This paper contributes to the empirical literature by investigating trade globalization and financial globalization as channels of inequality within South-East Europe and the Commonwealth of Independent States (CIS) countries from 1992 to 2007. In addition, the paper uses KOF (2010) index to measure the overall impact of globalization on income inequality in South-East Europe and the CIS countries. To overcome the limitations of the least squares dummy variables (LSDV) model, Parks method is used. The paper has two results. The first result is that both trade globalization and financial globalization deepen the income inequality within South-East Europe and the CIS countries. The second result is that the overall impact of globalization have adverse effect on inequality within South-East Europe and CIS countries from 1992 to 2007. These results support the hypothesis that globalization widens the income inequality within countries.

The esterification of 1-alkyl/aryl-3-ethoxy carbonyl-5-hydroxy-2-methyl indoles (1a-g) with ethyl chloroacetate and ethyl chloroformate, afforded ethyl 5-(ethoxycarbonyl) methoxy]-1-alkyl/aryl-2-methyl-indole-3-carboxylate (2a-g) and 3-(ethoxycarbonyl)-1-alkyl/aryl-2-methyl-1H-indol-5-yl ethyl carbonate (3a-g) respectively. The reaction of 1b-g with monochloroacetic acid and 2-chloropropionic acid afforded the corresponding indole acetic acid (4b-g) and propanoic acid (5b-g) derivatives respectively. These newly synthesized compounds were evaluated in vivo for potential anti-inflammatory and analgesic activities and the results were compared with indomethacin. These analogues were administered p.o. at a dose level of 20 mg/kg.

This paper identifies the various risks in sukuk structures, sharia’h permissible risk hedging techniques and certain regulatory, legal and infrastructural challenges which this novel product is facing in the modern global financial system. The analysis demonstrates that though sukuk is a viable device for asset-monetization, its complex structure necessitates the development of innovative sharia’h permissible risk management tools which can be formulated within the sharia’h framework of Al-Khiyar. Since the sukuk originated from emerging markets which are mostly characterized with secrecy and institutional imbalances, these circumstances create great hardships for the bankers and regulators to observe the progress of the corporate being financed. In this research it is argued that this situation strongly demands greater transparency and disclosure in sukuk structures coupled with profound regulatory, legal and institutional reformation in emerging markets. The research finally argues that sustainable market for the sukuk is doomed with uncertainties, unless the innovative process for sharia’h compatible risk hedging techniques continues and aforesaid reformations are initiated. Keywords: Sharia, Sukok, Risk, Islamic, Finance, Management.