Islamic corporate financing : does it promote profit and loss sharing?

Islamic financing instruments can be categorised into profit and loss/risk sharing and non-participatory instruments. Although profit and loss sharing instruments such as musharakah are widely accepted as the ideal form of Islamic financing, prior studies suggest that alternative instruments such as murabahah are preferred by Islamic banks. Nevertheless, prior studies did not explore factors that influence the use of Islamic financing among non-financial firms. Our study fills this gap and contributes new knowledge in several ways. First, we find no evidence of widespread use of Islamic financing instruments across non-financial firms. This is because the instruments are mostly used by less profitable firms with higher leverage (i.e., risky firms). Second, we find that profit and loss sharing instruments are hardly used, whilst the use of murabahah is dominant. Consistent with the prediction of moral-hazard-risk avoidance theory, further analysis suggests that users with a lower asset base (to serve as collateral) are associated with murabahah financing. Third, we present a critical discourse on the contentious nature of murabahah as practised. The economic significance and ethical issues associated with murabahah as practised should trigger serious efforts to steer Islamic corporate financing towards risk-sharing more than the controversial rent-seeking practice.

The Ballets Russes connection with fashion.

This paper examines the influence that the costume designers of the Ballets Russes, many of whom were important artists from significant art movements of the day, had on contemporaneous fashion. It looks at why in particular the 'Ballets Russes' artists Leon Bakst and Natalia Goncharova went on to involve themselves in actual fashion production and the similarities between their work and the fashion designers producing work at the same time, principally Paul Poiret, Mariano Fortuny and Coco Chanel. Overall, this paper investigates the significance of the cultural times and of the distinct characteristics of the separate art forms, that may have encouraged avant-garde art and fashion to crossover and collaborate so unreservedly.

Connections between Modern and Postmodern art and fashion.

This paper undertakes to construe the affinities and divergences in the genres of art and fashion throughout the 20th century through the use of particular visual and theoretical examples, examined at greater length in a more extensive study of ‘The relationship between the artist and the fashion designer in the twentieth century’ (Vettese, 2005). Examination of the 20th century has revealed two particular periods – ‘Modernism’ and ‘Postmodernism’ – that were evident and fitting to this analysis. The research is a summation of these findings, where the differences and affinities in the mechanisms of 20th century art and fashion, including imposing messages and innovation in Modernism and the mixed messages, recycling and commercial aspects of Postmodernism, are disseminated.

A visual and contextual comparative study of the work of Picasso and Chanel towards an understanding of the overlaps between Modern Art and Fashion.

From the beginning of the twentieth century, ``Modernism`` impacted and transformed art and clothing. Pablo Picasso and Gabrielle ``Coco`` Chanel were two of the most central characters in Modernism working simultaneously in their disciplines. Picasso`s innovations, particularly in abstract art and Chanel`s fashion designs, that dramatically departed from the previous corseted and highly deco-rative styles, were so significant that they have left an influence on contemporary art and fashion. This study will compare their visual works and documented evidence of their motivations, within the context of their cultural backgrounds, to reveal meaning in the occurrences of overlaps. This approach has ex-amined the historical, cultural background of the artist and designer`s environment from different per-spectives, adding to previous research in this area. Through this research, outcomes of the analysis have shown similarities and divergences in the wider genres of art and fashion and the practice of the artist and fashion designer. The reference list to this text, used in the survey, gives a comprehensive overview of pertinent publications disseminating Picasso and Chanel`s visual works, oral perspectives and cultural impact.