Welcome to the Special Issue of Journal of Economic and Social Studies (JECOSS). While JECOSS aims to embody interdisciplinary areas such as economics, business administration, public administration, political studies, international relations, labor economics and industrial relations, econometrics, sociology and psychology, this Special Issue focuses on contemporary economic issues in the Balkans and is titled as "A Comparative Analysis of Current Economic Development in the Balkan Countries".. The Balkan Peninsula (South Eastern Europe) is an important area where both important historical and political events are taken place for the centuries. It has also recently experienced an unprecedented transformation. Over the past two decades, the Balkan Countries have gone through very important economic, social and political changes. Some former socialist countries (Bulgaria-2007, Slovenia-2004 and Romania-2007) and Greece (1981) have become full members of the EU. Some other Balkan countries (Serbia, Montenegro, Croatia, Bosnia-Herzegovina, Kosovo and Macedonia) have experienced fierce political conflicts which ended up with the wars in the region in 1990s. Following the turmoil, these countries have started to struggle for economic, social and political reconstruction process. In the war and during economic and politicaltransformation, many of the Balkan countries had economically declined. Their welfare levels had gone down.
{"title":"A Comparative Analysis of Current Economic Development in the Balkan Countries","authors":"Okyay Uçan, Fatih Çelebioğlu","doi":"10.14706/JECOSS11221","DOIUrl":"https://doi.org/10.14706/JECOSS11221","url":null,"abstract":"Welcome to the Special Issue of Journal of Economic and Social Studies (JECOSS). While JECOSS aims to embody interdisciplinary areas such as economics, business administration, public administration, political studies, international relations, labor economics and industrial relations, econometrics, sociology and psychology, this Special Issue focuses on contemporary economic issues in the Balkans and is titled as \"A Comparative Analysis of Current Economic Development in the Balkan Countries\".. \u0000The Balkan Peninsula (South Eastern Europe) is an important area where both important historical and political events are taken place for the centuries. It has also recently experienced an unprecedented transformation. Over the past two decades, the Balkan Countries have gone through very important economic, social and political changes. Some former socialist countries (Bulgaria-2007, Slovenia-2004 and Romania-2007) and Greece (1981) have become full members of the EU. Some other Balkan countries (Serbia, Montenegro, Croatia, Bosnia-Herzegovina, Kosovo and Macedonia) have experienced fierce political conflicts which ended up with the wars in the region in 1990s. Following the turmoil, these countries have started to struggle for economic, social and political reconstruction process. In the war and during economic and politicaltransformation, many of the Balkan countries had economically declined. Their welfare levels had gone down.","PeriodicalId":52427,"journal":{"name":"Nigerian Journal of Economic and Social Studies","volume":"14 1","pages":"5-9"},"PeriodicalIF":0.0,"publicationDate":"2012-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74762517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Microfinance has been used as a tool for social sustainability and development since the 1970s. In microfinance, assessment of social sustainability is often conducted through client impact monitoring. This study explores the impact measurement practices of microcredit organisations in Bosnia and Herzegovina and their use of information systems in this process. We draw on the latest trends of using shared measurement systems for impact monitoring, to point out the potential of using such systems to achieve sustainable impact on wider social issues in Bosnia and Herzegovina. This paper outlines the roles and responsibilities that different stakeholders should play in the system development process. Keywords: microfinance, microcredit, Bosnia and Herzegovina, social impact, information systems, ICT, shared measurement systems.
{"title":"Utilizing Information Systems for Measuring Impact on Social Sustainability: Survey of Microcredit Organizations in Bosnia and Herzegovina","authors":"Alica Pandzo, K. Taljanovic, Selma Jahic","doi":"10.14706/JECOSS112210","DOIUrl":"https://doi.org/10.14706/JECOSS112210","url":null,"abstract":"Microfinance has been used as a tool for social sustainability and development since the \u00001970s. In microfinance, assessment of social sustainability is often conducted through client \u0000impact monitoring. This study explores the impact measurement practices of microcredit \u0000organisations in Bosnia and Herzegovina and their use of information systems in this process. \u0000We draw on the latest trends of using shared measurement systems for impact monitoring, to \u0000point out the potential of using such systems to achieve sustainable impact on wider social \u0000issues in Bosnia and Herzegovina. This paper outlines the roles and responsibilities that \u0000different stakeholders should play in the system development process. \u0000Keywords: microfinance, microcredit, Bosnia and Herzegovina, social impact, information \u0000systems, ICT, shared measurement systems.","PeriodicalId":52427,"journal":{"name":"Nigerian Journal of Economic and Social Studies","volume":"1 1","pages":"217-235"},"PeriodicalIF":0.0,"publicationDate":"2012-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85485919","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The objective of this study is to compare the financial performance of the banking sector in some ex- Yu countries: Bosnia and Herzegovina, Croatia, Slovenia and Serbia for period from 2005 to 2010. Banking sector of Yugoslavia was strong but because of the weakness and the collapse all these characteristics disappeared. The financial performance of banks is study on the basis of some selected financial variables and ratios, such as return on asset, return on equity, capital adequacy ratio, share of non-performing loans in total loans, participation of deposits, assets and loans in Gross Domestic Product of the country. All of the indicators improved in period until the beginning of the global crisis, but with the first signs of crisis the conditions in entire economy worsen as well as the situation in the banking sector. Data show that banking system of these countries suffers from problems largely influenced by its huge debt to IMF, political situation, financial crisis, internal situation and other political factors. The authorities of banking system in selected countries took some measures in order to improve financial position and to slowdown the negative consequences of the global crisis. Keywords: Banks, ROA, ROE, Non-performing loans, Reforms, Crisis
{"title":"Evaluation of Financial Performance of Banking Sector: Evidence from Bosnia and Herzegovina, Croatia, Serbia and Slovenia","authors":"Nađa Dreca","doi":"10.14706/JECOSS11224","DOIUrl":"https://doi.org/10.14706/JECOSS11224","url":null,"abstract":"The objective of this study is to compare the financial performance of the banking sector in \u0000some ex- Yu countries: Bosnia and Herzegovina, Croatia, Slovenia and Serbia for period from \u00002005 to 2010. Banking sector of Yugoslavia was strong but because of the weakness and the \u0000collapse all these characteristics disappeared. The financial performance of banks is study on \u0000the basis of some selected financial variables and ratios, such as return on asset, return on \u0000equity, capital adequacy ratio, share of non-performing loans in total loans, participation of \u0000deposits, assets and loans in Gross Domestic Product of the country. All of the indicators \u0000improved in period until the beginning of the global crisis, but with the first signs of crisis the \u0000conditions in entire economy worsen as well as the situation in the banking sector. Data show \u0000that banking system of these countries suffers from problems largely influenced by its huge \u0000debt to IMF, political situation, financial crisis, internal situation and other political factors. \u0000The authorities of banking system in selected countries took some measures in order to \u0000improve financial position and to slowdown the negative consequences of the global crisis. \u0000Keywords: Banks, ROA, ROE, Non-performing loans, Reforms, Crisis","PeriodicalId":52427,"journal":{"name":"Nigerian Journal of Economic and Social Studies","volume":"14 1","pages":"65-95"},"PeriodicalIF":0.0,"publicationDate":"2012-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88153545","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Prior to directing their investments, strategy makers at national and firm level need to know competitive advantages and disadvantages in a country or region. By bearing this need in mind, this study aims to examine competitive factors in Balkan countries to develop a road map for investors. To do this, we used World Economic Forum’s “Global Competitivenes Index” to analyse the case of Balkan countries as a region to cluster and compare them based on Global competitiveness factors. Analysis results pointed out that Balkan countries were clustered in two groups and scored lower or medium level on almost all competitive factors as the region. Based on these findings, authors suggested various strategic recommendations at micro and macro level. Keywords: Cluster, Competitiveness, Strategic Management, Balkan Countries
{"title":"Clustering Balkan Countries Based on Competitiveness Factors: A Strategic Perspective","authors":"K. Develioğlu, Kemal Kantarcı","doi":"10.14706/JECOSS112211","DOIUrl":"https://doi.org/10.14706/JECOSS112211","url":null,"abstract":"Prior to directing their investments, strategy makers at national and firm level need to know \u0000competitive advantages and disadvantages in a country or region. By bearing this need in \u0000mind, this study aims to examine competitive factors in Balkan countries to develop a road \u0000map for investors. To do this, we used World Economic Forum’s “Global Competitivenes \u0000Index” to analyse the case of Balkan countries as a region to cluster and compare them based \u0000on Global competitiveness factors. Analysis results pointed out that Balkan countries were \u0000clustered in two groups and scored lower or medium level on almost all competitive factors \u0000as the region. Based on these findings, authors suggested various strategic recommendations \u0000at micro and macro level. \u0000Keywords: Cluster, Competitiveness, Strategic Management, Balkan Countries","PeriodicalId":52427,"journal":{"name":"Nigerian Journal of Economic and Social Studies","volume":"41 1","pages":"235-243"},"PeriodicalIF":0.0,"publicationDate":"2012-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82152633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigates monetary policy transmission in the Balkans in the 21 st century. In order to analyse the reaction of output and prices to a shock in monetary policy (defined as an increase in the interest rate), this study employs structural vector auto regression approach. The obtained impulse responses suggest that monetary policy in the six Balkan countries under investigation is not effective in influencing output and prices, which points towards a very limited use of monetary policy in the overall conduct of economic policy.
{"title":"Monetary Policy Transmission in the Balkans in the 21st Century: Empirical Evidence","authors":"V. Šimić, Lena Malešević-Perović","doi":"10.14706/JECOSS11222","DOIUrl":"https://doi.org/10.14706/JECOSS11222","url":null,"abstract":"This study investigates monetary policy transmission in the Balkans in the 21 st century. In order to analyse the reaction of output and prices to a shock in monetary policy (defined as an increase in the interest rate), this study employs structural vector auto regression approach. The obtained impulse responses suggest that monetary policy in the six Balkan countries under investigation is not effective in influencing output and prices, which points towards a very limited use of monetary policy in the overall conduct of economic policy.","PeriodicalId":52427,"journal":{"name":"Nigerian Journal of Economic and Social Studies","volume":"78 1","pages":"9-40"},"PeriodicalIF":0.0,"publicationDate":"2012-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79715322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Hotel guests’ satisfaction with service and product depends largely on employees’ doing their job willingly and readily because of the direct relationship between employee motivation and quality of products. Therefore some internal or external means of interference are needed throughout management processes in order to motivate employees. In this study external motivation levels of employees working in hotel businesses and as an independent variable, job security factor’s effect on the perception of external motivational tools are investigated. Population of the study consists of hotel employees working in 4 and 5 star hotels in Turkey. A sample of 24 hotels was chosen from cities with dense tourism activities. The study was conducted in the months of July and August of 2009 and 414 employees participated in the survey. Regression Analysis Methods are used in analyzing the data. The results of the study have shown that there is a meaningful relationship between job security and external motivational tools and existence of job security is effective on the perception levels of all other external motivational tools. Based on the analysis results obtained it has been concluded that job security is most effective on factor variables related to ‘Hierarchical Structure’ among other external motivational tools.
{"title":"The Effect of Job Security on the Perception of External Motivational Tools: A Study in Hotel Businesses","authors":"Fazıl Şenol","doi":"10.14706/JECOSS11122","DOIUrl":"https://doi.org/10.14706/JECOSS11122","url":null,"abstract":"Hotel guests’ satisfaction with service and product depends largely on employees’ \u0000doing their job willingly and readily because of the direct relationship between \u0000employee motivation and quality of products. Therefore some internal or external \u0000means of interference are needed throughout management processes in order to \u0000motivate employees. In this study external motivation levels of employees working \u0000in hotel businesses and as an independent variable, job security factor’s effect on the \u0000perception of external motivational tools are investigated. Population of the study \u0000consists of hotel employees working in 4 and 5 star hotels in Turkey. A sample of 24 \u0000hotels was chosen from cities with dense tourism activities. The study was conducted \u0000in the months of July and August of 2009 and 414 employees participated in the \u0000survey. Regression Analysis Methods are used in analyzing the data. The results of the \u0000study have shown that there is a meaningful relationship between job security and \u0000external motivational tools and existence of job security is effective on the perception \u0000levels of all other external motivational tools. Based on the analysis results obtained \u0000it has been concluded that job security is most effective on factor variables related to \u0000‘Hierarchical Structure’ among other external motivational tools.","PeriodicalId":52427,"journal":{"name":"Nigerian Journal of Economic and Social Studies","volume":"16 1","pages":"33-67"},"PeriodicalIF":0.0,"publicationDate":"2011-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85881367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper addresses the effect of English proficiency on economic growth empirically with Barro-type cross-sectional growth regression. The empirical results provide evidence of positive correlation between initial English proficiency and economic growth only for the countries in the Asia and Europe. Therefore, countries with higher levels of English proficiency among the fraction of its population are likely to grow faster. This paper suggests that the ability to absorb knowledge is positively related to the level of English proficiency. It implies that the level of English proficiency can be viewed as a component of human capital.
{"title":"English Language and Economic Growth: Cross-Country Empirical Evidence","authors":"Chew Ging Lee","doi":"10.14706/JECOSS11211","DOIUrl":"https://doi.org/10.14706/JECOSS11211","url":null,"abstract":"This paper addresses the effect of English proficiency on economic \u0000growth empirically with Barro-type cross-sectional growth regression. \u0000The empirical results provide evidence of positive correlation between \u0000initial English proficiency and economic growth only for the countries \u0000in the Asia and Europe. Therefore, countries with higher levels of \u0000English proficiency among the fraction of its population are likely to \u0000grow faster. This paper suggests that the ability to absorb knowledge is \u0000positively related to the level of English proficiency. It implies that the \u0000level of English proficiency can be viewed as a component of human \u0000capital.","PeriodicalId":52427,"journal":{"name":"Nigerian Journal of Economic and Social Studies","volume":"33 1","pages":"5-20"},"PeriodicalIF":0.0,"publicationDate":"2011-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80408286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Living and Working in Retirement, a New Paradigm in the United States Exploring Retirees’ Attitudes and Beliefs toward Working and Providing Suggestions for a More Positive Retirement Outlook","authors":"Raymond U. Ogums","doi":"10.14706/JECOSS11212","DOIUrl":"https://doi.org/10.14706/JECOSS11212","url":null,"abstract":"","PeriodicalId":52427,"journal":{"name":"Nigerian Journal of Economic and Social Studies","volume":"6 1","pages":"21-50"},"PeriodicalIF":0.0,"publicationDate":"2011-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89342921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study seeks to explain the management entrenchment by investment of free cash flo w (FCF) in research and development (R&D), debt, market structure (internal or external), the multinational nature of fir ms and the characteristics of the board of directors using a sample of 128 groups of French companies listed on the SBF250 between 2003 and 2008. The results show that investment in R&D helps the managers to enhance their authority with respect to the shareholders. The multinational nature of the fir m exerts a significant effect on the entrenchment strategy. Manager replaces the internal capital market to the outside market to avoid scrutiny by creditors. We also find an insignificant effect ex erted by the debt on the management entrenchment. Finally, we find the absence of a significant relationship between management entrenchment, as measured by discretionary accruals and seniority of the officers, and the char acteristics of the board of directors.
{"title":"R&D Investment, Governance and Management Entrenchment in French Companies Listed in SBF250","authors":"A. Dhaoui, Fathi Jouini","doi":"10.14706/JECOSS11121","DOIUrl":"https://doi.org/10.14706/JECOSS11121","url":null,"abstract":"This study seeks to explain the management entrenchment by investment of free cash flo w (FCF) in research and development (R&D), debt, market structure (internal or external), the multinational nature of fir ms and the characteristics of the board of directors using a sample of 128 groups of French companies listed on the SBF250 between 2003 and 2008. The results show that investment in R&D helps the managers to enhance their authority with respect to the shareholders. The multinational nature of the fir m exerts a significant effect on the entrenchment strategy. Manager replaces the internal capital market to the outside market to avoid scrutiny by creditors. We also find an insignificant effect ex erted by the debt on the management entrenchment. Finally, we find the absence of a significant relationship between management entrenchment, as measured by discretionary accruals and seniority of the officers, and the char acteristics of the board of directors.","PeriodicalId":52427,"journal":{"name":"Nigerian Journal of Economic and Social Studies","volume":"37 1","pages":"5-32"},"PeriodicalIF":0.0,"publicationDate":"2011-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78351249","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IntroductionThe biggest success of European society is reflected in the fact that it has largely managed to build a pluralistic society that accepts and respects differences among people. This achievement has opened the road to new success in the political and economic fields, so that today we have the European Union in front of which are great opportunities if it succeeds to maintain the direction towards pluralism and respect for diversity among its citizens. The principle of pluralism is consistent with the natural law of Allah Almighty because He has created people different and prescribed to them to meet and know each other: "O mankind! We have created you from a male and a female, and made you into nations and tribes, that you may know one another "(Qur'an, Al-Hujurat 13). Whatever is natural, whatever is consistent with the natural law of God, has a chance of success, because it brings to human beings what is in harmony with their nature, what is good and useful for them.Although, as noted, European society is pluralistic, although it respects pluralism, some people within society, sometimes, reluctantly accept when something comes from the Islamic culture. There is prejudice, and even open opposition, at the first glance, just because it comes from Islamic culture. Given the objectives that European society proclaims, it would be fair to give participation banking fair treatment and a chance to participate and compete in the European market. Thus, the revival of the following universal values and principles on which European society is built is necessary:1. A universal attitude toward human beings: that all human beings are bloodbrothers and sisters with the same rights and obligations.1 People should be valued according to their actions-how beneficial or harmful their deeds and actions are to themselves, to other people and to the environment, but not based on their ethnic origin or religion.2. The freedom of expression of ideas should be fully implemented. Restriction should only be on the usage of insulting words and expressions. It will enable people to present their products and ideas freely.23. Equal rights and obligations in society and equal rights in front of the law: This principal requires European secular states to revive the original idea of secularism, according to which all citizens are equal in their rights and obligations and equal in front of the law.34. Equal opportunity for all human achievements: It can be achieved if the cultural and other achievements of all Europeans are equally treated and given equal opportunity to compete in the field of ideas and products.4Rational Behind Prohibition of InterestThe Qur'an and the Sunnah do not provide any detailed rational for the prohibition of interest (riba). However, the implicit meaning of Qur'anic verses and sayings of the Prophet, p.b.u.h., about interest may suggest that the charging of interest is an act of injustice. This is why Muslim scholars, when speaking about re
{"title":"Participation Banking in European Context","authors":"Šukrija Ramić","doi":"10.14706/JECOSS11215","DOIUrl":"https://doi.org/10.14706/JECOSS11215","url":null,"abstract":"IntroductionThe biggest success of European society is reflected in the fact that it has largely managed to build a pluralistic society that accepts and respects differences among people. This achievement has opened the road to new success in the political and economic fields, so that today we have the European Union in front of which are great opportunities if it succeeds to maintain the direction towards pluralism and respect for diversity among its citizens. The principle of pluralism is consistent with the natural law of Allah Almighty because He has created people different and prescribed to them to meet and know each other: \"O mankind! We have created you from a male and a female, and made you into nations and tribes, that you may know one another \"(Qur'an, Al-Hujurat 13). Whatever is natural, whatever is consistent with the natural law of God, has a chance of success, because it brings to human beings what is in harmony with their nature, what is good and useful for them.Although, as noted, European society is pluralistic, although it respects pluralism, some people within society, sometimes, reluctantly accept when something comes from the Islamic culture. There is prejudice, and even open opposition, at the first glance, just because it comes from Islamic culture. Given the objectives that European society proclaims, it would be fair to give participation banking fair treatment and a chance to participate and compete in the European market. Thus, the revival of the following universal values and principles on which European society is built is necessary:1. A universal attitude toward human beings: that all human beings are bloodbrothers and sisters with the same rights and obligations.1 People should be valued according to their actions-how beneficial or harmful their deeds and actions are to themselves, to other people and to the environment, but not based on their ethnic origin or religion.2. The freedom of expression of ideas should be fully implemented. Restriction should only be on the usage of insulting words and expressions. It will enable people to present their products and ideas freely.23. Equal rights and obligations in society and equal rights in front of the law: This principal requires European secular states to revive the original idea of secularism, according to which all citizens are equal in their rights and obligations and equal in front of the law.34. Equal opportunity for all human achievements: It can be achieved if the cultural and other achievements of all Europeans are equally treated and given equal opportunity to compete in the field of ideas and products.4Rational Behind Prohibition of InterestThe Qur'an and the Sunnah do not provide any detailed rational for the prohibition of interest (riba). However, the implicit meaning of Qur'anic verses and sayings of the Prophet, p.b.u.h., about interest may suggest that the charging of interest is an act of injustice. This is why Muslim scholars, when speaking about re","PeriodicalId":52427,"journal":{"name":"Nigerian Journal of Economic and Social Studies","volume":"30 1","pages":"91-110"},"PeriodicalIF":0.0,"publicationDate":"2011-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85243335","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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