Why the Technological Process Does Not Affect Our Interest in Slot Machines

June 17, 2020

Why do we love slot machines? So much that there are over 1 million slot machines spread across the world—1 million in physical locations only, and it does not include the sheer number of online slots!

Today, let us take a look at the reasons why we are so fascinated with slots, even if we have the technological advancement to forget about them.

They Are Easy to Understand

Slot machines are games of chances. As such, it does not require any form of thinking. Blackjack and poker are games of skill. What this means is that if you make a bad decision and lost, you feel guilty.

The only way to win in a slot machine is to make a combo. Usually, you just have to line up at least three symbols to win. The player only has to pull the trigger to make the reels spin, and then wait for the reels to stop.

Even if slots have evolved over the years from 3-reel to 5-reel grids, the basic concept of a combo remains the same. Players do not need to learn a new technique, as everything that happens in a slot game is purely random. You cannot influence the game results, so you do not have to learn a new skill to beat it.

They Are Affordable

Most online slots require only £0.10, and you should be able to spin it. It is so unlike many games where you need to bet at least a pound or a dollar to be able to participate.

The great thing about slots is that even if you bet a small amount of money, you can win a huge prize. Some slots pay as much as 5,000x your line bet, which means that the prizes are paid out in the same proportion no matter how small your bet is.

The usual deterrent for gambling is the cost. What makes slot machine so attractive and enduring is that you can bet a penny and come out with hundreds of dollars. Even if you bet the highest amount per spin, which usually costs no more than £10, you can still win the jackpot prize, which can be as high as millions of pounds.

There are even stories of people who played slot machines for the first time and won the jackpot. Slots are loved because they are fair—and anyone who has a penny has an equal chance of winning a big prize.

There Is a Wide Variety to Choose from

For a long time in its history, slots only showed classic symbols. Most of these are fruits or the Lucky7. Today, there is an endless number of slot symbols—and developers have penetrated every possible industry.

Here are some examples:

Movie-branded slots
Superhero-branded slots
Alien-themed slots
Sports-themed slots

Apart from using various symbols in different industries, slot machines have also evolved. In the 1800s, slot machines used to only operate with three reels. Now, the slots operate on five reels, and some of them no longer operate on a single grid.

Here are some examples of modern slot machines.

Colossal – these are large grids that are usually made of five reels and twelve rows. Colossal grids are on the right side of the main 5×3 grid, and you do not have to pay extra to activate them.
Double grid – these are slot machines where there are two same grids, with one on top of the other. The main symbols are the same, but each grid has its set of special symbols. Slots like this do not charge double—you spin two sets of reels for the price of one.
Symbol combo – these slots are not your usual sets; in these slots, you make a symbol combo by merely matching three symbols vertically or horizontally. They are like arcade games where you only need three side by side symbols to win, regardless of tier position in the reels.

Multiple grids are not the only evolution of slot games. Today, there are wilds, scatters and other bonus symbols that can trigger a wide variety of bonuses and jackpot rounds.

They Give Us Pleasure

When you spin the reel of a slot machine, you anticipate if you win. It creates a build-up in your brain. If you landed a winning spin, your brain releases dopamine. For a fleeting time, your attention is focused on the screen, and you experience a short kind of high.

Dopamine is a hormone that gives us the feeling of pleasure. What makes slot machine so addicting is that you never know if the next spin is going to reward you with the big win. It is this anticipation that keeps us hooked to it

It also has what is called a near-miss mechanic. Many times, you spin the reels and miss only one symbol, and you would have made a big win. Your brain thinks that if you are lucky to miss only one symbol, then your succeeding spins may be the winning round to get that most coveted jackpot prize.

As a result, our brain begins to develop a behaviour of anticipation, which can only get fulfilled after landing a win, regardless of the size of the prize.

Summary

Slot machines will be here to stay. They have endured the test of time. Slots have been around for 200 years, and they are not going anywhere.

At best, we need to accept that these one-eyed bandits are truly a part of our culture. They are mesmerizing, to say the least, and they can be addicting. Slots are the best example of the enduring quest of humans to beat the odds, and they have already found their way in our social lifestyle.

Slots today are free to play. You can find them in slot review sites, demo sites, games developer sites, and even social media platforms. These free slots no download no registration are played everywhere, and what we need to do is to exercise caution to protect our money, instead of shunning these machines that we have so loved for over two centuries.

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Weighing in on the Role of Sukuk in Combating COVID-19

June 16, 2020

By Greget Kalla Buana

The Coronavirus Disease (COVID-19) has not only caused a serious health crisis, but has also had pressing economic, social, and political ramifications globally. According to the IMF, the economic impact is worse than the 2008 recession. Many countries have incurred higher foreign debt, including Indonesia. The World Bank has estimated that the outbreak will slash the country’s economic growth to 2.1 percent.

Having the largest Muslim population in the world, people in Indonesia pay much attention to the lockdown strategy exemplified during the lifetime of Prophet Muhammad as a hadith says, “If you hear of a plague in a land do not enter it; and if it breaks out in the land where you stay, do not leave.” Some also refer to the Prophetic manners, which is to cover the mouth when yawning and sneezing.

In addition to that, zakat as an Islamic charitable giving whose potential collection up to US$16 billion has been in the spotlight. Zakat, along with other Islamic donations, such as infaq, sadaqah, and waqf are acting as a reliable social safety net in the society. Islam has more than that, including financial stimulus for the battle against the outbreak.

The Government of Indonesia issued US$4.3 billion in bonds to combat the current economic turmoil which may threaten the achievement of the SDGs. The dollar-denominated bonds are part of Government’s plan to complement the fiscal measure. Despite being issued amid the pandemic, the bonds are not pandemic bonds.

Pandemic bonds are a type of catastrophe bonds (CAT bonds) or insurance-linked securities (ILS)—an investment vehicle whose values are driven by insurance loss events issued by insurance company, financial institutions, and governments—to protect against the cost of a pandemic by transferring specified risks from issuer to investors. Investors receive higher coupons in compensation for the risk of losing the principal upon occurrence of qualifying perils, and the issuer receives the money to cover their losses.

CAT bonds have been issued around the world, most notably in Africa (Democratic Republic of Congo, Kenya), Asia (Japan, Philippines), and Latin America (Chile, Colombia, Mexico, Peru), which comprise natural disaster and adverse climatic conditions, such as drought, earthquake, flood, hurricane, tsunami. It bolster the case for Indonesia to issue these bonds considering three major disasters occurred in 2018. Since the ongoing outbreak can be construed as a natural phenomenon, the same approach can be used to issue pandemic bonds.

In 2017, the World Bank launched the first pandemic bonds worth US$500 million scheduled to mature on July 15. Unfortunately, COVID-19 has threatened losses that the bonds would likely pay out. Since the bonds require certain death rate to occur as part of its trigger criteria, they have been criticized as “nonsensical”.

Given that Indonesia holds the lead in regularly issuing sukuk (Islamic bonds) it is timely to explore them as an alternative solution for the current financial conjuncture.

New formulas to old problem

Sukuk are a good way to access large scale financing by structuring instruments that promote social good through risk sharing. Unlike conventional bonds which are essentially debt, the underlying asset in sukuk should be considered. As sukuk grant partial asset ownership, investors have the right to receive profits, meaning that selling sukuk is selling benefits of the ownership. Combining sukuk with other Islamic finance instruments is interesting.

First, sukuk retakaful. Takaful is an Islamic insurance where members pool money to protect one another against loss. It is based on tabarru’ contract of which a portion of the contribution is treated as donation, hence, it is not solely for commercial purposes. According to a report by IMARC Group titled Takaful Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025, global takaful market reached US$23.7 billion in 2019 and projected to reach US$48.1 billion by 2025. The growing takaful market has resulted in much greater demand for retakaful—a shariah-compliant reinsurance—due to limited capital to cover the whole risks in takaful portfolio.

In conjunction with CAT bonds, reinsurance shifts part of the risk to strengthen insurance sectors in spreading losses to a wider group of risk carriers. This risk-sharing is important in the case of CAT bonds whose risk is low in probability, yet high in severity. CAT bonds are an example of conventional insurance securitization—transforming illiquid asset into securities—which transfers risks from issuer or sponsor to capital market investors. Such scheme, by definition, is a reinsurance mechanism.

In Islamic securitization, asset-backed is the most suitable method due to the transfer of assets as well as the most effective in preventing crisis, especially if the likelihood of moral hazard increases. Sukuk retakaful are one way of takaful securitization. Both sukuk retakaful and CAT bonds are uncorrelated with the financial markets and unaffected by economic conditions that make them more appealing to investors. They solely rely on predetermined catastrophe incidents. Consequently, the coupons are stable even when the market goes down.

However, sukuk retakaful, by concept and structure, are different from any regular sukuk of which principal must be returned to the investor. Sukuk retakaful are basically insurance securitization, which are structured for a relatively short-time maturity (three to five years) and expected to be purchased by institutions, namely mutual funds, pension funds, sovereign wealth funds, not individual. Investors receive a coupon that is greater than other fixed-income securities for two actions: contributing money and bearing catastrophic loss when it happens.

Unlike CAT bonds that expose investors to the risk of substantial losses when triggered, sukuk possibly provide a different attitude since the issuance of sukuk retakaful promotes an asset-backed securitization to investors. The risk of loss can presumably be modified using sharia-compliant pricing model as well as the presence of underlying assets in sukuk. Although existing studies on sukuk and takaful do not document the practice of sukuk retakaful, merging the distinctive feature of sukuk (asset-backed) and the nature of takaful (tabarru’) can be an innovation to boost both financial and real economy.

Second, waqf sukuk as known as cash waqf-linked sukuk (CWLS). A social investment where cash waqf invested in sukuk. This type of sukuk does not require the actual coupon to be given to sukuk holders, but harnessed to finance social projects. The principle of perpetuity that preserves the waqf asset and redistribute the benefits distinguishes it from other endowment or charitable fund.

The Indonesian Government, for the first time, has issued CWLS SW001 through private placement in March. The Rp50 billion (US$3 million) sukuk is for five years with investment returns in the form of discount and 6.15 percent coupon. The discount, which is paid once at the beginning of transaction, is used for renovation and provision of medical equipment to support the development of Retina Center at a waqf hospital Achmad Wardi while the coupon is paid every month to finance free-of-charge cataract surgery services at the same hospital. It demonstrates how exactly waqf sukuk multiplies the benefits.

Through Presidential Decree No. 7/2020, Government appointed the National Disaster Mitigation Agency (BNPB) to lead emergency measures regarding COVID-19 considering it as a catastrophic plague. Financing disaster recovery is governed in accordance to Law 24/2007 on Disaster Management of which the Government is responsible for relief operation, infrastructure reconstruction, and financial assistance. The Agency has estimated an ideal disaster fund of Rp15 trillion annually. However, the available resource is away from that figure. How can waqf sukuk help address this gap?

Through private placement, waqf sukuk can be expanded to the market without excluding individual participants. Since there is approximately US$12 billion cash waqf potential stored in the society, financial intermediary institution eligible to receive individual cash waqf should be present to increase the collection of cash waqf. The more people donate cash waqf, the higher value of sukuk can be issued.

The next waqf sukuk issuance is expected to put in a framework of COVID-19 responses. In the context of unprecedented pandemics, waqf sukuk helps provide additional amount as part of front-loading strategy. Proceeds of the sukuk can be used for building additional infrastructure while the return can support relief operation and financial assistance, in particular provision of personal protective equipment, cash transfer or cash-for-work for those losing their jobs.

Third, murabahah sukuk. A less commonly used sukuk structure, which is intrinsically a sale and purchase agreement based on shariah principle. Murabaha itself is a contract of sale at an agreed cost-plus-profit, hence, the murabahah sukuk include a disclosure of the original cost and the mark-up price.

In 2014, vaccine sukuk using murabahah sukuk structure were issued by International Finance Facility for Immunization (IFFm) for US$500 million to help finance the immunization program with Gavi, the Vaccine Alliance. It was followed by $200 million vaccine sukuk one year after signaling warm market reception. The vaccine sukuk brought the concept of socially responsible investing to the market by delivering social returns to the world in the form of live-saving mission.

In late 2018, IFFm completed a private placement of US$50 million vaccine sukuk with Islamic Development Bank as the investor. To date, there are many COVID-19 candidate vaccines under development. Nevertheless, it requires commitment in terms of funding from governments or any supranational entities. Vaccine sukuk is a proven solution that worth tapping into.

Global sukuk issuance is set to grow modestly in 2020 with a projected increase to nearly US$75 billion (US$71 billion last year) according to rating agency Moody’s. Within the last 15 years, the overall growth of sukuk market amounted to a compound annual growth rate of 30.6 percent (Islamic Financial Services Board, 2019). It is the fastest growing segment of Islamic Finance industry.

In Indonesia alone, domestic sukuk market has not been significantly affected by the COVID-19. The Government has absorbed Rp14 trillion (~US$900 million) through 10 series of Sukuk Negara just within last month with Rp25.1 trillion oversubscribed. Thus, sukuk appetite is relatively high amidst the pandemic.

Ethical finance that is put to social and environmental use is getting massive concern during this pandemic. Islamic finance incorporates social elements, even within its commercial universe. Sukuk aim for such a social good and can potentially be leveraged to help combat the COVID-19. By attaining business goals in a way to benefit the society as a whole, sukuk eliminate the counterintuitive issue.

Lastly, development investment must be ‘fit for purpose’. To build back better after COVID-19, prospective and corrective measures need to be integrated. The above-mentioned sukuk can manifest both of them along with social intention to increase resilience of human and the planet.

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About the Author

Greget Kalla Buana is an Islamic Finance Specialist graduated from Master of Islamic Finance and Management, Durham University, the United Kingdom. His work experiences have always been in Islamic Finance sector, such as Dompet Dhuafa, Islamic Banking Department of Indonesia Financial Services Authority, and United Nations Development Programme.

What Effective Trading Strategies Can Be Used During COVID-19?

June 16, 2020

In the post COVID-19 era, remote occupations, including e-Commerce, virtual education, counseling, banking, and communications are going to dominate. But what of trading strategies?

In a Post COVID-19 Economy What Trading Strategies Might Work?

The world has witnessed the wrath of the coronavirus on a mass scale. Unfortunately, the damage is far from done. Pain, suffering, and loss of life has been coupled with unprecedented economic chaos, with hundreds of millions of people left jobless, wondering how they are going to pay for basic necessities. As the global economy slows to a crawl, and personal disposable income dries up, individuals are forced to make really hard choices. As a trader in the post COVID-19 economy, different types of trading strategies must be employed now, given the new normal we are all faced with.

For one thing, the global economy has undergone what economists call a shift. When these shifts occur, the ‘demand and supply’ curve abruptly moves in a different direction. This necessitates a rethinking of conventional trading methodology to accommodate new market conditions. The effectiveness of remote work is evident for all the world to see. Office workers that traditionally commuted to work, interacted face-to-face, and completed tasks in person are now taking their vocations, skills, and abilities online. This is having far-reaching implications for the global economy.

Even with the lifting of restrictions, and the loosening of social distancing, there has been a paradigm shift in the workplace, in the retail arena, and in all forms of economic interaction between human beings. As a trader, one of the essential elements necessary to profit from rising and falling markets is liquidity. When liquidity levels are low, market instability results. This dramatically impacts trading strategies. Among traders, the switch to home-based trading activity has been hampered to a degree by poor telecommunications networks, and unsuitable mobile reception. In the wake of the March 2020 market crash – the worst since the global financial crisis of 2007/2008/2009, traders and investors were scampering for cover across-the-board. While certain UK and US banks maintained trading activity on the floor at the exchanges of London and New York, this was the exception rather than the rule.

The trading climate, and the strategies that are employed to profit from rising and falling stocks, commodities, indices, and currency pairs hinges upon a variety of factors – many of which are not economic in nature at all. The expressions of fellow traders, the speculative sentiment that pervades the trading floor, the actions of key market players – these elements may be noticeably absent from the scene with the new-age, post coronavirus era. Isolation brings with it a unique set of challenges which need to be adapted to current market conditions. With liquidity in question, traders embrace different strategies to profit from the ebb and flow of the market.

The Market Has Switched to Buy-Side Trading Post Coronavirus

Increased uncertainty and extreme volatility have given rise to a new normal in the trading arena. Business Continuity Plans (BCPs) have been formulated by the most strategic of all enterprises, in an effort to counter the dramatic and unprecedented changes that businesses may face. Difficulties are part and parcel of the trading realm, but few people could have anticipated the devastation brought about by the global pandemic. Businesses which have successfully negotiated the coronavirus pandemic have done so with meticulous planning. It begins with the fusion of contingency planning, IT, and risk management elements. By putting these plans in place, several businesses have successfully moved away from buy-side activity to work from home activity. A myriad of challenges exists; notably security of access to servers from outside of business organizations.

From a trading desks perspective, this new normal requires ongoing innovation, distributed risk, and integration between external systems and internal systems. Massive and unprecedented investments in new technologies are needed to benefit from the new milieu. Research and development, AI, AR, algorithmic systems, pricing engines, and new strategies are needed. The new strategies will encompass things known as portfolio life-cycle solutions, with a tech-driven approach to activity. New tools and resources will need to be developed and implemented to facilitate buy-side traders in these volatile markets. Multi-dimensional trading processes will need to be simplified and optimized for the new normal.

How Are Traders Benefiting from the Volatility?

In March 2020, global bourses collapsed. What followed was whipsaw activity, with markets rising and falling at an unprecedented rate. This type of uncertainty is not for the risk averse; it is risk-on to the extreme. One of the key measures of volatility – the VIX – rose dramatically in Q2 2020, with the CBOE volatility index (VIX) averaging 32.83 in 2020 to date, opening the year at 12.47. This is double the average closing price of the VIX in 2018, and more than double the average closing price of the VIX in 2019. When volatility levels are high, people are selling stocks en masse. Known as the ‘Fear Index’ the VIX is an important measure of trader sentiment and it certainly factors into the type of trading strategies that are employed.

Important Trading Strategies Come to Light

Several important trading strategies have come to light in recent times. These must be viewed against the structural changes that society is undergoing as it pertains to socio-economic systems across the board. No doubt there has been a dramatic widening of the wealth gap between poor countries and wealthy countries. This is to be expected. However, the disequilibrium will move towards equilibrium over time. In the interim, there is plenty of money to be made by trading on systems, practices, technologies, and innovations that will bring about the rebalancing. Currencies like the GBP, EUR, USD, CAD, and JPY are being traded as emerging market economies start to show structural cracks post-virus. Investors tend to pull their resources from unstable regions with high volatility, in favor of lower-risk opportunities. At a time where runaway growth is an anomaly, developed economies are proving to be a safe haven for traders. Of course, there are many opportunities in developing countries for savvy traders to benefit from.

Industries that have been hamstrung include travel and tourism, including airlines, cruise ships, hotels, restaurants and the like. Pharmaceutical corporations working on vaccines, plasma, and antibody testing are showing promise. Day traders have increased in number at independent trading platforms across the board. As people stay home and try to earn their keep, they are turning to penny stocks and implementing short-term day trading tactics and strategies to shore up their portfolios and grow their net worth. While oil prices have cratered and rebounded, gold has shown resilience as a hedge against portfolio erosion. By focusing on a mix of tradable instruments which can mitigate the impact of a tsunami of negative sentiment, it is possible to prevent loss and turn a profit.

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8 Signs Your Business May Need Executive Coaching

June 15, 2020

Executive coaching is something most businesses can benefit from, no matter their size or the stage in their development. Executive coaching allows decision-makers to make better decisions, stay on top of the most recent advancements and developments, positively influence teams & key players, and provide much-needed assistance in times of change
It can also help you find issues within your organisation’s structure that could affect collaboration, communication, accountability, performance, and efficiency. However, too many businesses still don’t realise the importance of Sigmoid Curve, coaching, or how their business could gain from it. Here are 8 signs your business may need executive coaching.

You Can’t Break Out of the Rut

Personalised executive coaching may be the next step when team building seminars and a steady stream of consultants haven’t been able to break your organisation out of its rut. Helping individual leaders identify their weaknesses and build on their strengths could help them do better. Alternatively, it may help them deal with the issues holding their teams back like customer retention, sales closing rates, or employee productivity.

Your Business Is Unable to Move Forward

It is easy to keep doing what you’ve always done. The problem is that the business world is always changing, and your traditional customer base may be changing or passing on. Competitors who are more willing to adjust to new market realities will be able to out-compete you. There are also cases where technology may be eroding demand for your product. There can be a number of obstacles to your business growth, During that time you can consider finding a business coach who will help you throughout the path of developing your business. Some of the items that the coach will help you include: developing an entrepreneurial mindset, time management strategies, gaining more customers, creating business systems and many more.

The worst is that some businesses are unable to change out of a lack of vision. They may become paralysed as a result, and prefer staying in their comfort zone, even if it means steadily losing market shares. Others will try all sorts of different strategies with no rhyme or reason, and wonder why they’re failing. Executive coaching could help your upcoming leaders become the visionary you need to pivot the organisation, and introduce them to new methodologies that could have effects on the whole organisation.

You Can’t Retain Middle Management

One sign of problems in the organisation is a lack of cohesion in the C-suite. This becomes worse if you’re dealing with constant turnover. High turnover rates also affect middle management, which can have future implications for your business. For one, your organisation is losing experienced middle managers who could’ve eventually become leaders in the C-suite. And, if you can’t retain middle managers, chances are you’re losing a lot of their loyal team members too.

A potential solution to both issues, however, would be to use coaching for executives. Senior management coaching could reduce turmoil at the top level of the organisation, calming the churn at the next level of the organisation. You could also use executive coaching to cultivate the next generation of leaders. This can be done through The BCF Group who provide one on one coaching geared towards executives and senior management. Through the executive coaching from BCF Group, they’ll learn how to set priorities, accept feedback, and evaluate challenges. Their coaching doesn’t only focus on the business aspect either; it helps executives find a better work-life balance, which will eventually lead to less turnover.

Another benefit of offering executive coaching for middle managers is that it may reduce the conflict and stress senior executives deal with. You’re also demonstrating to these middle managers that the company values them and sees a bright future for them with the firm. Furthermore, you might eliminate the blame game that results in good people being fired instead of the real root cause being addressed.

Morale Is Low

Low morale impacts your business in a variety of ways. Not only does it have a direct impact on turnover, but it could also result in lower productivity. In some cases, it could end up in a negative workplace culture that turns off potential customers.

If you want to turn things around, it often has to start at the top. Executive coaching can help the business’s leadership make the necessary changes to improve morale over the long-term. For example, they can help a manager break out of a negative mindset that is pulling everyone else down.

There’s Too Much Drama at Work

Dealing with customers and business disruptions is a normal but stressful part of the job. However, there is a serious problem if there is too much drama at work. This might be due to managers overreacting to any problems that arise or lacking the soft skills to deal with problems in a peaceful manner. Or people at all levels may be rushing to snap judgements and acting based on assumptions that get in the way of both communication and problem resolution.

Executive coaching can teach managers soft skills, conflict resolution, and how to maintain perspective. This will reduce the number and impact of volatile situations, and there will be far less risk of key personnel quitting at random.

Your Business Lacks Clear Goals

While a wide majority of businesses will have goals, they’re not always the most productive. Many will lack clear goals, and not understand why they aren’t making any progress. This might be because they have no real mission or are using bad strategies. This is where you could use a fresh outside perspective.

An executive coach can help you come up with simple business goals tied to your overarching vision that can be clearly communicated to your team. You might be surprised by what they could do if you set the right key performance indicators. A coach can also help you make decisions so that you’re always moving toward your desired end goal.

You’re Personally Compromised

There are some cases where conflicts of interest could stop you from making the correctives needed, or you may be too close to the situation, project, or the people involved. It can sometimes be difficult to be objective when it comes to a pet project or reprimand someone who you’re personally close with. An executive coach will be able to come in without bias, and will also be able to address possible internal issues without creating personal rifts.

You Have Doubts on the People You’ve Assigned

Through our expertise, evaluations, and personal experiences, we gain a general sense of IT staff augmentation and who would be a good candidate for certain roles. But there are times when we have to admit that we were wrong. Still, this could all be interference, and you might see inexperience as incompetence in some cases.

What an executive coach could do is come in and evaluate the leaders in your organisation. They will then be able to validate your choices or concerns. They could also work personally with some of your executives to help them develop the skills and aptitudes needed to fill their role better. Or they might make recommendations as to where they would be more suited.

Executive coaching can transform both individuals and organisations, and it is an invaluable resource for any business. It can help you overcome the hurdles holding you back or determine your path for the future so that you can move forward with confidence. But, more importantly, it will be an investment in your most valuable players, and help them realise themselves while reinforcing cohesiveness and loyalty.

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The Ugly Side to the Beautiful Game: stemming the illicit flow of money through FIFA

June 15, 2020

By Peter FitzGerald and Amalia Neenan

“Every game should have a winner. When you play cards or any other game, there’s always a winner and a loser.”

Former FIFA President, Sepp Blatter

Kick-offs and kickbacks

The comfort of a pleasant daily walk and a Netflix binge for solace has become the new normal in the midst of the Covid pandemic. Whilst some of us have been distracted by settling into a new TV series (or seven) others have been left wanting. One quintessentially British aspect of normal life has been conspicuously absent: televised sports – most notably football. Not since September 1939, when war was declared for the second time in Europe, has this disruption been so obviously felt. With the 2020 UEFA European Championships re-scheduled to take place next year, and most major European leagues suspended, it is uncertain when the industry will be kick-started again. Realistically, if the Euros are pushed-back further, the next hotly anticipated event will be the 2022 FIFA World Cup. Even then, this may not be set in stone – but the virus should not be shouldered with all the blame on this occasion.

Cast your minds back to 2015, when ‘Corona’ was just the name of a light beer. The news dominating the headlines were the high-profile arrests of seven executives embroiled in the Fédération Internationale de Football Association (FIFA) bribery scandal, as they were escorted from a luxury Zurich hotel. The FBI’s investigation culminated in the US indicting a plethora of FIFA officials on the basis of ‘rampant… and deep-rooted’ corruption linked to (amongst other things) the winning bids awarding the 2018 and 2022 World Cups to Russia and Qatar respectively. The wide-reaching and ongoing inquiry has resulted in 26 guilty pleas and 42 indictments to date, with perhaps the most shocking turn of events being the fall of the then FIFA President Sepp Blatter.

Russia and Qatar have denied any wrongdoing throughout. However, rumours have continued to abound and now it appears that they have not been without merit. In the latest twist to the saga, US prosecutors last month accused both nations of having bribed FIFA officers to secure the coveted hosting spots. Never before has an indictment connected with the scandal been so observably clear. These allegations were made by prosecutors in an indictment that has charged a range of actors, including marketing company Full Play Group SA and former media executives from 21^st Century Fox with crimes such as money laundering and wire fraud for their roles in improperly securing marketing rights and television coverage for both World Cups. The indictment states that the former presidents of the South American governing body, Conmebol, and the Brazil Federation (Nicolás Leoz and Ricardo Teixeira) had received bribes to vote for Qatar. The presidents of Concacaf (the North, Central American and Caribbean governing body) and the Guatemalan Federation were allegedly bribed in respect of casting their votes for Russia. The Fox execs, Hernan Lopez and Carlos Martinez, were named in April’s indictment as having paid Conmebol representatives to secure broadcasting rights.

It now appears that we will be treated to a new development each month, with May heralding the news that Israeli bank, Bank Hapoalim B.M. (BHBM) and its wholly owned subsidiary, Hapoalim (Switzerland) Ltd. (BHS) were also involved in the fraud. Both entities have entered into a three-year non-prosecution agreement and have agreed to pay the Department of Justice over $30 million, after admitting to conspiring with marketing execs, including those at Full Play Group SA, to launder over $20 million worth of football kickbacks and bribes from December 2010 to February 2015.

Penalty shoot-out

With allegations, and indeed admissions, such as these, is it likely that Qatar will hold onto the hosting title in the run up to the Cup? Sepp Blatter has recently proffered that the US could take over should the nation be stripped of the accolade amidst the controversy. A distinctly American flavour appears to be emerging. The US has led the charge in investigating the rampant criminality, but is this likely to continue? Will other jurisdictions join the fray? As the scandal involves a variety of international components, not least the cornucopia of shell companies from different countries used to facilitate bribes, different nations may take it upon themselves to launch their own investigations. The UK, for example, would be the obvious next choice, due to the wealth of anti-corruption laws that could easily be engaged.

Take for instance section 328 of the Proceeds of Crime Act 2002. What happens if those indicted are found guilty? As the charged acts detail the bribery of officials to secure Russia’s and Qatar’s hosting bids, any venture associated with these games could technically fall foul of section 328(1), whereby it is an offence if a person ‘enters into or becomes concerned in an arrangement which he knows or suspects facilitates (by whatever means) the acquisition, retention, use or control of criminal property.’ Such an arrangement could constitute the acquisition of the commercial/broadcasting rights associated with each World Cup. Could the UK entities who secure these rights to the Qatar games be guilty of the offence of entering into an arrangement that facilitates illegality? Furthermore, might this also extend to the companies who secured the rights to the Russia tournament? There have been concerns as to the legitimacy of the Russian win for years, and section 328 merely requires the ‘suspicion’ that stipulated arrangements would facilitate wrongdoing. Whilst there is no formalised UK investigation as of yet, it is not so far removed as to speculate that there might be one in the future.

They thought it was all over, it is now!

“The profiteering and bribery in international soccer have been deep-seated and commonly known practices for decades,” states FBI assistant director-in-charge, William F. Sweeney.

A decade after the initial investigation, the full-scale of the corruption is still being unearthed, with the intricate web of money and deceit proving to be as complicated as the off-side rule. FIFA, as the governing body of international football, has not necessarily been doing a lot of ‘governing’!

In a surprise move and to allay fears, the body’s ethics committee conducted its own investigations into corruption, which essentially cleared Russia and Qatar of buying votes. How can this be when the evidence against them continues to mount? Unsurprisingly, the reignited media attention has increased pressure on FIFA to re-open the inquiry. Whether this happens remains to be seen. In the meantime, what is more likely is that independent prosecutorial bodies jump into the mix. These new-found allegations could potentially lead to an array of trickle-down prosecutions in different jurisdictions, with the UK easily placed to pounce efficiently and effectively as and when the time is right.

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About the Authors

Peter FitzGerald is an Of Counsel at Peters & Peters Solicitors LLP and has extensive expertise in financial crime, particularly in cases involving allegations of serious fraud and corruption, and has significant experience in successfully challenging Interpol Red Notices.

Amalia Neenan is a Legal Researcher at Peters & Peters Solicitors LLP.

Redirecting Islamic Banking through Sharia Audit

June 14, 2020

By Yunice Karina Tumewang and Vita Arumsari

Gaining public trust is the key to the progressive development of Islamic banks. The growth of Islamic banks has slowed down in recent times, and we need to make a kind of “breakthrough” to boost it again. Compared to its conventional counterpart, it had different beginnings in the business. Conventional banking had a head start a long time ago, and was rooted in an economic system. This was followed later by the emergence of Islamic banking, with its growth failing to match that of the Muslim population. After the 2008 economic crisis, it was clear that Islamic banking had survived the shock. Even so, we still need to improve society’s trust in Islamic banks. People in Indonesia, primarily a Muslim society, need to be certain that Islamic banks are operating differently, based on Islamic principles. Islamic banks should be the locomotive for taking care of ethical and social aspects in delivering their services to their customers and related stakeholders.

According to Aishah, Ali, Muhammadun, et al. (2015), there has been a discrepancy between banking needs and market offers. Listening to the experiences of customers, it is frequently found that Islamic banks fail to deliver ethical services to their clients. To give assurance to the customers, it is crucial for Islamic banks to conduct sharia audit on their reporting, both internally and externally. Sharia audit is an independent exercise that aims to examine the effectiveness of internal control for sharia compliance within the organisation. It results in a statement regarding the compliance of an Islamic bank in its operations with regard to such matters as fatwa (non-binding legal opinion on a point of Islamic law given by a qualified jurist), the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) standard, the Sharia accounting standard at the national level, and relevant existing policy/regulations in the country.

Indonesia has declared its intention to adopt the AAOIFI standard and, with the release of a new standard for external audit, is expected to show consistency and commitment by being prepared for this standard. In fact, however, we could find hardly any evidence that serious preparation has taken place. It is widely known that there is still an inadequate supply of external sharia auditors compared to the escalated growth of IFIs in Indonesia. A number of auditors who conduct auditing for Islamic banks are trained in sharia but do not hold a degree in sharia auditing. On the other hand, the number of people who are taking professional degrees is also still below the minimum standard.

Hence, as the industry awaits the arrival of more sharia accounting graduates to take up their responsibilities, the current situation should encourage external sharia auditors to apply the new AAOIFI standard of external audit in order to bring uniformity and to provide clarification with regard to what is to become the international standard. The measurement of this different standard might result in additional work, and its implementation will require some readjustments to be made. In the context of free trade, it should have the effect of prompting industry to adopt an international standard. The uniformity of the external sharia audit standard has put the industry at ease. It is to be applied not only locally, but internationally. In short, it simplifies the work of those who have the authority to regulate the auditing operations of Islamic banks.

Despite the issues conventional banks commonly face within risk management, in Islamic banks there are two additional risks, namely profit share and compliance risk, to be considered. In this regard, there are three institutions that have an essential role in keeping external sharia auditing up to standard. Firstly, DSN-MUI (National Sharia Boards of Indonesia) plays a crucial role in managing the product compliance of IFIs, particularly Islamic banking. DSN-MUI has been a safety net as an institution for educating people in terms of its aqad (agreement). An external sharia auditor should have a good understanding of the product contract, in order to understand and audit the financial report meticulously. The fact that financial products should comply with the Islamic principle means that bookkeeping can be guided in the right directions. Furthermore, a bank cannot be considered Islamic unless it applies contracts correctly in its everyday business, since this relates to Islamic religious principle. The correct application of that principle has the potential to accelerate the process of gaining society’s trust.

Nevertheless, the correct application of principle will be futile unless the audit is carried out using the correct sharia auditing standard – in this case, the AAOIFI external sharia auditing standard. DSN-MUI could be the first layer of authority for Indonesia, punishing those whose products are not sharia compliant, as this is a difficult, yet crucial, goal to be achieved. By adopting this procedure, it is expected that every banking institution will follow the rules and improve society’s trust not only in the ability of banks to generate profit and protect their assets, but also to act in accordance with sharia principle.

Secondly, all auditing firms should be in control of this. Most IFIs use multinational auditing firms for their big names in order to earn public trust. Hence, it has been the responsibility of auditing firms to keep their practice on track. Thirdly, and alternatively, an international auditing standard-setter such as AAOIFI might lend a hand to ensure a fair and appropriate understanding and implementation of the standard. By doing so, there is little likelihood of a disoriented operation of external audit in Islamic banks in Indonesia. Last, but not least, we cannot ignore the role of auditing certificate institutions in keeping the quality of the certification of audit qualification holders up to standard. This will have the effect of redirecting the industry towards the path on which it should have been from the very beginning.

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About the Authors

Yunice Karina Tumewang, S.E., M.Sc. currently serves as a lecturer at the Accounting Department of Islamic University of Indonesia. She earned her Master Degree in Islamic Finance from Durham University, United Kingdom. Her research interests are Islamic Banking & Finance, Islamic Pension Fund, Islamic Accounting, and Islamic Social Finance.

Vita Arumsari’s a researcher and lecturer in one of the vocational-based Universities in Indonesia with interests in Islamic finance, poverty alleviation, and management. She earned a master’s degree in Islamic Finance from Durham University, the United Kingdom.

How to Avoid An Existential Crisis With Everything Going on in the World

June 13, 2020

There’s no dancing around the fact that 2020 has been a wild ride so far. From the Australian bushfires to COVID-19, to a near-miss with North Korea, and now protests calling for racial justice, the world can seem like a pretty dismal place. Humans have struggled since the beginning of their existence. War, famine, disease, and more have beaten at the walls of humanity and threatened our existence more times than we can possibly count.

With so much adversity, struggle, and seemingly hopeless situations, what’s one thing that rings true? Mankind bounces back. We move forward. We keep taking steps toward the future. Progress is slow, people are slow to change, but there’s always a dawn ahead of us.

All philosophy aside, let’s look at how you can avoid an existential crisis in the coming months, even with the state of the world. Existential dread doesn’t have to rule your life.

The World Isn’t The Terrible Place It’s Made Out To Be

A bold statement, don’t you think? All of the news we see portrays the world as a nasty, unforgiving place where people don’t help each other, don’t care for others’ suffering, and turn a blind eye to injustice. If there’s anything we should learn from this past month’s protests, it’s that people do care. They’ve come out in the thousands to demand justice.

Look at the world’s response to COVID-19. Millions of dollars have been donated to people all over the world. Volunteers have given their time and resources to help when our governments scramble to come to grips with the reality of the situation. Our frontline workers are putting their lives on the line to make sure we get the care we need.

And what about those Australian bushfires? By mid-January, nearly $500 dollars had already been donated to helping stem the tide of the violent flames, aid animal and human rescues, and keep the country intact.

The point here is that no matter what the media, the internet, or even the people around you would have you believe, the world is actually a much better place than it’s made out to be. People do care about each other. People do come together in times of crisis. And people do want to see a positive change in the world.

Focus On How You Can Help

Did you know that science supports the claim that helping others can actually make you happier? Endorphins are released in the brain when you exercise and engage in stimulating activities; and guess what? They’re released when you help others, too. Endorphins are a sort of “feel good” chemical that can provide a feeling of happiness and fulfillment. Helping others also gives you a sense of purpose, making you feel like you belong to a community and that you’re an essential part of it.

Helping others during these difficult times is easy. Maybe you have a neighbor who’s struggling financially during COVID-19 and need financial help. Maybe you know someone who is affected on a deeper level by the protests and injustice. Or, maybe you know someone who’s taking all of these events rather poorly.

Helping out can be as simple as lending a hand with chores or yardwork or as serious as lending money. Whatever you do to help, know that lending your resources to improve someone else’s life is one of the most amazing things you can do for your community and can help you avoid those feelings of existential dread.

Do Things You Enjoy

You’ve probably got more than a bit of free time now that COVID-19 has confined us all to our homes. Whether you’re working from home, still on the frontlines, or not working at all, it’s important to remember that you can’t forget about yourself. Self-care is crucial in times of crisis.

Think of things you enjoy doing. Sure, you can’t exactly go out with your friends for a night on the town or attend a baseball game, but maybe you’ve got some favorite activities you can take part in from the comfort of your home or yard. Don’t neglect your own mental health or feel guilty about spending some time doing what you like.

If you’ve got a lot of free time, it could be the perfect opportunity to pick up that hobby you’ve been thinking about or even plant the business you’ve wanted to start since you were a teenager. Don’t let this opportunity pass you by. With free time comes ideas, and from ideas come change.

We’ll Get Through This

Mankind has bounced back from much worse than bushfires, COVID-19, and even racial injustice. The world does correct itself when people work together and care for each other. COVID-19 vaccines are already in clinical trials, the bushfires are out, and the protests have achieved several goals already.

While we can’t change the state of politics or the way things are run right now, we can work together, support each other, and lend a hand. We’re a global community; let’s act like it.

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Industries Not Hurt By Covid-19

June 12, 2020

The novel COVID-19 came in like a tidal wave that has changed most sectors of the economy. The ongoing impact of the coronavirus is still widely visible and significantly affecting a number of industries. Reduced mobility has curtailed business in some industries while others continue to thrive as they work effortlessly to meet consumer demand. Unemployment is rising at an unprecedented rate, supply chains are being disrupted, and the public health crisis continues to escalate in many countries. In spite of the injection government incentive packages, the pandemic is still affecting a majority of industries in the economy. Below are four major industries that have not been hurt by the COVID19 pandemic:

Online gaming

The online gaming industry in the UK has been experiencing an explosion in terms of increased players. These sites are experiencing major growth with this growth expected to reach $102.9 billion by 2025. Online gambling companiess appear to bethriving through the pandemic as compared to their brick-and-mortar casinos. Online gambling only requires a PC or smartphone with reliable internet connections, which most people already have access to in their homes. With the lockdown looming in every country, there is extra time and fewer things to be done, which has led most people to online gambling to make an extra coin.

The boom is only being experienced in regular online gambling opportunities like poker tables, roulette, and slots. Sports betting has been taken aback even with organizers of all major sports events from across the globe including UEFA league, athletics, and horse racing being forced to cancel tournaments to prevent the spread of the disease in large crowds. Without sports betting, online gambling companies such as Lottoland have introduced new games on their list including incorporating the iconic Deal or No Deal show on Lottoland. This is addition is to provide players with a wide variety of game options to take advantage of during their extra time in the house.

Online Education and Remote Learning

With schools suspended in the looming pandemic learning institutions have turned to online education and EdTech companies have found new opportunities in remote learning. The education sector in every part of the globe has resulted in online learning to continue with their syllabus. While this has been adopted as a temporary measure for this period, there are new opportunities being realized with remote learning and this could be expanded even after the pandemic. Education companies are launching more e-learning courses like mortgage advisor courses and life in the UK test while developing data tools to evaluate student performances and help teacher track progress.

Video streaming in other areas of life has allowed people to acquire new knowledge on how to perform certain skills and duties. Podcasts and Webinars have become common as companies that provide essential services and products to educate customers about their products while offering options on how they can access them during the lockdown period. Furthermore, services are trying to ramp up the competition by offering discounts on subscriptions to lure customers away from established services. During this period, be sure to learn new skills including new recipes, home workout exercises, and car maintenance tips that will help you save money after the pandemic.

Healthcare and Pharma

If there is one sector that has grown tremendously is the healthcare industries with governments and companies pumping in money and resources towards improving healthcare infrastructure. Although the increased focus is on PPE kits, resting kits, hospitals, and pharmaceuticals, there are better and streamlined services in the sector that will improve the provision of healthcare services even after the pandemic. Looking into the future, there will be an increased focus on preparedness and improving disease response capabilities, which will also see further investments being pumped into this sector. Research institutions will also benefit from new investments and funding to expand their research in pharmaceuticals to find curative drugs and vaccines for diseases such as COVID19.

Ecommerce Marketplaces

Within the lockdown, social distancing and staying at home has made people cautious of their interactions hence minimised their interaction in conventional brick-and-mortar stores. People have resulted to e-commerce markets to do their shopping. eBay, Amazon, and Alibaba have seen a remarkable increase in the number of online shoppers. There is also a growing opportunity in the niche of grocery and online food retailers with mobile applications becoming more common among consumers. Grocery delivery and recipe apps have outperformed in the e-commerce sector as people aim for contactless delivery services. The only challenge for these e-commerce stores is the lack of enough stock to meet the looming demand among consumers. Ecommerce companies in the US including Asda have started a non-contact delivery system with secure drop-off and pickup locations to avoid putting delivery workers and customers.

Take-Home

As the Corona pandemic continues to create financial uncertainties across industries in the global sphere, companies will be required to adopt new strategies to reach their market. While e-commerce, gambling, healthcare, and online education industries continue to thrive amidst the pandemic, they will also realize innovations that will be crucial to their success even after the pandemic.

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How to Minimize the Impact of COVID-19 on Your Credit Score

June 11, 2020

As the COVID-19 crisis continues to unfold, millions of Americans are worried about losing their sources of income. Loss of wages can lead to missed payments on your mortgage, student loans, credit cards, and other bills. When you miss these payments, it can negatively impact your credit score, which will later affect your chances of applying for future loans, renting an apartment, or even applying for a job.

Having a strong credit history is crucial in protecting yourself financially during the pandemic and rebuilding after it’s finally over. It’s critical to ensure that your credit score is intact and do whatever it takes to keep it that way. Here’s how to reduce the coronavirus impact on your credit score.

Mortgage relief options

If you’re unable to make timely mortgage payments, then it’s best to contact your lender immediately. On March 27, the Coronavirus Aid Relief and Economic Security Act (CARES) was made law. As a borrower with a federally backed mortgage loan, you’ll be granted forbearance of up to 180 days if you’re undergoing hardships due to the coronavirus.

If your mortgage isn’t backed by the government, it’s also best to call your creditor and request for assistance. In the Consumer Financial Protection Bureau site, there’s a guide on options you can access during the coronavirus.

Credit card payments

If your account is currently in perfect standing, no past missed payments or defaults, you’re protected under the CARES Act. The Act will offer temporary credit score protection if you’re unable to make monthly payments. Discuss with your creditor for a payment accommodation, and once a written agreement is in place, they won’t report negatively to the credit bureaus.

Alternatively, some credit companies are also allowing financial relief to their customers during the coronavirus crisis. They can either allow you to skip a payment or offer a lower annual percentage rate. Discuss with your lenders to find out what your best options are.

Student loans

The CARES Act also offers relief if you have student loans. The Federal Student Aid has taken steps to place student borrowers in forbearance through to September 30, meaning you can stop making monthly payments if you’re unable to.

Auto loan payments

If you miss or default on your loan payments, the first thing to do is call your creditor right away. When you default in your loan repayments, it stays on your credit report for seven years, which will adversely impact your credit score as the years go by. At this time, your goal is to keep your credit score as high as possible, so contact your lender to avoid this.

The best strategy is to call before you miss a payment. Most creditors have put in place payment deferral options for their customers. Find out their terms and conditions as they may vary with each lender.

Also, you’re protected under the CARES Act, and your lender can’t report negatively if you have payment accommodation in place.

In the wake of the coronavirus pandemic, you should monitor your credit score to make sure they are documented accurately. You can request your reports at GoodCredit.com.

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Sayari Labs and Cedar Rose Announce Strategic Partnership

June 11, 2020

Sayari Labs – the leading provider of beneficial ownership and financial intelligence in emerging, frontier, and offshore jurisdictions – has recently partnered with Cedar Rose International Services Ltd, a specialist information provider, focused on company data within the Middle East and Africa (MEA), to further enrich Sayari’s global financial and commercial intelligence platform.

“Trustworthy corporate ownership data in complex jurisdictions like UAE, KSA, and Egypt has presented a challenge to enterprise financial crime compliance programs in the past; we’re excited to announce this partnership and the additional value that it will unlock for our growing userbase. Sayari’s automation and graph analytics features are only as good as our underlying data and we firmly believe that the ability to automatically traverse corporate hierarchies across MEA will augment our traditionally strong coverage of Latin America, Eurasia, and offshore financial centers”, Benjamin Power, COO, Sayari Labs, Inc.

Financial institutions, multinational corporations, and providers of risk mitigation services are facing unprecedented pressure as they seek to effectively scale financial crime compliance and reputational risk programs across their global footprint. Sayari and Cedar Rose, respectively, have been at the forefront of this shift by providing the highest quality commercial and public records data coverage powering analytical decision-making and enabling business leaders to make the right choice in complex environments.

“Cedar Rose are very proud to partner with Sayari Labs to bring our unique and broad coverage of company, director and shareholder data for the Middle East and North Africa (MENA) to their clients. It is our mission to provide excellent quality, reliable and innovative business intelligence services, that promote ethical, compliant and secure global trade. Linking our data with that of Sayari’s will enable the Fortune 100 corporations and financial crime regulators they serve to gain invaluable insights into corporate structures in MENA and to trace ultimate beneficiary ownership across borders,” Antoun Massaad, CEO, Cedar Rose Intl. Services Ltd.

Cedar Rose, a previous National Winner in the European Business Awards for Digital Technology, also provides corporate and credit data to Bureau Van Dijk and Creditsafe under long term agreements signed over recent years. The company’s particular expertise in translating, transliterating and linking data for the MENA region has enriched the global corporate information and beneficial ownership tracing landscape. The company also recently established Cedar Rose Data DMCC in Dubai, United Arab Emirates to expand its global KYC and KYB identity verification services and also has offices in Cyprus and Lebanon.

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About Sayari

From financial intelligence to anti-counterfeiting, and from free trade zones to war zones, Sayari powers cross-border and cross-lingual insight into customers, counterparties, and competitors. Sayari products are designed for open source intelligence analysts and corporate risk management professionals in a variety of financial crime prevention and third-party risk management roles, where the stakes are high, time is limited, and accuracy is critical. Founded in January 2015 by investigative journalists, data scientists, and former members of the US intelligence and regulatory communities, Sayari supports a wide array of government, financial sector, and multinational clients in over a dozen countries on five continents. We empower our clients to glean insights from vast datasets that we collect, extract, enrich, match and analyze using a highly scalable streaming data pipeline.

About Cedar Rose

Established in 1997, Cedar Rose Int. Services Ltd has been leading the field for credit reporting, business intelligence and investigative due diligence for the Middle East and North Africa. Since 2016, we have been expanding to offer a trusted global service for business information and data, delivered using the latest technology. Putting our clients at the forefront of every decision we make, we offer a first class, bespoke and highly flexible service with access to the world’s largest database of business information for the MENA region. Whether you need credit analysis, compliance, AML, KYB or KYC solutions, Cedar Rose gives you the data to make confident business decisions.

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