Role of The Halal Industry in Recovering the National Economy in Covid-19 Pandemic

2020 ◽  
Vol 8 (2) ◽  
pp. 202-214
Author(s):  
Cucu Susilawati
Keyword(s):  
National Economy ◽  
Banking Sector ◽  
Developed Countries ◽  
Online News ◽  
Financial Industry ◽  
National Economic ◽  
Halal Food ◽  
Vigorous Growth ◽  
Business Sectors

The outbreak of the Covid-19 pandemic in Indonesia is attacking not only public health but also the economy. The presence of Covid-19 has many important impacts on developed countries. There are at least four industries most impacted by this pandemic, including households, MSMEs, companies and the financial industry. However, the halal industry is believed to be more resilient to the Covid-19 pandemic. This durability is because of the principles attributed to the halal sector, namely the importance of fairness, balance and openness. The author’s goal is therefore to carry out more in-depth research on the role of the halal industry in supporting the national economy, which is under pressure because of the COVID-19 pandemic. This type of study is a literature review with a material analysis approach that explores the conditions of the halal industry in Indonesia in depth. The material received is as books, published information, and online news. The findings of this study reveal that there are three halal business sectors that are believed to be more vulnerable to the Covid-19 pandemic in order to facilitate national economic recovery. Halal finance, halal food and halal fashion industries are among them. Halal finance from both the banking sector and the Islamic stock market has proved to be more robust than the mainstream financial sector. Besides guaranteed halal food, its wellbeing is also guaranteed, and halal fashion is now on the rise as Muslim fashion is increasingly innovative and global. We believe the three of them to have experienced vigorous growth, and also to continue to draw customers. And also after the Covid-19 pandemic, these three sectors could survive. Thus the halal industry also contributes to Indonesian economy.

scholarly journals Directionality of Education – Balanced Education and Integration of Educational Systems in the National Economy

Equilibrium ◽  
2013 ◽  
Vol 8 (2) ◽  
pp. 101-113
Author(s):  
Wiktor Morohin ◽  
Aleksandrs Rubanovskis
Keyword(s):  
Economic Growth ◽  
National Economy ◽  
Driving Force ◽  
Developed Countries ◽  
Educational Systems ◽  
High Quality ◽  
National Economic ◽  
The World ◽  
National Economic Development

The quality of the workforce is a precondition for economic growth of a society. One of the main indicators of these preconditions is education. The effectiveness of economies of developed countries is based on the high quality of knowledge. As a resutl the quality and balanced education determines the rating of a state in the world and serves as a driving force of national economic development. The aim of the article is to identify opportunities that will allow integrating the balanced education in the educational systems of the national economy.

Corporate Social Responsibility of Public Banking Sector for Sustainable Development

2019 ◽  
pp. 467-488
Author(s):  
Naglaa Fathy El Dessouky
Keyword(s):  
Sustainable Development ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Banking Sector ◽  
Developed Countries ◽  
The Sustainable Development ◽  
The Public ◽  
The Developed Countries ◽  
Corporate Social

Corporate Social Responsibility (CSR) has become a significant field of studies to stress the importance of the new role of organizations towards the society for sustainable development. Nowadays, an enormous number of authors have been participating in this field to highlight the responsibility of organizations towards the community, society and the natural environment where they are operating. Despite the growing number of researches related to CSR in the developed countries little empirical studies have been devoted to examine CSR concept and practice in the African countries, the MENA region (Middle-East and North Africa), as well as in the Golf countries. This chapter seeks to study CSR concept and practice in the emerging market economies (EMEs). It will mainly focus on the implementations of CSR by the public banking sector. We will investigate the role of the public banking sector existing in an Arab country in comparison to an Asian country to explain and analyze the similarities and differences of CSR activities in both experiences. In this comparative study we will primarily examine Banque Misr, as one of the oldest and largest public bank in Egypt and the Malayan Banking Berhad (trading as Maybank) as the largest public bank in Malaysia. After a meticulous review of literature, we propose a systemic framework to study CSR practices and policy implementations. We illustrated the CSR as a constant process where all variables are interrelated and are affecting each other in a mutual approach. In this systemic framework we advocated to study all significant variables related to CSR practice as: the history/philosophy development, core-values, CSR adopted definition, motives, key players, approaches, stakeholders focus, sectors of intervention and mechanisms of policy implementations. The chapter concludes that common CSR policies exist between the Malaysian and the Egyptian experience. Nevertheless the Malaysian model has formulated an elaborated and further sophisticated CSR public banking program. Meanwhile, the Egyptian model needs to adopt more global oriented CSR public banking policies, in particular to assure the sustainable development requirements.

scholarly journals Beyond Subsidies: A Study of Sustainable Public Subordinated Debt in Spain

2019 ◽  
Vol 11 (4) ◽  
pp. 1049
Author(s):  
Elisabeth Bustos-Contell ◽  
Gregorio Labatut-Serer ◽  
Samuel Ribeiro-Navarrete ◽  
Salvador Climent-Serrano
Keyword(s):  
Developed Countries ◽  
Cash Flows ◽  
Ordinary Least Squares ◽  
Least Squares Regression ◽  
Economic Stability ◽  
Subordinated Debt ◽  
Public Authorities ◽  
Financial Measures ◽  
National Economic

Evidence from business shows that small- and medium-sized enterprises (SMEs) are fragile. They suffer from a high mortality rate that primarily owes to difficulties in securing financing as a result of major information asymmetries. Despite these difficulties, SMEs provide the economic backbone of all economically developed countries. Aware of the key role of SMEs in national economic stability and of the financial problems that SMEs face, governments have designed a range of financial and tax measures to protect them. These financial measures include a highly specific form of public financing called subordinated debt. This concept refers to debt with the lowest credit seniority, just before equity. Subordination makes sense when companies go into liquidation because subordinated debt creditors are the last creditors to receive repayment, making recovery of this debt virtually impossible. Therefore, the risk borne by lenders of subordinated debt is similar to that of shareholders of the borrowing firm. This paper presents an ordinary least squares regression model to estimate the cash flows of SMEs financed by public subordinated debt. This provides public authorities with a tool to estimate the ability of SMEs to repay their debt and to thereby ensure that public subordinated debt financing is sustainable.

scholarly journals Attracting Foreign Investment in The Development of the Economy of Uzbekistan through the Organization of Free Economic Zones

2018 ◽  
Author(s):  
Bakhtiyor Ishmukhamedov
Keyword(s):  
Foreign Investment ◽  
National Economy ◽  
Developed Countries ◽  
Factors Affecting ◽  
Economic Relations ◽  
Strategic Plans ◽  
Economic Zones ◽  
Further Development

The article analyzes the role of free economic zones in Uzbekistan and the investment attractiveness of the country and further improvement of this area. Factors affecting the volume of foreign investment entering free economic zones. The concept of integrating science and production, the organization of scientific laboratories in regional small economic zones, the processes of their development. Strategic plans for the development of the national economy, the introduction of the experiences of developed countries, the formation and renewal of foreign economic relations. Also, current barriers were carefully studied, relevant conclusions and recommendations for the further development of this sector were presented.

scholarly journals The role of executive bodies as subjects of the economic security system of Ukraine

2021 ◽  
pp. 86-92
Author(s):  
V.I. Melnyk
Keyword(s):  
National Economy ◽  
Legal Status ◽  
Economic Security ◽  
Security System ◽  
Effective Protection ◽  
Proper Functioning ◽  
National Economic ◽  
The Stability ◽  
Definition Of

The article is devoted to the role of executive bodies as subjects of the economic security system of Ukraine. Attention is drawn to the importance of effective administrative activity as one of the basic preconditions for the proper functioning of various branches of the economic sector. It is noted that such activity is of great strategic importance in the issues of ensuring the stability of the national economy and facilitating the necessary development of the latter. An attempt is made to prove that an important role, given their goals, objectives, functions and constitutionally established appointments, is assigned to the executive authorities to facilitate the proper functioning of the national economic system. It has been noted that, among all other bodies of State power, entities have undoubtedly played a significant role in this process and have a special place in the existing State machinery. Attention is drawn to the issues of the concept, as well as to the definition of the structure of the administrative and legal status of the subjects in question. The purpose, tasks and functions of executive bodies as subjects of the system of economic security of Ukraine are defined and characterized. Competence of the said structures in this direction of scientific research is determined, key powers of executive authorities as subjects of the national system of economic security are singled out. It is noted that great importance is given to development of general and coordinated activity of executive authorities, taking into account complexity and multifaceted nature of national economy. It has been noted and an attempt has been made to prove that strengthening external and internal cooperation is a weighty prerequisite for the effective protection of the economic component. It is pointed out that this is especially important in the context of active globalization processes, including those related to the economic sphere. It is noted that such practice also takes place in most EU countries and shows positive statistics from this activity.

scholarly journals EKONOMI POLITIK DALAM PEMBANGUNAN INDUSTRIALISASI GLOBAL

SIMAK ◽  
2018 ◽  
Vol 16 (02) ◽  
pp. 167-181
Author(s):  
Ely Steven Ingratubun ◽  
Wihalminus Sombolayuk
Keyword(s):  
Political Economy ◽  
Global Economy ◽  
Developed Countries ◽  
Global Competitiveness ◽  
Economic Relations ◽  
Economic Fundamentals ◽  
National Economic ◽  
The World ◽  
World Economic

The dynamics of globalization and liberalization of the world economy are moving so fast, encouraging increased openness of economic relations between nations. Through various trade agreements, such as APEC, AFTA and CAFTA, competition is increasing. According to the World Economic Forum on global competitiveness, Indonesia was ranked 69th (among 177 countries studied) in 2004 and fell to 74th in 2005 .. The development of industrialization in the global economy is a step strategy in response to economical globalization. The involvement of Indonesia in the global economic cooperation has increased its national commitment, both in undergoing economic liberalization and in developing its national economic competitiveness. This research illustrates Indonesia's political challenges in responding to the dynamic changes of the global economy. So this research is in the form of a literature review of the literature on political economy about the development of global industries as one of the central economies of a country, especially Indonesia in order to stabilize future economic fundamentals. This study aims to find out and explore the role of political economy in the development of global industries in each country, both developing and developed countries and this research to determine the extent to which the role of global industrialization affects the economy of a country in the future.

Research on the Sports Economy Effection in National Economic Development

2014 ◽  
Vol 556-562 ◽  
pp. 6519-6521 ◽  
Author(s):  
Chun Hua Jiang ◽  
Feng Liang
Keyword(s):  
Economic Development ◽  
National Economy ◽  
Rapid Development ◽  
Developed Countries ◽  
Economic Activities ◽  
Initial Stage ◽  
National Economic ◽  
Social And Economic Development ◽  
National Economic Development

With the rapid development of our country, the statue of sports economy is becoming more and more important in the national economy. The sports economy refers to the sports related economic activities, it is the product of social and economic development to a certain period. Nowadays, the sport economy in our country is till at its initial stage comparing to some developed countries. In this paper, we analyze the sports economy impact in the national economic development. The relationships between sports economy and national economic development have been deeply researched. Finally, some conclusions are proposed in this paper.

scholarly journals Model Pengembangan Industri Halal Food di Indonesia

2018 ◽  
Vol 9 (1) ◽  
pp. 1
Author(s):  
Faqiatul Mariya Waharini ◽  
Anissa Hakim Purwantini
Keyword(s):  
Value Chain ◽  
Food Industry ◽  
Financial Industry ◽  
Chain Management ◽  
Value Chain Management ◽  
Control Stage ◽  
Halal Food ◽  
Last Stage ◽  
Logistics Process

AbstractThe development of the halal industry will become more competitive with the involvement of the financial industry and sharia banking sectors. This study aims to explore the role of sharia banking in the development of halal food industry in Indonesia. The research method used is descriptive qualitative method with literature review. Based on the results of the analysis, it can be concluded that the role of sharia banking is not only limited to shariah-based financing which is riba (interest), maysir (uncertainty), and gharar (gambling), but also at all stages of production process (halal value chain management). Sharia banks play important role that can use to develop and improve the halal food industry. First on the halal control stage, the second on the logistics process and the last stage of halal verification.AbstrakPengembangan industri halal akan menjadi lebih kompetitif dengan keterlibatan dari sektor industri keuangan dan perbankan syariah. Penelitian ini bertujuan untuk mengeksplorasi peran perbankan syariah dalam pengembangan industri makanan halal di Indonesia. Metode penelitian yang digunakan adalah metode kualitatif deskriptif dengan telaah literatur. Berdasarkan hasil analisis, dapat disimpulkan bahwa peran perbankan syariah tidak hanya terbatas pada pembiayaan berbasis syariah yang bebas riba (bunga), maysir (ketidakpastian), dan gharar (perjudian). Akan tetapi juga pada seluruh tahapan proses produksi (halal value chain management). Peran penting yang dapat dilakukan perbankan syariah guna mengembangkan dan meningkatkan industri makanan halal, diantaranya dalam tiga proses halal integrity. Pertama pada tahap pengendalian halal, kedua pada proses logistik dan terkahir tahap halal verification.

scholarly journals The Essence and Specific Characteristics of the Fiscal Mechanism for Regulating the Investment Development of the National Economy

2020 ◽  
Vol 9 (3) ◽  
pp. 78
Author(s):  
Viktoriia Rudenko ◽  
Ruslan Voloshchuk
Keyword(s):  
National Economy ◽  
Self Regulation ◽  
Developed Countries ◽  
The State ◽  
Market Mechanism ◽  
Investment Activity ◽  
Role Of The State ◽  
Investment Process ◽  
The Impact

The issues of the place and role of the state in the investment process has not lost relevance for many decades. Some scholars, appealing to the experience of developed countries, propose to minimize the role of the state in the investment sphere. This view is based on the fact that state participation cannot ensure a more efficient allocation of investment resources than a market mechanism of self-regulation. Other scholars believe that all the troubles in the economy are due to the fact that the state has minimized its influence on the investment sector, thereby causing a decrease in its activity. Obviously, both positions of scientists cannot be rejected mechanically. However, the practice of conducting investment activities in Ukraine has clearly shown that the state's departure from the investment sphere has actually cleared the way for anarchy and inconsistency in the investment process. At present, the state is obliged to influence investment activity by choosing effective means of its regulation, relying primarily on the fiscal mechanism. The article is devoted to the study of the essence of the fiscal mechanism for regulating the investment development of the national economy and the identification of its specific features. The specifics of the scientific tasks that are the subject of the study required the use of a set of special methods, the use of which helped to analyze the essence of the fiscal mechanism for regulating the investment development of the national economy and to highlight its specific characteristics. The etymology of the concept of “fisc” is considered in the article. Approaches to the interpretation of the term “mechanism” are highlighted. The economic meaning of the definition of “regulation” is substantiated. The essence of the fiscal mechanism for regulating the investment development of the national economy is determined. The specific features of the fiscal mechanism for regulating the investment development of the national economy are singled out and characterized. The study found that the impact of the fiscal mechanism on the investment development of the national economy is due to its specific characteristics and the focus of its components at solving specific problems and achieving a real effect due to financial resources that are formed, distributed and used to meet the investment needs of economic entities.  Keywords: fisc, mechanism, regulation, investment development, fiscal mechanism for regulating the investment development of the national economy

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