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.

Use of library and information science journals by Master?s students in their dissertations: experiences at the University of Wales Aberystwyth

Tedd, L.A. (2006).Use of library and information science journals by Master?s students in their dissertations: experiences at the University of Wales Aberystwyth. Aslib Proceedings: New Information Perspectives, 58(6), 570-581.

Dangers of a fixed mindset: implications of self-theories research for computer science education

Murphy, L. and Thomas, L. 2008. Dangers of a fixed mindset: implications of self-theories research for computer science education. In Proceedings of the 13th Annual Conference on innovation and Technology in Computer Science Education (Madrid, Spain, June 30 - July 02, 2008). ITiCSE '08. ACM, New York, NY, 271-275.

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

Spying on Science : Western Intelligence in Divided Germany, 1945-1961

Maddrell, John, Spying on Science: Western Intelligence in Divided Germany, 1945-1961 (Oxford: Oxford University Press, 2006), pp.xi+330 RAE2008

Constructing Enemies: 'Islamic Terrorism' in Political and Academic Discourse

Jackson, Richard, (2007) 'Constructing Enemies: 'Islamic Terrorism' in Political and Academic Discourse', Government and Opposition, 42(3) pp.394-426 RAE2008

The geography of Celtic personal names in the Latin inscriptions of the Roman Empire

Raybould, Marilynne, and Sims-Williams, Patrick, The geography of Celtic personal names in the Latin inscriptions of the Roman Empire (Aberystwyth: CMCS publications, 2007) RAE2008

A Corpus of Latin Inscriptions of the Roman Empire containing Celtic personal names

Raybould, M. and Sims-Williams, P. (2007). A Corpus of Latin Inscriptions of the Roman Empire containing Celtic personal names. Aberystwyth: CMCS publications. RAE2008

The French Second Empire: an anatomy of political power

Price, Roger, The French Second Empire: an anatomy of political power (Cambridge: Cambridge University Press, 2001), pp.x+507 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.

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

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