• International Area Studies Review
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• v.13 no.2
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• pp.505-523
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• 2009

We study the cost of capital of Islamic enterprise using the Capital Asset Pricing Model(CAPM). When there exists no risk-free interest rate, the security market line(SML) of Islamic enterprise shows an upward slope starting from the origin. The slope is bigger than that of SML with risk-free interest rate. This is because the cost of capital of Islamic enterprise is higher than that of western firms for the same level of systematic risk. When the effect of zakat is considered, the risk-free interest rate is replaced by minimum required rate of return. The SML of Islamic enterprise reveals an upward slope but it does not pass through the origin. This is because Islamic enterprise cannot invest on risk-free asset. In order to overcome the theoretic limits of CAPM, we propose to use multi-factor approach such as arbitrage pricing model instead of single-factor model for future study.

• Journal of the Society of Disaster Information
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• v.11 no.1
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• pp.121-133
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• 2015

A classical commercial insurance, which is used widely as the risk management methods for risk transferring and risk financing, includes the factors of interests, gambling and uncertainty, In 1985 Islamic Fiqc Academy declared that the classical commercial insurance violates the Islamic fundamental principles and beliefs, alteratively recommending a mutual insurance and takaful. A basic principle of takaful is the mutual aid in the Islamic community. On the basis of mutual aid, takaful participants (insurance policyholder) establishes the takaful fund, which is cooperation fund by participant contribution. Takaful fund is separated from shareholders' fund, and the profit and loss of takaful fund are responsible for takaful policyholder. Ownership and operation right of takaful belong to the takaful participants. In takaful, takaful company takes a role of agent or management operator. Comparing to the classical insurance, takaful has the rights of profit dividend, voting of executives, access to accounting books etc. which are additional favors for business company or individuals as takaful participants. Business companies and individuals should consider to use takaful to transfer risk and to enjoy takaful's additional advantages.

• International Area Studies Review
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• v.16 no.1
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• pp.175-195
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• 2012

Until now, many researches related to Korean Wave were focused on China and Japan. So, this study extend a scope of research about Korean Wave to Uzbekistan. Especially, we focused on relationship of perception on Korean Wave, self-congruity, attitude on Korean entertainment products and attitude on Korean consumer products. In conclusion, the 6 hypotheses were all supported. It was verified that self-congruity and attitude on Korean entertainment products is the very important factor. That is to say, we find that these two factors have a mediating role between perception on Korean Wave and attitude on Korean consumer products. This study's results are can use to raise Korean wave storm in Uzbekistan. Also, companies can use to improve its sale through a our study's results.

• Spatial Information Research
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• v.23 no.3
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• pp.101-111
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• 2015

The Emirate of Abu Dhabi is swiftly rising into a newly industrialized country by achieving economic prosperity among the Islamic cultural regions of Middle East and North Africa(MENA). Abu Dhabi Emirate is performing the conversion from oil economy to non-oil economy and the sustainable urban development policy. However, there are various social and environmental problems in Abu Dhabi. In order to solve the urban problems caused by the rapid economic growth and the changes in society and environment, Abu Dhabi is recognizing the importance of spatial information and triggering the establishment of spatial information. Spatial information is regarded as a basic infrastructure for urban construction and enlarged as a blue ocean market in Abu Dhabi. However, the base of spatial data infrastructure in Abu Dhabi is not well managed in comparison to that of Korea. Especially, Abu Dhabi has some characteristics that it depends on foreign multinational companies and it does not have its own systemic organization and law system. To advance into Abu Dhabi spatial data market under-controlled by global vendors, it is necessary to identify the advantage and disadvantage on spatial data infrastructure of Abu Dhabi and required to establish the advance methods into niche markets by considering priority order of spatial information. Thus, this study aims to analyze the gap of spatial information between Abu Dhabi and Korea and suggest the short and long term development methods for spatial data infrastructure of Abu Dhabi. The results of gap analyses will be the milestone for Korean companies' advance into MENA.

• Korean Security Journal
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• no.22
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• pp.91-111
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• 2010

Around the middle of the ninth century the strict bone-rank system of Silla frustrated many people who had political ambition but lacked nobility. They had to seek other ways, including maritime trade. Such an undertaking reflected and also increased their economic and military power. Trade prospered with T'ang China and with Japan as well. The threat of piracy to Silla's thriving maritime trade caused to create a succession of garrisons at important coastal points. Chonghae Jin (Chonghae garrison) was regarded as the most important of these. It was established in 828 by Chang Pogo. Chonghae Jin was on Wando, an island just east of the southwestern tip of Korea and a key place at this time in the trade between China, Korea, and Japan. From this vantage point Chang Pogo became a merchant-prince with extensive holdings and commercial interests in China and with trade contacts with Japan. Although piracy was rampant in East Asia at that time, either the Chinese or Silla government was not able to control it due to inner political strife and lack of policing resources. Infuriated by the piracy and the government's inability to control it, Chang Pogo came back to Silla to fight against the pirates and to protect maritime trade. He persuaded the king of Silla and was permitted to control the private armed forces to sweep away the pirates. In 829 he was appointed Commissioner of Chonghae-Jin with the mission of curbing piracy in that region. Chang's forces were created to protect people from pirates, but also developed into traders among Silla Korea, T'ang China, and Japan in the 9th century. This was geographically possible because the Chonghae Garrison was situated at the midpoint of Korea, China, and Japan, and also because Chang's naval forces actually dominated the East Asia Sea while patrolling sea-lanes. Based on these advantages, Chang Pogo made a great fortune, which might be collected from a charge for protecting people from pirates and the trades with China and Japan. Chang's forces could be termed the first private security company in the Korean history, at least in terms of historical documents. Based on historical documents, the numbers of private soldiers might be estimated to exceed tens of thousands at least, since Chang's forces alone were recorded to be more than ten thousand. Because local powers and aristocratic elites were said to have thousands of armed forces respectively, the extent of private forces was assumed to be vast, although they were available only to the privileged class. In short, the domination of Chang's forces was attributable to the decline of central government and its losing control over local powers. In addition it was not possible without advanced technologies in shipbuilding and navigation.