uygunluk kriterlerinin bir bütün halinde İslami finansin temel prensiplerini yansıtmasının önemine ve bu minvalde Bakara Suresi’nin 275’inci ayetinin ruhuna uygun olmasının elzemliğine vurgu yapmaktadır. Bu çalışmanın halihazirda var olan fıkhi uygunluk kriterlerindeki farklılıklardan harmoni/standartlaşma üretme potansiyeli ile İslami hassasiyetlere sahip yatırımcıları sağladığı bilinçlenme ve güvenilirlik sayesinde daha fazla yatırım yapmaya teşvik etmesi beklenmektedir. Bu çalışma kanıksanmış düşünme tarzlarının dışına çıkarak, fıkhi uygunluk kriterlerinin İslamın birincil kaynaklarına dayanılarak nasıl elde edilmesi gerektiği ana sorusuna kapsamlı bir şekilde cevap üretmeye çalışmaktadır. The purpose of this paper is to address to a long-standing criticism of the various Shari’ah screening methodologies implemented by Islamic index providers. This study aims to provide evidences derived from the Islamic sources (Qur’an and Sunnah) and offers a potential solution for the harmonization of Shari’ah screening methodologies. Strong evidences from the Qur’an reveal that the most righteous and fair judgment is provided when the only factors that are considered are the entirely endogenous factors. This study further emphasizes the importance of using a screening methodology that supports the main notions of Islamic finance as a whole, and adheres to the essence of the ayah (Al-Baqarah: 275). This study exhibits a potential towards the harmonization of Shari’ah screening methodologies which encourages the participation of Muslim investors by ensuring better awareness and confidence regarding stock investments. This paper fulfils an identified need to study how Shari’ah screening methodologies can be derived from the Islamic sources yet is based on “out-of-the-box” thinking

Shari'ah Screening Methodology- New Shari'ah Compliant Approach

The purpose of this paper is to address to a long-standing criticism of the various Shari’ah screening methodologies implemented by Islamic index providers. This study aims to provide evidences derived from the Islamic sources (Qur’an and Sunnah) and offers a potential solution for the harmonization of Shari’ah screening methodologies. Strong evidences from the Qur’an reveal that the most righteous and fair judgment is provided when the only factors that are considered are the entirely endogenous factors. This study further emphasizes the importance of using a screening methodology that supports the main notions of Islamic finance as a whole, and adheres to the essence of the ayah (Al-Baqarah: 275). This study exhibits a potential towards the harmonization of Shari’ah screening methodologies which encourages the participation of Muslim investors by ensuring better awareness and confidence regarding stock investments. This paper fulfils an identified need to study how Shari’ah screening methodologies can be derived from the Islamic sources yet is based on “out-of-the-box” thinking

Do Portfolio Diversification Opportunities exist across the Euro Zone Islamic Equity Markets? MGARCH-DCC and Wavelet Correlation Analysis

The economic process that Euro Zone countries have gone through created contradictory claims about whether those particular financial markets have converged, which has implications for the portfolio diversification issue for the investors and policy makers alike. Thus, this paper aims to examine whether there are opportunities for creating optimally diversified portfolios from the perspectives of the Islamic investors which is a missing point in the existing literature for the above-mentioned markets. The focus of the study is the correlations among the selected Shariah Indices‟ daily returns covering the period from April 2008 to March 2014, to illustrate not only the static picture, but the dynamic comovements which can be tested through the recent econometric methodologies (M-GARCH/DCC, MODWT, and CWT/WTC). Hence, the unique contribution of this research is the enhancement of the existing literature by empirically testing the „time-varying‟ and „scale dependent‟ volatilities and correlations of the particular markets by relying on the Shariah (Islamic) indices. By incorporating scale dependence, the paper is able to identify unique portfolio diversification opportunities for different set of investors bearing different investment horizons/holding periods of stock (e.g. weekly, monthly, quarterly, etc.) The overall result driven is that since there appears to be only continuous portfolio diversification opportunities between the French and Danish Islamic equity markets for up to six-month investment holding periods, in general, the possibility of portfolio diversification benefits for the short-, medium- and long-run does not seem to be available among these markets. This result implies that the Euro Zone financial markets are highly correlated/converged yielding minimal portfolio diversification benefits for all the heterogeneous investment horizons

Serum Adipokine and Ghrelin Levels in Nonalcoholic Steatohepatitis

Adipokines and ghrelin play role in insulin resistance, the key pathophysiological abnormality in patients with nonalcoholic fatty liver diseases. In the present study, relationship between nonalcoholic steatohepatitis (NASH) and serum adipokine and ghrelin levels was investigated. Thirty seven patients with biopsy-proven NASH and 25 age- and sex-matched controls were enrolled. Ten of NASH patients (27%) had diabetes mellitus (n = 5) or impaired glucose tolerance (n = 5). Body mass index (BMI) was less than 30 kg/m(2) in 67.6% of patients, while in the remaining 32.4% it was more than 30 kg/m(2). Serum adiponectin, leptin, TNF-α, and ghrelin were determined. Serum leptin (15.49 ± 4.84 vs 10.31 ± 2.53) and TNF-α (12.1 ± 2.7 vs 10.31 ± 2.56) levels were significantly higher in the NASH group compared to in the control group (P < .001 for each). Nevertheless, adiponectin (11.1±2.1 vs 17.3±2.8) and ghrelin (6.46±1.1 vs 7.8±1.1) levels were lower in the NASH group than in the control group (P < .001 for each). Serum levels of the adipokines and ghrelin, however, were comparable in the subgroups of patients regardless of whether BMI was < 30 or > 30 or glucose tolerance was impaired or not (P > .05). Additionally, neither adipokines nor ghrelin was correlated with histopathological grade and stage (P > .05). In conclusion; there is a significant relationship between NASH and adipokines and ghrelin independent from BMI and status of the glucose metabolism. These cytokines that appear to have role in the pathogenesis of NASH, however, do not have any effect upon the severity of the histopathology

Black sea aquaculture: Legacy, challenges & future opportunities

Responsible aquaculture, the farming of aquatic organisms, is a sustainable strategic sector for land and coastal communities. It significantly contributes to food security and enhancement of economic development; it provides employment opportunities and often contributes to the ecological services provided by the environment. According to the Food and Agriculture Organization of the United Nations (FAO), the contribution of aquaculture to the global food security is widely demonstrated by an astounding industry growth of 7.5% per year since 1970. In 2018, aquaculture reached the all-time highest production of 114.5 million tonnes in live weight with a total farm gate sale value of USD 263.6 billion. This makes aquaculture a key player within the Blue Growth concept and a strong contributor to some of its key Sustainable Development Goals (SDG). This is particularly true in geographical areas where dependence of local economies on fishery products is high, and yet access to sustainable landings is hampered by ecological barriers. One such area is represented by the Black Sea basin. Whilst the Black Sea annual capture fishery production has varied considerably since 1990 and its current landings are significant, growing attention is currently given to boost aquaculture development along the Black Sea bordering countries, with marine aquaculture being considered as an important contributor to the total fisheries production. Nonetheless, aquaculture development in this region is not homogenous and its development has, so far, been limited by environmental, economic, social, and more generally governance issues. This paper, for the first time, attempts to provide a comprehensive fresh outlook of the aquaculture sector in the Black Sea, stressing the importance of regional cooperation as an essential pillar to support the sustainable development of the industry. The paper addresses aquaculture in the Black Sea from different perspectives: it outlines the key characteristics of the Black Sea environment; it discusses the most common farmed aquatic species and the potential for new ones; it frames the national approaches to aquaculture development, sharing information about success stories, while shedding light on the main challenges and priorities ahead. This collective endeavour will represent a helpful contribution to Black Sea riparian countries to answer the many questions they have, and expectations they hold from the aquaculture sector.Additional co-authors: Dilek Fidan, Linda Fourdain, Marco Frederiksen, Archil Guchmanidze, Housam Hamza, Jessica Harvey, Magda Nenciu, Galin Nikolov, Victor Niţă, Muhammed Doğan Özdemir, Elitsa Petrova-Pavlova, Gabriel Popescu, Ferit Rad, Şafak Seyhaneyildiz Can, John A. Theodorou, Behnan Thomas, Nicolò Tonachella, Ekaterina Tribilustova, Irina Yakhontova, Ahmet Faruk Yesilsu, Güzel Yücel-Gie

A novel UV-emitting phosphor: Li6CaB3O 8.5:Pb2

Pure Li6CaB3O8.5 and Li6Ca 1-xPbxB3O8.5 (0.005≤x≤0.04) materials were prepared by a solution combustion synthesis method. The phase of synthesized materials was determined using the powder XRD and FTIR. The synthesized materials were investigated using spectrofluorometer at room temperature. The emission and excitation bands of the synthesized phosphors were observed at 307 and 268 nm, respectively. The dependence of the emission intensity on the Pb2 concentration for the Li6Ca 1-xPbxB3O8.5 (0.005≤x≤0.04) was studied and observed that the optimum concentration of Pb2 in phosphor is 0.01 mol. The Stokes shift of the synthesized phosphor was calculated to be 4740 cm1. © 2011 Elsevier B.V. All rights reserved