The effect of industrial revolutions on the transformation of social and economic systems

The purpose of this study is to examine the compliance of Islamic Development Bank (IDB) Sukuk with Maqasid Al-Shari’ah (objectives of Islamic law) in relation to human development and well-being. The paper provides a theoretical model explaining how Sukuk can achieve Maqasid Al-Shari’ah by assessing the role of Sukuk in the circulation, development, and preservation of wealth to attain social justice. This study employs a qualitative methodology using an empirical case study. The primary data are collected through elite semi-structured interviews. The secondary data are obtained using a content analysis method from Sukuk’s Principle Terms and Conditions, Information Memorandum and IDB’s annual reports for the period 2007–2017 to explain the structures and features of the Sukuk and examine their compliance with the developed model. The findings indicate that the Medium Term Note (MTN) Sukuk program positively serves the elements of hifth al-mal (safeguarding wealth), showing a direct relationship between the shift of wealth among parties and the compliance of Maqasid Al-Shari’ah. This implies that the investments made by Sukuk would benefit everyone, including individuals, institutions, societies, and the whole country, to achieve human well-being and sustainable development. Nonetheless, the analysis suggests that Shari’ah supervisory boards need to focus more on the substance when structuring Sukuk to help Islamic finance benefit in terms of moving towards the achievement of Maqasid Al-Shari’ah.

Corruption in government organizations is an important and relevant topic to study because of its impact on the state in terms of financial losses and a decrease in the quality of human development. This study is also relevant because previous analyses are still limited in their modeling and measuring comprehensive fiscal decentralization variables. This study aims to examine the effect of fiscal decentralization and quality of government on the level of corruption and the impact of corruption on the human development index. The sample of this paper comprises 113 local governments on the island of Java, Indonesia, for the period 2015–2018. Statistical testing was carried out using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The test results show that fiscal decentralization has a positive effect on corruption with a path coefficient of 0.100 and is significant at 5% alpha. Likewise, poor governance (proxied by internal control weaknesses) has a positive effect on the level of corruption with a coefficient of 0.062 and is significant at an alpha of 10%. The results of the PLS-SEM test also show that corruption has a negative impact on the human development index with a coefficient of –0.206 and is significant at 1% alpha. The practical significance of this study is the importance of the internal control system reliability as a complementary variable for fiscal decentralization to prevent corruption.

With the rise of micro media, the library’s traditional knowledge services and its publicity and promotion methods have been challenged. This study investigates the marketing and promotion of knowledge services through micro media in university libraries. Based on the dynamic model of knowledge service marketing promotion in university libraries, this paper conducts network research and analysis on the library knowledge service microblog, WeChat, and microfilm marketing of 42 world-class universities in China. The results show that among 42 university libraries, microblog and WeChat have a high opening rate but do not attach importance to late marketing management and maintenance (microblogs’ opening rate is 83.3%, the proportion of people paying attention is 20%). The number of knowledge service outlay exceeds 1,000 accounts (28.6%). The rate of consultation feedback within one day is 17.14%. The official WeChat account number has 97.6% of libraries. The ratio of WeChat push at least once a week is 68.3%, and the rate of consultation feedback within one day is 17.07%. Microfilm marketing is not valued as a whole (the release rate of microfilms is only 9.5%). Successful microfilm marketing (such as Tsinghua University’s “falling in love with the library” series with 7,320 views/day) helps to improve the communication efficiency of knowledge services and brand awareness. This study confirms that micro media marketing has not been fully developed and utilized. University libraries should take user experience, media technology, resource reserve, service content, account publicity, and operation as the starting point to improve user viscosity.