TOWARD THE THEORY OF EXPLORING THE TASSAVUF THOUGHT AND TARIKAT PRACTICE IN THE 20TH CENTURY

PRILOG IZUČAVANJU TESAVVUFSKE MISLI I TARIKATSKE PRAKSE U XX STOLJEĆU

Author(s): Samir Beglerović / Language(s): Bosnian / Issue: 42/2010

Keywords: tassavvuf; tarikat; Karađozović; Hadžimejlić; Hadžibajrić; language (of religion); identity; religious/esoteric pluralism

The paper titled ‘Toward the theory of exploring the tassavuf thought and tarikat practice in the 20th century’ explores the written traces of the 20th century mutessavuf, focusing only on some of the activities of the followers. It is concluded that the tarikat followers at the time were extremely committed, well organised and lead by wisdom, which is contrary to the generally held belief that that the tassavuf and tarikat practice in Bosnia and Herzegovina in the 20th century was decadent.

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Author(s): Mirza Sarajkić,Dželaludin Hodžić,Amina Isanović Hadžiomerović,Ismet Bećar,Kemal Kamil Mahmud,Belma Bešlić,Samedin Kadić,Ramiza Smajić / Language(s): Bosnian / Issue: 42/2010

Amina ISANOVIĆ - Mohd, Nor Wan Daud, Wan: Obrazovna filozofija i praksa - Syed Muhammad Naquib al-Attas: izlaganje originalnog koncepta islamizacije znanja, urednik Dževad Hodžić, s engleskoga preveli Aida Abadžić-Hodžić, Behija Durmišević, Dženita Karić, Enes Karić i Aid Smajić. Sarajevo: Tugra, 2010., 514 str. Belma BEŠLIĆ - „I vjernice i građanke“, Zilka Spahić Šiljak i Rebeka Jadranka Anić, TPO Fondacija i CIPS- Univerziteta u Sarajevu, 2009., Sarajevo Mirza SARAJKIĆ - POREMEĆENOST SVETA, Amin Maluf, sa francuskog prevela Vesna Cakeljić, Laguna, Beograd, 2009, 278. stranica mr. Ramiza Smajić - Antun Hangi, Život i običaji muslimana u BiH, Sarajevo, Dobra knjiga, 2009., 215 str. Dželaludin Hodžić - Religija i školovanje u otvorenom društvu (Grupa autora, Fond otvoreno društvo BiH, Sarajevo, 2009. godine) Ismet BEĆAR - Marko, Davor. Zar na Zapadu postoji neki drugi Bog? Sarajevo: Mediaplan institut, 2009. Kemal Kamil MAHMUD - SUDBINA MUSLIMANA ARAPSKOM JEZIKU Samedin KADIĆ - Prof. dr. Nevad Kahteran; “Komparativna filozofija”, “Kult”, Sarajevo, 2010.

DESTRUCTION OF HISTORICAL, CULTURAL AND SACRAL EDIFICES OF ISLAMIC ARCHITECTURE IN BOSNIA AND HERZEGOVINA DURING 1992 – 1995 AGRESSION

UNIŠTAVANJE HISTORIJSKIH, KULTURNIH I VJERSKIH OBJEKATA ISLAMSKE ARHITEKTURE U BOSNI I HERCEGOVINI U PERIODU AGRESIJE 1992-1995.

Author(s): Rasim Muratović / Language(s): Bosnian / Issue: 42/2010

In the criminal crusade on the independent state of Republic of Bosnia and Herzegovina from 1992 – 1995, not even the most valuable zero-category monuments of the Islamic architecture were spared. 1437 edifices of Islamic architecture were destroyed, out of which 1114 were mosques. 614 mosques were completely destroyed and 307 mosques were damaged. 218 masjids, 69 kuttabs and 39 funerary monuments were demolished. The destruction of the Islamic architecture edifices was systematic, planned and organized. Moreover, the ultimate goal was to destroy the Bosnian multiethnic and multicultural society by actually destroying its landmarks.

RELATIONSHIP TO PAST REGARDING BOSNIAK UNDERSTANDING OF ISLAM IN 20TH CENTURY

ODNOS PREMA PROŠLOSTI U BOŠNJAČKOM RAZUMIJEVANJU ISLAMA U XX STOLJEĆU

Author(s): Mustafa Spahić / Language(s): Bosnian / Issue: 42/2010

In this paper, the author first explores and sets forth the importance and significance of the frame of space and time as two inseparables within which all the events in history emerge, develop and vanish. All religions and cultures strive to have the knowledge and remembrance of history. The author points out three basic dimensions of Islamic comprehension of history. The first dimension of history is represented by the God’s Messages and Testimonies about the Messengers. The task and objective of the second dimension of history is to tell of true and actual events. Finally, the third dimension of history, the so-called Tarih, determines a precise sequence and order of historical events. According to the author, the essence of history in Islam is that a man fulfils his mission as a God’s Vicegerent and Creditor on earth. The author also critically examines the content of the published works of the 20th century Bosniak publicists, mainly consisting of translations, descriptions, syncretism, panegyrics and compilations. The most significant success of the Islamic Community in 20th century is, according to the author, the opening of the Faculty of Islamic Theology/ Studies in Sarajevo in 1977, and as for the political and governmental life of the state, it is the international recognition and defence of Bosnia and Herzegovina and the Bosniak defence against extermination of in the period between 1990 and 1996.

THE MUALLIM INTERVIEW - “THE STRATEGIC ABUSE OF THE TERM ISLAM ANGERS ME”

"LJUTI ME STRATEŠKO ISKORIŠTAVANJE POJMA ISLAM"

Author(s): Mirza Sarajkić,Ian Almond,Samedin Kadić / Language(s): Bosnian / Issue: 42/2010

Keywords: deconstruction; orientalism; stereotypes; Islam; Comparative studies; religious vocabulary of secular thinkers; power

In this interview, Ian Almond, professor of postcolonial literature at Georgia State University in Atlanta (USA), talks about his research regarding the representation of Islam in the Western thought. The research includes broader comparative observation of fundamental Islamic texts on the one hand, and the mainstreams of the Western–European thought on Islam on the other. Besides positive comparisons, like the one between Derrida’s term of “deconstruction” and Ibn Arabis teachings on God’s names, Almond also explores a negative side of this relationship swarming with clichés, prejudices and stereotypes. It is a paradox that the mainstream of the oriental thought is being carried on by some post-modern authors as well (Foucault, Baudrillard, Žižek), who, although they are trying to unveil the mechanism of power in their works, write about Islam from a Eurocentric perspective using ‘oriental vocabulary’, which manipulates the term Islam.

BOSNIAK UNDERSTANDING OF ISLAM IN 20TH CENTURY THE VIEW ON SALAF AS-SALIH

ODNOS PREMA SELEFI-SALIHU

Author(s): Fuad Sedić / Language(s): Bosnian / Issue: 42/2010

Keywords: Salaf as-Salih (the pious predecessors); terminology; understanding; the 20th century; the Bosniak Ulema

In this paper, the author is primarily dealing with the attitude of the 20th century Bosniak Ulema to the Salaf as-Salih. In the first part, the author provides an explanation of the terminology regarding the Salaf as-Salih, identifies its defining characteristics and presents a short survey of the present Salaf as-Salih, as well as the attitude of others towards them. In the main part of this paper, on the basis of the Bosniak alims’ writings, the author in a few points presented the relationship of the Bosniak Ulema to the Salaf as-Salih in the 20th century. According to him, most of the members of the Bosniak Ulema approved the principles and attitudes of the Salaf as-Salih, pointed out the merits of the earlier generations and respected all the shariah regulations and its principles in accordance with the conditions and environment they lived in.

THE MAIN CHARACTERISTICS OF ISLAMIC EDUCATION

OSNOVNE KARAKTERISTIKE ISLAMSKE EDUKACIJE

Author(s): Elvedin Fetić / Language(s): Bosnian / Issue: 42/2010

Keywords: upbringing; education; Islamic education; characteristics; goals

This work discusses the characteristics and goals of Islamic education. Upbringing and education are two mutually intertwined terms which are especially inseparable in Islam. In Islam, the acquisition of knowledge without upbringing is unacceptable. The problem of upbringing and education is present in all communities, institutions and concerns every individual and community as a whole. Islam dedicates a great deal of attention to learning, teaching and upbringing, as is testified by numerous Qur’anic verses and hadith. Islamic education possesses certain specific qualities since it emerges from the Revelation. The history of Islamic education begins with the Revelation whose first words are injunctions for learning and reading. Inspired by these words, the Muslims acquired knowledge from earlier civilizations and modified it and weaved it into their own civilization. Within the framework of that civilization is Islamic education which possesses its own characteristics and goals. For that reason this work gives special attention to the main characteristics and goals of Islamic education.

RELIGIOUS STUDIES TEACHER IN PUBLIC DISCOURSE

VJEROUČITELJ U JAVNOM DISKURSU

Author(s): Emir Džambegović / Language(s): Bosnian / Issue: 42/2010

This paper focuses on the importance of the role of a religious studies teacher in the public discourse by providing a theoretical base and practical advice. What is also emphasized is the role of religious studies teachers and imams in today’s society, as well as the importance of their public activism as their silence may be understood as support to injustice.

Profitability of Investment Portfolios Based on Partial Order Relations

Rentowność portfeli inwestycyjnych zbudowanych na bazie relacji częściowego porządku

Author(s): Krzysztof Guzik,Paweł Prysak / Language(s): Polish / Issue: 01/2015

Keywords: Markowitz curve; efficient portfolio; investment strategy; short sale; the maximal elements of partial order relations

The article compares the effectiveness of investing in portfolios which use reduced risk relationship prices under short sale and forbidden short sale. This risk relationship in a given set of shares determined a partial order consistent with the Sharpe ratio. In the chain of relationships, the reduced risk relationship maximal element is the most effective one. The obtained maximal elements-created portfolios were: Pmin (a minimum risk portfolio), P (efficient portfolio with a 5% rate of return) and portfolio PWS (a portfolio based on Sharpe ratio). These portfolios were compared with those formed from all of the shares using the same rules as portfolios P, Pmin, PWS. In consecutive periods of a fixed investment horizon it was found that the profitability of portfolios created from the maximal elements exceeded that of the portfolios formed from all the shares.

Socially Responsible Investing – Passing Vogue or Long-term Trend?

Inwestowanie społecznie odpowiedzialne – przejściowa moda czy trwała tendencja?

Author(s): Aleksandra Duliniec / Language(s): Polish / Issue: 01/2015

Keywords: socially responsible investing (SRI); sustainable investments; ethical funds; corporate social responsibility (CSR); corporate governance

The dynamic growth of socially responsible investing has been observed globally in the last decade. The determinants of such investment decisions are described in the paper. A variety of criteria – both negative and positive – can be used in putting together a portfolio. The positive screening of companies to be included in a socially responsible portfolio is based mainly on environmental, social and governance (ESG) issues. However, because there is no explicit evidence that ethical (responsible) funds generate higher returns than conventional funds, it is worth considering the future of socially responsible investments. Will they continue to grow or, after a period of increased interest in social and ethical factors (undoubtedly as the result of the global financial crisis), will they lose their appeal? The paper discusses that issue.

Option Pricing Theory and Game Theory – A Comparison of Credit Risk Management Tools

Teoria opcji i teoria gier. Porównanie narzędzi zarządzania ryzykiem kredytowym

Author(s): Andrzej Paliński / Language(s): Polish / Issue: 01/2015

Keywords: bank; credit; interest rate; risk management

The purpose of this article is to determine whether the theoretical models derived from option pricing theory and game theory correctly determine the interest rate on bank loans. First, the interest rates were calculated from the option model developed by Moody's-KMV. Obtained in this way, interest rates were compared with the real interest rate on bank loans of Polish publicly listed companies. It turns out that the theoretical interest rate is generally much lower than the actual one. A model built on the basis of the game theory and the concept of the liquidation value was then used, and on that basis theoretical interest rates were calculated using Monte Carlo simulation. In this case, divergence of the theoretical loan rates from the actual ones also proved significant. It seems that, in setting interest rates, Polish banks use many factors, not only the market values of company assets and their volatility.

The Impact on National Stock Markets of Announcing the Election Results for the Host of Blockbuster Sporting Events

Wpływ ogłoszenia wyników wyboru gospodarza wielkoformatowych imprez sportowych na krajowe rynki akcji

Author(s): Krystian Zawadzki / Language(s): Polish / Issue: 01/2015

Keywords: blockbuster sporting event; Euro 2012; stock market; stock index

The paper analyses fourteen large-format sporting events organised in eighteen countries in terms of the impact of results of elections held to determine the host on the stock markets in these countries. It also strives to determine whether the degree of economic development of a country can affect the scale of the impact of information about choosing a host on the national stock markets. To realise this aim, the most recognisable stock index in each host country was chosen and, relying on the method of cumulative abnormal rate of return (CAR) there, the deviation from the expected rate of return, which was previously estimated for the proposed timeframes, was assessed. Finally, the statistical significance of the results was confirmed by t-Student test.

The Main Reasons for Inefficiency in the Market of Property Rights to Certificates of Energy Origin from Renewable Sources

Główne przyczyny braku efektywności rynku praw majątkowych do świadectw pochodzenia energii ze źródeł odnawialnych

Author(s): Grażyna Borys / Language(s): Polish / Issue: 01/2015

Keywords: renewable energy sources; green certificates; property rights market; efficiency

The article focuses on an analysis of the absence of property rights market efficiency to energy origin certificates from renewable sources in the light of energy law provisions. The market of property rights is a market for electricity manufacturers licenced to produce energy from a renewable source, though such sources should be connected to the national electricity grid. The basic function of this market is to mobilise subsidies for such means of energy at a level which could compensate the coverage of the increased manufacturing costs compared to that of energy manufactured from conventional sources. Practical experience proves that this function is not met. The basic reasons underlying this include the absence of market liquidity, the market’s low transparency and the absence of competition in gaining access to subsidies by the producers taking advantage of different manufacturing technologies and having, at their disposal, equipment characterised by diverse levels of depreciation.

Absence of Arbitrage in Markets with Proportional Transaction Costs

Brak arbitrażu na rynkach z proporcjonalnymi kosztami transakcji

Author(s): Agnieszka Rygiel / Language(s): Polish / Issue: 01/2015

Keywords: financial markets models; arbitrage; transaction costs; simple trading strategies

The aim of the paper was to present in a clear and unified way various results concerning the absence of arbitrage in the modelling of financial markets with proportional transaction costs. The absence of weak and strict arbitrage opportunities criteria in a finite time horizon discrete time market model are given. Sufficient conditions for the absence of simple arbitrage (i.e. arbitrage over simple investment strategies) in a continuous time market model are presented. Special attention is devoted to transactions without short selling.

The Erosive Effect of Mutual Fund Expenses on the Terminal Wealth Value of Investors in Poland and Other European Countries

Erozyjny wpływ kosztów funduszy inwestycyjnych na wartość kapitału inwestorów w Polsce na tle wybranych krajów europejskich

Author(s): Paweł Oleksy / Language(s): Polish / Issue: 01/2015

Keywords: mutual funds; fund fees and expenses; terminal wealth value; wealth erosion

One factor that has a critical impact on mutual fund investors’ terminal wealth is the fees which investors incur directly or indirectly in connection with establishing and maintaining their investment. Applying the Sharpe’s Terminal Wealth Ratio Analysis, this study shows that cost burdens imposed by mutual funds operating in Poland greatly exceed the cost burdens of comparable investments made in more developed European countries, magnifying the erosive effect on investors’ terminal wealth value, especially as the investment horizon is extended. For example, over a forty-year investment period the reduction in investment performance (investors’ terminal wealth value) attributed only to the disparity of mutual fund fees in Poland compared with the other European countries, on average, are as follows: about 35% in money market funds, 42% for fixed-income funds, 197% in the case of equity funds, and 234% in the case of allocation funds. This fact demonstrates both the immaturity of the Polish mutual fund market and a lack of economic knowledge and experience among domiciled investors. This, coupled with the absence of sufficient involvement of public institutions to create a cheap, efficient and safe allocation mechanism for investors’ savings, contributes to a much deeper erosion of their wealth than in developed countries.

Regulatory Changes and the Development of Credit Derivatives on the Polish Financial Market

Zmiany regulacyjne a rozwój pochodnych instrumentów kredytowych na polskim rynku finansowym

Author(s): Aleksandra Jurkowska / Language(s): Polish / Issue: 01/2015

Keywords: credit derivatives; securitisation; financial stability; credit default swaps

The positive effects of the development of credit derivatives is accompanied by new areas of risk that threaten financial stability. Due to the phase of the market development (the foregoing development barriers were regulatory, procedural and technological constraints) the level of risk associated with credit derivatives in Poland is not comparable to the risk observed in developed ones. The new threats are supposed to be reduced by recent regulatory changes (implementing EMIR, the Regulation on short selling and certain aspects of credit default swaps and ISDA standards). Achieving this goal will enable the stable development of the credit derivatives market and will increase the chances for effective credit risk allocation in Poland. Some of the solutions may, however, have negative consequences: new requirements for the establishment and functioning of the CCP are not conducive to the transparency of derivatives trading, while the prohibition of „naked swaps” trading can increase the risk premium. This will be especially discernible in countries with weaker financial and economic potential, including Poland.

An Analysis of Selected Seasonal Rates of Return on the Silver Market from 30.10.2003 to 31.12.2013

Analiza wybranych efektów sezonowości stóp zwrotu na rynku srebra w okresie 30.10.2003–31.12.2013

Author(s): Krzysztof Borowski / Language(s): Polish / Issue: 01/2015

Keywords: silver; market efficiency; financial market seasonality; commodity market; market anomalies

This paper presents a study on the prevalence of selected effects of seasonality in silver prices quoted on the London Metal Exchange. The study was conducted for prices in the period from 30.10.2003 to 31.12.2013, and is based on 3172 observations. The results clearly indicate the presence of some seasonality effects in the case of commodities. While some of the results confirm the findings of other writers that have looked at financial markets, others contradict earlier research.

Moldova: Prioritizing Progress

Moldova: Prioritizing Progress

Author(s): Nils Kauffman / Language(s): English / Issue: 08/21/2007

Keywords: education; students; Moldovan government; Moldovan education; Open Society Institute; Soviet educational practices; Moldova Social Investment Fund

Moldovan educators have overcome many obstacles to shed the Soviet past. But if reforms are to progress, teaching conditions must improve.

Crackdown: The Thugocracy Lands Another Punch

Crackdown: The Thugocracy Lands Another Punch

Author(s): Galina Stolyarova / Language(s): English / Issue: 08/21/2007

Keywords: Kremlin; extremists; political opposition; Garry Kasparov; Yabloko; presidential elections; State Duma; Vladimir Putin; United Russia; violence

Just ahead of election season, Russia's politicians change the laws so they can put more dissidents in prison.

From Priest to Profane

Od kapłana do profana

Author(s): Jerzy Surdykowski / Language(s): Polish / Issue: 659/2010

Keywords: Surdykowski; ekologia; ecology; nature; wierzenia; bieliefs; przyroda