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.

Data Retention and the War against Terrorism : A considered and proportionate response?

'Data retention and the war against terrorism - a considered and proportionate response'. Journal of Information Law & Technology 2004 (3) RAE2008

Islamic Dress, Institutions of Education and Freedom of Religion under the ECHR: A UK perspective

Sherlock, A. and Williams, K. (2005). Islamic Dress, Institutions of Education and Freedom of Religion under the ECHR: A UK Perspective. Wales Journal of Law and Policy. 4, pp. 214-230. RAE2008

Terrorism, Charities and Diasporas: Contrasting the fundraising practices of Hamas and al Qaeda among Muslims in Europe

Gunning, Jeroen. 'Terrorism, Charities and Diasporas: Contrasting the fundraising practices of Hamas and al Qaeda among Muslims in Europe', In: Countering the Financing of Terrorism (New York: Routledge, 2007), pp.93-125 RAE2008

Writing the War on Terrorism: Language, Politics and Counter-terrorism

Jackson, Richard, Writing the War on Terrorism: Language, Politics and Counter-terrorism (Manchester: Manchester University Press, 2005), pp.viii + 232 RAE2008

Dying for 'Enduring Freedom': Accepting Responsibility for Civilian Casualties in the War against Terrorism

Wheeler, Nicholas, 'Dying for `Enduring Freedom': Accepting Responsibility for Civilian Casualties in the War against Terrorism', International Relations (2002) 16(2) pp.205-225 RAE2008

Language, Policy and the Construction of a Torture Culture in the War on Terrorism

Jackson, R. (2007). Language, Policy and the Construction of a Torture Culture in the War on Terrorism. Review of International Studies. 33(3), pp.353-371 RAE2008

Impact of Islamic values on HRM practices: an empirical study of Jordanian universities

Purpose This study aims to present an in-depth theoretical and practical analysis of HRM practice in the light of Islamic values and principles. It looks at the four main HRM functions of recruitment and selection, training and development, performance appraisal, and rewards, from the Islamic perspective. Besides establishing a theoretical base for the influence of Islam on HRM, it analyses the key characteristics of HRM practice as applied in Jordanian universities and analyses the extent to which Islamic values are embedded in that practice. Design/methodology/approach The paper draws on a structured questionnaire distributed to 500 respondents working in four Jordanian universities which sought to elicit the respondents views on the influence of Islamic values within specific HR functions. Findings The findings indicate that there is a diffusion of Islamic values into HRM practice in the participating organisations. The extent of the diffusion varies between the organisations; there is a clear indication that explicitly Islamic values are being practiced, albeit to a limited extent. Originality/value The role of spirituality and/or religion in shaping the working of contemporary organisations is not sufficiently recognised in the literature. This paper is a response to the limited number of research studies assessing the extent of the absorption of religious values into the management of human resources. The study undertaken examines the current status of HRM practice in Jordanian universities and contributes to deepening the contemporary understanding of interactions between Islamic values and the core HR functions.

The Terrorism Virus: Contemporary Traits and Mechanisms

In order to present and understand the nature of modern terrorism it is important to realize its key properties as well the mechanisms that shape terrorism. Selected properties and mechanisms shaping modern terrorism which can be exemplified by the following: evolutionary nature of terrorism, asymmetry of terrorism, interferentiality of terrorism, multitude of components of terrorism, diffusion of terrorism, duality of terrorism, positive dimension of terrorism, terrorist as the system, diversity of terrorist activity goals, changeability of terrorist threat, the broad and narrow dimension of terrorism, counter-anti-terrorism, the confrontational and cooperational character of relations, calculation and operational strategy, disintegrational nature of terrorism, multidisciplinarity of terrorism, horizontal and vertical dimension of terrorism and a the few other traits or mechanisms.

Five pillars of Islam, by Kh. Kamal-ud-Din ... (From the Islamic review).

http://www.archive.org/details/fivepillarsofisl00kamauoft

The Islamic commercial crisis: Institutional roots of economic underdevelopment in the Middle East

During the second millennium, the Middle East's commerce with Western Europe fell increasingly under European domination. Two factors played critical roles. First, the Islamic inheritance system, by raising the costs of dissolving a partnership following a partner's death, kept Middle Eastern commercial enterprises small and ephemeral. Second, certain European inheritance systems facilitated large and durable partnerships by reducing the likelihood of premature dissolution. The upshot is that European enterprises grew larger than those of the Islamic world. Moreover, while ever larger enterprises propelled further organizational transformations in Europe, persistently small enterprises inhibited economic modernization in the Middle East.