Application of Islamic Economic Principles to Indian Financial Sectors: Prospects and Challenges

Economic system is the integral part of every social system. Globalized economy introduces three types of economic systems which are private, public, and mixed ownership. Despite people take part of these three systems in major countries, the frequent fi nancial crunches and questioning of reliability on conventional fi nancial system, many countries try to bring an alternative fi nancial system that can consistently work on transparency and accountability in all economic spheres. Islamic economic system is solution of such thinking due to its success and safety operations in all practicing countries. In Gulf Cooperation Council countries, all Islamic banks are performing triumphantly which include 25 banks. Its products and services are based on profi t loss sharing mechanisms which adhere to the principles Islamic shariah. Mudaraba, Musharaka, and Murabaha are the main instruments which are usedmostly in all fi nancial sectors. The present system of commercial banking is based on minimization of risk and maximization of profit. On the contrary, Islamic fi nancing is performed as social fi nancial system so as it is highly attracted by non -Muslim customers also for them that stands as safe and connected to real economy. Even Islamic fi nance is at adolescence stage in its growth in India, its applicability is well subjected overall the Indian fi nancial services such as mutual fund, microfi nance, non-banking financial company (NBFC) based fi nancial system, and venture capital. The recent launching of Cheraman Financial Services Limited and some movements like SBI Shariah mutual funds elevate this study to introduce an alternative system to those people who suffocate in the knot of Interest. India has approximately 175 million Muslims, they are highly to be excluded from access to banking productsand services due to absence interest free fi nancial services. The gap is prevailing by the lack of mediatory functions such as Islamic financial sectors and other investment institutions. The present RBI regulations such as Repo rate, statutory liquidity ratio, and cash reserve ratio, constrain to practicing Islamic banking in India. However, excessive demand and working forms such as NBFC, Non-Government Organization, and Nidhi, show the ways to applying Islamic economic system in the Indian scenario too. So, the presentstudy focuses to fi nd out feasible models for implementing Islamic economic principles and its practical products and services in India. It is an attempt to analyze the prospects, challenges, and drawing solutions to regulatory problems. It also illustrates basic Islamic shariah principles, the Indian financial system with reference shariah based fi nancial services. To do research, exploratory method will be used and data will be collected on secondary basis

Modernity and Disenchantment: Charles Taylor on the Identity of the Modern Self

In his magnum opus, Sources of the Self: The Making of Modern Identity (1989), Charles Taylor gives an exhaustive and teleologically interpretive history of the modern self. He, in fact, is in search of the core of the modern identity. By ‘identity’ Taylor means the ensemble of the understanding of what is to be a ‘human agent’, a ‘person’, a ‘self’. Taylor in generating the ontology of the self is greatly inspired by the understanding of Dasein in Heidegger. This paper also focuses on how Taylor uses Heidegger’s hermeneutics of the self in several ways to give to modernity a base that is not Cartesian. Taylor’s central argument is ‘how the assertion of the modern individual has spawned an erroneous understanding (identity) of the self’, where one experiences a loss of horizon. He has turned our attention, more than anyone else, towards the communitarian constitution of the self, and pointed out the limitations of insights within liberal individualism. For Taylor, as for early Heidegger, the self is not neutral or atomic. The self exists only in terms of questions and constitutive concerns, and it is not amenable to arbitrary determination, but can be made sense of only in terms of its life as a whole at any moment

On determining number and metric dimension of zero-divisor graphs

In this article, explicit formulas for finding the determining number and the metric dimension of the zero-divisor graph of Z_n and non-Boolean semisimple rings are given. In the case of Boolean rings, an upper bound of the determining number and the metric dimension of zero-divisor graph is determined. Further, the determining number and the metric dimension of some important graphs other than zero-divisor graphs, are proved and the open problem by Boutin, regarding the determining number of graphs is settled.Comment: 21 pages, 7 figure

Stellar structure of quark stars in a modified Starobinsky gravity

We propose a form of gravity-matter interaction given by $\omega RT$ in the framework of $f(R,T)$ gravity and examine the effect of such interaction in spherically symmetric compact stars. Treating the gravity-matter coupling as a perturbative term on the background of Starobinsky gravity, we develop a perturbation theory for equilibrium configurations. For illustration, we take the case of quark stars and explore their various stellar properties. We find that the gravity-matter coupling causes an increase in the stable maximal mass which is relevant for recent observations on binary pulsars

Impact of diabetes mellitus on clinical presentation and treatment response of smear positive pulmonary tuberculosis patients

Background: Diabetes mellitus (DM) is a known risk factor for tuberculosis (TB). The aim of this study was to evaluate the effect of DM on clinical presentation and treatment response of sputum positive pulmonary tuberculosis patients.Methods: The present retrospective study was carried out in department of Pulmonary Medicine, Sree Gokulam Medical College and Research Foundation, Trivandrum, between January 2014 to December 2016.Results: Out of 205 subjects enrolled for this study, 73 were diagnosed with DM and 132 patients had no history of DM and were having HbA1c less than 6.5%. Mean HbA1c in DM group at presentation was 10.5 and in patients without DM group was 5.6. Low BMI was more in DM patients. Clinical characteristics at presentation were similar in both the groups. Patients with DM presented after long duration of symptoms (>8 weeks duration) and also with more atypical symptoms. On radiological examination, lower zone involvement and cavity lesions were more in patients with DM which was statistically significant. Clinical picture at the end of 6 months showed improvement in both the groups but radiological improvement was more in patients without DM compared to the other group.Conclusions: Uncontrolled DM is associated with high prevalence of Tuberculosis. Atypical symptoms and atypical radiological findings are more common in DM patients which lead to delayed presentation. Strategies are needed to ensure that optimal care is provided to patients with both diseases.

Quantum illumination using polarization-path entangled single photons for low reflectivity object detection in noisy background

Detecting object with low reflectivity embedded within a noisy background is a challenging task. Quantum correlations between pairs of quantum states of light, though are highly sensitive to background noise and losses, offer advantages over traditional illumination methods. Instead of using correlated photon pairs which are sensitive, we experimentally demonstrate the advantage of using heralded single-photons entangled in polarization and path degree of freedom for quantum illumination. In the study, the object of different reflectivity is placed along the path of the signal in a variable thermal background before taking the joint measurements and calculating the quantum correlations. We show the significant advantage of using non-interferometric measurements along the multiple paths for single photon to isolate the signal from the background noise and outperform in detecting and ranging the low reflectivity objects even when the signal-to-noise ratio is as low as 0.03. Decrease in visibility of polarization along the signal path also results in similar observations. This will have direct relevance to the development of single-photon based quantum LiDAR and quantum imaging.Comment: 8 pages and 6 figure

Application of Data Mining In Marketing

One of the most important problems in modern finance is finding efficient ways to summarize and visualize the stock market data to give individuals or institutions useful information about the market behavior for investment decisions. The enormous amount of valuable data generated by the stock market has attracted researchers to explore this problem domain using different methodologies. Potential significant benefits of solving these problems motivated extensive research for years. The research in data mining has gained a high attraction due to the importance of its applications and the increasing generation information. This paper provides an overview of application of data mining techniques such as decision tree. Also, this paper reveals progressive applications in addition to existing gap and less considered area and determines the future works for researchers.Comment: 06 Pages, 02 Figures, 01 Table, Volume 2, Issue

Use of Antenatal Services among Women in Farming Communities in Kogi State

This study examined the use of antenatal services among women in farming communities in Kogi State, Nigeria. A multi-stage sampling technique was employed to collect primary data from 150 randomly selected farmers through the use of structured questionnaire. The data was analysed using descriptive statistics and logit regression model. Analysis of socio-economic variable revealed that majority (73.4%) of the respondents were below the age 40 years, with a mean household size of 6 members. About 94.7% of the respondents used antenatal care services covering an average distance of 4km in getting to nearest health facility. The study also revealed that majority (92.7%) of the respondents were aware of healthcare facilities availability and they mostly got their information from family members and friends. The use of antenatal care services among women was high and majority (95.3%) of the respondents had the knowledge of where antenatal centre is located. Also majority of the respondents visited those centres in their last pregnancy with frequency of visit between 1- 4 times. Previous visits, nearness to ANC centres and formal education positively influence the use of ANC services among women in the study area. High cost of antenatal services and poor level of information were found to be the most significant challenges facing women access to antenatal care services.  We recommend that government should subsidize health care services for women in order to improve their affordability