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Home > Sukuk: Structual Analysis for Shariah and Regulatory Implication in Islamic Financial Intermediation

Sukuk: Structual Analysis for Shariah and Regulatory Implication in Islamic Financial Intermediation

Thesis Info

Access Option

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Author

Jabeen, Zohra

Program

PhD

Institute

Mohammad Ali Jinnah University

City

Islamabad

Province

Islamabad

Country

Pakistan

Thesis Completing Year

2010

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11929/1/zohra%20jabeen%20cust.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676725061234

Similar


In a global economy, not all economic units are following the same socio-economic regime, but a predominant majority is pursuing a capitalistic economic system, propagating a free market economy, with checks and balances and a good number of welfare state economies. The socio-economic system of Islam too espouses a market economy but with a system of rights and responsibilities from the smallest or weakest element to the largest and strongest socio-economic unit/s. The regulatory system of Islam, called the Sharia’h defines the nature and sphere of activities of this socio-economic system. Innovations in Finance create new products in an effort to provide better solutions to the market. Some time passes before the products’ total, real impact is felt and understood by the stakeholders and the economy. As innovators do attempt to beat or sideline the given regulations and make room for their own interests to be fulfilled, it becomes necessary to evaluate products for their true worth and meaning. This is made possible through application of regulatory clauses as well as evaluation of regulations, as new products often attempt to beat regulations. This is why it becomes all the more important to study together products and their regulatory issues, particularly discussing the products’ impact on all stakeholders and the socio-economic system, as in this research. This research work analyses sukuk structures as products of Islamic Finance and tests whether they are Sharia’h compatible products or just another name for a type of conventional bonds. It tests the sukuk attributes in comparison to the Sharia’h objectives of Islamic Finance, as given in the AAOIFI Sharia’ Standards. It further tests sukuk in terms of conventional structured finance. It assesses whether sukuk transfer risk from the originator to sukuk holders or not, applying the relevant securitisation clauses of the International regulations for Financial Institutions, given by Basel II regulatory report. The results of the analyses shall clarify the position of the sukuk according to the Sharia’ Standards as well as the Basel II regulations. It throws light on the possible application of sukuk by Islamic finance Institutions particularly due to the securitisation and fund generating attributes of the sukuk. The study provides important insight into the sukuk structures through the above-mentioned synthesis. While some aspects of the sukuk comply with the AAOIFI Sharia’ standards, there are others that do not. While it was expected of the sukuk as Islamic finance products, to transfer risk from originators to the sukuk holders, this was proved incorrect. This research has implications for further product development, design and usage as well as development of Sharia’ Standards and International regulations within the prerequisites of the Sharia’h requirements.
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Phytochemical and Pharmacological Profiling of Dysphania Botrys

Dysphania botrys L. is an annual herbaceous plant belongs to family Amaranthaceae, native to Asia and Europe found in Pakistan, India and Iran. In the folk medicine D. botrys has been utilized for the treatment of different ailments like asthma, cold, influenza, head ach, liver and digestive problems and healing of wounds. The current work was designed to evaluate methanolic crude extract (MCE) of D. botrys for different in-vivo pharmacological activities and its various solvents fraction for phytochemical analysis and different in-vitro activities, in order to provide scientific authentication to its ethno-medicinal uses. Qualitative phytochemical study of MCE and solvent fractions of D. botrys confirmed the presence of phenols, alkaloids, flavonoids, sterols, tannins and saponins, however in n-hexane fraction (HxF) only flavonoids and saponins were detected. 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In case of antifungal activity MCE hindered the growth of Fusarium oxysporum effectively, causing 19.3 ± 0.41 mm inhibition zone, while effect of other solvents was low to moderate. Highest phytotoxic effect was shown by MCE (1000 μg/ml) against the growth of Lemna minor, causing 70% reduction in its growth. EAF exhibited maximum scavenging activity against 1, 1- diphenyl-2-picrylhydrazyl (DPPH) and 2, 2-azino-bis-3-ethylbenzothiazoline-6- sulfonic acid (ABTS) radicals causing 57.17 ± 0.49% and 72.46 ± 0.59% scavenging activity respectively as compared to standard, ascorbic acid. The activity of lipoxygenase (LOX) enzyme was inhibited effectively by EAF (64 ± 0.16%), while HxF displayed least inhibiting effect (22 ± 0.21%). In the in-vivo pharmacological activities of crude extract of D. botrys, acute toxicity analysis showed no sign of mortality up to an amount of 2000 mg/kg. Crude extract (200 and 400 mg/kg) showed considerable (p<0.05) anti-inflammatory effect at early and late phase of carrageenan˗stimulated paw edema while in case of xylene˗induced ear edema dosage of 400 mg/kg was highly effective (p<0.01) in reducing ear inflammation (73.2%). Dose of 200 mg/kg of plant extract displayed considerable (p<0.05) peripheral analgesic activity at both phases of analgesia, causing 60.71% and 67% reduction in severity of pain while in case of 400 mg/kg, its effect was highly significant (p<0.01) causing 78.57% and 82.14% pain inhibition. In the central analgesic activity (hot plate model) the effect of 400 mg/kg was highly significant (p<0.01) after 120 min of assessment time interval. In the antipyretic assay, effect of 400 mg/kg of plant extract was extremely significant (p<0.001) at all the assessment time intervals (1h-5h) and was comparable to that of standard drug paracetamol in reducing body temperature to normal, increased by brewer‟s yeast. In the antidiarrheal activity, plant extract of 400 mg/kg effectively (p<0.01) increased the latent period of diarrhea and caused a decline in the total wet fecal frequency and mean weight of fecal drops as compared to control. The elevated blood sugar induced by alloxane monohydrate in the anti-diabetic activity was significantly reduced by crude extract (400 mg/kg), however its effect was highly significant (p<0.01) at the 3rd and 4th hour of evaluation time. In the hepatoprotective assay, MCE of plant at dosage of 400 mg/kg markedly (p<0.05) declined high level of alkaline phosphatase (ALP) (179.22 ± 3.41 mg/dl) and total bilirubin (TB) (3.64 ± 0.13 mg/dl) while its effect was highly significant (p<0.01) in reducing the level of serum glutamic pyruvic transaminase (SGPT) (31.2 ± 1.28 U/ml) and serum glutamic oxaloacetic transaminase (SGOT) (48.31 ± 1.87 U/ml)) when compared to toxic control. Plant extract (100 and 200) showed a significant (p<0.05) synergetic effect on the thiopental induced hypnosis caused an early arrival of sleep and effectively (p<0.01) prolonged the duration of sleep from 88.80 ± 1.91 min to 145.20 ± 1.76 min. In the pentalyne tetrazol (PTZ) induced convulsion activity, plant extracts (200 and 400 mg/kg) effectively (p<0.05) delayed the onset of first clonus from 5.09 ± 0.22 min to 6.03 ± 0.28 min and 6.99 ± 0.07 min and prolonged the time of death from 9.72 ± 0.44 min to13.57 ± 0.6 min and 19.56 ± 0.15 min, respectively. The immobility time was significantly (p<0.05) decreased by MCE of plant from 193.98 ± 1.35 seconds to 96.78 ± 1.39 seconds, in the antidepressant activity.