Muhammad A. Ayub, Ruziyati Tajuddin and Michael R. Jackson
In the garment industry, web lace fabric material must be tensioned and placed at the right position and orientation prior to the cutting process. In order to avoid a bottleneck…
Abstract
Purpose
In the garment industry, web lace fabric material must be tensioned and placed at the right position and orientation prior to the cutting process. In order to avoid a bottleneck, the speed of material handling must be relatively fast compared to the laser cutting speed so that the use of a laser for rapid prototyping of two‐dimensional (2D) cutting shapes is feasible. The purpose of this paper is to describe the development of a novel gripping system for handling flexible web materials.
Design/methodology/approach
The manner in which this intelligent material handling system operates will be discussed in this paper. This includes its system configuration, errors that may occur during the web handling operation, and sequential operations of web distortion control. The material handling system uses a machine vision system coupled with a self‐tuning motion control strategy to assist the material handling system in controlling the web tension, adjusting the web deformation parameters and transporting the web materials.
Findings
The online image analysis and a novel mechanical design concept, coupled with the motion controller, are the key issues in the mechatronic integration of this intelligent web‐based material handling system.
Originality/value
The paper presents a novel approach to designing and realizing an intelligent gripping system, which has not previously been attempted.
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Muhammad Nouman, Muhammad Fahad Siddiqi, Karim Ullah and Shafiullah Jan
This paper aims to conceptualize the nexus between the participatory finance and the higher ethical objectives within the Islamic moral economy, also termed as Maqasid al Shari’ah.
Abstract
Purpose
This paper aims to conceptualize the nexus between the participatory finance and the higher ethical objectives within the Islamic moral economy, also termed as Maqasid al Shari’ah.
Design/methodology/approach
Insights from the extant Islamic economics and finance literature are integrated through an interpretative systematic review using the principles from critical interpretative synthesis (CIS).
Findings
A coherent framework is synthesized comprising the typology of the Maqasid al Shari’ah, the axioms of participatory finance and their nexus which is formulated by theorizing the common thread of meaning through the axioms of participatory finance and Maqasid al Shari’ah at the interpretative level. This framework postulates that the participatory finance fits well in the ethos and the value system of Islam. Moreover, “social well-being” invariably provides the nexus between the Maqasid al Shari’ah and participatory finance.
Originality/value
This study contributes to the Islamic economics and finance literature by integrating the dissenting views from the divergent literature related to the basic philosophy of Shari’ah and participatory finance and provides grounds for policy implications, particularly, for designing the financial products. Moreover, it demonstrates an application of interpretative systematic review in Islamic banking and finance research.
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Muhammad Ayub, M. Kabir Hassan and Irum Saba
The purpose of this paper is to find out the possible gaps in the Sharīʿah governance, and suggest how to fill the same, in line with the principles of Islamic finance and the…
Abstract
Purpose
The purpose of this paper is to find out the possible gaps in the Sharīʿah governance, and suggest how to fill the same, in line with the principles of Islamic finance and the global developments regarding social and value-based financial intermediation.
Design/methodology/approach
The paper uses secondary data gathered through analysis of documents and regulations to portray the current Sharīʿah governance framework and to suggest a unique paradigm to be adopted by the regulators of Islamic financial institutions.
Findings
The paradigm encompassing value-oriented financial ecosystem would need a comprehensive set of discipline, accountability and governance for making the pursuit of sustainable development goals and corporate social responsibilities effective in a well-defined schedule prepared and implemented by the regulators.
Research limitations/implications
The scope of this research is limited to theory building in the light of emerging trends in responsible and social finance. It is not to empirically test the impact of the governance framework in terms of social justice, corporate responsibility and sustainability.
Practical implications
It would help the policy makers, regulators, researchers and the practitioners in finance to align banking and finance with social and environmental responsibility, and equity through governance and accountability for realizing the sustainable development goals.
Social implications
It links the regulatory approaches to the emerging paradigm and ecosystem comprising sustainability and value-based governance, awareness and corporate social responsibility.
Originality/value
The paper adds value to the current regulatory frameworks enabling the Islamic financial institutions to realize the economic, social and sustainability objectives, in addition to Shariah legitimacy and enhanced credibility.
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Muhammad Ayub, Muhammad Yousaf Malik, Misbah Ijaz, Marei Saeed Alqarni and Ali Saeed Alqahtani
The purpose of this paper is to explore the novel aspects of activation energy in the nonlinearly convective flow of Walter-B nanofluid in view of Cattaneo–Christov…
Abstract
Purpose
The purpose of this paper is to explore the novel aspects of activation energy in the nonlinearly convective flow of Walter-B nanofluid in view of Cattaneo–Christov double-diffusion model over a permeable stretched sheet. Features of nonlinear thermal radiation, dual stratification, non-uniform heat generation/absorption, MHD and binary chemical reaction are also evaluated for present flow problem. Walter-B nanomaterial model is employed to describe the significant slip mechanism of Brownian and thermophoresis diffusions. Generalized Fourier’s and Fick’s laws are examined through Cattaneo–Christov double-diffusion model. Modified Arrhenius formula for activation energy is also implemented.
Design/methodology/approach
Several techniques are employed for solving nonlinear differential equations. The authors have used a homotopy technique (HAM) for our nonlinear problem to get convergent solutions. The homotopy analysis method (HAM) is a semi-analytical technique to solve nonlinear coupled ordinary/partial differential equations. The capability of the HAM to naturally display convergence of the series solution is unusual in analytical and semi-analytic approaches to nonlinear partial differential equations. This analytical method has the following great advantages over other techniques:
It provides a series solution without depending upon small/large physical parameters and applicable for not only weakly but also strongly nonlinear problems.
It guarantees the convergence of series solutions for nonlinear problems.
It provides us a great choice to select the base function of the required solution and the corresponding auxiliary linear operator of the homotopy.
It provides a series solution without depending upon small/large physical parameters and applicable for not only weakly but also strongly nonlinear problems.
It guarantees the convergence of series solutions for nonlinear problems.
It provides us a great choice to select the base function of the required solution and the corresponding auxiliary linear operator of the homotopy.
Brief mathematical description of HAM technique (Liao, 2012; Mabood et al., 2016) is as follows. For a general nonlinear equation:
where N denotes a nonlinear operator, x the independent variables and u(x) is an unknown function, respectively. By means of generalizing the traditional homotopy method, Liao (1992) creates the so-called zero-order deformation equation:
here q∈[0, 1] is the embedding parameter, H(x) ≠ 0 is an auxiliary function, h(≠ 0) is a nonzero parameter, L is an auxiliary linear operator, uo(x) is an initial guess of u(x) and
Expanding
If the initial guess, the auxiliary linear operator, the auxiliary h and the auxiliary function are selected properly, then the series (4) converges at q=1, then we have:
By defining a vector
where:
Applying L−1 on both sides of Equation (6), we get:
In this way, we obtain um for m ⩾ 1, at mth-order, we have:
Findings
It is evident from obtained results that the nanoparticle concentration field is directly proportional to the chemical reaction with activation energy. Additionally, both temperature and concentration distributions are declining functions of thermal and solutal stratification parameters (P1) and (P2), respectively. Moreover, temperature Θ(Ω1) enhances for greater values of Brownian motion parameter (Nb), non-uniform heat source/sink parameter (B1) and thermophoresis factor (Nt). Reverse behavior of concentration ϒ(Ω1) field is remarked in view of (Nb) and (Nt). Graphs and tables are also constructed to analyze the effect of different flow parameters on skin friction coefficient, local Nusselt number, Sherwood numbers, velocity, temperature and concentration fields.
Originality/value
The novelty of the present problem is to inspect the Arrhenius activation energy phenomena for viscoelastic Walter-B nanofluid model with additional features of nonlinear thermal radiation, non-uniform heat generation/absorption, nonlinear mixed convection, thermal and solutal stratification. The novel aspect of binary chemical reaction is analyzed to characterize the impact of activation energy in the presence of Cattaneo–Christov double-diffusion model. The mathematical model of Buongiorno is employed to incorporate Brownian motion and thermophoresis effects due to nanoparticles.
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Muhammad Ayub, Khurram Khan, Mansoor Khan and Muhammad Ismail
The unique institution of waqf that was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in…
Abstract
Purpose
The unique institution of waqf that was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in society. This research paper aims to explore the role of waqf as an instrument for a sustainable growth system and to suggest a model for socioeconomic development in an economy like that of Pakistan.
Design/methodology/approach
This qualitative research is based on analytical methods to arrive at the frameworks and a model that could facilitate the revival of waqf for community development/social inclusion in economies like that of Pakistan.
Findings
As most of the OIC member states like Pakistan are facing serious financial problems due to debt servicing obligations, promoting Waqf for various socioeconomic and cultural functions is a vital requirement for such economies. The inability of the state institutions in providing necessary civic, health and education facilities to the public is causing serious harm to the balance of the society. It requires promoting a formal system of charity and using FinTech for waqf-based donations and financing the micro businesses. The perpetuity complimented by the profitability of the waqf properties makes the waqf institutions sustainable and effective when compared to individual charities.
Research limitations/implications
This is conceptual research discussing the potential of waqf in light of its historical role. Researchers may undertake empirical studies on awqaf operations in various jurisdictions and their role in the empowerment of the poor.
Practical implications
The research will provide the researchers with insight into the potential of waqf as a tool for community development. Besides, it will enable policymakers and implementation authorities to socialize charity for sustained benefits and welfare.
Originality/value
To the best of the authors’ knowledge, it is the first major research that discusses the role of waqf in economies facing budgetary and trade deficits in the eradication of poverty and the promotion of social and economic entrepreneurship in realizing the community development targets for the economies like that of Pakistan.
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The study examines the impacts of debt financing on infrastructure development, investment, creation of new business entities, subsidies to private sector and GDP growth.
Abstract
Purpose
The study examines the impacts of debt financing on infrastructure development, investment, creation of new business entities, subsidies to private sector and GDP growth.
Design/methodology/approach
The methodology is based on five simultaneous equations which have been estimated through panel least square.
Findings
The most important conclusion of this study is the significant role of sovereign bonds in determination of subsidies to private sector. The role of domestic credit is important in South Asian context because of its significant role in creation of new businesses.
Research limitations/implications
This study supports the enhancement in credit financing to private sector for creation of new business activities in the economy.
Practical implications
The improvement in liquidity position by enhancing domestic credit facilities may ensure the sustainability and continuity of business activities. Such activities may improve GDP growth in future.
Social implications
The most important aspect of the study is to identify the role of debt financing in subsidies and creation of new businesses which are important elements of social economics.
Originality/value
Usually the impacts of sovereign bonds and external debts on infrastructure development and GDP growth are examined. But, to relate these debts to creation of business entities and subsidies is a new dimension.
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This article examines the effects of credit to private sector on the business and trade activities. The effectiveness of rapid expansion in public and private borrowing through…
Abstract
Purpose
This article examines the effects of credit to private sector on the business and trade activities. The effectiveness of rapid expansion in public and private borrowing through state's intervention after COVID-19 pandemic has been assessed in this study.
Design/methodology/approach
The model to determine the role of credit expansion is based on four equations estimated through panel least square technique on 18 years data of 186 countries.
Findings
It is concluded that credit to private sector and external debt improve the investment in infrastructure, which is a significant determinant of gross domestic product growth. Empirical evidences corroborate that higher number of firms using banks to finance their investment and the volume of broad money determine the magnitude of credit to private sector.
Originality/value
This study explores some new evidences and aspects of the credit financing which have not been discussed in this way before.
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Islamic financing is based on the ideology of Islam, proposing a different economic system than capitalism. The essence of Islamic financing lies in trading of goods, provision of…
Abstract
Purpose
Islamic financing is based on the ideology of Islam, proposing a different economic system than capitalism. The essence of Islamic financing lies in trading of goods, provision of services and/or investment under profit and loss sharing. This study aims to examine legal forms and economic substance of the contracts used by the Islamic financial industry.
Design/methodology/approach
To conclude on the objectives of the study, five most widely used contracts (modes/products), including Murabaha, Ijarah, Diminishing Musharaka, Sukuk and Mudaraba (deposits), were selected to test against the theory of the Islamic financial system.
Findings
It is found in the process that legally (legal form) contracts/products are in line with theory; however, economic substance is not very different from conventional counter parts.
Practical implications
Through application of alternative calculation measures/methods and proper training of human resources, Islamic financial institutions can shift economic substance of contracts in line with the theory of Islamic finance.
Originality/value
Islamic finance is an emerging area, and reasonably good amount of literature is available; however, perhaps, this is the only piece of work focusing on calculation methods, contributing in economic substance of contracts, being used in modern Islamic finance in addition to legal form as per essence of Islamic financial system.
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Komal Altaf, Huma Ayub, Malik Shahzad Shabbir and Muhammad Usman
Due to increase in operational risk, banks are facing huge losses. In order to avoid losses, banks need to manage operational risk. This study aims to analyze the impact of…
Abstract
Purpose
Due to increase in operational risk, banks are facing huge losses. In order to avoid losses, banks need to manage operational risk. This study aims to analyze the impact of operational risk management (ORM) processes, which include identification, assessment, analysis, monitoring and control in the presence of corporate governance (CG) that can also contribute to effective ORM practices.
Design/methodology/approach
Operational risk management processes are used to manage operational risk along with CG. Primary data are collected through questionnaire from (167) operational risk managers of commercial banks. Multiple linear regressions has been run to analyze the data.
Findings
Results indicate significant impact of CG and operational risk identification (ORI), monitoring and control on ORM practices in commercial banks of Pakistan.
Originality/value
The study suggests policy makers to improve the ORM framework by CG. Beside this, in order to lessen operational risk, proper identification, monitoring and control of operational risk could also contribute.