Project financing 8th edition

The eighth edition is a fundamental and essential update to the seventh edition published in 2000. This new edition examines a comprehensive range of existing and newer topics that are relevant to project financing in 2012 and explores current trends in the project finance and leasing industries. Contributors are experienced academics and practitioners. Since the first edition was published, the financial markets have undergone tremendous upheavals and many new structures and instruments have been created to meet the financing needs of business. This edition considers the wider world of project finance, applicable to such diverse situations as venture capital and leveraged buyouts, and using new approaches such as Islamic finance techniques. The eighth edition is an essential and over-due update to the previous edition published in 2000. The eighth edition updates a comprehensive review of financial and related topics which are relevant to project financing in 2012 and explores current trends in financial modelling of a project, risk management and the private finance initiatives. This is a comprehensive and practical book full of advice and tips for successful project financing, including leasing, offering a clear, easy to understand guide to a complex area with examples. The topic coverage is well organized and complete moving from the fundamentals to the more complex issues. There is an extensive glossary to support readers. Finally the use of 12 practitioner case studies brings many of these complex issues to life. This is the new edition of the clear, easy-to-understand industry-standard text on project financing. With a good overview of a broad area and using principles of project financing to explain complex structures, this book includes lots of examples and case studies (including Eurotunnel, Dabhol, multiple Paiton deals and other recent deals along with subsequent developments) to show the concepts in use, examine outcomes and to ensure you understand important issues such as effective project structuring and financing, financial modelling for project valuation, and risk management. Substantially updated and expanded to provide the latest developments in all aspects of project financing. An important manual reference, this book is a must-have for every project financier's desk. The text unites the domain of project financing with a wealth of project management techniques, supported by diagrams and charts and other pictorial features, where appropriate. All these supporting features facilitate a better understanding of the accompanying text for the reader. In many chapters there are diagrams to clarify the specific transaction structure discussed in the accompanying text. These diagrams enable the reader to get a very clear idea of the transaction structure, which is particularly useful where it is complex or unusual. There are also a number of checklists to assist stakeholders in the project and resource management of complex project financings. The new financial modelling chapters allow exploration of some of the pitfalls project models encounter, challenging the accurate replication of the project cash flows for stakeholders to evaluate. In the later new risk management chapters, worked examples are included to illustrate the techniques in practice. The new public private partnership/private finance initiatives chapter introduces readers to this new approach to public projects. References are made to useful websites throughout the text. Cases are included at the end of the main text to encourage examination of real-life examples of project financing in practice and also highlight specific issues of current interest. The book will be helpful to project finance sponsors, lawyers, host governments, bankers and providers of capital

Ethical reporting in Islami Bank Bangladesh Limited (1983-2010)

The main aim of this study is to undertake a critical examination of the ethical and developmental performance of an Islamic bank as communicated in its annual reports over a period of 28 years (1983-2010). Islami Bank Bangladesh Limited's (IBBL hereafter) ethical performance and disclosures are further analyzed through interviews conducted with the bank's senior management. The key findings include an overall increase in ethical disclosures during the study period. However, the focus on various stakeholders' needs has varied over time reflecting the evolving nature of the Islamic finance industry over the last three decades. Based on a secular economy, IBBL focused in the first two decades on the "Particular" Shariah compliance disclosure as a way of establishing its reputation and differentiating itself from conventional banks in a dual banking system. Post 2005, the ethical performance and disclosure shifted to more "Universal" disclosures such as sustainability, charity, employees, and community related disclosures signaling responsible conduct and the bank's adoption of a "wider stakeholder approach." However the bank is still failing to provide full disclosure on certain significant categories such as sources and uses of disposable income, thereby contradicting the principles of full and comprehensive disclosure and accountability. In addition, the structure of IBBL's investment portfolio reveals an overreliance on debt-based financial instruments and a shortcoming in fulfilling the developmental and social objectives of Islamic finance. This is evidenced by the "qualified" Shariah Supervisory Board reports that the bank consistently received. This research provides further evidence that Islamic banking and Finance in its current practices reflect the "global" and the "local" influences in an era dominated by global conventional finance. © 2014 Springer Science+Business Media Dordrecht.

Cardiocentric neurophysiology:the persistence of a delusion

Aristotle is well known to have taught that the brain was a mere coolant apparatus for overheated blood and to have located the hegemonikon in the heart. This teaching was hotly disputed by his immediate successors in the Alexandrian Museum, who showed that the brain played the central role in psychophysiology. This was accepted and developed by the last great biomedical figure of classical antiquity - Claudius Galen. However, Aristotle's cardiocentric theory did not entirely disappear and this article traces its influence through the Arabic physicians of the Islamic ascendancy, into the European Middle Ages where Albertus Magnus' attempt to reconcile cardiocentric and cerebrocentric physiology was particularly influential. It shows how cardiocentricity was sufficiently accepted to attract the attention of, and require refutation by, many of the great names of the Renaissance, including Vesalius, Fernel, and Descartes, and was still taken seriously by luminaries such as William Harvey in the mid-seventeenth century. The article, in rehearsing this history, shows the difficulty of separating the first-person perspective of introspective psychology and the third-person perspective of natural science. It also outlines an interesting case of conflict between philosophy and physiology. © 2013 Copyright Taylor & Francis Group, LLC.

Technical efficiency determinants within a dual banking system:a DEA-bootstrap approach

The purpose of this study is to provide a comparative analysis of the efficiency of Islamic and conventional banks in Gulf Cooperation Council (GCC) countries. In this study, we explain inefficiencies obtained by introducing firm-specific as well as macroeconomic variables. Our findings indicate that during the eight years of study, conventional banks largely outperform Islamic banks with an average technical efficiency score of 81% compared to 95.57%. However, it is clear that since 2008, efficiency of conventional banks was in a downward trend while the efficiency of their Islamic counterparts was in an upward trend since 2009. This indicates that Islamic banks have succeeded to maintain a level of efficiency during the subprime crisis period. Finally, for the whole sample, the analysis demonstrates the strong link of macroeconomic indicators with efficiency for GCC banks. Surprisingly, we have not found any significant relationship in the case of Islamic banks.

A mérsékelt iszlamista mozgalmak szerepe az "arab tavaszt" követő politikai átmenetben (The Role of Moderate Islamist Movements in the Political Transition Following the Arab Spring)

Up to January 2011 authoritarian political regimes in the Middle East had widely been considered stable due to the armed forces, the underdeveloped political institutions, the economic embeddedness of the regimes, the neo-patrimonial structure of the Arab societies and, eventually the characteristics of Islam. Middle Eastern political systems are often considered to belong to a special sub-group of non-democratic regimes called “liberalized autocracies”. The 2011 events show that there is a new, as yet non-defined political structure emerging. Although there are different interpretations of the developments, there is a consensus on the determinant role of the Islamist organizations in the development of the new political structure. The results of the Egyptian and Tunisian parliamentary elections show that the secular political parties could not attract the public, while in Tunisia the long forbidden Hizb an-Nahda could form a government. In Egypt Hizb al-Hurriya established by the Muslim Brotherhood in 2011 won almost half of the parliamentary mandates, and to a great surprise, the Salafi Hizb an-Nour also received 24.3% of the votes. On the basis of the above developments the thesis of the Islamist re-organization of the Middle East, i.e. of a new wave of Islamism was elaborated, according to which the main political winners of the revolts in the Arab countries are the Islamist organizations, which could step in and fill in the political vacuum. While some speak of an Islamist autumn or Islamist winter as the result of the Arab Spring, others prefer the term Islamic revolutions.

Islamist movements at crossroads: the choice between ideology and context-driven approach to politics. Case study on the Hashemite Kingdom of Jordan

The aim of the paper is to analyse the ongoing transformation process within the Islamist movements using the example of the moderate Islamic Action Front party in Jordan. The dilemma of participation in the 2010 general elections raised tensions between the Muslim Brotherhood in Jordan and its political wing, the Islamic Action Front, and between doves and hawks of the same organizations. Internal debate on the future has started recently among different groups within the Islamist movement in Jordan. The research is based on the author‘s recent field experience in Jordan (April–July 2010, Andrew W. Mellon Fellowship at the American Centre of Oriental Research, Amman, Jordan). The author also conducted research in Syria, Lebanon, Palestine and Egypt, where several interviews were carried out with leading and lower level Islamist politicians. The dynamic changes within Islamic Action Front Party in Jordan and its relation with the regime has been used as reference point. The main question of the research was aa how the changing political and regional context shapes decisions of the Islamist with special attention to the acceptance of democratic values and human rights, political participation, and the meanings of Islamic values in the 21st century, possible cooperation with secular parties/movements/the regime.

Links between migration and the presence of foreign combatants in armed conflict

This article explores the connections between migration and foreign combat, offering an improved definition of „foreign fighters,” and a general concept of foreign combatants’ behaviour as an anomalous form of migration. In contrast with the popular discourse and terrorism-related concerns about present-day Western European foreign fighters in Iraq and Syria (and their return to Europe) and Middle Eastern migrant refugees (and their arrival in Europe), the intention of this article is to offer a conceptually thorough consideration of the causal connections between movements of migration and the presence of foreign combatants in armed conflict, informed by a wide sample of cases. Such an assessment has to take place with a view to all forms of migration (including forced migration), all forms of foreign combat (not only foreign combat on the side of non-state actors as David Malet's oft-cited but overly restrictive definition would imply), and regions of the world beyond the Middle East and Islamic countries. Along these guiding lines, the article points out many comparatively rarely considered cases of foreign combat as well as the underestimated obstacles in the way of fighting abroad. Taking account of the latter allows refutation of a key implication of „new war theory” (its focus on „greed” as a motive of combatants), in light of the continued importance of cultural factors and ideological motives for participation in foreign combat.

Boundary maintenance in Qatar: Interpretation of domination, segregation and subordination

This study explores the interaction of expatriates in Qatar and their perception of their subordination. The study design included participant observation in an all female University and University housing as well as interviews with Qatari government agencies and ministries, expatriate embassies and expatriates. Semi-structured interviews were conducted across seven expatriate groups: domestic workers, unskilled laborers, semiskilled, professionals, housewives, second-generation expatriates with host country other than Qatar, second-generation expatriates with host country Qatar, and Gulf Cooperation Council citizens. Forty-two subjects completed the interview schedule while 87 interviews were incomplete. ^ Physical control of expatriates occurs through the Gulf practice of sponsorship (The Kafeel System), and local cultural and Islamic related controls intertwined with the Arab Code of honor. Interviews and observations revealed rankings of Arabs and foreigners which emphasize Qatari superiority such as tribal identity, moral ranking of female groups by dress, legal protection and power, sexual consideration and desexualization and salaries and job opportunities based on nationality and ethnicity. Individuals who desire to transcend boundaries into the Qatari realm through citizenship or marriage view Qataris as possessing the “image of the unlimited good” and have acquired Qatari social and cultural capital. Members from all expatriate groups engaged in various forms of resistance to labor and gender domination which ranged from forms of “exit,” expressing a hidden transcript in the privacy of their own group, disguised resistance in public, and occasionally, direct confrontation with the Qatari. Although the legal arena created the appearance that worker's needs were being addressed, laborers engaged in forms of “exit” to escape their oppression. Omani students in the hostel disguised their resistance by spreading gossip, nick-naming homosexual Qatari students at the University, acting out a skit depicting their exclusion from Qatari privilege, spreading rumors of impending freedom, and singing songs of despair in the courtyard. Other sites of resistance were expatriate embassies, the road, the newspaper and technology. This study emphasizes that blaming oppression of the expatriate worker on globalization is a simplistic view of oppression in the Gulf, and ignores complex issues within Qatari society and other Gulf States. Sponsorship, servitude, and gender segregation intersect in Qatar to create a system of segregation and domination of expatriates. ^

Marxists into Muslims: The Iranian irony

This dissertation examines the influence of Islamic ideology on Iranian Marxists during the 1979 revolution. The purpose of this study is to extricate the influence of Islamic culture, ideology, and terminology on Marxist organizations and on individuals who identified themselves as Marxists in Iran. This is especially of interest since in many ways Marxism and Islam are ideologically in conflict. Were Marxists aware of the influences of Islam in their behavior and ideology? To investigate the irony publications put forth by several Marxist organizations before and after the 1979 revolution were examined. A history of such influence both ideologically and contextually is depicted to demonstrate their political and cultural significance. Through the study of Marxist political organs, theoretical publication and political flyers distributed during and after the revolution, the phenomenon of Marxists converting to an Islamic ideology became clearer. Many Marxist organizations were demonstrably utilizing Islamic political ideology to organize and mobilize masses of Iranians. This study shows a historical precedence of Marxists’ usage of Islam in the political history of Iran dating back to early twentieth-century. Primary and secondary Marxist literature showed that Islam was an inescapable social and political reality for Iranian Marxists. Not only was there a common upbringing but a common enemy fostered provisional collusion between the two. The internalizing the idea of martyrdom—of Shi’a Islam—was a shared belied that united Marxists with Muslins in their attempt to effect sociopolitical change in Iran. Studying Marxist publications shows evidence that many Iranian Marxists were not conscious of using Islamic ethics and terminology since Islamic beliefs are part of the taken-for-granted world of Iranian culture. This contextual belief system, pervasive within the culture and a change of political ideology is what created the conditions for the possibility of Marxists becoming Muslims.

Lions and roses: An interpretive history of Israeli-Iranian relations

This multi-disciplinary research project explores the religious and cultural foundations within the "master commemorative narratives" that frame Israeli and Iranian political discourse. In articulating their grievances against one another, Israeli and Iranian leaders express the tensions between religion, nationalism, and modernity in their own societies. The theoretical and methodological approach of this dissertation is constructivist-interpretivist. The concept of "master commemorative narratives" is adapted from Yael Zerubavel's study of ritualized remembrance in Israeli political culture, and applied to both Israeli and Iranian foreign policy. Israel’s master commemorative narrative draws heavily upon the language of the Hebrew Bible, situating foreign policy discourse within a paradigm of covenantal patrimony, exile, and return, despite the unrelenting hostility of eternal enemies and "the nations." Iran’s master commemorative narrative expresses Iranian suspicion of foreign encroachment and interference, and of the internal corruption that they engender, sacralizing resistance to the forces of evil in the figurative language and myths of pre-Islamic tradition and of Shi'a Islam. Using a constructivist-interpretive methodological approach, this research offers a unique interpretive analysis of the parallels between these narratives, where they intersect, and where they come into conflict. It highlights both the broad appeal and the diverse challenges to the components of these "master" narratives within Israeli and Iranian politics and society. The conclusion of this study explains the ways in which the recognition of religious and cultural conflicts through the optic of master commemorative narratives can complement the perspectives of other theoretical approaches and challenge the conventions of Security Studies. It also suggests some of the potential practical applications of this research in devising more effective international diplomacy.

The rise of Islamism among Turkish immigrants in Germany and the Netherlands

This study is a comparative study of the Turkish Islamist movement Milli Görüş (IGMG) in Germany and the Netherlands. It is a qualitative and a quantitative inquiry about the nature (whether it is moderate or radical) of the Milli Görüş movement in these two countries. The central research questions are: what is the reason for the rise of Islamism among Turks living in two different countries in Europe? What is the reason for the difference in the radicalization levels? Islamism refers to an ideology that turns traditional Islam into a sustained and systematic program that includes social, political, and economic affairs (Pipes 1998). The movements within the framework of Islamism range from moderate to radical. Based on the data collected during the field research conducted in Germany and the Netherlands between the years of 2004-2007, this study suggests that Islamism is a response to social marginalization which is defined as “an external social position, of isolation of the individual or groups, with a limited access to economical, political, educational and communicational resources of the community” (Contained in the law adopted by the Romanian Parliament in 28 February 2002, www.hurriyetim.com, November 25, 2004). It is hypothesized that as the level of social marginalization increases, so does the level of radicalization.

Turkey and neo-Ottomanism: Domestic sources, dynamics and foreign policy

This study examined the relationship between the Turkish Islamic movements and the present government of the Justice and Development Party ( Adalet ve Kalkinma Partisi, AK Party). Since the AK Party came to power in 2002 it implemented unparalleled political reforms and pursued to improve Turkey’s relations with the EU. Opponents argued that because of the dominance of the secular military in Turkish politics, the AK Party is forced to secretly advance its Islamic agenda using the language and symbolism of democracy and human rights. This study argued that the ideas of the AK Party show similarities with the “Ottomanist” thought of the late Ottoman era. With special reference to the preservation of the Ottoman State, Ottomanism in an eclectic way was able to incorporate Islamic principles like freedom, justice and consultation into the political arena which was increasingly dominated by the secular European concepts. Literature on Islam and politics in Turkey, however, disregards the Ottoman roots of freedom and pluralism and tends to reduce the relationship between religion and state into exclusively confrontational struggles. This conceptualization of the political process relies on particular non-Turkish Muslim experiences which do not necessarily represent Islam’s venture in Turkey. Contrary to the prevailing scholarship, Islamic movements in Turkey, namely, Naqshbandi, National View and Nur, which are discussed in detail in this study, are not monolithic. They all uphold the same creedal tenets of Islam but they have sharp differences in terms of how they conceptualize the role of religious agency in politics. I argue that this diversity is a result of three distinct methodologies of Islamic religious life which are the Tariqah (Tarikat ), Shariah (Şeriat), and Haqiqah ( Hakikat). The differences between these three approaches represent a typological hierarchy in the formation of the Muslim/believer as an agent of Islamic identity. Through these different if not conflicting modes, the AK Party reconnected itself with Turkey’s Ottoman heritage in a post-Ottoman, secular setting and was able to develop an eclectic political identity of Neo-Ottomanism that is evident in the flexibility if not inconsistency of its domestic and foreign policy preferences.

Character education in a Muslim school: A case study of a comprehensive Muslim school's curricula

Deteriorating social behavior, negative media influence and violence among adolescents have given cause to pause and assess character development for the youth of this country. The purpose of this case study was to examine how a Muslim school’s curricula implemented character education. This study used a qualitative single-case methodology to examine character education as it was experienced by the participants in a private Muslim school. Data were collected from participant interviews, document analysis, and observations of classrooms, daily activities and special events. Data were analyzed to determine how character education was defined by the school, the method of delivery for the character education initiatives and the implementation of character education in this Muslim school. Analysis was based on Character Education Partnership’s (CEP) Eleven Principles of Effective Character Education (2007). The results of the study revealed: (a) participants defined character education using varied traits, processes, and expected behaviors. (b) The school delivers its character education curriculum primarily through the Islamic studies division; an add-on delivery method. Still, there was evidence of partial integration of character education in the core courses and (c) based on CEP’s Eleven Principles four were present and five were partially present in the school’s character education initiatives. Findings also revealed that the school’s emphasis on values, morality and spirituality was instrumental in their teaching character. Findings suggest that if participants in the school community work together they might formulate a definition of character education based on common process and expected behavior and create a collaborative working relationship to implement a character education program. Finally, addressing the absent and partially absent elements of the eleven principles could enhance the school’s character education initiatives. The study provides a process by which religious schools could examine their character education programs. The criteria used to measure the use of character education elements are transferable to other settings; however, this method of study does not allow generalization of findings.

History education and the construction of national identity in Iran

This study examined the representation of national and religious dimensions of Iranian history and identity in Iranian middle school history textbooks. Furthermore, through a qualitative case study in a school in the capital city of Tehran, teachers' use of textbooks in classrooms, students' response, their perceptions of the country's past, and their definitions of national identity is studied. The study follows a critical discourse analysis framework by focusing on the subjectivity of the text and examining how specific concepts, in this case collective identities, are constructed through historical narratives and how social actors, in this case students, interact with , and make sense of, the process. My definition of national identity is based on the ethnosymbolism paradigm (Smith, 2003) that accommodates both pre-modern cultural roots of a nation and the development and trajectory of modern political institutions. Two qualitative approaches of discourse analysis and case study were employed. The textbooks selected were those published by the Ministry of Education; universally used in all middle schools across the country in 2009. The case study was conducted in a girls' school in Tehran. The students who participated in the study were ninth grade students who were in their first year of high school and had just finished a complete course of Iranian history in middle school. Observations were done in history classes in all three grades of the middle school. The study findings show that textbooks present a generally negative discourse of Iran's long history as being dominated by foreign invasions and incompetent kings. At the same time, the role of Islam and Muslim clergy gradually elevates in salvaging the country from its despair throughout history, becomes prominent in modern times, and finally culminates in the Islamic Revolution as the ultimate point of victory for the Iranian people. Throughout this representation, Islam becomes increasingly dominant in the textbooks' narrative of Iranian identity and by the time of the Islamic Revolution morphs into its single most prominent element. On the other hand, the students have created their own image of Iran's history and Iranian identity that diverges from that of the textbooks especially in their recollection of modern times. They have internalized the generally negative narrative of textbooks, but have not accepted the positive role of Islam and Muslim clergy. Their notion of Iranian identity is dominated by feelings of defeat and failure, anecdotal elements of pride in the very ancient history, and a sense of passivity and helplessness.

Islam in the American Classroom

A growing American-born Muslim population warrants the attention of educators in schools across the U.S. Educating teachers about Islam will prepare them to address the needs of Muslim students. This paper discusses the rationale for improving awareness of Islam and provides basic concepts necessary for education of the Islamic culture.