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.

Synthesis, Identification, Biological Investigation and Molecular Docking Studies of Aromatic/Heterocyclic Derivatives As Monoamine Oxidase Inhibitors

Monoamine oxidase inhibition offers potential therapeutic target for the management of depression and Parkinson’s disease. Keeping this in view, the present study was designed to select and synthesize potential scaffolds followed by monoamine oxidase inhibition, computational studies, behavioral and neurochemical assessments. Five different types of scaffolds (pyrazolobenzothiazine-based carbothioamides, chromones, chalcones and quinoline carboxylic acid derivatives) and a synthetic compound oxatomide were selected for this study based on their potential to interact therapeutically with MAO enzyme. Their various derivatives were synthesized and structurally characterized using spectroscopic methods i.e., mass and NMR. All compounds were subjected to monoamine oxidase A and B inhibition assay using the kynuramine or the amplex red method. The data showed that pyrazolobenzothiazinebased carbothioamides held significant potential to inhibit both MAO-A and B. Compounds 2-(4-(3,4-dimethyl-5,5-dioxidobenzo pyrazolo[4,3-c][1,2]thiazin-2(4H)yl) benzylidene)-N-(p-tolyl) hydrazine carbothioamide (3b) (IC50 = 0.003 ± 0.0007 mM) and N-(4-ethylphenyl)-2-(4-(4-methyl-5,5-dioxido-3-phenylbenzo pyrazolo[4,3c][1,2]thiazin-2(4H)-yl) benzylidene) hydrazine carbothioamide (4d) (IC50 = 0.02 ± 0.001 mM) inhibited the enzyme with efficacy comparable to that of the standard inhibitors, clorgyline and deprenyl. Computational docking studies revealed that 3b showed interaction to Tyr407 and Tyr444 pi-interactions from 4-methylphemyl zone of molecule, and the bezothiazine ring was oriented to hydrophobic pocket of the active site. The amino acids Ile325, Ile335, Phe352, Tyr69 and Tyr197 showed Van der Waals interactions while amino acids Tyr407, Gln215, Val210, Phe208, Ile180, and Cys323 showed polar interaction to flavin adenine dinucleotide (FAD). Kinetic data revealed compound 3b as a noncompetitive inhibitor. Phenothazine ring of 4d showed pi-stacked-interactions to Tyr398 and Tyr435. Ethylphenyl-side was oriented to entrance cavity. Van der Waals interactions were found with Phe103, Leu164, Phe168, Ile199, Tyr326 and Phe34. Apart from π-π interactions with the Tyr398 and Tyr435, FAD and other residues such as Gln206 and Ile316 showed polar interactions with 4d. Thus aryl substitution was necessary for the observed function of these molecules. Enzyme kinetics showed 4d to be a competitive inhibitor for MAO-B. These compounds were tested for their efficacy in-vivo. The compound 3b caused significant decline in the immobility time in tail suspension test, while compound 4d significantly reversed the effect of rotenone as suggested by the remarkable increase in time spent on Rotarod. Hence, it can be deduced that both of this compounds have the ability to reach CNS to produce their desired effects. Their effects were further confirmed by neurotransmitter analysis. The brains from 3b treated animals showed significant increase in the levels of norepinephrine and serotonin alone with decline of its metabolite i.e., 5-hydroxyindoleacetic acid. However, the 4d treatment caused significant increase in dopamine levels with corresponding decline in its metabolites i.e., 3,4 dihydroxyphenylacetic acid and homovanilic acid. The aforementioned analysis is suggestive of preferential effect of 3b and 4d on MAO A and B, respectively in vivo. Hence, both of these compounds are suitable candidates for the development of MAO inhibition based therapy for the management of depression and Parkinson’s disease.