FINANCING RISK MEASUREMENT WITH MAQASHID AL-SHARIA QUALITATIVE RISK

Measurement of financing risk has been dominated by quantitative methods, which insufficiently pay attention to the detailed causes of default risk. So far, the concept of mafsadah in maqashid al-sharia has never been applied in risk management. Thus, the aim of this study is to measure the risk of financing with the qualitative risk assessment method based on maqashid al-sharia by proposing the use of the mafsadah matrix. This research applies qualitative method equipped with a phenomenological approach as observed in Islamic financial institutions in Makassar. Data collection was carried out by observation and interviews with the branch heads, credit analysts, and staff of the Islamic financial institutions. Data analysis and interpretation technique are in line with Miles and Huberman analysis with three stages, namely data reduction, data presentation, and data verification. This study found that there were seventeen risk events with the level of mafsadah tahsiniyyat as many as four events, mafsadah hajiyyyat as many as four events, and mafsadah dharuriyyat as many as nine events. In addition, this research reveals that customers, indeed, fail to pay due to their bad characters and moral hazards (mafsadah dharuriyyat) resulting in liquidity problems in Islamic financial institutions. This is due to the misappropriation of credit committee approval and unresponsive handling of bad financing (mafsadah dharuriyyat) resulting in delays in Islamic financial institutions to further process financing proposals (mafsadah dharuriyyat).==============================================================================================Pengukuran Risiko Pembiayaan dengan Maqashid al-Syariah Qualitative Risk. Pengukuran risiko pembiayaan telah didominasi metode kuantitiatif yang kurang memerhatikan penyebab terjadinya default risk secara detail. Selama ini, konsep mafsadah dalam maqashid al-syariah belum pernah diaplikasikan dalam aspek manajemen risiko. Maka, tujuan penelitian ini adalah untuk mengukur risiko pembiayaan dengan metode qualitative risk assessment yang berbasis maqashid al-syariah dengan menggunakan matriks mafsadah. Penelitian ini adalah penelitian kualitatif dengan pendekatan fenomenologi pada lembaga pembiayaan syariah di Makassar. Pengumpulan data dilakukan dengan observasi dan wawancara terhadap kepala cabang, credit analyst, dan staf karyawan lembaga pembiayaan syariah. Teknik analisis dan interpretasi data menggunakan analisis Miles dan Huberman dengan tiga tahapan, yaitu reduksi data, penyajian data, dan verifikasi data. Penelitian ini menemukan terdapat tujuh belas peristiwa risiko dengan tingkatan mafsadah tahsiniyat sebanyak empat peristiwa, mafsadah hajiyat sebanyak empat peristiwa, dan mafsadah dharuriyat sebanyak sembilan peristiwa. Selain itu, penelitian ini mengungkap bahwa peristiwa nasabah gagal bayar karena karakter buruk dan moral hazard (mafsadah dharuriyat) mengakibatkan masalah likuiditas pada lembaga pembiayaan syariah. Hal ini disebabkan kekeliruan persetujuan pembiayaan oleh credit committee dan penanganan yang tidak responsif atas pembiayaan macet (mafsadah dharuriyat) berakibat keterlambatan lembaga pembiayaan syariah memeroses pengajuan pembiayaan (mafsadah dharuriyat).

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Biological risk assessment: A challenge for occupational health and safety practitioners during the COVID-19 (SARS-CoV-2) Pandemic

Work ◽

10.3233/wor-205302 ◽

2021 ◽

pp. 1-11

Author(s):

Carlos Carvalhais ◽

Micaela Querido ◽

Cristiana C. Pereira ◽

Joana Santos

Keyword(s):

Risk Assessment ◽

Occupational Safety ◽

Assessment Method ◽

Occupational Safety And Health ◽

Risk Level ◽

Biological Risk ◽

Occupational Risks ◽

Qualitative Risk Assessment ◽

Safety And Health ◽

Medium Risk

BACKGROUND: The COVID-19 global pandemic brought several challenges to occupational safety and health practice. One of these is the need to (re)assess the occupational risks, particularly, biological risks. OBJECTIVE: The purpose of this work is to promote guidance to occupational safety and health practitioners when conducting a biological risk assessment in this context. METHODS: The main steps of the biological risk assessment are explained with some inputs regarding the novelty posed by SARS-CoV-2 and an example of a qualitative risk assessment method is presented. Also, its application to two different activities was exemplified. RESULTS: In both cases, the assessment considered that vulnerable workers were working from home or in medical leave. The results showed low or medium risk level for the assessed tasks. For medium risk level, additional controls are advised, such maintain social distancing, sanitize instruments/equipment before use, use proper and well-maintained PPE (when applicable), and promote awareness sessions to spread good practices at work. Employers must be aware of their obligations regarding biological risk assessment and OSH practitioners must be prepared to screen and link the abundance of scientific evidence generated following the outbreak, with the technical practice. CONCLUSIONS: This paper could be an important contribution to OSH practice since it highlights the need to (re)assess occupational risks, especially biological risk, to ensure a safe return to work, providing technical guidance.

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THEORETICAL AND METHODOLOGICAL FUNDAMENTALS OF SELECTION OF AGROINNOVATIVE PROJECTS ON THE BASIS OF THEIR RISK ASSESSMENT

HERALD of Khmelnytskyi national university ◽

10.31891/2307-5740-2020-288-6-43 ◽

2020 ◽

Vol 288 (6) ◽

pp. 261-265

Author(s):

L. Tesheva ◽

◽

V. Hryshchenko ◽

Keyword(s):

Risk Assessment ◽

Quantitative Methods ◽

Impact Analysis ◽

Agricultural Sector ◽

Inclusive Development ◽

Economic Research ◽

Use Of Resources ◽

Qualitative Risk Assessment ◽

The Impact ◽

Selection Of

The focus on the simultaneous solution of social, economic and environmental problems allows to form programs of sustainable and inclusive development, which should be based on innovative projects that provide more efficient use of resources with higher returns, increase productivity, increase the level of intellectualization of production. A special feature of innovative projects is their high level of risk. This has a decisive influence on management decisions regarding their implementation. That is why risk assessment of innovative projects occupies a special place in the field of economic research. The purpose of the article is to substantiate the theoretical and methodological principles of selection of innovative projects by the subjects of the agricultural sector of the economy on the basis of the proposed methods of assessing their risk. It has been established that one of the key aspects of comparing projects and portfolios is risk consideration. The list of risk groups of innovative projects is established. It is proposed to use evaluation by quantitative methods (statistical, analytical, cost-effectiveness method, normative method) and qualitative (impact analysis, probability of loss analysis, expert method). As a result of evaluation, data sets are formed for each individual project, which include the values of quantitative indicators of the effects of agroinnovation, ranking values for qualitative parameters of achieving benefits, quantitative values of risks and integral value for qualitative risk assessment determined using fuzzy sets. The process of assessing the impact of risks on the qualitative parameters of the effects of the implementation of agro-innovative projects and the procedure for assessing the generalized impact of risks on all qualitative parameters on the project using the fuzzy set method are detailed. The implementation of the developed algorithm allows to ensure a synergistic effect from the interaction of agro-innovative projects in the process of ensuring the innovative development of the agricultural sector of Ukraine’s economy.

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Evaluating the Control Banding Nanotool: a qualitative risk assessment method for controlling nanoparticle exposures

Journal of Nanoparticle Research ◽

10.1007/s11051-009-9678-y ◽

2009 ◽

Vol 11 (7) ◽

pp. 1685-1704 ◽

Cited By ~ 86

Author(s):

David M. Zalk ◽

Samuel Y. Paik ◽

Paul Swuste

Keyword(s):

Risk Assessment ◽

Assessment Method ◽

Control Banding ◽

Qualitative Risk Assessment ◽

Risk Assessment Method

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The role of Islamic social finance during Covid-19 pandemic in Indonesia’s economic recovery

International Journal of Islamic and Middle Eastern Finance and Management ◽

10.1108/imefm-07-2020-0351 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Ascarya Ascarya

Keyword(s):

Financial Institutions ◽

Quantitative Methods ◽

Qualitative Content Analysis ◽

Well Being ◽

Safety Net ◽

Economic Recovery ◽

Economic Surplus ◽

Content Type ◽

Islamic Financial Institutions ◽

The Government

Purpose This study aims to propose Islamic solutions to the Covid-19 health and economic crises, specifically using Islamic social finance (ISF) instruments, including zakat, infaq and waqf. Design/methodology/approach This study applies the qualitative content analysis method, guided by a model of composite approaches of poverty alleviation in Islam, integrated Islamic commercial and social finance (IICSF) and crisis management of Umar bin Khattab, to construct various programs and/or policy actions toward economic recovery in Indonesia. Findings The results show that ISF with its instruments, especially zakat, infaq and waqf could help the government and the economy to recover from the crisis. The proposed solutions include: save lives, including medical assistance using zakat-infaq and health-care waqf using waqf; save households, by creating a social safety net and graduation program using zakat-infaq; save businesses, especially micro-small enterprises (MSEs), through financial and business assistance (especially digital marketing) leveraging zakat-infaq-waqf and save financial institutions, especially micro-small financial institutions, by the development of cash waqf and the adoption of fintech and IICSF, especially in Islamic financial institutions targeting MSEs. Research limitations/implications This study is exploratory in nature, which needs further investigations using more sophisticated qualitative and/or quantitative methods. Practical implications If the above programs using ISF instruments are implemented, the economic surplus would be re-established and the acceleration of economic recovery can be realized. Social implications The successful adoption of ISF could at the same time reduce poverty, accelerate MSEs development and improve equitable well-being. Originality/value The Covid-19 pandemic has caused health, economic and social problems, which must be solved holistically, including ISF within IICSF.

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Review and refinement of an existing qualitative risk assessment method for application within an ecosystem-based management framework

ICES Journal of Marine Science ◽

10.1093/icesjms/fsu142 ◽

2014 ◽

Vol 72 (3) ◽

pp. 1043-1056 ◽

Cited By ~ 21

Author(s):

Warrick (Rick) J. Fletcher

Keyword(s):

Risk Assessment ◽

Ecosystem Approach ◽

Assessment Method ◽

International Standards ◽

Risk Scores ◽

Weight Of Evidence ◽

Successful Implementation ◽

Qualitative Risk Assessment ◽

Seamless Transition ◽

Iso 31000

Abstract The adoption of risk-based methodologies is considered essential for the successful implementation of an ecosystem approach to fisheries and broader aquatic management. To assist with these initiatives, one of the qualitative risk assessment methods adapted for fisheries management over a decade ago has been reviewed. This method was updated to ensure compliance with the revised international standards for risk management (ISO 31000) and to enable consideration of ecological, economic, social, and governance risks. The review also addressed the difficulties that have been encountered in stakeholder understanding of the underlying concepts and to increase the discipline in its application. The updates include simplifying the number of consequence and likelihood levels, adopting graphical techniques to represent different consequence levels, and discussing how changes in uncertainty can affect risk scores. Adopting an explicit “weight of evidence” approach has also assisted with determining which consequence scenarios are considered plausible and, where relevant, their specific likelihoods. The revised methods therefore incorporate the conceptual elements from a number of qualitative and quantitative approaches increasing their reliability and enabling a more seamless transition along this spectrum as more lines of evidence are collected. It is expected that with continued application of these methods, further refinements will be identified.

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Urgensi Fatwa DSN-MUI Mengenai Manajemen Risiko Pembiayaan Berbasis Syariah

Al-Manahij Jurnal Kajian Hukum Islam ◽

10.24090/mnh.v15i2.4641 ◽

2021 ◽

Vol 15 (2) ◽

pp. 201-220

Author(s):

Tri Hidayati ◽

Muhammad Syarif Hidayatullah

Keyword(s):

Risk Management ◽

Financial Institutions ◽

Financial Services ◽

Descriptive Analysis ◽

Legal Research ◽

Risk Management System ◽

Technical Risk ◽

Financing Risk ◽

Islamic Financial Institutions ◽

Qualitative Descriptive

Risk management at Islamic financial institutions is still implementing bank Indonesia (BI) and Financial Services Authority (OJK) policies which previously applied the same to conventional financial institutions. The perfection of the enforcement of sharia principles in sharia financing institutions is not enough only in the aspect of transactional mechanisms, it needs to be supported by a sharia-based risk management system. The focus of this research includes the characteristics of Islamic financing, juridical aspects in the principle of prudence, and an overview of the maslahah of the urgency of sharia-based risk management. This research is normative legal research using a statutory approach and a benefits approach with a qualitative descriptive analysis. The results of the discussion show that a dynamic system also needs to be supported by juridical aspects to provide the legal force with the realization of regulatory solidity. At this regulatory level, in addition to the regulations issued by the OJK, the DSN-MUI fatwa is also very necessary and has a very urgent position. Because financing risk management is also part of the sharia economy that must maintain sharia principles, lest the application of sharia principles only exists in product technicalities, but does not apply to technical risk management. The expected sharia is the application of total sharia principles (kaffah), not partial ones.

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AFFECTIVE COMMITMENT AS A MEDIATION VARIABLES EFFECT OF EMPOWERING LEADERSHIP ON EMPLOYEE CREATIVITY

Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) ◽

10.20473/jebis.v7i2.26685 ◽

2021 ◽

Vol 7 (2) ◽

pp. 250

Author(s):

Belbi Alfaris ◽

Muhammad Zakiy

Keyword(s):

Financial Institutions ◽

Structural Equation ◽

Quantitative Methods ◽

Affective Commitment ◽

Positive Influence ◽

Equation Modeling ◽

Employee Creativity ◽

Empowering Leadership ◽

Islamic Financial Institutions ◽

Positive Effect

Leaders are very influential in shaping the creativity of employees in a company. This study aims to determine the effect of empowering leadership on employee creativity with affective commitment as a mediator. This research was conducted at five Islamic financial institutions in Yogyakarta. Respondents in this study amounted to 219 employees from a total of 5 Islamic financial institutions in Yogyakarta. This research uses descriptive quantitative methods with a Likert scale as its measurement. The data obtained were analyzed using Structural Equation Modeling (SEM) and to test the hypothesis using SmartPLS3.2. The results showed that empowering leadership has a positive effect on affective commitment, and empowering leadership has a positive effect on employee creativity. Affective commitment has a positive effect on employee creativity, and affective commitment mediates the positive influence of empowering leadership on employee creativity. Therefore, in creating employee creativity, leaders are needed to empower employees in making decisions in order to create the affective commitment from employees.

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