scholarly journals Waqfintech and Sustainable Socio-Economic Development

2019 ◽  
Vol 6 (3) ◽  
pp. 130-141 ◽  
Author(s):  
Magda Mohsin Abdel Mohsin
Keyword(s):  
Economic Development ◽  
Technological Innovation ◽  
Financial Institutions ◽  
Relevant Literature ◽  
Blockchain Technology ◽  
Socio Economic Development ◽  
Islamic Financial Institutions ◽  
Conceptual Paper ◽  
Social Causes ◽  
Financial Technology

This paper aims to discuss the use of financial technology in waqf (Islamic endowment) for funding religious and social causes. It is believed that waqfintech could reach a wider audience and benefit more people in need through the use of innovative financial technology like crowdfunding and blockchain. The main objective of this paper is to introduce the concept of waqfcrowd and waqfcoin as a means of collecting and managing waqf in the digital age. Waqf institutions can thus take advantage of technological innovation to utilise the convenience and efficiency offered by financial technology. This is a conceptual paper which reviews the relevant literature regarding waqf and financial technology. One major limitation of this paper is that it does not discuss the regulatory and operational details of how to institutionalise blockchain technology in different regions. This paper intends to inspire Islamic financial institutions and waqf institutions to harness the potential of waqfintech to raise funds in an effective way.

scholarly journals The Role of Islamic Financial Institutions in the Socio-economic Development in Malaysia

1991 ◽  
Vol 30 (4II) ◽  
pp. 1131-1142 ◽  
Author(s):  
Muhammad Anwar
Keyword(s):  
Economic Development ◽  
Financial Institutions ◽  
Third World ◽  
Critical Role ◽  
Leading Role ◽  
Muslim Countries ◽  
Socio Economic Development ◽  
Islamic Financial Institutions ◽  
The Third World

It is a truism to say that the financial sector plays a critical role in the socio-economic development of any country. Financial institutions provide for effective mobilisation and allocation of savings and this contributes effectively towards socio-economic development. Malaysia, which is, as of now, perhaps the fastest growing country in the third world, is characterised by a well-developed fmancial system. What, however, is unique about Malaysia is that, as in some other Muslim countries, conventional and Islamic fmancial institutions exist side by side, interacting with one another. The development of Islamic fmancial institutions in Malaysia has the potential to play a leading role in serving the Muslim Ummah and contribute towards socio-economic development of the country in conformity with Islamic se~ibilities. Yet their market share is rather insignificant in comparison with the conventional fmancial institutions. As elsewhere, financial institutions in Malaysia provide four distinct types of intermediation in the process of exchanging funds and fmancial instruments among the surplus units and the deficit units - viz., denomination intermediation, maturity intermediation, risk diversification intermediation, and liquidity intermediation.

On Climate Change Risks of Long-Term Socio-Economic Development in Russia

2019 ◽  
pp. 79-95
Author(s):  
N.E. Terentiev
Keyword(s):  
Climate Change ◽  
Economic Development ◽  
Technological Innovation ◽  
Global Climate Change ◽  
Global Climate ◽  
Climate Risk ◽  
Climate Change Risks ◽  
Socio Economic Development ◽  
Management Policies

Based on the latest data, paper investigates the dynamics of global climate change and its impact on economic growth in the long-term. The notion of climate risk is considered. The main directions of climate risk management policies are analyzed aimed, first, at reducing anthropogenic greenhouse gas emissions through technological innovation and structural economic shifts; secondly, at adaptation of population, territories and economic complexes to the irreparable effects of climate change. The problem of taking into account the phenomenon of climate change in the state economic policy is put in the context of the most urgent tasks of intensification of long-term socio-economic development and parrying strategic challenges to the development of Russia.

scholarly journals CSR practices of Palestinian Islamic banks: contribution to socio-economic development

2017 ◽  
Vol 9 (2) ◽  
pp. 133-147 ◽  
Author(s):  
Abdalrahman Mohamed Migdad
Keyword(s):  
Economic Development ◽  
Secondary Analysis ◽  
Annual Reports ◽  
Islamic Banks ◽  
Structured Interviews ◽  
Human Welfare ◽  
Content Type ◽  
Main Research ◽  
Socio Economic Development ◽  
Islamic Financial Institutions

Purpose Corporate social responsibility (CSR) is an important corporate activity that affirms the importance of giving back to the community. This research aims to examine the CSR practices of Palestinian Islamic banks and their contribution to socio-economic development. There is an ongoing debate regarding Islamic financial institutions’ profit motive versus their motivation to achieve human welfare. The Palestinian Islamic banks are not disconnected from this debate, and this paper aims to discuss this issue. Design/methodology/approach For the purpose of assessing the CSR practices of Palestinian Islamic banks, a secondary analysis of the banks’ annual reports was carried out. In addition, 11 structured interviews were conducted with Islamic banks’ practitioners at the decision-making level and with some of the banks’ Sharīʿah board members to gather their views on CSR. These have been analyzed in light of the actual CSR practices disclosed in each bank’s annual reports. Findings The main research findings suggest that the CSR practice is highly valued by the Palestinian Islamic banks, but it is small and has marginal effects on the community’s socio-economic development. Another important observation from report analysis is that Islamic banks have great potential for expansion, given that the demand for Islamic financial transactions is double of what Islamic banks currently offer. If Islamic banks live up to that opportunity, they could deliver more in CSR practices, which is their ultimate goal according to the majority of the interviewees. Originality/value Existing literature has presented findings on the CSR of Palestinian corporations in general, but there is no available literature on the CSR practices of Palestinian Islamic banks. This research attempts to fill in the gap by presenting preliminary findings on Palestinian Islamic banks’ CSR practices.

واقع الصناعة المالية الإسلامية عبر العالم

2018 ◽  
Vol 5 (1) ◽  
pp. 597-624
Keyword(s):  
Economic Development ◽  
Financial Market ◽  
Financial Institutions ◽  
Islamic Banking ◽  
International Level ◽  
Financial Industry ◽  
Positive Growth ◽  
Islamic Financial Institutions ◽  
Asset Size ◽  
Shed Light

ملخص: شهدت الصناعة المالية الإسلامية على مدى العقود الثلاثة الأخيرة تطورات هامة، على مستوى نمو الأصول والموجودات وكذلك على مستوى الانتشار الجغرافي والدولي، وبرزت أيضا كأحد مجالات المنافسة والتأثير على السوق المالي وأصبحت تساهم في التنمية الاقتصادية التي شهد نموها دوليا اتجاها إيجابيا من خلال العديد من المؤسسات المالية الإسلامية. يهدف البحث إلى تسليط الضوء على ما حققته الصناعة المالية الإسلامية ومدى انتشارها على المستوى الدولي مع إعطاء بعض النماذج للصناعة المالية الإسلامية في الدول الإسلامية وغير الإسلامية. الكلمات المفتاحية: الصناعة المالية الإسلامية، الصيرفة الإسلامية، الصكوك، الصناديق الإسلامية، التكافل. Abstract Over the last three decades, the Islamic financial industry has witnessed significant developments, both in terms of asset size and geographical spread. It has emerged as one of the areas of competition and has played a role in influencing the financial market and contributing to economic development which has witnessed positive growth due to the efforts of many Islamic Financial Institutions. The research aims to shed light on the achievements of the Islamic financial industry and its spread at the international level, while giving some examples to the Islamic financial industry in Islamic and non-Islamic countries. Keywords: Islamic Financial Industry, Islamic Banking, Sukuk, Islamic Funds, Takaful.

scholarly journals Capacity building for sustained competitive advantage: a conceptual framework

2016 ◽  
Vol 34 (5) ◽  
pp. 671-691 ◽  
Author(s):  
S. M. Riad Shams
Keyword(s):  
Economic Development ◽  
Competitive Advantage ◽  
Conceptual Framework ◽  
Capacity Building ◽  
Dynamic Capabilities ◽  
Relevant Literature ◽  
Content Type ◽  
Sustained Competitive Advantage ◽  
Rapid Changes ◽  
Socio Economic Development

Purpose – Capacity building is a crucial antecedent for socio-economic development. However, an enhanced capacity that is difficult to develop could quickly be eroded, because of rapid changes in competitive forces in industries and markets. Therefore, this paper intends to analyse the extant strategic management and relationship marketing (RM) literature that deal with competition. Eventually, the purpose of this paper is to develop an alternative route for capacity building process that could sustain competitive advantage in a market or industry, which encounters rapid changes in business competition. Design/methodology/approach – An inductive constructivist approach is followed to support arguments, in order to develop a synthesis from the relevant literature to reinforce the current understandings on capacity building and sustained competitive advantage. Findings – An influence of RM on strategic organisational dynamic capabilities (DCs) is recognised, which appears as significant to sustain DCs and subsequent competitive advantage. Based on this influence, this paper proposes a conceptual framework of capacity building that could survive through the “valuable, rare, inimitability and non-substitutability” test, which is fundamental to sustain competitive advantage. Some empirical insights are developed, in support of this conceptual framework. Practical implications – For research and practice, these insights will be useful to focus on specific attributes in capacity building to sustain the enhanced capacity’s competitive advantage over time, across industries and markets. Social implications – Similarly, the insights will be instrumental to sustain the benefit of capacity building to underpin socio-economic progress. Originality/value – The paper proposes a much needed initial conceptual framework for capacity building to sustain competitive advantage of a hard-earned capacity for socio-economic development.

scholarly journals Al-Mashaqqah Tajlib Al-Tays¬ir Makna Dan Implikasinya Dalam Pengembangan Ekonomi Islam

2018 ◽  
Vol 3 (2) ◽  
Author(s):  
M. Dliyaul Muflihin
Keyword(s):  
Economic Development ◽  
Financial Institutions ◽  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Equal Distribution ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Islamic Economic

The problem of Islamic economics is also increasingly complex with the large number of banks. To meet the needs of transactions, banks have products that are offered to the public. In accordance with the function of the bank, namely collecting and distributing funds to the public. The purpose of channeling funds by Islamic banks is to support the implementation of development, improve justice, togetherness and equal distribution of people's welfare. This paper will answer what is the meaning of al-mashaqqah tajlib al-taysir and how do the Implications of al-mashaqqah tajlib al-taysir in the development of Islamic economy? The result of research shows that the meaning of the rule of al-mashaqqah tajlib al-taysir is the difficulty of bringing convenience. The point is that if implementing a provision of shara' mukallaf faces obstacles in the form of difficulties and limitations that exceed the limits of reasonable capabilities, then the difficulty automatically creates relief provisions. In other words, if we find difficulty in carrying out something that is to be sharia, then the difficulty becomes a justifiable cause to facilitate in carrying out something that is to be provision of sharia, so that we can continue to run the sharia of Allah easily. The implications raised by the rules of al-mashaqqah tajlib al-taysir are the determination of the law of Islamic financial institutions. This impact is seen when Islamic law allows transactions in Islamic banking financial institutions, so that the community will easily meet the needs by transacting with Islamic banking through contracts that have been agreed upon. Keywords: al-Mashaqqah Tajlib al-Taysir, Islamic Economic Development

scholarly journals Blockchain and Smart contract’s contributions to Zakat management system

2020 ◽  
pp. 15-24
Author(s):  
Dhiaeddine Rejeb
Keyword(s):  
Financial Institutions ◽  
Management System ◽  
Financial Sector ◽  
Distributed Database ◽  
Islamic Finance ◽  
Funding Model ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Islamic Jurisprudence ◽  
Islamic Financial Institutions

Blockchain is an open distributed database that carries out transactions on an open decentralized ledger. It is a technology that will probably be the source of a huge digital change especially in the financial sector. The application of this technology has started to take its first steps recently and its importance is undeniable in an emerging and expanding field such as Islamic finance. In this context, the purpose of this article is to study the integration of the blockchain and one of its important components, namely the smart contract in the management of the compulsory Islamic charity the zakat. To do this, we have developed a funding model linking all the stakeholders in question and the diversities of blockchain technology. We were thus able to conclude huge benefits and technical contributions in this context which encourages Islamic financial institutions to develop more models likely to support this technology without ignoring  the compliance with the Islamic jurisprudence rules.

Prospects of Using Virtual Currencies for the Socio-Economic Development of the Country

2018 ◽  
Vol 11 (4) ◽  
pp. 54-59
Author(s):  
M. N. Prokofiev ◽  
E. S. Borisova ◽  
A. V. Vorobyeva
Keyword(s):  
Economic Development ◽  
Virtual Currency ◽  
Fiat Money ◽  
Advantages And Disadvantages ◽  
Blockchain Technology ◽  
Key Characteristics ◽  
Crypto Currency ◽  
Socio Economic Development ◽  
The Future

The subject of research is the influence of virtual currencies on the socio- economic development. The purpose of research was to determine the specific features and development prospects of virtual innovation currencies as currencies of the future. The paper analyzes the virtual currency as a phenomenon of the modern payment system. The key characteristics of the crypto currency, their difference from the fiat money, the interrelation with the blockchain technology are indicated. The dynamics of the crypto currency market capitalization is demonstrated by a bitcoin example. The reasons for the attractiveness of the virtual currency for consumers and the growth of its popularity are revealed. The role of the new currency in the development of the world economy is described. The main advantages and disadvantages of the virtual currency as well as the main threats when using it are highlighted. Two opposing views on the future of the crypto currency are considered. As a result, the role of the virtual currency in the socio-economic development of the state is outlined, the prospects for using the currency in question are forecasted, and the factors contributing to its development are listed. It is concluded that virtual currencies established and distributed as a function of time and speed of introduction of scientific and technical achievements in the financial sphere are a technical and economic innovation of the present.

scholarly journals OPTIMIZING THE DEVELOPMENT OF ISLAMIC FINANCIAL INSTITUTIONS IN WEST SUMATRA: ROLE OF LOCAL WISDOM ANALYSIS OF TUNGKU TIGO SAJARANGAN

2019 ◽  
Vol 7 (1) ◽  
pp. 183
Author(s):  
Mursal Mursal ◽  
Bayu Tri Cahya
Keyword(s):  
Qualitative Research ◽  
Economic Development ◽  
Financial Institutions ◽  
Research Data ◽  
Not Given ◽  
Sociological Approach ◽  
West Sumatra ◽  
Islamic Financial Institutions

<p>This study aims to analyze how the convergence of <em>Tungku Tigo Sajarangan</em> in sharia economic development through Islamic Financial Institutions (IFI), and then constructs how the concept of sharia economic development is based on the local wisdom of <em>Tungku Tigo Sajarangan</em> in developing IFI.</p><p>This research is a qualitative research with a sociological approach. The source of this research data was obtained from the informants who were considered to have information about the focus of this study, namely IFI managers and other informants who were considered to support this research.</p><p>Listening to the data obtained, this study concludes: First, the <em>Tungku Tigo Sajarangan</em> has not given an optimal role in the development of IFI in West Sumatra. Second, optimizing the role of <em>Tungku Tigo Sajarangan</em> in the development of IFI can be strengthened by increasing the synergy with TTS internal and related parties to perform socialization of sharia economic norms in massive, identification of syar'i transaction products, and internalization of <em>adat basandi syarak, syarak basandi kitabullah</em><em>. </em></p><p><strong><em> </em></strong></p>

scholarly journals Modeling the influence of financial sector on real sector of Ukrainian economics

2020 ◽  
pp. 9-12
Author(s):  
Yuliia OMELCHENKO
Keyword(s):  
Economic Development ◽  
Stock Market ◽  
Financial Institutions ◽  
Financial Sector ◽  
Real Sector ◽  
Economic Relations ◽  
Industrial Enterprises ◽  
Depth Analysis ◽  
Socio Economic Development ◽  
The Relationship

Introduction: This paper is devoted to the study of the relationship between the financial and real sectors of the economy of Ukraine. Economic transformations of the domestic economy demonstrate the urgent need for financial bases to stimulate economic development. After all, the stabilization of industrial enterprises and the maintenance of a steady trend of increasing industrial production is directly related to financial security. It is also necessary to clarify possible contradictions between the financial and manufacturing sectors, as well as possible ways to resolve them, because we are talking about the decline or prosperity of the economy. For example, the underdevelopment of financial institutions and the investment of real sector free funds in speculative transactions instead of using them to reproduce fixed capital and increase capacity is one such complication. In turn, a weak financial system cannot provide a sufficient level of investment development, as a result of which the real sector attracts its own funds, which allows to achieve mainly only short-term goals. It should also be noted that the divergence of the financial and real sectors is expressed through certain economic relations. As financial institutions play a significant role in the formation of investment entities, it can be noted that insufficient financial potential and low ability to form a stable financial policy are weaknesses in the socio-economic development of Ukraine. Therefore, a detailed study of the convergence of the financial and industrial sectors can be taken into account in the formation of programs of socio-economic development in crisis or post-crisis conditions. The purpose of the paper is an in-depth analysis of the relationship between the financial and real sectors, as well as the consequences of their divergence. The realization of this goal has necessitated the disclosure of the essence of production and financial institutions, their impact on global crises. The subject of the study was the economic relations of the financial and production sectors and their features in terms of the economy of Ukraine. The object of analysis is cross-sectoral links and trends in their development. The reasons for the separation of these sectors are also investigated. Result. Using the obtained results, an economic-mathematical model of the economy functioning without the direct influence of the financial sector and a model taking into account the financial sector were built. A comparison of the models proves that the stock market has an impact on the productive sector of the economy. Conclusion. The development of the stock market can have a positive effect on GDP growth. However, at the same time it is necessary to regulate the activities of stock market participants to avoid excessive outflow of funds to the speculative stock market.

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