WHY DOES BANGLADESH REQUIRE A CENTRALIZED SHARIAH GOVERNANCE FRAMEWORK FOR ISLAMIC BANKS?

The main objective of this article is to describe the logical reasons why a Centralized Shariah Governance Framework (CSGF) provided by the Central Bank of Bangladesh (Bangladesh Bank) is essential for the country’s Islamic banks. In doing so, it identifies the major regulatory challenges (self-developed and disparate use of Shariah Governance (SG) practices) faced by Islamic banks in Bangladesh. It considers an analytical approach to explore the significance of a CSGF for Islamic banks in Bangladesh and examines the current diversified procedures of SG practices. This article reveals that the self-developed SG practices of Islamic banks in Bangladesh have created confusion and pessimism among the practitioners, bankers and even to the general people and regulators which is negatively affecting the overall image of Islamic banks. Such incongruent governance practices have led to inconsistencies in SG structures, implementation procedures, monitoring activities. In addition, this article reveals that these deficiencies usually exist due to weak monitoring systems of the Central Bank, ineffective functioning of individual Shariah Supervisory Boards (SSB) and the absence of comprehensive SGF. The article argues that the Central Bank of Bangladesh should initiate to reform its Islamic banking industry by introducing a CSGF aimed to identify the roles, responsibilities, powers, and functions of SSB; thereby improving governance, accountability, and overall Shariah compliance quality. This article is hoped to be beneficial for the regulators and practitioners to consider revising current practices. Keywords: Centralization, Bangladesh Bank, Islamic banks, Shariah governance framework. Cite as: Alam, M. K., & Thakur, O. A. (2022). Why does Bangladesh require a centralized Shariah governance framework for Islamic banks? Journal of Nusantara Studies, 7(1), 24-42. http://dx.doi.org/10.24200/jonus.vol7iss1pp24-42

Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges

Stablecoins and central bank digital currencies are on the horizon in Asia, and in some cases have already arrived. This paper provides new analysis and a critique of the use case for both forms of digital currency. It provides time-varying estimates of devaluation risk for the leading stablecoin, Tether, using data from the futures market. It describes the formidable obstacles to widespread use of central bank digital currencies in cross-border transactions, the context in which their utility is arguably greatest. The bottom line is that significant uncertainties continue to dog the region's digital currency initiatives.

Challenges of Adopting DevOps for Combat Systems Development Environment

The Department of Defense (DoD) is often exhorted to adopt best practices from industry, and more recently, innovation in software development as exemplified by Silicon Valley. Yet, the DoD is vastly different from industry in multiple aspects, and adoption of such practices is not as straightforward as in industry. This article investigates the challenges of adopting Development and Operations (DevOps) in the U.S. Navy for combat systems. The authors conducted interviews of multiple subject matter experts in the Navy and DoD familiar with software development, DevOps, and the DoD’s acquisition processes. The observations collected from the interviews were organized and classified into either organizational, process, regulatory challenges, and technical challenges. The majority of the challenges cited were nontechnical challenges dealing with regulations, organization culture, and process. Knowledge of the challenges could help acquisition leaders in planning for, and adapting DevOps to, the Navy’s acquisition process to improve DoD’s software development and maintenance processes.

A Contextual Study of Regulatory Framework for Blockchain

This study seeks to understand and explain the technological and regulatory challenges of blockchain technology particularly in execution mechanism of smart contracts as compared to regular contracts and to explore legal implication attached the blockchain technology. While evaluating the early days of regulatory framework of blockchain, the current study provides a focused review of relevant studies to identify the legal challenges arising from the application of AI in smart contracts and to find solutions to overcome these challenges. The study has emphasized certain areas related to the blockchain such as AI application and execution of smart contracts and finds that that there is currently a lack of legal certainty as to how various requirements of a valid contract would be satisfied. Hence, it highlights the need of regulation without disrupting the key yet essential features of blockchain. Keywords: Blockchain, Smart contract, AI, Framework, Legislation, Cryptocurrency

In vitro tools for orally inhaled drug products—state of the art for their application in pharmaceutical research and industry and regulatory challenges

The drug development process is a lengthy and expensive challenge for all involved players. Experience with the COVID-19 pandemic underlines the need for a rapid and effective approval for treatment options. As essential prerequisites for successful drug approval, a combination of high-quality studies and reliable research must be included. To this day, mainly in vivo data are requested and collected for assessing safety and efficacy and are therefore decisive for the pre-clinical evaluation of the respective drug. This review aims to summarize the current state of the art for safety and efficacy studies in pharmaceutical research and industry to address the relevant regulatory challenges and to provide an outlook on implementing more in vitro methods as alternative to animal testing. While the public demand for alternative methods is becoming louder, first examples have meanwhile found acceptance in relevant guidelines, e.g. the OECD guidelines for skin sensitizer. Besides ethically driven developments, also the rather low throughput and relatively high costs of animal experiments are forcing the industry towards the implementation of alternative methods. In this context, the development of orally inhaled drug products is particularly challenging due to the complexity of the lung as biological barrier and route of administration. The replacement of animal experiments with focus on the lungs requires special designed tools to achieve predictive data. New in vitro test systems of increasing complexity are presented in this review. Limits and advantages are discussed to provide some perspective for a future in vitro testing strategy for orally inhaled drug products. Graphical abstract