Sanctuary in the Midst of Crisis? A Look into Shariah Indices using Multivariate GARCH DCC

Islamic Finance has evolved over the past few decades, and stands at over a trilliondollars today. At the foundations of Islamic finance lay the concept of risk sharing, and the purest forms of it in the modern day finance is equity investments. The evidence of Islamic investors pursing equity investments in reality is thin. Multitude of reasons are attributed to this low participation, mainly revolving around lack of empirical proof of Islamic investments being a reliable and steady return alternative. This study is an attempt to study the volatilities and correlations with the conventional global equity indices utilizing Multivariate GARCH Dynamic Conditional Correlations (MGARCH DCC) method. The findings provide an interesting angleto our study, where there is a significant downwards trend in the correlations during the crisis era. This provides substance to the argument that Islamic investors would experience lesser downside in economic crisis. This study further dwells into the linkage of Islamic indices with global financial indices to study if financial sector exclusion from Islamic indices benefits theinvestors. The findings are positive, with lower correlations and that to reducing in the recent global crisis. Islamic finances core philosophy is equity based investments and this study is a humble attempt to empirically substantiate its benefits

UNDERSTANDING ASIAN EMERGING STOCK MARKETS

We use a three-step process employing multifractal detrended fluctuation analysis tostudy time-varying changes in the volatility and efficiency of Asian emerging equitymarkets. Our findings suggest that, in emerging markets, long-term stability andefficiency are linked to market development and liberalization. Our findings furthersuggest that financial crises have a negative impact on the efficiency of emergingmarkets but only in the short term.We use a three-step process employing multifractal detrended fluctuation analysis tostudy time-varying changes in the volatility and efficiency of Asian emerging equitymarkets. Our findings suggest that, in emerging markets, long-term stability andefficiency are linked to market development and liberalization. Our findings furthersuggest that financial crises have a negative impact on the efficiency of emergingmarkets but only in the short term

Pharmacological activities and pharmacokinetic study of hyperoside: A short review

Hyperoside (quercetin-3-O-D-galactoside) is a flavonol glycoside which has been  isolated from different plants. It has different pharmacological actions such as  anti-inflammatory, anti-depressant, neuroprotective, cardio-protective, anti-diabetic, anti-cancer, anti-fungal, radio-protective, gastro-protective, and antioxidant activities. Studies on its pharmacokinetic (PK) properties revealed that it is a stable compound with no significant gender variation in its activities. Other significant details on its pharmacological properties and information for future investigations on its components are provided.Keywords: Hyperoside; Anti-inflammatory, Antidepressant, Neuroprotective, Antidiabetic, Anticancer, Antioxidant, Cytochrome P45

Reasons for Admission and Outcome to an Acute Palliative Care Unit in Patients with Advanced Malignancy in a Cancer Hospital

Introduction: The alleviation of suffering is a primary goal of palliative care team for patients with terminal cancer. In some cases, patients experience symptoms requiring inpatient care. The purpose of this investigation was to assess the clinical presentation and outcomes of hospitalization in patients that were admitted to the acute palliative care service. Materials and Methods: This is a retrospective descriptive study looking at admissions to an acute palliative care unit in a single center over a 24-month period. Medical records of all patients, admitted in palliative care unit from 1st January 2013 till 31st December 2014, were reviewed for reason of admission and outcome. Results: A total of 226 patients were identified and included in the present investigation. Among these 55.5 % (125) were females. The median age of the cohort was 48 (15 - 86) years. The most common reasons for admission were alteration in consciousness (19.5 %), respiratory tract infection (18 %), diarrhea and/or vomiting (14.2 %) and respiratory distress (not related to infection) (13.4 %). The median duration of hospital stay was 4 (0-27) days. Majority of the patients were discharged home (65.1 %). However, a significant portion (33.1 %) of the patients did not survive the hospitalization. Following discharge from the hospital, at 4-weeks follow-up the survival rate was 38.7 %. This dropped to 21.7 % at 8-weeks. Conclusion: Patients with advanced disease have a multitude of reasons to seek acute inpatient care. Majority of the patients were discharged following care. However, the survival rate of patients following discharge was low

Cellular Signaling Pathways in Insulin Resistance-Systems Biology Analyses of Microarray Dataset Reveals New Drug Target Gene Signatures of Type 2 Diabetes Mellitus.

Purpose: Type 2 diabetes mellitus (T2DM) is a chronic and metabolic disorder affecting large set of population of the world. To widen the scope of understanding of genetic causes of this disease, we performed interactive and toxicogenomic based systems biology study to find potential T2DM related genes after cDNA differential analysis. Methods: From the list of 50-differential expressed genes (p < 0.05), we found 9-T2DM related genes using extensive data mapping. In our constructed gene-network, T2DM-related differentially expressed seeder genes (9-genes) are found to interact with functionally related gene signatures (31-genes). The genetic interaction network of both T2DM-associated seeder as well as signature genes generally relates well with the disease condition based on toxicogenomic and data curation. Results: These networks showed significant enrichment of insulin signaling, insulin secretion and other T2DM-related pathways including JAK-STAT, MAPK, TGF, Toll-like receptor, p53 and mTOR, adipocytokine, FOXO, PPAR, P13-AKT, and triglyceride metabolic pathways. We found some enriched pathways that are common in different conditions. We recognized 11-signaling pathways as a connecting link between gene signatures in insulin resistance and T2DM. Notably, in the drug-gene network, the interacting genes showed significant overlap with 13-FDA approved and few non-approved drugs. This study demonstrates the value of systems genetics for identifying 18 potential genes associated with T2DM that are probable drug targets. Conclusions: This integrative and network based approaches for finding variants in genomic data expect to accelerate identification of new drug target molecules for different diseases and can speed up drug discovery outcomes

Effects of Seawater Salinity on Seedling Growth Nodulation and Tissue Nitrogen in Acacia nilotica (L.) Delile

A pot experiment was conducted to determine the effect of sea water salinity on growth, nodulation and nitrogen content of Acacia nilotica (L.) Delile seedlings. Eight weeks old seedlings were irrigated with 40, 50, 60, 70 and 80% sea water for one month. After 12 weeks the plants were uprooted and the nodules were observed for their frequency, shapes and sizes. Nodules showed morphological alterations in size and shape in different salinity levels. The root-shoot ratio, nitrogen contents in the leaf, stem and root were analyzed. In general salt stress resulted in a decrease of plant growth, nodulation and percent tissue nitrogen in A. nilotica plants. Root-shoot ratio showed gradual increase with increasing sea water concentrations. Nitrogen contents decreased in leaf and stem, whereas it increased in roots. Nodules showed morphological alterations in size and shape with increasing salinity. A. nilotica accumulated NaCl in the xylem of the roots that may be considered as a preliminary salt tolerant mechanism adopted by the plant

Remdesivir and three other drugs for hospitalised patients with COVID-19: final results of the WHO Solidarity randomised trial and updated meta-analyses.

BACKGROUND World Health Organization expert groups recommended mortality trials of four repurposed antiviral drugs - remdesivir, hydroxychloroquine, lopinavir, and interferon beta-1a - in patients hospitalized with coronavirus disease 2019 (Covid-19). METHODS We randomly assigned inpatients with Covid-19 equally between one of the trial drug regimens that was locally available and open control (up to five options, four active and the local standard of care). The intention-to-treat primary analyses examined in-hospital mortality in the four pairwise comparisons of each trial drug and its control (drug available but patient assigned to the same care without that drug). Rate ratios for death were calculated with stratification according to age and status regarding mechanical ventilation at trial entry. RESULTS At 405 hospitals in 30 countries, 11,330 adults underwent randomization; 2750 were assigned to receive remdesivir, 954 to hydroxychloroquine, 1411 to lopinavir (without interferon), 2063 to interferon (including 651 to interferon plus lopinavir), and 4088 to no trial drug. Adherence was 94 to 96% midway through treatment, with 2 to 6% crossover. In total, 1253 deaths were reported (median day of death, day 8; interquartile range, 4 to 14). The Kaplan-Meier 28-day mortality was 11.8% (39.0% if the patient was already receiving ventilation at randomization and 9.5% otherwise). Death occurred in 301 of 2743 patients receiving remdesivir and in 303 of 2708 receiving its control (rate ratio, 0.95; 95% confidence interval [CI], 0.81 to 1.11; P = 0.50), in 104 of 947 patients receiving hydroxychloroquine and in 84 of 906 receiving its control (rate ratio, 1.19; 95% CI, 0.89 to 1.59; P = 0.23), in 148 of 1399 patients receiving lopinavir and in 146 of 1372 receiving its control (rate ratio, 1.00; 95% CI, 0.79 to 1.25; P = 0.97), and in 243 of 2050 patients receiving interferon and in 216 of 2050 receiving its control (rate ratio, 1.16; 95% CI, 0.96 to 1.39; P = 0.11). No drug definitely reduced mortality, overall or in any subgroup, or reduced initiation of ventilation or hospitalization duration. CONCLUSIONS These remdesivir, hydroxychloroquine, lopinavir, and interferon regimens had little or no effect on hospitalized patients with Covid-19, as indicated by overall mortality, initiation of ventilation, and duration of hospital stay. (Funded by the World Health Organization; ISRCTN Registry number, ISRCTN83971151; ClinicalTrials.gov number, NCT04315948.)

Outsourcing the Islamic way: a look into the challenges faced by financial institutions

Fuelled by the growth of Islamic finance, banks and other financial institutions are increasingly seeking to outsource their non-core business functions. The benefits of outsourcing have already been well documented in literature and while it is good business sense to indulge in outsourcing when required, it becomes a matter of concern when it comes to outsourching Shariah compliancy. Although there is a great avenue for growth in outsourcing, the industry must be conscious of the risks involved. This article addresses the issues and challenges in outsourcing Shariah approval for banks that do not have their own Shariah advisory board. This unique perspective into outsourcing by Islamic banks divulges into the Shariah risks, governance issues and Shariah arbitraging. For instance, when dealing with consultancy firms that contract Shariah scholars, the issue of rubber stamping is created. This becomes a problem because in many cases these scholars are not held accountable for their actions as the board of directors would be, hence leading to a conflict of interest between Shariah scholars and banks. Furthermore, it is established that subsiding this risk can be done through a convergence of Shariah opinions and a greater need for collaboration between the private sector, the government and regulatory bodies is required

Asia Pacific business cycle: ties with Islamic stock indices

The rise of Islamic finance, in particular the Islamic equity market, has called for research in various arenas of finance and economics, in part due to evidence supporting a causal link with macroeconomic variables. One such field is the impact Islamic stock indices may have on business cycles and vice versa. This study pioneers in understanding the relationship between the volatilities of Islamic stock indices and business cycles and comparing it against their conventional counterparts. Taking daily stock returns of 12 years for Asia Pacific, our results indicated towards more volatility across Islamic stock indices during economic downturns. Inversely, Islamic stock indices appeared less volatile during the growth phase of a business cycle. The authors attributed this singularity to the small universe of stocks that make up the Asia pacific index and the heavy reliance on western and global markets for trade. This preliminary study hopes to contribute towards a dearth in literature on the understanding of the relationship between real sector business cycle and Islamic stock indices