Shari’ah and Legal Risk Issues in Sukuk Structures: An Analytical Case Study on SABIC Sukuk in Saudi Arabia

As part of the Islamic financial development, Islamic capital markets have been developing in terms of structures and instruments in the last two decades. In particular, sukuk or Islamic bond market has proved to be a successful instrument for long-term project financing. While developments in sukuk market have demonstrated success, sukuk structures are not immune to various risk dimensions including Shari’ah, legal and regulative risks as well as financial risks. This study, hence, aims to explore and examine three particular non-financial risk areas relating to sukuk structures in the case of SABIC sukuk, which was issued in three tranches in Saudi Arabia in the years 2006, 2007 and 2008. In doing so, this research particularly examines the risks emerging from the performance of Shari’ah Board in charge of the Shari’ah compliancy of SABIC Sukuk as well as Shari’ah compliancy and legal risks. In order to examine the identified risk areas, in addition to rendering an in-depth literature based critical analysis in discursive nature, elite interviews were conducted with the Shari’ah scholars involved in the issuance of SABIC sukuk. In addition, in an attempt to provide non-Shari’ah perspective, finance professionals, lawyers, academics and technocrats were also interviewed to explore their understandings of the three identified risk areas in the case of SABIC sukuk in particular, and sukuk in general. Since the AAOIFI standards have asserted that the Shari’ah Supervisory Board (SSB) has to be involved in controlling as well as monitoring sukuk structures from the time of issuance until maturity, which is expected to provide guarantee of the performance of the product in a Shari’ah compliant manner. This aims to ensure that the progress and performance will not veer from the right track of Shari’ah through close investigation and follow up by the members of SSB. This study found that one of the risks emerging from the SSB is that the Shari’ah supervision based on AAOIFI standards is still not observed and implemented by many SSBs. The findings indicate that a clear method and mechanism for the SSB members to conduct their examination for Shari’ah complicacy has not been established; and for this end, a comprehensive fatwa will play an essential role in ensuring sukuk structure Shari’ah compliant. Another finding is that the failing of issuing a binding and a comprehensive standard for SSBs to follow as well as clear methods to be implemented have resulted many Shari’ah and legal risks. With regards to Shari’ah risks, the findings show that any inconsistency with the rules and principles of Shari’ah will lead sukuk to be Shari’ah incompliant. The inconsistency between sukuk structures issued in the Saudi Arabian market and AAOIFI standards is considered as a Shari’ah risk, as there still exist some major similarities between SABIC sukuk structure and riba-based bonds structure. Therefore, an array of Shari’ah issues needs to be resolved, which include ownership and the related issues in the sense of ‘real ownership’, the guarantee of the capital and returns, distribution of profits based on LIBOR instead of the performance of the project, the reserve account and the related issues. As for legal risks, this research established that the absence of a special law featuring sukuk in Saudi Arabia is considered to be the main legal risk faced by Islamic capital markets in the country. The findings also show that the rules and regulations issued by the CMA have failed to provide a specific law related to sukuk, which might expose sukuk holders to the risk of treating sukuk as riba-based loan bonds. However, failure to differentiate between sukuk and bonds might lead to certain risks such as the failure of sukuk holders to become incapable of proving their rights regarding their ownership of the assets they carry. Consequently, the legal position of sukuk holders is unclear in the Saudi Arabian market, which is due to the absence of a sukuk law. Therefore, it is necessary that the regulatory and legislative bodies in Saudi Arabia should provide a suitable legislative and regulatory environment for the issuance of sukuk taking in consideration the legal and Shari’ah risks that sukuk structures might be exposed

Learning Minimal and Maximal Rules from Observations of Graph Transformations

Graph transformations have been used to model services and systems where rules describe pre and post conditions of operations changing a complex state. However, despite their intuitive nature, creating such models is a time-consuming and error-prone process. In this paper we investigate the possibility of extracting rules from observations of transformations, i.e., pairs of input and output graphs resulting from successful transformations and individual input graphs were they have failed. From such positive and negative examples, minimal rules are extracted, to be extended by context that is present in all positive examples and missing in at least one negative example. The result is are a maximal and a required rule, jointly with the minimal rule defining the range of possible rules that could have created the observed transformations. We report on an implementation of the approach, evaluate its accuracy, scalability and limitations, and discuss applications to reverse engineering visual constructs from observations of object states of components under test

Insomnia in chronic renal patients on dialysis in Saudi Arabia

<p>Abstract</p> <p>Background</p> <p>Studies have shown that insomnia is a common sleep disorder among patients with end-stage renal disease (ESRD). This study aimed to assess the prevalence of insomnia in Saudi patients with ESRD who are on maintenance dialysis.</p> <p>Methods</p> <p>This was an observational cross-sectional study carried out over a period of five months in two hemodialysis centers in Saudi Arabia. To assess the prevalence of insomnia, we used the ICSD-2 definition. We also examined the association between insomnia and other sleep disorders, the underlying causes of renal failure, dialysis duration, dialysis shift, and other demographic data.</p> <p>Results</p> <p>Out of 227 enrolled patients, insomnia was reported by 60.8%. The mean patient age was 55.7 ± 17.2 years; 53.7% were male and 46.3% were female. Insomnia was significantly associated with female gender, afternoon hemodialysis, Restless Legs Syndrome, high risk for obstructive Sleep Apnea Syndrome and excessive daytime sleepiness (<it><b>P-values: </b></it>0.05, 0.01, < 0.0001, < 0.0001, and < 0.0001, respectively). No significant association was found between insomnia and other variables, including BMI, smoking habits, underlying etiology of renal failure, dialysis duration, association with hemoglobin, ferritin, and phosphorus or dialysis adequacy as measured by the Kt/V index.</p> <p>Conclusion</p> <p>Insomnia is common in dialysis patients and was significantly associated with other sleep disorders. Greater attention needs to be given to the care of dialysis patients with regard to the diagnosis and management of insomnia and associated sleep disorders.</p

Biallelic Loss‐of‐Function NDUFA12 Variants Cause a Wide Phenotypic Spectrum from Leigh/Leigh‐Like Syndrome to Isolated Optic Atrophy

Abstract: Background: Biallelic loss‐of‐function NDUFA12 variants have hitherto been linked to mitochondrial complex I deficiency presenting with heterogeneous clinical and radiological features in nine cases only. Objectives: To fully characterize, both phenotypically and genotypically, NDUFA12‐related mitochondrial disease. Methods: We collected data from cases identified by screening genetic databases of several laboratories worldwide and systematically reviewed the literature. Results: Nine unreported NDUFA12 cases from six pedigrees were identified, with presentation ranging from movement disorder phenotypes (dystonia and/or spasticity) to isolated optic atrophy. MRI showed basal ganglia abnormalities (n = 6), optic atrophy (n = 2), or was unremarkable (n = 1). All carried homozygous truncating NDUFA12 variants, three of which are novel. Conclusions: Our case series expands phenotype–genotype correlations in NDUFA12‐associated mitochondrial disease, providing evidence of intra‐ and inter‐familial clinical heterogeneity for the same variant. It confirms NDUFA12 variants should be included in the diagnostic workup of Leigh/Leigh‐like syndromes – particularly with dystonia – as well as isolated optic atrophy

Loss-of-function mutations in UDP-Glucose 6-Dehydrogenase cause recessive developmental epileptic encephalopathy

AbstractDevelopmental epileptic encephalopathies are devastating disorders characterized by intractable epileptic seizures and developmental delay. Here, we report an allelic series of germline recessive mutations in UGDH in 36 cases from 25 families presenting with epileptic encephalopathy with developmental delay and hypotonia. UGDH encodes an oxidoreductase that converts UDP-glucose to UDP-glucuronic acid, a key component of specific proteoglycans and glycolipids. Consistent with being loss-of-function alleles, we show using patients’ primary fibroblasts and biochemical assays, that these mutations either impair UGDH stability, oligomerization, or enzymatic activity. In vitro, patient-derived cerebral organoids are smaller with a reduced number of proliferating neuronal progenitors while mutant ugdh zebrafish do not phenocopy the human disease. Our study defines UGDH as a key player for the production of extracellular matrix components that are essential for human brain development. Based on the incidence of variants observed, UGDH mutations are likely to be a frequent cause of recessive epileptic encephalopathy.</jats:p

Loss-of-function mutations in UDP-Glucose 6-Dehydrogenase cause recessive developmental epileptic encephalopathy

Developmental epileptic encephalopathies are devastating disorders characterized by intractable epileptic seizures and developmental delay. Here, we report an allelic series of germline recessive mutations in UGDH in 36 cases from 25 families presenting with epileptic encephalopathy with developmental delay and hypotonia. UGDH encodes an oxidoreductase that converts UDP-glucose to UDP-glucuronic acid, a key component of specific proteoglycans and glycolipids. Consistent with being loss-of-function alleles, we show using patients’ primary fibroblasts and biochemical assays, that these mutations either impair UGDH stability, oligomerization, or enzymatic activity. In vitro, patient-derived cerebral organoids are smaller with a reduced number of proliferating neuronal progenitors while mutant ugdh zebrafish do not phenocopy the human disease. Our study defines UGDH as a key player for the production of extracellular matrix components that are essential for human brain development. Based on the incidence of variants observed, UGDH mutations are likely to be a frequent cause of recessive epileptic encephalopathy

Psychosocial interventions for supporting women to stop smoking in pregnancy

Background: Tobacco smoking remains one of the few preventable factors associated with complications in pregnancy, and has serious long-term implications for women and babies. Smoking in pregnancy is decreasing in high-income countries, but is strongly associated with poverty and is increasing in low- to middle-income countries. Objectives: To assess the effects of smoking cessation interventions during pregnancy on smoking behaviour and perinatal health outcomes. Search methods: In this sixth update, we searched the Cochrane Pregnancy and Childbirth Group's Trials Register (13 November 2015), checked reference lists of retrieved studies and contacted trial authors. Selection criteria: Randomised controlled trials, cluster-randomised trials, and quasi-randomised controlled trials of psychosocial smoking cessation interventions during pregnancy. Data collection and analysis: Two review authors independently assessed trials for inclusion and trial quality, and extracted data. Direct comparisons were conducted in RevMan, with meta-regression conducted in STATA 14. Main results: The overall quality of evidence was moderate to high, with reductions in confidence due to imprecision and heterogeneity for some outcomes. One hundred and two trials with 120 intervention arms (studies) were included, with 88 trials (involving over 28,000 women) providing data on smoking abstinence in late pregnancy. Interventions were categorised as counselling, health education, feedback, incentives, social support, exercise and dissemination. In separate comparisons, there is high-quality evidence that counselling increased smoking cessation in late pregnancy compared with usual care (30 studies; average risk ratio (RR) 1.44, 95% confidence interval (CI) 1.19 to 1.73) and less intensive interventions (18 studies; average RR 1.25, 95% CI 1.07 to 1.47). There was uncertainty whether counselling increased the chance of smoking cessation when provided as one component of a broader maternal health intervention or comparing one type of counselling with another. In studies comparing counselling and usual care (largest comparison), it was unclear whether interventions prevented smoking relapse among women who had stopped smoking spontaneously in early pregnancy. However, a clear effect was seen in smoking abstinence at zero to five months postpartum (11 studies; average RR 1.59, 95% CI 1.26 to 2.01) and 12 to 17 months (two studies, average RR 2.20, 95% CI 1.23 to 3.96), with a borderline effect at six to 11 months (six studies; average RR 1.33, 95% CI 1.00 to 1.77). In other comparisons, the effect was unclear for most secondary outcomes, but sample sizes were small. Evidence suggests a borderline effect of health education compared with usual care (five studies; average RR 1.59, 95% CI 0.99 to 2.55), but the quality was downgraded to moderate as the effect was unclear when compared with less intensive interventions (four studies; average RR 1.20, 95% CI 0.85 to 1.70), alternative interventions (one study; RR 1.88, 95% CI 0.19 to 18.60), or when smoking cessation health education was provided as one component of a broader maternal health intervention. There was evidence feedback increased smoking cessation when compared with usual care and provided in conjunction with other strategies, such as counselling (average RR 4.39, 95% CI 1.89 to 10.21), but the confidence in the quality of evidence was downgraded to moderate as this was based on only two studies and the effect was uncertain when feedback was compared to less intensive interventions (three studies; average RR 1.29, 95% CI 0.75 to 2.20). High-quality evidence suggests incentive-based interventions are effective when compared with an alternative (non-contingent incentive) intervention (four studies; RR 2.36, 95% CI 1.36 to 4.09). However pooled effects were not calculable for comparisons with usual care or less intensive interventions (substantial heterogeneity, I2 = 93%). High-quality evidence suggests the effect is unclear in social support interventions provided by peers (six studies; average RR 1.42, 95% CI 0.98 to 2.07), in a single trial of support provided by partners, or when social support for smoking cessation was provided as part of a broader intervention to improve maternal health. The effect was unclear in single interventions of exercise compared to usual care (RR 1.20, 95% CI 0.72 to 2.01) and dissemination of counselling (RR 1.63, 95% CI 0.62 to 4.32). Importantly, high-quality evidence from pooled results demonstrated that women who received psychosocial interventions had a 17% reduction in infants born with low birthweight, a significantly higher mean birthweight (mean difference (MD) 55.60 g, 95% CI 29.82 to 81.38 g higher) and a 22% reduction in neonatal intensive care admissions. However the difference in preterm births and stillbirths was unclear. There did not appear to be adverse psychological effects from the interventions. The intensity of support women received in both the intervention and comparison groups has increased over time, with higher-intensity interventions more likely to have higher-intensity comparisons, potentially explaining why no clear differences were seen with increasing intervention intensity in meta-regression analyses. Among meta-regression analyses: studies classified as having 'unclear' implementation and unequal baseline characteristics were less effective than other studies. There was no clear difference between trials implemented by researchers (efficacy studies), and those implemented by routine pregnancy staff (effectiveness studies), however there was uncertainty in the effectiveness of counselling in four dissemination trials where the focus on the intervention was at an organisational level. The pooled effects were similar in interventions provided for women classified as having predominantly low socio-economic status, compared to other women. The effect was significant in interventions among women from ethnic minority groups; however not among indigenous women. There were similar effect sizes in trials with biochemically validated smoking abstinence and those with self-reported abstinence. It was unclear whether incorporating use of self-help manuals or telephone support increased the effectiveness of interventions. Authors' conclusions: Psychosocial interventions to support women to stop smoking in pregnancy can increase the proportion of women who stop smoking in late pregnancy and the proportion of infants born low birthweight. Counselling, feedback and incentives appear to be effective, however the characteristics and context of the interventions should be carefully considered. The effect of health education and social support is less clear. New trials have been published during the preparation of this review and will be included in the next update

Al-Biruni: A muslim critical thinker

As an academic course, critical thinking has emerged in the last century as the one of the important subjects, especially in the second half. But as a kind of thinking and a process of the human reason, it was exist as old as mankind. What are known, nowadays, as (standards) of critical thinking or (characteristic) of critical thinker were used by some ancient Greek philosophers, e.g. Socrates, Aristotle, as well as great Muslim scholars, e.g. al-Biruni, al-Ghazali, etc. al-Biruni was known as a great Muslim scholar due to objectively scientific method in his works. Moreover, he also was famed in comparative religion which early in history of discipline of comparative religion. However, this study attempts to talk about al-Biruni, one of greatest Muslim scholar in history from another side of previously discussion. It is tries to analyze al-Biruni as a Muslim critical thinker based on his monumental work of Tahqiq ma li al-Hind min Maqulah Maqbulah fi al-‘Aql aw Mardhulah or it is known by Kitab al-Hind