CHALLENGES FACING THE DEVELOPMENT OF TAKAFUL INDUSTRY IN BANGLADESH AND INDONESIA: A REVIEW

Takaful is the Islamic version of insurance, and the size of global takaful industry is about USD$51 billion in 2019. Limited studies have been conducted on the development of takaful sector in Bangladesh and Indonesia using a comparative approach. As such, this review aims at investigating the challenges facing the development of takaful industry in these two countries. Primary sources such as laws and regulations, and the secondary sources such as scholarly articles and books on the subject matter were reviewed to derive conclusions. This review concludes that efficiency of takaful in both countries depend on some common factors, such as having a proper and sophisticated regulatory framework for takaful with the development of required talent pool while focusing on creating awareness and education to ensure that not only the general public have the required takaful literacy; but even the existing and potential customers have the basic knowledge about takaful. Further, it is also found in this review that in order to further develop the takaful industry in both countries, it is imperative to use innovation and technology to promote takaful parallel to the conventional insurance by creating a level playing field. This review also identifies some specific issues in both countries and have suggested recommendations accordingly. It is anticipated that the outcome of this review will assist policy makers and other stakeholders to understand the inhibitions facing the development of takaful industry in these two jurisdictions with hope that these challenges can be eliminated for the sustainable development of takaful sector. Keywords: Insurance, Islamic insurance, Islamic finance, review, Shariah, Takaful. Cite as: Lubaba, S., Ahmad, A. U. F., & Muneeza, A. (2022). Challenges facing the development of Takaful industry in Bangladesh and Indonesia: A review. Journal of Nusantara Studies, 7(1), 100-113. http://dx.doi.org/10.24200/jonus.vol7iss1pp100-113

News at the Bell and a Level Playing Field

We provide initial evidence that stock exchange procedures around closing auctions advantage speed traders at the expense of auction participants. We show that, on Nasdaq and NYSE Arca, 4:00 pm earnings releases result in informed trading in the continuous regular-hour session in the short window between 4:00 pm and the closing auction; this trading subsequently moves closing prices in the direction of the earnings news. The ability of speed traders to submit 4:00 pm-news orders to the auction through the continuous session earns them up to 1.5% profit and creates an unlevel playing field because most auction participants are not allowed to cancel their orders. When stock exchanges recommended that firms delay disclosures until after the market close, those with higher institutional ownership were more likely to do so voluntarily. Our study has implications regarding the timing of information releases and the design of the closing process.

Uneven regulatory playing field and bank transparency abroad

Motivated by international business research on institutional arbitrage and headquarters–subsidiary relationships, we examine the effect of regulatory distance on multinational banks’ (MNBs) reporting transparency abroad. Using an international sample of foreign subsidiary banks in 46 host countries from 47 home countries, we find that bank transparency declines when the home countries have tighter activity restrictions than the host countries. We bolster the causal inference using difference-in-differences designs that take advantage of banking reforms and cross-border bank acquisitions. We also find that the result is more pronounced when parent banks have lower capital ratios or when host countries have weaker supervisory power, suggesting that parent banks use opaque reporting to conceal risk-taking abroad. Further analysis finds that less transparent subsidiaries are more likely to fail during financial crises. Overall, our findings suggest that regulatory distance creates negative externalities for bank transparency and stability abroad.

Impacto de los juegos reducidos sobre la toma de decisiones y la técnica en jugadores de fútbol sub-12: efecto del espacio cerrado

The aim of the research was to analyze how the practice of small sided games influences technique and decision-making in U-12 football players male, with modification of the space. There were 12 U-12 players participating. They carried out 20 training sessions based on small sided games of football on a playing field that is surrounded by walls generating an enclosed playing space. The sample showed normal values in the Saphiro-Wilk test. The main results show that there are significant differences in the pass and control variables, and there is a significant improvement in the execution and decision-making actions. Decision-making showed significant differences in all the indicators. Therefore, it improves the technique and decisions in specific game situations, through the use of small sided games, in this way it can be considered as a methodological resource to be used in these training phases. El objetivo de la investigación fue analizar cómo influyen la práctica de juegos reducidos sobre la técnica y la toma de decisiones en jugadores sub-12 de fútbol masculino, con modificación del espacio. Participaron 12 jugadores Sub-12. Realizaron 20 sesiones de entrenamiento basado en juegos reducidos de fútbol en un campo de juego que está rodeado con paredes generando un espacio de juego cerrado. La muestra presentó valores normales en la prueba de Saphiro-Wilk. Los principales resultados mostraron que existen diferencias significativas en las variables de pase y control, y se mejoran las acciones técnicas y la toma de decisiones de forma significativa. La toma de decisiones presentó diferencias significativas en todos los índices. Por lo tanto, mejora la técnica y las decisiones en situaciones específicas de juego, mediante el uso de los juegos reducidos, de esta forma se puede considera como un recurso metodológico a utilizar en estas etapas de formación.

Developing a How-to-Guide for Health Technology Reassessment: "The HTR Playbook"

Background: To develop a knowledge translation (KT) tool that will provide guidance to stakeholders actively planning or considering implementation of a health technology reassessment (HTR) initiative. Methods: The KT tool is an international and collaborative endeavour between HTR researchers in Canada, Australia, and the United Kingdom. Evidence from a meta-review of documented international HTR experiences and approaches provided the conceptual framing for the KT tool. The purpose, audience, format, and overall scope and content of the tool were established through iterative discussions and consensus. An initial version of the KT tool was beta-tested with an international community of relevant stakeholders (i.e., potential users) at the Health Technology Assessment International 2018 annual meeting. Results: An open access workbook, referred to as the HTR playbook, was developed. As a KT tool, the HTR playbook is intended to simplify the complex HTR planning process by navigating users step-by-step through 6 strategic domains: characteristics of the candidate health technology (The Stats and Projections), stakeholders to engage (The Team), potential facilitators and/or barriers within the policy context (The Playing Field), strategic use of different levers and tools (The Offensive Plays), unintended consequences (The Defensive Plays), and metrics and methods for monitoring and evaluation (Winning the Game). Conclusion: The HTR playbook is intended to enhance a user’s ability to successfully complete a HTR by helping them systematically consider the different elements and approaches to achieve the right care for the patient population in question.

Perfil Antropométrico de Futbolistas profesionales de acuerdo a la posición ocupada en el Campo de Juego (Anthropometric profile of professional football players according to the position occupied in the playing field)

Objetivo: Analizar las características antropométricas de futbolistas profesionales del club deportivo Ñublense divididos de acuerdo a la posición que ocupan en el campo de juego. Método: Participaron ciento cincuenta y ocho (n=158) jugadores profesionales de Futbol divididos en Arqueros (AR) Defensas (DEF) Volantes (VOL) y Delanteros (DEL), todos pertenecientes al Club Deportivo Ñublense de la ciudad de Chillan, Chile. Se realizó una valoración de la composición corporal utilizando el fraccionamiento en 5 componentes, somatotipo, índice de masa corporal, suma de seis pliegues cutáneos y la relación músculo-óseo, siguiendo el protocolo de la International Society for the Advancements of Kinanthropometry (ISAK). Resultados: En cuanto a la composición corporal se obtuvieron valores porcentuales de Masa Adiposa=21.7%, Masa Muscular=48.9%, Masa Residual=12.4%, Masa Osea=11.4% y Masa Piel=5.2%. En relación al somatotipo se obtuvo una clasificación mesomorfico balanceado con valores medios 2.5-5.4-2.1. Conclusión: Los jugadores profesionales del club de futbol Ñublense de acuerdo a la posición que ocupan en el terreno de juego, presentan un somatotipo similar al de otros futbolistas nacionales e internacionales, donde predomina el componente mesomórfico balanceado. Sin embargo, se observa una elevación de los porcentajes de masa adiposa (MA) y una menor talla, en comparación a futbolistas internacionales, lo que pueden determinar claras diferencias en el rendimiento respecto a las posiciones de juego en situaciones competitivas. Abstract. Objective: Analyze the anthropometric characteristics of Chilean professional soccer players divided according to the position they occupy in the field of play. Method: One hundred and fifty-eight (n = 158) professional soccer players divided into Archers (AR) Defenses (DEF) Volantes (VOL) and Forwards (FOR), with average Age values (24.2 ±4.76 years, body mass 75.0±7.28 kg and height 175.7±6.32 cm.), All belonging to the Ñublense Sports Club of the city of Chillan, Chile. An assessment of the body composition was made using the 5 component fractionation, somatotype, body mass index, sum of six skinfolds and the muscle-bone relationship, following the protocol of the International Society for the Advancements of Kinanthropometry. Results: Regarding body composition, mean values of Adipose Mass = 21.7%, Muscular Mass = 48.9%, Residual Mass = 12.4%, Bone Mass = 11.4% and Skin Mass = 5.2% were obtained. In relation to the somatotype, a balanced mesomorphic classification was obtained with mean values 2.5 - 5.4 - 2.1. Conclusion: According to the position they occupy on the pitch, the professional players of the Ñublense soccer club present a somatotype similar to that of other national and international soccer players, where the balanced mesomorphic component predominates. However, there is an increase in the percentages of adipose mass (AM) and a smaller stature, compared to international soccer players, which can determine clear differences in performance with respect to playing positions in competitive situations.

Reproducing Populism

This chapter discusses the third mechanism populist presidents use to reproduce their power: the tilting of the electoral playing field. The chapter shows the centrality of free and fair elections in defining democracy. It then identifies and discusses the main characteristics of democratic elections. The remainder of the chapter shows how unconstrained populist presidents violate four central conditions of free and fair elections: the free formation of alternatives, the free formation of preferences, the freedom to express these preferences, and the neutral management of elections. The chapter argues that the illegal enabling of reelection and the elimination of term limits violate the free formation of alternatives; the restriction of political and civil liberties and unfair access to media undermine the free formation of preferences; voter intimidations and vote buying violate the freedom to express those preferences; and electoral fraud and institutional biases negate the neutral management of elections.

The Populist Moment

This chapter unpacks the populist moment by paying close attention to two main mechanisms that explain the reproduction of populism in power: electoral validation and the aggrandizement of executive power by eliminating institutional checks and balances and reducing societal accountability. The chapter shows how populist presidents found electoral validation for their radical institutional change by winning key referendums and immediate reelection. All these legitimizing elections have one important commonality: despite valid complaints about the lack of a level playing field, contenders did not dispute their outcome. The chapter also examines the different mechanisms populist presidents use to transfer political power in their favor: the gaining of new presidential powers; the subordination of state institutions, in particular the judiciary and the legislature; and the reduction of societal accountability by curtailing freedom of expression and association. These processes are examined in four cases of unconstrained populism in power.