Islamic finance: instruments, risks and institutions

The recent global financial crises have adversely affected the financial world with the closure of more than 160 financial institutions. Consequently, the disparaging series of events (such as Global financial crisis 2007/2008 and European debt crisis 2009/2010) have raised serious concerns about current financial practices for policymakers and academicians and call for new reforms in the financial system or to find alternative medium of conducting financial affairs. In this regard, Islamic finance has emerged as an alternative robust system to provide financial intermediation services based on mutual risk-sharing without involvement in interest payment and toxic financial products. The global Islamic finance industry is increasing in an upward direction witnessed by its positive growth rate of 10% over the last 10 years around the globe, with total assets of USD 2.19 trillion as on 1H2018 (IFSB Report, 2019). Being an emerging and quite hot topic in the field of banking and finance, this dissertation deals mainly the topics on Islamic finance and follow the structure of three essays for gaining insight to the different aspects of Islamic finance such as Islamic banking, Islamic insurance and Bond (sukuk), and a viable role this can play in financial development of an economy. The first essay is related to the comparative analysis of risk management practices in Islamic and Conventional banking and also investigates the impact of the liquidity risk on bank stability. We first, investigate the relationship between liquidity and credit risk. Employing a simultaneous structural equation approach, on a comprehensive dataset of 52 IBs and CBs, from selected Organization of Islamic Cooperation Countries for the period of 2007-2015, a negative relationship is found between credit risk and liquidity risk. We then investigate the relationship between liquidity risk and stability, finding a negative relationship just for the Islamic banks. We finally show that Islamic banks are better than conventional in managing risks. This essay is already published in Research in International Buisness and Financa, Volume 48, pages 17-31. The second chapter follows a thorough bibliometric review of the literature on Takaful (Islamic Insurance). Takaful represents a growing financial segment addressing the insurance needs of Islamic societies and economies. We provide a thorough analysis of existing contributions on Takaful, by adopting a meta-literature methodology that encompasses both a bibliometric (quantitative) and content (qualitative) analysis. By reviewing 65 articles, we aim to provide a rigorous background for the Islamic finance industry, its societies and economies, academic research and policymakers. We identify and review three leading research streams on Takaful: its overview, growth paths and models; governance mechanism; products/services and customer perception. Finally, We derive and summarize 16 leading future research questions based on meta-literature review. The third and final essay is related to the role of trade and financial openness in financial development and the real economy through the channel of Islamic banks. In this paper, we analyze the impact of trade and financial openness on financial development in the Gulf Cooperation Council (GCC) region by using a comprehensive dataset of 44 Islamic and 48 conventional banks for the period of 2007-2015. We find that trade and financial openness have a positive impact on Islamic bank profitability but simultaneous openness to both trade and capital markets will reduce the profitability of Islamic banks.Moreover, we find that trade and financial openness increase the loan volume but reduce the stability of Islamic banks

From the Peaks and Back: Exploring the Educational Journeys of Trans-Himalayan Students in Kathmandu, Nepal

In a rapidly modernizing Nepal where urbanization is on the rise, families in rural areas participate by sending their children to urban schools, vast distances from home. Children/youth who have migrated to Kathmandu from Trans-Himalayan regions of Nepal, who experience interconnected and multidimensional conditions of poverty are the focus of this study. The journey these students undertake to Kathmandu span thousands of kilometres and often results in long-term (multi-year) family separation. The children in this study who migrated were between the ages of 4-10 and did not return for several years, with very minimal and/or no contact with family during this period of family separation. This thesis explores and chronicles the journeys taken and rationales for such acute family migration experiences; educational integration of Himalayan students into boarding school residency in Kathmandu; and emotional articulations of return visits back to their remote villages.

Social relationship based routing for delay tolerant Bluetooth-enabled PSN communications

PhDOpportunistic networking is a concept derived from the mobile ad hoc networking in which devices have no prior knowledge of routes to the intended destinations. Content dissemination in opportunistic networks thus is carried out in a store and forward fashion. Opportunistic routing poses distinct challenges compared to the traditional networks such as Internet and mobile ad hoc networks where nodes have prior knowledge of the routes to the intended destinations. Information dissemination in opportunistic networks requires dealing with intermittent connectivity, variable delays, short connection durations and dynamic topology. Addressing these challenges becomes a significant motivation for developing novel applications and protocols for information dissemination in opportunistic networks. This research looks at opportunistic networking, specifically at networks composed of mobile devices or, pocket switched networks. Mobile devices are now accepted as an integral part of society and are often equipped with Bluetooth capabilities that allow for opportunistic information sharing between devices. The ad hoc nature of opportunistic networks means nodes have no advance routing knowledge and this is key challenge. Human social relationships are based on certain patterns that can be exploited to make opportunistic routing decisions. Targeting nodes that evidence high popularity or high influence can enable more efficient content dissemination. Based on this observation, a novel impact based neighbourhood algorithm called Lobby Influence is presented. The algorithm is tested against two previously proposed algorithms and proves better in terms of message delivery and delay. Moreover, unlike other social based algorithms, which have a tendency to concentrate traffic through their identified routing nodes, the new algorithm provides a fairer load distribution, thus alleviating the tendency to saturate individual nodes

Role of cancer antigen-125 in diagnosing malignant adnexal masses: a prospective observational study

Background: Adnexal masses present a diagnostic and therapeutic dilemma across age-groups. This study aimed to evaluate the performance of cancer antigen-125 (CA-125) in distinguishing between benign and malignant adnexal masses.Methods: This was a prospective, observational, single tertiary-care center study, done in North India from January, 2011 till December, 2012. Serum CA-125 levels was obtained preoperatively in consecutive patients presenting with ultrasonography confirmed adnexal masses. The cut-off value between benign and malignant was taken as 35 IU/ml. Histopathological diagnosis was obtained in all patients.Results: A total of 126 patients presented with adnexal masses, of which 100 were enrolled (mean age: 37.5±14.4 years, range: 18-80 years). Most of the masses were benign 81% (malignant=19%). Dermoid cyst (25.9%) and endometriomas (21%) were the most common benign masses. Serous (21%) and mucinous cystadeno-carcinoma (15.8%) were the most common malignant masses, more often seen in elderly, married, parous and post-menopausal patients. Mean CA-125 levels were significantly higher in malignant masses (257.30 [105.68-408.92] versus 19.26 [16.53-22.00], p<0.001). Overall sensitivity, specificity, positive predictive value, negative predictive value and accuracy of CA-125 for diagnosing malignant adnexal mass was 94.7%, 87.65%, 64.28%, 98.6%, and 88.91% respectively. The same was 100%, 85.1%, 54.5%, 100%, 87.3% in premenopausal and 85.7%, 100%, 100%, 93.3%, 95.2% in postmenopausal women respectively.Conclusion: Benign masses form the bulk of the adnexal masses in all age groups. CA-125 levels has high sensitivity and negative predictive value in premenopausal patients while as high specificity and positive predictive value in postmenopausal patients

Mapping the Spatial Deprivation of Pakistan

Geographical targeting may be a viable way to allocate resources for poverty alleviation in developing countries. Efficiency can be increased, and leakages to the nonpoor reduced substantially, by targeting needy areas. A national and regional database of substantial poverty maps or deprivation indices are not readily available in Pakistan. Further, existing activities of poverty alleviation are carried out on ad hoc basis in the absence of identified pockets of poverty. This paper presents indices of multiple deprivations based on the 1998 Population and Housing Census data. Possible applications of this exercise include identifying areas of need, making decisions on regional and sectoral priorities, facilitating targeted public interventions through special poverty alleviation programmes, understanding the relationship between poverty and its causes, and helping federal and provincial governments in determining financial awards.

A Panel Data Analysis Of The Lucas Hypothesis

In this study we have attempted to verify one of the implications of the Lucas (1973) hypothesis using two-digit industry-level panel data for the U.S. Manufacturing Sector. The hypothesis states that the higher the nominal demand volatility, the lower will be the impact of nominal changes on real variables. Unlike other studies, we use disaggregated panel data for nineteen industries, which are scattered throughout the country, and are subject to the same fiscal and monetary shocks. Another unique feature of this study is the use of price level data at the two-digit industry-level. As opposed to the use of overall price level data, which is common in the literature, we make use of the price level data at the two-digit industry-level. The results of our study support the Lucas hypothesis. Industries with low relative demand volatility transmit the effects of nominal demand shocks exclusively to output and industries with high relative volatility pass on the shocks directly to prices. Finally, we tested for the relation between the real impact of the nominal aggregate disturbances and the relative volatility of industry demands. Our results show strong negative relation between them. That is, the higher the nominal demand volatility facing an industry, the less its impact would be on real output

Platelet profile of patients with gestational diabetes

Background: Aim was to evaluate the differences in platelet count and platelet indices between pregnant women with gestational diabetes mellitus (GDM) and apparently healthy pregnant women.Methods: A cross-sectional study was performed with 68 pregnant women with GDM (cases) and 68 apparently healthy pregnant women (controls) after 24 weeks of gestation. The study groups were compared in terms of demographic, clinical and laboratory characteristics including platelet count and platelet indices.Results: Mean platelet volume (MPV) (p=0.002*) and platelet distribution width (PDW) (p=0.010*) were significantly increased in pregnant women with GDM compared to the apparent healthy pregnant women (p<0.05). MPV was well correlated with PDW (p=0.00). Conclusions: The platelet indices on CBC testing can aid in identification of GDM, and can help to prevent various complications associated with GDM. The clinical relevance of these platelet indices needs further studies