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

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

Second-order correlations and purity of unheralded single photons from spontaneous parametric down-conversion

Various quantum technology applications require high-purity single photons with high generation rate. Although different methods are employed to generate such photons, heralded single photons from spontaneous parametric down-conversion (SPDC) is the most commonly used approach. Photon generation rate from the heralded single-photon sources are limited by the efficiency of the detectors to record coincidence detection of the photon pairs which are lower than the single-photon counts recorded separately on each detector. In this paper we present a revised expression to calculate second-order temporal correlation function, $g^{(2)}$ for any fixed time window (bin) and report the experimental characterization of purity of unheralded and heralded single photons from the SPDC process. With an appropriate choice of time bin for a given pump power, without heralding we show that higher rate of single photons with $g^{(2)}(0) = 0$ can be generated with very high probability.Comment: 7 pages, 6 figure

Experimental demonstration of quantum illumination using polarization-entangled photon pairs and CHSH value as measure

Entangled light sources for illuminating objects offers advantages over conventional illumination methods by enhancing the detection sensitivity of a reflecting object. The crux of the quantum advantage lies in way we can practically leverage quantum correlations to isolate the background noise and detect the low reflectivity object. In this work we experimentally demonstrated the advantages of using polarization-entangled photon pairs for quantum illumination and show that the quantum correlation measure using CHSH value is robust against background noise and losses. We also show that the residual of quantum correlations help in identifying the object of reflectivity, $\eta$ as low as 0.05 and when signal-to-noise ratio is as low as 0.003 for $\eta=0.7$, surpassing the earlier demonstrated results. Robustness of correlation measure with photon attenuation in atmospheric condition is analysed to show the practical feasibility of the real time application.Comment: 9 Pages, 8 Figure

Occurrence control of charged exciton for a single CdSe quantum dot at cryogenic temperatures on an optical nanofiber

We discuss photo-luminescence characteristics of CdSe core/shell quantum dots at cryogenic temperatures using a hybrid system of a single quantum dot and an optical nanofiber. The key point is to control the emission species of quantum dot to charged excitons, known as trions, which have superior characteristics to neutral excitons. We investigate the photocharging behavior for the quantum dots by varying the wavelength and intensity of irradiating laser light, and establish a method to create a permanently charged situation which lasts as long as the cryogenic temperature is maintained. The present photocharging method may open a new route to applying the CdSe quantum dots in quantum photonics, and the hybrid system of photocharged quantum-dot and optical nanofiber may readily be applicable to a fiber-in-line single-photon generator

Bell-inequality in path-entangled single photon and purity test

Different degrees of freedom of single photons have been entangled and used as a resource for various quantum technology applications. We present a scheme to perform Bell's test and show the violation of CHSH inequality in a path-entangled single photon state using non-interferometric approach in beam splitter setting. We demonstrate this experimentally by generating and controlling path-entangled state using single photons from spontaneous parametric down-conversion and performing non-interferometric measurements using two detector module. The transition from violation of CHSH inequality to validity is demonstrated when the purity of single photons state decrease below 70\% visibility, $\mathcal{P} < 0.7$. Our procedure allows a purity test on any single photon source and to study quantum correlations on systems driven by dynamics where single particle entanglement with position space is prominent.Comment: 10 pages, 10 figures revised version with extended theoretical description and experimental resul

Multi-bit quantum random number generator from path-entangled single photons

Measurement outcomes on quantum systems exhibit inherent randomness and are fundamentally nondeterministic. This has enabled quantum physics to set new standards for the generation of true randomness with significant applications in the fields of cryptography, statistical simulations, and modeling of the nondeterministic behavior in various other fields. In this work, we present a scheme for the generation of multi-bit random numbers using path-entangled single photons. Without losing their intrinsic randomness, the protocol allows us to engineer the distribution from which we sample random numbers. For the experimental demonstration, we use single photons generated using spontaneous parametric down-conversion (SPDC), and assign a multi-bit commitment along the path. One-bit and two-bit random numbers are then generated from measuring entangled states in the path basis. In addition to passing the NIST tests for randomness, we also demonstrate the certification of quantumness and self-certification of quantum random number generator (QRNG) using Clauser, Horne, Shimony and Holt (CHSH) inequality violation. The path-entangled states can generate higher bitrates compared to heralded single photon or entangled photon schemes which are limited by the coincidence counts. The scheme involves distribution of photons along multiple paths resulting in multiple bits from one photon and avoids the limitation imposed by the detection dead time of one detector. We demonstrate this by generating a high rate of about 80 Mbps when the single photon detector saturates at around 28 Mcps.Comment: 11 Pages, 8 figures, functionally identical to the published versio

Reducing the environmental impact of surgery on a global scale: systematic review and co-prioritization with healthcare workers in 132 countries

Abstract Background Healthcare cannot achieve net-zero carbon without addressing operating theatres. The aim of this study was to prioritize feasible interventions to reduce the environmental impact of operating theatres. Methods This study adopted a four-phase Delphi consensus co-prioritization methodology. In phase 1, a systematic review of published interventions and global consultation of perioperative healthcare professionals were used to longlist interventions. In phase 2, iterative thematic analysis consolidated comparable interventions into a shortlist. In phase 3, the shortlist was co-prioritized based on patient and clinician views on acceptability, feasibility, and safety. In phase 4, ranked lists of interventions were presented by their relevance to high-income countries and low–middle-income countries. Results In phase 1, 43 interventions were identified, which had low uptake in practice according to 3042 professionals globally. In phase 2, a shortlist of 15 intervention domains was generated. In phase 3, interventions were deemed acceptable for more than 90 per cent of patients except for reducing general anaesthesia (84 per cent) and re-sterilization of ‘single-use’ consumables (86 per cent). In phase 4, the top three shortlisted interventions for high-income countries were: introducing recycling; reducing use of anaesthetic gases; and appropriate clinical waste processing. In phase 4, the top three shortlisted interventions for low–middle-income countries were: introducing reusable surgical devices; reducing use of consumables; and reducing the use of general anaesthesia. Conclusion This is a step toward environmentally sustainable operating environments with actionable interventions applicable to both high– and low–middle–income countries