Islamic Banking System and Mode of Leasing： A Comparative Analysis in the Light of Maqasid al-Shari＇ah

This article discusses Islamic Banking System and its mode of leasing in the light of the objectives of Shari＇ah. It explores that the objectives behind the introduction of Islamic finance and banking system were the elimination of capitalist banking interest, exploitation of poor segment of the society and the establishment of an economic system which may lead to sustain a balance economic order and social justice. In this context, it intends to analyze the mode of leasing provided by Islamic Banking system in the light of the objectives of Shari＇ah and discloses that although Islamic Banking system is based on the principle of mudarbah, musharkah and Ijarah and deals with the customers in that context, yet apparently, the effects of these transactions are not much different from capitalist modes due to same consequences and effects of these transactions. It thus, provides a comparative analysis of the issue, i.e., mode of leasing at both Islamic and capitalist Banks. It argues that a common man can not avail Islamic financing/leasing if he lacks financial resources. If a poor person tries to purchase something by way of ijarah through Islamic Banking finance, he does not find any difference in the payment of the total cost between capitalist mode of leasing and Islamic mode of ijarah. Hence, this article concludes that although Islamic financing achieved a remarkable development among the Muslims, yet there is a need to revise the policy and system of Islamic financing in the light of the objectives of Shari＇ah. It also concludes that the mode of leasing provided at Islamic Banks does not accomplish the objectives of its establishment which is public interest. At present, this system is unable to assist the poor segment of the society or to provide ease to them.

A Novel System Model based on Cost-prediction for Spectrum Leasing in Cognitive Radio

In current researches on spectrum leasing, Common model and Property-right model are two main approaches to dynamic spectrum sharing. However, Common model does not consider the obligation of Primary System (PS) and is unfair to Secondary System (SS), while the cooperation based on Property-rights model has problems on its feasibility. This paper proposes a novel system model, in which a Cost-Prediction scheme for Spectrum Leasing (CPSL scheme) is designed to forecast the cost that PS would pay for leasing spectrum. Cost Function is introduced as a criterion to evaluate the potential cost of spectrum leasing for PS. The simulation results show that compared with Common model based scheme, CPSL scheme substantially improves the QoS of the delay-sensitive traffic in SS at the cost of a small degradation of PS performance.

A Study on the Tax Policy to Promote the Development of Financial Leasing

With the economic development and financial product innovation, financial leasing more and more countries attention. China is faced with the transformation of economic development model, the upgrading of international status, the development of financial leasing imperative. On the one hand, financial leasing will help China to continuously improve its technological level and continuously upgrade its production equipment. On the other hand, financial leasing will help the development of small and medium-sized enterprises. providing a simple and convenient channel for SME investment and financing, Economic vitality, ease of employment pressure. The purpose of this paper is to point out the problems existing in the finance leasing taxation, draw lessons from the international experience and put forward the suggestions to improve the financial leasing in a rapid, healthy and orderly manner and make a great contribution to the economic construction.

FINDING EVIDENCE OF GREEN LEASING IN UNITED STATES GOVERNMENT-LEASED PROPERTIES

Although the term“green leasing”is not yet well defined,its primary purpose is clear.With an aim to create a collaborative environment through legal provisions between a building owner and a tenant,green leasing may ultimately help resolve the energy paradox in tenanted properties.Issues surrounding split-incentives are driven by a mismatch between owners’capital expenditures on improving building energy efficiency and an uncertainty of tenant or occupant behavior that might affect a building’s energy consumption.Though some countries have started to develop guidelines promoting the adoption of green leasing,especially in government buildings and commercial real estate,implementation has not been overly successful globally.This study has two focuses,the first of which is to compare green leasing guidelines from various countries and to suggest six comprehensive categories of green leasing components:management relationships,information sharing,certificates,legal stipulations,financial factors,and operation.The second core area of research places government-tenanted properties’lease agreement contracts.The goal is to find any evidence in a legal condition between a building owner and a tenant,in this case federal government,to improve building energy efficiency with less environmental impact in the United States.The findings of the study indicated 41 out of 400 leases had green clauses.Three out of six categories proposed in this study were found in the U.S.government-tenanted properties,while the other three types were not shown.The findings of this study also suggest categories of green leasing clauses can contribute to defining green leasing and provide empirical evidence of green leasing in government-tenanted properties.Ultimately,this study produces arguments for possible reasoning behind the employment of some green lease categories but the lack of use of others,specifically in the U.S.office market and government-tenanted buildings.

A Stackelberg Game for Spectrum Leasing in Cooperative Cognitive Radio Networks

According to the property-rights model of cognitive radio, primary users （PUs） who own the spectrum resource have the right to lease part of spectrum to secondary users （SUs） in exchange for appropriate profit. In this paper, we propose a pricing-based spectrum leasing framework between one PU and multiple SUs. In this scenario, the PU attempts to maximize its utility by setting the price of spectrum. Then, the selected SUs have the right to decide their power levels to help PU s transmission, aiming to obtain corresponding access time. The spectrum leasing problem can be cast into a stackelberg game, where the PU plays the seller-level game and the selected SUs play the buyer-level game. Through analysis based on the backward induction, we prove that there exists a unique equilibrium in the stackelberg game with certain constraints. Numerical results show that the proposed pricing-based spectrum leasing framework is effective, and the performance of both PU and SUs is improved, compared to the traditional mechanism without cooperation.

Novel pricing model for spectrum leasing in secondary spectrum market

According to the property rights model of cognitive radio,primary users who own the spectral resource have the right to lease or trade part of it to secondary users in exchange for appropriate profit.In this paper,an implementation of this framework is investigated,where a primary link can lease the owned spectrum to secondary nodes in exchange for cooperation （relaying）.A novel pricing model is proposed that enables the trading between spectrum and cooperation.Based on the demand of secondary nodes,the primary link attempts to maximize its quality of service （QoS） by setting the price of spectrum.Taking the price asked by primary link,the secondary nodes aim to obtain most profits by deciding the amount of spectrum to buy and then pay for it by cooperative transmission.The investigated model is conveniently cast in the framework of seller/buyer （Stackelberg） games.Analysis and numerical results show that our pricing model is effective and practical for spectrum leasing based on trading spectral resource for cooperation.

A Cost-Effective Cloud Leasing Policy for Live Streaming Applications

The dynamics of the globalized multimedia sources and request demands, which requires high computations and bandwidths, makes the IT infrastructure a challenge for live streaming applications. Migrating the system to a geo-distributed cloud and leasing servers is an ideal alternative for supporting large-scale live streaming applications with dynamic contents and demands. The new challenge of multimedia live streaming applications in a geo-distributed cloud is how to efficiently arrange and migrate services among different cloud sites to guarantee the distribute users’ experience at modest costs. This paper first investigates cloud leasing policies for live streaming applications and finds that there is no detailed algorithm to help live streaming applications arrange and migrate services among different cloud sites. Then, we present a quality of service（Qo S） guarantee cost-effective cloud leasing policy for live streaming applications. Meanwhile, we design a genetic algorithm（GA） to deal with the leasing policy among cloud sites of diverse lease prices. Experimental results confirm the effectiveness of the proposed model and the efficiency of the involved GA.

An Analysis of the Realty Leasing Market in Qianmen and Zhongguancun Areas of Beijing

The urban realty market is very complicated with wide-ranging contents and manyproblems. in the past, we focused our research mainly on the land auction, land rental inbatches, public bidding and the development of mass plots of land in the coastal open cit-ies, while neglecting the research on the real estate leasing and structural readjustment ofurban land use and housing Therefore. we have selected two typical areas in Beijing foron-the -spot investigation. One is Qianmen ——the most prosperous area in Beijingwith all kinds of big, medium-sized and small enterprises of public, collective and privateownership, and with brisk commercial activities and busy real estate leasing business. Theother area is the Zhongguancun ——the key section of the experimental area in Beijing forthe development of new technology and industries. In the past few years there have set upnew and high-tech enterprise groups with multiple subjects, Various categories and acombination of technology, industry and trade, which represent the direction for the de-velopment of science, technology and new productivity. Along with the mass explosivedevelopment of a large number of companies, the structure of the land use in that area haschanged dramatically. the leasing and transaction of the real estate are very active the re,and the rents and prices of land and housing have come up to the highest in Beijing.

A Blockchain-Based Proxy Re-Encryption Scheme with Conditional Privacy Protection and Auditability

With the development of Internet of Things technology,intelligent door lock devices are widely used in the field of house leasing.In the traditional housing leasing scenario,problems of door lock information disclosure,tenant privacy disclosure and rental contract disputes frequently occur,and the security,fairness and auditability of the housing leasing transaction cannot be guaranteed.To solve the above problems,a blockchain-based proxy re-encryption scheme with conditional privacy protection and auditability is proposed.The scheme implements fine-grained access control of door lock data based on attribute encryption technology with policy hiding,and uses proxy re-encryption technology to achieve auditable supervision of door lock information transactions.Homomorphic encryption technology and zero-knowledge proof technology are introduced to ensure the confidentiality of housing rent information and the fairness of rent payment.To construct a decentralized housing lease transaction architecture,the scheme realizes the efficient collaboration between the door lock data ciphertext stored under the chain and the key information ciphertext on the chain based on the blockchain and InterPlanetary File System.Finally,the security proof and computing performance analysis of the proposed scheme are carried out.The results show that the scheme can resist the chosen plaintext attack and has low computational cost.

美国租赁会计准则修订、影响及经验借鉴

IFRS16 Lease和US GAAP更新稿ASU2016-02 Lease(Topic842)(以下简称Topic842或新准则)先后于2016年1月和2月发布。通过回顾租赁准则的修订背景,比较Topic842与US GAAP ASC840后认为:(1)新准则的主要变化在于租赁定义、承租人租赁业务(除短期租赁外)表内确认及售后租回业务确认与计量等方面;(2)承租人融资租赁判断标准及会计处理理念、承租人经营租赁对综合收益表和现金流量表的影响未发生变化;(3)融资租赁出租人会计处理除与Topic606指引相协调发生变化外总体未变;(4)新准则能够有效增强信息透明度与可比性,但因Topic842依旧侧重区分租赁合同实质加以分类处理,故复杂程度高于IFR S16 Lease。

Effects of Labor Price Hike and Population Ageing on Rural Land Lease in China

In answering the questions as whether China's rising labor price and ageing workforce have affected rural land leasing and whether these factors have any joint effect,we have employed RCRE data of the Ministry of Agriculture to carry out an empirical analysis and the result indicates that labor price hike has significant positive effects on both the land lease-in and lease-out of rural households,i.e.labor price hike will help increase the land leasing of rural households.At the level of ageing workforce,our empirical results indicate that ageing workforce does not create any significant impact on rural land leasing market no matter for land lease-in or lease-out in overall samples,plain regions and mountainous regions.In our empirical analysis on whether ageing workforce will intensify or weaken the effects of labor price hike on rural land leasing market,the regression result also indicates that there is no significant effect from a statistical perspective.

一种新的变步长LMS算法

为了提高LMS自适应算法的性能,在对传统LMS算法、变步长LMS算法及其改进算法分析的基础上,提出了一种新的步长与误差信号之间的函数关系。既能保证均方误差收敛、有较小的失凋,又能在算法达到稳态时,在低信噪比环境下有很好的跟踪性能,并且不易受噪声影响。理论分析和计算机仿真结果均表明该算法优于传统算法。

租赁业的基本分类及概念辨析

本文对国内外关于租赁业的几个基本分类及概念进行了梳理和分析,说明了相关概念的区别与联系。

Contingent convertible lease modeling and credit risk management

The main objective of this study is to determine a lease agreement to finance an investment project and a solution for managing credit risk.This study investigates three types of contingent leases to reduce the costs associated with bankruptcy and compensate for the lessor’s position.A leasing defaultable contract allows the lessor to obtain the rent that will be recovered if the lessee defaults.A leasing convertible contract can be automatically converted into shares when certain default conditions related to the cash flows generated by the firm are met.These conditions are triggered by the ratio of the firm’s value and leasing payments.A Defaultable-Convertible-Leasing contract with a payback option grants the lessor the right but not the obligation to convert the remaining lease payments into stocks or to break up the contract and pick up the rented equipment when the firm reaches the default threshold.These contracts are motivated by contributing to the range of risk-management strategies by adding more flexibility to standard leasing contracts and contingent rents.Closed-form securities pricing solutions are set forward in a dynamic model for firms with existing assets and a growth option financed by shares and a contingent lease.Risk-neutral pricing theory and the backward induction method are used to determine the pricing of corporate securities.Numerical analysis shows that leasing convertible contracts and defaultable-convertible contracts with payback options impact the service value of the leased asset,maturity,and inefficiencies resulting from insolvency and asset substitution.An optimal conversion rate reduces inefficiencies,thus making the leasing convertible contract and defaultable-convertible-leasing contract with payback option a reliable solution to ensure business continuity and loss coverage of the leasers upon default.

Laws,Defects and Countermeasures on the Circulation of Rural Housing Land——From the Perspective of Farmer Rights Protection

The thesis combs the existing legal provisions about rural housing land from the perspectives of use restriction,means restriction,subject restriction and mortgage prohibition,and finds out their defects,namely,weakening real right,confused knowledge about the integration of house property and land property,the loophole in Land Administration Law,the bans on the rural residents' purchase of housing land and so on.Then the thesis expounds the harms of restricting the circulation of housing land,for example,it will result in underground transaction of housing lands;lead to untenanted lands and waste of resources;bring about financing difficulty for peasants;do harm to the interest of land owners(rural collective economic organizations) and so on.The thesis further proposes to establish the legal lease model to solve the problems in the circulation of housing lands,specifically explains the definition of the legal lease model of housing lands,illustrates its detailed information from the aspects of object,subject and content and elaborates a series of problems involving,how to distribute the rent of housing lands,as well as how to perfect relevant procedures and formalities in the credit circulation of housing lands so as to realize the legitimate and effective circulation of rural housing lands and protect the peasants' interests.

Web强缓存一致性的研究

Web对象缓存技术是一种减少web服务器访问通信量和访问延迟的重要手段。Web缓存的引入虽然大大减轻了服务器负载,降低了网络拥塞,减少了客户端访问的延迟等优点,但同时也带来缓存的一致性问题,这样使客户端获得web的数据可能不是最新的版本。该文通过分析现有的缓存一致性方针,提出了一个应适于web的强缓存一致性算法。

THEORETICAL AND EXPERIMENTAL RESULTS ON THE KINETICS OF CALCITE DISSOLUTION AND PRECIPITATION

INTRODUCTION Dissolution and precipitation of carbonates plays an important role in nature, such as in the chemistry of seawater, the sedimentation of carbonate at the seafloor, the geochemical evolution of freshwater aquifers and last but not least, most spectacular, the evolution of karst landscapes. To provide a deeper understanding to all these processes knowledge is required

WORLD NEWS IN BRIEF (September 16-30, 1991)

The Philippines senate rejected a new lease for the Subic Pay naval base on Septemker 16 in a vote that could end America’s 93-year military presence in the Philippines. The senate voted 12-11 on second reading to reject the friendship treaty between the two countries signed last month.

Valuing options to renew at future market value:the case of commercial property leases

In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.

The Profit Model of Long-Term Lease Apartments Under Multi-Agent Supply

The acceleration of urbanization has led to an increase in the number of urban floating population, which leads to more demands for the housing rental market. With the support of policies, long-term lease apartments have begun to emerge. However, under the multi-subject supply, longterm lease apartments have encountered problems such as small profits in their development. Starting from the background of the development of long-term lease apartments, this study classified the main types of long-term lease apartments, analyzed the four profit models of comprehensive profit, expansion of rent difference, REITs and value-added services based on their business models, and proposed corresponding suggestions on the profitability of long-term lease apartments according to the current situation of profit difficulty of long-term lease apartments and the lack of profit models.