Crime and Corruption: Investigation: Desheli’s Business Practices Exposed
How the cosmetics firm in Moldova has been drawing people, unwittingly, into the clutches of loan companies.
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How the cosmetics firm in Moldova has been drawing people, unwittingly, into the clutches of loan companies.
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In the traditional banking model, loans play a dominant role in banks’ operations. Loan portfolio quality is the main generator of banks’ results. In the periods of best results, as well as in times of worst performance of banks’ operations, the reasons for success or failure have been attributable to the changes in the loan portfolio quality. The basic indicator of credit portfolio quality is the share of non-performing loans to the total credit portfolio. The consequences of an increased amount of non-performing loans may not only reduce the financial results, but also reduce the capital and increase the risk profile of the bank. This paper investigates the influence of the non-performing loans ratio on profitability indicators in the banking system of the Republic of Macedonia for the period 2007- 2015. This analysis presents the correlation and regression between the nonperforming loan ratio of non-financial entities and profitability indicators: rate of return on assets and rate of return on equity, as well as the spread between interest rates on loans and deposits in denars. The results of such correlation show a moderately high negative correlation between the non-performing loans ratio and rates of return on equity and return on assets. Regression analysis shows that increasing the nonperforming loans ratio has influence by reducing bank profitability. Also, the statistical analysis confirms that the profitability position of the real sector is one of the most important factors affecting the movement and level of non-performing loans.
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The objective of this paper is to evaluate the behaviour of Nigerian Stock Exchange (NSE) sector indices. Specifically, the paper analyzes the returns correlation, serial correlation and heteroscedasticity on the NSE All-share Index, Banking Index, Consumer Goods Index, Oil & Gas Index, NSE 30 Index, Insurance Index, Industrial Goods Index, Pension Index, and Alternative Securities Market Index, using daily returns ranging from 02 July 2008 to 31 December 2015. The study employs descriptive statistics, autocorrelation function (ACF) and Ljung-Box Q (LB-Q) statistics, as well as the autoregressive conditional heteroscedasticity Lagrange multiplier (ARCHLM) techniques in conducting the empirical analysis. Descriptive statistics obtained from the NSE sector returns show negative skewness, leptokurtosis, and non-normal distribution. Estimates from the ACF and LB-Q statistics indicate evidence of serial correlation in majority of the sectors’ returns. Furthermore, estimates from the ARCHLM model provide evidence of heteroscedasticity in most of the sectors’ returns. Overall results from the study suggest that the returns of NSE sectors are serially correlated and heteroscedastic. There is therefore the need to model the volatility of these sectors to increase understanding of their behaviour.
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The operating and the level of development of the stock market estimate through more indicators. Ones of these indicators are the market capitalization/GDP that presents the scope of the market, and market turnover/GDP and market turnover/market capitalization as the indicators for the market liquidity.In the analysis is covered over the 10 years of the functioning of the Macedonian Stock Exchange (MSE), which further allows to see an negative impact from the global financial crisis on the operating and the development of the MSE.In the paper, a comparative analysis is made on the Macedonian Stock Exchange with some stock exchanges in the region, confirming the unfavorable trend in the development of the Macedonian Stock Exchange after the global financial crisis.
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Information communication technologies (ICT) advancements had a powerful meaning in the reshaping the banking industry and banking services during the last period. Hence it is essential to perform an analysis for the profound changes of financial digitalization on the demand and supply side in the banking industry, degree of digitalization in banking in general and particularly these processes in the Republic of Macedonia. The paper aims to determine the stance and the level of development of digital banking in the Republic of Macedonia, causes for current level of development and to provide further recommendation for forthcoming positive changes. Research results demonstrate that the growth of online and mobile banking on the global level has vast influence on the reshaping the market and competition in traditional banking. Moreover the outcomes indicate that the main channels for distribution of bank product are branch and the internet, yet mobile channel and its influence is undeniable. It is important to emphasize that the banks invested mainly in digitalisation of basic bank operations, yet the complex transaction digitalisation globally is nonetheless in the development phase. Republic of Macedonia experiences relatively low level of readiness for significant development of the digital banking which is limited on basic bank transactions. Such condition can be explained by the clients mistrust in e-bank services, lack of information for the digitalization's benefits, resistance for changing habits, etc. The research has been completed by utilization of the following methods: analysis, synthesis, induction-deduction method, statistical, logical, comparative method. Their exploitation is determined by the specificity of the research theme.
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The motive for writing a paper is to answer the question of whether and how much international financial management affects positively the overall socio-economic currency and financial relations in markets around the world in the context of international economic relations. This paper links questions about the relations between national economies and international financial markets, on the one hand, and on the other hand, monitoring and analyzing the movements of foreign exchange markets. The main research question is what are the latest trends, challenges and characteristics of international financial management after the turbulent conditions in the international economy, finances and currencies. For this purpose, in general, the paper has a section dedicated to theoretical and methodological studies. Therefore, the role and problems in the functioning of the financial markets, currency control, and their risks are described. In this context, the main characteristics and peculiarities of the international economic environment, analysis of globalization in the work and control of currency courses are revealed.
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The motive for writing this paper is to answer the question of whether and how global financial management affects positively the overall socio-economic and financial relations in markets around the world in the context of the international financial system. This paper links questions about the relations between international financial markets, on one hand, and monitoring and analyzing the movements of globalization on the other hand, of a large group of countries, in the so-called developing countries and emerging market economies.The main research question is: what are the latest features and risks of global financial management after major market turbulence and crises. For this purpose, generally the work is divided into two parts, which encompasses theoretical and methodological studies. Namely, they describe, the role, problems and conditions in the functioning of the global financial markets in conditions of great uncertainties and risks. In this context, the new features and peculiarities of the international economic environment, the analysis of globalization in the work of multinational corporations and firms, the planning, organization and stabilization of the international financial system are revealed. The following results are expected from the research: that the global financial management and the free market should urge more actively for a more favourable economic ambience on the development of the global economy and the global financial markets and as such they should be more and resistant to risks.
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The main purpose of this paper is to explore the significance of inter-functional coordination (IFC) for the financial performance of the entrepreneurial companies in a developing economy. The objectives are: 1. To measure the level of the variables explaining IFC (IFC 1: Current and future needs of consumers are discussed inall of the concerned departments; IFC 2: When a department discovers something important about the consumersor the competition, it quickly informs the other concerned departments; IFC 3: There is extensive communication between different departments in terms of consumer experience and market changes); 2. To determine the average level of IFC; 3. To confirm the effect IFC has on profitability. The methodology included both quantitative and qualitative methods and, the research was done in entrepreneurial companies from the food production industry in Macedonia, as a developing economy.
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The article discloses logical and historical grounds of the current crisis and peculiarities of its manifestation in Ukraine. The author substantiates basic approaches to finding a way out of the crisis and suggests directions for correcting tax, monetary, and credit policies, as well as overcoming structural deformations.
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The article deals with the theoretical and legal aspects of currency regulation, the process of its formation in Ukraine, and the role in the system leverage used by the regulator to stabilize the situation on the foreign exchange market. The influence of foreign exchange regulation measures on the formation of foreign trade balance indicators was investigated.
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Malaysia is considered as the cranium of Islamic banking. The purpose of this paper is to find out the significance of Central Bank of Malaysia Act (CBMA) to Islamic banking by analysing the relevant provisions of CBMA and the reported case law in Malaysia in this regard. This is a legal research where the provisions of this Act relevant to Islamic banking is reviewed and assessed in the light of reported case law. It is found that there is a need for the legislature to come up with the specific directions or practice notes in which Shariah issues of the case could be differentiated from factual issues/legal issues. It is hoped that the outcome of this paper will assist those jurisdictions aspiring to have a sophisticated legal framework for Islamic banking to comprehend the significance of having statutory provisions to establish the apex Shariah Advisory Council at the Central Bank level.
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The purpose of this paper is to discuss the financial consumer protection in Islamic banks in the context of Islamic Financial Service Act 2013 (IFSA 2013) by looking simultaneously to the standards and guidelines issued by Bank Negara Malaysia (BNM). This conceptual paper examines relevant provisions in both Acts as well as in respective standards and guidelines by BNM related to financial consumer protection. In keeping with the main focuses of BNM on promoting fair, responsible and professional conduct by financial services providers to secure financial stability, this paper highlights the provisions which need to be adhered by the Islamic banks in treating their financial consumers. The discussions of the relevant provisions, standards, and guidelines will enrich the academic understanding of financial consumer protection in Malaysia. This study provides an insight on the initiatives taken in Malaysia particularly in the Islamic banking industry to protect the financial consumers.
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Islamic finance in Malaysia has been growing rapidly in the past 30 years. In 2019, there is a total of 16 Islamic banks listed and supervised by Bank Negara Malaysia (BNM), with 5 out 16 banks are foreign entities. In view of the rivalry with the conventional banking sector, Islamic banks offer new innovative Islamic products and financial projects which may lead to greater risk of Shariah Non-compliance (SNC) exposure to the Islamic Financial Institutions (IFIs) in its effort to stay competitive. This paper attempts to explore the current practices of Islamic banks in treating (SNC) and the extent of compliance with BNM rules and guidelines, particularly BNM Operational Risk Integrated Online Network (ORION) requirement on SNC reporting event. This paper adopts a qualitative research method by conducting semi-structured in-depth interview with the Islamic banking professionals targeting five Islamic banks. Both primary and secondary sources are used for data collection. The finding shows that these Islamic Banks adhere to the BNM rules and requirements, with some minor differences in the implementation process. The findings would contribute positively in terms of enriching and contributing to the existing literature on the SNC practices by Islamic Banks whilst at the same time establishing the levels of compliance of the banks under investigation.
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Shariah governance plays a key role in ensuring integrity of Islamic financial system. The structure and the process of Shariah governance has been proposed by the international standard setting bodies for Islamic Financial Institutions (IFIs) to follow and incorporate Shariah governance practices in their operations and financial products. This study aims to investigate the Shariah governance practice in Sri Lanka that practices dual financial system (conventional and Islamic finance) for the past twenty years, with a special focus on process and structure. The qualitative method is employed in this study whereby the primary data are gathered in the form of interview while secondary data are collected through research articles, annual reports, official websites, magazines and newspaper. This study found there are gaps and shortcomings in the Shariah governance practice at IFIs in Sri Lanka particularly in the structure and the process as compare to the international framework and guidelines issued by international standard setting body such as AAOIFI and IFSB. The main contribution of this study is to put forward recommendations to rectify the gaps and to further enhance the Shariah governance practices in Sri Lankan IFIs.
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The objective of this paper is to examine the viability of Istisna for project financing, with a special focus on its economic aspects and the risks associated with the said contract. This paper also aims to investigate the challenges faced by Islamic banks in adopting Istisna as a mode of project financing. This paper first provides an overview of Shariah-compliant project financing; it then discusses the characteristics of Istisna and barriers to Istisna implementation for construction and infrastructure project development. Economic and general legal considerations are key factors that influence the development of Istisna as project financing. This paper also seeks to explore ways to increase the use of Istisna.
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This paper aims to study Shariah governance of Islamic banks in Bangladesh. Desk-based research was conducted for this paper to explore the main challenges faced by Islamic banks in the country. Based on empirical studies and newspapers, this paper concludes that there is a lack of a well-defined regulatory and supervisory framework for IFIs to function effectively in line with the tenets of Shariah. This study also finds that the shortage of Shariah scholars remains an impediment to Shariah compliance. The government and the central bank of Bangladesh should pay greater attention to education and training, in addition to creating a national Shariah advisory council to monitor Islamic banking and financial activities in Bangladesh.
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Sukuk is one of the fast-growing financial areas in Islamic finance. This paper reviews innovative sukuk instruments in the global financial market in addition to looking at key considerations in facilitating innovative sukuk structures. Using secondary data collected from official reports and peer-reviewed journal articles the authors analysed five types of innovative sukuk structures offered in the market over the past decade. This paper also looks into the enabling role of Securities Commission Malaysia in promoting Malaysia as the top issuer of sukuk. The data analysed shows that sukuk issuers in Malaysia would benefit from high levels of government support through policy and incentives.
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The article is focused on the need for a systematic approach to the harmonization of Ukrainian and the EU standards and the proposal to develop standards for training specialists in the relevant field in compliance with the standards on the level of qualifications and working conditions of teachers. The conflict between human rights for spiritual and physical development and the lack of opportunities for respecting these rights has been identified. It is proposed to resolve the specified conflict by introducing financial support for entrants. The starting positions of the formation of financial and economic models for providing/obtaining educational services have been outlined. The bases for the implementation of these models are: the strategy of innovative education development; the infrastructure for providing information support for decision-making; as well as the system of criteria for determining the appropriateness of the model selection. Regarding the feasibility of introducing financial and economic models for providing/obtaining educational services in Ukraine, what has been discussed, among others are: public, business, credit, self- and combined financing. The criteria for the selection expediency and the application of each model are justified.
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The aim of this paper is to determine the relationship between the exchange rate (nominal and real) and foreign exchange reserves based on monthly data for the period from September 2006 to April 2019, using unit root tests and cointegration tests that take into account the possibility of structural break existence. The results of the causality test indicate that there is a long-term relationship between the nominal exchange rate and foreign exchange reserves. On the other hand, the existence of a long-term relationship between the real exchange rate and the foreign exchange reserves has not been confirmed, but there is a short-term causality, that is, the real exchange rate Granger-causes foreign exchange reserves.
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There is increasing interest among investors in one of the latest investment vehicles - unit trusts. Unit trusts have several advantages as investments in comparison to other investment vehicles, as they are managed by fund managers and tied down by a trust deed. These advantages can be traced back to the investment diversification, professional management of the unit trust and the liquidity flow that can be obtained through sale and purchase of the unit trust. This paper presents an argument towards the development of the conceptual framework for Islamic unit trust funds, explored using references to the regulations in Malaysia, reviewing the types of unit trust funds, their distinctive features, Shariah principles that operate in the management of unit trust industry in Malaysia and the contributions that can be generated from unit trust fund to society. Some of the essential features of Islamic unit trust funds depend on the prohibition of riba, gharar and maysir, strict stock screening processes and purification processes. The main challenges to the unit trust industry are also discussed.
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