The Study of Possible Shariah Non Compliance Risks of Ijarah Along With Their Risk Management Mechanism

The main objective of this research paper is the study of possible Sharīʻaĥ non-compliance risks (SNCRs) of Ijāraĥ along with their risk management mechanism. As the activity of Sharīʻaĥ non-compliance is negligence or failure to comply with the Sharīʻaĥ rules and regulations as well as for some extent, the breach of the law of the land. Hence, Identification, Monitoring, Control and Mitigation of SNCRs need to be undertaken sensitively otherwise the spirit and objective of Islamic banks (IBIs) will be no more than different from Conventional banking system i.e. Interest based banking. Consequently, this new practice of Islamic banking will also be considered Sharīʻaĥ non-compliant. Because, failure in control and mitigation of Sharīʻaĥ non-compliance risks (SNCRs) may render the transaction into Null and Void (Bāṭil) or Voidable (Fāsid) as well as the return/rental would be considered impermissible (Ḥarām). Additionally, it may expose the status of IBIs at high risk regarding their reputation, profitability and confidence of their stakeholders which may lead the system towards collapse and downfall. Keeping in mind the need of the identification of SNCR along with estimated risk management/mitigation tools, this paper is developed to help the industry to develop their own Sharīʻaĥ non-compliance risk management system and to achieve the targeted outcomes i.e. Sound reputation of Islamic banking on the basis of Sharīʻaĥ principles, permissible proceeds/profits through genuine Sharīʻaĥ compliant activities and comprehensive knowledgeable material to understand distinctive and accurate Islamic banking system from Conventional. Targeting the abovementioned goals and aims, the answers of following questions are explored: What is SNCR? Is there any approved and authentic mechanism or SNCR management system in market to manage and mitigate them? Is the SNCR destructive for the profit and goodwill of IBIs? Principally, this research paper is an effort to uncover the SNCRs of Ijāraĥ Product along with the risk management mechanism keeping in sight the modern practices of Ijāraĥ Product.

IOT-Farming

Agriculture being the largest sector of Pakistan, plays an integral role in economy and food production but still lacks behind due to traditional farming approaches. IoTFarming develops a network architecture with the latest LoRaWAN technology to aid commercial/private farms. It consists of easy to use, fully autonomous and cost effective sensor nodes that measure the air temperature, relative humidity and soil moisture and communicate the data to a single-channel LoRaWAN gateway which then transmits it to the Network Server, The Things Network, making it accessible on the internet. From the Network server the data is then further transmitted onto the application server, All Things Talk. The data can be monitored visually using AllThingsTalk web page or mobile application in the form of readings, graphs and figures, making better and informed agricultural decisions, reducing water wastage and increasing yield. Also, a data log of the farm is maintained online (stored on the cloud) and offline (exported as CSV) for further data analysis and weather predictions. Furthermore, a weather data set was acquired to develop Machine Learning algorithms for rain prediction with an achieved accuracy of 77%