Search results for: shari’ah compliant instruments

Authors: Mimoza Canga, Vito Malagnino, Giulia Malagnino, Irene Malagnino

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Objective: The objective of this study was to compare the effectiveness of Mtwo and RaCe rotary instruments, in cleaning and shaping root canals curvature. Material and Method: The present study was conducted on 160 simulated canals in resin blocks, with an angle curvature 15°-30°. These 160 simulated canals were divided into two groups, where each group consisted of 80 blocks. Each group was divided into two subgroups (n=40 canals each). The simulated canals subgroups were prepared with Mtwo and RaCe rotary nickel-titanium instruments. The root canals were measured at four different points of reference, starting at 13 mm from the orifice. In the first group, the canals were prepared using Mtwo rotary system (VDW, Munich, Germany). The Mtwo files used were: 10/0.04, 15/0.05, 20/0.06, and 25/0.06. These instruments entered in the full length of the canal. Each file was rotated in the canal until it reached the apical point. In the second group, the canals were prepared using RaCe instruments (La Chaux-De-Fonds, Switzerland), performing the crown down technique, using the torque electric control motor (VDWCO, Munich, Germany), with 600 RPM and 2n/cm as follow: ≠40/0.10, ≠35/0.08, ≠30/0.06, ≠25/0.04, ≠25/0.02. The data were recorded using SPSS version 23 software (Microsoft, IL, USA). Data analysis was done using ANOVA test. Results: The results obtained by using the Mtwo rotary instruments, showed that these instruments were able to clean and shape in the right-to-left motion curved canals, at different levels, without any deviation, and in perfect symmetry, with a P-value=0.000. The data showed that the greater the depth of the root canal, the greater the deviations of the RaCe rotary instruments. These deviations occurred in three levels, which are: S2(P=0.004), S3( P=0.007), S4(P=0.009). The Mtwo files can go deeper and create a greater angle in S4 level (21°-28°), compared to RaCe instruments with an angle equal to 19°-24°. Conclusion: The present study noted a clinically significant difference between Mtwo rotary instruments and RaCe rotary files used for the canal preparation and indicated that Mtwo instruments are a better choice for the curved canals.

Keywords: canal curvature, canal preparation, Mtwo, RaCe, resin blocks

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Authors: Jian Shao

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The effect of entrepreneurship on economic, innovation, and employment has been widely acknowledged by scholars and governments. As an essential factor of influencing entrepreneurship activities, entrepreneurship policy creates a conducive environment to support and develop entrepreneurship. However, the challenge in developing entrepreneurship policy is that policy is normally a combination of many different goals and instruments. Instead of examining the effect of individual policy instruments, we argue that attention to a policy mix is necessary. In recent years, much attention has been focused on comparing a single policy instrument to a policy mix, evaluating the interactions between different instruments within a mix or assessment of particular policy mixes. However, another required step in understanding policy mixes is to understand how and why mixes evolve and change over time and to determine whether any changes are an improvement. In this paper, we try to trace the development of the policy mix for entrepreneurship in China by mapping the policy goals and instruments and reveal the process of policy mix changing over time. We find two main process mechanisms of the entrepreneurship policy mix in China: patching and stretching. Compared with policy repackaging, patching and stretching are more realistic processes in the real world of the policy mix, and they are possible to achieve effectiveness by avoiding conflicts and promoting synergies among policy goals and instruments.

Keywords: entrepreneurship, China, policy design, policy mix, policy patching

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Authors: Y. Tahat, T. Dunne, S. Fifield, D. Power

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Information about a firm’s usage of Financial Instruments (FIs) plays a very important role in determining its financial position and performance. Yet accounting standard-setters have encountered problems when deciding on the FI-related disclosures which firms must make. The primary objective of this paper is to review the extant literature on FI disclosure. This objective is achieved by surveying the literature on: the corporate usage of FIs; the different accounting standards adopted concerning FIs; and empirical studies on FI disclosure. This review concludes that the current research on FI disclosure has generated a number of useful insights. In particular, the paper reports that: FIs are a very important risk management mechanism in ensuring that companies have the cash available to make value-enhancing investments, however, without a clear set of risk management objectives, using such instruments can be dangerous; accounting standards concerning FIs have resulted in enhanced transparency about the usage of these instruments; and FI-related information is a key input into investors’ decision-making processes. Finally, the paper provides a number of suggestions for future research in the area.

Keywords: financial instruments, financial reporting, accounting standards, value relevance, corporate disclosure

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Authors: Mohsin Sadaqat, Hilal Anwar Butt

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Following the stock selection guidelines provided by the Sharia Board (SB), we segregate the firms listed at Pakistan Stock Exchange (PSX) into Sharia Compliant (SC) and Non-Sharia Compliant (NSC) stocks. Subsequently, we form portfolios within each group based on market capitalization and volatility. The purpose is to analyze and compare the performance of these two groups as the SC stocks have lesser diversification opportunities due to SB restrictions. Using data ranging from January 2004 until June 2016, our results indicate that in most of the cases the risk-adjusted returns (alphas) for the returns differential between SC and NCS firms are positive. In addition, the SC firms in comparison to their counterparts in PSX provides excess returns that are hedged against the market, size, and value-based systematic risks factors. Overall, these results reconcile with one prevailing notion that the SC stocks that have lower financial leverage and higher investment in real assets are lesser exposed to market-based risks. Further, the SC firms that are more capitalized and less volatile, perform better than lower capitalized and higher volatile SC and NSC firms. To sum up our results, we do not find any substantial evidence for opportunity loss due to limited diversification opportunities in case of SC firms. To optimally utilize scarce resources, investors should consider SC firms as a candidate in portfolio construction.

Keywords: diversification, performance, sharia compliant stocks, risk adjusted returns

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Authors: Leonardo Ko

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In an era marked by rapid technological innovation, the classical instrument industry nonetheless has not seen significant change. Is this a matter of stubborn traditionalism, or do old, conventional instruments really sound better? Because of the widespread use of 3-D printing, it seems feasible to produce modern, 3-D printed instruments that adhere to the basic conventions of standard construction. This study aimed to design and create a practical, effective 3-D printed acoustic violin. A cost-benefit analysis of materials and design is presented in addition to a report on sound tests in which a pool of professional musicians compared the traditional violin to its synthetic counterpart with regard to acoustic properties. With a low-cost yet functional instrument, musicians of all levels would be able to afford instruments with much greater ease; the present study thus hopes to contribute to efforts to increase the accessibility of classical music education.

Keywords: acoustic musical instrument, classical musical education, low-cost, 3-D printing

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Authors: Hafez Abdo, Rob Ackrill

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Renewable energy (RE) promotion in the UK relies on multiple policy instruments, which are required to overcome the path dependency pressures favouring fossil fuels. These instruments include targeted funding schemes and economy-wide instruments embedded in the tax code. The resulting complexity of incentives raises important questions around the coherence and effectiveness of these instruments for RE generation. This complexity is exacerbated by UK RE policy being nested within EU policy in a multi-level governance (MLG) setting. To gain analytical traction on such complexity, this study will analyse policies promoting the on-farm generation of energy for heat and power, from farm and food waste, via anaerobic digestion. Utilising both primary and secondary data, it seeks to address a particular lacuna in the academic literature. Via a localised, in-depth investigation into the complexity of policy instruments promoting RE, this study will help our theoretical understanding of the challenges that MLG and path dependency pressures present to policymakers of multi-dimensional policies.

Keywords: anaerobic digestion, energy, green, policy, renewable, tax, UK

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Authors: Thanh-Phong Dao, Shyh-Chour Huang

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This study presents a quasi-zero stiffness (QZS) vibration isolator using flexure-based spring mechanisms which afford both negative and positive stiffness elements, which enable self-adjustment. The QZS property of the isolator is achieved at the equilibrium position. A nonlinear mathematical model is then developed, based on the pre-compression of the flexure-based spring mechanisms. The dynamics are further analyzed using the Harmonic Balance method. The vibration attention efficiency is illustrated using displacement transmissibility, which is then compared with the corresponding linear isolator. The effects of parameters on performance are also investigated by numerical solutions. The flexure-based spring mechanisms are subsequently designed using the concept of compliant mechanisms, with evaluation by ANSYS software, and simulations of the QZS isolator.

Keywords: vibration isolator, quasi-zero stiffness, flexure-based spring mechanisms, compliant mechanism

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Authors: Chetan Gupta, Ramesh Gupta

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Unmanned aerial vehicles, of all sizes, are prime targets of the wing morphing concept as their lightweight structures demand high aerodynamic stability while traversing unsteady atmospheric conditions. In this research study, a hybrid morphing technology is developed to aid the trailing edge of the aircraft wing to alter its camber as a monolithic element rather than functioning as conventional appendages like flaps. Kinematic tailoring, actuation techniques involving shape memory alloys (SMA), piezoelectrics – individually fall short of providing a simplistic solution to the conundrum of morphing aircraft wings. On the other hand, the feature of negligible hysteresis while actuating using compliant mechanisms has shown higher levels of applicability and deliverability in morphing wings of even large aircrafts. This research paper delves into designing a wing section model with a periodic, multi-stable compliant structure requiring lower orders of topological optimization. The design is sub-divided into three smaller domains with external hyperelastic connections to achieve deflections ranging from -15° to +15° at the trailing edge of the wing. To facilitate this functioning, a hybrid actuation system by combining the larger bandwidth feature of piezoelectric macro-fibre composites and relatively higher work densities of shape memory alloy wires are used. Finite element analysis is applied to optimize piezoelectric actuation of the internal compliant structure. A coupled fluid-surface interaction analysis is conducted on the wing section during morphing to study the development of the velocity boundary layer at low Reynold’s numbers of airflow.

Keywords: compliant mechanism, hybrid morphing, piezoelectrics, shape memory alloys

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Authors: Ugwu Chukwuka E.

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The African context of human right instruments as recognized today can be traced to Africa’s relationship with the Western World. A significant preponderance of these instruments are found in both colonial and post colonial statutes as the colonial laws, the post colonial legal documents as constitutions or Africa’s adherence to relevant international instruments on human rights as the Universal Declaration of Human Rights (1948) and the African Charter on Human and Peoples’ Rights (1981). In spite of all these human rights instruments inherent in the African continent, it is contended in this paper that, these Western-oriented notion of human rights, emphasizes rights that hardly meets the current needs of contemporary African citizens. Adopting a historical research methodology, this study interrogates the dynamics of the African poverty context in relation to the implementation of human rights instruments in the continent. In this vein, using human rights and poverty scenarios from one Anglophone (Uganda) and one Francophone (Senegal) countries in Africa, the study hypothesized that, majority of Africans are not in a historical condition for the realization of these rights. The raison d’etre for this claim emerges from the fact that, the present generations of African hoi polloi are inundated with extensive powerlessness, ignorance, diseases, hunger and overall poverty that emasculates their interest in these rights instruments. In contrast, the few Africans who have access to the enjoyment of these rights in the continent hardly needs these instruments, as their power and resources base secures them that. The paper concludes that the stress of African states and stakeholders on African affairs should concentrated significantly, on the alleviation of the present historical poverty squalor of Africans, which when attended to, enhances the realization of human right situations in the continent.

Keywords: Africa, human rights, poverty, western world

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Authors: Tasawar Nawaz

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Promotion of socioeconomic justice through redistribution of wealth is one of the most salient features of Islamic economic system. Islamic financial institutions known as Islamic banks are used to implement this in practice under the guidelines of Islamic Shariah law. Islamic banking systems strive to promote and achieve financial inclusion among the society by offering interest-free banking and risk-sharing financing solutions. Shariah-compliant micro finance is one of the most popular financial instruments used by Islamic banks to enhance access to finance. Benevolent loan (or Qard-al-Hassanah) is one of the popular financial tools used by the Islamic banks to promote financial inclusion. This aspect of Islamic banking is empirically examined in this paper with specific reference to firm’s resources, largely defined here as intellectual capital. The paper finds that Islamic banks promote financial inclusion by exploiting available resources especially, the human intellectual capital.

Keywords: financial inclusion, intellectual capital, Qard-al-Hassanah, Islamic banking

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Authors: Anees Tahir

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Margin financing plays a significant role in Pakistan's stock market (PSX), offering investors the opportunity to maximize profits by borrowing funds from financiers to purchase marginable stocks. However, this financial practice raises several Shariah-related concerns. The study follows legal doctrinal research methodology. It explains and analyzes the law of margin financing prevailing in PSX and compares it with the principles of Shariah. It also examines and investigates the practices of margin financing from the perspective of Shariah. As part of the study, the researcher has conducted structured interviews with the Shariah advisors of the finance industry, academicians, market practitioners, and regulators. Thus, the study analyzes the findings of interviews. This article explores the legal framework and practice of margin financing in Pakistan from a Shariah perspective. The article investigates various issues relating to margin financing, including the fundamental concern of interest-based lending, which contravenes Islamic principles. It also highlights the problematic subject matter of margin financing, often involving non-Shariah compliant securities. Additionally, the article addresses the restriction on proprietary rights and the problematic element of speculation associated with margin financing. To provide a Shariah-compliant alternative, the Securities and Exchange Commission of Pakistan (SECP) introduced Murabahah Shares Financing (MSF) in 2019. However, the focus of the market is still on conventional margin financing. In the opinion of the researcher, the effective implementation of MSF is imperative because in the absence of such an alternative, the faith sensitive investor will remain deprived of a level playing field, and he is unable to get required financing opportunities through a halal and Shariah-compliant manner. This article argues that margin financing in its current form is incompatible with Shariah principles and should be discontinued. It is recommended that the SECP should gradually phase out the use of margin financing and increase reliance on MSF to provide faith-sensitive and committed investors with Shariah-compliant financing options.

Keywords: margin financing, marginable stocks, faith sensitive investor, Murabahah shares financing

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Authors: Piotr Prewysz-Kwinto

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A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments.

Keywords: exchange traded products, financial market, investment, stock exchange

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Authors: Katja Wiedemann, Melinda Gainschnigg

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This paper deals with gender inequality in companies. In the context of this paper, it is analyzed how women are discriminated by means of Human Resources instruments. The existing gender inequality is made apparent by the ‘Equal Pay Day. Women in Austria work without payment from 20 October onwards, which represents inequality of 21.7 percent points. This gender pay gap is due to the unequal distribution of paid and unpaid work between men and women. Since the majority of activities related to the family and care are carried out by women, there are human capital deficits on women’s side. In addition to the discrimination of women in compensation, there are also discrimination cases caused by other Human Resources instruments. The aim of this paper is to analyze the use of Human Resources instruments with regard to the discrimination of women and to identify measures to counteract this discrimination. Within the scope of this paper, possible instructions for companies on how to design and implement Human Resources instruments will be elaborated. Therefore personnel planning, recruiting, workforce management, compensation, and leadership are used as the basis for that analysis. The data were collected by a literature review and evaluated by means of a summary content analysis. The literature analysis includes papers of scientific journals from various business fields. On the basis of the results of the literature review, it is clear that women are discriminated by all analyzed Human Resources instruments. As a result, existing potentials are not optimally used. In order to limit or even prevent this loss of potential, companies must take specific measures to counteract the discrimination of women.

Keywords: employment issues, gender inequality , women's studies, workplace

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Authors: Rodrigo Zepeda

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Transaction cost analysis (TCA) is a way of analyzing the relative performance of different intermediaries and different trading strategies for trades undertaken in financial instruments. It is a way for an investor to determine the overall quality of execution of a particular trade, and there are many different approaches to undertaking TCA. Under the updated Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), investment firms are required when executing orders, to take all sufficient steps to obtain the best possible result for their clients. This requirement for 'Best Execution' must take into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. The new regulatory compliance framework under MiFID II will now also apply across a very broad range of financial instruments. This article will provide a comprehensive technical analysis of how TCA and Best Execution will significantly change under MiFID II. It will also explain why harmonization of post-trade reporting requirements under MiFID II could potentially support the development of peer group analysis, which in turn could provide a new and highly advanced framework for TCA that could more effectively support Best Execution requirements under MiFID II. The study is significant because there are no studies that have dealt with TCA and Best Execution under MiFID II in the literature.

Keywords: transaction cost analysis, execution quality, best execution, MiFID II, financial instruments

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Authors: Yi-Hsien Wang, Fu-Ju Yang, Hwa-Rong Shen, Rui-Lin Tseng

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The business is notably related to the market risk according to the increase of liberalization of financial markets. Hence, the company usually utilized high financial leverage of derivatives to hedge the risk. When the company choose different hedging instruments to face a variety of exchange rate risk, we employ the Multinomial Logistic-AHP to analyze the impact of various derivatives. Hence, the research summarized the literature on relevant factors affecting managers selected exchange rate hedging instruments, using Multinomial Logistic Model and and further integrate AHP. Using Experts’ Questionnaires can test multi-level selection and hedging effect of different hedging instruments in order to calculate the hedging instruments and the multi-level factors of weights to understand the gap between the empirical results and practical operation. Finally, the Multinomial Logistic-AHP Model will sort the weights to analyze. The research findings can be a basis reference for investors in decision-making.

Keywords: exchange rate risk, derivatives, hedge, multinomial logistic-AHP

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Authors: Neelesh Papineni

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Aim: Piezosurgery is a relatively new technique for osteotomy and osteoplasty that uses ultrasonic vibration. The conventional method of treating periodontal cases are by conventional surgeries. However, in this advancing field the use of motor-driven instruments is being considered less invasive. Out of these motor-driven instruments, piezo-electric device has been introduced to the field of periodontics and oral implantology. This article discusses about the wide range of application of piezo-electric device in periodontology, its advantages over conventional surgical therapies and other motor-driven instruments. Results: Piezo- electric has shown better results in aspect of osteotomy, osteoplasty, implants, and any procedure which includes conserving the bone. Also piezo-electric does not cause any kind of damage to the surrounding soft tissue and eliminates the risk of bone necrosis which is a risk factor in other motor driven instruments. Conclusion: In this era of modern dentistry , a successful periodontal and implant surgery requires a sound osseous support. This review gives a pictorial representation about the wide range of application of piezo-electric device in periodontology.

Keywords: piezo-electric, osteotomy, osteoplasty, implantology

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Authors: Hassan Ali, Abdulrahman Hamid

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This paper discusses using of instruments to monitor deformation and settlement. Specifically, it concentrates on field instruments such as inclinometer and plate load test and their applications in the field. Inclinometer has been used effectively to monitor lateral earth movements and settlement in landslide areas, embankments and foundations. They are also used to monitor the deflection of retaining walls and piles under load. This paper is reviewing types of inclinometer systems, comparison between systems, applications, field accuracy and correction. The paper also will present a case study of using inclinometer to monitor the creep movements within the ancient landslide on The Washington Park Station. Furthermore, the application of deformation and settlement instruments in Saudi Arabia will be discussed in this manuscript.

Keywords: inclinometer, plate load test, backfills, sand, deformation and settlement

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Authors: Sarah A. Tobin

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Social justice outcomes, derived from customer satisfaction, serve as a main pathway and conduit for achieving Sustainable Development Goals (SDGs) because they prompt democratizing and socially-inclusive effects that are consistent with Islamic economic values. This paper argues that achieving higher levels of social justice and the SGDs is possible only through the realization of Islamic banking and finance customer satisfaction that aligns with Islamic values in the tradition of the Shari`a (or Islamic law). Through this key manifestation of Shari`a in the banks, social justice aims of achieving SDGs become possible. This paper utilizes a case study of a large-scale survey (N=127) comparing customer satisfaction between a conventional and an Islamic bank in Amman, Jordan. Based on a series of linear regressions, the statistically-significant findings suggest that when overall customer satisfaction is high, customers are more likely to become empowered citizens demanding inclusive, quality services and corruption-free management, as well as attribute their experiences to the Islamic nature of the financial endeavors. Social justice interests and expectations increase (and SDGs are more likely met) when a customer has high levels of satisfaction. The paper concludes with policy recommendations for Islamic financial institutions that enhance customer service experiences for better achieving the social justice aims of the Islamic economy and SDGs, including transparency in transactions, exemplary customer service and follow up, and attending to Islamic values in the aesthetics of bank.

Keywords: customer satisfaction, Islamic economy, social justice, sustainable development goals

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Authors: Mohammed Asiri, Saleh Alsuwayt, Mohammed Bin Mugren, Abdulmalik Almufarrih, Tariq Alotaibi, Saad Almodameg

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Background: End-stage renal disease is a major public health concern with high incidence and mortality rate. Most of ESRD patients are on hemodialysis therapy which is a long-term treatment that disturbs patients’ lifestyle. As a result, he will be susceptible to develop psychiatric disorders like anxiety that may direct him to non-compliance on physician instructions and hemodialysis therapy. Although there are studies conducted on psychiatric issues in hemodialysis patients, but few studies focused on the effect of anxiety disorder and the patient’s compliance. Hence, we are interested in determining the prevalence of anxiety disorder among hemodialysis patients in Saudi Arabia, as well as in defining the correlation between anxiety disorder and compliance on physician instructions and hemodialysis therapy. We hypothesize that our study will show a higher prevalence of anxiety in hemodialysis patients than in general population. Also, we expect the anxiety to have a negative impact on their compliance. Methodology: We used a cross-sectional study design carried out at dialysis unit of four major hospitals in Riyadh, KSA. We interviewed 235 End Stage Renal Disease male and female patients who are on hemodialysis. We divided the patients into two categories according to their compliance. we used modified general questionnaire to get their demographic data, then we used a psychometric response scale called visual analog scale (VAS) to assess patient’s compliance to hemodialysis and physician’s instructions. Also, we used the Arabic validated version of the hospital anxiety and depression scale (HAD scale) used mainly for anxiety assessment. Results: The overall response rate was 54%. Respondents included 147 (62.6%) males and 88 (37.4%) females. The prevalence of anxiety among hemodialysis patients is 13.3%. According to visual analog scale, we found that 189 compliant patients and 45 non-compliant patients. For HAD scale, the mean ± standard deviation of the total score for females was (4.44 ± 4.7) and it’s higher than males which was 2.65 ± 3.08 (P-value= 0.002). The mean ± standard deviation of HAD score in the non-compliant group was (5.88  4.88) and it was higher than the compliant group (2.7  3.32) (P-value= 0.004). Among non-complaint group, 33.3% of anxious patients were males and 66.6% were females. There was a negative correlation between HAD score of anxiety and visual analog scale (R= - 0.285). Conclusion: We conclude that there is a high prevalence of anxiety among patients with End Stage Renal Disease that was higher in females with association of non-compliance to physician’s instructions and hemodialysis therapy.

Keywords: anxiety, end-stage renal disease, renal failure, anxiety disorder

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Authors: Noor Suhaida Kasri

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In the last three decades, Malaysia has developed fundamental legal and regulatory structures that aim to accommodate and facilitate the growth of Islamic banking and finance industry. Important building blocks have been put in place, to cite a few, the elevation of the position of the Malaysian Central Bank Shariah Advisory Council (SAC) as the apex advisory body and the empowerment of their Shariah resolutions through the Central Bank Act 1958; the promulgation of the Islamic Financial Services Act 2013 that regulate and govern Islamic finance market with a robust statutory requirement of Shariah governance and Shariah compliance. Notwithstanding these achievements, enforceability of Shariah-compliant contract remains a contentious subject. The validity of Al Bai Bithaman Ajil concept that was commonly used by the Islamic financial institutions in their financing facilities structures and documentation has been unabatedly challenged by the customers in courts. The challenge was due to the manner in which the Al Bai Bithaman Ajil transactions were carried out. Due to this legal challenge, Al Bai Bithaman Ajil financing structure seems to no longer be the practitioners’ favourite in Malaysia, though its substitute tawarruq and commodity murabahah financing structure may potentially face similar legal challenges. This paper examines the legal challenges affecting the enforceability of these underlying Shariah contracts. The examination of these cases highlights the manner in which these contracts were being implemented and applied by the Malaysian Islamic financial institutions that triggered Shariah and legal concern. The analysis also highlights the approach adopted by the Malaysian courts in determining the Shariah issues as well as the SAC in ascertaining the rulings on the Shariah issues referred to it by the courts. The paper adopts a qualitative research methodology by using textual and documentary analysis approach. The outcome of this study underlines factors that require consideration by industry stakeholder in order to ameliorate the efficacy of the existing building blocks that would eventually strengthens the validity and enforceability of Shariah-compliant contracts. This, in the long run, will further reinforce financial stability and trust into the Islamic banking and finance industry in Malaysia.

Keywords: enforceability of Shariah compliant contract, legal challenge, legal and regulatory framework, Shariah Advisory Council

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Authors: Mirzet SeHo, Alaa Alaabed, Mansur Masih

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In theory, risk-sharing-based financing (RSF) is considered a corner stone of Islamic finance. It is argued to render Islamic banks more resilient to shocks. In practice, however, this feature of Islamic financial products is almost negligible. Instead, debt-based instruments, with conventional like features, have overwhelmed the nascent industry. In addition, the framework of present-day economic, regulatory and financial reality inevitably exposes Islamic banks in dual banking systems to problems of conventional banks. This includes, but is not limited to, interest rate risk. Empirical evidence has, thus far, confirmed such exposures, despite Islamic banks’ interest-free operations. This study applies system GMM in modeling the determinants of RSF, and finds that RSF is insensitive to changes in interest rates. Hence, our results provide support to the “stability” view of risk-sharing-based financing. This suggests RSF as the way forward for risk management at Islamic banks, in the absence of widely acceptable Shariah compliant hedging instruments. Further support to the stability view is given by evidence of counter-cyclicality. Unlike debt-based lending that inflates artificial asset bubbles through credit expansion during the upswing of business cycles, RSF is negatively related to GDP growth. Our results also imply a significantly strong relationship between risk-sharing deposits and RSF. However, the pass-through of these deposits to RSF is economically low. Only about 40% of risk-sharing deposits are channeled to risk-sharing financing. This raises questions on the validity of the industry’s claim that depositors accustomed to conventional banking shun away from risk sharing and signals potential for better balance sheet management at Islamic banks. Overall, our findings suggest that, on the one hand, Islamic banks can gain ‘independence’ from conventional banks and interest rates through risk-sharing products, the potential for which is enormous. On the other hand, RSF could enable policy makers to improve systemic stability and restrain excessive credit expansion through its countercyclical features.

Keywords: Islamic banks, risk-sharing, financing, interest rate, dynamic system GMM

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Authors: Lemoussi Somia, Ouali Mohammed, Zemirline Adel

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In precision engineering, including precision positioning, micro-manipulation, robotic systems... a majority of these applications actuated by piezo stack used the compliant amplifier mechanism to amplifying motion and guiding it as needed utilize the flexibility of their components, in this paper, we present a novel approach introducing a symmetric structure comprising three stages, featuring rectangular flexure hinges with a compact size of 77mm×42mm×10mm. This design provides the capability for rotation, translation or a combination of both movements in both directions. The system allows for a displacement of 2107.5 μm when the input displacement of PZT is 50 μm while considering the material constraints of the aluminum alloy (7075 T6) which has a maximum admissible stress of 500 MPa However, our proposed design imposes additional constraints to ensure the stress remains below 361 MPa for optimal performance. These findings were obtained through finite element simulations conducted using ANSYS Workbench. Furthermore, our module facilitates precise control of various components within robotic systems, allowing for adjustable speeds based on specific requirements or desired outcomes.

Keywords: robotic, piezoelectric, compliant mechanism, flexure hinge

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Authors: Mahmoud Hassan

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Understanding the impact of market- and non-market-based environmental policy instruments on renewable energy consumption (REC) is crucial for the design and choice of policy packages. This study aims to empirically investigate the effect of environmental policy stringency index (EPS) and its components on REC in 27 OECD countries over the period from 1990 to 2015, and then use the results to identify what the appropriate environmental policy mix should look like. By relying on the two-step system GMM estimator, we provide evidence that increasing environmental policy stringency as a whole promotes renewable energy consumption in these 27 developed economies. Moreover, policymakers are able, through the market- and non-market-based environmental policy instruments, to increase the use of renewable energy. However, not all of these instruments are effective for achieving this goal. The results indicate that R&D subsidies and trading schemes have a positive and significant impact on REC, while taxes, feed-in tariff and emission standards have not a significant effect. Furthermore, R&D subsidies are more effective than trading schemes for stimulating the use of clean energy. These findings proved to be robust across the three alternative panel techniques used.

Keywords: environmental policy stringency, renewable energy consumption, two-step system-GMM estimation, linear dynamic panel data model

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Authors: Nagarjuna Pitty

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Over the past decade there has been substantial progress in the usage of ePrints resources national and international research community. JRD Tata Memorial Library has hosting for the web based ePrints services and maintenance to online user community. This paper provides an overview how to share JRDTML experiences in using GNU EPrints.org software to create and maintain the open-access institutional repository of IISc, ePrints@IISc. This paper states that the GNU EPrints.org is the first generic software for creating Open Access Initiative (OAI)-compliant repositories, which enables the researchers to self-archive their research publications thus facilitating open access to their publications. IISc has been using this software since early 2002. This paper tells that the GNU EPrints.org software is an excellent tool for creating and maintaining OAI-compliant repositories. It can be setup easily even by those who are not too much experts in computer. In this paper, author is sharing JRDTML experiences in using GNU ePrints.org software.

Keywords: digital library, open access initiative, scholarly publications, institutional repository, ePrints@IISc

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Authors: T. Mcgraw, F. N. Morin, N. Desai

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Background: Antimicrobial resistance is a critical issue in global health care and a significant contributor to increased patient morbidity and mortality. Suspected urinary tract infection (UTI) is a key area of inappropriate antibiotic prescription in pediatrics. Management patterns of infectious diseases have been shown to vary by provider type within a single setting. The aim of this study was to assess compliance with national UTI management guidelines by nurse practitioners in a pediatric emergency department (ED). Methods: This was a post-hoc analysis of a retrospective cohort study to review and evaluate visits to a tertiary care freestanding pediatric emergency department. Patients were included if they were 60 days to 36 months old and discharged with a diagnosis of UTI or ‘rule-out UTI’ between July 2015 and July 2020. Primary outcome measure was proportion of visits seen by Nurse Practitioners (NP) which were associated with national guideline compliance in the diagnosis and treatment of suspected UTI. We performed descriptive statistics and comparative analyses to determine differences in practice patterns between NPs, and physicians. Results: A total of 636 charts were reviewed, of which 402 patients met inclusion criteria. 17 patients were treated by NPs, 385 were treated by either Pediatric Emergency Medicine physicians (PEM) or non-PEM physicians. Overall, the proportion of infants receiving guideline-compliant care was 25.9% (21.8-30.4%). Of those who were prescribed antibiotics, 79.6% (74.7-83.8%) received first line guideline recommended therapy and 58.9% (53.8-63.8%) received fully compliant therapy with respect to age, dose, duration, and frequency. In patients treated by NPs, 16/17 (94%(95% CI:73.0-99.0)) required antibiotics, 15/16 (93%(95% CI: 71.7-98.9)) were treated with first line agent (cephalexin), 8/16 (50%(95% CI:28-72)) were guideline compliant of dose and duration. 5/8 (63%(95% CI:30.6-86.3)) were noncompliant for dose being too high. There was no difference in receiving guideline compliant empiric antibiotic therapy between physicians and nurse practitioners (OR: 0.837 CI: 0.302-2.69). Conclusion: In this post-hoc analysis, guideline noncompliance by nurse practitioners is common in children tested and treated for UTIs in a pediatric emergency department. Care by a Nurse Practitioner was not associated with greater rate of noncompliance than care by a Pediatric Emergency Medicine physician. Future appropriately powered studies may focus on confirming these results.

Keywords: antibiotic stewardship, infectious disease, nurse practitioner, urinary tract infection

Procedia PDF Downloads 81

Authors: Sarkar Humayun Kabir

Abstract:

This paper aims to investigate whether ethical investment instruments could contribute to stability in financial markets. In order to address the main issue, the study investigates the stability of return in seven conventional and Islamic equity markets of Asia, Europe and North America and in five major commodity markets starting from 1996 to June 2012. In addition, the study examines the unconditional correlation between returns of the assets under review to investigate portfolio diversification benefits of investors. Applying relevant methods, the study finds that investors may enjoy sustainable returns from their portfolios by investing in ethical financial instruments such as Islamic equities. In addition, it should be noted that most of the commodities, gold in particular, are either low or negatively correlated with equity returns. These results suggest that investors would be better off by investing in portfolios combining Islamic equities and commodities in general. The sustainable returns of ethical investments has important implications for the investors and markets since these investments can provide stable returns while the investors can avoid production of goods and services which believes to be harmful for human and the society as a whole.

Keywords: financial sustainability, ethical investment instruments, islamic equity, dynamic conditional correlation, conditional volatility

Procedia PDF Downloads 279

Authors: Pengfan Wu, Xiaoan Chen, Ye He, Tianchi Chen

Abstract:

This paper introduces the design of an unpowered knee exoskeleton to assist human walking by redistributing the moment of the knee joint during stair descent (SD). Considering the knee moment varying with the knee joint angle and the work of the knee joint is all negative, the custom-built spring was used to convert negative work into the potential energy of the spring during flexion, and the obtained energy work as assistance during extension to reduce the consumption of lower limb muscles. The human-machine adaptability problem was left by traditional rigid wearable due to the knee involves sliding and rotating without a fixed-axis rotation, and this paper designed the two-direction grooves to follow the human-knee kinematics, and the wire spring provides a certain resistance to the pin in the groove to prevent extra degrees of freedom. The experiment was performed on a normal stair by healthy young wearing the device on both legs with the surface electromyography recorded. The results show that the quadriceps (knee extensor) were reduced significantly.

Keywords: unpowered exoskeleton, stair descent, knee compliant joint, energy redistribution

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Authors: Veronika Solilová, Danuše Nerudová

Abstract:

The paper examines the interaction between the environmental taxation, size of government spending on environmental protection and greenhouse gas emissions and gross inland energy consumption. The aim is to analyze the effects of environmental taxation and government spending on environmental protection as an environmental policy instruments on greenhouse gas emissions and gross inland energy consumption in the EU15. The empirical study is performed using a VAR approach with the application of aggregated data of EU15 over the period 1995 to 2012. The results provide the evidence that the reactions of greenhouse gas emission and gross inland energy consumption to the shocks of environmental policy instruments are strong, mainly in the short term and decay to zero after about 8 years. Further, the reactions of the environmental policy instruments to the shocks of greenhouse gas emission and gross inland energy consumption are also strong in the short term, however with the deferred effects. In addition, the results show that government spending on environmental protection together with gross inland energy consumption has stronger effect on greenhouse gas emissions than environmental taxes in EU15 over the examined period.

Keywords: VAR analysis, greenhouse gas emissions, environmental taxation, government spending

Procedia PDF Downloads 269

Authors: Jiří Kugl

Abstract:

Typology and specific opportunities of brownfield revitalization are already largely described. Challenges and opportunities that brownfields represent have been adequately studied and presented, as well as specific ways in which these areas can be used or how they are used abroad. In other words, the questions why (revitalize brownfields) and what (we should do with them) are satisfactorily answered, but the question how (we can work with them) is not. This work will focus on answering this question, which will deal with tools that enable the revitalization and rehabilitation projects in the area. Tools can be divided, for example in terms of spatial planning and urban design, from an environmental perspective, from the perspective of cultural heritage protection and from the perspective of investment opportunities. The result is that the issue of brownfields is handled by numerous institutions and instruments. The aim of this paper is to identify, classify and analyze these instruments. Paper will study instruments from other countries with long-term experience with this issue (eg. France, Great Britain, USA, Germany, Denmark, Czech Republic) and analyse their contribution and the feasibility of their implementation in other countries.

Keywords: brownfields, revitalization, rehabilitation, tools, urban planning

Procedia PDF Downloads 213

Authors: Bhalke D. G., Bormane D. S., Kharate G. K.

Abstract:

This paper presents classification of musical instrument using machine learning techniques. The classification has been carried out using temporal, spectral, cepstral and wavelet features. Detail feature analysis is carried out using separate and combined features. Further, instrument model has been developed using K-Nearest Neighbor and Support Vector Machine (SVM). Benchmarked McGill university database has been used to test the performance of the system. Experimental result shows that SVM performs better as compared to KNN classifier.

Keywords: feature extraction, SVM, KNN, musical instruments

Procedia PDF Downloads 456