A critical review of the Sukuk market : a qualitative study to identify current risks and opportunities
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Securities Issuance Considerations As an External Funding Source for Sharia Commercial Banks
Abstract: This research is to formulate dominant aspects and sub-aspects of benefits, opportunities, costs, risks for the Issuance of Sukuk and shares as an external funding source for Sharia Banks (IBs). The fundamental problem is related to the less optimal role of Islamic banking in the national economy because the market share is 5.94% (early 2019). It is necessary to increase external funding sources through the Issuance of Sukuk and shares. There were 3 IBs share issuers: BPDS, BRIS, BTPNS, and 4 IBs Sukuk issuers: BMI, BSM, BNIS, BRIS. The method uses Analytic Network Process to identify dominant aspects and sub-aspects that IBs consider to issue Sukuk and shares. The primary data from in-depth interviews with each 5 Sukuk and share issuer expert practitioners of  IBs Treasury and Corporate Planning. The consideration of  IBs is much influenced by the benefit and opportunity aspects. Dominant sub-aspects of  IBs considerations in Sukuk issuance: sources of funds for capital and business expansion (benefit aspects), oversubscribed investor demand (opportunity aspects), cost of capital (cost aspects), sharia compliance risks (risk aspects). Dominant sub-aspects of public share issuance: increasing capital (benefit aspect), broad investor base (opportunity aspect), underwriter costs (cost aspect), information disclosure demands (risk aspect).Abstrak: Penelitian ini untuk merumuskan aspek dan sub-aspek dominan dari manfaat, peluang, biaya, dan risiko (BOCR) atas penerbitan sukuk dan saham publik sebagai sumber pendanaan eksternal Bank Umum Syariah (BUS). Dasar masalah terkait belum optimalnya peran perbankan syariah dalam perekonomian nasional karena pangsa pasar yang baru mencapai 5,94% dari total perbankan nasional (awal tahun 2019).  Ini disebabkan minimnya permodalan dan skala industri serta individual BUS, sehingga perlu peningkatan sumber pendanaan eksternal melalui penerbitan sukuk dan saham publik. Di awal 2019 terdapat 3 BUS emiten saham: BPDS, BRIS, BTPNS dan 4 BUS emiten sukuk: BMI, BSM, BNIS, BRIS. Metode analisis data menggunakan Analytic Network Process untuk mengidentifikasi aspek dan sub-aspek dominan yang menjadi pertimbangan BUS menerbitkan sukuk dan saham publik. Data utama hasil wawancara terhadap masing-masing 5 praktisi ahli Treassury dan Corporate Planning BUS emiten saham dan emiten sukuk. Pertimbangan BUS dominan dipengaruhi aspek manfaat kemudian aspek peluang.  Sub-aspek dominan pertimbangan BUS dalam penerbitan sukuk yaitu: sumber dana ekspansi usaha dan permodalan (aspek manfaat), permintaan investor berlebih (aspek peluang), biaya modal (aspek biaya), risiko kepatuhan syariah (aspek risiko). Sub-aspek dominan penerbitan saham publik yaitu: meningkatkan permodalan (aspek manfaat), luasnya basis investor (aspek peluang), biaya penjamin emisi (aspek biaya), tuntutan keterbukaan informasi (aspek risiko). 
Pharmacokinetics of Mivacurium Isomers and Their Metabolites in Healthy Volunteers after Intravenous Bolus Administration
Background Previous studies report the pharmacokinetics of mivacurium isomers after an infusion using venous blood sampling. Although the extent of the mivacurium arterial‐venous gradient is not known, the sampling site is likely to influence mivacurium pharmacokinetic parameters because the drug is rapidly metabolized as it traverses the circulation. The objectives of this study were (1) to determine the pharmacokinetics of mivacurium isomers in healthy persons after intravenous bolus administration using intensive arterial blood sampling, and (2) to characterize the formation and elimination of mivacurium metabolites in human plasma. Methods Eight persons classified as American Society of Anesthesiologists physical status 1 or 2 who were scheduled to undergo elective surgery under balanced anesthesia received 0.15 mg/kg mivacurium chloride as an intravenous bolus. Arterial blood samples were collected every 10 s during the first 2 min and at frequent intervals for 4 h thereafter. Plasma concentrations of mivacurium isomers and their metabolites were determined by two stereoselective high‐performance liquid chromatographic methods coupled with fluorometric detection and noncompartmental pharmacokinetic parameters. Results Mean elimination half‐lives of the trans‐trans, cis‐trans, and cis‐cis isomers were 2.4, 2, and 28.5 min, respectively, with corresponding mean plasma clearances of 29.2, 45.7, and 6.7 ml [center dot] min‐1 [center dot] kg‐1. The volumes of distribution at steady state of the trans‐trans, cis‐trans, and cis‐cis isomers were 0.047, 0.054, and 0.189 l/kg, respectively. Plasma concentrations of monoester and alcohol metabolites peaked 25 s (median) after mivacurium injection, with half‐lives in the range of 90 min, except for the cis alcohol metabolite, which was only negligibly and transiently formed. Conclusions Substantial hydrolysis of mivacurium isomers by cholinesterases was confirmed by the rapid appearance of mivacurium metabolites in plasma. The intensive arterial sampling proved to be critical for the trans‐trans and cis‐trans isomers because the area under the curve between 0 and 2 min accounted for 75% and 86% of the total, respectively.