Correction to: A Recursive Co-occurrence Text Mining of the Quran to Build Corpora for Islamic Banking Business Processes

As the holy Quran text is time and place based and has “blockchain” like-structure where stories are spread like pieces of puzzles and linked to each other among 6,236 verses from 114 chapters, we present a new recursive co-occurrence text mining algorithm to mine the Holly Quran to build corpora which can be further processed to develop Islamic banking business processes complying which Islamic Sharia’ law. First, we create a list containing all the business process action terms and their synonyms in Arabic

Screening of Murabaha business process through Quran and hadith: a text mining analysis

© 2020, Emerald Publishing Limited. Purpose: This paper revolves around the usage of data analytics in the Qur’an and Hadith through a new text mining technique to answer the main research question of whether the activities and the data flows of the Murabaha financing contract is compatible with Sharia law. The purpose of this paper is to provide a thorough and comprehensive database that will be used to examine existing practices in Islamic banks’ and improve compliancy with Islamic financial law (Sharia). Design/methodology/approach: To design a Sharia-compliant Murabaha business process originated on text mining, the authors start by identifying the factors deemed necessary in their text mining techniques of both texts; using a four-step strategy to analyze those text mining analytics; then, they list the three basic approaches in text mining used for new knowledge discovery in databases: the co-occurrence approach based on the recursive co-occurrence algorithm; the machine learning or statistical-based; and the knowledge-based. They identify any variation and association between the Murabaha business processes produced using text mining against the one developed through data collection. Findings: The main finding attained in this paper is to confirm the compatibility of all activities and the data flows in the Murabaha financing contract produced using data analytics of the Quran and Hadith texts against the Murabaha business process that was developed based on data collection. Another key finding is revealing some shortcomings regarding Islamic banks business process compliance with Sharia law. Practical implications: Given Murabaha as the most popular mode of Islamic financing with more than 75% in total transactions, this research has managed to touch-base on an area that is interesting to the vast majority of those dealing with Islamic finance instruments. By reaching findings that could improve the existing Islamic Murabaha business process and concluding on Sharia compliance of the existing Murabaha business process, this research is quite relevant and could be used in practice as well as in influencing public policy. In fact, Islamic Sharia law experts, Islamic finance professionals and Islamic banks may find the results of this study very useful in improving at least one aspect of the Islamic finance transactions. Originality/value: By using a novel, fresh text mining methods built on recursive occurrence of synonym words from the Qur’an and Hadith to enrich Islamic finance, this research study can claim to have been the first of its kind in using machine learning to mine the Quran, Hadith and in extracting valuable knowledge to support and consolidate the Islamic financial business processes and make them more compliant with the i

A recursive co-occurrence text mining of the quran to build corpora for islamic banking business processes

© 2019, Springer Nature Switzerland AG. As the holy Quran text is time and place based and has “blockchain” like-structure where stories are spread like pieces of puzzles and linked to each other among 6,236 verses from 114 chapters, we present a new recursive co-occurrence text mining algorithm to mine the Holly Quran to build corpora which can be further processed to develop Islamic banking business processes complying which Islamic Sharia’ law. First, we create a list containing all the business process action terms and their synonyms in Arabic. Then for each term, we run the recursive co-occurrence algorithm to parse the holy Quran and extract all verses that contain the business process action term and all the verses where the action term co-occurs with any other term in the list. The retrieved verses along their chapter number and their verse number are saved and then compiled into business process corpora using. The resulting business processes could further be processed to generate Islamic Business processes that comply with Islamic Sharia Law

Cross-border alliances and strategic games

Purpose – This empirical research examined the factors and conditions that contribute to the success of international strategic learning alliances. The study aimed to provide organisations with evidence-based insights and recommendations that can help them to create more effective and sustainable partnerships and to leverage collaborative learning to drive innovation and growth. The examination is performed using game theory as a mathematical framework to analyse the interaction of the decision-makers, where one alliance's decision is contingent on the decision made by others in the partnership. There are 20 possible games out of 120 outcomes that can be grouped into four different types; each type has been divided into several categories. Design/methodology/approach – The research methodology included secondary and primary data collection using empirical data, the Delphi technique for obtaining qualitative data, a research questionnaire for collecting quantitative data and computer simulation (1,000 cases, network resources and cooperative game theory). The key variables collected and measured when analysing a strategic alliance were identified, grouped and mapped into the developed model. Findings – Most respondents ranked reputation and mutual benefits in Type 1 games relatively high, averaging 4.1 and 3.85 of a possible 5. That is significantly higher than net transfer benefits, ranked at 0.61. The a priori model demonstrate that Type 1 games are the most used in cooperative games and in-game distribution, 40% of all four types of games. This is also confirmed by the random landscape model, approximately 50%. The results of the empirical data in a combination of payoff characteristics for Type 1 games show that joint and reputation benefits are critical for the success of cooperation. Practical implications – Research on cross-border learning alliances has several implications. Managerial implications can help managers to understand the challenges and benefits of engaging in these activities. They can use this knowledge to develop strategies to improve the effectiveness of their cross-border learning alliances. Practical implications, the development of game theory and cross-border models can be applied in effective decision-making in a variety of complex contexts. Learning alliances have important policy implications, particularly in trade, investment and innovation. Policymakers must consider the potential benefits and risks of these collaborations and develop policies that encourage and support them while mitigating potential negative impacts. Originality/value – International learning alliances have become a popular strategy for firms seeking to gain access to new knowledge, capabilities and markets in foreign countries. The originality of this research lies in its ability to contribute to the understanding of the dynamics and outcomes of these complex relationships in a novel and meaningful way

The compatibility of Islam and the West : the context of global banking

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The compatibility of Islam and the West : the context of global banking

In Western social and economic thought, the spiritual and the secular are sharply divided. In Islam they are indivisible. Islam has become a source of Western anxiety as the Other, the Shadow. The two are often seen as opposing systems with no commonality. This thesis highlights their, mutually beneficial, co-evolutionary past. The increase in the practice of Islamic banking transformed Islamic economics from a sub-field of Islamic jurisprudence and comparative systems into one, which interacts positively with mainstream economic theory. The core of this research is to investigate the compatibility/incompatibility of Islamic Banking practice with Western conventional banking in the global hypercompetitive financial environment. The context chosen for analysis is finance, which is central to global capitalism and an area in which key differences of principle and practice exist between Islam and the West. If we can show compatibilities in that particular area which is fundamental to both systems then we might confidently point to a significant degree of compatibility between the two systems. This thesis argues that if reconcilability between Islam and the West exists in the field of finance and if the two systems can co-evolve in a mutually productive way then we can be optimistic about the ability of the two systems to co-exist. Clearly they involve different attitudes, but this thesis argues, on the basis of significant compatibility these issues, are resolvable under the tradition of toleration that has existed in Western and Islamic societies. What the literature review does is to provide a conceptual basis for examining the context of the thesis, which is the compatibility of the two systems. However, the impact of the conceptual basis is mediated through a group of stakeholders in Islamic banking process (interviewees). This provides the rationale for the second empirical part of the thesis, which is based on open-ended interviews, with key stakeholders in the process. The thesis is structured into two major sections: Section A. the reflective section and the literature review and Section B the empirical work, a projective section looking at the current and future situation

THE FINANCIAL TOWER OF BABEL: ROOTS OF CRISIS 1 Professor Robin Matthews President of the League of Strategic Management and Accounting THE FINANCIAL TOWER OF BABEL: ROOTS OF CRISIS

Abstract Purpose: The aim of this paper is to explore and discuss the causative factors of the current financial crisis from an Islamic perspective. This paper also examines Islamic finance as an alternative financial system and a potential long term solution to financial instability. Research methodology: descriptive, analytical and comparative analyses Findings: The paper provides insights into the causes of the current international financial crisis. It highlights an alternative and a solution to this dilemma in the form of Islamic finance and stresses the stability of the Islamic finance system. Practical implications: The findings presented in this paper can be used by policy makers, regulators and practitioners in both the Islamic and conventional financial sector as it provides insights into factors that can insulate the market from future crisis. However, to expect a wholesale transformation to an Islamic financial system is idealistic. Originality and value: This paper contributes to the understanding of Islamic finance principles and its value as a solution to the current and any future financial crises. A highly original conceptual idea is used in the metaphorical comparison to the Tower of Babel. The findings of this research will be of interest to western and Islamic financial practitioners, policy makers and academicians. Keywords: Islamic finance, current financial crisis, deregulation, capitalism Paper type: The authors considered this paper as both conceptual and viewpoint. 4 THE FINANCIAL TOWER OF BABEL: ROOTS OF CRISI

The financial Tower of Babel: roots of crisis

Purpose – The aim of this paper is to explore and discuss the causative factors of the current financial crisis from an Islamic perspective. This paper also examines Islamic finance as an alternative financial system and a potential long-term solution to financial instability. Design/methodology/approach – The paper provides descriptive, analytical and comparative analyses. Findings – The paper offers insights into the causes of the current international financial crisis. It highlights an alternative and a solution to this dilemma in the form of Islamic finance and stresses the stability of the Islamic finance system. Practical implications – The findings presented in this paper can be used by policy makers, regulators and practitioners in both the Islamic and conventional financial sector as they provides insights into factors that can insulate the market from future crisis. However, to expect a wholesale transformation to an Islamic financial system is idealistic. Originality/value – This paper contributes to the understanding of Islamic finance principles and its value as a solution to the current and any future financial crises. A highly original conceptual idea is used in the metaphorical comparison to the Tower of Babel. The findings of this research will be of interest to western and Islamic financial practitioners, policy makers and academicians.Capitalist systems, Economic depression, Finance, Islam, World economy