scholarly journals Al-Musahamah Akad Mechanism In Joint-Stock Company: A Contemporary Study Of Share Diksi

2021 ◽  
Vol 10 (1) ◽  
pp. 19-31
Author(s):  
Basrowi Basrowi ◽  
Pertiwi Utami

The musyarakah al-musahamah agreement in Islamic stock transactions is a new thing in the capital market. As a result, investors in the issuer are less knowledgeable about the many forms of sharia products. The purpose of this study is to provide a deeper understanding of step by step and examples of the practice of al-Musahamah akad in the world of stocks. This research uses qualitative methods by becoming literature in contemporary fiqh studies and Islamic economics. The study of contemporary fiqh and Islamic economics is one of the reference materials that can be used to implement the al-musahamah akad in the practice of Islamic finance. The study results found that the study of modern fiqh and fatwas of the Syariah Council and several scholars allow the practice of the al-musahamah akad in the shariah stock business as long as it does not violate the harmony and requirements of sharia. Even though in practice the al-musyarakah akad in joint stock companies in Indonesia is not 100% by the principles of sharia and modern fiqh, due to the element of use as an objective of sharia and maqasid maslahah, it can be considered to improve existing mechanisms for the better in the future. Supporting previous research that explains the practice of syirkah al-musahamah, this depth research explores the process and practice of the al-musahamah akad in a joint-stock company.

2021 ◽  
pp. 32-42
Author(s):  
О.М. Safronov ◽  

A brief history of the development of high-speed passenger traffic in the countries of the world is shown, it is shown that the length of high-speed highways (SMM) in the world is 44 thousand km. Despite the fact that Ukraine is not included in the list of 28 countries with the SMM, a two-system electric train ECR1 "Tarpan" was created on the basis of the PUBLIC JOINT STOCK COMPANY "KRYUKOVSKY RAILWAY CAR BUILDING WORKS" (PJSC "KVBZ") for the speed of movement of more than 200 km / h. A description of the electric train and the peculiarities of the brake system are given. It is shown that the brake system corresponds to world counterparts for high-speed trains about what evidence test results, which, due to the lack of ATS, were carried out for a speed of 160 km / h. The results of the settlement research, using the mathematical model and the results of the driving brake tests, showed that the braking pathway of the electric train at a speed of 200 km / h is 1539 m, and at a speed of 300 km / h - 3172 m. The obtained brake path values comply with the technical requirements of the European Union TSI . Studies confirm that Ukraine has high-speed rolling stock for speeds up to 300 km / h. Key words: high-speed rolling stock, electric train, brake system, brake path, speed


Author(s):  
Oldřich Tvrdoň ◽  
Radmila Presová ◽  
Martin Přibyl

The thesis “Economic-legal aspects of business assets definition and its effectiveness analysis” analyses the contribution of business assets in joint-stock company Svornost Těmice. The company operates in the field of agricultural primary production. Focus of plant production still keeps the traditional composition of plants grown. In connection with increasing the quality of effectiveness of the machinery the area of corn-production will be expanded. In animal production, the company specialises on the pig-feeding and milking-cows.The theoretical part includes the opinions of the world economists and managers on the definition of basic concepts related to business assets. These opinions are confronted with those of Czech authors, in order to acquaint students of the Faculty of Business and Economics with them – focusing on students of the Trade Management specialisation.The practical part is focused on analysis of effectiveness of business assets in the selected company. It have confirmed that managers of this business have to improve the intensity of exploitation of the asset base and thus to reach its higher effectiveness. This task is necessary for operation in the intensive-competition environment formed after the entrance into the European Union.


Author(s):  
Sára Czina ◽  

At the turn of the 20th century, Budapest was famous for its Coffeehouse Culture. One of the most popular Café was the New-York Coffeehouse; today, it is remembered for its literary life. After 20 years of operation, in 1913, new people bought the tenant’s rights and established the first Coffeehouse joint-stock company in Hungary, called New-York coffeehouse Company Limited. This paper aims to analyze the operation of the Company in relation to the stock transfers, analysis of its profitability, and the changes in the transformations in the shares. The main goal was to figure out how the profitability and the stock transfers were connected to the contemporary social and economic circumstances. The years of the World Wars, Revolutions, the Great Depression, and the cultural/social life of the twenties had their deep effects on the life of the Company. The changes were perceptible for the public, too. Many articles were published about the hardships of the Company and the changing atmosphere of the Coffeehouse. These were different; not all of them damaged the interest of the Company Limited equally. Still, the difficulties influenced the stock transfers, profitability, and the everyday life of the Managers and Shareholders. These circumstances are parallel to the changes of the Company.


2008 ◽  
pp. 121-135
Author(s):  
K. Krinichansky

The article expounds and summarizes the main economic and institutional factors and prerequisites for the formation of business enterprises in Europe in the X-XVIII centuries. The author shows that the later form of associated enterprises - joint stock company - had been preceded at an earlier stage of genesis by other forms of enterprises, each of which brought about its own innovations in the development of the share institution. The existence of limited liability corporations cannot be regarded as a sufficient condition for the transformation of the share into a financial instrument and for the formation of capital market. Some of these conditions may be the appearance of new motivational factors of using shares and corporations based on them and the formation of specialized infrastructure supplement.


Author(s):  
Tomáš Meluzín

In advanced markets, IPOs represent an opportunity to obtain the necessary capital for further company development. This form of financing is significant not only for the joint-stock company itself, for which an IPO is an alternative to debt financing, but also for further development of the capital market as a whole. That is to say, one of the fundamental functions of the capital market, the allocation function, is accomplished by means of IPOs. It follows from investigations of the situation in IPOs in the Czech Republic that financing company development through IPOs, which are linked with entrance into the capital market, has not become common practice in the Czech capital market. Comparing the present situation with the situation in international markets, it must be stated that the Czech capital market shows anomalies not only with regard to advanced capital markets such as those in the USA or Japan but also in reference to markets in Central and Eastern Europe. In the past, unfavourable conditions resulting from legislation and the institutional environment were considered the major cause of the long-term low numbers of initial public offerings in the Czech Republic. It follows from the results of the analysis of legislative barriers to carrying out IPOs that in recent years, a number of steps were taken to draw the Czech capital market nearer to the European standard, at least formally. Laws were passed that determine the scope and regulations for entrepreneurial activities of individual subjects, and an independent authority was set up that kept an eye on the tran­spa­ren­cy of the market and compliance with the given regulations; there are institutional and technical prerequisites available that facilitate trade in securities. Nowadays there are no more any legislative or general economic barriers, designated as significant obstacles for IPO realization in the Czech environment in the past. It depends mainly on approach of individual companies to this form of funding and on assessment of not only all minuses, but also all the pluses connected with IPO. The aim of the present paper is to determine all major prerequisites for successful implementation of an IPO in the Czech capital market.


2015 ◽  
Vol 12 (1) ◽  
pp. 79-105
Author(s):  
Stephanie Po-yin Chung

The Kwong Tai Company (光大公司 1917–1960) holds a unique position in modern Chinese history as the first joint-stock company registered in British Hong Kong that originated as an ancestral tong in South China. Its history reflects how a traditional ancestral tong adjusted its operations in a unique historical setting and coped with a new identity. This case provides a missing chapter in the story of how traditional Chinese corporate institutions came to terms with Western ideas of the company and company law. By looking into the institutional and cultural transformations of the Yip Kwong Tai Tong, this article reveals how traditional Chinese institutions responded to political and economic changes in Republican China, when the state in China evolved into a different form, and the ritual-based society was in decline, especially when the world economic system entered coastal China.


1997 ◽  
Vol 2 (2) ◽  
pp. 39-58
Author(s):  
Sikander Rahim

The governance of an institution is normally partly ensured by other institutions, which depend on yet other institutions for their governance. But who ultimately guards the guardians? For the liberal electoral democracies of Europe and America the answer that evolved from the political thought of the eighteenth century and the limited liability joint stock company of the nineteenth was, crudely put, checks and balances and voters, who could be the electorate or shareholders. Its limitation is that it presupposes a state and the right of the voters to vote in their own interest. How, then, can good governance be ensured for international organisations, especially the World Bank and the International Monetary Fund, in which the representatives of the developed countries hold the majority of the votes on the Boards and are expected to cast them, not in their own immediate interests, but in the long term interest of the developing countries that borrow from these institutions?


2020 ◽  
Vol 58 (1) ◽  
pp. 97-115
Author(s):  
Aleksandra Pešterac

AbstractThe first issue of shares is the key moment in the life cycle of any company that was not previously listed on a stock exchange. Considering the fact that transformation into a public open joint stock company brings along a number of advantages and challenges, it would be of great importance to possess knowledge about initial public offering (IPO) issuing activity, as well as stay updated with the number and value of globally realised IPOs. The aim of the paper is to use the comprehensive analysis of IPOs realisation process in order to point out the importance of going public, having in mind both the corporations and investors in the capital market, as well as the economy as a whole. In accordance with the set goal, the paper will present the effects of the realised IPO processes in the countries of Western Europe, China, Japan and the USA. When it comes to developing countries, the IPO of shares on a stock exchange is of special importance, since it contributes to the further development of capital market. Due to the particularity of the Serbian macroeconomic environment, the trends of privatisation process, the insufficient protection of investors, the high level of information asymmetry and the lack of corporate education, there have been no IPO processes realised on the Belgrade Stock Exchange over the past eight decades.


2020 ◽  
Vol 89 ◽  
pp. 01002
Author(s):  
Mikhail Khamidulin ◽  
Dilfuza Rakhimova ◽  
Shakhlo Abdullaeva ◽  
Muyassarhon Ganieva ◽  
Bahramjon Mamatov

Successful privatization of state property depends on the investment attractiveness of the objects being sold, as well as the general investment climate of the country and the level of development of the financial infrastructure. In the Republic of Uzbekistan, with the adoption of the Decree of the President of Uzbekistan dated October 27, 2020. № UP- 6096 “On measures to accelerate the reform of enterprises with the participation of the state and the privatization of state assets”, a new stage of privatization of state property began. A significant place in the privatization program is given to the restructuring of state property, improving the efficiency of managing state assets and bringing shares of Uzbek issuers to the world capital markets (IPO). The article examines the degree of influence of an effective corporate governance system and the level of capitalization of the national securities market, contributing to an increase in investment attractiveness and the most effective practical manifestation of the generic advantages of a joint-stock company, ensuring the achievement of the main goal of corporatization - attracting direct investment.


Author(s):  
Sadagat Ibragimova Sadagat Ibragimova

Geological surveys carried out by the Closed Joint Stock Company (CJSC) AzerGold for the exploration of new deposits and expansion of production areas are giving positive results. For an effective assessment of reserves at the fields, AzerGold CJSC conducts intensive exploration work and drills deep wells in these fields. Since 2017, AzerGold CJSC has been mining Chovdar, Agyokhush, Tulallar, Marakh, Filizchay etc others and Jayirchay gold, as well as it carries out various works on fine metal deposits. The latest financial indicators of AzerGold CJSC give reason to say that it is a stable company. It is expected that AzerGold CJSC will react faster to the growth rates in the world markets due to the work carried out at new gold deposits and efficient use of resources. The net profit of a Closed Joint Stock Company has been growing at a higher rate over the years. AzerGold CJSC produces ingots and coins from Azerbaijani gold and silver in various historical designs. Bars and coins are currently sold in stores owned by Italdizain Group, Levata Group and SI Luxury World, which have a long history of selling premium goods. AzerGold CJSC will soon become better known in the local and international markets as a gold producer of the country. AzerGold CJSC issues bonds, increases the company's technological capabilities for gold production and strengthens production in order to bring more gold to the world market. Recent financial indicators of AzerGold CJSC give grounds to say that it is a stable company. The company's revenue, net profit and total capital of the company in 2019 increased several times compared to 2018. Keywords: AzerGold CJSC, geological exploration works, drilling works, production works, efficiency.


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