Skip navigation

BEM Conference 2012

WORLD CONFERENCE ON BUSINESS, ECONOMICS AND MANAGEMENT, BEM-2012

04-06 May 2012

Cesar’s Temple Golf Club & Hotel, Belek, Antalya–Turkey

Last Three Week Remain for abstracts Submission

 

Dear Colleagues

We would like to invite you to submission proposals for the “World Conference on Business, Economics and Management” which will take place on May 04– 06, 2012, at the Cesar’s Temple Golf Club and Hotel in Antalya in Turkey.

We made a special agreement with the Cesar’s Temple Golf Club and Hotel for you. While you have been sharing ideas with your colleagues coming from all over the world at the conference, you can catch a wonderful holiday opportunity with your family or partner with prices start from “all inclusive” 40 € (all meals, soft and alcoholic beverages will be unlimited) . Furthermore, it is free of charge for your children!

Let’s meet in the historical and holiday city in Antalya in Turkey. 

Best regards

Professor Dr. Hüseyin Araslı

Co-president of the Conference

wcbem.info@gmail.com

Abstract submissions due: February 25, 2012.

Start here to submit abstracts to this conference
Step one of the submIssIon process

Or mailed to wcbem.info@gmail.com

For more information please visit the conference official web site:www.wc-bem.org

IN COLLABORATION WITH

Manchester Metropolitan University

Hacettepe University

Bahcesehir University

Gazi University

Zirve University

Turkish Informatics Association

Elsevier Publication LTD.

ScienceDirect

PUBLICATION OF THE PAPERS

All accepted papers of the conference will be published in Procedia-Social and Behavioral Journal (ISSN: 1877-0428) by ELSEVIER and will be indexed ScienceDirect, Scopus, and Thomson Reuters Conference Proceedings Citation Index (ISI Web of Science).

All proposals will be subjected to peer-reviews. Selected papers from the conference will be considered for extended version publication in the supporting journals.

TYPES OF SUBMISSIONS

All submissions are subject to a peer-review process.

Full and Short Papers

Reflection Papers

Posters/Demonstrations

Exhibits

Tutorials

Panels

Roundtables

Workshop

Virtual Presentation

Product/Services Presentations

TOPICS

The scope of the conference includes, but is not limited to; the following major areas as they relate to Business, Economics and Management:

Accounting International Finance
Advertising Management Labor Economics
Business & Economics Labor Relations & Human Resource Management
Business Ethics Law and Economics
Business Intelligence Management Information Systems
Business Information Systems Management Science
Business Law Market Structure and Pricing
Business Performance Management Marketing Research and Strategy
Business Statistics Marketing Theory and Applications
Change Management Operations Research
Communications Management Organizational Behavior & Theory
Comparative Economic Systems Organizational Communication
Consumer Behavior Prices, Business Fluctuations, and Cycles
Corporate Finance and Governance Product Management
Corporate Governance Production and Organizations
Cost Management Production/Operations Management
Decision Sciences Public Administration and Small Business Entrepreneurship
Development Planning and Policy Public Choice
Economic Development Public Economics and Finance
Economic Methodology Public Relations
Economic Policy Public Responsibility and Ethics
E-Bussiness Regulatory Economics
E- Marketing Resource Management
Economic Systems Strategic Management
Entrepreneurship Strategic Management Policy
Finance & Investment Stress Management
Financial Economics Supply Change Management
Global Business Systems Management
Global Marketing Systems Thinking
Growth; Aggregate Productivity Taxes (related areas of taxes)
Household Behavior and Family Economics Technological Change; Research and Development
Human Resource Technology & Innovation
Industrial and Manufacturing Engineering Time Management
Information Systems Total Quality Management
Information Technology Management Travel/Transportation/Tourism
International Business Welfare Economics
International Economics Others

ACCOMMODATION

We were special agreement with the Hotel for the conference participants only. The all-inclusive room rate (per person); triple 40Euro, Double 50 Euro and single 70 Euro. For more information please visit the conference official web site: www.wc-bem.org/accammodation.htm.if you make hotel reservation, historical places tour is free for you in 06 May 2011 (Perge, Aspendos & Side). For more information: www.wc-bem.org/tours.htm

Deadlines & Important Dates

Abstract Submissions*: February 25, 2012 (Extended)

Full Paper Submissions: March 15, 2012

Early Hotel Reservation: March 20, 2012

Early Registration: March 30, 2012

Last Hotel Reservation: April 25, 2012

Conference Dates: May 01-04, 2012

Camera-ready for Elsevier: June 01, 2012

* After the submission date, the authors of abstracts will be notified in four (4) day.

ABSTRACT SUBMISSION

The abstracts can be one-page long (200-300 words). The abstract include Problem Statement, Purpose of Study, Methods, Findings and Results, and Conclusions and Recommendations (These elements may need some adaptation in the case of discussion papers: Background, Purpose of Study, Sources of Evidence, Main Argument, and Conclusions). Please note that some elements are optional in abstracts.

Start here to submit abstracts to this conference
Step one of the submIssIon process or mailed to wcbem.info@gmail.com

VIRTUAL PARTICIPATION

Researchers who are unable to resolve the funding issue concerning the conference expenses will be provided with an alternative approach for participation, namely, Virtual Online Presentation. Those who would like to make their presentations online from their home countries will also be awarded with a certificate and their papers will be considered for publications similar to other participants as if they were present physically. Those who would like to make use of the Virtual Online Presentation facility will be requested to send their virtual posters or other soft copy materials such as power point presentations to the secretariat. In addition, these participants who would prefer to make use of the Virtual Online Presentationfacility may also contribute to the conference through video conferencing.

WEATHER

Summer is hot, and winter is mild and rainy inAntalya. Nearly 300 days of the year is sunny and one can swim from April to November. InAntalyain day time, the average weather at the end of the April is high 32°C and low 22°C.

TRAVEL AND VISA

The direct and regular flights are available to Antalyafrom most of the countries of the world in April. You can find concerned flight companies’ names from the web-site of Antalya International Airport (AYT). http://www.antaliaairport.com/en/index.asp. Some countries citizens will need a visa for Turkey which can be easily obtained directly from the immigration office in Istanbul Airport. Please visit Turkish Ministry of Foreign Affairs guide for visa information www.e-konsolosluk.net/Visa/Visa_Welcome.aspx.  

We will provide you FREE transfer services from theAntalyaAirport– Hotel – Antalya Airporttransfer.

PERGE, ASPENDOS & SIDE TOUR (May 06, 2012)

Perge was one of the important cities in antiquity. The founding of the city varies depending on the sources. The inscriptions found in the Hellenistic gate refer to Calchas and Mopsus (from the Trojan Wars) and M. Plancius Varus and C. Plancius Varus, father and brother of Plancia Magna, from the 2nd century AD as well. Hittite records mention the name along with the river Cestros as Parha, which means that the city was already large and must have been founded before. It has benefited from the navigable Cestros (modern Aksu) river even though it is some 12 km inland. Perge has two famous women benefactors. Plancia Magna of the 2nd century AD and Prof. Jale Inan. The previous one helped building the city and the latter one uncovered it for us to see it. The theater is the first building that meets us. Unfortunately it is under restoration. The stadium which is one of the best preserved in Turkey, is next. After the Roman gate we are in the grandeur 2nd century Roman city ofPerge with its monumental nymphaeums, the Roman bath, and the Hellenistic gate (renovated in the Roman times as an honorary hall with the statues of the founders of the city). After the Hellenistic gate, you may walk the splendid colonnaded Cardo of Perge with artificial waterfalls all along the street to the foot of the acropolis. The Agora can be visited on the way back.

The city was originally built on the, then navigable river Eurymedon, on the mountain where the acropolis is today. The oldest name of the city we know; Asiawanda (the land of the horses) in the old local Anatolian languages is now very famous for its most intact 2nd C AD Roman Theater and the aqueducts which are a rare feat of engineering. The Theater was built by Zenon one of the most famous architects of the time in the 2nd century AD. It is known as the best preservedRomanTheaterwith very good acoustics with a capacity of 15,000 spectators. It is known to hold 20 000 people nowadays when there are concerts by nationally and internationally famous orchestras of classical music and singers. There are concerts, plays and other entertainments through out the tourist season. It was used as a church during the Byzantine times and as a palace during the Seljuk’s reign. Other than the lack of decorative statues, etc. of the stage building, it is in perfect condition. The water was brought to the city from the mountains through tunnels and over the aqueducts. The aqueducts that bring water to Aspendos are a great feat of engineering, very rare of its kind. The aqueducts cross a marsh of almost one kilometer by piping made of stone fittings on lower aqueducts. The towers of 30m height are used to change the direction of the piping and also for the siphoning system.

She has existed at least since 1400 BC and has still kept her original name Side, which means pomegranate in the old Anatolian Sidetan language. This is provided by the coins from the 6thCBC and three records from 3rdCBC. This language has not been deciphered yet two of the only three records found are bilingual. This language was in use until after the invasion of Alexander the Great around 333 BC, when ‘koione’ the common dialect of Greek was used. Side is unique in many ways. It still offers the small sweet Anatolian fisherman town atmosphere despite the flood of tourism. The long, fine, sandy beaches are also worth mentioning. The city was built on a flat peninsula instead of a mountain acropolis, for defense, like Perge, Sillyum and Aspendos. Instead the peninsula is walled on both the land and the sea all around. The first buildings that meets you are the aqueducts, bringing water from 32km from the mountains. The monumental nymphaeum is the next. The colonnaded main street with shops and houses on both sides take you to the inner city. The Roman bath which is restored as a museum is on the right near the monumental Roman gate.The theater, the largest in Pamphylia, is built on flat land instead of resting on a slope. It rests on a multi-story sloped arches, 17m high, and is a true wonder of Roman engineering. The stage building is higher, 21m. The adjacent buildings of the extensive agora and thetemple ofTyke and fine public toilets within are closed to visitors for the time being. TheTemple ofApollo and Athena have some columns that and have been restored on the beach near the harbour are the symbol of Side. The Byzantian Basilicas, theTemple ofMan and the Bibliotect are a few of the other buildings.

ANTALYASHOPPING-OLDCITY& MUSEUMS TOUR (EVERYDAY)

Start here to submit abstracts to this conference
Step one of the submIssIon process

For more information please visit the conference official web site: www.wc-bem.org

Please send to interested colleagues and students.

**END**

‘I believe in the afterlife.

It starts tomorrow,

When I go to work’

Cold Hands & Quarter Moon, ‘Human Herbs’ at: http://www.myspace.com/coldhandsmusic (recording) and http://www.youtube.com/watch?v=2h7tUq0HjIk (live)

‘Maximum levels of boredom

Disguised as maximum fun’

Cold Hands & Quarter Moon, ‘Stagnant’ at: http://www.myspace.com/coldhandsmusic (recording) and http://www.youtube.com/watch?v=GLjxeHvvhJQ (live, at the Belle View pub, Bangor, north Wales)  

‘Human Herbs’ – a new remix and new video by Cold Hands & Quarter Moon: http://www.youtube.com/watch?v=Au-vyMtfDAs 

‘Stagnant’ – a new remix and new video by Cold Hands & Quarter Moon: http://www.youtube.com/watch?v=YkP_Mi5ideo  

‘Cheerful Sin’ – a song by Victor Rikowski: http://www.youtube.com/watch?v=tIbX5aKUjO8

‘The Lamb’ by William Blake – set to music by Victor Rikowski: http://www.youtube.com/watch?v=vw3VloKBvZc

Posted here by Glenn Rikowski

The Flow of Ideas: http://www.flowideas.co.uk

MySpace Profile: http://www.myspace.com/glennrikowski

Cold Hands & Quarter Moon: http://www.myspace.com/coldhandsmusic

The Ockress: http://www.theockress.com

Rikowski Point: http://rikowskipoint.blogspot.com

Volumizer: http://glennrikowski.blogspot.com

Online Publications at: http://www.flowideas.co.uk/?page=pub&sub=Online%20Publications%20Glenn%20Rikowski

Glenn Rikowski on Facebook at: http://www.facebook.com/glenn.rikowski

Advertisements

2 Comments

    • Hassan Mohamed Bashir Ahmed
    • Posted March 17, 2012 at 7:50 pm
    • Permalink
    • Reply

    Dear sir I would like to join your esteemed conference , Dr Hassan Mohamed Bashir , University of Holy Quran and Islamic Scinces, My paper attached, I will have the great honor to particpate, if you your honor give me the chance, please send me acceptance letter to be offered to the university to finance fees and accomodation and tickets . My e-mail ( hassan.alnoor@gmail.com) the univ.( quran unv@quran-unv.edu.sd). Sudan.

    • Hassan Mohamed Bashir Ahmed
    • Posted March 17, 2012 at 7:56 pm
    • Permalink
    • Reply

    THE POST-CRISIS WORLD:
    TOWARDS NEW ECONOMIC SYSTEM BASED ON
    ETHICS & ECONOMICS INTELLIGENCE

    Islamic Economic System
    The culture of ethic, transparency, moral and honour

    By:
    Dr. Hassan Mohamed Bashir
    University of Holy Quran and Islamic Sciences
    Omdurman – Sudan

    March – 2012

    Abstract:

    The recent financial and economical crisis announced the demise of the capitalist economic system based on free competition, profit maximization and non-governmental interference. The failure of interest rate as a mechanism of income distribution and creation of real production.
    Absence of spiritual ethics and moral aspects in the economic activities were the main factors behind the repercussion of the system. Economic intelligence, providing appropriate information in appropriate time for decision taking, became unavoidable painkiller manipulation. The Islamic economic system grounded in condemnation of interest rate (Riba), as a tool in income distribution, emphasizes uplifting of the deprived masses, promotes free market and state intervention in certain circumstances in economic activities.
    In this thesis we try to justify that the Islamic non interest economic system is an appropriate substitute for the capitalist economic system and the salvation of the world crisis.

    The Post- Crisis World:-
    The Financial Crisis

    The main cause behind financial crisis is profit maximization in short- term period, in speculation rather than real investment in production of goods and services. Other reason is attributed to the fraudent, and lack of information about organization in stock markets, prices of shares instead of being evaluated on the basis of economical performance of the organization, production, profits, it were evaluated on rumors, deceptive propaganda and political issues.
    We can summarize the main causes of the financial crisis in the following points:-
    1- Speculations and short-run profit maximization culture.
    2- Reduction in real investment production of goods and services.
    3- Ethics, transparency and honesty in provision of information about different economical organizations.
    4- Capitalist system culture which based on rate of interest as a core value in cash flow and investment.
    5- Absence of moral and spiritual aspects in economical activities, humanitarian values and the predominance of capitalism culture.
    The global financial crisis, being for a while really started to show its effect in the middle of 2007 and in to 2008. Around the world stock markets have fallen, large financial organizations have collapsed or been bought out, and the governments in even worthiest nations have had to come up with rescue packages to bail out their financial system.
    Jan Oberg (Swedish Organization) notes: the global financial crisis is one of the five major crises coming together:
    1- Economical (system break down).
    2- Environmental (global warming).
    3- Cultural (intolerance, religious clashes,…).
    4- Political (democratic deficits).
    5- Security (drugs, military expenditure).
    Hederson suggests the following:-
    1- Introducing some kind currency exchange tax.
    2- Reducing military spending.
    3- Revisiting the money system based on debt.
    4- Addressing financial markets (self regulations) for more transparency.
    Harvard professor in economics (Stephen Marglin), notes how through out recent decades, the political spectrum and thinking on economics has narrowed, limiting the ideas and policy options available current economic ideology is flawed.
    There is recognition among the public and some politician that today’s economic crisis is a failure of free market thinking.
    Hazel Henderson, said how difficult it has been for years to get mainstream economist to think about a broader economic system that considers the environment and ethics.
    Polanyi offers is a way to understand economic and society are part of the same process. The cultural of profit- driven markets, Polanyi calls the myth of self- regulating market, turns out to need society far more than it pretends, but the myth that
    economy and society are two distinct realms need to be widely propagated if the self – regulating markets is to spread farther.
    Fraud:- Has played a role with collapse of some financial institutions, when companies have attracted deposition with misleading claims about their investment strategies or have embezzled the resulting income.
    Uncertainly herd behavior:- Many analysis of financial crisis emphasize the role of investment mistakes caused by lack of knowledge of imperfections of human reasoning, ( Behavioral finance), studies errors, in the new types of financial opportunities ( displacement).
    Countries maintain fixed exchange rate, forced to devaluate it’s currencies because of speculated attack, which is called currency crisis, when country fails to pay back sovereign debt” sovereign default”.

    The Economical Crisis :-
    A phase in the capitalist cycle in which the basic proportions of reproduction than have been distributed during the development of capitalist economy are forcibly restored. Economic crisis are manifested in such economic disruptions as an absolute decline in production. A curtailment of capital investment , a rise in unemployment, an increase in the number of bankruptcies, and a fall in the price of stock.
    Economic crisis caused by basic contradiction of capitalism, between social character of production and the private capitalism form of appropriation of the results of production. Division of labour, specialization of production, and cooperation in industry unite capitalist enterprises in a single economic mechanism, in order for the mechanism to function normally. Fierce competition and exploitation of labour results in continual disturbance of the proportion of reproduction of means of production, and production of consumer goods and accumulation of capital and consumption.
    The disproportions of reproduction that a rise as the economy develops are always accompanied by disturbances of the proportions between capital accumulation and consumption.
    The subprime crisis came about in large part because of financial instruments such as securitization where banks would pool their various loans into sellable assets thus offloading risky – loans onto others. Banks borrowed even more money to lend out so they could create more securitization. Investment banks got into mortgages, buying in order to securitize and then it sell on. Some banks even started to buy securities from others.
    “The problem was so large banks even with large capital reserves ran out, so they had to turn to governments for bail out. New capital was injected into banks. In effect people were making more bets, speculating or gambling. The market became more speculative in nature.”
    Derivatives did not cause this financial meltdown but they did accelerate it once, the subprime mortgage collapsed, because the interlinked investments. Derivatives revolutionized the financial markets. The challenge now, Davis summarized is to reign in wilder excess of derivatives to avoid…
    The recent market instability was caused by many factors, chief among them a dramatic change in the ability to create new lines of credit, which dried up the flow of money and solved new economic growth and the buying and selling assets. This hurt individuals, business, and financial institutions hard, and many financial institutions were left holding mortgage backed assets that had dropped precipitously in value and were not bringing in the amount of money needed to pay for the loans. This dried up their reserve cash and restricted their credit and ability to make new loans.
    Other factor is cheap credit made it easy for people to buy houses or make other investments based on pure speculation.
    to spend that money.

    The Islamic Economics System
    Introduction:-

    Islamic Economics refers to the body of Islamic studies literature that “identifies and promotes an economic order that conforms to Islamic scripture and traditions”, and in the economic world an interest – free Islamic banking system, grounded in Sharia’s condemnation of interest ( Riba ), the literature originated in “ the late 1940s, and specially after the mid of 1960s”, the banking system developed during the 1970s. Islamic economic literature’s central features have been called “ behavioral norms”, derived from the Quran and Sunnah. Zakat tax as the basis of Islamic fiscal policy and prohibition of interest.
    “In Sharia Islam, some scholars such as Mahmoud Taleghani and Mohammed Baquir Al-Sadr, have developed an “ Islamic economics”, emphasizing the uplifting of the deprived masses, a major role for the state in matters such as circulation an equitable distribution of wealth, and ensuring participation in the market place are rewarded for being exposed to risk or liability( free interest with no risk)” .
    Islamist movements and authors generally describe an Islamic economic system as neither socialist nor capitalist, but “third way, moderate “with non of the drawback of other two systems.
    Islam promotes a market free from interferences such as price fixing and hoarding, government intervention, however, is tolerated under specific circumstances. It prohibits fixation of prices. Producers are expected to inform consumers of the quality and quantity of goods they claim to sell.

    Government interference in the market is justified in exception circumstances, such as protection of public interest.
    Social welfare, unemployment , public debt have been reexamined from perspectives of Islamic norms and values.
    “Muslims insist that human nature, motivation, and work must reflect ethical convictions of Islam. Thus “ Islamic economy is part of religion of Islam which covers the various branches of life. Thus Muslim’s approach to economics is superior to both capitalism and socialism, because both system lack a sound religious ethics. In the Islam there is neither separation nor distinction between religious and secular facts of life.”
    Islamic economics has four fundamentals principles:-
    1- Unity:- That economic resources must never be used contrary to vision of universal unity of Ummah, the Muslim community.
    2- Equilibrium:- Justice and kindness related not only to economic transactions but also to the care of less fortunate members of the society. Islam affirms basic needs standard of living. Regular warnings are given to the wealth.
    3- Free will:- Man must have freedom of will in shaping his density. Thus greed, selfishness, gluttony, exaggerated materialism and the like are expressions of our nature gone astray. Man’s fate according to his deeds.
    4- Islamic economic – Responsibility:- Not are we responsible to God, we are also responsible to our fellow humans, (poor and needy). Hoarding our wealth at the expense of the well-being of other Muslims is prohibited. Generosity can atone for sins.

    The Islamic Banks :-
    Islamic banks can get rid of all their cumbersome, burdensome, and sometimes doubtful forms of financing and offer a clean and efficient interest – free banking. All the necessary ingredients are already there. The modified system will make use of only two forms of financing loans and services charge. Such a system will offer an effective banking system where Islamic banking is obligatory and a powerful alternative to conventional banking where both co-exist.
    The holy Quran has prohibited interest, and substituted by other Islamic formulas, such as, Bai’Muajjal (credit sale), Musharkah( joint venture), Mudaraba ( special kind of partnership), Murabaha (sales of goods at a price which includes profit margin agreed), Musawama( negotiation of selling price), Bai salam( contract of advance payment), Hiba( gift), Ijara( lease, rent) , the verses which prohibited interest are:-
    1- “Those who devour interest do not rise except as rise one whom satan has smitless with insanity. That is because they say trade also is like interest, whereas Allah has made trade lawful and made interest unlawful. So he to whom am admonition comes from his lord and he desits, then will that which he received in the past be his, and his affair is with Allah. And those who revert to it, they are the inmates of the fire, there in shall they abide.”5
    2- “ Allah will abolish interest and will cause charity to increase. And Allah loves not any one who is a confirmed disbeliever and an archinner.”
    3- “ Oye who believe fear Allah and relinquish what remains of interest, if you are believers.”.
    “But if you do it not, then beware of war from Allah and His Messengers, and if you repent, then you shall have your original sums, thus you shall not wrong, nor shall you be wronged.”.
    5- “And if any debtor be in straitened circumstances, then grant him respite till a time of ease. And that you remit it as charity shall be better for you, if only you knew.” .

    Time value of Money and Islamic finance:
    In investment of trade, which Islam allows, the investment goes through the entire process of commercial activity that involves risk taking at each stage and any compensation on investment is strictly dependent upon the outcome of the commercial activity. The profit for the businessman strictly depends upon the actual profit realized after taking market risk including price risk. It does not depend upon time.
    The time value of money is the basis of interest. Its about the investor trying to avoid keeping his money idle and the use of money that may bring positive value to his investments. However, it does not mean that the investor can demand or be given an arbitrary increase without taking market and price risks.
    Assigning weightage to investments based on tenor through which horizontal distribution of profits takes place in Islamic banking creates the same yield curve as in the case of term deposits of conventional banks. The situation where losses are incurred would have been very interesting, but the money is invested in contracts in which the chance of loss is remote. Also, the arrangement is such that the bank makes sure that it gets comparable returns taking LIBOR as the benchmark rate.

    Analysis of Diminishing Musharkah:

    In diminishing Musharkah, two contracts i.e. tenancy and sale are included as two separate components of the diminishing Musharkah contract. Both these contracts are separated by way of unilateral undertaking in place of of the actual simultaneous sale/purchase of units of the assets/property. The rent is calculated and charged on the basis of LIBOR. The rent increases when the LIBOR increases.
    Upon close inquiry, one can notice that the undertaking or promise makes the contract conditional. This argument is further substantiated by the fact that if the client refuses to undertake or promise to buy the asset (in units), the bank will not make contract with him. Furthermore, the promise gives the legal cover to the bank and is acceptable in a court of law.

    Analysis of Murabahah:

    It is referred to as “cost * profit” transactions. In this transaction, if a person needs certain product worth X-amount. The banks appoints a person as an agent to buy it and before pays the X-amount to the supplier, the banks makes sure that the customer signs an undertaking to buy the asset. This undertaking by the customer is later used to sell the assets to the customer at a profit. The banks makes sure that it gets the required profit by locking the price at the outset and avoids taking any market related risk.
    Undertaking the purchase the asset makes the contract conditional and happens before the bank releases funds. The promise to buy the asset gives legal remedy to the bank and is acceptable in the court of law. The less ideal nature of Murabahah can be described with respect to contributing to the goals of socio-economic redistribution.
    Analysis of Salam:
    Salam is an alternative for short selling. Its allowances is confirmed from an authentic Hadith,( Prophet sayings). It is a sale in which payment (in full) is made on the spot but delivery is deferred. But it is to be noted that the transaction did not involve a financial intermediary. Ideally we have to eliminate the need for excessive financial intermediation and search for alternative methods.

    Analysis of Mudarabah;

    One of the major impediments in the use of Mudarabah on the asset side of bank i.e. for financing, is that only Rabb-ul-Maal will bear financial losses. The Mudarib(Fund manager) bears no loss while having the complete authority in running the business affairs. When a loss occurs, the Mudarib acts like an employee of the business and when the profit occurs, he shares in the profit. The principle that loss sharing should be based upon and limited to the amount of capital invested is not a condition mentioned in the Quran or Hadeeth. The Islamic scholars recommended it. When we create terms and conditions for employment contracts, appointments of Sharia Advisors and etcetera, any condition not in violation with Islamic principles is allowed and used. Similarly, limiting loss sharing up to the amount of capital invested is not the only way loss sharing could take place.
    Furthermore, in Musharakah, loss participation by all partners across the board is justifiable because all partners are also allowed to work. But, due to the condition in Mudarabah that the working partner is the sole authority to make business decisions, making Rabb-ul-Maal completely responsible for sharing all losses is unjustified in the first place.
    It is considered that in case of loss, the Mudarib loses the compensation to his efforts. But, the Mudarib was not an employee. He was a joint partner, more precisely, a working partner. Taking the position that he lost the compensation to his work is inviting opportunity cost which Islamic economics do not acknowledge.

    Spiritual, Ethical and moral Aspects of Islamic Economic System:-

    Ethics studies value and virtues, a value is a good to be achieved while virtue is a character trait enables one to achieve the good or act rightly.
    “Ethical issues connect intimately with economic issues, ( global warming),environmental values. Resources used >inefficiently, toxic chemicals, social conflicts, (labour exploitation, accumulation of capital, inequality distribution of wealth” , self-interest immoral property rights.
    Islam has given detented regulations for our economic life, which is balanced and fair, Muslims are to recognize the wealth, earnings, and material goods are the property of God, and we are merely His trustees. Here is an overview of the basic principles of Islamic economics, including discussions of interest/ usury, gambling, fraud, extravagance, and greed.
    Islamic ethics defined as “good character”, historically took shape gradually from the 7th century and was finally established by the 11th century. It was eventually shaped as a successful amalgamation of the Quranic teachings, the teachings of the Sunnah of Mohamed the precedents of Islamic jurists, the pre-Islamic Arabian traditions, and no –Arabic elements (including Persian, Greek ideas), embedded in or integrated with the generally Islamic structure. Although Mohamed preaching produced a radical change in moral values based on the sanctions of the new religion, and fear of God and of the last judgment, the tribal practice of Arabs did not completely die out. Later Muslims scholars expanded the religious ethic of the Quran and Hadith in immense details.
    The foundation source in gradual codification of Islamic ethics was the Muslims understanding and interpretation of Quran and practices of Mohamed.It’s meaning has always been in context of active submission to God.
    The concept of welfare and pension were introduced in early Islamic law as form of Zakat, one of the five pillars of Islam. It was collected by treasury of an Islamic government was used to provide income for the needy including the poor, elderly, orphans, widows and disabled. Government was also expected to store up food supplies in every region in case of disaster or famine occur.
    Ethics should cover:-
    1- working ethics and workers conducts which are the main components of effective management system.This what Islam preaching, the impact of ethics in individual productivity.
    2- Investment and endowment management system techniques, real investment with real information.
    3- Monetary policy in Islamic banks,( interest free, or Islamic banking system), which reflects moral and humanitarian values not only seeking profits.

    Introduction to Economic Intelligence
    Economic Intelligence is defined as a process of data collection, classification and analyzing, for purposes of scientific research manipulating problems concerning distribution and production, information that benefits economical factors, considering strategic policies for individuals and community.
    The Economic Intelligence is defined as a process of safeguarding, supervision of the organization environment,(customers, competitors’), to overcome challenges and gain successful chances. It means continuous information collection and research studies.
    Economic intelligence is based on supply of appropriate information in the appropriate time which allows suitable decision-taking. It penetrates in the organization culture, (distribution, evaluation, information, and criticism).
    The economic Intelligence a compound of techniques, it’s main target is collection of information needed by the organization i.e enriching the organization knowledge for confronting direct challenges and benifiting from chances of success. It differs from economic piracy activities that it depends on legal and lawful means used in collecting these information.
    The recent financial crisis verified the importance of information in decision- making in the organization.
    Information constitutes an important factor in the market, research, feasibility studies, information, security, (patent on an invention, trade marks, technology, competition, market, skills).
    “Precautionary with it’s comprehensive meaning is a new terminology introduced in business management field. It is an informational operation that the organization performs in the economical and social environment, aiming at finding new chances and reducing risks resulted from inefficiency. It is the precaution procedure of the organization towards changing circumstances.”

    studies in different fields, (economically, socially, commercials, scientific techniques), from different sources, classifying, analyzing this data, getting consequences and recommendations supporting decision- taking in order to strengthening the competetionary situation of the organization.

    The Classifications and Basic Stages of Economic Intelligence:-
    The Economic intelligence can be classified into:-
    1- Compete Aspects
    2- Technological Aspects.
    3- Commercial Aspects.
    4- Social Aspects.
    5- Financial Aspects.
    6- Taxation Aspects.
    7- Security Aspects.
    8- Political Aspects.
    9- Legal aspects.
    For example, competitionary aspects concerns with the study of the competent, evaluating their capabilities, culture, concepts of sales and distribution techniques.

    The Basic Stages of economic Intelligence are;-
    1- Data collection.
    2- Analyzing of the data.
    3- Storage and spreading of the information.
    4- Implementation of the recommendations.

    New approach of economic intelligence
    Economical Ethic, Transparency and Honor Approach

    Creating economic value over long-term, it depends on business ability to generate cash flow rather than accounting profits, and to earn an adequate return on the investments it makes. The return will be influenced by margins, sales growth, market share and productivity.
    This approach reflects the Islamic principles concerning economical activities, in terms of exchanging information and knowledge, co-operative integrated relations rather than competition, it is a moderate pave, merging the capitalist concepts of profit maximization by spiritual, ethical and moral in different aspects of economical activities, production, distribution and consumption.
    It is a diffusion of new culture in the economy, widening the narrow concept of individualism gains to wider vision of communism and human benefits. To create a system, makes best utilizations and exploitations of the world scarce resources, through specialization of countries, organizations and multinational corporations in production and consumption of certain resources.
    The main principle can be summarized in the following points:-
    1- The control of technological evolutions.
    2- Provision of information honestly.
    3- Avoiding competition behavior and introducing cooperative integration behavior.
    4- Investment in real production of goods and services, rather than short – run profit speculations.
    The approach should be sound in it’s principles and integrated in attaining joint cooperative benefits, integrated links between different organizations, with others as appropriated. Deployment of the approach systematically to ensure full implementation of it’s stages. The approach should be implemented vertically in term of organization size and horizontally via the relevant processes in all relevant functions. The assessment and reviewing of the approach leads to the improvement and learning through exchanging skills and experience without affecting in the performance of each organization. The results to be in trends, comparisons and scope, appropriate targets are set and achieved.
    The way information is conveyed directly affects organization reputation, thus appropriate communication is needed.
    The approach is based on providing cash flow of each organization, which reflects the real performance of the organizations, capital return, capital investment, market share, shareholders returns, employees and any other information needed in evaluation and cooperation.
    The information should be trusty and confidential, in order to attain an actual evaluation of the organization’s economical and financial situation. It constitutes a cooperative and integrative ground between different organizations.
    The approach is a model of improvement and assessment of the organization; it can assist in enhancing the performance through RADAR scoring method, acquainting the weak points and strong ones.

    Conclusion and Recommendations

    The main cause behind financial crisis is profit maximization in short term period, in speculation rather than real investment in production of goods and services. Ethical, moral and spiritual principles and culture should be introduced to direct investment towards real production of goods and services, for the welfare of human. The other reason which is attributed to the fraudent, and absence of information about organization in stock markets, should be available and accessible on the basis of economical and financial performance of the organization, (production and profits). The necessity of avoiding the evaluation on rumors criterion, deceptive propaganda and political issues.
    Economic crisis caused by basic contradiction of capitalism, between social character of production and the private capitalism form of appropriation of the results of production. Division of labour, specialization of production, and cooperation in industry unite capitalist enterprises in a single economic mechanism, in order for the mechanism to function normally. Fierce competition and exploitation of labour results in continual disturbance of the proportion of reproduction of means of production, and production of consumer goods and accumulation of capital and consumption.
    Ethical issues connect intimately with economic issues,( global warming),environmental values. Resources used inefficiently, toxic chemicals, social conflicts, ( labour exploitation, accumulation of capital, inequality distribution of wealth, self-interest immoral property rights.
    Islam promotes a market free from interferences such as price fixing and hoarding, government intervention, however, is tolerated under specific circumstances. It prohibits fixation of prices. Producers are expected to inform consumers of the quality and quantity of goods they claim to sell.
    The foundation source in gradual codification of Islamic ethics was the Muslims understanding and interpretation of Quran and practices of Mohamed. It’s meaning has always been in context of active submission to God.
    Economic Intelligence is defined as a process of data collection, for scientific research manipulating issues concerning distribution and production information that benefits economical factors, considering strategic policies for individuals and community.
    We conclude that the appropriate economic system for World is the Islamic economic system, that for the following justifications:-
    1- The spiritual, ethical and moral principles of Islam.
    2- The failure of the capitalist economic system which depends on the private sector, concentrating in profit maximization concepts.
    3- The failure of socialist economic system which depends on public sector, prohibiting private ownership, eliminating ambitions of human in economical activities.
    4- The failure of rate of interest procedure in achieving welfare and prosperity, and equality in income distribution, for social stability.
    5- The logic of Islamic banking procedures in providing real investment and equality of income distribution.

    We believe that God has created Human, and He knows what is suitable for him. Quran revealed by His messenger prophet Mohammed, peace and blessing of God be on him, is giving the appropriate economical, financial, social and political system.

    References:-
    1- Sublu Y. Labib (1969),” Capitalism in Medieval Islam”, the journal of economics, history 29.
    2- Samir Amin (1978), “The Arab Nation: Some conclusions and problems”,MERIP Reports.
    3- Sait, Sirag (2006), “ Land Law and Islam”, New York.
    4- Fratiani M. and Marchoinne, (2009), “ The Role of Banks in the Subprime Financial Crisis”.
    5- Milton Friedman and Anna Schwartz,(1971), “ A monetary History of the United States”.
    6- Charles.P.kindleberger and Robert Aliber, (2005), “ A history of Financial Crisis”.
    7- “ Encyclopedia of Islam and The Muslim World”, (2004), vol.1.116.123.
    8- Maududi Abdalla,(1971),” The Meaning of Quran”, Lahore.
    9-“Propsal for a New Economic Framework Based on Islamic Principles”, Salman Ahmed Shaikh, Pakistan.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: