scholarly journals Exploring Potentials of Philanthropic Islamic Financial Instruments in Providing Healthcare Services for Underprivileged

2021 ◽  
Vol 8 (Special Issue) ◽  
pp. 239-260
Author(s):  
Rusni Hassan ◽  
Khairul Fikry Jamaludin ◽  
Mohamad Benaicha
Keyword(s):  
Social Services ◽  
Social Impact ◽  
Relevant Literature ◽  
Healthcare Services ◽  
Healthcare Sector ◽  
Financial Instruments ◽  
Socially Responsible ◽  
Responsible Investment ◽  
Ethical Finance ◽  
Social Impact Bonds

Philanthropic financial instruments utilize donated funds or assets in order to deliver social services for society. NGOs may not be able to operate the social services efficiently in the absence of such funds. Lately, there are plenty of organizations that have taken initiatives to render social services for targeted populations in order to curb social problems such as poverty, hunger, crimes, etc., through the use of some forms of philanthropic instruments including Islamic social finance, ethical finance, and others. Today, however, philanthropic financial instruments such as socially responsible investment (SRI), social impact bonds (SIB), and even Waqf are issued by financial institutions rather than socially driven institutions. As such, they have been treated as commercial financial instruments rather than socially driven mechanisms. This paper aims to elucidate the potentials of selected modern financial philanthropic instruments that deal with the healthcare sector. The strengths and weaknesses of the selected instruments will be assessed to explore their potentials in serving the healthcare services sector particularly for the underprivileged. The healthcare sector is highlighted as the focus of this study due to its relevance to the present challenge of the Covid-19 pandemic. This is an exploratory study that adopts the qualitative method whereby a rigorous review of the relevant literature is conducted to examine the potential that philanthropic Islamic financial instruments can offer in providing healthcare services to the underprivileged. The findings elaborate on three important models of philanthropic instruments, namely social impact bonds (SIB), development impact bonds (DIB), and takaful-waqf models. It was also found that these philanthropic instruments have varied strengths and weaknesses that require rectification in the future.

scholarly journals Islamic Bonds (Sukuk) in Malaysia

ICR Journal ◽  
2015 ◽  
Vol 6 (4) ◽  
pp. 489-508
Author(s):  
Inam Ullah Khan
Keyword(s):  
Middle East ◽  
Social Impact ◽  
Socially Responsible Investment ◽  
Secondary Market ◽  
Socially Responsible ◽  
Responsible Investment ◽  
Responsible Investing ◽  
Social Impact Bonds ◽  
Sustainable And Responsible Investment

This article introduces the various types of sukuk that exist in the Malaysian secondary market. The Malaysian sukuk market was initially debt-based which attracted criticism from the Shariah scholars from the Gulf and Middle East. However, the Malaysian sukuk market made a turn towards equity and ijarah sukuk and ventured into “green sukuk” or socially responsible investment (SRI) sukuk. To facilitate the financing of sustainable and responsible investment initiatives, the Securities Commission of Malaysia (SC) has launched the Sustainable and Responsible Investment (SRI) sukuk Framework in 2014. The introduction of the SRI sukuk framework is seen to be in line with the rising trend of “green bonds” and “social impact bonds” that have been introduced globally to facilitate and promote sustainable and responsible investing. The writer has presented different examples from both regions to show that the gap has been bridged. However, despite this convergence the author recommends a revisit of the controversial debt-based instruments by Malaysian Shariah scholars.  

scholarly journals Sustainable Banking: New Forms of Investing under the Umbrella of the 2030 Agenda

2020 ◽  
Vol 12 (5) ◽  
pp. 2096 ◽  
Author(s):  
Mariano Méndez-Suárez ◽  
Abel Monfort ◽  
Fernando Gallardo
Keyword(s):  
Social Impact ◽  
Positive Impact ◽  
Socially Responsible ◽  
Public And Private ◽  
Responsible Investment ◽  
Valuation Model ◽  
2030 Agenda ◽  
Socially Responsible Investments ◽  
Social Impact Bonds ◽  
Investment Portfolios

(1) Social Impact Bonds (SIBs) foster the relationships between public and private sectors while adding value to new forms of investment that are closely linked to Socially Responsible Investments (SRIs). In this context, Sustainable Developments Goals (SDGs) aim to strengthen global partnerships in order to achieve the 2030 Agenda. Sustainable banking should consider its role in both new responsible investment products and the 2030 Agenda. This study aims to: (i) estimate the ROI of SIBS, (ii) define a financial formulation and a measurement system, and (iii) explain the relationship between SIBs and SDGs. (2) This research analyzes SIBs from an SDG approach, and proposes a valuation model based on a financial options valuation methodology that clarifies the financial value of the world’s first SIB (Peterborough Prison, UK). (3) Findings suggest that investors expect to have a negative return of 16.48%, and that this expected loss may be compensated for by the short- and long-term positive impact of an intervention in society. (4) It is shown that SIBs provide an opportunity to reach SDG 17 and improve sustainable investment portfolios, while providing an opportunity to strengthen a company’s Corporate Social Responsibility policy and its corporate reputation.

Private ethical fund investors across countries and time: a survey-based review

2015 ◽  
Vol 7 (4) ◽  
pp. 379-411 ◽  
Author(s):  
Anett Wins ◽  
Bernhard Zwergel
Keyword(s):  
Keyword Search ◽  
Relevant Literature ◽  
Future Research ◽  
Socially Responsible ◽  
Screening Criteria ◽  
Content Type ◽  
Responsible Investment ◽  
Private Investors ◽  
Ethical Funds ◽  
Fund Portfolio

Purpose – This paper aims to provide an overview of the literature to point out similarities and differences among private ethical investors across countries and time. Over the past three decades, many surveys have been conducted to advance the understanding of the demographic characteristics, motivation and morals of private ethical investors across countries and time. To date, the survey-based evidence on private investors into ethical funds is geographically rather segmented, and the research questions are fairly diverse. This permits only very temporally or regionally selective conclusions. Thereby, the authors identify interesting topics for future research. Design/methodology/approach – To identify the relevant literature for our review, the authors carried out a structured Boolean keyword search using major library services and databases. Findings – When questions about negative screening criteria are presented in a direct investment context, the consensus of private ethical investors “worldwide” (on average) is that social screening issues are most important, followed by ecological and moral topics. The percentage of ethical funds in the fund portfolio of the average private ethical investor in Europe seems to increase when the investor exhibits high degrees of pro-social attitudes and perceived consumer effectiveness. European private ethical investors are of the opinion that ethical funds perform worse but are less risky than conventional funds. Practical implications – The authors make suggestions on how investment companies should design their funds so that they can attract more socially responsible investors. Originality/value – The paper is of particular value because it focuses on private investors in the fast growing retail market of socially responsible investment funds.

Social impact bonds and their application to preventive health

2013 ◽  
Vol 37 (2) ◽  
pp. 199 ◽  
Author(s):  
John L. Fitzgerald
Keyword(s):  
Health Policy ◽  
Social Services ◽  
State Government ◽  
Social Impact ◽  
National Level ◽  
State Level ◽  
Preventive Health ◽  
Role Of Government ◽  
Outcome Monitoring ◽  
Social Impact Bonds

Although preventive health in Australia has been acknowledged as central to national health and wellbeing, efforts to reform the delivery of preventive health have to date produced limited results. The financing of preventive health at a national level is based on outcome- or performance-based funding mechanisms; however, delivery of interventions and activities at a state level have not been subjected to outcome-based funding processes. A new financing tool being applied in the area of social services (social impact bonds) has emerged as a possible model for application in the prevention arena. This paper explores key issues in the consideration of this funding model in the prevention arena. When preventive health is conceptualised as a merit good, the role of government is clarified and outcome measures fully articulated, social impact bonds may be a viable funding option to supplement core public health activities. What is known about the topic? The complexities of outcome monitoring in preventive health are well understood. Likewise, the problem of linking funding to outcomes from preventive health practice has also been debated at length in health policy. However, not much is known about the application of social impact bonds into the preventive health arena. What does this paper add? This paper discusses the limitations and opportunities facing the application of the social impact bond financing model in the preventive health arena. This has not been undertaken previously. What are the implications for practitioners? Social impact bonds have received significant recent attention from federal and state government treasury departments as potential financing tools for government. Health policy practitioners are watching this space very closely to see the outcomes of a New South Wales trial. Health promotion practitioners and primary care practitioners who deliver preventive services will need to keep abreast of this issue as it will have significant impact on their practice if states and territories introduce outcome-based funding processes.

scholarly journals Social impact bonds and fast policy: Analyzing the Australian experience

2020 ◽  
pp. 0308518X2094152
Author(s):  
Jacob Broom
Keyword(s):  
Social Services ◽  
Social Impact ◽  
Document Analysis ◽  
Impact Investing ◽  
Political Debates ◽  
Social Impact Bonds ◽  
Australian Experience ◽  
The Uk ◽  
Scholarly Attention ◽  
Do So

Social impact bonds (SIBs) are attracting an increasing amount of critical scholarly attention. As an outcomes-based mechanism for financing social services, SIBs financialize social policy through the logic of impact investing. Responding to calls for attention to the politics of SIBs’ development, and breaking with the literature’s focus on cases from the UK and USA, this article explores the emergence of SIBs in Australia. It employs the concept of “fast policy,” which theorizes why and how policies move across borders, and describes the contemporary conditions that enable them to do so. Using document analysis, the article explores the discursive devices and practices used to justify the “pulling in” of SIBs to states in Australia. It finds that key actors in the Australian social impact world justified SIBs’ adoption using their synergy with powerful, popular policy discourses and practices, rather than engaging in political debates about their desirability. The Australian experience illuminates the power of intermediaries and the investors they represent over the design and proliferation of SIBs, as well as the roles played by austerity politics, policy experimentalism, and fast policy infrastructures in producing a context in which SIBs could be made real.

scholarly journals IMPLEMENTING ESG CONCEPT IN SHARIA STOCK SCREENING PROCESS

2021 ◽  
Vol 5 (1) ◽  
pp. 1
Author(s):  
Rifka Mustafida ◽  
Najim Nur Fauziah
Keyword(s):  
Social Impact ◽  
Social Dimension ◽  
Investment Portfolio ◽  
Socially Responsible ◽  
Screening Process ◽  
Responsible Investment ◽  
Good Corporate Governance ◽  
Stock Screening ◽  
Almost All ◽  
Sustainability Report

Islam places great importance on moral, environmental and social dimension. Sustainable development is centric to the overlapping factors both Islamic finance and Socially Responsible Investment, which are the economy, the environment and social impact. In contrary, Empirical evidence concerning ESG practice of IFIs and Sharia compliant companies is still lacking. The investment portfolio should therefore be scrutinized on the criteria of justice, social welfare and sustainability. This paper aims to identify sustainability report of Sharia Stocks companies and propose i-ESG index for sharia stocks screening in Indonesia. A qualitative study is used to describe sustainability action doing by Sharia compliant companies listed on Indeks Saham Syariah Indonesia (ISSI) in October 2019. This study found that, almost all the companies shows their Good Corporate Governance, but only a few of company have their sustainability report. Therefore a novel parameter to screen the sharia stocks screening process is urgently needed.  

scholarly journals FINANCIAL INSTRUMENTS AND SOCIAL AND ENVIRONMENTAL RESPONSIBILITY: INTERNATIONAL PRACTICE AND PERSPECTIVES OF IMPLEMENTATION IN UKRAINE

2021 ◽  
pp. 7-13
Author(s):  
Ihor Alieksieiev ◽  
Andriana Mazur ◽  
Kateryna Huryn
Keyword(s):  
Social Impact ◽  
Developed Countries ◽  
Environmental Responsibility ◽  
Financial Instruments ◽  
Current State ◽  
The World ◽  
Social Impact Bonds ◽  
Analysis And Synthesis ◽  
Environmental Development ◽  
Prospects Of Application

Introduction. The effective transition to social and environmental oriented economy is based on numerous factors. In many countries, financial correction is taking place, the main mechanism of which is the transformation of the economy into a new format. Financial intermediation based on the principles of social and environmental financing can have a significant impact on overall progress. Purpose. The purpose of the article is to assess the current state of the Ukrainian financial market within the level of implementation of the studied tools for the possibility of improving the state of social and environmental responsibility. Methodology.During the study, the following methods were used: dialectical method and methods of analysis and synthesis – to study the main options for social and environmental development of the country based on the use of financial instruments that are actively and successfully used by developed countries; statistical method – to analyse of monthly volumes of issue of "green" bonds in the world; structural and logical analysis – to study projects implemented in Ukraine in conjunction with IFC. Results. The application of financial instruments, such as "green bonds", social impact bonds and "green banking", in international practice to increase the level of social and environmental responsibility has been studied. The prospects of application of the researched financial instruments in Ukraine in the context of financing the projects of sustainable development are estimated.

scholarly journals “A Study On The Sustainable Investment Funds With Sepcial Reference To State Bank Of India Esg Mutual Fund Shcemes”

2021 ◽  
Vol 12 (6) ◽  
pp. 261-266
Author(s):  
Dr. A. Anis Akthar Sulthana Banu Et.al
Keyword(s):  
Mutual Fund ◽  
Social Impact ◽  
Secondary Data ◽  
Investment Portfolio ◽  
Socially Responsible ◽  
Equity Fund ◽  
Investment Funds ◽  
Responsible Investment ◽  
Sustainable Investment ◽  
Secondary Data Sources

Socially Responsible Investment (SRI) refers to the allocation of funds in certain practises that have a high social impact. It includes assessing businesses on the Environmental , Social and Governance (ESG) screens. A socially conscious investor may either invest directly in financial markets or through investment instruments such as mutual funds via ESG fund schemes. Very few of the numerous mutual fund organizations have implemented ESG Fund schemes to appeal to SRI investors. The SBI Mutual Fund is the first AMC to follow this and has been benchmarked against the Nifty 100 ESG indices. A correlation analysis is made among the results of the SBI Mutual Fund and the NIFTY to compare the four different types of SBI ESG funds and their sector wise participation in different industries. This research paper is methodological in nature as it interprets the published secondary data sources of the SBI Mutual Fund and the NIFTY indices. The goal of this paper is to assess the efficacy of the ESG Equity Fund in the investment portfolio of mutual fund investors and to enable small and medium-sized investors to contribute their money to ESG-driven mutual fund schemes.

The Impact of ICT and Online Social Networks on Health and Social Services

2013 ◽  
pp. 1224-1243
Author(s):  
José Porfírio ◽  
Marc Jacquinet ◽  
Tiago Carrilho
Keyword(s):  
Social Networks ◽  
Social Services ◽  
Online Social Networks ◽  
Business Models ◽  
New Technologies ◽  
Healthcare Services ◽  
Healthcare Sector ◽  
Health And Social Services ◽  
New Business ◽  
New Phenomena

One of the domains where ICTs’ impact on healthcare and social services can be assessed is through the presence of healthcare interactions in virtual social networks, blogs, and portals. The emerging concept of e-health is covering part of this new phenomena, and the task is to make a clear statement of the problem: what are the relevant dimensions and the impacts of new technologies and practice in health and social services, and how this is changing the present business model in these industries? The present chapter deals with three main issues. The first is the Concept of E-health. The second issue is related to the Healthcare online social networks. In this domain, the authors consider that it is important to distinguish different types of networks, taking into consideration their aim, since they will have different implications both for business as usual and for strategic purposes of different healthcare services’ providers. Finally, the authors assess the ICTs’ impact on healthcare in the domain of e-business. By integrating these different concepts, they demonstrate how ICTs directed to healthcare are changing the underlying structure of healthcare businesses, supplying new business models, and becoming a driver for change and productivity gains, while contributing to infrastructure and skill development to healthcare. These changes are posing interesting strategic challenges to the healthcare sector that is worthwhile to consider and equate in light of the conditions required for success.

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