The Study of Possible Shariah Non Compliance Risks of Ijarah Along With Their Risk Management Mechanism

The main objective of this research paper is the study of possible Sharīʻaĥ non-compliance risks (SNCRs) of Ijāraĥ along with their risk management mechanism. As the activity of Sharīʻaĥ non-compliance is negligence or failure to comply with the Sharīʻaĥ rules and regulations as well as for some extent, the breach of the law of the land. Hence, Identification, Monitoring, Control and Mitigation of SNCRs need to be undertaken sensitively otherwise the spirit and objective of Islamic banks (IBIs) will be no more than different from Conventional banking system i.e. Interest based banking. Consequently, this new practice of Islamic banking will also be considered Sharīʻaĥ non-compliant. Because, failure in control and mitigation of Sharīʻaĥ non-compliance risks (SNCRs) may render the transaction into Null and Void (Bāṭil) or Voidable (Fāsid) as well as the return/rental would be considered impermissible (Ḥarām). Additionally, it may expose the status of IBIs at high risk regarding their reputation, profitability and confidence of their stakeholders which may lead the system towards collapse and downfall. Keeping in mind the need of the identification of SNCR along with estimated risk management/mitigation tools, this paper is developed to help the industry to develop their own Sharīʻaĥ non-compliance risk management system and to achieve the targeted outcomes i.e. Sound reputation of Islamic banking on the basis of Sharīʻaĥ principles, permissible proceeds/profits through genuine Sharīʻaĥ compliant activities and comprehensive knowledgeable material to understand distinctive and accurate Islamic banking system from Conventional. Targeting the abovementioned goals and aims, the answers of following questions are explored: What is SNCR? Is there any approved and authentic mechanism or SNCR management system in market to manage and mitigate them? Is the SNCR destructive for the profit and goodwill of IBIs? Principally, this research paper is an effort to uncover the SNCRs of Ijāraĥ Product along with the risk management mechanism keeping in sight the modern practices of Ijāraĥ Product.

Study of the Magnetoelectric Properties of Multiferroic Thin Films and Composites for Device Applications

This thesis presents studies on magnetic and magnetoelectric behavior of composite multiferroics, materials that are strong candidates for next generation multifunctional devices. These investigations have been carried out on matrix based composite magnetoelectric multiferroics consisting of magnetostrictive cobalt ferrite (CoFe2O4) and piezoelectric barium titanate (BaTiO3) or bismuth ferrite (BiFeO3), with the magnetostrictive phase embedded in a three dimensional matrix of the piezoelectric phase. The direct magnetoelectric (ME) effect has been investigated in 0-3 composites of BaTiO3 (BTO) and CoFe2O4 (CFO). The ME response has been found to depend non- linearly on the ratio of the magnetostrictive (CFO) content and it is proportional to the strength of the applied magnetic field. The non-linear behavior is explained in terms of the compound effect of the increasing CFO content and the number density of CFO-BTO interfaces. Epitaxial self-assembled nanocomposite thin films were grown by laser ablating targets of magnetostrictive (CoFe2O4) and piezoelectric (BiFeO3 or BaTiO3) phases, on (001) oriented substrates using a combinatorial approach. The surface morphology of the nanocomposite films reveal CFO nanopillars protruding out of a flat piezoelectric matrix. Structural properties were investigated by a four-circle diffractometer, which revealed the presence of the epitaxially grown phases and was used to find the in-plane and out-of-plane lattice parameters of the constituent phases. The magnetization hysteresis loops were measured by a SQUID magnetometer at room temperature. The highly magnetostrictive CFO phase under epitaxial strain from the piezoelectric matrix, exhibits a strong perpendicular anisotropy in the magnetic properties. Changes in the magnetic anisotropy were investigated under different strain conditions induced by (i) post growth annealing, (ii) exploiting phase transitions in the BaTiO3 substrate, and (iii) applying an electric field to the electromechanical substrates. It has been shown that by exploiting the hysteretic properties of a suitable electromechanical substrate, one can control volatile or non-volatile magnetic states by means of an electric field. These results make an important contribution towards the understanding and potential applications of magnetoelectric multiferroics.