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

Meta-Governance Framework to Guide the Establishment of Mass Collaborative Learning Communities

The application of mass collaboration in different areas of study and work has been increasing over the last few decades. For example, in the education context, this emerging paradigm has opened new opportunities for participatory learning, namely, “mass collaborative learning (MCL)”. The development of such an innovative and complementary method of learning, which can lead to the creation of knowledge-based communities, has helped to reap the benefits of diversity and inclusion in the creation and development of knowledge. In other words, MCL allows for enhanced connectivity among the people involved, providing them with the opportunity to practice learning collectively. Despite recent advances, this area still faces many challenges, such as a lack of common agreement about the main concepts, components, applicable structures, relationships among the participants, as well as applicable assessment systems. From this perspective, this study proposes a meta-governance framework that benefits from various other related ideas, models, and methods that together can better support the implementation, execution, and development of mass collaborative learning communities. The proposed framework was applied to two case-study projects in which vocational education and training respond to the needs of collaborative education–enterprise approaches. It was also further used in an illustration of the MCL community called the “community of cooks”. Results from these application cases are discussed.

Equitable Access to Water at Alfred Duma Local Municipality

Water plays a central role in the life of society. However, factors such as population growth, pollution, and poor allocation and distribution mechanisms place severe pressures on adequate and equitable water supply. The aim of this chapter was to look into equitable water access in the Alfred Duma Local Municipality as well as the ecological governance framework that supports water access in local areas. The chapter also looked at the position of local municipality in water access and the impact of ecological scale on water provision. Many people are still unable to exercise their constitutional right to water in Alfred Duma Local Municipality, where most women feel disempowered, marginalized, and excluded from the process of making water access decisions. This brings challenges to disadvantaged and arginalized groups socially, economically, and environmentally where vulnerable and marginalised groups have no opportunity to equitably benefit from water access.

A Governance Framework to Assist with the Adoption of Sensing Technologies in Construction

Sensing technologies present great improvements in construction performance including the safety, productivity, and quality. However, the corresponding applications in real projects are far behind compared with the academically research. This research aims to discover dominate influence factors in the sensing technologies adoption and ultimately develop a governance framework facilitating adoption processes. The framework is dedicated on general sensing technologies rather than single sensor in previous framework studies. To begin with, the influence factors of sensing technologies and other similar emerging technologies are summarised through a review. Then, a mixed methods design was employed to collect quantitative data through an online survey, and qualitative data through semi-structured interviews. Findings of the quantitative method reveal that the most widely implemented sensing technologies are GPS and visual sensing technology, but they’re still not adopted by all construction companies. Partial Least Squares Structural Equation Modelling reveals that supplier characteristics have the highest effect in all influence factors. Qualitative method was adopted to investigate perceptions of construction stakeholders on the major decision-making considerations in the adoption process. Ultimately, a triangulation analysis of findings from the literature review, online survey and interviews resulted in the governance framework development. The overarching contribution of this research focus on the general adoption of sensing technologies rather than the adoption of a specific sensor. Therefore, the governance framework can assist with the decision-making process of any sensing technology adoption in construction.

The Impact of the EU’s Economic and Fiscal Policy Measures on the Budgeting Process of Estonia

After the global financial crisis in 2008-2010, the governance framework of the European Union’s economic and fiscal policy has undergone several changes. The Stability and Growth Pact - the core of the EU’s fiscal governance framework - has been reinforced by the “sixpack”, the “two-pack”, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, and the rules are grounded in the European Semester process. After 10 years since the initial major changes were introduced into the EU’s legislative framework and given the current times of fiscal uncertainty as well as ongoing discussions on revising and improving the Stability and Growth Pact rules once again, it is of utmost importance to understand the impacts these past reforms have had on member states in the first place. The paper serves two purposes. First and foremost, the main goal of the paper is to build on the existing knowledge on Europeanization in order to bring into one single framework a whole set of different policy measures and their potential impact on the member state’s budgeting processes. Secondly, the theoretical discussion is followed by an empirical case study of Estonia. The case study not only illustrated and mapped out potential impacts that the EU’s economic and fiscal governance measures can have on a national budgetary process and demonstrated the potential degree of domestic change in response to these various policy measures, but also provided preliminary insights in the possible mediating factors that could additionally influence domestic adaption.

Towards Good Governance on Dual-Use Biotechnology for Global Sustainable Development

Dual-use biotechnology faces the risks of availability, novel biological agents, knowledge, normative, and other dual-use risks. If left unchecked, these may destroy human living conditions and social order. Despite the benefits of dual-use technology, good governance is needed to mitigate its risks. The predicaments facing all governments in managing the dual-use risks of biotechnology deserve special attention. On the one hand, the information asymmetry risk of dual-use biotechnology prevents the traditional self-governance model in the field of biotechnology from playing its role. On the other hand, top-down public regulation often lags behind technological iteration due to the difficulty of predicting the human-made risks of dual-use biotechnology. Therefore, we argue that governance of the dual-use risks of biotechnology should avoid the traditional bottom-up or top-down modes. We suggest the governance for dual-use biotechnology could be improved if the four-stage experimentalist governance model is followed. The first stage is to achieve consensus on a broad governance framework with open-ended principles. The second stage is for countries to take action based on local conditions and the open-ended framework. The third stage is to establish a dynamic consultation mechanism for transnational information sharing and action review. The fourth and final stage is to evaluate and revise the global governance framework.