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This paper presents a prototype of the collaborative problem solving environment (PSE) for flood forecasting. Flood forecasting is a complex problem that requires cooperation of many scientists in different areas. To enable this cooperation in a manner comfortable to hydrometeorological experts, a part of the CrossGrid project is aimed towards developing a PSE, whose prototype is described here. The PSE consists of a cascade of simulation models, a storage system for computed and measured data and other used datasets, a Web‐based portal with collaboration tools and a powerful computation facility. The whole system is tied together by grid technology and is used to support a virtual organization of experts, developers and users.

This paper studies the current realities of the Islamic banking system of Brunei Darussalam from the perspective of the theories of modern financial intermediation and Islamic financial contracting. The limited information on the banking system of Brunei Darussalam reveals that the first phase of the Islamic banking experimentation has been successful, as Islamic banks command roughly 11.5 per cent of the market share. The financial services industry, however, remains extremely competitive and Islamic banks face formidable challenges from conventional banks. Islamic banks can proliferate if they: advance towards the second phase by gradually consolidating retail banking with investment banking; establish vital links with local and foreign institutions; and use ijtihad in modern financial engineering to optimally design loans while simultaneously reducing their risk exposure. An efficient Islamic financial system can allocate limited capital resources to the most profitable ventures and assist in wealth creation. This can foster the growth not only of Negara Brunei Darussalam but also of the regional economies, particularly at this crucial juncture when Asian economies are reeling from the current financial crisis.