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1 – 10 of 10Sabeeh Lafta Farhan, Venus Suleiman Akef and Zuhair Nasar
The objective of this paper is mainly to contribute to and activate, the process of saving and preserving the rich tangible and intangible heritage embraced in the historic center…
Abstract
Purpose
The objective of this paper is mainly to contribute to and activate, the process of saving and preserving the rich tangible and intangible heritage embraced in the historic center of Al-Najaf city. This was possible through examining the existing historic urban and architectural structures of the city, unveiling the major issues that are threatening both its traditional cultural and architectural identity, and finally analyzing similar examples that proved to be successful in addressing similar problems in order to derive possible strategies for saving, preserving and revitalizing the historical center of Al-Najaf Old City.
Design/methodology/approach
This paper addresses the major problems of heritage preservation in Al-Najaf City (750 AD), which is one of the historical and most sacred religious centers especially for Shia Muslims around the world. Despite its importance, the rich cultural and architectural heritage of the city is dramatically neglected and seriously threatened to be lost.
Findings
Preservation in Al-Najaf City is proposed as a sustainable development strategy. Top-down and bottom-up strategies are proposed not only for preserving the historic architectural and urban characteristics of the city but also for reviving its social and cultural activities and traditions.
Originality/value
The major issues addressed in this paper include the fragmentation and decentralization of the cohesive traditional urban fabric, the disruption of the spatial organization, the deformation of the traditional architectural characteristics of the city and its skyline, the discontinuity of facades' patterns, the destruction and demolition of historical buildings, the transformation of land use, and the regression of traditional social and cultural activities.
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Faisal Abduleh Salman Irag Al-Najaf, Mahdi Salehi and Hind Shafeeq Nimr Al-Maliki
The present study aims to examine the effects of the Islamic sacred months, namely, Muḥarram, Rajab, Dhu al-Qaʿdah and Dhu al-Ḥijjah, on stock prices on the Iran and Iraq Stock…
Abstract
Purpose
The present study aims to examine the effects of the Islamic sacred months, namely, Muḥarram, Rajab, Dhu al-Qaʿdah and Dhu al-Ḥijjah, on stock prices on the Iran and Iraq Stock Exchanges.
Design/methodology/approach
Using the infrastructure models of the capital market, the daily stock prices were calculated for the sacred and non-sacred months. As the data of this study are non-stationary, the AMIRA time-series model was used for better understanding of the model or future projections. The dependent variables of this study are the daily stock indexes for Iranian and Iraqi Stock Exchanges, and independent ones are the sacred and non-sacred months of a lunar year. Data were gathered daily from the financial statements of Iranian and Iraqi Stock Exchanges websites. To test the hypotheses under study, a five-year period from 2012 to 2016 was considered for both Iraqi and Iranian Stock Exchanges, which corresponds with the lunar calendar from 1433-1437AH.
Findings
The obtained results indicated that there is no significant difference in stock prices between the sacred months of Muḥarram, Rajab, Dhu al-Qaʿdah and Dhu al-Ḥijjah and other non-sacred months. However, the stock price in the Iranian Stock Exchange has a significant difference in Rajab and Dhu al-Qaʿdah with other non-sacred months.
Originality/value
The results of this study will reveal more than ever the role of Islamic sacred months for society and users of financial statements to make better financial decisions especially in Islamic emerging markets.
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Sabeeh Lafta Farhan, Dhirgham Alobaydi, Daniel Anton and Zuhair Nasar
This paper is intended to assess the developments conducted on the master plan of Old Najaf, mainly in three areas: the Imam Ali Holy Shrine and its surroundings, the Great Market…
Abstract
Purpose
This paper is intended to assess the developments conducted on the master plan of Old Najaf, mainly in three areas: the Imam Ali Holy Shrine and its surroundings, the Great Market Area and the location of the Town of Visitors.
Design/methodology/approach
In order to analyse the implementation of the transformation phases in Old Najaf, the Strengths, Weaknesses, Opportunities, and Threats (SWOT) technique was used to identify and organise the strengths, weaknesses, opportunities and threats related to the examined case study of the city's historic centre. At the first stage, all available data (photographs, maps, documents and reports) were collected from different sources, including previous studies by governmental institutions, departments and agencies. Ultimately, the SWOT analysis was used for each identified phase in the morphological evolution of the historic centre. This can offer an opportunity to observe the implications of urban planning practices in Old Najaf from the mid-20th century to the present day. In order to identify the well-organised urban design practices and appropriate strategies, the implemented studies and projects were examined by the four factors of the SWOT analysis.
Findings
The current results have revealed important urban transformations, already made and/or ongoing, of those aforementioned three main areas, which imply a great loss of the city's traditional character and urban heritage. Further, the environmental and socio-economic issues should be involved in the analysis to evaluate how they have influenced the current outcomes of Old Najaf in relation to the urban configuration and orientation.
Originality/value
The rich cultural and architectural heritage of Al-Najaf historic centre is dramatically neglected and seriously threatened to be lost. Hence, conservation on both tangible and intangible levels is urgently needed. It is the first paper which focussed on this problem and tries to learn from the British Conservation Experiences in this field.
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Abdullah Bugshan and Walid Bakry
This paper aims to examine the relationship between Shariah compliance and corporate capital structure decisions. This study explores the variation of capital structure speed of…
Abstract
Purpose
This paper aims to examine the relationship between Shariah compliance and corporate capital structure decisions. This study explores the variation of capital structure speed of adjustment.
Design/methodology/approach
The authors’ sample includes a sample of the largest 200 nonfinancial firms trading in the Malaysian and Pakistan stock markets. This study uses ordinary least squares and dynamic two-step system generalized method of moments to test the hypotheses of the study.
Findings
The results show that Shariah-compliant firms use a lower level of leverage than the noncomplaint firms. Moreover, while both types of firms have optimal capital structures, the speed of adjustment toward the targets is slower for Shariah-complaint firms than non-Shariah-compliant firms. This variation can be seen through the different levels of market imperfection experienced by the two types of firms. Shariah-compliant firms follow Islamic rules that restrict the type and degree of leverage, thus affecting the availability of external funding to Shariah-compliant firms.
Research limitations/implications
The findings call for more development and innovation of financing instruments that comply with Shariah rules that will increase of supply of external funds for Shariah-compliant firms and, thus, reduce market imperfections that are faced by Shariah-compliant firms.
Originality/value
The study contributes to the limited number of studies that examine the nexus between conventional corporate theories and Islamic corporate finance.
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Dania Al-Najjar, Hamzeh F. Assous, Hazem Al-Najjar and Nadia Al-Rousan
This study aims to investigate the Ramadan effect anomaly on the stock markets’ indices and estimate the movement of these indices in the light of the phenomenon.
Abstract
Purpose
This study aims to investigate the Ramadan effect anomaly on the stock markets’ indices and estimate the movement of these indices in the light of the phenomenon.
Design/methodology/approach
Stock market indices are used as financial indicators to show the Ramadan effect. To validate this effect, eight Arab countries, which comprises Jordan, Saudi Arabia, Oman, Qatar, United Arab Emirates, Bahrain, Kuwait and Egypt, are adopted. A linear regression with R2, error, F-value and p-value is considered to analyze and understand the effect of Ramadan on the aforementioned Arab countries.
Findings
Results found that Ramadan has a strong effect on estimating and predicting the performance of stock market indices in all studied Arab countries, except Kuwait. Results found that the majority of the Ramadan effect occurred after the second 10 days of Ramadan, where the direction of stock indices is opposite of Ramadan variables in all aforementioned cases.
Originality/value
This study is considered as an enrichment of the existing literature review with regard to the Ramadan effect. The study presents a new methodology that can be followed to improve the predictions of stock market indices by using a weight least square method with linear regression. This study presents the most affected periods of time that could decrease or increase the stock prices. Finally, the study proves the capability of the weight least square method in building a predictive model that takes the date into consideration in predicting stock market indices.
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The value assessment process of the built heritage is a multipart procedure that includes diverse aspects with overlapping requirements. This process requires various measures to…
Abstract
Purpose
The value assessment process of the built heritage is a multipart procedure that includes diverse aspects with overlapping requirements. This process requires various measures to obtain better results, making it a multi-criteria decision-making (MCDM) process. In post-disaster cases, a management system is required to promptly evaluate the degree of risk and damage and to set the preservation priorities in order to effectively supervise and protect the heritage places. MCDM is utilized for configuring and solving decision and planning problems encompassing multiple criteria, to assist decision-makers.
Design/methodology/approach
This paper suggests an approach as a tool to be used in the development of the Built Heritage Record for Mosul Old City. It proposes a D&C technique as an MCDM effectual tool for solving multifaceted problems of heritage significance assessment process in post-conflict cities, adopting the conservation of the traditional houses of Mosul Old City as a case study.
Findings
The research results showed the need for a method to solve the complexity of the decision-making problem regarding the process of determining the value and significance of heritage buildings and sites in the old city of Mosul, and how to develop a methodology to facilitate decision-making within databases related to such a multi-criteria issue.
Research limitations/implications
For an effective judgment of the expert or participant in the evaluation process, and to contribute to the decision-making more objectively, exploiting digital management programs including an interactive user interface with the ability to share on the Internet is the focal next intention of the project.
Originality/value
The paper shows that by using specific software, a database for heritage places of the old city of Mosul could be generated to apply the proposed system. The expert can utilize the software to calculate and define the total value of the place automatically according to the entered data.
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Hamed Kamelnia, Pirouz Hanachi and Mina Moayedi
In response, this study developed a mathematical and computational method, through spatial configurations with justified plan graph (JPG), drawn from Space Syntax to extract…
Abstract
Purpose
In response, this study developed a mathematical and computational method, through spatial configurations with justified plan graph (JPG), drawn from Space Syntax to extract essential information of the spatial topology of 13 valuable traditional courtyard houses located in Toon historical city of Iran.
Design/methodology/approach
Historical vernacular housing has always been designed to incorporate and reflect the local lifestyle and cultural conditions. “Courtyard” is a fundamental part of traditional Iranian houses. This traditional building type includes a walled boundary and a complex of open, semi-enclosed and enclosed spaces. This study investigates the traditional houses in Toon historical town. Toon is one of the ancient towns in southeast Iran, including old courtyard houses in its heritage context. The spatial influence of the courtyard contributes to the formation of this famous architectural type.
Findings
The results show the remarkable impact of this space on dominating the plan of traditional Toon houses configuration compared to other spaces in all cases. Furthermore, spatial accessibility has changed over time, and the Safavid period had a higher level of integration and lower level of accessibility (mean i = 7.03) rather than the Qajar period (mean i = 6.34); also, privacy has decreased progressively.
Originality/value
The knowledge of characteristics of this historical architecture needs to be gathered for the preservation and conservation of the built heritage. Hence, the principle behind traditional Iranian courtyards was investigated to recognize the difference between the spatial influence of the courtyard and other spaces and the changes in the courtyard over time.
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The paper aims to describe the positive and negative effects of night lights in historical sites, as well as the most salient challenges faced by the visitors of these sites and…
Abstract
Purpose
The paper aims to describe the positive and negative effects of night lights in historical sites, as well as the most salient challenges faced by the visitors of these sites and determine ways to address them. The study aims to suggest several light-and-shadow approaches and designs to enhance the experience of visiting historical sites.
Design/methodology/approach
This study identifies problems of nightlife in historical sites with an online international questionnaire to determine the preferences and difficulties faced by visitors of historical sites during day and night. After that Egypt was determined as a sample case of a developing country; its archaeological sites need to be improved. The main problems of historical Egyptian sites were investigated and approaches in developing historical sites with interactive lighting design were presented after an online questionnaire to the Egyptian society.
Findings
The paper shows that archaeological sites need some development, especially in their technological and lighting aspects, to overcome visitors’ low night-time interest in archaeological sites. Research has found certain limitations in the effects of constructing artificial illumination. The study provides modern sustainable solution for some light challenges in historical sites with approaches and solutions to solve it.
Research limitations/implications
The results of that research could be applied in developing countries, but with larger specific studies to the historical urban locations according to the politics of the country.
Practical implications
The paper includes sustainable approaches in developing historical sites with technological lighting design required to enhance historical sites at night-time and make visits more interactive and interesting.
Originality/value
This paper presents an identified need of historical sites visitors’ to study applying modern approaches in enhancing urban historical sites.
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This paper aims to investigate the effects of eliminating Riba in foreign currency transactions. Riba or interest arises when foreign currencies are bought and sold at different…
Abstract
Purpose
This paper aims to investigate the effects of eliminating Riba in foreign currency transactions. Riba or interest arises when foreign currencies are bought and sold at different rates. From the Islamic perspective, the difference between the buying and selling rates of foreign exchange will constitute Riba. Also, this paper examines the effects of eliminating such Riba on major macroeconomic variables.
Design/methodology/approach
This study is based on the hadith which imply that if buying and selling rates of currencies or foreign exchanges are same, i.e. if one sells BD1 = Dh10 and Dh10 = BD1 on spot, there will be no Riba. This can be guaranteed if the Islamic banking system introduces the technology, often known as FinTech interest-free foreign exchange bank machines (IFfexBM), which will automatically dispense BD10 for Dh100 and vice-versa, both locally and globally, and it will have tremendous positive effects in the economy. Furthermore, the effects of introducing FinTech for eliminating Riba will be analyzed on economic and international trade activities by using aggregate expenditure (AE) and aggregate output model within the tenets of Islamic principles.
Findings
If Islamic banks (IBs) can introduce FinTech global network system where any client can buy or sell foreign currency at the same rate without any markup, it will increase the market share for IBs by increasing the number of customers and number of branches, and it will increase the inflow of funds and volumes of transactions, especially in international trade, global financial transactions and cross-border shopping. Such an increase in transactions will increase AE and AE will continuously shift up. Such an upward shift will have positive effects on equilibrium output, employment and prosperity.
Originality/value
This is, perhaps, one of the latest attempts to eliminate Riba from foreign exchange transactions by introducing FinTech IFfexBM in each and every locality. Such elimination of Riba will not only reduce the cost of cross-border transactions but it will also reduce cost in international trade and financial transactions among nations, and therefore, it will have expansionary effects on equilibrium output, employment and global prosperity.
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