We argue that although halal certification could potentially reduce the high transaction costs related to buying Islamic financial products, in practice these costs are just replaced by transaction costs relating to the certification itself. It takes considerable time (2–3 months) and money (USD 122.000) to obtain a halal certification. Partially, this is because the market is highly concentrated and non-contestable. About 20 individual Sharia scholars control more than half the market, with the top 3 earning an estimated USD 4.5 million (...) in fees per year. Moreover, this market seems plagued with problems, most notably a strong incentive for excessively lenient certification, lack of consensus on what is considered halal and sub-standard governance practices. We discuss solutions to these problems and conclude that a neutral non-profit government entity should assume the role of halal certifiers. (shrink)
This paper examines the relationship between corporate social responsibility and financial performance for Islamic banks in the Gulf Cooperation Council region over the period 2000–2014 by generating CSR-related data through disclosure analysis of the annual reports of the sampled banks. The findings of this study indicate that there is a significant positive relationship between CSR disclosure and the financial performance of Islamic banks in the GCC countries. The results also show a positive relationship between CSR disclosure and the future financial (...) performance of GCC Islamic banks, potentially indicating that current CSR activities carried out by Islamic banks in the GCC could have a long-term impact on their financial performance. Furthermore, despite demonstrating a significant positive relationship between the composite measure of the CSR disclosure index and financial performance, the findings show no statistically significant relationship between the individual dimensions of the CSR disclosure index and the current financial performance measure except for ‘mission and vision’ and ‘products and services’. Similarly, the empirical results detect a positive significant association only between ‘mission and vision’ dimension and future financial performance of the examined banks. (shrink)
The detection of a human’s intended behavior is one of the most important skills that a social robot should have in order to become acceptable as a part of human society, because humans are used to understand the actions of other humans in a goal-directed manner and they will expect the social robot to behave similarly. A breakthrough in this area can advance several research branches related to social intelligence such as learning by imitation and mutual adaptation. To achieve this (...) goal the robot needs to integrate all possible evidence of intention and neglect the unintended behavior, and a complete solution should use low-level signal processing and high-level reasoning. This work explores the low-level signal processing part of the solution by proposing an interactive adaptive perception scheme that uses four important features of human behavior to amplify the signals originating from intended behavior with respect to signals originating from unintended behavior and other noise sources such as instrumental noise. This work follows the vision that intelligence is not only a function of a centralized sophisticated artificial brain, but can be presented in different forms in the entire robot including its perception and motion systems (the mind is not contained in the brain, but distributed in every cell in the body). A simple example of using the proposed scheme was implemented and the results of two experiments with it are also presented. (shrink)
Prior research has examined several ethical questions related to executive compensation. The issues that have received most attention are whether executives' pay is fair and justified by performance. Since more recent studies show that stock options grants constitute the single largest component in executive compensation, we examine the relations of these grants to economic determinants and corporate governance for firms in the stagnant stage of their lifecycle. We find that, on average, stock options grants comprise a significant portion of annual (...) CEO compensation (26.4%) for stagnant firms. We also find that economic (corporate governance) factors explain less (or more) of the cross-sectional variation in stock options grants for stagnant firms than for growth firms. Furthermore, we document lower pay-performance sensitivity (i.e., weaker incentive alignment) and no improvement in future firm performance from past stock options grants to CEOs of stagnant firms. In particular, our study provides empirical evidence on some inefficiencies associated with stock options grants to CEOs of low potential (stagnant) firms, a long-standing concern of business ethics researchers (Moriarty, 2005; Nichols and Subramaniam, 2001; Perel, 2003). Our results also provide support for the corporate governance reforms discussed in Matsumura and Shin (2005), especially those proposed provisions that curtail the power of CEOs in the governance of firms. (shrink)
The success of social robots in achieving natural coexistence with humans depends on both their level of autonomy and their interactive abilities. Although a lot of robotic architectures have been suggested and many researchers have focused on human–robot interaction, a robotic architecture that can effectively combine interactivity and autonomy is still unavailable. This paper contributes to the research efforts toward this architecture in the following ways. First a theoretical analysis is provided that leads to the notion of co-evolution between the (...) agent and its environment and with other agents as the condition needed to combine both autonomy and interactivity. The analysis also shows that the basic competencies needed to achieve the required level of autonomy and the envisioned level of interactivity are similar but not the same. Secondly nine specific requirements are then formalized that should be achieved by the architecture. Thirdly a robotic architecture that tries to achieve those requirements by utilizing two main theoretical hypothesis and several insights from social science, developmental psychology and neuroscience is detailed. Lastly two experiments with a humanoid robot and a simulated agent are reported to show the potential of the proposed architecture. (shrink)
The availability of newer choices in contemporary bioethics, especially enhancement technologies, poses a challenge for Muslim patients and their care providers in making appropriate decisions. How should they reconcile personal autonomy with ethical guidelines of Islamic Shariah ? This article discusses such concerns.
Public university business schools appear to struggle in upholding their educational self. Corporate scandals linked to business graduates raise questions about the role of PUBS in the development of civilized societies. This study develops an ethical decision making model in the PUBS context based on moral theories and then empirically tests the model. The model hypothesizes that individuals’ moral philosophies in terms of egoism and utilitarianism as well as subjective norm in terms of peer influence affect their unethical behavioural intention. (...) Moreover, this study compares ethical levels between business students with those from other disciplines. Data was collected using a structured questionnaire from established public universities in Malaysia. The data was analysed using the Smart Partial Least Squares, a second generation structural equation modelling software, as well as the SPSS version 23. The results reveal that moral philosophies and subjective norm exert positive and significant effects on unethical behaviour intention. The study, however, found no significant effect with regard to unethical behaviours between business and non-business students. The authors argue that a university’s status may explain a student’s intentions towards ethics. Implications of the results and future research are proposed. (shrink)
By analyzing the modern change of the national traditional sports culture, the interactive influence between the modern change of the national traditional sports culture and the reconstruction of ethnic college students’ value consciousness is discussed in this article, and the result shows that to integrate the national traditional sports culture into ethnic college students’ value consciousness of sports culture would help the inheritance and development of the national traditional sports culture.
Title: Michel Foucault Publisher: Palgrave Macmillan ISBN: 0312531664 Author: Mark Cousins and Athar Hussain Title: Michel Foucault and the Subversion of Intellect Publisher: Cornell University Press ISBN: 0801415721 Author: Karlis Racevskis.
Beginning from the ancient times human has always valued the historical individuals and events and by exaggerating their features and circumstances have created mythical and audacious characters and phenomena. In the history of Islam the same is true regarding the Prophet Mohammad in its unique manner, that accounts for his spiritual ascension and a mythic horse named Boraq. The wonder of the ascension somehow highlighted the other events of in the Prophet Mohammad's life and since "horse" has been (...) an essential element in human life and no heroism was not accomplished without it, in a short span of time Boraq was converted into a super-natural and mythical being. Based on the available sources the Boraq has to unique features that make it be different from other mythical horses: it was brought from the heavens by an angle and the horse shaped body had a human(female) head with two big wings, a combination of human, animal and bird. This extra ordinary creature the existence of which beyond imagination in reality is a mythical being the unique features of which is acceptable only by correlating them to the eminent symbols and archetypes acknowledge by C.G.Jung. In this perspective eminent horse with a human head represent and image of the prophet unconscious Anima where the four legs justify the four stage of Anima and the big wings are the conception of the transcendence, holiness and motion toward the heavenly realm. (shrink)