Social sukuk: A new mechanism to fund social services

2017 ◽  
Vol 5 (1) ◽  
pp. 69
Author(s):  
Saadiah Mohamed ◽  
Jaizah Othman ◽  
Othmar Lehner ◽  
Ruhaini Muda
Keyword(s):  
Social Services ◽  
Risk Sharing ◽  
Social Needs ◽  
Islamic Finance ◽  
Social Sector ◽  
Banking And Finance ◽  
Finance Industry ◽  
Financial Products ◽  
The Social ◽  
Asset Class

While the premise of Islamic finance embraces  the principles of maqasid al-shariah and risk sharing with  claims to social justice and welfare, the direct impact of the modern Islamic finance industry and its contribution to the social sector  has been limited. This paper examines the claim among critics that there is an inherent  weakness of the present day Islamic banking and finance in terms of its underdeveloped social sector and argues for the need for new models that will enhance a proliferation of shariah compliant financial products  for solutions in the social sector. The paper examines the emergence in Social finance of  social bonds as new financing tools targeting on  social needs and problems that otherwise would not be tackled.  This paper discusses  the benefits of  structuring such a shariah compliant product and  makes recommendations for structuring this new asset class  referred to in this paper  as social sukuk. 

scholarly journals ISU GLOBAL PEREKONOMIAN ISLAM: Telaah Kritis terhadap Tata Kelola dan Aktivitas Lembaga-lembaga Keuangan Islam

2016 ◽  
Vol 1 (2) ◽  
pp. 111
Author(s):  
Muhdi Kholil
Keyword(s):  
Financial Institutions ◽  
Islamic Finance ◽  
Islamic Banking ◽  
International Forum ◽  
Banking And Finance ◽  
Finance Industry ◽  
Financial Products ◽  
Economic Practice ◽  
The World ◽  
Islamic Economic

<p>Indonesia is to be known widely by the world, which has Islamic finance system different from most countries. Indonesia which is in the international forum of financial syriah known "orthodox" or conservative in the application of Islamic principles recognized the economic practice of Islam which is closer to the economic substance of Islam, and relatively completed all aspects of the economy. Islamic economic development not only in the sectors has been developed such as banking, capital markets and non-bank financial institutions other, but also in extended development of the microfinance sector,  social and financial practices of real business to meet Islamic principles.</p><p>The composition and transaction of Islamic financial products’ Indonesia is a fact that is not owned by other countries which are also developing Islamic banking and finance industry. No wonder, since the majority of developing countries in the world of sharia finance industry with the approach of imitation (mimicry) with conventional, and many experts doubt the originality/economic system of Islamic finance, both conventional and expert on Islamic scholars. But on many opportunities, from seminars, conferences and working group forum, many countries are aware that Indonesia has a different form of sharia industry, the application of Islamic finance that has another color.</p><p>Keyword: Economics, Sharia, Indonesia.</p>

scholarly journals ASSESSMENT OF THE FINANCIAL PROVISION OF SOCIAL PROTECTION ОF PERSONS WITH DISABILITIES IN UKRAINE

2021 ◽  
Author(s):  
Sergiy Kandiba ◽  
Natalia Safonik
Keyword(s):  
Social Services ◽  
Social Protection ◽  
Social Trust ◽  
Well Being ◽  
Social Needs ◽  
Civil Society Organizations ◽  
Gender Mainstreaming ◽  
Insurance Fund ◽  
Persons With Disabilities ◽  
The Social

The article analyses the main sources of financial provision for the social protection of persons with disabilities in Ukraine, including their own resources, budget resources at all levels and resources of enterprises of all forms of ownership; social trust funds, funds of charitable and social organizations and other sources. It is justified that socially oriented objects of expenditure are growing and account for a significant share in the structure of expenditure of the state budget. An analysis of the expenditure of local budgets on the social protection of persons with disabilities showed that expenditure in this area has been increasing since 2015, owing to the reform of decentralization. An evaluation of the activities of civil society organizations of persons with disabilities showed a decrease in the number of persons with disabilities who are employed and in the proportion of expenditures allocated to the social needs of persons with disabilities. Measures to improve the social protection and welfare of persons with disabilities in Ukraine are also financed from social welfare funds. Analysis of the provision of medical and social services by the Social Insurance Fund of Ukraine shows an increase in the number of persons with disabilities as a result of an industrial accident and an increase in the cost of medical and social services. It has been established that financial provision for the social protection of persons with disabilities from charitable organizations is provided in most cases in the form of targeted charitable assistance. The structure of the recipients of charitable assistance by category showed that the proportion of people with special needs among the recipients of charitable assistance was about 10 per cent. On the basis of the study, a number of problems affecting the well-being of persons with disabilities have been identified. Priorities have been set for the development of financial provision for the social protection of persons with disabilities. These include improving the targeting of social assistance, development of locally funded social protection programs, enhancing the social and labour integration of persons with disabilities, gender mainstreaming in the financial provision of social protection for persons with disabilities.

scholarly journals Penghayatan Hidup Bahagia dan Kesejahteraan Pada Kaum Pemulung

2019 ◽  
Vol 2 (2) ◽  
pp. 65 ◽  
Author(s):  
Bonar Hutapea ◽  
Tasya Qurrata Ayun ◽  
Cherika Cherika ◽  
Regina Natashya ◽  
Ricka Noviana ◽  
...  
Keyword(s):  
Social Security ◽  
Social Welfare ◽  
Social Services ◽  
Social Needs ◽  
Central Administration ◽  
Not Given ◽  
Social Functions ◽  
The Social ◽  
The Subject ◽  
Used Goods

The Social Welfare Issuer (PMKS) is a person or family who, because of an obstacle, difficulty or disruption, can not carry out their social functions and therefore can not establish a harmonious and creative relationship with their environment so that they can not fulfill their (physical, spiritual and social) needs adequate and reasonable (Thamrin, Masril & Sembiring, 2016). This research has a point to find out how an illustration the depth to live happily and prosperous people the scavengers. A method is executed by qualitative narrative, by interview depth and observation. Researchers had conducted interviews with two subjects that work as scavengers. Results in getting is the depth to  live happily of both the subject of very simple with the fulfill of needs and there is also social security for them. They could only fulfill their needs by gathering used goods erratic the amounts of each day and it becomes happiness its own for both subject. However in fact what happens is that social services agency and the central administration has not given a guarantee or assistance which could be used by both subject. Researchers advice for governments is to give the assurance that it is set in accordance with law social welfare, so that the scavengers can receive their rights .

scholarly journals DEPOSIT AND FINANCING INSTRUMENTS THROUGH WAQF BANK FOR FOSTERING REAL ECONOMY AND SOCIAL SUSTAINABILITY

2019 ◽  
Vol 4 (2) ◽  
pp. 611
Author(s):  
Muhammad Ridhwan Ab. Aziz ◽  
Mohd Asyraf Yusof
Keyword(s):  
Economic Development ◽  
Risk Sharing ◽  
Global Financial Crisis ◽  
Government Expenditure ◽  
Social Sustainability ◽  
Islamic Finance ◽  
Real Economy ◽  
Financial Products ◽  
Muslim Countries ◽  
The Impact

During the global financial crisis and its aftermath, Islamic financial institutions were less affected, protected by their fundamental operating principles of risk sharing and the avoidance of leverage and speculative financial products. This has led to a greater appreciation of the role of Islamic finance in supporting economic growth across the globe. The contribution of Islamic finance and Islamic social finance especially through waqf sector promotes real economic development and could help to foster real economy and social sustainability.� The impact and contribution of waqf for economic development in fostering real economy and social sustainability can be obverved in many areas such as enhancing economic progress, eradicating proverty, restoring distribution of income, reducing government expenditure, preventing deficit financing and stimulate growth and job creation. Therefore, a new mechanism is needed to support non-bankable and poor customers for financing facilities via Shariah compliant Islamic financial products and services.The purpose of this paper is to examine the most feasible mechanism for deposit and financing instruments based on waqf through Waqf Bank that able to foster and stimulate economic and social sustainability in the real economy sector especially for Muslim countries. The methodology of research in this study is through qualitative research based on interviews with Muslim scholars as well as Islamic banking and waqf practitioners. The finding of this study shows that there is feasible mechanism and modus operandi for the development of deposit and financing instruments in the Waqf Bank that able to be applied in many Muslim countries worldwide.

scholarly journals The Role of Musharakah in the Economic Development of Tehsil Dargai, District Malakand, Khyber Pakhtunkhwa, Pakistan

2019 ◽  
Vol 6 ◽  
pp. 80-97
Author(s):  
Suhail Ahmad ◽  
Ejaz Aslam ◽  
Prof. Dr. S. Ghiasul Haq ◽  
Prof. Dr. Mohd Ma'Sum Billah
Keyword(s):  
Response Rate ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Limited Data ◽  
Khyber Pakhtunkhwa ◽  
Banking And Finance ◽  
Finance Industry ◽  
Muslim Countries ◽  
Job Opportunities

Islamic finance industry has been growing for the last twenty years, both in Muslim and non-Muslim countries around the world. There are different modes of Islamic finance which provide job opportunities across the globe. In Pakistan, the contemporaneous growth of Islamic banking and finance is not different from other countries. Islamic banking and finance does not only provide employment for individuals, indeed it also offers various products and services to customers across the country. Musharakah is a form of business in Islamic finance that is being adopted rapidly by most of the customers in Islamic banking and finance institutions. Therefore, the purpose of this study is to examine the role of Islamic finance, mainly how Musharakah is playing its due role in creating employment and maintaining sustainable development projects which in turn are causes of the development of the economy, particularly of Tehsil Dargai. For this purpose, this study collected data through a questionnaire that was randomly distributed among 100 respondents in Tehsil Dargai, District Malakand, Khyber Pakhtunkhwa (KP), Pakistan and the response rate was 60%. We found that Islamic finance is rapidly growing in Dargai; indeed, people are practicing different modes of Islamic finance and Musharakah is the most popular form of Islamic finance in this area. This study utilizes limited data because it was only conducted in Dargai.

scholarly journals EVOLUTION IN WAQF JURISPRUDENCE AND ISLAMIC FINANCIAL INNOVATION

2018 ◽  
Vol 4 (1) ◽  
pp. 161-182 ◽  
Author(s):  
Mohammad Abdullah
Keyword(s):  
Risk Mitigation ◽  
Financial Innovation ◽  
Evolutionary Process ◽  
Islamic Finance ◽  
Finance Industry ◽  
Financial Products ◽  
Current Scenario ◽  
Charitable Institution ◽  
Investment Tool ◽  
Compare And Contrast

This paper aims to analyse the evolutionary process in the jurisprudential structure of modern waqf (Islamic endowment) and underlines the scope of Islamic financial innovation through the mechanism of waqf. The paper proposes the innovative models of parallel waqf, waqf-based social and financial instruments, waqf-based ṣukūk, micro-takāful, and waqf-based commodity bank. The research adopts the qualitative approach and employs socio-legal research methodology for the analysis. The paper relies on desk-based research. Compared to the classical structure of waqf which was confined within the domain of a perpetual charitable institution, this paper finds that modern waqf has ushered in several new dimensions into its fold. Modern waqf is in the process of re-evolution. Waqf, in the current scenario, has evolved into a financial product, a property-conveyance tool, an instrument of contract, an investment tool, a risk mitigation mechanism and an incorporated entity. The scope of this paper is limited to analysing the jurisprudential evolution of waqf and its impact on the Islamic finance industry. It does not seek to discuss the overall role or impact of waqf on the society as a whole. This paper also does not endeavor to compare and contrast the mechanism and modalities of other philanthropic institutions vis-ā-vis waqf. This paper examines the jurisprudential underpinnings of waqf and their implications and applicability to the Islamic finance industry. The paper draws on the process of how the mechanism of waqf has already been employed to develop various innovative Islamic financial products and how this process can be a catalyst for further innovation in the Islamic finance industry. The main contribution of the paper is encapsulated in the analysis of how the jurisprudential structure of the modern waqf has been evolving in the last few decades to accommodate the modern needs of Islamic finance. It further enumerates a few innovative Islamic financial products which can be developed by exploiting the available flexibility in the evolved version of modern waqf.

scholarly journals Third Sector Organizations in Québec and the New Public Action in Community Development

2015 ◽  
Vol 6 (2) ◽  
Author(s):  
Sebastien Savard ◽  
Denis Bourque ◽  
René Lachapelle
Keyword(s):  
Social Services ◽  
Third Sector ◽  
Social Needs ◽  
Vulnerable Groups ◽  
Third Sector Organizations ◽  
Health And Social Services ◽  
New Public ◽  
The Social ◽  
Central Actor ◽  
The Government

This article presents the context for and particular relations between the state and third-sector organizations in the province of Québec. A typology inspired by Coston and developed by Proulx, Bourque, and Savard is used to describe interactions between these actors. The article documents how an agreement that the private Fondation Lucie et André Chagnon signed with the Government of Québec had an impact on community organizations that respond to the social needs of vulnerable groups. A major repercussion has been the relegation of third-sector organizations to a model between subcontracting and coproductive. This is notable, as the sector had managed to establish itself as a central actor during the previous twenty years, particularly in health and social services, participating in the co-construction of public policies. RÉSUMÉ Cet article aborde la question des relations entre les organismes communautaires et l’État au Québec en mettant l’accent sur le contexte particulier et les dimensions qui les distinguent dans cette province. Une typologie adaptée de Coston par Proulx, Bourque et Savard est utilisée pour encadrer cette réflexion. Nous discutons de l’impact de l’arrivée de la Fondation Lucie et André Chagnon (FLAC) sur le rôle des organismes communautaires après la signature d’une entente entre la FLAC et l’État québécois. Nous observons qu’une des conséquences de cette entente a été de confiner les organismes communautaires à un rôle allant de la sous-traitance à la coproduction alors que, depuis vingt ans, ces organismes avaient réussi à s’établir comme partenaires centraux en contribuant, en co-construction avec l’État, à l’élaboration de politiques publiques.

scholarly journals Managing Shariah Non-Compliance Risk via Islamic Dispute Resolution

2019 ◽  
Vol 13 (1) ◽  
pp. 2 ◽  
Author(s):  
Maria Bhatti
Keyword(s):  
Dispute Resolution ◽  
Institutional Arrangements ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Legal Analysis ◽  
Normative Approach ◽  
Banking And Finance ◽  
Finance Industry ◽  
Governance Systems ◽  
Shariah Governance

This article discusses Shariah non-compliance risk as a form of operational risk intending to ensure that operations in the Islamic and banking finance industry comply with Shariah procedures. In the field of Islamic finance, Shariah non-compliance risk refers to the possibility that Islamic finance transactions may be challenged based on Shariah non-compliance. This article uses a comparative and normative approach as well as a legal analysis of the case of Beximco. The article proposes the management of Shariah non-compliance risk by augmenting the effectiveness of Shariah governance systems with Islamic banking and finance arbitration; arbitration should be an enforced part of Islamic finance institutional arrangements—as it always has been classically—to provide flexibility for dispute resolution. To this end, the article examines contemporary implementations of Shariah arbitration rules to assess how Shariah non-compliance risk can be better managed via Islamic dispute resolution procedures.

Introduction

Cryptoassets ◽  
2019 ◽  
pp. 1-10
Keyword(s):  
Social Sciences ◽  
Regulatory Policy ◽  
Cutting Edge ◽  
High Profile ◽  
Financial Products ◽  
The Social ◽  
Asset Class ◽  
Central Bankers ◽  
Financial Relationships

Cryptoassets are an increasingly high profile and at times controversial asset class of financial products aiming to transform how money is transferred, capital is raised, and financial relationships and obligations are memorialized. This book attempts to demystify these new digital instruments through a series of varying and often interdisciplinary investigations, across economics, law, and the social sciences. Contributors include many of the leading experts in the field, with expertise as technologists, academics central bankers, market regulators and attorneys. In tapping this breadth of views and backgrounds, this book seeks to provide cutting-edge analysis and understanding of cryptoassets—and cryptoasset regulatory policy—for generalists and experts alike.

scholarly journals The internal challenges facing Islamic finance industry

2016 ◽  
Vol 9 (2) ◽  
pp. 222-235 ◽  
Author(s):  
Abdulazeem Abozaid
Keyword(s):  
Product Development ◽  
Design Methodology ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Content Type ◽  
Banking And Finance ◽  
Finance Industry ◽  
Development Methodology ◽  
Shariah Governance

Purpose The paper aims to highlight the challenges facing Islamic finance industry and outline the prospectus of what constitutes a sound Islamic banking product in terms of both its Shariah control and product development methodology. Design/methodology/approach The paper analytically addresses the internal challenges facing Islamic finance industry by highlighting, first, the deficiencies in the existing Shariah supervisory work and, then, the deficiencies in the product development methodology followed in Islamic banks. Findings Islamic banking and finance is facing some internal challenges which require immediate action. Although facing the external challenges may be beyond the capacity of the industry players, Islamic banks have no excuse to overlook or turn a blind eye to their internal challenges which can be overcome by enacting Shariah governance for both products and Shariah control and reforming the methodology of product development. Originality/value This paper highlights an issue that has not received the needed attention, and it proposes the necessary solutions to the problems it identifies.

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