A Sharia’h Perspective of Minimum Account Balance Requirement in Islamic Banking

ABSTRACT: Banks charge fee on saving and current accounts or downgrade them when the balance drops below a threshold point. This could be justified in conventional banking on pure business grounds; however, it is an issue of concern in Islamic banking because of the underlying Shari’a (Islamic Law) issues in this practice. While some Islamic banks charge incidental fees, as practiced by conventional banks, on accounts with low balances, others simply stop paying profits on such savings accounts and some even downgrade them by stopping some of the free sendees. This conceptual paper addresses the Shari'a aspect of such practices in Islamic banking. The paper first presents a broader picture of Islamic banks’ practices in relation to this issue and then explores relevant Shari'a principles. The current market practices are then analyzed in light of Shari’a principles. The findings reveal that imposing restrictions/ charges on low-balance savings and current accounts are against the basic tenets ofShari’a principles. The implications of the paper are twofold. Firstly, it opens up a whole new dimension of literature in the field of Islamic banking by instigating an important untouched area. Secondly, it strongly recommends that Islamic banks reconsider their practices in this regard in order to stay viable in the long run. The paper also gives alternative recommendations for addressing the problem in a Shari’a compliant way

Characterization of Bipartite Begomoviruses from Cotton and Evaluation of Transgenic Plants for Broad-Spectrum Resistance Against Begomoviruses

Cotton leaf curl disease (CLCuD) is the major biotic constraint to cotton production on the Indian subcontinent, and is caused by monopartite begomoviruses accompanied by a specific DNA satellite, Cotton leaf curl Multan betasatellite (CLCuMB). Since the breakdown of resistance against CLCuD in 2001/2002, only one virus, the “Burewala” strain of Cotton leaf curl Kokhran virus (CLCuKoV-Bur), and a recombinant form of CLCuMB have consistently been identified in cotton across the major cotton growing areas of Pakistan. Unusually a bipartite isolate of the begomovirus Tomato leaf curl virus was identified in CLCuD-affected cotton recently. In the study described here we isolated the bipartite begomovirus Tomato leaf curl New Delhi virus (ToLCNDV) from CLCuD-affected cotton. To assess the frequency and geographic occurrence of ToLCNDV in cotton, CLCuD-symptomatic cotton plants were collected from across the Punjab and Sindh provinces between 2013 and 2015. Analysis of the plants by diagnostic PCR showed the presence of CLCuKoV-Bur in all 31 plants examined and ToLCNDV in 20 of the samples. Additionally, a quantitative real-time PCR analysis of the levels of the two viruses in co-infected plants suggests that coinfection of ToLCNDV with the CLCuKoV-Bur/CLCuMB complex leads to an increase in the levels of CLCuMB, which encodes the major pathogenicity (symptom) determinant of the complex. A recently developed genome engineering platform, clustered regularly interspaced short palindromic repeat / CRISPR associated9 (CRISPR/Cas9) system, was evaluated to engineer broad-spectrum begomovirus resistance. The results indicated that CRISPR/Cas system can be efficiently used to target CLCuKoV and also to engineer broad-spectrum resistance. Plants expressing AZP-G5-GroEL were also evaluated for the confirmation of transgenes. The significance of these results are discussed.