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Purpose This study aims to formulate a strategy for optimizing zakat governance in zakat institutions in East Java Province by identifying priority problems, creating solutions and developing strategies. Design/methodology/approach This qualitative research uses the analytical network process method. Ten respondents representing practitioners, academics, associations and regulators were selected for their expertise in zakat governance. The data were processed using Super Decision software program and Excel. Findings Priority issues in optimizing zakat governance found in this study are lack of information on Mustahik’s needs and development to Muzakki and the low motivation and ability of Mustahik to develop. Improving the quality and capacity of Amil’s, especially in the technological aspect, is a priority solution. The priority strategy considers intensification (by developing Amil’s ability to use technology) and extensification (by increasing Amil’s numbers who master technology). Practical implications The results highlight the urgency of increasing Amil’s capacity and capability in technology-based zakat management. Zakat institutions need to prepare for management’s transformation toward zakat technology as one of the priorities in optimizing zakat governance. Originality/value Problems, solutions and strategies for optimizing zakat governance are collected by connecting it to the Zakat Core Principles, namely, the ninth principle of collection management and the tenth principle of distribution management. Further, for identifying problems, solutions and strategies, four aspects must be considered of Amil, Muzakki, Mustahiq and other supporting elements to present better policies to optimize zakat governance.

This study explores the effect of zakat and non-zakat empowerment programs on the beneficiaries' welfare (mustahiq). This study focuses on the influence of the intervening variable, namely the mustahiq businesses' growth on mustahiq welfare. This study also examines the role of demographic characteristics, such as age, gender, and years of education on mustahiq business growth. This study employs the Partial Least Square-Structural Equation Model (PLS-SEM) using data from 100 respondents who received empowerment assistance from three different zakat institutions. The sample of mustahiq was selected from three zakat institutions to provide a diversity of respondents. The results indicate that zakat and non-zakat programs' empowerment through business growth has significantly affected mustahiq welfare. With these results, both zakat and non-zakat productive programs should be more developed to assist the community businesses' growth optimally. Previous studies measure the welfare of mustahiq with material aspects. In this study, the indicator of welfare is based on maqashid sharia, which includes the protection of Ad-Din (religion), An-Nafs (Soul), Al-Aql (intellect), Al-Nasl (descendant), and Al-Maal (wealth). Examining the impact of two variables, namely productive empowerment programs through zakat and non-zakat, on mustahiq business growth and welfare is the novelty of this study.

Purpose of the study: This study discusses the differences of Internet Financial Reporting Quality between Islamic Bank and Conventional Bank in Indonesia as a means of banking management communication with their stakeholders. The Internet Financial Reporting quality form assessed by four components based on Internet Financial Reporting Index, which are content, timeliness, technology and user support. Methodology: This study used a quantitative approach with independent sample T-test. The hypothesis testing tool is assisted by SPSS 22 data processing software. The data of this study were collected from the official website for each bank institution, and for the sample that chooses this study used a purposive sampling technique. Main Findings: : There is a significant difference at the 5% significance level between Internet Financial Reporting quality between the two, with the result that conventional bank has better quality than Islamic bank. On the contrary, in the technology and user support component, there are insignificant differences. Applications of this study: The results of this study are useful for several parties involved. First for the stakeholders of the banking industry in Indonesia. Second for banks in Indonesia. Third for regulators, it is expected to be able to provide more detailed regulations. Finally, it gave an opportunity to other researchers for making some further study. Novelty/Originality of this study: This research is the first study that comprehensively compares the quality of Internet Financial Reporting in Islamic and conventional banking institutions. This study also succeeded to find that in management communication to stakeholders using Internet Financial Reporting, Islamic Banks were able to compete with Conventional Banks.

Purpose of the study: This study aims to examine foreign debt as a source of financing for economic development. This research is expected to provide (1) an overview of debt as a source of funding for state projects, (2) investigate its impacts and (3) offer additional knowledge of its Islamic perspective. Methodology: This research is a qualitative study using the study literature approach. This research is conducted by analysing books, literature, journals, and magazines with themes related to the focus of the discussion on this study. It is expected that the method used can provide insight, general knowledge, and develop the view of Islam in relation to foreign debt. Main Findings: The government has to ensure that the state has the ability to pay off its obligations in the future; guarantee that loans have to be free from interest; prioritize taking loans from internal sources rather than external sources. In Addition, debts are not intended for deferred needs and not taking loans that exceed their needs. Applications of this study: basically the results of this study can be applied to any country that considers the use of public debt, like other Islamic systems. Novelty/Originality of this study: This research is conceptual research in an Islamic perspective. This study successfully examined comprehensively related to the public debt with the Islamic approach.

This study aims to determine the influence of long-term and short-term global stock index on the Indonesian Islamic stock index. The approach used is a quantitative approach and uses the Error Correction Model (ECM) method. ECM is an analytical model that can be used in time series data to estimate the effect of independent variables on long-term and short-term use variables. The sample used was taken from secondary data, namely global stock index data consisting of the DJIA, N225 and HSI indices, and the Indonesian sharia stock index in the form of the ISSI index in the period of January 2013 to December 2017, so that 60 samples were obtained. The test results show that in the long run, the DJIA and HSI indices have a significant positive effect on the ISSI index, while the N225 index has a significant negative effect on the ISSI index. In the short term, only the DJIA index has a significant positive effect on the ISSI index. Keywords: Dow Jones Industrial Average, Hang Seng Index, Indonesian Sharia Stock Index, Nikkei 225, Error Correction Model

Purpose: The implementation of zakat fund management especially in some zakat institutions is considered not optimum yet. This condition is represented by disparity between potential and actual collection. In Islam, the objective of zakat is not only to collect wealth and keep it idle, instead zakat should become a source of productive fund to fulfill societal needs. Some countries with advanced zakat institutions have developed zakat to become a pillar of economic development. Today, each zakat institution is competing against each other to innovate in zakat fund management. Empowerment in zakat institutions with the appropriate strategies will enhance zakat management and distribution for the betterment of zakat recipients (mustahiq) and the Muslim society at large. Design/Methodology/Approach: This research is aimed to analyze optimization of management in regional zakat institution with SWOT (strength, weakness, opportunity, threat) analysis approach with IFE-EFE Matrix. Descriptive qualitative analysis is used to explain optimization of fund in zakat institution. Major Findings:Findings of this research shows that zakat institution should improve their strategy by developing strength and turning threat into opportunities. Originality/Value: The study provides a guideline for regional zakat institution on how they can enhance their role and efficiency to boost the economic growth for the Islamic community in Indonesia. It may also be instrumental for the government to improve in efficiency and innovative manpower, considerable research and development in optimizing Islamic Gift Economy to enhance economic growth of the Islamic community of Indonesia.

This study aims to determine whether interest-based debt limitation and non-halal income limitation have significant effect on the firm value. Sharia stock issuers in Indonesia are obliged to pass several conditions set by the market regulator, some of them are limitations of the interest-based debt and non-halal income. This study assumes that the lower portion of interest-based debt and non-halal income, the more the investors will prefer the stocks, thus increasing the firm value. The subjects of this study are the companies listed on JII period 2013-2017. This study measures interest-based debt with ratio of interest-based debt devided by total debt, measures non-halal income with ratio of non-halal income divided by operating revenue, and measures the value of the firm with PBV. The analysis of this study using panel data regressions with fixed effects models with robust standard errors. The results shows that interest-based debt and non-halal income have no effects on the value of the firm, partially and simultaneously Keywords: Interest baseddebt, Non-halal income, Sharia stocks, Value of the firm

The profession of migrant workers in some cases bring the person concerned to get the treasures expected success, but not rarely contain a number of risks that need to get the attention of government authorities. A number of problems that might be experienced when Indonesian Labor not available works. Therefore it takes a model economic empowerment for the labor of Indonesia, when he returned to his country was able to survive and improve the well-being of himself and of his family. This research aims to know the role of zakah's institution towards the empowerment of Indonesia's labor and to devise appropriate empowerment model for Indonesian Workforce by Institution of Zakah. Data analysis was done with a qualitative approach. Analytical techniques in the study will be conducted with qualitative analysis approach, a case study of eksplanation to explain how the empowerment model right for Indonesia in Labor Studies. Based on the data and the results of the analysis that has been done can be known that Dompet Dhuafa has role in Indonesia Workforce empowerment. The empowerment Model implemented by Dompet Dhuafa form the Groove program that may help the former workforce of Indonesia after plunging back to life in his native region. Former Indonesian workforce empowerment meant to monitor and nurture the entrepreneurial activities are continuously carried out by former Indonesian labor so that it can be a permanent effort.

Objective - Islamic Microfinance Institutions (IMFIs) grown very rapidly in the last 10 years in Indonesia. On 2015, the number of IMFIs' reached more than 5,000. As a business and social entity, IMFIs has various business models, the way in providing services and manages the business to achieve its goals. This study aims to determine the business models of IMFIs. Methodology/Technique - This study uses qualitative approach by case study technique of Robert K. Yin. Subjects of this study are IMFIs in Indonesia that selected purposively with managers as a key informant. Findings - The result is the business model of IMFI is determined by eight elements, namely: organizational orientation, business and social functions, the source of capital and allocation, investors and customers, financing usage, types of contract, allocation technique, and membership. Novelty - The elements that determine IMFI, will form a business model of IMFI which determine how IMFI runs its business activities to achieve organization objective. Type of Paper Review Keywords: Islamic Microfinance Institution; Business Model; Social Function. JEL Classification: G21, L22.

IMFI (Islamic Micro Finance Institutions) is a microfinance institution that can provide ease of access, especially for people who have SME ( Small and Medium Enterprises). The purpose of this study is to determine how the concept of cooperation network between the government, private sectors and universities in strengthening SME capital through IMFI. The method used in the study is a qualitative method using a discourse analysis data analysis technique. The result of this study indicates that the cooperation between the government, private sectors, and universities in strengthening the capital of SME through IMFI can be implemented using a linear collaborative of partnership model, while capitals that can be utilized such as RLF of government, CSR funds from the private sector (companies), program linkage with Islamic Banks, training and preparation of skilled workforces from universities to support the development of IMFI and SME.

Introduction to The Problem: The movement of the Islamic stock index can be influenced by changes in domestic macroeconomic conditions, not only domestic macroeconomics but also influenced by the stock markets of other countries.Purpose/Objective Study: The main objective of this study is to analyze the influence of the domestic macroeconomic and global stock indices on the Indonesian sharia stock index.Design/Methodology/Approach: This study uses a quantitative methodology with secondary data. The data sample method is saturated sample that all members of the population are used to be the research sample. The type of research data is monthly time series with a time period from May 2011 - July 2019, the selection of the Vactor Error Correction Model (VECM) research method based on the stationarity of the data on the first difference and the existence of cointegration models.Findings: The results showed in the short term all variables did not show a significant effect. In the long run, interest rates have a negative effect, while the exchange rate shows a positive effect on the movement of Islamic stock price indexes. Global stock indices such as the Shanghai Stock Exchange Index show a negative effect, and the Standard & Poor's 500 index shows a positive effect. While the Nikkei 225 index did not show a significant effect on the Indonesian Islamic stock index.

As one of the members of the Organisation of Islamic Corporation (OIC), Indonesia has excellent trade prospects. Therefore, this study has a purpose to examine the impact of macroeconomics factors on trade between Indonesia and intra-OIC countries. The variables of macroeconomics in this study consist of country risks, inflation, exchange rate, oil price, and economic growth. Quantitative is the right method for this study, applying Ordinary Least Square (OLS) regression with the help of EViews. The data used for the analysis is a time horizon with annual frequency from 1986 to 2016. Furthermore, finding shows that almost all variables of macroeconomics play an insignificant role in determining the trade between Indonesia and Islamic countries. However, the oil price is the only variable to show its contribution towards trade between Indonesia and intra-OIC countries. The results indicate that macroeconomic variables do not contribute to the key decisions for conducting trade internationally. Political factors and bilateral treaties become better variables to explain Indonesia's trade with other Islamic countries. Keywords: Country Risk, International Trade, Macroeconomic, Organisation of Islamic Corporation, Indonesia.

The purpose of this study is to analyze how the linkage program of Islamic institutions and government institution in empowering MSMEs and analyze the increase in the range of empowerment. By using a qualitative research approach and descriptive analysis method, the results of this study indicate that there are four parties involved in the empowerment linkage program and each party has their respective roles in the aim of empowering MSMEs. Furthermore, there is also increasing in the range of empowerment in terms of the amount of empowerment program funding and improving the quality of MSME after participating in the empowerment program.

This research purposes to know the efforts of community economic empowerment after the action of 212 that massively considered as the economic resurgence era. Case study was used as a methodology, which aims to describe the facts about community economic empowerment through 212 marts in the entire area of East Java. The result shows that there are two absolute conditions, which must be fulfilled to build 212 mart. The first condition is the owner of 212 mart must be a Moslem. The second condition is the 212 mart must be built together in a community at least consist of 100 people. The community-based development becomes the difference between the concepts of 212 Mart with the general mart, which is only owned by individuals. 212 Marts are founded from the joint ventures, which are formed by each community in a region or a city (Table I). Profit division from 212 mart is using the concept of portfolio. The calculation of profit division (SHU) is calculated as a whole from all marts, so that when there is one outlet that has better performance than the others do, all investors will enjoy the profit together. Likewise, on the contrary, all investors will lose together if there is cross-subsidy (cross subsidy) between outlets. With a portfolio, investments are diversified so that the risk can be minimized. So that this strength of Ukhuwah Islamiyah, every member feels ownership of 212 mart, they have to invite family or neighbors to buy daily necessities at 212 Mart.

This study aims to explore the phenomenon that arises in various socio-economic problems. The phenomenon raised from women entrepreneurs, with the category of Micro Enterprises. The subjects of the study were women entrepreneur program members of BUEKA (Economic Development of the ’Aisyiyah Family). This is an economic program of the ‘Aisyiyah Organization. This is a qualitative study with a phenomenological approach. Data collection was performed by direct observation and detail report on various implementations of economic program designed to strengthen and improve entrepreneurship ability. In addition, the data were obtained through interview from key informant. The collected data were described to assess the women's economic empowerment program, resulting: 1) the pattern of MSE relationship with counseling agencies, 2) different pictures on the implementation of women empowerment as entrepreneur of MSE, and 3) implementation of social entrepreneurship concept in female entrepreneur group.

Islam has a distinctive social security system. Social security refers to the fulfillment of basic human needs (al-haajat adh-dharuriyyaat) which it is the purpose of the existence of a state and the purpose of the shariah itself. The social security system developed by the developed countries is good, but it has weaknesses. This research aims to develop the concept of measurement of socio-economic security system in Islam with Hadd Al Kifayah approach in order to meet the principle of fairness in welfare in particular on the standard of a decent living need. The research approach used is qualitative descriptive by using a number of literature review, in depth interview on some expert informants, and equipped with market survey on basic needs. The results of this research show that there are several measures in the fulfillment of social security system based on the concept of Hadd Al Kifayah as a self-criticism measure of decent living needs (KHL) currently in Indonesia is still not ideal.

Poverty is the main issue of Indonesia that until now has not been successfully addressed. More than 27 million people are poor (2015). Various ways have been conducted to reduce poverty. One of them is productive zakat that held by Zakat Institution (LAZ and BAZ). The number of poor people very much, so it needs to know what the key to success lifts them out of poverty through productive zakat. This study aims to determine how mustahiq move out of poverty and know the characteristics of successful mustahiq out of poverty. This study use qualitatif approach by interview and focus group discussion with mustahiq of productive zakat (movers, cronic poors, and fallers from poverty) and some program manager of Zakat institution in Indonesia. This study show that the success of the movers appears be determined by individual as well as collective capacities. The capacity of movers, in general, better than the fallers and the chronic poor. The results also show that movers have several characteristics: the majority are productive age (31-50 years of age), have skills, attained formal education (primary and secondary levels), and have good health. Movers also have good social networks (family, neighbors, and community) that are broader and beneficial as well as relatively higher rates of social participation, especially in various socio-political activities or in various formal organizations.

This study aims to determine the effect of GDP, Inflation, SBIS, Exchange Rates against Returns on Sharia Stocks in the Agriculture Sector Listed in the Indonesian Sharia Stock Index (ISSI). The approach used is quantitative by using the Vector Error Correction Model (VECM) analysis technique with the STATA program. While the GDP, Inflation, SBIS, Exchange Rates as independent variables and Returns on Sharia Stocks in the Agriculture Sector Listed in the Indonesian Sharia Stock Index (ISSI) as the dependent variable. The results of this study indicate that in the short term only GDP has a negative and significant effect. Whereas in the long run the GDP has a negative and significant effect, inflation has a positive and significant effect, SBIS has a negative and significant effect, Exchange rates have a positive and significant effect on the return of Agricultural Sector Sharia Shares registered at ISSI on the research period from 2011 to 2018.Keywords: GDP, Inflation, SBIS, Exchange Rates and Returns on Sharia Stocks in the Agriculture Sector Listed in ISSI

The goal of this research is to determine the factors that caused the problematicfunding of Bank Pembiayaan Rakyat Syariah in Indonesia during the period of 2008-2015. The method of research used is the quantitative approach. The sample of the research is Bank Pembiayaan Rakyat Syariah which is taken every three months for each variable during the period of 2008-2015. The analysis technique used is multiple regression analysis and the result is Y = 5,076 – 0,743PDB + 0,018FDR + 0,047BOPO + 0,040Inflation + 0,024AverageFunding, with R2 registration 0,749 or 74,9%.The result of the partial test shows that economic growth has a significant effect. The result of the simultaneous test shows that the five variables have significant effects in the problematic funding of Bank Pembiayaan Rakyat Syariah in Indonesia. REFERENCESAndarini, Marisa Ayu. 2015. Pengaruh Transmisi Moneter Syariah: Sertifikat Bank Indonesia Syariah dan Pasar Uang Antar Bank Syariah terhadap Operasi Moneter Syariah Dalam Mempengaruhi Inflasi di Indonesia Pada Periode 2011-2015. Skripsi diterbitkan. Fakultas Ekonomi dan Bisnis Unoversitas Airlangga Surabaya.Ascarya. 2012. Transmission Channel and Effectiveness of Dual Monetary Policy in Indonesia. Buletin Ekonomi Moneter dan Perbankan, Vol. 14, No. 3.Baasir, F. 2003. Pembangunan dan Krisis. Jakarta : Pustaka Harapan.Bank Indonesia. 2003. Himpunan Fatwa Dewan Syariah Nasional. Kerjasama Dewan Syariah Nasional, Majelis Ulama Indonesia dan Bank Indonesia.Bofinger, P. 2001. Monetary Policy: Goals, Institutions, Strategies, and Instruments. Oxford University Press.Chapra, M. Umer: 1985, Towards a Just Monetary System. Leicester,UK: The Islamic Fondation.Enders, W. 1995. Applied Econometric Time Series. New York: John Wiley and Sons, Inc.Harris, Richard. 1995. Using Cointegration Analysis in Econometrics Modelling. London: Prentice Hall.McEarchern, William A. 2000. Ekonomi Makro, Jakarta : Salemba EmpatPratiwi, Ardianing. 2013. Determinan Inflasi di Indonesia : Analisa Jangka Panjang dan Pendek. Jurnal Ilmiah Fakultas Ekonomi dan Bisnis Universitas Brawijaya Malang.Rahardja, Pratama dan Mandala Manurung. 2001.Teori Ekonomi Makro: Suatu Pengantar. Lembaga Penerbit Fakultas Ekonomi UI. JakartaSamuelson,Paul A. dan William D. Nordhaus. 2004. Ilmu Makro Ekonomi. Terjemahan, Jakarta: Media Global Edukasi.Siddiqui, Shamin Ahmad. 2008. An Evaluation of Research on Monetary Policy and Stability of the Islamic Economic System. Paper 7th International Conference on Islamic Economics: 30 Years of Research in Islamic Economics, Jeddah: KAAU-IRTI, April.Sugiyono, 2011. Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.Taylor,J.B. 1995. The Monetary Transmission Mechanism : An Empirical Framework. Journal of Economic Perspective, 9.Warjiyo, Perry. 2004. Mekanisme Transmisi Kebijakan Moneter di Indonesia. Buku Seri Kebanksentralan No.11. Pusat Pendidikan dan Studi Kebanksentralan, Bank Indonesia, Jakarta.Warjiyo, P dan J. Agung. 2002. Transmission Mechanism of Monetary Policy in Indonesia. Directorate of Economic Research and Monetary Policy. Bank Indonesia, Jakarta.Warjiyo, P, dan Solikin. 2003. Kebijakan moneter di Indonesia. PSSK BI. JakartaWidarjono, Agus.2007. Ekonometrika Teori dan Aplikasi. Ekonisia. Yogyakarta.http://bi.go.id (diakses 9 Agustus 2016)http://ekonomi.kabo.biz/2011/01/jumlah-uang-beredar-m2.html?m=1(diakses 14 November 2016)

This paper aims to examine the influence of macroeconomic variables namely inflation rate, industrial production index, and the interest rate on Indonesia Islamic stock that be measured by Indonesia Islamic Stock Index (ISSI). This index consists of 350 Islamic stocks at Indonesia Stock Exchange. Investors generally believe that macroeconomic activities give a large impact on the volatility of the stock prices (Gan et al., 2006). This study uses quantitative approach with multiple linear regression by utilizing monthly data over the period of May 2011 to November 2017. The results of this empirical research show that Indonesia Sharia Stock Index is affected significantly by the inflation rate, industrial production index, and interest rate. Therefore, this is necessary to evaluate the relationship between macroeconomic variables and Islamic stock prices since the results would bring an impact to stimulate the existence of Islamic capital market in Indonesia. Keywords: Macroeconomic Variables, Islamic Stock Prices, Indonesia Sharia Stock Index

Islamic Boarding School is Islamic school that most of students are boarders. In the last 20 years, when the Islamic economy developed in Indonesia, many islamic boarding school established financial institutions and businesses that comply to Islamic law. The existence of the business and financial institutions (business network) were expected to encourage the implementation of Islamic law on economics and business in society, and also able to carry out economic and business practices according to sharia. This study will examine the existence of business network model and what are the benefits of business network model for the While in the era of colonialism adjustment occurs through the transformation of values where the islamic boarding school acts as an Islamic institution or institutionalization of Islamic values that have a mission-oriented ideology-political or religious-political. Where the motivation is to seize independence and liberate the people from the shackles of penghisaban by the invaders (Arifin, 2013). For now the existence of islamic boarding school is more related to learning process and education. In other words, islamic boarding school is a religious education institution capable of issuing certificates recognized in the national education system in Indonesia. This can be regarded as a islamic boarding school negotiation of new values that develop in society as a result of the advancement of science, knowledge, and technology (Izfannah, 2012).sustainability of business unit. The renewal of this research illustrates the business model practiced by islamic boarding school cottages especially PP Sidogiri as a whole and formulates the right business development strategy for business unit PP Sidogiri in order to maximize the role and social function of the islamic boarding school business unit. This research uses case study method on mixed islamic boarding school especially on Sidogiri Islamic Boarding School. The results of research to find out the ideal strategy in the implementation of business network as the development of a business model strategy of Islamic boarding schools in order to develop Islamic boarding school's business.

Small, and Medium-sized Enterprises (SMEs) are one of the main actors for national development process. This research is intending to explore the phenomenon or symptom of socio-economic problems in those SMEs. That done by observing women entrepreneur, especially social entrepreneurship subject in Micro and Small Enterprises, that become the member of economic program BUEKA. Therefore, this is a qualitative research with phenomenology approach. Data seeking is directly involved observation or Participating Observation in some of the entrepreneurship events that held by ‘Aisyiyah Movement, and thereafter record it in detail. Collecting data is done with interview about: 1) SMEs relation pattern with the companion institutions, 2) Comprehensive illustration about women empowerment in SMEs entrepreneur, 3) Activities that have been done by those women entrepreneurs are categorized as social entrepreneurship. And then, this research is completed thorough indepht interview for discovering data that is started from the key informant. The result from this research is ‘Aisyiyah is a women organization that driven to improve the life quality of women and family, with social entrepreneurship.

Samin culture is one of the few sub-cultures that exist in East Java. Samin community in East Java settled in the district of Bojonegoro. In popular culture Samin contains a lot of wisdom values that is in accordance with the values of Islamic culture. The values of cultural wisdom Samin community's need to be excavated and preserved, in order to improve the livelihood of the people, which in turn will create a civilization that is safe, peaceful, just and prosperous nation's development objectives.In traditional Islam can be used as a guide in shaping the law syar'i. Terms used in Islam to the local traditions referred to as' urf. U'rf can be used as legal guidelines syar'i for 'urf is not contrary to the Qur'an and Hadith. Given the synergy between local culture and Islamic culture, the life activities undertaken by the community remain in accordance with the teachings of religion, but the local culture is preserved continuity.