After-market liquidity and IPOs underpricing： Evidence from Shari＇ah and non Shari＇ah-based firms

The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari＇ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index （JII）, at least one period （one semester）. Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.

Davenant＇s The Siege of Rhodes： Islam, Heroism and Solyman the Magnificent

This study is concerned with William Davenant＇s dramatization of Solyman the Magnificent as an ideal man of war and peace. The structure of the play and characters are designed to reveal Solyman＇s honorable character. In the introduction, the author reviews the critical history of The Siege of Rhodes （1661）. The section ＂The Siege＂ is concerned with the Sultan＇s attitude to war and his behavior towards his foes, which is marked by ambition and valor. In the section ＂Victory＂, the author traces Solyman＇s generosity and mercy towards the defeated Rhodians. Ianthe and Alphonso dominate the ＂Characters＂ sections, which reveal how both characters play a central role in stressing Solyman＇s honorable conduct in war and peace. The dramatic centre of the play, as highlighted by the author, is Solyman＇s honorable character. With such dramatization Davenant departs from the conventional presentation of Turks as moral and political transgressors.

Celebrating the Harvest and san yklk： Exploring Festival and Public Ritual as Collective Memory to Sustain Cultural Identity

This paper argues that ritual is not only restricted to religious activities, but can also be ethological, sociological, and ecological in nature. The artistic, stylistic, and functional characteristics of one particular festival of the Bamana in Mali to celebrate the harvest and new planting season will be analyzed. This festival primarily takes on the form of animal masquerades in which masks, puppets, drumming, singing, and dancing are blended into a ritualistic celebration of a certain cultural identity. The Bamana culture has lost religion as a marker, as Islam is now the dominant religion in Mali, but traditional social relationships and morals among the Bamana as a patriarchal society are concretized and objectified by their animal masquerades. Apart from being a seasonal festival, events from the past are commemorated; customary gender roles are defined; and some fundamental and complex social concepts are reinforced by a performance mode which relies on a collective memory and oral transmission.

Retakaful From Syariah Perspective： A Comparative Study

Retakaful is an arrangement to risk of retention limit funding takaful. Similarly, risk arrangements are operated by reinsurance to insurance funding. But, how is the retakaful legal status in Islamic law and the differences between reinsurance. The objective of this study is to identify the status of the retakaful in Islamic law and identify the differences between reinsurance. The study to found that retakaful is prescribed and an alternative to reinsurance, as well as a method of financial protection against the various risks of the takaful industry in excess of the retention limit, which may occur at any time in accordance with the principles of Sharia. Also in this method of risk arrangements, It is found that there are very significant differences in risk between retakaful and conventional reinsurance.

The concept of capital before and after industrial revolution： Islamic versus market economy

The concept of capital and ownership of capital in market economy and Islamic economy is different. Also the role that capital is expected to play in the economy is different in two economic systems. One of the key elements in creation of the capital （capital formation） is interest rate. In Islam interest is strictly forbidden. This paper reviews the concept of capital and the process of capital formation both before and after industrial revelation. In that context it also looks at the function of interest rate during the time of Prophet Mohammed and the present time.

The Forgotten Tangerine： IBN Battuta

Ibn Batuta＇s book The Rihla gives us a unique insight into life of a 14th C travelling scholar in the golden age of Dar AI Islam （the world of Islam）. This paper is a reflection on Ibn Battuta focusing on three curious things we don＇t know about him. First, we don＇t know what he looks like--what does this tell us about visual culture, ethnicity and the idea of self-image in 14th Century. Second, we don＇t know if he really went to China--if not why would this section be included？ Third, we don＇t know how his story became lost to history, which it certainly was for close to 400 years--what does this tell us about the man, the book, it＇s intended audience and the changes happening within Dar AI Islam at that time.

Nay or Jain Nyay 2： Logic of Atheism of Jain Dharm

Ethos and logos of the Jain thought and practice （world view） is based on reality perceived by senses. Atheistic roots of Jain Dharm have nourished growth, maintained viability and vitality, and kept it relevant for over the last five millennia. Unlike Judeo-Christian-Islam or Brahminical faith, it does not rely on omniscient supreme or god. Its atheistic and anti-theistic thrust is generally known, yet its followers do not call themselves Nastik （non-believers）. They emphasize action-consequence relations as guide for successful behaviors with ethical conduct. The basis of their arguments follows from the Jain logic （Saptbhangi Syad Nay） of evidence based inference with multiple orthogonal affirmed assertions （Jain 2011）. It conserves information by acknowledging the remaining doubt in an inference. It does not assume binary complementation to force closure for deduction with incomplete knowledge which leads to self-reference and loss of information. This approach offers a rational and practical alternative to conundrum of western atheism even though its arguments are logical and consistent with available evidence. It also obviates need to extract religious morality from social mores. Objective truth and knowledge of established generalizations is necessary but not sufficient for subjective searches to shape desires and for what the future ought to be.

Heritage of Arabic Language in South Caucasus： Arabic Inscriptions From Trialeti

In this article the author would like to discuss the usage of Arabic language in South Georgia as language of religious and ethnical minority in circumstances of Russian rule. The best examples of this are Arabic inscriptions on gravestones. In this article the author describes several inscriptions from Trialeri, South Georgia, which, because of unknown reasons, have never been studied by scientists before. Another important reason why the author has paid importance to those inscriptions is their recent condition and danger to lose them forever. The author has studied inscriptions from three main cemeteries： Beshtasheni, Tikma-Dash, and Minayasar. As a result of his research the author can say that Arabic language have been used by Muslims of Turk origins in Trialeti till Soviet time. They were using this language to preserve their identity, but it used to work only about a century. Soviet rule tried to destroy all identities and religions and especially after WWII they have reached more or less success. Today the Muslim population of Trialtei does not understand Arabic, they just know that their religion is Islam and in the graves with Arabic inscriptions lay their predecessors.

Radical Islamism in Georgia

The paper describes and analyzes the chronology of radical Islamism activities in Georgia, the threats and challenges for Georgian state coming from terrorist organizations, the spread of Ideas of Militant Islamism and Jihadism, the possibilities of using Georgian territories by the foreign and local fighters and steps taken by Georgian State. Also popularization of the idea of creation world Islamic Caliphate in the Middle East and ISIL Caucasus Province, joining the terrorist organizations ISIL and A1-Nusra Front in Iraq and Syria by some of the Georgian Muslims. The author analyzes the factors of the popularization of radical Islamism ideas among the young generation, the problems of Georgian Muslim communities and gives the recommendations for state actors.

Islamophobia Abroad and Anti-Catholicism at home： The Making of the English Nation

One major feature of printing and publishing in England in the 16th and 17th centuries and repeated in subsequent centuries was that of travel tales to foreign spaces where Protestant males not only met believers in Islam but also encountered other Europeans （mostly Catholics） in those foreign spaces. This paper will attempt to show those travellers＇ tales written by Englishmen of the early modern period as well as subsequently were not only based upon Protestant foundations but also contributed to the making of the nation.

Identity and Belonging： Insider/Outsider in Ed Husain＇s The Islamist

Since the events of 9/11 and the so-called ＂war on terror＂, ＂Muslim＂ has been used synonymously with ＂terrorist＂ dividing particularly those Muslims living in the West into either ＂good＂ Muslims or ＂bad＂ Muslims. Ed Husain in his memoir The Islamist uses this dichotomy as well as that of the ＂witness＂ in presenting himself as a credible analyst in answering why some young Muslims become attracted to fundamentalist Islamist groups hostile to the West. Ed Husain is a second generation of British Asian Muslim who rejected the Sufi political quietism of his parents for the revolutionary ideologies of Islamic ＂ideologues＂ such as Abul A＇la Maududi, Sayyid Qutb, and particularly Taqi al-Din al-Nabhani, joining Hizb-ut-Tahrir as an active member. Ed Husain＇s story is one of a fractured past, manhood, the search for an authentic Islam, and becoming British.

Green Product Purchase Behaviour： Relevance for Muslims

Recent climate change phenomenon and other prevailing environmental problems have marked a need for human beings to rethinking their way of life, particularly in their relationship with the environment. In Islam, human beings are made responsible at his/her best efforts in preserving the environment including practising pro-environmental behaviour. Due to strong pressures by Western public movements since past decades, the emergence of green products in marketplace has provided an alternative and better way of consumption in reducing adverse environmental impacts. However, little attention has been paid on relating green product purchase behaviour with Islamic teachings. Therefore, the paper discusses the role of green products purchase behaviours in reducing adverse environmental impacts and its relationship with Islamic teachings as mentioned in AI-Quran and As-Sunnah. Besides, the importance of green product knowledge in determining green product purchase behaviour is also discussed. Implications from the study would provide some insights on links between green product purchase behaviours and Islamic teachings as well as improving understanding on the influence of knowledge on pro-environmental behaviours both in empirical manner and as being outlined in Islam.

Winds of Change in Saudi English Textbooks： A Cultural Perspective

The paper investigates Saudi English textbooks in order to trace the ways in which culture was dealt with in the English curriculum in the last 33 years. To this end, the three textbooks which were published one after another for the third-grade secondary school students in the last three decades were analyzed. The paper finds that in the first book published in 1982, the writer introduced only those cultural elements from outside Saudi Arabia, which could be subordinated to the self-enclosed cohesive Saudi national culture that rested and was shaped on and around the faith of Islam. The same cultural pattern is maintained in the second book published in 1998, but in the third book published in 2013, a huge number of western and multicultural elements were accommodated without any attempt to assimilate them to Saudi national culture. The paper concludes that in these textbooks, culture was taken either as Parsons＇s ＂system＂--pattern-maintaining national culture-or as Rothkopf＇s and Friedman＇s ＂pattern-breaking＂ western culture, but it was seldom treated as Bauman＇s ＂matrix＂.

Da＇awah Islaamiyyah （Islamic Proselytisation） and Its Essential Components

Islam, as a religion, has always been essentially and primarily propagated through Da＇awah （proselytisation） and it would continue to be so up to the end of human existence on this planet. Due to its universal nature, appeal, and guidance, Islam would have to be continuously propagated through proselytisation to all the nooks and crannies of the world particularly in this millennium when more and more people are increasingly becoming engrossed into the worship of democracy. Hence, the need for a paper in which the essential components of Da＇awah lslaamiyyah （Islamic proselytisation）, would be expatiated so that Islamic workers around the globe will rise up to the challenge. Apart from the definition of Da＇awah, the paper will discuss the four foundations of Da＇awah, namely： Ad-Da＇awah ilaa Allah （inviting people to God）, Ad-Daa＇iyah （the proselytiser, the caller, the inviter, or the person who invites people to God）, AI-Mad＇uww [the invitee（s） or person（s） that is/are being invited to God], the AI-Wusao-il wal-Asaaleeb （the means and the methods of invitation to God）, and conclusion.

Islam and Girls＇ Education： Obligatory or Forbidden

＂Acquisition of knowledge is binding on all Muslims＂ （al-Sunan 1：81 ~224）. This Hadith, sayings or actions of the prophet Muhammad （MPBUH）l, indicates that there is no preference based on sex in getting access to education in Islam; however, there is a growing misconception among the people of other religions that Islam constrains Muslim girls from getting education. This paper reviews literature and two authentic sources of Islamic scriptures, which are the Holy Qura＇an and the Ahadith to position the girls＇ education in purview of Islam. It further examines the possible reasons for conflicting interpretations of Islamic teachings. It concludes that Islam does not restrict girls from getting education. It recommends further systematic studies for exploring the reasons for the projection of distorted images of Islam.

Status and Citizenship Rights of Minorities and Coexistence in Islam

the more attention is paid to rights of minorities, the more grounds will be there for peaceful coexistence. This paper will first discuss theoretical and ideological bases of status and citizenship rights of minorities before focusing on ＂citizenship status of minorities＂ and ＂citizenship rights of minorities＂ from the viewpoint of Islam. Islam here means the collection of Quran, Prophet Muhammad＇s （S） Sunnah, and Imam Ali＇s （AS） conduct. The main question of this paper is ＂what status and rights have been considered by Islam for minorities to allow peaceful coexistence in a Muslim society？＂ ＂Minority＂ here includes both religious and non-religious minorities. ＂Rights＂ here means that part of ＂assets,＂ ＂means,＂ ＂political and social leverages,＂ ＂privileges,＂ and ＂conditions＂ which the majority is bound to by law, religious and common sense to provide for minorities. The word ＂status＂ here means to respect, serve, and provide suitable conditions which are provided just out of respect for human values not due to legal compulsion. In this paper, we will first discuss theoretical and ideological fundaments of minorities＇ rights before discussing ＂citizenship status of minorities＂ and ＂citizenship rights of minorities＂ from the viewpoint of Islam. By Islam, we mean Quran as well as Sunnah of Prophet Muhammad （S） and conduct of Imam All （AS）.

Legal Status of Biobanks in the Contexts of Privacy Perception of Islamic Law

Development of Biotechnology has brought a feasibility of the scientific analysis on this biological data and the processing of personal data content within human biological materials. In this sense, it has been recognized as the main principle to protect the privacy of biological data belonging to individual since it can determine genetic makeup of an individual processing of personal data in the biological materials of human origin. Speaking of this context, Islam accepts human as the most dignified creation. This dignity given to human makes biological materials of human origin and human private. Privacy brings immunity. The responsibility to protect the human body has been given to mankind in order not to lose this dignity. This responsibility is not bounded by human＇s own body. It must protect the body privacy of next generation which is the heir of genetic heritage. This study will focus on the reflection of the privacy perception of the Islamic law towards body on the legality of human biological materials usage for research purposes.

The Changing Image of the Ottoman Turks in the Habsburg Monarchy During the 18th Century

The old-aged confrontation between “East” and “West”, between “civilization” and “barbarism”, between “Christianity” and “Islam” came to new heights in the early modern times and found its arena in Central Europe. Since the late 15th century, the Ottoman Turks had been feared as menace, as the most dreadful enemies not only of the inhabitants of the Habsburg ruled countries but of the whole world of Christianity, and the Ottoman Turks did pose a permanent threat to their neighbours in Central Europe. The situation changed around 1700 when the Habsburgs succeeded in integrating the entire Hungarian Kingdom into their empire. From the early 18th century onwards the Ottoman Turks were no longer regarded as fierce fighters but increasingly as neighbours living in an unknown and totally different world and gained more and more curious attention. This change was not only the consequence of the new balance in power politics but mainly a sequel of gaining much more information. Up to the late 17th century the knowledge about the Ottoman Turks was based primarily on what had been reported by ambassadors travelling to Constantinople while in the 18th century people of several strands of life reported about their experiences. After the Peace of Passarowitz in 1718 trade agreements between the two states enabled activities of merchants and tradesmen who learned to know things about their eastern neighbours which were totally new to the Middle European contemporaries. Additionally, some elements of this ＂oriental＂ culture were taken over and were to become typical for Central Europe later on. The Turks were curiously observed as strange and fascinating neighbours. In the course of the movement of enlightenment from the middle of the 18th century onwards one aspect of this culture lost much of its dreadfulness： the fact that the Ottoman Turks were infidels. So it did not take very long until Ottomans were seen as being capable of true humanity regardless their religion. In the 19th century the multiethnic state organizations of the Ottoman Empire and the Habsburg Monarchy became outmoded in this age of nationalism. They realized their common interests and started a cooperation which eventually ended up as alliance in theWorld War I. From the point of view of power politics however, the Ottoman Empire was regarded as “sick man at the Bosporus”. In the following the changes of the image are shown as an overview by observing the criteria against the background of the most important historical events. The details of how this process worked are still pretty murky. Further investigations are already on the way and will bring more light into the reasons and the mechanism of this development.

Sustainability and Growth of Islamic Micro-Finance： A Case Study ofAnjuman Islahul Muslemeen Based in Bhopal India

Micro-finance is providing financial services to poor people, who traditionally lack access to banking and related services. In India, the population of Muslims is about 180 million and the majority of them live below poverty line. The regions where poor Muslims are in majority are marked as negative for providing loans by the banks. Study on interest-free （Islamic） micro-finance for implementation in a country like India can be very helpful in eradicating poverty and developing micro-enterprises together with sustainable development of poor and country as a whole. The primary aim of Islamic teachings （economics） is social justice to all irrespective of caste, creed, race, colour, and religion. Due to this reason, interest （riba） is prohibited not only in Islam but also in Christianity. This paper studies an Islamic micro-finance institution （Anjuman Islahul Muslemeen） situated in Bhopal （Madhya Pradesh）, India. The institution was registered in 1918 by a group of Muslims to help the poor. Today, about 98 years have passed by and all group members have changed but the organization is still growing with the aim of the well-being of poor people, not only Muslims but non-Muslims as well and is serving the humanity.

Two Main Linguistic and Semantic Approach in Islamic Theologoical Tradition

Theology is one of the main areas in which linguistics and semantics take up a significant space. The same issue also appears in the Islamic theological works known ＂kalam＂. There are two main semantical approaches regarding the theological doctrines in the Islamic thought. However the theological reasons are the primary aims in these semantical works, but they include serious philosophical and linguistic content. One of them is the main Islamic strand （orthodox Islam） represented by some astonishing Islamic scholars such as Ici, Guwaini, Sahristani, Ghazali, and Razi. According to this tradition, meaning is an inner state and a state of mind which is specified by the intent of the interlocutor or the author. The utterances have only an instrumentel role in speech. This approach can also be compared to the primary semantic view ranging from Aristotele to P. Grice---with some variations in the Western philosophical tradition. The second thesis is argued by the Mu＇tazili sect who are called Islamic rationalists that objected to Ahl us-Sunnah in their prominent ideas. From Mu＇tazila＇s point of view meaning should only be looked for among linguistic facts. There is no intentional content in the mind before the utterances. Meaning is produced within the structure of language itself and the conventional social context. In other words, meaning is nothing but the usage of the language, These two approaches also mean that there is going to arise different forms of interpretation in the theological perception. The aforementioned approach carries similarities with the approaches of Western thinkers like Wittgenstein and his followers. In this paper, the author deal with these two theological approaches by focusing on their linguistic and semantic views and comparing them with some modem western theories.