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In recent years, the central monetary authorities of some Gulf Cooperation Council countries have made several regulatory changes in order to achieve social & economic goals. The monetary authorities of these countries have strengthened prudential norms. Asset classifications and provisioning norms have moved closer to international standards. Banks are required to maintain capital to risk weighted assets ratios of 8 per cent required by the BIS. Local banks follow International Accounting Standards. Although the central monetary authorities of the GCC countries are active in supervising and monitoring their regulations on financial institutions, but not in a rapid way. In a global financial market, Islamic‐banking regulators that operate Islamic banks should think about the compatibility of the regulatory setting. Through a deep understanding of the nature of the Islamic banking business and the recent western banking supervisory framework, Islamic banking regulators will be able to develop a sound banking system without loosing its own distinction.

An analysis of domestic and foreign banks’ internal performance by investigating their financial ratios shows that banks in Bahrain, Oman, the United Arab Emirates (GCC countries) have improved their performance over the past several years. Commercial banks in these GCC economies are well capitalised and have adopted modern banking services. Most banks are found to be financially sound by international standards, measured by all key financial ratios. Their operations can be characterised by satisfactory asset quality, more than minimum BIS capital/asset ratio, and high level of profitability. External performance is measured by evaluating banks’ market shares, regulatory compliance and public confidence; and most of the banks show better progress. Harmonization of the banks’ supervisory and accounting systems towards IAS has contributed to the safety and competitiveness of the banking sector.

Much has been written about the need and importance of Non‐financial Performance/s (NFP) measures in modern technologically advanced competitive business organizations. But there is not an acceptable definition available on NFP, though recent corporate accounting scandals have been created greater need of ethical, moral viz a viz NFP measurement. However, all non‐monetary qualitative pieces of information are not same in considering an organization's strategy, objective, and even for the differences of organizational characteristics/particularities. Thus, this study attempts to identify the nature of NFP with references to financial institutions in Finland and Japan. According to the empirical evidence, this study classifies three different natures of NFP. The first type of NFP is the profit driven one, and the second one is for long‐term competitive advantage of business. The third type of NFP is independent in nature, i.e. they are not linked with the profitability of organization. This study also demonstrates the relative link of NFP with financial performances, and the weight and importance that management is giving to improve and measure NFP in the studied organizations. At the end some directions for further research are given in light of the recent corporate accounting scandals in the USA.

The inadequacies of traditional management accounting (MA) information indicate a need for management to find proper measuring tools for emerging non‐financial performance (NFP) in the highly competitive financial services, as well as in the manufacturing industry. Thus, the role of MA in measuring the performances of emerging NFP has been receiving increased emphasis in the increasingly important service industries. Considering the shortcomings of the traditional MA information system, particularly the measurement of new emerging NFPs, this empirical research is an attempt to investigate the role of MA in non‐financial as well as financial performance measurement (PM) in selected banks and financial institutions (BFIs) in Finland. The study demonstrates that the role of MA in non‐financial PM is insignificant. However, management is paying more attention to its measurement. This study identifies three different aspects of NFP: profit‐driven NFP; NFP for long‐term competitive advantage; and independent NFP (those not linked with the profitability of an organisation).

In recent years, there has been a growing tendency to establish closer ties among the Gulf Cooperation Council (GCC) countries (Bahrain, Saudi Arabia, Oman, Qatar, and United Arab Emirates) in economies and financial institutions. As a result, there is an increasing need for the harmonization of accounting regulations in order to improve cooperation and enhance the efficiency of the financial institutions among GCC countries. This study is an investigation of the accounting standards followed by the financial institutions in five GCC countries with some policy prescriptions for harmonization of the accounting regulations in GCC countries. This paper deals with accounting policies and practices, including loans and provisions, assets, investments, taxation, liabilities, foreign exchange, revenue recognization, and consolidation of GCC countries’ banking and other financial institutions.

This study aims to explore whether religiosity influences consumer purchase behavior among Muslim consumers in Pakistan.

An in-depth, semi-structured interview protocol was developed and administered to a sample of 90 participants, both male and female, across eight metropolitan cities of Pakistan. Professionals, university students and housewives were part of the sample. NVivo Version 11 was used for data analysis to answer the research questions raised in this study. Moreover, the purposive sampling method has been used in this research.

The behavior of consumers was found to vary with the degree of involvement and the degree of religiosity. Study findings are divided into three themes. Firstly, a high level of religiosity makes Muslim consumers follow the Islamic principles of food consumption, by evaluating the product ingredients, spending moderately and verifying a halal logo at the time of purchase. Secondly, a major theme is the view that religiosity has no influence on food consumption; it is more about individuals’ needs and priorities. Finally, the consumers’ overall perception of quality, product value, purity and health consciousness over-powers the concept of religiosity.

Because of its qualitative and exploratory nature, the generalizability of this paper is limited. In addition to that, this research is just focused on one Muslim country.

This study suggests that western food exporters may use religiosity and other factors as probable segmentation variables to effectively position their brands. Religious images and other factors may be highlighted in product packaging and communication campaigns by marketers to gain recognition and usage of western food and consumption among religious, Pakistani Muslim consumers. The output of this research may support prospective entrants into the food business; those interested in exploring the Asian consumer market. Findings from this study may also be helpful for those in the west interested in exploring Pakistan as an emerging consumer market.

The presence of western imported food may improve the quality of life by having more opportunities and healthier options for the nation. Western food products can also bring cultural convergence whereby the underdeveloped nation feels upgraded and modern. Moreover, if the western food products are certified halal, the product has a fair chance of adoption and penetration in the society. Also, the food products coming from the western world induces mindfulness, people are more aware about innovative and useful ingredients that can satisfy their taste buds, improve their health, increase their life expectancy and contented approach toward life.

Thus far, limited research has analyzed religiosity of an overwhelmingly Muslim population and its impact on consumer behavior. This study is a preliminary effort to provide a basic understanding of the behavior of Pakistani Muslims, who have been insufficiently investigated by marketing and consumer researchers. The intriguing results are to remind marketers that there are several factors that govern religiosity and lead to a purchase decision.

The purpose of this paper is to draw a map of the general features of epistemological and critical concerns in contemporary Islamic philosophy. This study will not be confined to the domain of academic philosophy or to those who are professionals in the field of philosophy.

The paper adopted the critical rational approach in dealing with contemporary Islamic philosophy in the Arab world. The scope will include scholars from different fields of epistemology who tried to present a “vision” of the attitude that should be adopted in facing the challenges of the age and the problems of the nation on the epistemological level or the political, economic and social levels.

There is a need for a philosophy of action and progress rather than a philosophy that is based on abstract ideas and theories and of words/rhetoric. The ethics required to accomplish this ought to identify the attributes of the citizen who can reach self-actualization through legitimate means based on a progress agenda with theoretical and philosophical foundations.

Because a critical rational approach can be dealt with from different perspectives, this paper will adopt the classification of the principal intellectual trends: the reformist, secular and liberal.

This paper covers a long time span to determine whether the philosophical projects have been effective.

This paper, which criticizes the philosophic projects that are theoretically unsound and that do not address real social problems (like poverty), argues the need for a philosophy of progress and action. This will lead to devising an agenda that addresses the challenges the society is facing and to finding alternative and creative solutions resulting in development.

Significance of Knowledge The functional name of the Holy Quran is ‘huda’, the guiding light. It focuses divine light on each and every object separating thereby the right from the wrong' (al‐furqan). As this is accomplished by dint of knowledge (al‐ 'ilm). All these three guiding elements namely huda, furqan and ilm, are lined‐up by Allah, the Lord Providence (Rabb‐ulalamin), for earthly welfare (hasanah) and other‐worldly salvation (falah) of human beings. In Quranic context, knowledge, therefore, carries a great significance.

While rapid increase in demand for foods but limited availability of croplands has forced to adopt input-intensive farming practices to increase yield, there are serious long-term ecological implications including degradation of biodiversity. It is increasingly recognised that ensuring agricultural sustainability under the changing climatic conditions requires a change in the production system along with necessary policies and institutional arrangements. In this context, this chapter examines if climate-smart agriculture (CSA) can facilitate adaptation and mitigation practices by improving resource utilisation efficiency in India. Such an attempt has special significance as the existing studies have very limited discussions on three main aspects, viz., resource productivity, adaptation practices and mitigation strategies in a comprehensive manner. Based on insights from the existing studies, this chapter points out that CSA can potentially make significant contribution to enhancing resource productivity, adaptation practices, mitigation strategies and food security, especially among the land-constrained farmers who are highly prone to environmental shocks. In this connection, staggered trench irrigation structure has facilitated rainwater harvesting, local irrigation and livelihood generation in West Bengal. However, it is necessary to revisit the existing approaches to promotion of CSA and dissemination of information on the design of local adaptation strategies. This chapter also proposes a change in the food system from climate-sensitive to CSA through integration of technologies, institutions and policies.