Services Board Research Articles

Historical Aspects of the Cooperation and Collaboration Between the South African Reserve Bank and Other Role Players

Prior to the enactment of the Financial Sector Regulation Act (FSR Act), the regulation of cooperation and collaboration between the South African Reserve Bank (SARB) and other financial role players was not done for the purpose of protecting financial stability or promoting market integrity. The SARB, the Financial Services Board (FSB) and the Bank Supervision Department (BSD) were required by the Banks Act to harmonise supervisory actions and to share relevant information for operational purposes. The lack of adequate cooperation and collaboration arrangements to promote, protect, enhance and maintain financial stability and market integrity gave rise to regulatory gaps and overlapping functions in the financial sector. The provisions for cooperation and collaboration contained in the Banks Act, the Financial Markets Act and the Financial Services Board Act, and the establishment of the Financial Sector Contingency Forum (FSCF) were not adequate to foster effective cooperation and collaboration between the SARB, the BSD, the FSB and other financial role players.

Enhancing Regulatory Frameworks for Islamic Banking Institutions: Comparative Study Between Indonesia and Bahrain

This research analyzes and compares the regulatory frameworks governing Islamic Banking institutions in Bahrain, and Indonesia. The study explores how each country has developed its regulatory environment to support the growth and stability of Islamic finance, highlighting the successes, challenges, and areas for improvement. Using a qualitative comparative approach, the research draws on data from document analysis and previous studies to provide a comprehensive understanding of the regulatory landscapes in these countries. The findings reveal that Bahrain has established robust and internationally recognized regulatory frameworks, largely due to their proactive regulatory bodies and collaboration with global standard-setting organizations such as the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Institutions (AAOIFI). In contrast, Indonesia, despite its significant potential, faces challenges in regulatory implementation and public literacy on Islamic finance. The study concludes that effective regulatory frameworks are crucial for the credibility and stability of Islamic finance, strengthening regulatory oversight, and adopting international standards to ensure consistent and transparent practices. This research contributes valuable insight for policymakers, regulators, and practitioners aiming to improve the regulatory environment of Islamic financial institutions globally.

Basel Implementation in Banking in Indonesia

This study’s goal is to determine the application of Basel in banking in Indonesia. Bank Indonesia in issuing banking regulations refers to the Bank for International Settlement (BIS) policies related to liquidity, especially as a reference to protect Indonesian banks from crises caused by insufficient liquidity needs in the Bank. policies from the BIS will be accommodated first by the Islamic Financial Service Board (IFSB). IFSB is used as a reference for regulators to make banking policies. One of the IFSB committees, namely the Basel committee in the field of banking supervision, has issued provisions that are a reference for international banking, namely Basel 1, Basel II and Basel III. This study collects data using a descriptive qualitative methodology and secondary data obtained from literature studies. The results of the research show that banks in Indonesia have implemented regulations according to the Basel III international standard OJK has adopted Basel recommendations and has implemented Basel 1, 2 and 3 although there are some shortcomings but the application of risk management is more effective and efficient. The application of the continuation of Basel III is adjusted to the conditions of national banking proportionally.

Application of the capital adequacy standard according to the Basel III agreement in Islamic banks - an applied analytical study on the Kuwait international bank during the period (2015 – 2022)

The capital adequacy standard according to Basel III is considered one of the most prominent tools for hedging risks, and it is imposed by all central banks. However, Islamic banks find some difficults to apply this standard, as it is intended for conventional banks. An Islamic standard issued by the Islamic Financial Services Board amending the Basel III standard has been issued with the aim of applying it by Islamic banks. However, Basel III remains the most accepted standard in the international banking arena. This study aims to know the possibility of Islamic banks applying the standard issued by the Basel III agreement on capital adequacy, or whether should apply the Islamic standard issued by the IFSB, This study was conducted using the descriptive approach, the case study approach and the analytical approach, which allowed us to reach a set of results, the most important of which is that Islamic banks can apply Basel III standard, but applying the Islamic standard issued by IFSB is more appropriate because it takes into account the characteristics of Islamic banks in the capital adequacy equation.

The Contribution of Islamic Banking to Economic Growth the Organization of Islamic Cooperation (OIC) Countries with the CAMELS Approach

The purpose of this study is to examine the contribution of Islamic banking to economic growth by analyzing the influence of Islamic banking performance on economic growth using the CAMELS method. A quantitative approach is employed in this research with secondary data in the form of panel data. Data sources are obtained from the publications of the Islamic Financial Services Board (IFSB) and the World Bank, using a sample comprising 6 countries that are members of the Organization of Islamic Cooperation (OIC) with a time range from 2013 to 2022. The results of the testing demonstrate that the variables CAR, ROA, NPF, and MAN do not significantly affect economic growth, while LIQ and SEN have a positive effect. However, simultaneously, CAR, MAN, NPF, ROA, LIQ, and SEN collectively influence economic growth.

VALUE BASED MANAGEMENT AT KELOMPOK USAHA BERSAMA (KUBE)

Joint Business Group/Kelompok Usaha Bersama (KUBE) is a business scheme launched in 2010 by the Ministry of Social Affairs for underprivileged families who received social assistance from the Family Hope Program (PKH), with the idea that they will no longer depend on social assistance. KUBE has not yet achieved its goals due to low business management capabilities, weak entrepreneurial culture which has resulted low economic empowerment and performance level. This reason as an urgent need for research and development to analyze phenomena and find solutions for better KUBE performance. The aim of the research is to describe and analyze the value based management at KUBE in Bandung City. This research resulted a new findings related to the stages of determining the assumptions and legal basis used, formulating concepts and proving them into the analytical implementation of KUBE. This implementation was supported by the West Java Provincial Social Service Board in the form of providing data, information on the implementation of KUBE and facilitating the presentation of research reports. The method used is a qualitative approach with TKT at level 3. The main research output is publication on Sinta 1 or Sinta 4 and the additional outputs is a book chapter.

Determination of Firm Value with Dividend Policy as Moderation Variable: Evidence Islamic Banking in the World

Islamic banking is a company sector that dominates the global Islamic economic industry. To hold it, Islamic banking has to do a lot. One of which is to grow the value of the company. This research aims to identify factors that have an effect on company value in Islamic banking companies in the world. The company value factors studied are profitability (ROE), leverage (DER), company size, and dividend policy (DPR) as moderating variables. To determine the sample, researchers used purposive sampling by selecting 20 Islamic banks registered with the Islamic Financial Service Board (IFSB). Descriptive statistical analysis and moderated regression analysis are used as analysis methods. The results of this research show that profitability and company size have a significant effect on the value of Islamic banking companies. Leverage does not have a significant effect on the price of Islamic banking agencies. Dividend policy as a moderating variable does now not show significant results so it cannot moderate the connection between profitability, leverage and company size on the value of Islamic banking firms. Simultaneously, the variables profitability, leverage, firm size and dividend policy significantly impact the value of Islamic banking companies.

The role of public libraries in enhancing adult education: experience from tanzania library service board

ABSTRACT This study investigated the role of public libraries in enhancing adult education in Tanzania with particular reference to TLSB. Specifically, the study looked at the information services offered to adult learners, the availability of special areas for adult learners, the skills possessed by library staff serving adult learners, the challenges faced by library staff offering services to Adult Learners, and measures for improving Library Services for Adult learners. The study adopted a case design whereby Tanzania Library Board Services was used as a case. The study population included all TLSB stakeholders, including library users, staff, and the TLSB director. The sample size of this study comprised of 36 library staff. Respondents were purposively selected for inclusion in this study. Questionnaires were the data collection method employed to gather data from library staff and were analyzed descriptively, and results were presented in Tables, Figures and Charts. Information services offered to adult learners were identified, and thus, TLSB has a special area for adult learners was also revealed. The study also established that TLSB has staff with specialized skills serving adult learners. Challenges faced by library staff offering services to adult learners and the measures for improving library services for adult learners were also revealed in this study. The study concludes that providing library services has to go with the availability of other factors, such as adequate materials, reading space, and staff with the skills to assist adult learners. The study recommends addressing the identified challenges for adequate information services provision to adult learners, and the identified measures should be considered.

Review of lidocaine plaster prescribing and monitoring in primary care

Abstract Introduction Lidocaine medicated plasters (LMPs) are accepted by the Scottish Medicines Consortium (SMC) for restricted use in post-herpetic neuralgia where first-line therapies are ineffective or intolerable.[1] Subsequently, LMPs are restricted for use in post-herpetic neuralgia within a large NHS board with Ralvo as formulary brand due to cost-effectiveness. Despite this, the spend on LMPs is increasing with the cost per 1000 list size above the national average.[2] Aim To review and improve LMP prescribing and monitoring in a general practice. Methods An audit within a GP practice was undertaken by conducting an EMIS search to extract all patients prescribed LMPs within the previous 6 months from December 2022. A baseline audit was completed to determine compliance against the criteria (standards set as 100%), shown in Table 1. Data were analysed using Microsoft Excel. In the interest of improving audit results, a pharmacist then conducted telephone reviews with a view to stopping LMP if appropriate, reducing prescription quantities and/or switching to Ralvo. Post review, criteria were re-audited to determine the impact. Following this, an education session was conducted. Results The results against the standards are shown in Table 1. The LMP reviews resulted in: therapy stopped (n=2; 8%), therapy reduced (n=7; 26%), therapy continued (n=11; 40%), and therapy removed from repeat (n=7; 26%). Reductions were achieved by reducing the number of patches, cutting patches or increasing the patch-free interval. Some patients continued therapy despite off-license indication due to a significant reduction in pain score and benefit in physical function. Following the audit and review of LMP, an informal general practitioner education session was conducted to promote adherence to formulary and SMC recommendations, aiming to prevent LMP initiation for off-license indications. Impact was not studied. Conclusion There is a lack of compliance with SMC and formulary recommendations with all patients in this study being prescribed LMPs for off-licensed indications. Pharmacy involvement in regular reviews could ensure patients are prescribed the most cost-effective brand and ongoing treatment appropriateness assessed, particularly for off-license indications. The study was implemented in one general practice; therefore, there is scope for extrapolation across the National Health Service board with aims to reduce LMP prescription costs and medication burden. Further work is also required to achieve a change in prescribing habits.

Nonlinear effect of Islamic financing on economic stability: A Case of equity and debt financing

The main purpose of this study is to differentiate between the effects of two major categories of financing of Islamic banks on the economic stability of the selected countries. This study determines the nonlinear effect of equity-based and debt-based financing of Islamic banks to assess how the stability of the economy can be achieved. This study acquires the data on Islamic banking product-wise financing at a national level from the Islamic Financial Service Board (IFSB), and the data on industrial production index is selected from International Financial Statistics for selected countries. The sample size comprises of all the countries included in the IFSB. The data ranges from 2014Q1 to 2019Q4. The economic stability is estimated using the GARCH volatility approach, and the nonlinear ARDL model is used to determine the causal effect of Islamic banking product wise financing. This study clarifies the empirical relationship between Islamic banking equity-based financing and debt-based financing and whether macroeconomic stability is linear or quadratic in terms of the marginal effect of financing, which helps policymakers to constitute strategies for expanding the size of Islamic banking financing. The results identified the inverted U-shaped effect of equity-based financing types on output instability. At the same time, both financing types are not causing price instability. The outcomes are instruments for the central bank to optimize the Islamic banking financing structure to achieve the goal of product-wise financing of economic stability.

Evaluation of management soundness of Takaful industry in selected countries

PurposeManagement soundness is essential for the effectiveness of any industry, most especially in any Islamic financial sector, whereby fairness and justice are the key factors to be observed. This paper aims to examine the management soundness of the takaful industry regarding their asset quality, re-takaful and actuarial and earning and profitability.Design/methodology/approachThis study obtained quarterly data from 2019Q1 to 2021Q4 from the Islamic Financial Services Board across Malaysia, Brunei, Saudi Arabia, Jordan and the United Arab Emirates. The panel data modelling with random-effect and fixed-effect estimators were used for the analysis.FindingsThe finding revealed a strong relationship between re-takaful and earnings with management soundness and a weak relationship between asset quality and management soundness. In addition, the result established a significant and strong association between management soundness and earnings and profitability. Therefore, re-takaful and profitability contributed more to the management soundness of the takaful industry than asset quality during the study. An increase in earnings and profitability to enable the takaful industry to pay the claims, especially in calamity, and more focus on the quality of the asset they invested in could enable the smooth running of their day-to-day business affairs.Practical implicationsMore attention is required on the quality of assets in their portfolio for the sustainability of the takaful industry to fulfil their underlying objectives. Management soundness in the takaful industry should address the challenges of managerial lathery, which some studies linked with operational inefficiency because of unskilled personnel in the takaful industry. This could benefit takaful clients, irrespective of religion, to attain their associated share of benefits from the Islamic insurance industry.Originality/valueTo the best of the authors’ knowledge, this is the first empirical study that examined the effectiveness of takaful management across Malaysia, Brunei, Saudi Arabia, Jordan, and the United Arab Emirates.

Comments on the Toronto Police Services Board Proposed Policy on AI Technologies

Comments on the Toronto Police Services Board Proposed Policy on AI Technologies

Influence of Gender Mainstreaming Policy Implementation on Women Political Representation in Baringo County Assembly

Global advances have been made towards the recognition of the principle of women’s political, socio-economic and equity in governance. However, some counties, including Baringo have not fully implemented the gender rule as provided for in the Kenyan 2010 constitution, hence little has changed. This study sought to analyze the influence of gender mainstreaming policy implementation on women political representation in Baringo County Assembly. The study was guided by Equity Feministic Theory by Sommers (1994). The study used cross-sectional survey design and mixed method approach where both quantitative and qualitative data collection and analysis approaches were utilized. The target population was 2446 respondents comprising of employees, members of the County Assembly and Members of the Public Service Board. The sample size was based on Krejcie and Morgan (1970) where a sample size of 329 respondents was attained. Questionnaires, Interview guides and FGDs were used to collect data. The quantitative data were analysed using frequencies, percentages, mean and Standard deviation. Qualitative data were thematically classified and arranged before they were reported in narrations and quotations as per the research objectives. The study found out that there was a significant positive correlation between gender mainstreaming policy implementation on women political representation and women governance (r = .581; p = .000). The study recommends that there is need for streamlining of women appointment to senior positions in the county to allow for efficiency and inclusivity in governance.

Level of women involvement in gender mainstreaming policy implementation on decision making in Baringo County

The need to visibly engender women's participation in decision-making became a growing global concern through the Convention on the Elimination of All Forms of Discrimination against Women (CEDAW). Despite the Kenyan 2010 constitutional provisions for gender mainstreaming, little has changed. This study sought to examine the level of women involvement in gender mainstreaming policy implementation on decision making in Baringo County. The study was guided by Equity Feministic Theory by Sommers (1994). The study used cross-sectional survey design and mixed method approach. The target population was 2446 respondents comprising of employees, members of the County Assembly and Members of the Public Service Board. The sample size was based on Krejcie and Morgan (1970) sample size determination to arrive atsample size of 329 respondents. Questionnaires, Interview guides and FGDs were used to collect data. Reliability was determined through test-retest approach. The quantitative data were analysed using frequencies, percentages, mean and Standard deviation. Pearson Correlation and linear regression analysis were employed to determine relationship that exists between the independent and dependent variables. Qualitative data were thematically classified and arranged before they were re ported in narrations and quotations as per the research objectives. The study found out that there was a significant positive correlation between gender mainstreaming policy implementation on women political representation and women governance (r = .581; p = .000). The study recommends that there is need for streamlining of women appointment to senior positions in the county to allow for efficiency and inclusivity in governance

Job Stressors and Employee Performance in County Governments in Kenya.

In the majority of devolved County Governments, there has been an increased focus on employee well-being compared to previous years. However, it is crucial to acknowledge the significant impact of the trauma experienced by employees, as they continue to face exceptional demands in order to meet organizational expectations. Consequently, there has been a corresponding rise in performance expectations placed upon employees. The study focused on investing the relationship between job stressors and employee performance in Kenya. The study was anchored on the following specific objectives; -to explore the influence of workplace conflict stress, work ambiguity stress, time stress and workload stress on employee performance in Kenya. The study adopted Hertzberg Two Factor Theory, Mwelford’s performance and Demand theory, Relational theory and Michigan theory. The study targeted 166 employees from selected County Governments. The unit of observation was chief officers, and selected public service board members. The unit of analysis was 166 employees. The study adopted Yamane and stratified random sampling technique to get a sample size of 177 respondents. The researcher used questionnaires as the research instrument. Then data was analysed both qualitatively and quantitatively according to the study objectives. Qualitative data was presented in a descriptive form while quantitative data through statistical tables of percentages and frequency. Data analysis was conducted using the statistical programme SPSS V.22. The study results established that workplace conflict stress have a statistically significant and positive effect on employee performance. The results of the regression analysis that are provided that work ambiguity stress has a statistically significant positive effect on employee performance. The findings of the regression analysis indicated a statistically significant positive effect of between time stress and employee performance. The study findings of the regression analysis, there is a statistically significant and positive association between workload stress and employee performance. The study recommends that several factors that contribute to stress, as highlighted in the study. These factors include workplace conflict stress, work ambiguity stress, time stress and workload stress. The study recommends that the provision of assistance and encouragement from head of departments, supervisors and coworkers plays a significant role in mitigating stress related to management and work relationships. This study recommends that using formal corporate communication practices might effectively reduce relationship strain and alleviate management stress by minimizing work ambiguity. The presence of open communication offers a distinct advantage in the resolution of conflicts that may arise between supervisors and subordinates.

Capital requirements – risk taking/stability nexus during the global financial crisis and COVID-19: international evidence of Islamic banks

Purpose This study aims to determine how Basel III capital requirements affect the stability of Islamic banks globally during the global financial crisis and the COVID-19 pandemic. Design/methodology/approach The secondary data for all Islamic banks worldwide from 2004 to 2021 is obtained from the FitchConnect database. The main technique was a two-step generalized method of moment (GMM) system, and the data were tested using pooled ordinary least squares, fixed effects and difference GMM models for robustness checks. Findings Regression results support the moral hazard hypothesis based on evidence that both the total capital ratio and the Tier 1 capital ratio have a statistically significant positive impact on the stability of Islamic banks globally. Furthermore, neither the global financial crisis of 2008–2009 nor COVID-19 (2020–2021) significantly impacted the stability of Islamic banks worldwide. The results are robust across alternative measures of stability, capital buffers, dummy variables and estimation techniques. According to the descriptive statistics, the number of Islamic banks that disclose their regulatory capital ratios to the public has increased over the study period, and the mean of total capital and Tier 1 ratios are considerably greater than what is required by Basel II and Basel III. Research limitations/implications Bankers, regulators and policymakers should benefit from the evidence on capital and risk management in Islamic banking according to Basel Committee on Banking Supervision (BCBS) and Islamic financial services board (IFSB) international standards in various jurisdictions. Originality/value This research builds on earlier studies that were both beneficial and instructive by exploring the relationship between BCBS and IFSB capital guidelines and the trustworthiness of Islamic banks in greater depth. This study uses numerous capital ratios, buffers and stability measures to provide an international context for research on Islamic banking. In addition, the database is up-to-date to include information about the COVID-19 pandemic aftereffects in the year 2021. This study also introduces the Basel membership of Islamic banks to provide context for countries still at the Basel II stage or are yet to begin implementing the Basel III international standard.

Core Competencies for Cataloging and Metadata Professional Librarians: Assessment of Community Use and Recommendations for the Future of the Document

The Association for Library Collections & Technical Services (ALCTS) Board of Directors approved the Core Competencies for Cataloging and Metadata Professional Librarians, hereafter referred to as the “Core Competencies,” in January 2017. The Core Competencies lists the skills required of professionals performing cataloging and metadata work in libraries of all types. In the six years since the document’s release, the cataloging and metadata community has adopted new cataloging standards, experimented with new tools, and engaged in conversations and reparative efforts around inclusive metadata. In this paper, we, the authors of the Core Competencies, report the results of our survey research that assessed the current use of the document within the cataloging and metadata community and solicited comments on ways in which the document might be revised. We conclude with recommendations for immediate changes to the document, and for its future use and maintenance.

CLUSTERING OF STATE UNIVERSITIES IN INDONESIA BASED ON PRODUCTIVITY OF SCIENTIFIC PUBLICATIONS USING K-MEANS AND K-MEDOIDS

Scientific publication is a measure of the performance of a university. Universities that are owned and operated by the government and whose establishment is carried out by the President of Republic Indonesia are state universities (PTN). One of the efforts that can be made to determine the quantity and quality of state university scientific publications is to conduct PTN clustering based on the productivity of scientific publications. This clustering aims to see the position of state universities in Indonesia into 3 categories, namely “high”, “medium”, and “low”. One of the clustering methods that can be used is cluster analysis. The cluster analysis used in this study is k-means and k-medoids with Silhoutte's validity. Based on the results of the analysis, it was found that the Silhouette k-means value (0.8018) was higher than the Silhouette k-medoids value (0.7281). Therefore, in this case, it can be concluded that the k-means method is better than the k-medoids. The results of cluster analysis using K-Means are 1) PTN with high productivity of scientific publications, namely ITB, ITS, UGM, and UI. The four PTNs are PTN as Legal Entity (PTN-BH) located in Java, 2) PTN with medium scientific publication productivity consists of 16 PTN which were dominated by PTN-BH and PTN as Public Service Board (PTN-BLU) with the largest location in Java, and 3) PTN with low scientific publication productivity consisted of 102 PTN which were dominated by PTN as general state financial management (PTN-Satker) with most locations outside Java.

The Basel 2.5 capital regulatory framework and the COVID-19 crisis: evidence from the ethical investment market

PurposeThis research aims to evaluate the accuracy of several Value-at-Risk (VaR) approaches for determining the Minimum Capital Requirement (MCR) for Islamic stock markets during the pandemic health crisis.Design/methodology/approachThis research evaluates the performance of numerous VaR models for computing the MCR for market risk in compliance with the Basel II and Basel II.5 guidelines for ten Islamic indices. Five models were applied—namely the RiskMetrics, Generalized Autoregressive Conditional Heteroskedasticity, denoted (GARCH), fractional integrated GARCH, denoted (FIGARCH), and SPLINE-GARCH approaches—under three innovations (normal (N), Student (St) and skewed-Student (Sk-t) and the extreme value theory (EVT).FindingsThe main findings of this empirical study reveal that (1) extreme value theory performs better for most indices during the market crisis and (2) VaR models under a normal distribution provide quite poor performance than models with fat-tailed innovations in terms of risk estimation.Research limitations/implicationsSince the world is now undergoing the third wave of the COVID-19 pandemic, this study will not be able to assess performance of VaR models during the fourth wave of COVID-19.Practical implicationsThe results suggest that the Islamic Financial Services Board (IFSB) should enhance market discipline mechanisms, while central banks and national authorities should harmonize their regulatory frameworks in line with Basel/IFSB reform agenda.Originality/valuePrevious studies focused on evaluating market risk models using non-Islamic indexes. However, this research uses the Islamic indexes to analyze the VaR forecasting models. Besides, they tested the accuracy of VaR models based on traditional GARCH models, whereas the authors introduce the Spline GARCH developed by Engle and Rangel (2008). Finally, most studies have focus on the period of 2007–2008 financial crisis, while the authors investigate the issue of market risk quantification for several Islamic market equity during the sanitary crisis of COVID-19.

Effect of Per Capita Income on Youth Unemployment in Kenya

Purpose: The objective was to determine the effect of per capita income on youth unemployment in Kenya.
 Methodology: The study was anchored on Okun’s law, which predicts a 1% drop in employment from a 2% drop in GDP. The study used the World Bank Database’s quantitative time series data from 1991–2021. The choice of the ARDL was based on the ability of the model to give long-run and short-run analyses of stationary and non-stationary variables. Pre-estimation procedures and diagnostics tests were used to determine the stability of the model.
 Findings: Findings revealed a significant negative relationship between per capita income (-0.3666, p = 0.013) and youth unemployment in the long-run. The speed of adjustment (-0.89999, p = 0.0001) from the short-run to the long-run is evident.
 Unique Contribution to Theory, Practice and Policy: This study may help academicians develop their knowledge of youth unemployment. It may increase understanding of per capita income as an indicator of growth and its application in Okun’s law. The Salaries and Remuneration Commission (SRC) may benefit from this study by creating better packages of salaries, allowances, and mortgages that may attract and improve the standard of living of Kenyan youth. The Public Service Board (PSB) may establish youth-friendly offices to motivate youth to stay in the labour force. Moreover, this study may guide the State Department for Youth Affairs to promote youth employment and increase labour productivity in Kenya. The State Department of Gender may use the study in gender mainstreaming and gender policy management. Policymakers will assess the effectiveness of the curriculum in preparing youth for the job market. An increase in labour productivity will result from increasing youth employment.