The Determinants of Credit Risk Under Dual Banking System: Indonesian Experience Based on Bank Specific Variables

In Indonesian banking system, conventional banks are operating side by side with Islamic banking in a dual banking system. In terms of the credit risk determinants, Islamic banks should be affected by the different factors as conventional banks. However, the similarity of Islamic banks and the conventional bank in terms of contracts might lead to the opinion the same variables are affecting the performance of Islamic and conventional banks. The objective of the study is to examine and obtain an understanding on how the credit and financing in Indonesian dual banking system responses to changes in bank-specific variables. The main approach to fit the model used in this study is the dynamic panel data. Based on the result of the combined model, there are some independent variables that significantly affect credit risk. Profitability significantly affects credit risk with a negative relationship. While size significantly affects credit risk with a positive relationship. When it comes to the dummy variable, it can be said that the type of bank doesn’t play a significant role in determining the credit risk. In other word, there is no difference between Islamic bank and conventional banks in terms of credit risk. To analyze the crisis effect deeper, we compare the result of conventional banking model 2016-2020 and Islamic banking model 2016-2020. There is no independent variable that significantly affect the credit risk in the conventional banking model 2016-2020, three out of four independent variables affect credit risk significantly in the Islamic banking model 2016-2020. This is because conventional banks tend to play safe by avoiding the disbursement of credit and focusing on derivatives. However, this strategy is not suitable for Islamic banking as they are not allowed to do speculative activities. Islamic banking are still focusing on traditional banking activity.

La política monetaria en presencia de las finanzas islámicas: un estudio exploratorio

En los últimos años se ha producido un verdadero desarrollo de la industria financiera islámica, abriendo nuevas oportunidades de financiación para los inversores. Para beneficiarse de sus productos, varios países se han embarcado en el experimento financiero islámico. Al contar ya con una infraestructura bancaria y monetaria convencional, la implantación de instituciones islámicas puede resultar difícil, ya que se supone que deben cumplir con la sharia al tiempo que operan junto a sus homólogos convencionales. Sin embargo, cuando los dos sistemas financieros coexisten, la práctica de la política monetaria es un verdadero desafío que da lugar a muchas reflexiones. De hecho, la prohibición de ciertas prácticas, como el uso de tipos de interés, por parte de las finanzas islámicas crea una necesidad real de diseñar instrumentos que se adecuen a los preceptos de la Sharia. In recent years, the Islamic financial industry has developed significantly, opening up new financing opportunities for investors. To benefit from its products, several countries have embarked on the Islamic financial experiment. Already having a conventional banking and monetary infrastructure, the implementation of Islamic institutions can be difficult, as they are supposed to be Sharia-compliant while operating side by side with their conventional counterparts. However, when the two financial systems coexist, the practice of monetary policy is a challenging and thoughtprovoking one. Indeed, the prohibition of certain practices, such as the use of interest rates, by Islamic finance creates a real need to design instruments that are appropriate to Shariah precepts.

Percutaneous Endoscopic Transforaminal Discectomy with Foraminoplasty in the Treatment of L4-L5 and L5-S1 Disc Herniation: A Minimum 1-year Follow-up Study.

Background The anatomic and biomechanical aspects of the L5-S1 level present unique operative challenges compared with the L4-L5 level. We aim to explore the clinical outcomes and radiographic measurements of L4-L5 patients compared with L5-S1 patients after undergoing Percutaneous Endoscopic Transforaminal Discectomy with Foraminoplasty (PETDF). Methods A total of 84 patients who underwent PETDF for LDH treatment between January 2017 and June 2020 were included in this study. Preoperative, perioperative, demographic data, clinical and radiographic outcomes were compared between patients with L4-L5 involvement and patients with L5-S1 involvement. Results There were no significant differences between the two groups in terms of Age, Gender, Follow-up time, the postoperative questionnaire results (Visual Analog Scale [leg], VAS [lower back], and Oswestry Disability Index) or the Excellence and Good Rate and Recurrence Rate. There was no significant difference in the mean preoperative to postoperative change in Intervertebral Space Height (ISH), Intervertebral Space Angle (ISA), Lumbar Lordosis, Foraminal Area (FA) of Operating Side and FA of Contralateral Side between the 2 groups. The mean VAS of Leg Pain, VAS of Lower Back Pain and ODI postoperative scores were significantly improved over the preoperative scores in each of the two groups and the ISH, ISA, FA of Operating Side and FA of Contralateral Side postoperative were significant difference form preoperative Conclusion PETDF is an effective and safe treatment approach for lumbar disc herniation in both L4/L5 and L5/S1 level. Although it may increase lumbar ISA and result in low CFA (contralateral foraminal area) and ISH.

Analysis of Comparative Efficiencies of Islamic Banks Across Nine South and Southeast Asian Countries.

The purpose of this paper is two folds: (i) obtain the overall technical efficiencies (TE), pure technical efficiencies (PTE), and scale efficiencies of the Islamic bank of the nine South and Southeast Asian (SSEA) countries during 2011-2016. (ii) compare them among the Islamic banks of the SSEA. The paper applied the Bootstrap Data Envelope Analysis (DEA) for obtaining three efficiencies in the production of loan and earning assets and found that the average TE, PTE, and SE of the Islamic banks in the region were 77.3 percent, 81.2 percent, and 95.3 percent respectively. The comparison of PTE efficiencies across the Islamic banks found: (i) the average TE of the Islamic banks of Malaysia was 81.9 percent and was higher than the average of other countries in the region; (ii) the average managerial efficiency (PTE) of the Islamic banks of Malaysia, excluding Brunei, Singapore, and Thailand, was 87.0 percent and was higher than the average of other countries in the region; (iii) among countries of the South and Southeast Asia, excluding Singapore and Maldives, the Islamic banks of Pakistan were more scale efficient than other countries in the region. The average scale efficiency of Pakistan’s Islamic banks was 96.8 percent. The underlying reason for the Islamic banks of Malaysia and Pakistan most efficient in the region is because they were the forerunners. They were the first countries to introduce Islamic banks. Secondly, the banks of counties survived through competition with conventional banks operating side by side in the Islamic banks. The policy prescription suggests that bank regulators allow the opening of more Islamic banks to compete with conventional banks for improving PTE efficiency.

Comparison of Hypobaric Bupivacaine, With and Without Fentanyl for Patients Undergoing Surgeries around Hip: A Randomized Double Blind Study from North India

Background: Hip surgeries are frequently performed using single shot spinal anesthesia with 15-17.5 mg plain bupivacaine 0.5% which provides surgical anesthesia for 3-4 hours but is difficult to make the patients with hip fractures to lie in lateral decubitus position with the operating side dependent and to make them sit also. Using hypobaric local anesthetic for surgeries around hip, preparation time may be reduced for performing spinal anesthesia and surgery in the same position without waiting for establishment of spinal anesthesia in the supine position. Furthermore, hypobaric local anesthetics can produce more selective block on the operating side and avoid unnecessary paralysis of the nonoperating side potentially resulting in hemodynamic stability and better mobilization of patients during recovery period.Subjects and Methods:In the present study, we compared the anesthetic and hemodynamic effects of hypobaric bupivacaine with and without fentanyl in 100 ASA physical status I and II patients undergoing surgeries around hip. Patients received spinal injection of either 2.5ml (12.5mg) of isobaric bupivacaine with 1.5ml of distilled water (total 4ml) making it hypobaric or 2.5 ml (12.5mg) of isobaric bupivacaine with 1ml of distilled water and 0.5ml(25 µg) of fentanyl (total 4ml) with operative side up, in a double blinded manner. Sensory level and motor block were evaluated on the operative and non-operative sides until regression to L2 and full motor recovery. Hemodynamic changes after spinal injection and the first analgesic request for VAS >3 were noted.Results:Demographic characteristics of both the groups were comparable. Time to maximal fall in MAP and patients requiring vasopressor were similar in both the groups. None of the patients in any of the two group required atropine for bradycardia. Co-administration of fentanyl in hypobaric bupivacaine hastened the onset of sensory block (12±3 vs. 20±9.0, p value <0.001) and the time required was less on the operative side than on the contralateral (non-operative) side in both the groups. The median upper level of block was higher on the operative than on the contralateral side in both the groups. Co-administration of fentanyl in hypobaric bupivacaine prolonged the sensory regression to L2 (298±40 vs. 256±35, p value <0.001). Co-administration of fentanyl had no effect on the time to complete motor recovery as at the end of surgery, all the patients had complete motor recovery on the contralateral (non-operative) side, while none of the patient in any of the two groups had complete motor recovery on the operative side. Time to first analgesic requirement was significantly higher (318±27 vs. 288±28, p value <0.001) with the addition of fentanyl to the hypobaric bupivacaine.Conclusion:So we conclude that the use of hypobaric bupivacaine produces spinal anesthesia with a faster sensory motor recovery on the contralateral (non-operative) side. Co-administration of fentanyl further prolongs the sensory block on the operative side without significantly affecting the motor block, so delays the use of first analgesic without further compromising the systemic hemodynamics.

Research of the Vertical Vibrations of Tandem Mill Based on Wavelet Analysis

In this paper, the defect sheet was captured coincidentally. According to the defective product’s characteristics, we suspected to be caused by the vertical vibration of the roll. When the rolling speed reached a certain value, the vibration of the fourth stand can be feel. The experiment of the vibration data collection was taken to compare the vibration parameters of rolling operating side with those of drive side by wavelet analysis. The result states that the abnormal vibration signal features can be extracted in a special frequency segment of wavelet decomposition, and the vibration frequency to the roll is confirmed which appeared product defects.

Financial development and economic growth in GCC countries

Purpose – The purpose of this paper is to compare the effects of Islamic financial development and conventional financial development on the economic growth for five GCC countries (Bahrain, Kuwait, Qatar Saudi Arabia and UAE). Design/methodology/approach – Using generalized least squares, OLS and panel data frameworks, this paper employs different measures of financial development for the period (1996-2011). Findings – Empirical results strongly support the hypothesis that Islamic finance leads to growth in the five GCC countries, however, no significant relationship observed between conventional financial development and growth. Practical implications – The findings of this paper suggest the need to accelerate the financial reforms for Islamic finance that have been launched in the region since the last decade and to improve the efficiency of these countries’ Islamic financial systems to stimulate saving/investment and, consequently, long-term economic growth. Originality/value – This study has several contributions to the existing literature. To the best of the authors’ knowledge, this paper is the first study that examines empirically the effect of Islamic finance on economic growth in GCC countries. As well, this paper is the first to compare the different effects of Islamic finance and conventional finance on economic growth on a context of countries having the most developed Islamic financial system in the world operating side-by-side with a conventional financial system.

Driving up Standards: Civil Service Management and Decentralization: Case Study of Uganda

There is a consensus that decentralization by devolution leads to improved service delivery, but debate on the appropriate type of personnel arrangements for delivering decentralized services is far from over. Put differently, the discourse on whether civil service management should be decentralized or devolved still rages on. Little wonder that countries which started off with decentralized civil service management models in the 1990s are currently centralizing some aspects of personnel management while others are having centralized and decentralized personnel arrangements operating side by side in sub-national governments. The paper argues that civil service management should be decentralized whenever a country chooses the path of decentralization by devolution. Using Uganda’s example, the paper highlights two major challenges of managing the civil service under separate personnel arrangements: civil service appointments devoid of merit, and the perennial failure to attract and retain qualified human resource. The paper presents proposals on how to ensure meritocracy in appointments and how to bolster attraction and retention of human capital in local governments.