Marwan Mohamed, Erika Anneli Pärn and David John Edwards
The purpose of this paper is to present an understanding of the potential impact of Brexit upon the UK construction industry. Specifically, the work analyses the construction…
Abstract
Purpose
The purpose of this paper is to present an understanding of the potential impact of Brexit upon the UK construction industry. Specifically, the work analyses the construction industry’s reliance upon European Union (EU) skilled labour and seeks to determine the potential impact that Brexit poses upon EU skilled labour entering the sector.
Design/methodology/approach
A perceptual questionnaire survey was used to elicit responses from construction professionals using the two techniques of opportunity and snowballing non-probability sampling. Summary statistical analysis of Boolean and Likert item scale data accrued was employed to elucidate upon respondents’ perceptions.
Findings
The majority of survey participants either “strongly agreed” or “agreed” that the UK construction industry relies upon EU skilled labour and that a career in the sector would not be attractive for foreign skilled labour post-Brexit. Future research proposed includes: predicting future trends in labour supply and demand and deriving new policies to address skills shortage imbalances that may be created by Brexit.
Originality/value
Original insight into an historic and unprecedented moment for the UK construction industry is presented. The work also provides pragmatic recommendations to policy makers and Higher Education Institutes to prevent the risk of Brexit further exacerbating skilled labour shortages within the industry.
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Inconsistencies and contradictions in the US government's story of hijackers and their masterminds are examined to account for what happened on 9-11. A little-known initial FBI…
Abstract
Inconsistencies and contradictions in the US government's story of hijackers and their masterminds are examined to account for what happened on 9-11. A little-known initial FBI list of 19, scrutinized for four names not on its final list, calls into question the FBI naming process. We discovered 11 of the FBI-named finalists could not have been on those planes, with 10 still alive and another's identity improvised by a double. The Dulles videotape, essentially the government's case that hijackers boarded the 9-11 flights, is found to have serious problems including authentication, as does the so-called bin Laden “confession” video.
Were “hijackers” known to be in the US before intelligence alleges it knew? Evidence is examined which shows that they were closely monitored by agencies which denied this knowledge; in particular, an undercover FBI agent lived with them the prior year.
Noting government refusal to disclose evidence called for by investigators, we find some pieces altered or fabricated and others confiscated or destroyed. Other revelations point to hijackers with national security overrides, protection in their alternate roles as drug traffickers, and deep political connections with government elites. We investigate patterns, reminiscent of historical intelligence involvement, revealing the presence of a covert intelligence operation disguised as an outside enemy attack.
Al-Qaeda is conventionally portrayed as a monolithic, hierarchical organization whose activities – coordinated by the network's leader Osama bin Laden – are the source of…
Abstract
Al-Qaeda is conventionally portrayed as a monolithic, hierarchical organization whose activities – coordinated by the network's leader Osama bin Laden – are the source of international terrorism today. Al-Qaeda is considered a radical tendency within the broader Islamist Salafi movement, legitimizing its terrorist operations as a global Islamist jihad against Western civilization. Al-Qaeda's terrorist activity today is considered, “blowback” from long finished CIA and western covert operations in Afghanistan.
The conventional wisdom is demonstrably false. After the Cold War, Western connections with al-Qaeda proliferated around the world, challenging mainstream conceptions of al-Qaeda's identity. Western covert operations and military – intelligence connections in strategic regions show that “al-Qaeda” is a network whose raison d’etre and modus operandi are inextricably embedded in a disturbing conglomerate of international Western diplomatic, financial, military and intelligence policies today. US, British, and Western power routinely manipulates al-Qaeda through a complex network of state-regional and human nodes. Such manipulation extended directly to the 9-11 hijackers, and thus to the events of 9-11 itself.11This paper advances an original argument based partially on research in Ahmed (2005), supplemented here with significant new data and analysis. Also see Ahmed (2002).
Syed Marwan, Suhaiza Ismail, Engku Rabiah Adawiah Engku Ali and Mohamed Aslam Mohamed Haneef
The purpose of the paper is twofold. Firstly, this study aims to investigate the factors influencing stakeholders’ intention to invest in Shariah-compliant social impact bonds (SC…
Abstract
Purpose
The purpose of the paper is twofold. Firstly, this study aims to investigate the factors influencing stakeholders’ intention to invest in Shariah-compliant social impact bonds (SC SIBs) in Malaysia. Secondly, this study compares the differences in the perception of different stakeholders on the importance of the factors.
Design/methodology/approach
Using the extended theory of planned behaviour, the study undertakes a questionnaire survey on licensed capital market investors and individuals involved in the development of the financial market (developers). A total of 260 complete and valid responses were obtained from the survey. Multiple regression and Mann–Whitney tests were carried out to achieve the two objectives, respectively.
Findings
The results reveal that attitude (β = 0.447, p < 0.01), subjective norm (SN) (β = 0.255, p < 0.01) and moral norm (MN) (β = 0.163, p < 0.01) are significantly positive predictors of intention to invest in SC SIBs. In terms of the differences in the perceptions of the two parties, the results show that the factors have more effect towards developers than investors.
Originality/value
The empirical evidence from this study on the factors that influence stakeholders’ participation in SC SIBs is useful to the policymakers and interested parties in taking the next steps to develop, implement and promote SC SIBs to stakeholders in Malaysia. Fund managers can use the study’s insights to promote positive attitudes, SNs and MNs towards SC SIBs, especially targeting developers who are more influenced by these factors. More importantly, the results indicate a need for different strategies to influence the stakeholder investment behaviour of SC SIB in Malaysia to ensure that it is sustainable and viable in the long run.
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Syed Marwan Mujahid Syed Azman, Suhaiza Ismail, Mohamed Aslam Haneef and Engku Rabiah Adawiah Engku Ali
The objectives of this paper are two-fold: first, to empirically compare and contrast the salient features of three financial instruments (FIs), namely sustainable and responsible…
Abstract
Purpose
The objectives of this paper are two-fold: first, to empirically compare and contrast the salient features of three financial instruments (FIs), namely sustainable and responsible investment (SRI) ṣukūk, social impact bonds (SIBs) and conventional bonds (CBs) and second, to examine the differences between the perceptions of the investors and the developers on the features of the three FIs.
Design/methodology/approach
Using a questionnaire survey, 251 completed and useable responses were received, representing a 42.54% response rate. In examining the differences and similarities in the characteristics of the three FIs, the inferential statistical of frequency and percentage were used. Wilcoxon and Mann–Whitney tests were conducted to investigate the differences in the salient features of the three FIs and the differences between the investors and developers' perceptions on the salient features of SRI ṣukūk, SIBs and CBs, respectively.
Findings
The results reveal that stakeholders view SRI ṣukūk, SIBs and CBs to be statistically significantly different from each other. This shows that stakeholders do not view SRI ṣukūk as “old wine in a new Sharīʿah-compliant bottle” but instead considered different from SIBs and CBs. Furthermore, stakeholders also differentiate between SIBs and CBs.
Originality/value
The paper provides empirical evidence that Islamic finance (IF) instrument, represented by SRI ṣukūk, is viewed as different instruments to conventional tools, represented by SIBs and CBs. First, it debunks the notion that IF is viewed as similar to its conventional counterpart. Second, SIBs are seen as different from CBs, illustrating the distinct categorisation of impact investing instruments. As such, third, the development of SRI ṣukūk and SIBs can provide diversification to portfolios as it is a unique instrument in the social finance and financial market.
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Syed Marwan, Suhaiza Ismail, Mohamed Aslam Mohamed Haneef and Engku Rabiah Adawiah Engku Ali
There are three objectives of this paper. First, the study investigates the critical success factors critical success factors (CSFs) of implementing sustainable and responsible…
Abstract
Purpose
There are three objectives of this paper. First, the study investigates the critical success factors critical success factors (CSFs) of implementing sustainable and responsible investment (SRI) Sukuk in Malaysia as perceived by stakeholders. Second, the study examines the differences between the developers and the investors in relation to the importance of the CSFs. Third, the study attempts to categorise the CSFs.
Design/methodology/approach
Using a questionnaire survey, 260 completed and useable responses were received representing a 42.54% response rate. In examining the importance of CSFs, the descriptive statistical tests of mean, standard deviation and mean score ranking were used. Independent t-tests were conducted to investigate the differences in the perceptions of the importance of CSFs between the developer and the investor groups. In categorising the CSFs, exploratory factor analysis (EFA) was undertaken.
Findings
Overall, the top five most important CSFs as perceived by respondents are as follows: (1) good governance framework, (2) fulfil ethical standards, (3) transparent procurement process, (4) well-defined scope and (5) viable feasibility study. On the other hand, the five factors that are ranked last are as follows: (1) defined stakeholder roles, (2) stable macro-economic conditions, (3) existing social programmes, (4) guarantor and (5) political will. The study also found that there is a significant statistical difference in how the developers and investors scored the CSFs. Moreover, there are three main categories of the CSFs that are effective feasibility study, financial and technical considerations and political willingness and agreeability.
Originality/value
The findings highlight the critical factors to consider when implementing SRI Sukuk. This can also serve as a reference and guideline for countries considering SRI Sukuk issuances for economic recovery stimulus post-coronavirus disease 2019 (COVID-19) pandemic.
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Syed Marwan and Mohamed Aslam Haneef
The purpose of this paper is to examine the world’s first social impact bond (SIB) and the lessons that can be learned for the Islamic finance industry to fulfil its true…
Abstract
Purpose
The purpose of this paper is to examine the world’s first social impact bond (SIB) and the lessons that can be learned for the Islamic finance industry to fulfil its true objectives.
Design/methodology/approach
The Peterborough SIB was recently announced to be successful in achieving its targeted social and investment outcomes, reducing recidivism by 9 per cent and paying back investors a 3 per cent pa return. The paper compares Peterborough SIB with socially responsible investment (SRI) sukuk in terms of form and substance, and finds that there are various lessons from the Peterborough SIB that can be useful for future development of Islamic financial products.
Findings
Innovative social financial tools such as SIB exemplify the true spirit of risk sharing and social responsibility, which is arguably missing in current practices of the Islamic finance industry. With the growing interest towards SRI strategies and increase in socially motivated investors, such financial tools may not only help the sustainable growth of the Islamic finance industry, but also fill in the gap between its theory and practice.
Practical implications
As such, the paper also proposes a social impact sukuk model which integrates the key aspects learned from Peterborough SIB. This includes prioritising social impact, measurable success indicators, data and management systems, flexible contracts, third sector integration, risk sharing and fostering the culture of innovation.
Originality/value
The findings can offer some practical insights in dealing with the issue of Islamic finance practice being overly concerned with its formal adherence with Islamic legal rules whilst neglecting its true fundamental values.
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Asyari Asyari, Mohammad Enamul Hoque, Perengki Susanto, Halima Begum, Awaluddin Awaluddin, Marwan Marwan and Abdullah Al Mamun
This study aims to explore the determinants that impact state Islamic University/Perguruan Tinggi Keagamaan Islam Negeri students’ intention to adopt online cash waqfs. In doing…
Abstract
Purpose
This study aims to explore the determinants that impact state Islamic University/Perguruan Tinggi Keagamaan Islam Negeri students’ intention to adopt online cash waqfs. In doing so, this study integrates knowledge of cash waqf and trust variables within the theory of planned behavior (TPB), allowing an examination of the mediating role of TPB variables and trust within the relationship between knowledge of cash waqf and intention for online cash waqf behavior.
Design/methodology/approach
To carry out an empirical analysis, the authors developed a well-structured questionnaire and distributed it to a group of students currently enrolled in PTKIN, obtaining 443 usable responses. The partial least squares-structural equation modeling (PLS-SEM) technique was used for the dual purposes of data analysis and hypothesis testing.
Findings
This study demonstrates that factors such as attitude, subjective norms, perceived behavioral control, trust and knowledge of cash waqf have a significant and favorable influence on the intention to donate through e-cash waqf. Knowledge of cash waqf impacts attitudes, subjective norms, perceived behavioral control and trust. The final analysis shows that attitude, subjective norms, perceived behavioral control and trust partially mediate the relationship between knowledge and intention in the online cash waqf context.
Practical implications
The aforementioned elucidates the paramount importance of trust in shaping individuals’ tendencies to engage in cash waqfs. The insights mentioned have the potential to be used by cash waqf establishments to promote transparency and accountability, ultimately bolstering the confidence of potential donors.
Originality/value
The concepts of waqf and the use of online cash waqf as a means of donation in developing countries are relatively new. In this study, the intention of students to adopt online cash waqf was predicted for the first time by considering their knowledge of cash waqf and their trust in online cash waqf transactions.
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Marwan Abdeldayem and Saeed Aldulaimi
The purpose of this study is to investigate and discuss the viability of Islamic crowdfunding (ICF) as an alternative form of financing small and medium enterprises (SMEs) in the…
Abstract
Purpose
The purpose of this study is to investigate and discuss the viability of Islamic crowdfunding (ICF) as an alternative form of financing small and medium enterprises (SMEs) in the Middle Eastern and Islamic business environment. This study raised essential questions: what is the perception of ICF in the Middle East? Does the Middle East region really need an Islamic crowdfunding model to support SMEs? Is it possible to create a crowdfunding platform complaint with Sharia? What are the requirements for developing an Islamic crowdfunding model?
Design/methodology/approach
The methodology followed to answer these questions is a qualitative research design depends on in-depth interviews, literature review, historical analysis and critical discussion. Data analysis was conducted using NVivo to analyze 25 in-depth interviews with Islamic scholars, Sharia board members and Islamic finance experts from different Middle East countries such as Saudi Arabia, Kuwait, Egypt, Iraq, UAE and Bahrain. In addition, more than 115 transcriptions, memos and research articles were used.
Findings
The study provides a new Islamic Sharīʿah-compliant crowdfunding model as the main outcome of this study. In addition, the content analysis revealed four main themes to be the essential pillars to develop the ICF model. These provisions of Islamic Sharia are: Project Idea (Halal) (28.5%), Funding Goal (36%), Return and Risk (14%) and Funding Commitments (21.5%). The findings also revealed that the four types of crowdfunding (reward-based crowdfunding, donation-based crowdfunding, loan-based crowdfunding and equity-based crowdfunding) are legal and supported by evidence from Quran and Sunnah.
Originality/value
Despite the critical development in Islamic finance and the expanding number of young Muslims slanting digital Islamic services, empirical studies exploring this issue in the Middle East is still inadequate. Further, ICF has increased attention and there is an urgent need for financing new SMEs in the Middle East.
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The speech was intended to draw a line under reported differences between Burhan and RSF commander and Sovereign Council Deputy Chairman Mohamed Hamdan Dagalo ‘Himedti’ over calls…