Category: Muslim

Introduction

The primary function of the media is to build a common foundation for audiences to interpret news. While examining most of the Canadian news media, one is likely to notice that minorities are either scantily covered or are portrayed in debasing terms. More than 15% of the Canadian population consists of immigrants. Of this, over 50% are minorities. However, the media have resisted this observable fact of diversity (Herding 311-315). Some of the minorities include blacks, Muslims, Aboriginals, Asians, Latinos, Gays/Lesbians, Independents and Non-believers. The substance of this paper is to discuss how Canadian media have portrayed Muslim groups both in history and today.

Background to Islam in Canada

Canadian Muslim population is estimated to be about 600, 000, nearly 2% of the total population. This population has been rising, especially in the new millennium. Most Muslims here were immigrants who came to Canada from Asia as practicing Muslims. However, a number of them practiced other forms of religions, and later on converted to Islam. Immigrant Muslims came to Canada to look for education, better life, jobs, and to run away from religious and political squabbles back at home. For example, most of those from Asia were fleeing Lebanese civil wars in the 1980s. Somali refugee Muslims were fleeing from the Somali war of the 1990s. Other countries that contributed to an influx of Muslims in Canada included Yugoslavia, Iraq, Albania, Yemen and Bangladesh (Canadian Council for Refugees [CCR 1]). Many of the Muslims live in Ontario, although a large population also lives in British Columbia. The Muslim community has existed in Canada for a long time. In 1871, just four years after she got independence, Canada had about 15 Muslims. However, European immigration preferences still kept this population to a deep low until late 1950s. Although they are a minority group, Canadian Muslims have been living a favourable life compared to those in Europe. That is, the Canadian government officially acknowledges the freedom of worship thus delimiting segregation as much as possible (Bakht 13-16).

How Muslims are covered in mainstream media

With the population of Muslims growing day by day, its coverage in the mainstream media continues to adopt negativity. Major world security concerns such as the terrorist attacks on New York and Middle East wars have escalated tensions between the different cultural relations in most western countries (Jafri 4). Thanks to the harmonious way of life due to the modern political and media exchanges, we have now began to experience a certain level of opposition between the immigrants community on the one hand, and the indigenous members of the population, on the other hand, on the basis of their cultural, religious and ethnic differences. In this regard, a string of negative stereotypes against Muslim communities have emerged in the media (Hussein). The media in Canada has been accused of exaggerating its scope of coverage on Muslim torture. The mainstream media in Canada appears to have labeled Muslims as being terrorists, and this has only led to an escalation in the instances of stereotyping that members of the Muslim community are subjected to. Accordingly, the message that seems to be communicated is that Islam as a religion is fraught with acts of violence (CCR 2).

Causes of biasness against Muslims

There has been a feeling that Canadian mainstream media are frequent communicators on issues concerning the Muslim community. However, the coverage is usually inaccurate and imbalanced. Consistently, particular Canadian minorities such as blacks and Muslims continue to be covered in stereotypes. This has been compounded with the tensions that usually exist among people. For instance, the way non-Muslims view Muslim customs such as wearing the hijab as oppressive (Jafri 6). Additionally, external political and social changes in countries deemed to be absolutely Islamic has also contributed to the negative attitude towards Muslims in Canada. Iranian revolution in 1979 and the emergent of Taliban strict laws [Afghanistan] against women have served to show Islam as an unequalled religion (Hooper). Thus, the tensions manifest in the way mainstream media focuses on these regimes. Usually, cultural orientation of media content producers determines how the content is presented to the final consumers. For example, it is argued that the use of narratives, methods of instilling or diverting attention, the centrality of the journalist, the beginning and the end of the news item as well as the symbolic use of images affects the attitude of the audience (Al-Zahrani 72). Katherine Bullock (21) has taken issue with PBS docu-drama presentation titled,’ the death of a Princess’, along with ABC’s production documentary, ‘Saudi Women behind the Veil’ in her doctoral thesis. Through her work, Bullock indicates that whereas ‘the death of a princess’ was delivered based on the opinion that the producer had regarded the western view of Saudi women, the topic in question was not representative, with the result that the docu-drama ended up reflecting the Saudi way of life instead. On the other hand, Bullock opines that ‘the death of a Princess’ touches on the stereotypes about Muslim women, their roles and rights, in comparison with those held by the western culture. Consequently; the ABC documentary was more successful in conveying the message about the Muslim woman because the presenter was not biased.

In most Canadian mainstream media, there is a depiction of various qualities of Islam, for example, Islam is shown as a gender biased religion. Women are depicted as sex objects who are oppressed by their hijabs and their men are portrayed as violent (Gowlett 34). Katty (16) argues that there is a direct relationship between media coverage and Islam in social policy. For example, the linkage of terrorism to Islam often causes expulsion of hijab-wearing Muslim students in Quebec because it (hijab) is viewed as an adversary to democracy. On the contrary, Muslim students who do not walk with their identifiable code of Islam dress like Kanzus or hijabs often go unnoticed (18).

There are common stereotypes against Muslims as portrayed by the media. They include exposure of Muslims as scoundrels, oppressive, and enemies of western culture (Hooper). The western culture observes customs like the forbidding of women to drive in most Islamic countries as a limitation to human freedom. Therefore, the Islamic religion is seen as a foreign dogma in the Canadian society (Bullock 33).

Coverage of the Muslims in North America in general is usually associated with violence. In a study that was carried out by Awan Khurum and his colleagues (2-56), the authors discovered that all the New York Times, ABC News, MacLean Magazine and PBS were more likely to focus on members of the Muslim community whenever someone was suspected of having taken part in a terrorist activity in North America, or being linked to a war in the Middle East. This was perpetuated by cultural imbalances, misinformation about the Islam culture and pro-Israel foundations, reporters’ attitudes towards Muslims and over reliance on skewed sources of information. For the most part, Muslims were not featured on business news. Darren Gowlett’s (27) focus on Canadian dailies shows how historical understanding of Islam has contributed to media stereotypes against Muslims. In Canada [1983-85], coverage of Muslims would be found in foreign news. The media would favour the opinion that Islam has not kept pace with the recent developments in media technology, instead opting to rely on such sources as government agencies, news corporations and the military. This affected the way the news was structured. In Gowlett’s view, 86% of the analyzed newspaper coverage about the Islamic world was sourced from foreign bodies. Slightly above 15% was sourced from Canadian sources. Moreover, most news pieces about Muslims would not be catalogued. The results showed that The Globe and Mail ran less than three stories per day on Islam and 50% of the stories covered violence. The Montreal Gazette ran less than two per issue with about 55% focusing on Muslims in violence and sourced from the Associated Press. With this, it showed that items about Muslims would not be analyzed but reported verbatim from the sources. The Toronto Star had the least content on violence, at about 48% [though still high on average terms]. Most of her stories were on Islamic sharia and pilgrimage but they were still sourced from Associated Press. On the positive side, these dailies would carry features on the Koran, Islamic history and culture (Gowlett 27-28). Further observations by community based organizations showed that Canadian press was biased against Muslims. The Canadian Islamic Congress determined the content of the Toronto Star, The Globe, The Mail, Toronto Sun, Montreal Gazette and Ottawa Citizen. It found that anti-Islam content was galore in the publications and was often an instigator of rifts between Muslims and non-Muslims, thus endangering individual security. Articles would often identify Islam with violence and it involved terminology like ‘Muslim militants, ‘rebels’, ‘insurgents’, ‘militiamen’, ’radical’ or ‘fundamentalist’ (Jafri 11). In six months of monitoring, the Toronto star emerged as the most insensitive paper. Although there was a consistent coverage on Muslims, the reports gave insufficient details on Muslim achievements and the traditions of Canadian Muslims.

Impact of negative coverage

Several reasons have been put forward to explain the persistent biasness against Muslims in the media. Jack Shaheen (72) asserts that media exposure of North American Muslims as rich, barbaric, sexist and aggressive are common stereotypes. They result from poor research on the life of Muslims and lack of understanding by journalists about the Muslim world. Thus, it leads to generalities about Islam as a culture and religion. Shaheen adds that there is usually no dialogue and reporters often sensationalize their coverage. Most TV programs involve opinion from those who claim to be experts in Islam but they are often more biased. As a result, the media banks on what they say, regardless of whether they are right or wrong (Arabview). Canadian mainstream journalists are somewhat intolerant to Muslims in the country. They do not seek their opinion and often conclude that Canadian Muslims are shy in terms of lobbying the media to receive positive coverage (Jafri 14). Historical settings for North American attitudes towards Islam have always linked Muslims with the zeal for their religion and violent life. The media has picked this up and continues to express the attitude in publications (Mortimer 493). Thus, Canadian Muslims find themselves in an environment already negative to their religion.

The misrepresentation of Muslims in the media also comes from lack of interaction between Muslims and non-Muslims, argues Edward Mortimer. Most Canadian majority communities are largely unaware of the need to learn Islam. And because most journalists are non-Muslim, reporters often ignore to note that Muslims are normal people who lead life with similar desires to any other Canadian. Moreover, most mainstream media corporations side with the tendencies of Israel against Palestine [Islamic] (494-495). Thus, this view is copied from the two countries’ conflict and pasted in the Canadian context. The upheld stereotypes on Muslims regarding the conflict in Israel are the same ones that have been used to devalue Muslims in Canada, as they are perceived to also be in support of their fellow Muslims in Israel (Hussein). Thus, external socio-political influence contributes to subjective coverage of Muslims in Canada. In the continuation of historical differences between Christianity and Islam, stereotypes are enhanced by making people fear Islam. Muslims are described as terrorists and fundamentalists as though to encourage a majority of the Canadians to be cautious of Muslim expansion. The media assumes that Islam itself is a violent religion and hence it may one day spill over this tendency against western civilization (Huntington 102). Thus, the media continues the belief that Islam will one day conquer the world. In this regard, the media promotes phobia for Muslims.

The MacLean magazine is notorious for perpetuating hatred against Islam (Khurum et al 1). In most of the articles, Muslims are shown as expansion-oriented. Articles such as ‘the future belongs to Islam’, and ‘Wake up Ostriches, Islam is an expansionary phase’, claim that Muslims are scheming to take over the western world and force people into sharia laws. They envisage that war between Muslims and the western world is imminent. These articles views free worship as practiced in the western world as the cause behind the ability of Muslims to freely move to and fro the western countries. Other articles show that Muslims are people who cannot live with their hosts in peace. ‘Little Mosque that couldn’t’, ‘Twilight Zone of Insanity’ and ‘Clooney isn’t toothing this one’ have served to invoke the reaction of Muslims on a cartoon about Mohamed that was published in Denmark, prompting an argument that such violent protests are the nature of all Muslims. MacLean has also depicted Muslims as being terrorists. ‘The Canadian Spy’ and ‘The Making of a Canadian Terrorist’ posit that many of the Canadian Islamic religious leaders are radicals, and that Muslims have a culture of letting their religious leaders take care of their children. By imparting radicalism into their children, this is seen as a threat to the majority communities in Canada. Moreover, these articles depict Muslims as intolerant to western democracy. Articles also try to use examples from Muslim countries to taint the good image of the entire Muslim community (Khurum et al 26). A case in point here is the articles that have been used to distort the background of the leader of Muslim Brotherhood in Egypt. Seeing that the Muslim Brotherhood is depicted as a movement that is prejudiced against the western culture, some of these articles have used this perceived prejudice as a yardstick with which to assess Islam as an adversary of the western culture.

Many are the times when the media questions the value of religious freedom to Muslims and infers that such freedom allows Muslims to exercise antagonism to Christianity. In addition, the media tries to oppose the efforts to protect minority communities including Muslims and lambastes the government’s motif of accommodating Islam (Khurum et al 2). The impact of biased coverage hence limits Muslim activities and impinges on their self image. Most Muslim women have once or twice doubted their culture owing to the way the media has influenced how the other communities view a Muslim woman. The media usually ignore the fact that sometimes it is the peripheral groups who continue the violence under the mantle of Islam. Sometimes the way terrorist groups such as al-Qaeda use the Koran to terrorize the world has made it sufficient for the media to justify their position (Poole and Richardson 11-12). The mindset of the people has thus been altered by the media to such an extent that when they think of Islam, what comes to mind is an extreme fundamentalist who is ready to take his/her life along with that of others, for the sake of their religion.

Efforts to normalize the situation

Concerning the nature of media coverage in Canada, it would be in order to assert that the position of the mainstream media regarding the coverage of Islamic issues has been one-sided. A majority of the journalists appears to underrate the ability of Muslims to actively lobby for a positive coverage of their faith, and this may have made it difficult for them to improve on the available information regarding Islam. Community based organizations have already begun to strategize on how to involve Muslims in developing good relations with other communities and the media (Jafri 49). Muslim organizations have already begun developing ‘good offices’ with Canadian mainstream media. They have been taking part in monitoring and responding to media coverage in ways that can help to improve this relationship. For instance, a number of programs have been launched to address the needs of Muslims. Saider Kardar produced a documentary, Homegrown, about Muslim communities in Toronto and this helped to identify the problems faced by Muslims in Canada. In 2005 Nawaz created Little Mosque on the Prairie, a series that airs on CBC TV and focuses on the non-existent Muslim town of Mercy (Jafri 66-68).

Generally, the mainstream media uses specific descriptions when covering minority groups. Towards the Muslims, journalist’s attitudes shape the way they report about them. Most reporters have limited knowledge on Islam and have a difficult time distinguishing between Islamic religion and Muslim culture (Poole and Richardson 13). As a result, persistent stereotyping is maintained in the mainstream media. Moreover, the source of news is often immensely found in foreign bodies who contribute in the provision of biases news that makes it difficult for local journalists to adjust through analysis. In most cases, minimal and biased coverage of Canadian Muslims has led this minority community to feel as if they are unwanted in Canada. It is necessary to raise the image of Muslims in Canadian mainstream media, and this can be enhanced by the Muslims themselves. It may involve their positive coverage as well as striving to improve relations with other Canadians. Canadian Muslims need to identify journalism as a profession and join it to enhance positive coverage. In addition, there is a need to set aside Muslim programs in the mainstream media as a way of encouraging the participation of Muslims. It is also important that journalists approach their profession with objectivity when gathering, reviewing and disseminating information. This way, the media in Canada can be assured of gaining the credibility of the various communities, including Islam.

References

Al-Zahrani, Abdulaziz Atiyah. “US Television and Press Coverage of Islam and Muslims, 1979-1987.” PhD Thesis, University of Oklahoma. 1988.

Arabview. “Muslims on the TV Screen.” 1998. Web.

Bakht, Natasha. Ed. Belonging and Banishment: Being Muslim in Canada. Toronto; TSAR. 2008.

Bullock, Katherine. “The Politics of the Veil”. PhD Thesis. Department of Political Science, University of Toronto. 1999.

Canadian Council for Refugees. “Discrimination against Muslims and Arabs in Canada: Public Labeling.” 2004. Web.

Gowlett, Darren. “Perceptions of Islam in Canadian English Print Media, 1983-1985, With Reference to Islamic Insurgence.” Master of Arts Thesis, McGill University. 1995.

Herding, Robert. “The Media, Aboriginal People and Common Sense.” The Canadian Journal of Native Studies. 25.1(2005): 311-335. Web.

Hooper, Ibrahim. “Muslims, Media and TWA Crash.” 1997. Web.

Hussein, Sam. “Fundamental Misunderstandings about a Growing Faith.” 2001. Web.

Jafri, Gul J. “The Portrayal of Muslim Women in Canadian Mainstream Media: A Community Based Analysis.” Afghan Women’s Organization Report. 1998. Web.

Khurum et al. “MacLean magazine: a case study of media-propagated Islamophobia.” The Canadian Islamic Congress. 2008. Web.

Kutty, Sajidah. Speaking for Her: The Representation of the Muslim Woman in Popular Culture. Toronto: Canadian Civil Liberties Association. 1997.

Mortimer, Edward. “Islam and the Western Journalist.” Middle East Journal. 35(1981): 492-505.

Poole, Elizabeth and John, D. Richardson. Muslims and the News Media. New York: IB.Tauris & Co.Ltd.

Shaheen, Jack. The TV Arab. Bowling Green, OH: Bowling Green State University Popular Press. 1984.

Without a doubt, mass media has been instrumental in the liberalization of information and a vehicle to highlight the public’s sentiment. As much as it reports public opinion it also molds it because of its prevalence and pervasiveness in modern societies. In issues related to ethnic and ethnonational sentiments, this relationship is made even more sensitive by the human interest of issues.

Lewis (2001) reflects that “the negative image that Muslims and Americans have of each other is one that has been cultivated and reinforced over a period of time that it has become difficult to trace the origin of the sentiments.” The conflict was featured by “American television reality show 30 Days, where a devout Christian David Stacy, who had expressed negative sentiments about Muslims, to live in a Muslim community for a month” (Doggart, 2005). “The thirty-day anthology documented Stacy’s experience living as a Muslim in the United States and a turnabout in his views about the religion. A review of the source of Stacy’s sentiments indicates that his views were highly influenced by 9-11 and subsequent stories about Muslim extremists linked to terrorist movements.” (Lewis, 2001).

Similarly, Lewis’s (2001) investigation about the prevalence of Muslim “rage” is said to root from what has been seen as a deliberate and insensitive treatment of Muslim and Middle East sentiments. These include land settlement issues after World War II, conflicts during the Cold War, economic embargoes and even the comic portrayal of Muslims and Arabs in entertainment programs. Lewis believes that issue has been made personal and used in propaganda to justify military and political action against the United States featured in popular local or state-controlled media organizations.

Imai (2006) believes that the media should not be considered as an impartial source of information since they are vulnerable to the motivations of the state, its management and the personalities that deliver the news. Furthermore, by accepting that the conflicts are due to ideological differences, Khouri (2007) points out that many of the issues are most critical in the Middle East. The suggestion that conflicts are based on ideological difference suggests little levity for compromise or co-existence. Therefore, the idea of a “clash of civilization” promoted by the mass media preempts the development of real solutions. This is not to say the there are no ethnicity or culturally based conflicts. However, there should be the realization that they can be considered as an encompassing explanation to the enmity that has developed between Muslims and the United States.

In issues related to ethnic and ethno-national sentiments, this relationship with the media is made even more sensitive by the human interest of issues. At the same time, mass media is an enterprise, economic or otherwise and therefore has its own agenda and motivations. In conclusion, there should be the realization that regardless of how truthful the media is, it presents a limited perspective of an issue.

References

Doggart, S. (2005). Muslims and America. 30 Days, Season 1, Episode 103. FX Network.

Imai, K.(2006). “Culture, Civilization, or Economy? Test of the Clash of Civilizations Thesis”. International Journal on World Peace Vol. 23 No. 3-29.

Khouri, R. (2007). Six Years after 9/11.

Lewis, B. (2007). “The Roots of Muslim Rage: Why so many Muslims deeply resent the West, and why their bitterness will not easily be mollified”. Free Republic (2001).

Shrestha, N. and Gray, K. (2006). “Clash of Civilizations or Cartography of U.S. Global Domination”. International Journal on World Peace Vol. 23 No. 3: 33-44.

Executive summary

The main aim of this research study is to analyze the Muslim investor attitudes towards investing in global stock markets and companies. In line with this objective, the paper identifies some variables as explanatory variables. These variables are Sharia-compliant products or financial services, stability in money value, economic development, social development, resource optimization, and equitable distribution of resources. The study relied on primary data using structured questions to explain the main objective.

This research study attempts to explain the various theories related to the Muslim investor attitude. The study used a cross-sectional research design to meet the objectives. The data of the survey were analyzed using statistical techniques such as SPSS, ANOVA, regression, and correlation analysis. The study found out that Islamic security is not alike to the common conventional securities because they have to satisfy various conditions.

It ought to be focused on the states of sharing the profits and losses in a reasonable, plain condition on the legitimate guidelines administering the mudarabah and the partnership contracts fundamentally. In addition, the resources assembled through these securities (issued on no premium premise) ought not to be rechanneled to establishments that do not work in line with Sharia and to firms managing interests for every one of their exercises by utilizing Islamic bank.

Problem statement

Among all the segments of the financial sector, the stock market stands out as the most significant segment. The part played by the stock market in the process of economic growth is more noteworthy as it promotes the flow of funds from the savers to the investors (Baker & Wurgler, 2002). The piece of ownership in a company is ‘the stock’. The holders of the stock have a right to share all the residual income after the fixed income has been claimed. Stocks exist in different kinds. The first one is common stock. This kind of shock is influenced by profit and loss. The second type is the preferred stock.

This kind of stock has a pre-fixed rate that is used to determine and calculate the share from the profits that the company realizes. The third and final one is the loan stock. This kind of stock has a fixed rate of interest that enables it to earn its profits (Banerjee, Heshmati, & Wihlborg, 2004). The stock market is genuinely an important segment of the financial sector. Its role in mobilizing the flow of assets and resources from the savers to the investors contributes directly to the economic growth of a country. The economy of the country will benefit from increased liquidity of the financial markets in the event that the stock market is highly organized.

In reality, The French came up with the idea of the share market. This was way back in the 13^th century. The shares of Dutch East India Company were issued in the Amsterdam Stock Exchange, way back in the year 1602. Actually, it was the first company to float its shares (Berglof & Bolton, 2002). Each country has its own place for the stock market.

This is always referred to as the stock exchange and most of the time the stock exchange is situated in the country’s capital city. The role of the stock market in a country normally complements the roles played by the other financial institutions that exist in the country, for instance, the commercial banks, the insurance companies, and so on (Booth, Aivazian, Demirgüç-Kunt, & Maksimovic, 2001). This paper intends to explore the Muslim investor attitudes towards investing in global stock markets and companies.

Literature review

Emergence and impacts of stock markets

The stock exchange plays a wide variety of roles which are considered to be more significant to a country. First and foremost, the stock exchange creates a business sector that can contain several buyers and sellers at the same time. Secondly, the stock market conveys the necessary and viable information that benefits prospective buyers and sellers. Thirdly, the stock market plays the part of a tool that supplies assets and sufficient funds for companies. Finally, the stock market creates a platform for companies and corporations to raise capital for starting up or expanding the business (De Haas & Peeters, 2006).

All these factors considered the stock exchange plays a part in enhancing all the available assets. There are basic attributes that the stock exchange should possess to facilitate its role in economic growth. These attributes are connected to the trading opportunities and contractual dealings which are part and parcel of an organized business sector. In the long run, the economic development of a country owes much to its robust stock exchange market.

The stock market is genuinely an important segment of the financial sector. Its role in mobilizing the flow of assets and resources from the savers to the investors contributes directly to the economic growth of a country. The economy of the country will benefit from increased liquidity of the financial markets in the event that the stock market is highly organized. At the same time, a highly organized stock market makes it possible for market risk diversification as a result of an increased portfolio. The third point is that a highly organized stock market creates many investment opportunities that promote the development of large corporates. The faith of the Muslim community holds that profit comes as a result of hard work. This is contrary to the investment in the stock market that is heavily dominated by interests (Desai, Foley, & Hines, 2004).

Islamic finance and investment

All markets are the same, therefore, the Islamic market is similar to the conventional market in many aspects, most notably, and it has a business sector where transactions occur. There is also a mechanism for setting the prices and also for distributing the commodities (Al-Masri, 2007). There are various ways of operating and managing the Islamic stock market. There are special considerations to ensure that the Sharia laws and principles are implemented between the contracting parties. In the Islamic stock market, the securities or the stock offered is interest-free. There are several financial instruments that can be traded in any stock market. The ordinary shares and risk-bearing certificates are commonly traded in the Islamic stock market. The Islamic stock market is relevant to the economic growth of the country (Giannetti, 2003).

Accordingly, the Islamic stock exchange supplements financial institutions. The Islamic stock market is balanced, comprehensive, and fair because of its dynamic mode of operations (Osmani & Abdullah, 2009). Surely, Islamic distinct options for customary investment instruments have been driven by the way that such devices don’t comply with Islamic principles. For many Islamic nations, the size of their stock markets has been rapidly growing for the past few years. Take, for instance, Malaysia; its capital market has grown by more than triple the size it was in the year 2000.

This is equal to about 260% of the GDP of the country. Islamic equity is composed of about 850 Sharia stock which stands at 86% of the total stock. Among these, about 63.7%is under market capitalization (Korajczyk & Levy, 2003). The contradictory issue and level headed discussions among the present-day researchers is, are the Muslim financial specialists permitted to purchase and offer shares? Unquestionably, there will be sure inconsistencies between the Islamic business sector and the non-Islamic business sector.

The Islamic take on riches

The Islamic states of mind toward riches support the Islamic markets. Islam does not propose that riches have any characteristic moral qualities, whether great or awful. Not at all like some societies and religions, does Islam show that the lack of riches is a benefit or badness, nor that does its availability infer a specific character (Nivorozhkin, 2005). As far as the point of reference, note that the Prophet Muhammad and his accomplices completed business organizations on a fruitful premise.

Muslims are urged to look for financial bounties that God has made accessible to them. They are urged to work as a profession and have been advised to participate with each other. In addition, the demonstration of Fuduli (for instance, when a man accomplishes something to cultivate the enthusiasm of someone else without the latter’s earlier assent) is repaid and promoted. If the Future is not repaid, many fair and suitable intentional acts just will not be performed and, thusly, potential monetary advantages to the general public will be squandered.

Furthermore, Islam likewise endorses a necessary budgetary commitment which is zakah: a money related commitment from the rich to the poor and less fortunate people. Among the numerous reasons for zakah that is depicted in the Quran is so that the riches do not circle just among the rich people. Subsequently, if capital markets are not developing to take into consideration increment in riches and financial development or if the development is lop-sided bringing about a convergence of riches, then it means that some shortcoming which needs revision (Schmukler & Vesperoni, 2001).

Sharia rulings on investment in stock

Out of the total population of the world, the Muslims comprise about one-fifth of the total population. In addition, it is speculated that the total value of assets and resources available to be invested by the Muslims is beyond $800 billion. This figure is only temporary as it increases by a constant rate of 15% every year. Just a little parcel of the accessible assets is re-invested into the Islamic items which are demonstrative that this business sector is generally untapped.

Regardless of the latest financial crisis, inflationary weights, an expansion in the costs of commodities, and far-reaching financial slowdown, the forecasts for development in Islamic securities markets are liable to be positive (Mondal, Akter, & Afsar, 2013). With respect to an underlying exertion towards Sharia abiding securities, an early survey and recognizable proof of Sharia-consistent stocks was done in 1983 by Bank Islam Malaysia Bhd. For this situation, the part of the Sharia Advisory Boards can’t be denied. The selected boards will give certification that the interest in securities exchange is overseen inside the Islamic structure (Al-Masri, 2007).

The Sharia empowers the utilization of benefit sharing and organization schemes and precludes riba (interest), may (betting and other games of chance), and gharar (offering something that is not possessed or that can’t be portrayed in precise details as far as sort, size, and sum). As a rule, the key guideline in Islamic funds is the need to accomplish equity. The point along these lines is to circumvent unfairness to a party in exchange. These incorporate disallowances against jahala (obliviousness) and gharar (guesswork).

Whilst it is recognized that it is difficult to expel all hypothesis or instability from the trade, the aim is that avoidable components of theory ought to be eliminated and parties ought to be sure about the grounds they have consented to work together. These standards imply that betting and numerous sorts of subordinate contracts, numerous types of insurance, unreasonable advantage, and wage from articles that are prohibited for a Muslim are not allowed under Sharia law (Osmani & Abdullah, 2009).

Global stock markets

Fundamentally, stocks can be comprehensively separated into two classes, which are common stock and preferred stock. The organization’s directorate will choose whether or not to pay out a profit (Al-Masri, 2007). Taking into account the above it can be inferred that a common share is allowed in the Sharia; however, a preferred share is not permitted as it is not a trusted business since the shareholders don’t have the privilege to vote. It implies they are not the accomplices of the organization and the additional cash that the preferred shareholders get is much the same as Riba as they take it without sharing the threat of profit and loss (Osmani and Abdullah, 2009). In connection with the Sharia decisions, there is no disallowance in Islam to participate in any venture exercises. Besides, there is by all accounts an accord of sentiment among contemporary Muslim law specialists on the admissibility of trading regular stocks through purchasing and selling transactions. This depends on custom, relating the legitimate proverb “That which is recognized as custom should have the power of that which is specified as a situation”.

In any case, a group of regarded researchers differs from this determination and proposals. They contended that this determination is excessively optimistic and makes it hard for Muslims everywhere. Trading a common share resembles trading a segment of the capital of the organization. Along these lines, it is legitimate as indicated by the majority of the researchers. They contend that a share in one’s own property so he has the privilege to offer or loan if it doesn’t hurt the other shareholders. It doesn’t comprise al-Gharar, as the cost is resolved by the existing business sector during its buy (Osmani & Abdullah, 2009).

On the other hand, short selling is not legitimate in the Sharia as it resembles betting and deceiving the purchaser as the merchant offers the item that he borrows, however, he doesn’t own it. Be that as it may, if the speculator purchases the stock from the broker and subsequently offers it, then it is permitted in the Sharia. Despite the fact that margin trading is not permitted evidently in Islam, as this agreement contains Riba, there is space to make this agreement legitimate through offering credits to the financial specialist without premium or if the merchant concurs on Mudarabah (sharing profits or losses) contract with the speculator (Al-Masri, 2007).

Speculation and the Islamic stock market

Speculation is characterized as the act of purchasing or offering with the intention of then selling and purchasing and in this way making a benefit. The fluctuations in prices normally form the basis for speculation (Osmani and Abdullah, 2009). Many speculators have a belief that when the prices are too bad currently, they can only be too good in the near future. Indeed, speculation is perceived in the present writing as a critical power in the valuing of the current financial markets, however, it is characterized contrastingly by various scholars.

Speculation is a process whereby an investor may purchase the stock now, in order to offer it later for more than he might suspect it is really worth, consequently harvesting capital additions (Hassan, 2010). Speculation is a fake opposite procedure of offering and purchasing not going for physically trading wares (no real ware is coveted for itself). In all actuality, it goes for profiting from regular or counterfeit value and capital additions if the forecasts of value changes in the short-term turned out to be valid (Osmani and Abdullah, 2009).

The speculators are subsequently left to toy with random patterns of stock value developments through the implementation of various “betting” positions. By and large, speculation requires a lot of learning and abilities and in this manner, it can’t be likened with betting. Thus, according to prophetic saying “Islam has entirely reprimanded any planned increase of costs whether through imposing a business model or najash (increasing the costs without really expecting to purchase)” (Hossain, Hossain, & Sadi, 2013). There is a difference between speculation in the Islamic sector and speculation in the conventional market because there are some factors to recognize.

First and foremost, all financial specialists, or an incredible number of them, could be regarded as speculators. They purchase securities on the trust that their costs will climb later on and they will have the capacity to acknowledge capital gains (Osmani and Abdullah, 2009). They would precisely be blamed for gullibility in the event that they don’t do that. Notwithstanding for the individuals who don’t sell when costs climb, they forgo the selling on the trust that the costs will climb much further. Had they realized that costs would fall they would have acted in an unexpected way. This is entirely legal. The target of these speculators is to boost their possessions regardless of the fact that they do not get capital gains. The distinction amongst speculators and different investors is that while the previous purchase and sale in an extremely time the last take more time to do as such (Al-Masri, 2007).

Secondly, it might be proposed that without data, speculation comes extremely close to betting, and the lesser the data accessible the more speculation turns out to be near betting. This might be valid, yet it is not inexorably an issue that is restricted to speculation. The absence of data turns into an issue for all chiefs. Without data, speculation gets to be unverifiable and any choice taken discreetly gets to be unreasonable. In such circumstances, many investors will endure as an aftereffect of the absence of dependable data: national organizers, business visionaries, agents, middlemen (value producers), speculators, and a large group of other chiefs. The issue of the absence of data is not, and ought not to be kept in theory. Speculation is like betting or any other game of coincidence when doing it with only a limited amount of information available. In this way, it is improper to engage in vital the decision-making process. This is just to stress the significance of solid data to speculation as well as to the overall procedure of decision making (Al-Masri, 2007).

The third point is that considering the gharar and speculation, it is true to recognize that when it comes to speculation, all the sides have all the information they require to make the deal. Likewise, the object of the exchange, which is the obtained security, is accessible in the business sector at the season of exchange and will undoubtedly be accessible at the season of delivery. The fourth and final point is that speculation may initiate the business sector. This can enact the business sector. The ramifications of this can be found in connection with the capacity of firms to raise capital (Al-Masri, 2007).

Research objectives

The main aim of this paper was to explore the Muslim attitude towards investing in global stock markets and companies. In line with this objective, the paper identifies some variables as explanatory variables. These variables are Sharia-compliant products or financial services, stability in money value, economic development, social development, resource optimization, and equitable distribution of resources.

Research methods

The methodology is the process of instructing the ways to do the research. It is, therefore, convenient for conducting the research and for analyzing the research questions. The process of methodology insists that much care influences the kinds and nature of procedures to observe in accomplishing a given set of procedures or an objective. The purpose of this research was to explore the Muslim investor attitudes towards investing in the global stock market. The exploratory research study provides researchers an opportunity to assess areas that do not have extensive research (Saunders, Thornhill, & Lewis, 2009). Therefore, engaging in exploratory study contributes to the development of additional knowledge on the issue or phenomenon under investigation.

Quantitative and Qualitative Approach

The quantitative research approach refers to the use of statistical techniques, mathematical methods and calculation techniques to analyze data (Saunders, Thornhill, & Lewis, 2009). The quantitative methodology aims at utilizing mathematical and statistical theories and models to analyze the data. The quantitative method validates the hypotheses and conclusions that stem from the qualitative methodology. The scientific procedures and processes that help in quantitative methodology encompass deriving models and theories; designing instruments for data gathering; controlling the variables empirically, and analyzing data using models.

The qualitative approach is mostly concerned with human motives and the reasons behind such motives (Saunders, Thornhill, & Lewis, 2009). The main questions that come with the qualitative approach are ‘why?’ and ‘how?’ in addition to ‘what?’, ‘where?’ and ‘when?’ Concerning this, a researcher utilizing the qualitative approach will tend to use smaller samples rather than larger samples. The qualitative approach strictly generates only information that applies to the designated case study; any additional information is guessed. Once the hypotheses stem from a qualitative approach, they filter through the quantitative approach.

Research Design

There are three types of research design: exploratory research, descriptive research, and causal research. This study utilized the exploratory research design. The exploratory research design mainly explores the nature of the problem in order to draw inferences. In this scenario, the researcher is in a good position to understand the problem under investigation. The flow of exploratory research involves identifying the problem and seeking to find the appropriate solutions and new ideas. Exploratory research is mostly applicable in circumstances where the structure of the research problem is not definite. The interview is a good example of the methods that help to gather information in this kind of research.

Population and Sampling

There are two popularly used procedures for sampling. The sampling procedures include prospect sampling and non-prospect sampling. In a probability sampling procedure, the samples are representative of the population. This is because all the entries have a chance of selection. On the other hand, items in the non-probability sampling do not have an equal chance. In this scenario, not all the items in the population have equal chances of selection. The data for the study came from the players of the Kuala Lumpur Stock Exchange.

Data Collection and Instrumentation

The adoption of primary sources played a fundamental role in improving the relevance of the research findings. The integrated interviewing technique helped to collect data from the field. Consequently, a set of questionnaires was developed. The questionnaires acted as a guide in conducting the interview. The questionnaires were mainly composed of open-ended questionnaires to provide the respondents an opportunity to answer the required issues based on their opinion. The respondents received the questionnaires directly via online media. Thus, the data collection method entailed an online survey. Adopting this method of administration validates the need to minimize the cost of the study. This is because of the fact that respondents stay sparsely.

Data Analysis and Presentation

The collected data will be analyzed quantitatively. This goal comes by incorporating quantitative data analysis tools such as tabulation, use of graphs, percentages, and charts. Considering the fact that the research study has integrated the qualitative research design, the data analysis and presentation method will entail the adoption of the textual presentation technique. This technique comes about by using statements that comprise numerals. One of the textual presentation tools that are important in analyzing the research data entails the Likert scale. By using this tool, the research will be in a position to evaluate the qualitative data using point scales such as the 5-point Likert scale. In addition to the above technique, the research will integrate the Microsoft Excel data analysis technique. The adoption of this technology played a fundamental role in improving the effectiveness and efficiency with which the collected data will be analyzed using tables, charts, and graphs. Moreover, incorporation of the Microsoft technique played a fundamental role in improving the ease with which the research data translates.

Analysis and findings

Sample characteristics

The sampling procedures include prospect sampling and non-prospect sampling. In a probability sampling procedure, the samples are representative of the population. This is because all the entries have a chance of selection. On the other hand, items in the non-probability sampling do not have an equal chance. In this scenario, not all the items in the population have equal chances of selection. The data for the study came from the players of Kuala Lumpur Stock Exchange (KLSE).

This technique will ensure that there is no bias in conducting the study. The study took into account both males and females in constructing the research sample. The study assumes that the selected research sample will be representative of the workforce perception of the relationship between pay and performance. The choice of these regions has arisen from the need to understand the impact of social and cultural diversity on employee perception and hence performance. In order to understand the demographic information about the participants, the distribution of gender, age, education level, income, and period employed in the organization are in the following sections.

Reliability Analysis

Reliability analysis evaluates whether the multiple instrument items are measuring the same variable or concept. In SPSS, the Cronbach’s Alpha value measures the reliability of the various variables. The minimum requirement for the value of Cronbach’s Alpha is 0.7 to ensure that the items are internally consistent and reliable. In the exploratory study, the Cronbach’s Alpha value of 0.6 is valid. In this study, the various measurement items are from previous studies, thus, the minimum value is set at 0.7. The corrected-item total correlation (CITC) is also included to evaluate the reliability of the individual item. If the CICT is below 0.5, then the item cannot reliably measure the corresponding variable and is invalid for further analysis. The Cronbach’s Alpha if item deleted indicate whether the Cronbach’s Alpha value goes up or down after excluding this item. Thus, if this value is above the Cronbach’s Alpha value of the variable, the item is invalid for further analysis. Table 1 summarizes the results.

Table 1: Reliability Analysis for Variables

According to the results, the Cronbach’s alpha value of the stability in money value, economic development, social development, resource optimization, equitable distribution of resources, Sharia-compliant products or financial services, and Muslim attitudes are 0.836, 0.817, 0.761, 0.739, 0.898, 0.833, and 0.837, which are all above the minimum requirement of 0.7. In addition, the CICT for individual items is all above the minimum requirement of 0.5, and the Cronbach’s Alpha, if deleted for individual items, are all below the Cronbach’s Alpha value. These results demonstrate that these items are internally consistent and reliable, and are valid for further analysis.

Correlation analysis

Correlation between stability in money value and Muslim attitudes

There was a scatter plot in order to check the correlation between stability in money value and Muslim attitudes. This was to ensure that there was not a violation of the assumptions of normality, linearity, and homoscedasticity among the data. As seen in Figure 1 below, there is a strong, positive correlation between the variables of stability in money value and Muslim attitudes, and the data is normally distributed.

There was a Pearson product-moment correlation coefficient to analyze the relationship between the stability in money value and customer Muslim attitudes. This was after inspecting a positive correlation between the stability in money value and Muslim attitudes. The correlation value below 0.3 indicates low-level correlation; the correlation value between 0.3 and 0.6 indicates a medium level correlation, while the correlation value above 0.6 indicates a higher-level correlation. There was a medium positive correlation between the stability in money value and Muslim attitudes, with a correlation value of 0.373, which is significant at 0.01 levels, indicating that higher levels of the stability in money value are associated with higher levels of Muslim attitudes.

Table 2: Correlation between stability in money value and Muslim attitudes

The correlation between economic development and Muslim attitudes

There was a scatter plot to check the correlation between economic development and Muslim attitudes. As seen in Figure 2 below, there is a strong, positive correlation between the variables of economic development and Muslim attitudes, and the data is normally distributed.

There was a Pearson product-moment correlation coefficient to analyze the relationship between economic development and customer Muslim attitudes. This was after inspecting a positive correlation between economic development and Muslim attitudes; the results are in table 3 below. As is in Table 3, there was a medium positive correlation between economic development and Muslim attitudes. The correlation value was 0.313, which is significant at the 0.01 level, indicating that higher levels of economic development are associated with higher levels of Muslim attitudes.

Table 3 The correlation between economic development and Muslim attitudes

The correlation between social development and Muslim attitudes

There was a scatter plot to check the correlation between social development and Muslim attitudes. As seen in Figure 3 below, there is a strong, positive correlation between the variables of Social development and Muslim attitudes, and the data are normally distributed.

There was a Pearson product-moment correlation coefficient to analyze the relationship between social development and customer Muslim attitudes. This was after inspecting a positive correlation between a fair wage and Muslim attitudes. The results are shown in Table 4 below. As can be seen from this table, there was a medium positive correlation between social development and Muslim attitudes, with a correlation value of 0.412, which is significant at 0.01 level, indicating that higher levels of social development are associated with higher levels of Muslim attitudes.

Table 4 Correlation between social development and Muslim attitudes

The correlation between resource optimization and Muslim attitudes

In order to check the correlation between resource optimization and Muslim attitudes, there was a scatter plot. As seen in Figure 4 below, there is a strong, positive correlation between the variables of resource optimization and Muslim attitudes, and the data is normally distributed.

After inspecting a positive correlation between resource optimization and Muslim attitudes, there was a Pearson product-moment correlation coefficient to analyze the relationship between resource optimization and customer Muslim attitudes. The results are in Table 5 below. As can be seen from this table, there was a medium positive correlation between resource optimization and Muslim attitudes, with a correlation value of 0.409, which is significant at 0.01 level, indicating that higher levels of resource optimization are associated with higher levels of Muslim attitudes.

Table 5: Correlation between resource optimization and Muslim attitudes

Correlation between equitable distribution of resources and Muslim attitudes

In order to check the correlation between the equitable distribution of resources and Muslim attitudes, there was a scatter plot. As seen in Figure 5 below, there is a strong, positive correlation between the variables of equitable distribution of resources and Muslim attitudes, and the data is normally distributed.

After inspecting a positive correlation between the equitable distribution of resources and Muslim attitudes, a Pearson product-moment correlation coefficient was carried out to analyze the relationship between the equitable distribution of resources and customer Muslim attitudes. The results are in Table 6 below. As can be seen from this table, there was a medium positive correlation between the equitable distribution of resources and Muslim attitudes, with a correlation value of 0.455, which is significant at 0.01 level, indicating that higher levels of the equitable distribution of resources are associated with higher levels of Muslim attitudes.

Table 6: Correlation between equitable distribution of resources and Muslim attitudes

The correlation between Sharia-compliant products or financial services and Muslim attitudes

In order to check the correlation between Sharia-compliant products or financial services and Muslim attitudes, there was a scatter plot. As seen in Figure 6 below, there is a strong, positive correlation between the variables of Sharia-compliant products or financial services and Muslim attitudes, and the data is normally distributed.

After inspecting a positive correlation between Sharia-compliant products or financial services and Muslim attitudes, there was a Pearson product-moment correlation coefficient was to analyze the relationship between Sharia-compliant products or financial services and customer Muslim attitudes. The results are in table 7 below. As can be seen from this table, there was a strong positive correlation between Sharia-compliant products or financial services and Muslim attitudes, with a correlation value of 0.765, which is significant at 0.01 level, indicating that higher levels of Sharia-compliant products or financial services are associated with higher levels of Muslim attitudes.

Table 7: Correlation between Sharia-compliant products or financial services and Muslim attitudes

Regression analysis

Regression analysis is a statistical process for estimating the relationships among variables. More specifically, regression analysis helps to understand how the change of independent variables can affect the change of dependent variables. The correlation analysis above indicated that there are relationships between Sharia-compliant products or financial services, equitable distribution of resources, stability in money value, social development, resource optimization, economic development, and Muslim attitudes. In order to find out how these variables influence customer Muslim attitudes and which one has the biggest impact, the multiple linear regression is used.

Table 8: Model Summary

The Adjusted R Square is 0.536, which means that the independent variables of Sharia-compliant products or financial services, equitable distribution of resources, stability in money value, social development, resource optimization, and economic development can explain 53.6% of the variance of Muslim attitudes.

Table 9: ANOVA

By summarizing the ANOVA table, it can be said that the independent variables of Sharia-compliant products or financial services, equitable distribution of resources, stability in money value, social development, resource optimization, and economic development can predict the dependent variable of Muslim attitudes at a significance of 0.01, by considering F=411.961.

Table 10: Coefficients

The regression results are in Table 10 above. According to the results, there is no collinearity problem among the independent variables as the VIF values for all independent variables are less than 10, and the Tolerance value for all variables is above 0.1. It is found that Sharia-compliant products or financial services, equitable distribution of resources, stability in money value, social development, resource optimization, and economic development can significantly impact Muslim attitudes, with sig values all less than 0.05.

Specifically, Sharia-compliant products or financial services have the biggest impact on Muslim attitudes, with a standardized coefficient value of 0.437, followed by equitable distribution of resources, with a standardized coefficient value of 0.424 and social development, with a value of 0.334. The economic development has the smallest impact on Muslim attitudes, with a standardized coefficient value of 0.212.

Limitations of the study

There has been a considerable measure of concerns on extra-budgetary costs of the gathering of the information, paying little mind to whether the accumulated information is truly genuine or not and whether there may be an unequivocal conclusion when translating and breaking down the information. What’s more, a few representatives were hesitant to offer some data that they considered to be private and perilous in the hands of their competitors. This represented an extraordinary test in the examination as the researcher needed to take a more drawn out time.

Conclusion

The main aim of this research study is to analyze the Muslim investor attitudes towards investing in global stock markets and companies. In line with this objective, the paper identifies some variables as explanatory variables. These variables are Sharia-compliant products or financial services, stability in money value, economic development, social development, resource optimization, and equitable distribution of resources. To further build up the overall economy, the Islamic Sharia asks and empowers that kind of trade that outcomes in the formation of genuine utility, whether done straightforwardly or indirectly by a method for productive intervention or through secondary production services in the near future or in the long run (source).

The SAC has been trusted with roles to play to bring sanity to the market. The first role is to expedite the advancement and regulation of new items. The second role is to provide more prominent clarity and improve market certainty and trustworthiness through the dispersal of Sharia decisions. The third role is to initiate constant communication with industry and other Sharia specialists to give valuable criticism to help in decision making. And the fourth role is to participate in the worldwide gatherings and dialogs to upgrade the mindfulness and comprehension of Malaysia’s ICM.

The study found out that Islamic security is not alike to the common conventional securities because they have to satisfy various conditions. It ought to be focused on the states of sharing the profits and losses in a reasonable, plain condition on the legitimate guidelines administering the mudarabah and the partnership contracts fundamentally. In addition, the resources assembled through these securities (issued on no premium premise) ought not to be rechanneled to establishments that do not work in line with Sharia and to firms managing interests for every one of their exercises by utilizing Islamic bank.The piece of ownership in a company is ‘the stock’.

The holders of the stock have a right to share all the residual income after the fixed income has been claimed. Stocks exist in different kinds. The first one is common stock. This kind of shock is influenced by profit and loss. The second type is the preferred stock. This kind of stock has a pre-fixed rate that is used to determine and calculate the share from the profits that the company realizes. The third and final one is the loan stock. This kind of stock has a fixed rate of interest that enables it to earn its profits.

The stock exchange plays a wide variety of roles which are considered to be more significant to a country. First and foremost, the stock exchange creates a business sector that can contain several buyers and sellers at the same time. Secondly, the stock market conveys the necessary and viable information that benefits prospective buyers and sellers. Thirdly, the stock market plays the part of a tool that supplies assets and sufficient funds for companies. Finally, the stock market creates a platform for companies and corporations to raise capital for starting up or expanding the business.

Islamic security is not alike to the common conventional securities because they have to satisfy various conditions. The first condition is that it ought to be focused on the states of sharing the profits and losses in a reasonable, plain condition on the legitimate guidelines administering the mudarabah and the partnership contracts fundamentally.

The second condition is that the resources assembled through these securities (issued on no premium premise) ought not to be rechanneled to establishments that do not work in line with Sharia and to firms managing interests for every one of their exercises by utilizing Islamic bank. The third condition is that the capital assembled through these securities ought to be used in significant projects that unmistakably satisfy the general public enthusiasm of the Muslim society and ought not to contribute non-Muslim foreign nations. Thus, it is normal that the Islamic securities exchange won’t be completely self-regulated without any government mediation.

The Sharia empowers the utilization of benefit sharing and organization schemes and precludes riba (interest), may (betting and other games of chance), and gharar (offering something that is not possessed or that can’t be portrayed in precise details as far as sort, size, and sum). As a rule, the key guideline in Islamic funds is the need to accomplish equity. The point along these lines is to circumvent unfairness to a party in exchange. These incorporate disallowances against jahala (obliviousness) and gharar (guesswork).

Recommendations

The stocks of organizations whose items are not allowed in Sharia are restricted to purchase or sale, for example, premium based banks and insurance agencies and so on. The second recommendation is that stocks of organizations that maintain the principles of Sharia, for example, Islamic banks and Islamic Insurance organizations are reasonable. Finally, the third recommendation is that the stocks of organizations whose items are reasonable yet the organization enjoys non-permitted exchanges, are not allowed.

Such prohibited habits include getting premium based financing, saving in banks for interest, making agreements that incorporate disallowed conditions, e.g., offering gold or silver, or giving gifts or offering firearms to the terrorist. Likewise, organizations that create passable items additionally deliver non-allowable items as a negligible line of production, and this class incorporates most organizations on the planet, for example, Microsoft and IBM. All these stocks are discouraged on a basic level as indicated by the Fiqh Academy. Also, this is a choice that really speaks to a lion’s share.

References

Al-Masri, Y. (2007). Speculation between Proponents and Opponents Rafic. Journal of Islamic Econ, 43(1), 138-142.

Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. Journal of Finance, 57(1), 1-32.

Banerjee, S., Heshmati, A., & Wihlborg, C. (2004). The Dynamics of Capital Structure. Monetary Integration, Markets and Regulation, 4(2), 274-297.

Berglof, E., & Bolton, P. (2002). The Great Divide and Beyond Financial Architecture in Transition. Journal of Economic Perspectives, 16(1), 77-100.

Booth, L., Aivazian, V., Demirgüç-Kunt, A., & Maksimovic, V. (2001). Capital Structure in Developing Countries. Journal of Finance, 56(1), 87-130.

De Haas, R., & Peeters, M. (2006). The Dynamic Adjustment Towards Target Capital Structures of Firms in Transition Economies. Economics of Transition, 14(1), 133-169.

Desai, M., Foley, C., & Hines, J. (2004). A Multinational Perspective on Capital Structure Choice and International Capital Markets. Journal of Finance, 59(2), 2451-2487.

Giannetti, M. (2003). Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices. Journal of Financial and Quantitative Analysis, 38(3), 185-212.

Hassan, G. (2010). Faith-based ethical investing: the case of Dow Jones Islamic indexes. IRTI Journal, 17(2), 31-33.

Hossain, K., Hossain, A., & Sadi, R. (2013). An Examination of the Relationship between Stock Market and Economic Growth: A Study in Malaysia. Journal of Transformative Entrepreneurship, 3075(2), 124-133.

Korajczyk, R., & Levy, A. (2003). Capital Structure Choice: Macroeconomic Conditions and Financial Constraints. Journal of Financial Economics, 68(2), 75-76.

Mondal, A., Akter, N., & Afsar, M. (2013). Investors’ Perception for Transforming Traditional Stock Market into Islamic Stock Market: An Empirical Study on Dhaka Stock Exchange. ABC Journal of Advanced Research, 2(2), 18-30.

Nivorozhkin, E. (2005). Financing Choices of Firms in EU Accession Countries. Emerging Market Review, 6(4), 138-169.

Osmani, M., & Abdullah, F. (2009). Towards an Islamic Stock Market : A review of Classical and Modern Literatures. International Review of Business Research Paper, 5(5), 1-9.

Saunders, M., Thornhill, A., & Lewis, P. (2009). Research Methods for Business Students. New York: Prentice Hall.

Schmukler, S., & Vesperoni, E. (2001). Firms’ Financing Choices in Bank-based and Market-based Economies. Massachusetts: MIT Press.

Introduction

The selected work of art for this discussion is the Alhambra (also called the Red One). This fortress complex appears to be combined with a superlative palace. The building is found in Granada, Spain (Garcia-Pulido, 2017). This paper begins by giving a formal description of this spectacular piece of art. The discussion describes the period and style associated with it. The essay goes further to analyze the architectural attributes and uniqueness of the artwork. The importance and meaning of the structure to modern scholars is described in details. The conclusion gives a succinct summary of the paper and the relevance of this building to contemporary society.

Image of the Selected Work

Formal Description

The Alhambra is a splendid palace characterized by distinctive structures and artistic attributes. To begin with, the building’s length is around 750 meters thus making it enormous. This work of art appears to resemble a palace with a castle appearance. Visitors can see a residential apartment in the building. The Royal Complex has three distinctive parts. These include the Harem, Mexuar, and Serallo (Curl & Wilson, 2015). The Mexuar exhibits unique decorations. Floors and ceilings are designed using brown wood. The Harem has bathrooms with pressurized water.

The building has a room known as the Hall of the Ambassadors. It is the largest and has a huge dome that makes it impressive. The Court of the Lions is a courtyard with an oblong shape. It is decorated using white columns. There is also a pavilion with a doomed roof and filigree walls (Garcia-Pulido, 2017). An alabaster basin is noticeable in this structure. This washbasin is known as the Fountain of Lions and has twelve lions. These are lifeless forms designed and decorated using marble. The garden of Arif is one of the villas connected to the palace.

Other notable features include the Court of the Council Chamber, the Hall of Justice, and the Queen’s Robing Room. These structures appear to have architectural uniqueness, decoration, and architecture. The Upper Alhambra is observed to have a labyrinth, sepulchers, summer-rooms, and bedrooms. Large vases (called Alhambra vases) are evident in this structure. Individuals can see numerous column arcades, reflecting pools, and magnificent waterways that enhance the palace’s aesthetic values (Arnold, 2017). The upper parts of different walls have inscriptions in Arabic. Tile mosaics form mathematical patterns known as laceria. Such aspects of art make the building exceptional and wonderful to the viewer.

Historical Selection

The Alhambra is arguably one of the widely studied structures in the world. This happens to be the case because it has a long history characterized by different events. However, every person will acknowledge that the palace is a classical example of Islamic architecture. The style is also influenced directly by various designs that were associated with the Byzantine era (Garcia-Pulido, 2017). Artists acknowledge that the palace complex exhibits the famous Nasrid style. This was a form of Islamic art that denominated the region from the early 13^th century (Ghasemzadeh, Fatherbaghali, & Tarvirdinassab, 2013). The art is characterized by Arabic inscriptions, geometrical patterns, and carved plaster. The use of tile mosaics, as observed in this structure, was common among pioneers of the style.

The complexity and adoption of different artistic styles can be attributed to the building’s vast history. Originally, the palace was constructed as a fortress by the Romans. This means that it borrowed most of the artistic fashions embraced by the Romans in 889 AD. It was later reconstructed by Arab Mohammed Al-Ahmar in the 13^th century (Jani, Harun, Mansor, & Zen, 2015). The ruler designed the palace and the surrounding wall. In 1333, the Sultan of Granada named Yusuf I converted the structure to become a royal palace. The fortress would later be occupied during the Christian Reconquista towards the end of the 15^th century. The palace was, for the third time, redesigned by its new occupants. This development explains why the renaissance style is also evident in this structure.

This analysis shows conclusively most of the structure’s attributes and features exhibit Islamic architecture. These include the Alcazaba, annexed rooms, and the towers. Historians acknowledge that most of the features added later during the Nasrid kingdom did not survive. This spectacular artwork, therefore, displays the best of Muslim art and the concept of a paradise (Garcia-Pulido, 2017). The added tunnels, Arabic inscriptions, fountains, arcades, and pools make it an admirable piece that serves both architectural and aesthetic functions.

Analysis of the Work

Although this work is attributed to Mohammed and Yusuf I, every visitor will wonder why it houses a palace bearing the name of Charles V. It is also evident that most of the features defining the complex palace are still noticeable today. The Fountain of Lions can be analyzed as a portrayal of the sovereignty, power, and dominance of the designers of the palace (Jani et al., 2015). Archeologists and historians can analyze these features to study how architectural designs changed or influenced each other over the years. Specifically, they should examine the influences different styles such as the Renaissance and the Byzantine had on this structure. Additionally, different Muslim leaders appeared to fancy the artistic styles embraced by the Europeans (Ghasemzadeh et al., 2013). Consequently, they chose to such styles, thereby transforming Islamic architecture.

This understanding should encourage more people to examine how cultures embrace each other’s ideas and use them to come up with superior designs. This magnificent artwork can be studied and analyzed as an amalgamation of various styles that dominated Europe for many centuries. Scholars should also be willing to explore the impacts of injudicious restorations and defacement on historical artworks (Petruccioli & Pirani, 2013). Despite the fact that the building displays Islamic architecture at its best, many historians have acknowledged that the move by different rulers to redesign it for their own intentions amounts to cultural vandalism. This understanding must be embraced by different communities in order to promote and preserve art instead of destroying it. The best thing is to borrow the artistic styles without distorting or destroying them.

Conclusion

The Alhambra is a significant building that exhibits the unique attributes and features of Islamic architecture during the 14^th century. The structure also borrows numerous styles and ideas from the Byzantine and Renaissance eras. The palace brings together diverse architectural concepts, thereby making it an unforgettable piece of art. The survival of this work should encourage every person in the society to support the preservation of ancient buildings (Petruccioli & Pirani, 2013). This practice is critical since cultural vandalism and imprudent refurbishment are malpractices that threaten the future of architectural works that link the present to the past.

References

Arnold, F. (2017). Islamic palace architecture in the western Mediterranean: A history. New York, NY: Oxford University Press.

Curl, J. S., & Wilson, S. (2015). The Oxford dictionary of architecture. New York, NY: Oxford University Press.

Garcia-Pulido, L. J. (2017). The last and most developed Naṣrid palace in the Alhambra: The Alijares and its country estate (fourteenth century). Journal of the Medieval Mediterranean, 29(1), 60-83. Web.

Ghasemzadeh, B., Fatherbaghali, A., & Tarvirdinassab, A. (2013). Symbols and signs in Islamic architecture. European Review of Artistic Studies, 4(3), 62-78. Web.

Jani, H. H., Harun, N. Z., Mansor, M., & Zen, I. (2015). Exploring the Islamic garden concept as inspirational landscape design. Procedia – Social and Behavioral Sciences, 170, 359-368.

Petruccioli, A., & Pirani, K. (2013). Understanding Islamic architecture. New York, NY: Routledge.

Introduction

The video, what does my headscarf mean to you?, by Yassmin Abdel-Magied is a candid, comical, and compassionate talk about perception, misconceptions, and reality behind the headscarf. Dismissing the unconscious bias that drives perceptions of others on the garment, Yassmin states that headscarf is a cultural identity symbol. This paper will attempt to support the view by Yassmin that the headscarf is a form of cultural identity that is misconceived by those who do not understand its symbolic meaning.

What Does My Headscarf Mean to You?

Yassmin argues that the headscarf is a garment that expresses her cultural identity. Apparently, headgear is the proper and complete way of dressing for Muslim women. More importantly, the headscarf is a symbol of Muslim identity and tradition. According to Yassmin, headscarf should also be looked upon as a class symbol. Specifically, instead of looking at the headscarf as a garment that denotes class and status, Western viewpoints sometime ascribe to the garment a meaning that may not be felt by those who wear it.

For instance, Yassmin highlights discussions showing the headscarf as a symbol of oppression as failing to look at it as a dress. Basically, these biased discussions delve into the family structure and individualism, which are not part of cultural identity (Abdel-Magied scene 3).

Identity refers to an articulation of cultural, ethnic, gender, and sexual distinction. In other word, identity is ‘being’; it is formed by the current state that the individual is within at the moment and ‘becoming’; it is always defined by the process within which the individual is participating. As stated by Yassmin, the headscarf, as a symbol of cultural identity, is a moldable part of the self; a place in which the many things to which a person is exposed will provide a new dimension to the cultural beliefs.

Identity, especially in terms of culture, is an important factor in acculturation through the symbolic headscarf. As noted by Yassmin, Muslim women have to choose whether to take on an identity that is not originally their own or having to adopt another culture. During acculturation, Yassmin describes these positions the subject of cultural identity must take.

The second significance of the headscarf is described by Yassmin as an important part of the identity of a Muslim woman. Western thinking tends to consider this a sort of oppression, but for the Muslim woman, this is not an oppressive garment. This garment symbolizes her faith and her status as a good Muslim woman.

She is not covered to hide or oppress her, but to reveal that she belongs. Yassmin states that “the adoption of the dress does not declare a woman’s place to be in the home, but, on the contrary, legitimizes their presence outside of it” (Abdel-Magied scene 4). The headscarf is a way for a woman to go outside of the protection of her home and to be safe, free from harassment, and given status as a good Muslim. It is a choice that is made as a declaration of her identity.

This is proven because of the number of Muslim women who continue to wear their traditional dress even after moving to a non-Arab country. However, those who oppose this view argue that the question of the headscarf and the identity it communicates are not very clear.

For instance, Yassmin notes that opponents of headscarf view the garment as a symbol of oppression and subjugation of being very vocal in advocating for the raising of the veil. However, Yassmin disagrees with this position of seeing the headscarf as a symbol of male dominion, but see it as a symbol of the fight against western culture, more specifically materialism and imperialism.

Interestingly, Yassmin makes the third argument that is contrary to popular belief. She states that the Muslim woman is not being oppressed through covering; rather, she is being liberated from the shackles of being scrutinized by men according to man’s standards of attractiveness. This, according to her, gives the woman an opportunity to be whom she is on the inside, without being seen as a sex object to be lusted after.

Yassmin goes on to argue that the veil brings dignity and honor to the woman by bringing out an aura of respect, noting that the woman is respected and admired not because of beauty or lack of it, but because of their mind and personality (Abdel-Magied scene 3). From this argument, Yassmin reveals that the women who wear the headscarf out of choice and associate with it are not disadvantaged. On the contrary, they find an identity which is unique to their cultural orientation and beliefs.

Despite the clear arguments in support of headscarf as presented by Yassmin, there is generally a negative stereotype attributed to Muslims because of the understanding of the headscarf whereby they are seen as aggressors, ready to use force to gain whatever they want. After the September 11th attack, Muslim communities have become the target of increased hostility across many countries in the Western sphere.

For instance, Yassmin notes that those who see anybody dressed in Muslim clothing are automatically under the misconception that they are terrorists. This is also echoed in a common public view which states that Islam is depicted many times as a religion that is harsh to women, and Muslim identities are frequently linked with terrorism.

The Western point of view on the headscarf and its oppressive nature, rather than exploring the meaning from the point of view of Muslim women, who wear the veil, is one example of how stereotypes suggest that Muslims are harsh on women.

This viewpoint does not explore the deeper meanings of the headscarf. This argument points out that the number of women who had been ridiculed or received hateful comments for being Muslims in the post- September 11 climate measurably increased. This negative stereotyping and ridicule finds an easy target because of the recognizable outward appearance of Muslim women.

Having in mind the negative views that have been raised about the headscarf, Yassmin states that Muslim women find it difficult to interact with people of other cultures, thereby reducing the effectiveness of their social interaction due to the common misconception (Abdel-Magied scene 5).

As a result of the common misconception about the headscarf, especially when worn by a Muslim woman, those who wear this garment find it difficult to fit into the biased society. Yassmin argues that the victims of such misconception are struggling to change who they are and modify their self-esteem since at the back of their mind, they are aware of apparent rejection.

The small fractions of Muslims, who are aggressive, such as the notorious suicide bombers, have spread a negative view about the headscarf as a symbol of ‘terrorist’ or ‘violence’ among the peaceful women. The sensitivity to such perceived ‘threats’ can lead to prejudice, regardless of whether or not the threats are real.

Yassmin notes that such prejudice and misconception can be transferred to the social environment, resulting in unhealthy interaction among different cultures (Abdel-Magied scene 3). Such relationships are imbued with fear and contempt for one another, something that would negatively affect the symbolic meaning of the fashionable headscarf.

In summary, according to Yassmin, there are certain issues that must be addressed when a situation is faced with the potential for a culture clash, such as the perceptions on the headscarf. This is because there is a certain level of anxiety that will exist over the fear of the unknown. The individuals who meet with differing cultural backgrounds will have a natural fear of the ’otherness’ that is observed in the women who wear the headscarf.

Motivations for certain behaviors will seem unclear and the reasons for actions may not seem to have a purpose when an understanding is only held within the framework of one culture. Understanding the other culture will mean releasing pre-conceived ideas that cloud the truth. In accepting the headscarf, the defining line between the veil culture and the other culture can sometimes become blurred.

It is a difficult thing to try to shut out the headscarf culture and stay isolated from social interactions through the unfounded misconceptions that are openly biased. Yassmin argues that despite the differences between those who oppose and support the headscarf as a symbol of cultural identity, the reality is that most of these negative resentments are based on bias perceptions.

Works Cited

Abdel-Magied, Yassmin. What does my headscarf mean to you? YouTube, 2014. Web.

The United States of America is often viewed as a country of opportunities, which has a high contribution of the immigrants to its growth and economic development. Nonetheless, each immigrant group impacted the improvement of the social condition of the American nation. Nevertheless, representatives of each country were attracted by the freedoms and an extended variety of rights provided by the Constitution (Embassy of the United States of America 9).

The primary goal of this essay is to discuss the contribution of Muslim Americans, Mexican Americans, and Greek Americans to the social, economic, and cultural growth of the country while introducing innovations, values, and cultural aspects.

Firstly, the role of Muslim Americans cannot be underestimated, as they contributed to the economic growth and social development while being highly qualified professionals by representing each level of society (Embassy of the United States of America 10).

Additionally, the early ties and connections with Muslim countries were one the primary reason for the development of the strong democratic basis in American civilization while respecting diversity and cherishing multiculturalism. Additionally, it remains apparent that Muslims assisted in the cultivation of religious diversity due to the ability to save and value their religious principles and making the rest of American society understand its vitality (Embassy of the United States of America 60).

In turn, Mexican Americans had a vehement influence on American civilization and can still be considered as the highest group of immigrants in its number. It could be said that this immigrant group has a vehement impact on the mass media since it tends to add “Mexican flavor” to the TV programs, series, movies, and pop-music culture (Garcia 163). Additionally, it has an extended influence on the political culture by highlighting the essentiality of the representatives of various ethnical groups in the political parties and governmental institutions (Garcia 163). Based on the information provided above, the Mexican minority group not only influenced the American culture from the social perspective but also contributed to the necessity to modify political principles and voting schemes.

Lastly, Greek Americans tend to alter the flow of American life while valuing the principles of their culture. In this case, Greeks were capable of bringing their culture’s particular qualities to the everyday life of American society. Consequently, they were able to save their ethnic aspects such as Greek language, cuisine, traditions, and cultural principles, and these features are present in the modern American culture (Barkan 395). Based on the facts mentioned above, Greek culture contributed to the modifications in the flow of American life while cultivating the necessity of respect to its values.

In the end, it could be said that all immigrant groups mentioned above vehemently contributed to the growth of the United States of America socially and economically. Furthermore, the presence of the different countries on one continent was one of the initiators of the cultivation of multiculturalism and diversity as the core principles of modern American culture. In turn, they modified the political and social organization of American society since they created the necessity to extend the rights and freedoms of individuals to avoid the presence of racism and disrespect to other countries. Lastly, the multinationalism of the United States of America is defined by the ability of the immigrant groups to cherish the values and aspects of the religion and culture and capability to share it in the communities.

Works Cited

Barkan, Elliot. Immigrants in American History: Arrival, Adaptation, and Integration, Santa Barbara: ABC CLIO, 2013. Print.

Embassy of the United States of America. American Muslims. 2012. Web.

Garcia, Alma. The Mexican Americans, Westport: Greenwood Press, 2002. Print.

In the article, the author shares thoughts about her experience of being a Muslim in America. She recollects how she became the co-founder of the #mipsterz (Muslim hipsters) and the path she had to take before directing the video – “Somewhere in America.” According to the author, she felt uneasy and unconfident as the video became increasingly watched and trending because her face grew popular on the Internet.

This popularity was connected to the ambivalent reactions of people in America as well as across the seas – the combination of support and admiration with harsh criticism and narrowness. The main idea of the video was to demonstrate that even though people choose to maintain their religious identity (wear hijabs), it does not mean that they cannot be involved and succeed in mainstream activities, whether they are traditional American activities (for instance, soccer) or leisure (skateboarding, science or sports).

In addition, the author recollects the life she, as well as all members of the American Muslim community, had after the terrorist attacks of September 11th – Islamophobia and non-acceptance by the majority. Because the video showed that American Islam is not associated with terrorism, it was supported by the majority of the community members, although the overall reaction to it was ambiguous.

The main reason behind the support of the video is that it showed how American Muslims lived – regardless of excessive Islamophobic intentions, they led normal lives with interests, hobbies, and achievements. All in all, it was an accurate representation of the Muslim community – a minority in modern America that is commonly either underrepresented or misrepresented (Shaikley, 2014). That being said, regardless of the narrow focus on the life of Muslim women in America, the article is more than just a mere description of the author’s story and the video created by her. Instead, it is a comprehensive piece of writing addressing different groups of the modern community that aims at promoting social justice and equality.

Based on everything that was mentioned above, there are several main arguments that are visible throughout the article. To begin with, religion does not determine who people are. Even though it predetermines acceptable patterns of thinking and worldview, it still does not make a person someone who they really are not. In addition, religion is a subject of severe stereotyping: just because one wears a hijab, others perceive them as either terrorist or possessing a particular set of characteristics, such as voicelessness, submissiveness, violent oppression, naïve desexualization, and lacking agency (Shaikley, 2014).

All in all, just because someone is different on the outside (in particular, wears hijab and avoid excessively revealing clothes), they are believed to be somehow different on the inside – without the ability to have interests and achievements similar to those of ordinary people – the majority. In other words, judging a person by religion points to being limited in one’s perception of the world as a whole and humanity in particular.

In addition to stressing on the role of religion in seeing other people and stereotyping, the author pays special attention to the differences between people within one community – American Muslims. For instance, she focuses on varying interests of Muslim women – from professional fencing to dentistry and architecture – as well as ambiguous reactions to the same story – the video prepared by the author herself and other women belonging to her community.

Based on the existing differences, another main argument is the following: even though religion predetermines an acceptable worldview common for the members of a particular religious community, it does not make all of its members monolithic. In other words, regardless of having the same religious background, all people always remain individual and subjective.

Before proceeding with the critique itself, it is essential to focus on several other essential elements of the article. To begin with, one of the imperative factors is the audience. Because the piece of writing aims at sharing the story of creating the video, the audience is everyone who watched it and questioned the motives behind the initiative.

However, taking a closer look, it is obvious that the real audience is mainstream American citizens who fail to understand that religion does not make anyone different from the majority population as well as the Muslim people themselves who may be afraid or uneasy when integrating into the American society due to Islamophobia. Even though the mentioned group is Muslim women, it does not necessarily mean that they are the target people to be addressed. Instead, the focus is made on empowering all Muslim people to become actively involved in the activities of their interest regardless of stereotypes and social non-acceptance.

Now, as all main arguments and elements are clear, it is possible to assess them. First and foremost, the audience was properly addressed. It can be explained by the fact that there were numerous references to the personal experiences of Muslim women in order to empower them as well as ordinary Americans with the aim of overcoming the existing social gap. For example, think of the experience of the author itself as well as recollections of personal achievements of other women and stressing that they were natural in the video.

It means that the focus was made on erasing differences between the major American group and the minor Muslim community. All in all, the article was informative enough because it not only shared the story of creating the video but also explained it as well as paid special attention to reactions to this video. Due to the gradual presentation of information, it can be said that the article is properly structured so that the audience is addressed and the main objectives are achieved. Speaking of the major objectives, they involve empowering Muslim people and educating the ordinary Americans.

In addition, it is essential to note that reading the article for the first time, the logic and flow were questioned because it was complicated to identify the main themes and audience. Nevertheless, once the reading was completed, all issues became clear, and it turned out that the information is presented in a logical manner regardless of the ambivalent first impression. All in all, the article, as well as the author’s logic, did make sense, especially viewed from the perspective of the necessity to achieve the main objectives of writing. Speaking of logic and flow, it is imperative to point to the use of examples to support main arguments. Both personal and professional experiences of the author and women shown in the video served as appropriate examples for supporting arguments and sharing the central message of the piece of work.

Still, it is essential to mention that because of presenting only the stance of the author that is perceived as the position of the Muslim community, the balance was not maintained because the other side of the arguments – rebuttal – was not included.

However, this issue can be ignored because the article is neither a scholarly writing nor an argumentative essay, so, in fact, it does not necessarily play the critical role in understanding arguments. In addition, it can be mitigated by recollecting that the author involved dual perceptions of the video that may be considered as the urge for preserving balance in writing by addressing both supporters of the story and admirers of the video as well as those criticizing it for narrowness and lacking socially vital message.

All in all, the article is a valuable and informative piece of writing. Regardless of some challenges and issues faced during reading and analyzing the content, it is obvious that there were subjective, so, judging the work open-mindedly revealed that it is a comprehensive and detailed article. The author pays special attention to discussing how she came up with the idea of creating the video, as well as shares her personal and professional experiences.

It is imperative to note that including the video is a wise decision because, without watching it, it would be impossible to judge ideas represented in the article as well as analyze it as a whole. Summing everything up, just like “video is a celebration of … daily lives [without] symbols associated with the hijab” (Shaikley, 2014), the article is an opportunity to make another step towards building an equal and just society in modern America minimizing prejudice and avoiding religious bias.

Reference

Shaikley, L. L. (2014). The surprising lesson of the ‘Muslim hipsters’ backlash. The Atlantic. Web.

As a tendency, Arab Spring has motivated young people from all over the Islamic world to re-think their identities and goals in life and become more productive as professionals, managers, and leaders. This happening is new to the Muslim culture, and this is why it is important to understand and analyze its development, implications, and potential outcomes. The major shift of values and future orientation within the new generation of the society determines its course for the upcoming decades and its wellbeing in the long-term.

In comparison to the older generation of Muslim people, the youth is much more flexible which assumes the upcoming changes in the society. That way, as the new generation is currently in pursuit of jobs, the hirers and companies are to be aware of the specific features of the potential employees.

This phenomenon is similar to the integration of the Millenials in the workforce of the West, the challenging process that requires some flexibility from the organizations. Managing the younger generation of Muslims also may result in a variety of clashes between the youth and the workplaces run by Traditionalists who prefer to follow the older practices.

Today, hiring young people, the managers are to ensure that the companies’ values match the values of the potential workers, respond to their cultural flexibility, and orientation to the new values. The system of incentives also should be changed, as goal-driven young professionals are more interested in self-actualization, career building, and improvement. The companies may want to look into the adoption of such practices as coaching, qualification refinement and improvement, equality practices, team building, innovation, and new technologies.

As workers, the new generation can be motivated by the incentives and benefits that allow creativity and self-realization. It is possible that the Islamic managers would have to review some of the Western practices aimed at the maximization of productivity facilitated using positive stimuli such as appreciation, autonomy, rewards, and perks, instead of following the transactional leadership concept with autocratic authorities. In other words, the businesses today are not only to hire the younger employees but also to provide them with the opportunities to take over the leading roles and enforce fresh changes.

To sum up, the reviewed article provides elaborate information concerning the differences between the new and the older generations of Muslim societies, their specific features, and values. This information allows the managers and decision-makers to adjust their practices and strategies to attract, and motivate younger professionals who represent extremely useful human resources that carry contemporary knowledge, relevant information, and are more in tune with the latest societal and business trends.

The attraction and retention of the employees from the younger generation will allow Muslim businesses to keep up with the rapid development of the business world, expand to other countries, maintain balanced and productive communication and collaboration with the Western world, and remain at the top of their markets evolving under the influence of the Arab Spring as a social tendency.

Needs Analysis

Functional needs

A Muslim does not enter place of prayers while wearing shoes hence they will need flip-flops, which are easily worn i.e. no laces, buckles, or socks. Secondly, salons provide flip-flops to clients to make them feel comfortable during pedicure, manicure and other services. Flip-flops as well are worn at the beach (Stimpert, n.d., par. 6). This is an area where a person cannot wear high-heeled shoes because of sand. Additionally, flip-flops are worn for personal fitness especially during pregnancy and while walking for short distances.

Symbolic needs

Flip-flops, grills, beach towels, and baseball are all utilised together during parties held at the seashore. This symbolizes fun and relaxation during summer. To add on this, flip-flops symbolize trendiness and youthfulness. As an informal type of footwear, flip-flops are used in the bathroom, kitchen and while cleaning the house.

Emotional needs

Flip-flops make consumers feel relaxed since they are less strenuous compared with high-heeled shoes. The sense of satisfaction gained from using flip-flops is also an emotional need.

Social needs

Because of trendiness and youthfulness of flip-flops, a wearer gains acceptance to a social class of youths who are fashion sensitive (Wasmer, 2012). Besides, women habitually match their dressing with flip-flops.

Decision Making Process Analysis

Need recognition

As summer approaches, a consumer notices that flip-flops are required to match the hot condition. On a daily basis, a Muslim has to attend prayers nearly five times a day. He or she then realizes that flip-flops are necessary because of the ease of wearing. To add on this, an expectant mother becomes aware that she needs flip-flops for comfort.

Information search

Websites and online social media are the current main source of information for consumer. Family members and friends as well provide a potential consumer with information on flip-flops.

Evaluation of alternatives

Crocs and Havaianas have developed interactive websites that allow consumers to compare products with reference to colour, shape, and prices. Moreover, flip-flops vary according to material used to make the product i.e. leather or rubber. Furthermore, the customer will choose between alternatives by looking at the functionality of flip-flops i.e. for fun at the beach or for physical fitness.

Purchase decision

Since flip-flops belong to the family of footwear, many consumers in UAE go to dedicated shops where they can choose between varieties. Secondly, explosion of information technology have enabled customers to purchase from online shops. An example is Havaianas, which allow customers to purchase and wait for shipment to be delivered. Thirdly, supermarkets have availed flip-flops in their shops. Under this scenario, a consumer who is shopping for household items can decide to buy flip-flops.

Post purchase decision

Consumers who are conscious of footwear quality look at durability. Others who bought flip-flops for comfort purposes would evaluate the product on whether they were comfortable upon wearing the footwear. In line with this, women generally share their experiences with other women hence they are likely to express satisfaction or dissatisfaction from consuming the product.

Types of Decision Making

Consumers of flip-flops have variety-seeking buying behaviour. Even though involvement is low, a consumer is very much aware of difference between options. As an example, Havaianas have varieties including slim hardware, men’s urban premium, kids slim, slip peacock, as well as customized brands. Crocs too has availed different options to fit men, women, girls and boys. Girls for example can choose crocslights while men who are ocean minded can go for scorpion luxe flip, honuback flip, or manaia II flip. Considering that flip-flops have numerous varieties, consumers tend to switch between brands.

References

Stimpert, D. (n.d). Flip-Flops: The DOs and DON’Ts of Flip-Flops. Web.

Wasmer, L. (2012). Re: The Psychology of Wearing Flip-Flops. Web.

Summary

The article “Corporate sustainability and financial performance of banks in Muslim economies: The role of institutions” by M. A. Khattak intends to investigate whether institutional quality mediates the relationship between sustainability and financial performance. The author states that during recent years the topic of corporate social responsibility has gained increased attention from various stakeholders.

As a result, more and more top-level corporations disclose their investments in sustainable initiatives. For instance, based on the study conducted by KPMG in 2017, 93% of the 250 largest companies revealed their environmental, social, and corporate governance. However, Khattak maintains that not all managers are convinced that sustainable behavior may lead to certain benefits for the company. Particularly, people doubt that the former may positively impact an organization’s financial performance. In this regard, the scholar hypothesizes that the relationship between those two variables may not be as straightforward as it may first seem. Therefore, Khattak proposes to analyze the role of institutional quality as the mediator of a causal link between sustainable behavior and financial performance.

Methodology

The final panel under investigation included the data of banks from 13 Muslim countries from 2007 to 2016. In order to avoid the problems with heterogeneity, correlation, and endogeneity, Khattak uses the system GMM (generalized method of moments) approach. The author uses financial performance – which consists of two indicators, namely return of assets and returns on equity – as the dependent variable. Independent variables encompassed sustainable performance, institute quality, company capitalization and liquidity, asset quality, GDP growth, and inflation rate.

Results

The regression model revealed that banks that invest more in sustainable practices have better financial performance. It is explained by the fact that high levels of corporate social responsibility positively influence a company’s image, resulting in more people who are willing to use the services of brands that act sustainably. It is argued that, as a consequence, banks that have more customers experience a surge in deposit rates and a decline in loan rates.

Also, it was found that institutional quality serves as a mediator of corporate social responsibility’s impact on financial performance. Results showed that better institutions are associated, firstly, with increased sustainable practices and, secondly, with improved financial performance. However, Khattak notes that pro-environmental behavior translates to monetary benefits only when the company is able to communicate that information to its clients adequately.

Personal Opinion on the Article

In my opinion, this article addresses a very crucial topic for the modern business world. As the popularity of environmentally friendly behavior grows continuously, it is necessary to know how corporate social responsibility can help companies to adapt to new realities and whether it brings additional revenues. In this regard, understanding how the level of institutional development can affect financial performance is important both from the macro- and micro-economical perspectives.

It can be argued that the results are credible as Khattak deliberately considered all the possible problems with the data (such as heterogeneity, correlation, and endogeneity issues) and chose the most suitable model. However, I have certain doubts concerning the usage of an institutional quality variable without controlling for the overall sentiments of the country’s citizens regarding sustainable behavior. I think that in countries with developed institutions, people are generally more concerned with environmental issues. As a result, they would be more attracted to corporates that are socially responsible than individuals from other countries. Therefore, what is considered the institutional impact may, in reality, be explained greatly by people’s priorities.