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All Journal Indonesian Journal of Chemistry Journal of Islamic Monetary Economics and Finance
Hossain, Md. Mofazzal
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Chemical Engineering, Chemistry & Bioengineering Chemistry Economics, Econometrics & Finance

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SHARIAH COMPLIANCE OF BANGLADESHI ISLAMIC BANKS: DOES IT DIFFER ACROSS BANK MODALITIES? Rahman, Syed Mohammad Khaled; Chowdhury, Mohammad Ashraful Ferdous; Hossain, Md. Mofazzal; Islam, Fakrul; Mim, Tanvin Hossin; Nirjon, Nazmul Alam
Journal of Islamic Monetary Economics and Finance Vol 10 No 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.1887

Abstract

This study assesses the degree of Shariah compliance of different Islamic banking modalities in Bangladesh from the perspectives of investment clients, depositors, and bankers. It adopts a structured questionnaire developed based on AAOIFI standards to gather data from 392 respondents. ANOVA tests and t-tests are applied to identify significant Shariah non-compliance areas and differences in Shariah compliance scores among different Islamic bank modalities. From investment clients’ perspective, it is seen that in every mode of investment except Ijarah, Shariah is explicitly violated throughout the Islamic banking industry. Significant Shariah non-compliance is seen in Bai-Murabaha, Bai-Muajjal, cash memos, and receipt and disbursement of goods, while Shariah is complied with in contract documents and client dealings. Bankers view all aspects except financial charges for delay to be Shariah compliant. From the depositors’ perspective, Shariah non-compliance is observed in the non-disclosure of information. There is no significant difference in Shariah compliance level between full-fledged and non-full-fledged Islamic banks. These findings should prove useful as a reference point for Bangladesh Bank, Islamic banks, policymakers, depositors, investors, and regulators to address Shariah non-compliance areas to ensure adherence to Shariah standards. Acknowledgment The authors would like to thank SUST Research Centre, for the funding that made this study possible.
Synthesis of 2-Phenoxyacetic Acid Analogs for Evaluation of the Anti-inflammatory Potential and Subsequent In Silico Analysis Hossain, Md. Mofazzal; Biswas, Bishyajit Kumar; Bepary, Sukumar
Indonesian Journal of Chemistry Vol 24, No 5 (2024)
Publisher : Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/ijc.96015

Abstract

Several 2-phenoxyacetic acid derivatives and their isosteres were synthesized in moderate to high yield (57–96%) for searching newer and safer alternatives to these existing anti-inflammatory agents. The compounds were characterized by 1H-NMR, 13C-NMR and HRMS. The synthesized compounds have been subjected to in vitro anti-inflammatory activity using egg albumin denaturation and human red blood cell membrane stabilization methods. The compounds were also evaluated for their anti-inflammatory activity in the mice model. The synthesized compounds were subsequently subjected to docking analysis. The in vitro pharmacokinetic properties were analyzed by applying the pkCSM software and drug-likeness was checked by using Lipinski’s rule. Some synthesized esters and amides, like SM61, SM81, SM82, SM83, SM91 and SM101, were significantly more powerful as anti-inflammatory agents. The efficacies were correlated with their orientations in the binding pocket of the cyclooxygenase enzyme. The encouraging in vitro and in vivo activities, the optimum pharmacokinetic profile, and good drug-likeness indicated that these scaffolds could be considered for future discovery of newer nonsteroidal anti-inflammatory drugs (NSAIDs).
SHARIAH COMPLIANCE OF BANGLADESHI ISLAMIC BANKS: DOES IT DIFFER ACROSS BANK MODALITIES? Rahman, Syed Mohammad Khaled; Chowdhury, Mohammad Ashraful Ferdous; Hossain, Md. Mofazzal; Islam, Fakrul; Mim, Tanvin Hossin; Nirjon, Nazmul Alam
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.1887

Abstract

This study assesses the degree of Shariah compliance of different Islamic banking modalities in Bangladesh from the perspectives of investment clients, depositors, and bankers. It adopts a structured questionnaire developed based on AAOIFI standards to gather data from 392 respondents. ANOVA tests and t-tests are applied to identify significant Shariah non-compliance areas and differences in Shariah compliance scores among different Islamic bank modalities. From investment clients’ perspective, it is seen that in every mode of investment except Ijarah, Shariah is explicitly violated throughout the Islamic banking industry. Significant Shariah non-compliance is seen in Bai-Murabaha, Bai-Muajjal, cash memos, and receipt and disbursement of goods, while Shariah is complied with in contract documents and client dealings. Bankers view all aspects except financial charges for delay to be Shariah compliant. From the depositors’ perspective, Shariah non-compliance is observed in the non-disclosure of information. There is no significant difference in Shariah compliance level between full-fledged and non-full-fledged Islamic banks. These findings should prove useful as a reference point for Bangladesh Bank, Islamic banks, policymakers, depositors, investors, and regulators to address Shariah non-compliance areas to ensure adherence to Shariah standards. Acknowledgment The authors would like to thank SUST Research Centre, for the funding that made this study possible.
Co-Authors Bepary, Sukumar Biswas, Bishyajit Kumar Chowdhury, Mohammad Ashraful Ferdous Islam, Fakrul Mim, Tanvin Hossin Nirjon, Nazmul Alam Rahman, Syed Mohammad Khaled