Inside-Out: Perception of Key Finance Professionals about Theory and Practice of Islamic Banking

Islamic banking has shown tremendous growth in the first decade of 21st century. By the end of 2008, global volume of assets under Islamic banking reached US$951 billion. In Pakistan, Islamic banking has displayed a tremendous annual average growth of 76% during the last seven years and accounts for 6% of the market share (SBP-2010). However, keeping in view the religious ideologies of the significant majority of Pakistanis, Islamic banking industry has expanded at less than its expected potential. This study documents the perception of key players in finance industry about Islamic banking, to highlight the underlying issues directly responsible for slower-than-potential-expansion of this industry. Findings suggest, although theoretically, that the industry perceives Islamic banking correctly, however professionals do not feel content with its practice

Why private finance initiatives are so addictive - and yet offer such poor value for money

No description supplie

Private finance initiative (or public private partnership) implementation processes and perception of value for money

The aim of this study is to examine the relationships among perceptions of implementation processes, implementation difficulties and value for money (VFM) in UK school private finance initiative (PFI) or public private partnership (PPP) contracts. The results suggest that implementation factors, such as effective PFI ‘consultation’, ‘contractual’, ‘monitoring and review’ processes have a significantly positive influence on perception of VFM. The results also suggest that difficulties involved in actually implementing PFI processes, such as ‘lack of transparency’, ‘performance measurement difficulties’, ‘cultural differences’ and ‘lack of authority’ have a significant and negative influence on perception of VFM. These implementation difficulties were also found to be inversely related with perception of the PFI implementation processes but the extent of these relationships varied

The effect of entrepreneurship and regulation policy on competitive advantage

The aim of this study is to know and measure entrepreneurship, regulation policy to develop the competitive advantage in the north coast of West Java Indonesia.The research method used a quantitative approach. Data were collected through questionnaires distributed to 300 respondents (fishermen) from coastal areas of Jakarta, Bekasi, Serang and Cirebon. Data analysis technique use linear regression analysis.The results show that entrepreneurship related to competitive advantage, although the regulation policy is not related to competitive advantage. Likewise, between the entrepreneurship orientation with the regulation policy simultaneously related to competitive advantage.peer-reviewe

EFFECTS OF REMITTANCES ON PER CAPITA ECONOMIC GROWTH OF PAKISTAN

This study investigates the effects of remittances on per capita economicgrowth of Pakistan for the period 1976 to 2013. The Auto RegressiveDistributed Lag (ARDL) Bounds testing model was employed toexplore short run and long run liaison of remittances with per capitaeconomic growth. The analyses evidence statistically significantpositive long run and short run impacts of remittances on per capitaeconomic growth. Based upon the empirical results, this study suggeststhat government should formulate and adopt policies which canfurther motivate and enhance remittances inflow, and hence a morepromising economic growth

KRAMA LANGUAGE AS EDUCATIONAL COMMUNICATION AT JUNIOR HIGH SCHOOL ISLAM PRESTASI AL MUBTADI-IEN BANTUL IN ISLAMIC EDUCATION PERSPECTIVE

Cases of verbal bullying are still prevalent among students in schools. Therefore, efforts are needed through various approaches to overcome the problem. One of the efforts that can be done is through the habituation of krama language in the school environment. This article aims to analyze the application of krama language as an educational communication ethic in Junior High School Islam Prestasi Al Mubtadi-ien Bantul in the perspective of Islamic education. The important issue discussed is the purpose and form of application of manners language as educational communication and its impact on the formation of student behavior seen from the perspective of Islamic education. This research is qualitative research using a phenomenological approach in Junior High School Islam Prestasi Al Mubtadi-ien Bantul, Yogyakarta. Data collection using observation, interviews, and documentation. Data analysis uses data reduction, data exposure, and inference/verification measures. Data collection using observation, interviews, and documentation. Data analysis uses data reduction, data exposure, and inference/verification measures. The results of this study showed: First, the form of educational communication ethics applied in Junior High School Islam Prestasi Al Mubtadi-ien Bantul is based on the cultural values of krama language carried out during the implementation of the learning process in the classroom and in interactions outside the classroom in the school environment. The application of krama language aims to shape student behavior and participate in preserving the culture of krama language as is done in a pesantren environment. Second, the application of communication ethics using Javanese culture krama in Junior High School Islam Prestasi Al Mubtadi-ien Bantul is considered to have provided positive benefits and impacts for students. Third, from the perspective of Islamic education, the application of krama language culture in Junior High School Islam Prestasi Al Mubtadi-ien Bantul is very relevant. Islam is very concerned about the ethical issue of communication. Islam teaches the delivery of information messages to citizens using good language, friendly and polite

Risk and Returns of Shar??ah Compliant Stocks on the Karachi Stock Exchange: A CAPM and SCAPM Approach

This study documents the asset pricing mechanism of Shar??ah compliant securities listed on the the Karachi Stock Exchange. We select the CAPM market model to test for the impact in variations of stock returns on a sample of Shar??ah-compliant companies on ten years monthly data (2001-10). We first test the basic CAPM (Capital Asset Pricing Model) and its modified form known as the Shar??ah-compliant asset pricing model (SCAPM). We also analyse return differences due to size (market capitalization), book to market (B/M) value, price-earning ratio (PER), and cash-flow yield (CFY). Our results find a strong impact of the market index on stock returns (adj-R2 70%) and confirm the anomalies of size, B/M, CFY, and PER, while SCAPM is slightly better in explaining variations in cross-sectional stock returns

Discontinuity in Auditing: A Study in Foucauldian Perspective

Purpose: This study aims to determine the form of discontinuity in auditing, related to the provision of an opinion on a financial report.   Theoretical framework: Foucaldian perspective is used to examine the disclosure of the form of discontinuity as it is preconceived as an effort to uncover the 'other' truth that surrounds a subject, object and event in the auditing process. Meanwhile, the audit opinion is 'proxied' as a result of construction that has gone through a process of interaction between the auditor and the auditee in a social arena.   Design/methodology/approach: This is done through critical reading of discursive events when the audit of the regional government financial statements is carried out by the auditors of the Supreme Audit Agency.   Findings: The results showed that disclosure of discontinuity in auditing is possible. Foucault's concept of power/knowledge is able to touch the workings of the profession in producing a discontinuity. The tendency of asymmetry of knowledge of auditor vis a vis auditee, especially in the public sector – as exemplified by Foucault; doctors and their patients - can be a way to focus on forms of discontinuity in producing audit opinions on local government financial statements.   Research, Practical & Social implications: A discursive event confronts the auditor vis a vis auditee when an audited local government financial report opinion is produced. The methodology used in this reading is Foucault's philosophy through his conception of discontinuity.   Originality/value: The findings proposed the originality in which Foucaldian perspective can be useful to explore the link between local government financial report and discursive events

Impact of Real Sector Variables on Shari’a Compliant Stock Returns

Shari’a compliant stocks are a recent development under Islamic finance, whereby stocks are screened through Shari’a compliance filters. This study is conducted to understand and document the important Real Sector macroeconomic factors contributing in determining stock prices of Shari’a compliant companies in Pakistan. Our sample includes all 97 non-financial companies screened by Al-Meezan Investment Management Ltd, based on financial results of 2009. We have included Six Macroeconomic variables in addition to market index in our study for ten years period (2001-10). Results identified Zero real sector variable in pricing, however, with the inclusion of market index in analysis, the single important variable in pricing of Shari’a compliant securities is market Beta. Evidence favors CAPM for pricing of securities in local market as market index captures the risk of macroeconomic variables

Implementasi Pasar Tradisional Sehat di Kabupaten Banyumas dan Bagaimana Dampak dari Pandemi Covid 19

Pasar tradisional atau pasar basah merupakan bagian penting bagi kehidupan masyarakat. Selain dapat memenuhi kebutuhan yang diperlukan oleh masyarakat. Pasar tradisional juga dapat menjadi tempat penularan penyakit salah satu yang sedang ramai saat ini adalah Covid 19. Penelitian ini adalah penelitian kualitatif yang berlandaskan fenomenologi. Pengumpulan data dilakukan menggunakan pedoman wawancara melalui indepth Interview . Penelitian ini bertujuan untuk mengetahui seperti apa implementasi atau upaya yang dilakukan oleh para stake holder yang bertugas untuk melakukan pengelolaan pasar khususnya penyehatan pasar di Kabupaten Banyumas. Hasil dari penelitian ini adalah Secara struktur organisa, regulasi, anggaran belum ada khusus untuk menangani pasar sehat. Namun ada bidang atau penanggung jawab pasar secara umum. Adanya Permasalahan terkait dengan anggaran karena tumpang tindih tugas dan wewenang, Kurangnya kordinasi baik secara horizontal maupun vertikal, kurangnya ketegasan dalam menegakan aturan dan adanya perubahan pandangan stakeholder dalam melakukan penanganan pasar sehat yang dikarenakan pandemi Covid 19