Islamic Perspective for Sustainable Financial System最新文献

Promoting Sdgs and Shared Prosperity: The Potential Role of Islamic Economics and Finance 促进可持续发展目标和共享繁荣:伊斯兰经济和金融的潜在作用

Islamic Perspective for Sustainable Financial System Pub Date : 2020-12-31 DOI: 10.26650/b/ss10.2020.017.05

Amin Mohseni Cheraghlou

{"title":"Promoting Sdgs and Shared Prosperity: The Potential Role of Islamic Economics and Finance","authors":"Amin Mohseni Cheraghlou","doi":"10.26650/b/ss10.2020.017.05","DOIUrl":"https://doi.org/10.26650/b/ss10.2020.017.05","url":null,"abstract":"Islamic Economics and Finance (IEF) system can play an important role in promoting SDGs because IEF system is inherently positioned to address some of the main global challenges that are also highlighted by SDGs: high rates of poverty and inequality, frequent and severe banking and financial crises, and economic growth that is environmentally unsustainable and excludes the poor. A detailed theoretical discussion regarding the potential role of IEF in promoting SDGs is presented in the first part of this chapter. Given that financial inclusion is an important factor in achieving SDGs, the second part of this chapter employs World Bank’s 2017 round of Findex data alongside cross-country regression analysis to examine the role of Islamic finance in enhancing financial inclusion among Muslim communities. The findings of this chapter identify some of the most important links between and an IEF system and SDGs. Furthermore, it establishes the fact that increasing access to Islamic financial services can increase financial inclusion in Muslim majority countries which in turn can help reduce poverty, inequality, instability, and economic exclusion in these countries. The logical outcome and policy implication of the theoretical arguments and empirical findings highlighted above is that enhancing access to Islamic financial services can play an important role in promoting SDGs.","PeriodicalId":159163,"journal":{"name":"Islamic Perspective for Sustainable Financial System","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115618262","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Progress on Sustainable Development Goals in Muslim Majority Countries 在穆斯林占多数的国家实现可持续发展目标的进展

Islamic Perspective for Sustainable Financial System Pub Date : 2020-12-31 DOI: 10.26650/b/ss10.2020.017.04

S. Shaikh, M. Hassan

引用次数: 0

Digital Financial Inclusion, Islamic Banking Stability and Sustainable Economic Growth 数字普惠金融、伊斯兰银行稳定与可持续经济增长

Islamic Perspective for Sustainable Financial System Pub Date : 2020-12-31 DOI: 10.26650/b/ss10.2020.017.06

Mohammed Hassan, H. Banna, M. Alam

引用次数: 8

The Double Bottom Line Commitment And Microfinance Sustainability in Pakistan 双重底线承诺和巴基斯坦小额信贷的可持续性

Islamic Perspective for Sustainable Financial System Pub Date : 2020-12-31 DOI: 10.26650/b/ss10.2020.017.09

Muhammad Saad, A. Bhuiyan, H. Taib

{"title":"The Double Bottom Line Commitment And Microfinance Sustainability in Pakistan","authors":"Muhammad Saad, A. Bhuiyan, H. Taib","doi":"10.26650/b/ss10.2020.017.09","DOIUrl":"https://doi.org/10.26650/b/ss10.2020.017.09","url":null,"abstract":"The purpose of this article is to conceptualize the sustainability of microfinance institutions (MFIs) by reviewing the existing sustainability indices and indicators in terms of double bottom line. A multidimensional construct based on financial and outreach indicators is proposed to develop an index that measures sustainability of MFIs. Principal Component Analysis is used to assign weights to individual indicators to determine the sustainability score of MFIs in Pakistan for the period 2006-2015. The weights assigned to individual indicators of financial self-sufficiency (FSS), operational self-sufficiency (OSS), average loan balance per borrower (ALPB) and number of active borrowers (NAB) are 0.6643, 0.6607, -0.1905 and 0.2931 respectively. The positive values for weights indicate that any increase in FSS, OSS, and NAB will increase the sustainability scores of MFI, whereas increase in ALPB may negatively contribute to the sustainability score of MFI. Additionally, the determinants of sustainability are identified using fixed effect regression. Results suggest that return on asset, borrower per staff member, operating expense ratio, subsidies and age of MFIs are contributing positively towards the sustainability of MFI.","PeriodicalId":159163,"journal":{"name":"Islamic Perspective for Sustainable Financial System","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121428240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Islamic Approaches to Sustainable Development 伊斯兰的可持续发展方法

Islamic Perspective for Sustainable Financial System Pub Date : 2020-12-31 DOI: 10.26650/b/ss10.2020.017.03

A. Zaman, Junaid Qadir

{"title":"Islamic Approaches to Sustainable Development","authors":"A. Zaman, Junaid Qadir","doi":"10.26650/b/ss10.2020.017.03","DOIUrl":"https://doi.org/10.26650/b/ss10.2020.017.03","url":null,"abstract":"The myopic formulation of human development by neoclassical economics exclusively in terms of economic growth has resulted in a transformation through which self-interested greed-based consumption is idealized to the great detriment of both the planet and the inhabitants of this planet (not only of the current generation but also those of the future generations). The Islamic notion of human development, in contrast, emphasizes a harmonious coexistence of human beings and nature through the responsible utilization of natural resources, which are considered as God’s gift to the whole of humanity (belonging to the present as well as the future generations). In this article, we articulate the failings of the modern conceptions of development and contrast that with the Islamic sustainable development vision. The Islamic conception of development is endogenously “sustainable” due to its emphasis on the responsible use of resources; moderate consumption and simple living; and empathy for the less privileged (e.g., through both optional and mandatory charity). After providing a broad framing of the Islamic sustainable development vision, we also describe briefly the tools, incentives, and guidelines that Islam offers regarding authentic sustainable development. We also describe how Islamic guidelines provide the keys for facilitating social inclusion, environmental sustainability, and inter-generational sustainability.","PeriodicalId":159163,"journal":{"name":"Islamic Perspective for Sustainable Financial System","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129424408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

An Artificial Intelligence-based Islamic Fintech Model on Qardh-al-Hasan for Covid 19 Affected SMEs 受新冠疫情影响的中小企业在Qardh-al-Hasan的基于人工智能的伊斯兰金融科技模型

Islamic Perspective for Sustainable Financial System Pub Date : 2020-12-31 DOI: 10.26650/b/ss10.2020.017.10

Shahnawaz Khan, Mohammed Hassan, M. Rabbani, M. Atif

{"title":"An Artificial Intelligence-based Islamic Fintech Model on Qardh-al-Hasan for Covid 19 Affected SMEs","authors":"Shahnawaz Khan, Mohammed Hassan, M. Rabbani, M. Atif","doi":"10.26650/b/ss10.2020.017.10","DOIUrl":"https://doi.org/10.26650/b/ss10.2020.017.10","url":null,"abstract":"The rapid spread of Corona virus 19 (COVID 19) and its associated economic impact has again turned the spotlight on Islamic finance and banking to save the world from its economic consequences. Islamic finance by principle is an ethical finance which intends to help the poor and vulnerable under crisis. It has various financial tools like, Zakat, Sadaqa, Awaqaf and Qardh-Al-Hasan , especially designed for this purpose. Among various tools of Islamic finance, Qardh-Al-Hasan has emerged as the most viable Islamic finance weapon in the fight against the economic consequences of crises like COVID 19 and financial meltdowns. Against such a backdrop, the present chapter explores the possibility how Qardh-Al-Hasan can be used as an Islamic finance tool to help the COVID 19 affected SMEs and individuals. The present study is exploratory in nature as it explores the possibility of Qardh-Al-Hasan as the landscape in fighting the economic impact of Covid-19 on small businesses and individuals. The study proposes an Artificial Intelligence-based FinTech model to provide a solution for the affected SMEs and individuals to fight the economic consequences of this pandemic and survive. The findings of the chapter suggest that Qardh-Al-Hasan is a beautiful selfless financial service in Islamic finance which must be used in combination with Fintech like Artificial Intelligence to save the poor and affected SMEs from this pandemic.","PeriodicalId":159163,"journal":{"name":"Islamic Perspective for Sustainable Financial System","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121974398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 12

Understanding the Sustainability of Islamic Economics Versus Neo-Classical and Keynesian Models 理解伊斯兰经济学与新古典主义和凯恩斯主义模型的可持续性

Islamic Perspective for Sustainable Financial System Pub Date : 2020-12-31 DOI: 10.26650/b/ss10.2020.017.02

T. Akan

{"title":"Understanding the Sustainability of Islamic Economics Versus Neo-Classical and Keynesian Models","authors":"T. Akan","doi":"10.26650/b/ss10.2020.017.02","DOIUrl":"https://doi.org/10.26650/b/ss10.2020.017.02","url":null,"abstract":"The enduring predicament facing contemporary schools of economics is to reform their theoretico-practical pillars in a way to strike a dynamic trade-off between efficiency and equity at the level of practice, the key precondition of achieving the sustainability of an economic system. Islamic economics has recently resurged as the unique model hypothesized to have an institutional structure for striking the cited trade-off. Against this backdrop, this paper aims first to theoretically investigate this hypothesis. The second aim of the paper is to investigate if Islamic economics could capacitate Muslim nations to achieve the same trade-off at the level of practice. The paper concludes first that Islamic economics merges its idiosyncratic macro and micro economic, political, behavioral, ethical, and socio-cultural institutions in a way to achieve a sustainable economic order in both the short and long run. Second, contemporary Muslims fail in their developmental effort not because Islamic economics does not provide them with necessary institutional infrastructure but because they fail in implementing its theoretical construct in a systemically complementary manner. Ultimately, the paper provides insight into the sustainability of Islamic economics at the level of theory and practice in light of the qualitative and quantitative data coming out of the previous sections.","PeriodicalId":159163,"journal":{"name":"Islamic Perspective for Sustainable Financial System","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132456596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Bringing Islamic Finance Home Through the Circular Economy Social Finance (Cesf) Discourse 通过循环经济社会金融(Cesf)话语将伊斯兰金融带回家

Islamic Perspective for Sustainable Financial System Pub Date : 2020-12-31 DOI: 10.26650/b/ss10.2020.017.07

M. Haneef

{"title":"Bringing Islamic Finance Home Through the Circular Economy Social Finance (Cesf) Discourse","authors":"M. Haneef","doi":"10.26650/b/ss10.2020.017.07","DOIUrl":"https://doi.org/10.26650/b/ss10.2020.017.07","url":null,"abstract":"This paper argues that the current Circular Economy and Social Finance (CESF) discourse allows Islamic economists to re-align Islamic Banking (IB) and Islamic Finance (IF) with its roots, i.e. Islamic economics. Notwithstanding the impressive growth figures of Islamic Banking/Finance over the last three decades, reservations are voiced especially on the role and impact of IF in Muslim communities. This paper begins by critically discussing, albeit briefly, selected tensions that have evolved in Islamic Banking literature over the decades that show the departure of IB from IE. The criticism of IB has moved away from merely focussing on contracts/instruments or the debt/equity debate of the 1980s and early 1990s to a substantive systemic focus on the role of IF in developing the real economy to enhance the welfare of society as a whole. Genuine Islamization of Knowledge approach can be a methodological framework that allows IB/IF to be re-connected to IE and to the epistemological bases of Islam. The paper then briefly presents the basic ideas in the CESF discourse and argues that its central features provide an opportunity to re-align the current direction taken by Islamic Banking/Finance. The goals of IB/IF must help achieve the overall socio-economic goals of society and not merely serve outdated neoclassical economics objectives of maximizing individual shareholder welfare, with no consideration for overall equity considerations in society. The paper then argues that the CESF discourse provides a golden opportunity to re-visit the theory of decision-making in economics. Utilizing selected literature written on interdependent utility functions, it is proposed that economic decision-making in Islamic economics must include a concern for others, including its environmental and human impact, something that is at the base of the CESF agenda. The paper generally adopts selected discourse/content analysis involving literature on the various component parts of the paper.","PeriodicalId":159163,"journal":{"name":"Islamic Perspective for Sustainable Financial System","volume":"123 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125034008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Circular Economy, Sustainable Development and the Role of Islamic Finance 循环经济、可持续发展与伊斯兰金融的作用

Islamic Perspective for Sustainable Financial System Pub Date : 2020-12-31 DOI: 10.26650/b/ss10.2020.017.01

Mehmet Sarac, Mohammed Hassan, Ahmed W. Alam

{"title":"Circular Economy, Sustainable Development and the Role of Islamic Finance","authors":"Mehmet Sarac, Mohammed Hassan, Ahmed W. Alam","doi":"10.26650/b/ss10.2020.017.01","DOIUrl":"https://doi.org/10.26650/b/ss10.2020.017.01","url":null,"abstract":"Based on an extract-produce-consume-waste mechanism, the conventional linear economy requires enormous extraction and wasteful production & consumption. This results in several tribulations and threats to the earth’s climate such as rising global warming due to greenhouse gas emissions, erosion of the ecosystem, diminution of natural resources, and the release of toxic waste into natural habitat. To mitigate these challenges and to rescue the earth’s climate from the devastation caused by the linear economic system, the importance of introducing and implementing a circular economic model is inevitable. A circular economy is based on a closed loop/cycle of production through consumption which facilitates limited use of materials and resources, minimal emission of hazardous elements into the nature, and a highly efficient waste management system to ensure recycling and reuse of residuals into further production. The Islamic financial system, being a pioneer in financing Sustainable Development, can be a major driver in the transformation towards a circular economy. The principles of Islamic finance, accompanied with Shari’ah regulations and Sustainable Development Goals (SDGs), will provide a solid guideline and framework as well as ample amount of funding sources for effective transition of the linear economy into the circular paradigm. as well as their ability and effectiveness to ensure environmental and social sustainability. They suggest that the fundamental edges of circular economic models,","PeriodicalId":159163,"journal":{"name":"Islamic Perspective for Sustainable Financial System","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123736388","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Perception and Implementation of Sustainability in Islamic Firms: A Survey on Institutional Customers Of Islamic Banks in Turkey 伊斯兰企业对可持续发展的认知与实施:对土耳其伊斯兰银行机构客户的调查

Islamic Perspective for Sustainable Financial System Pub Date : 2020-12-31 DOI: 10.26650/b/ss10.2020.017.08

Mehmet Sarac, Fatma Altun

{"title":"Perception and Implementation of Sustainability in Islamic Firms: A Survey on Institutional Customers Of Islamic Banks in Turkey","authors":"Mehmet Sarac, Fatma Altun","doi":"10.26650/b/ss10.2020.017.08","DOIUrl":"https://doi.org/10.26650/b/ss10.2020.017.08","url":null,"abstract":"The negative externalities of the capitalist paradigm and irresponsible financial system have boosted the demand for integrating sustainability into the economic system as a key component and led to the development of new financial products and structures to achieve sustainable development goals. This global trend, in fact, facilitates a convergence towards the Islamic principles in economics and finance. Islamic economics, in essence, ensures such a production and distribution mechanism that the sources are not exhausted at the cost of other regions and future generations. The crucial question is, however, whether those firms that are supposed to comply with the principles of Islamic economics have really understood and adopted the concept of sustainability. Since the majority of customers of Islamic banks consist of such firms, we in this study attempt to reveal the current perception and implementation of sustainability from the perspective of institutional customers of Islamic banks in Turkey. Our findings show that while the basic goals set forward by sustainability, such as social equity, just income distribution, good governance, and preserving the resources and environment are conceptually embedded in Islamic finance, the institutional customers of Participation Banks cannot sufficiently integrate these principles into their business processes. In addition, firms’ approaches and practices toward the sustainability differ depending on their ownership structure, operational quality, and number of employees. Those firms whose ownership and operations are more international and have a number of employees greater than 50 comply with sustainability considerably more than others.","PeriodicalId":159163,"journal":{"name":"Islamic Perspective for Sustainable Financial System","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129041657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0