Global Policy最新文献

{"title":"What Alternative Do I Have?: Syrian Immigrant Entrepreneurs and Interest-Based Financing in Norway","authors":"Sarah A. Tobin","doi":"10.1111/1758-5899.13477","DOIUrl":"https://doi.org/10.1111/1758-5899.13477","url":null,"abstract":"<p>Syrian refugee entrepreneurs in Norway navigate a financing and support system that they find largely exclusive and unaccepting when it comes to launching and operating a new business. Using a case study of a Syrian Muslim immigrant entrepreneur and a lecture on the topic by a religious leader in a major mosque in Oslo, this paper utilizes a theoretical framework on moral economies and entrepreneurship to argue that there is a “mismatch” between the interests and needs of Syrian entrepreneurs for financial and social support, with the extremely limited offerings available in Norway. This leaves the entrepreneurs challenged to navigate the financial and moral issues on their own. The paper explores four key policy implications along the way that would enhance the possibilities for Muslim immigrant entrepreneurs to access and utilize financial and social support for opening and running a business in Norway. The paper concludes by linking the financial exclusion experienced by the Syrian entrepreneurs to their broader experiences attempting to integrate and become a positive part of Norwegian society through entrepreneurship, which is challenged in this context of exclusion.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"16 S1","pages":"74-81"},"PeriodicalIF":2.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13477","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143389207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Clashing Moral Economies Among Norway's Muslim Entrepreneurs","authors":"Mari Norbakk","doi":"10.1111/1758-5899.13474","DOIUrl":"https://doi.org/10.1111/1758-5899.13474","url":null,"abstract":"<div>\u0000 \u0000 <p>This article examines the challenges faced by Muslim entrepreneurs in Norway, due to the lack of Islamically compliant financing. By setting out a case study of a small-scale liquidity crisis, the article identifies the operating difficulties inherent in trying to avoid interest-based credit. The article moves the conversation from overarching discussions of large-scale financing to the needs for functional financing options for everyday running costs of business. By using an analytical approach of concentric moral economic spheres, the article shows how Islamic and Norwegian moral economy interact through the actions of one entrepreneur. The article further sets out how different scales of decision-making must be analytically separated as the frames and options available to the actors differ significantly, and this may impact on the religious and moral permissibility of certain actions. As such, the article seeks to document the everyday moral hazards of Muslim entrepreneurs in Norway. The article makes a case for the importance of business culture sensitivity, contractual design within the Norwegian Muslim business community, and highlights the need for alternative methods of financing beyond the main questions of mortgages and large-scale business loans.</p>\u0000 </div>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"16 S1","pages":"66-73"},"PeriodicalIF":2.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143389206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On the Design of Islamic Blended Microfinancing for Refugee Entrepreneurship: An Institutional Logic Perspective","authors":"Wahyu Jatmiko,&nbsp;A. Azizon,&nbsp;Raditya Sukmana","doi":"10.1111/1758-5899.13475","DOIUrl":"https://doi.org/10.1111/1758-5899.13475","url":null,"abstract":"<p>Uncovering apt policy for refugee self-reliance is intricate. Refugee entrepreneurship is often hailed as the way forward for such an objective as it deciphers ‘Canvas Ceiling’. However, the lack of financing for <i>unfeasible</i> and <i>unbankable</i> refugee entrepreneurs prevents this from materialising. This article proposes Islamic blended microfinance for refugee entrepreneurship, integrating state support, the private sector, the philanthropic funds, and Islamic values. Our model differs as it is developed through the lens of the competing logic discussed in the institutional theory. Understanding competing institutional logic is crucial as blended finance involves various agents with distinct moral preferences that are often overlooked by policymakers. We test our model in the spatial context of Indonesia, the home of microfinance and blended Islamic finance. The findings outline that the logics of the three agents and religion (Islam) can converge in contextuality and temporality dimensions. A key to attaining this equilibrium is to meticulously design the payoff between the private sector with market logic and the philanthropic institutions with universal community logic, making them contingent on the state of the economy.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"16 S1","pages":"25-37"},"PeriodicalIF":2.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13475","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143389209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Overcoming the Invisible Ceiling for the Empowerment of Refugees and Immigrants Through Islamic Finance","authors":"Mehmet Asutay,&nbsp;Alija Avdukic,&nbsp;Sarah A. Tobin","doi":"10.1111/1758-5899.13486","DOIUrl":"https://doi.org/10.1111/1758-5899.13486","url":null,"abstract":"&lt;p&gt;The 21st century has been marked by continuous political, economic and financial crises on a global, regional and national scale, leading to an unprecedented movement of people in the form of refugees and immigrants. The global refugee crisis has reached unprecedented levels, with millions of people displaced due to conflicts, persecution and natural disasters. Access to adequate finance is critical for refugees, as it significantly impacts their ability to improve their living conditions, access essential services such as education and health care, and create economic opportunities for themselves and their communities. However, refugees often face substantial barriers to accessing financial services, including a lack of appropriate financial products, restrictive regulations and limited awareness among financial institutions about their specific needs. Considering the &lt;i&gt;Shari’ah&lt;/i&gt; compliant requirement of financial transactions, Muslim refugees are particularly face enormous challenges in this regard.&lt;/p&gt;&lt;p&gt;The observed unprecedented human movement has created substantial challenges in generating the necessary funding to help refugees and immigrants establish dignified lives in their new communities. Despite substantial resources directed towards military expenditure and war economies, human security—basic necessities such as food, shelter, education, health, employment and integration—remains critically underfunded. This lack of significantly insufficent support has left many refugee and immigrant communities in precarious living conditions, which unambiguously contrasts with the United Nations' Sustainable Development Goals (SDGs) that aim to eradicate global poverty by 2030. Empowering refugees and immigrants and enabling them to build sustainable livelihoods remains a significant global policy and financial challenge, necessitating exploring alternative economic and financial sources.&lt;/p&gt;&lt;p&gt;A large proportion of refugees and immigrants originate from Muslim-majority countries, presenting a unique opportunity to leverage Islamic finance as a tool for financial inclusion and empowerment. Islamic finance, with its emphasis on social equity, ethical investment and community welfare, offers a range of financial instruments that could be particularly effective in addressing the needs of refugee and immigrant communities. Traditional Islamic social welfare institutions, such as &lt;i&gt;zakat&lt;/i&gt; (obligatory almsgiving), &lt;i&gt;waqf&lt;/i&gt; (endowment) and &lt;i&gt;sadaqah&lt;/i&gt; (voluntary charity), provide significant potential to mobilise resources in support of these segments of populations. In addition to such obligatory and voluntary resources, by providing &lt;i&gt;Shari'ah&lt;/i&gt;-compliant or Islamically authenticated financial services, Islamic finance can enhance financial inclusion for refugees and immigrants, motivating and financing their entrepreneurial skills and supporting the development of businesses.&lt;/p&gt;&lt;p&gt;The application of Islamic finance in supporting ","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"16 S1","pages":"5-6"},"PeriodicalIF":2.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13486","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143389238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Aligning Sustainable Finance and Fintech to Promote an Integrated Approach to Refugee Finance","authors":"Dalal Aassouli,&nbsp;Atieh Hajian,&nbsp;Mehmet Asutay,&nbsp;Rajai Ray Jureidini","doi":"10.1111/1758-5899.13482","DOIUrl":"https://doi.org/10.1111/1758-5899.13482","url":null,"abstract":"<p>The paper aims to assess the global landscape of refugee finance with an overview of global refugee-related financing mechanisms and instruments. Despite the growing refugee population worldwide, most refugee financing mechanisms are characterized by their post hoc, grant-based, small-scale, short-term, and unpredictable nature. This study will analyze the quantum of refugee finance supplied by different donors and intermediary types, the instruments through which they deploy refugee finance, and to where this financing is directed. It will then evaluate their effectiveness in addressing refugee financial inclusion and empowerment. The paper finally suggests alternative instruments and financing mechanisms leveraging Islamic finance, sustainable finance, and fintech. Two key mechanisms are proposed: a Refugee Empowerment <i>Sukuk</i> and a blended finance structure adopting a results-based financing approach. The study recommends developing a proactive approach using event-based financing with early warning triggers, leveraging fintech solutions for traceability and efficiency, and scaling up result-based financing in social impact and humanitarian financing.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"16 S1","pages":"12-24"},"PeriodicalIF":2.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13482","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143389203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Islamic Instruments for Refugee Financing: The IsDB and UNHCR Collaborative Approach","authors":"Altea Pericoli","doi":"10.1111/1758-5899.13476","DOIUrl":"https://doi.org/10.1111/1758-5899.13476","url":null,"abstract":"<div>\u0000 \u0000 <p>Considering the Islamic perspective on forced migration and displacement, along with the conceptual framework of Islamic social welfare instruments as tools for wealth redistribution to support those in need, this study explores the potential complementarity between Islamic and conventional financing in addressing refugees' basic needs and economic empowerment. Specifically, this research examines and compares programs implemented by the UNHCR Refugee Zakat Fund and the Islamic Development Bank (IsDB) to support Syrian refugees in Lebanon and Jordan from 2019 to 2022. To assess the effectiveness of different Islamic social welfare (ISW) instruments in responding to the Syrian refugee crisis, the study analyses projects financed by UNHCR and IsDB in both countries, focusing on the categories of beneficiaries targeted and the types of activities implemented. Which instruments are used by these two organisations, given their distinct mandates and approaches, in supporting Syrian refugees in Lebanon and Jordan? How are they collaborating to establish a shared platform to tackle the global refugee crisis? Can secular and religious forms of financing be considered complementary tools for sustainable financial support? The research addresses these questions and identifies the limits and potentials of using Islamic social welfare instruments as a sustainable tool for refugee financing.</p>\u0000 </div>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"16 S1","pages":"46-56"},"PeriodicalIF":2.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143389204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Qard Hassan (Benevolent Loan) Crowdfunding Model for Refugee Finance","authors":"Rashedul Hasan,&nbsp;M. Kabir Hassan,&nbsp;Mohammad Dulal Miah","doi":"10.1111/1758-5899.13473","DOIUrl":"https://doi.org/10.1111/1758-5899.13473","url":null,"abstract":"<div>\u0000 \u0000 <p>Access to adequate finance can significantly impact the well-being of refugees. Lack of access to funds can lead to poor living conditions, limited access to education and health care and a lack of economic opportunities. While the refugee finance gap is particularly acute in low- and middle-income countries, refugees in both advanced and emerging countries are affected due to the lack of regulations and relevant financial products. There is a lack of awareness of the financial needs of refugees among financial institutions. Therefore, we adopt a qualitative research design and propose a conceptual <i>Qard Hassan</i>-based crowdfunding model to reduce the global refugee finance gap. Our conceptual model is unique and can provide greater flexibility and adaptability for refugee finance. The model could be adapted to different contexts and regions. We also make policy contributions, as our proposed crowdfunding model can help to ensure that the funding is provided in a way that is tailored to the specific needs of the refugee community in various locations.</p>\u0000 </div>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"16 S1","pages":"38-45"},"PeriodicalIF":2.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143389208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial Exclusion, Soft Segregation and Moral Constraints as Drivers of Entrepreneurial Activities in Scottish Muslim Immigrants","authors":"Alija Avdukic,&nbsp;Fawad Khaleel","doi":"10.1111/1758-5899.13481","DOIUrl":"https://doi.org/10.1111/1758-5899.13481","url":null,"abstract":"<p>This study examines financial structures adopted by Muslim immigrant entrepreneurs in Scotland and the challenges they face accessing state-driven financial support. It explores the effectiveness of different financing models, emphasising how religious values and moral concerns shape financial decisions. The study suggests that formal, top-down state support often clashes with strong religious sentiments, prompting entrepreneurs to seek morally aligned, informal financing alternatives. Focusing on Scotland, particularly cities like Aberdeen, Dundee, Edinburgh and Glasgow, the research highlights the financial integration challenges faced by Muslim immigrants, underscoring their entrepreneurial innovations rooted in religious obligations. The paper analyses financial services available to these entrepreneurs, including the Scottish Growth Scheme, and identifies gaps and opportunities within Scotland's financial landscape. Through in-depth interviews with 26 Muslim immigrant entrepreneurs, the findings reveal a dependence on informal financing sources and a reluctance to engage with conventional banks due to religious prohibitions. This study ultimately provides insight into how financial exclusion, coupled with moral and religious constraints, drives innovation and alternative financial practices amongst Scotland's Muslim immigrant entrepreneurs.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"16 S1","pages":"57-65"},"PeriodicalIF":2.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13481","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143389205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Islamic Moral Economy: Bringing Back Substantive Morality to Humanise Islamic Finance","authors":"Mehmet Asutay","doi":"10.1111/1758-5899.13487","DOIUrl":"https://doi.org/10.1111/1758-5899.13487","url":null,"abstract":"<p>The theoretical foundation of Islamic finance is constituted by the Islamic moral political economy, which aims to provide resource accessibility within the permissibility of Islam to all stakeholders. The complementarity and unitarity nature of the Islamic cognitive system essentialises the interest of all the stakeholders in economic and financial decision-making to rescue humans, the environment and land/water. In this privilege-based understanding paradigm, mutuality and solidarity are considered essential pillars. After its initial emergence in the 1970s in its modern form, Islamic finance has been deviating from its origin towards conventional finance's institutional logic rather than locating itself with the objectives of Islamic moral political economy. This paper argues that sustainable development challenges, along with the refugee and immigration crisis, provide Islamic finance with an opportunity to develop its practices within the substantive morality of Islam as an embedded necessity. This paper suggests that developing <i>qard al-hassan</i> (beneficence loan), funds can help Islamic banks and financial institutions at least partially respond to the call of Islamic moral political economy and can also be an effective instrument to ease the challenges faced by refugees and immigrants.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"16 S1","pages":"7-11"},"PeriodicalIF":2.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13487","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143389202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The European Union and the pursuit of global governance in a multi-polar, fractured world","authors":"Nicholas Sowels,&nbsp;Maria C. Latorre,&nbsp;Jan Wouters","doi":"10.1111/1758-5899.13479","DOIUrl":"https://doi.org/10.1111/1758-5899.13479","url":null,"abstract":"&lt;p&gt;It is said that the liberal, rules-based international order that was constructed in the ‘West’ during the &lt;i&gt;Pax Americana&lt;/i&gt; following World War II, and which was successfully extended during the 1990s following the dissolution of the Soviet Union, is now seriously under threat—for many reasons. These include the war launched against Iraq in 2003 by the United States (US) and its allies; China's search for alternative institutions for international cooperation (via its Belt and Road Initiative and the expanding BRICS bloc); Russia's war against Ukraine since February 2022; the war in Gaza, Lebanon and to some extent, the West Bank, prosecuted by Israel in retribution for the 7 October 2023 Hamas attack; and last but not least, the re-election to the American Presidency of Donald Trump on 5 November 2024.&lt;/p&gt;&lt;p&gt;To be sure, war and ‘eliminationist assaults’ (Goldhagen &lt;span&gt;2010&lt;/span&gt;)&lt;sup&gt;1&lt;/sup&gt; did occur repeatedly during the second half of the 20th century, sometimes led by the US and the Soviet Union (respectively, the wars in Vietnam and Afghanistan), sometimes as more local tragedies (like the exterminations of the Pol Pot regime in Cambodia during the 1970s or the Rwanda genocide in 1994). Nor was Europe entirely spared horror after 1945, as the collapse of Yugoslavia in the early 1990s brought with it ‘ethnic cleansing’, the Srebrenica Genocide and rape camps. Moreover, the Balkan wars led to a NATO bombing campaign against Serbia in 1999, to prevent Serbian assaults against the people of Kosovo. While this action was successful, it took place without a mandate by the United Nations (UN) Security Council and paved the way for further use of force in Iraq (2003) and Libya (2011).&lt;/p&gt;&lt;p&gt;Yet, despite all these serious violations of international law, it was thought by many through the 2010s that the international rules-based (liberal) order and global governance were still intact. So, it was with the European Union (EU or Union), which has been the most profound expression of this order, whereby nationalist and potentially bellicose rivalries are set aside and make way for cooperation and competition, framed within the rule of law, democracy and the respect of human rights, in the service of peace. This world seems now largely to be fading, which raises profound questions for the EU and its 27 Member States in pursuing international cooperation and about the very nature and identity of the Union itself.&lt;/p&gt;&lt;p&gt;For the EU, the immediate threats it faces are substantially aggravated by the arrival of the second Trump administration in January 2025. During his election campaign, Donald Trump proposed significantly raising tariffs, widely flagged his lack of interest in NATO and reiterated his disdain for international institutions. A protectionist and isolationist America, deepening its confrontational relationship with China, raises fundamental challenges to the future of the EU, economically, militarily and geopolitically. It raises exis","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S8","pages":"5-6"},"PeriodicalIF":2.2,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13479","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143253371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}