scholarly journals A LITERATURE REVIEW ON ISLAMIC FINANCE MODES AS AN ALTERNATIVE APPROACH TO FINANCE THE BUSINESS MODEL OF A CIRCULAR ECONOMY

2021 ◽  
Vol 3 (8) ◽  
pp. 31-48
Author(s):  
Ismaila Akintan ◽  
Mohammad Dabiri ◽  
Jubril Salaudeen
Keyword(s):  
Circular Economy ◽  
Business Models ◽  
Balance Sheet ◽  
Secondary Data ◽  
Professional Services ◽  
Islamic Finance ◽  
Service Agency ◽  
Alternative Approach ◽  
Alternative Sources ◽  
Alternative Solutions

This study explores how Islamic Finance Modes can provide alternative sources of financing business models in a circular economy. A comparative analysis of the Islamic Finance Modes such as Musharakah, (Equity Sharing), (Mudarabah), (Silent partnership), Forward sale (Salam), Manufacturing Financing (Istisna), Leasing (Ijarah), Sukuk (Investment Certificate), Qard Hassan (Beneficence Loans), Wakalah, (Agency contract) Kafalah (Suretyship Contract), and Ju’ala (Service Agency) were undertaken in relation to its suitability as a source of financing businesses in a circular economy. This study relies heavily on secondary data through literature reviews and research works of authors and researchers on Islamic Finance and Circular Economy. The study concludes that Ijarah, Sukuk, Qard Hassan, Istisna, Musharakah, Mudarabah, Wakalah, Kafalah, and Ju’ala financing modes are essential for providing alternative solutions to financing challenges confronting business models such as balance sheet extension, working capital, and increased credit risk in a circular economy. This paper recommends that Islamic Banks should review and redesign their products and services in order to cater for financing businesses in a circular economy and also support them by providing professional services in analyzing the creditworthiness of companies and viability of projects.

scholarly journals Circular Economy Model Enhanced by Intelligent Assets from Industry 4.0: The Proposition of an Innovative Tool to Analyze Case Studies

2020 ◽  
Vol 12 (17) ◽  
pp. 7147 ◽  
Author(s):  
Jessica Rossi ◽  
Augusto Bianchini ◽  
Patricia Guarnieri
Keyword(s):  
Case Studies ◽  
Circular Economy ◽  
Business Models ◽  
Industrial Revolution ◽  
Assessment Tool ◽  
Secondary Data ◽  
Business Strategies ◽  
Design Assessment ◽  
Practical Applications ◽  
And Performance

Although the circular economy (CE) is recognized as a source of value creation, there is a huge gap between the vast concept of CE and its practical applications. Particularly, the lack of information and performance indicators, in terms of economic, environmental and social aspects, does not allow for the assessment of the level of circularity of the products, processes or companies. Further development of other circular activities can be limited for this reason. In addition, intelligent assets arising with the digital transformation within the “Fourth Industrial Revolution (I4.0)” can support CE to provide these lacking aspects. Thus, the objective of this paper is to highlight how and how much the circular business models are enhanced by intelligent assets from I4.0, considering several case studies found in the literature, and through the application of an assessment tool with secondary data from the selected case studies. According to the tool, the CE principles are extended to the entire product lifecycle, from product design to product utilization, within the transition to novel business strategies. Two of the considered case studies are represented in the assessment tool, as examples, to demonstrate how intelligent assets can support circular economy in the design, assessment and comparison of circular initiatives. The visualization of existing innovative business models based on CE and enhanced by intelligent assets allows for the complete and effective evaluation of materials, products, assets and processes, due to the fact that information and indicators can be collected to measure and monitor circular efficiency.

An Alternative Approach To User Fee Policy In The Primary Health Care Setting Of Bangladesh.

2020 ◽  
Author(s):  
Nazneen Akhter
Keyword(s):  
Health Care ◽  
Primary Health Care ◽  
Complex Dynamics ◽  
Quality Care ◽  
Secondary Data ◽  
User Fees ◽  
Primary Health ◽  
Alternative Approach ◽  
Benefit Principle ◽  
User Fee

The concept of ascribing user fee in health care settings always remained a policy struggle and countries experienced different learning in this regards while implementing user fee at different tiers of health settings. The most exquisite learning among the many country specific evidences related to user fee are the match and mismatch between the equity principle and benefit principle while considering the client perspective. There is an added dimension of quality care which also add more complex dynamics into this concept since the quality care consideration has a double edged perspective both for clients and providers, where which one will get superiority over whom is a great question in health care, especially in the Primary Health care (PHC) of the country. In this reality the appropriate implementation guideline, followed by an appropriate practice of the administrative and management both service oriented and financial are of great importance in this user fee implementation consideration which always remained a challenge in the health care specially in remote care of PHC. This paper attempted a secondary data searching and scoping the available documents of Bangladesh and across the world to find an alternative approach to user fees policy where equity and benefit principle and quality - these three have to be placed in a well-constructed triad in PHC implementation which has been recommended as an alternative policy imperative in approaching user fees for Bangladesh PHC settings.

Emerging Industrial Revolution: Symbiosis of Industry 4.0 and Circular Economy: The Role of Universities

2020 ◽  
Vol 25 (3) ◽  
pp. 505-525 ◽  
Author(s):  
Seeram Ramakrishna ◽  
Alfred Ngowi ◽  
Henk De Jager ◽  
Bankole O. Awuzie
Keyword(s):  
Economic Growth ◽  
Circular Economy ◽  
Industry 4.0 ◽  
Business Models ◽  
Industrial Revolution ◽  
New Technologies ◽  
Production Systems ◽  
Fourth Industrial Revolution ◽  
New Jobs

Growing consumerism and population worldwide raises concerns about society’s sustainability aspirations. This has led to calls for concerted efforts to shift from the linear economy to a circular economy (CE), which are gaining momentum globally. CE approaches lead to a zero-waste scenario of economic growth and sustainable development. These approaches are based on semi-scientific and empirical concepts with technologies enabling 3Rs (reduce, reuse, recycle) and 6Rs (reuse, recycle, redesign, remanufacture, reduce, recover). Studies estimate that the transition to a CE would save the world in excess of a trillion dollars annually while creating new jobs, business opportunities and economic growth. The emerging industrial revolution will enhance the symbiotic pursuit of new technologies and CE to transform extant production systems and business models for sustainability. This article examines the trends, availability and readiness of fourth industrial revolution (4IR or industry 4.0) technologies (for example, Internet of Things [IoT], artificial intelligence [AI] and nanotechnology) to support and promote CE transitions within the higher education institutional context. Furthermore, it elucidates the role of universities as living laboratories for experimenting the utility of industry 4.0 technologies in driving the shift towards CE futures. The article concludes that universities should play a pivotal role in engendering CE transitions.

scholarly journals Circular Bioeconomy Business Models to Overcome the Valley of Death. A Systematic Statistical Analysis of Studies and Projects in Emerging Bio-Based Technologies and Trends Linked to the SME Instrument Support

2021 ◽  
Vol 13 (4) ◽  
pp. 1899
Author(s):  
Fabiana Gatto ◽  
Ilaria Re
Keyword(s):  
Circular Economy ◽  
Success Factors ◽  
Business Models ◽  
Raw Materials ◽  
Action Plan ◽  
Future Perspective ◽  
The European Union ◽  
Strategic Orientations ◽  
Start Ups ◽  
Valley Of Death

Reducing the environmental pressure along the products life cycle, increasing efficiency in the consumption of resources and use of renewable raw materials, and shifting the economic system toward a circular and a climate-neutral model represent the heart of the current macro-trends of the European Union (EU) policy agendas. The circular economy and bioeconomy concepts introduced in the EU’s Circular Economy Action Plan and the Bioeconomy Strategy support innovation in rethinking economic systems focusing on market uptaking of greener solutions based on less-intensive resource consumption. In recent decades, industrial research has devoted enormous investments to demonstrate sustainable circular bio-based business models capable of overcoming the “Valley of Death” through alternative strategic orientations of “technological-push” and “market-pull”. The study highlights industrial research’s evolution on bio-based circular business model validation, trends, and topics with particular attention to the empowering capacity of start-ups and small and medium-sized enterprises (SMEs) to close the loops in renewable biological use and reduce dependence on fossil fuels. The research methodology involves a bibliographic search based on the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) approach and the European Innovation Council (EIC) Accelerator Data Hub investigation to understand SMEs’ key success factors and start-ups of the circular bioeconomy sector. Eco and bio-based materials, nutraceuticals, and microalgae represent the most sustainable industry applications, leading to circular bioeconomy business models’ future perspective.

scholarly journals From Barriers to Enablers: The Role of Organizational Learning in Transitioning SMEs into the Circular Economy

2021 ◽  
Vol 13 (3) ◽  
pp. 1021
Author(s):  
Sara Scipioni ◽  
Meir Russ ◽  
Federico Niccolini
Keyword(s):  
Organizational Learning ◽  
Circular Economy ◽  
Business Models ◽  
Small And Medium Enterprises ◽  
Sustainable Business ◽  
Fine Grained ◽  
Contextual Elements ◽  
Transfer And Retention ◽  
Multi Level ◽  
Medium Enterprises

To contribute to small and medium enterprises’ (SMEs) sustainable transition into the circular economy, the study proposes the activation of organizational learning (OL) processes—denoted here as multi-level knowledge creation, transfer, and retention processes—as a key phase in introducing circular business models (CBMs) at SME and supply chain (SC) level. The research employs a mixed-method approach, using the focus group methodology to identify contextual elements impacting on CBM-related OL processes, and a survey-based evaluation to single out the most frequently used OL processes inside Italian construction SMEs. As a main result, a CBM-oriented OL multi-level model offers a fine-grained understanding of contextual elements acting mutually as barriers and drivers for OL processes, as possible OL dynamics among them. The multi-level culture construct—composed of external stakeholders’, SC stakeholders’, and organizational culture—identify the key element to activate CBM-oriented OL processes. Main implications are related to the identification of cultural, structural, regulatory, and process contextual elements across the external, SC, and organizational levels, and their interrelation with applicable intraorganizational and interorganizational learning processes. The proposed model would contribute to an improved implementation of transitioning into the circular economy utilizing sustainable business models in the construction SMEs.

scholarly journals DigiPrime: Digital Platform for Circular Economy in Cross-Sectorial Sustainable Value Networks

Proceedings ◽  
2020 ◽  
Vol 65 (1) ◽  
pp. 1
Author(s):  
Elena Mossali ◽  
Marco Diani ◽  
Marcello Colledani
Keyword(s):  
Circular Economy ◽  
Business Models ◽  
Value Added ◽  
Environmental Crisis ◽  
Value Chains ◽  
Economic Opportunity ◽  
Construction Sector ◽  
Digital Platform ◽  
Sustainable Value ◽  
Value Added Products

Circular Economy is the solution for the current environmental crisis, representing a huge economic opportunity to build new sustainable businesses. However, many barriers need to be faced for its implementation at industrial scale—firstly, the lack of data sharing between the different stakeholders of product value-chains. The DigiPrime project is an EU-funded Innovation Action aimed at developing and demonstrating a digital platform with services able to unlock innovative cross-sectorial business models for the remanufacturing and recycling of target value-added products. In this paper, the concept behind the DigiPrime project is reported, with a particular focus on the construction sector.

“Enabling circular business models in the fashion industry: the role of digital innovation”

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Phuc Hong Huynh
Keyword(s):  
Business Model ◽  
Circular Economy ◽  
Business Models ◽  
Digital Technologies ◽  
Theory And Practice ◽  
Chain Model ◽  
Fashion Industry ◽  
Digital Innovation ◽  
Content Type ◽  
Radical Innovations

PurposeDigital innovation and circular business model innovation are two critical enablers of a circular economy. A wide variety of digital technologies such as blockchain, 3D printing, cyber-physical systems, or big data also diverges the applications of digital technologies in circular business models. Given heterogeneous attributes of circular business models and digital technologies, the selections of digital technologies and circular business models might be highly distinctive within and between sectorial contexts. This paper examines digital circular business models in the context of the fashion industry and its multiple actors. This industry as the world’s second polluting industry requires an urgent circular economy (CE) transition with less resource consumption, lower waste emissions and a more stable economy.Design/methodology/approachAn inductive, exploratory multiple-case study method is employed to investigate the ten cases of different sized fashion companies (i.e. large, small medium-sized firm (SME) and startup firms). The comparison across cases is conducted to understand fashion firms' distinct behaviours in adopting various digital circular economy strategies.FindingsThe paper presents three archetypes of digital-based circular business models in the fashion industry: the blockchain-based supply chain model, the service-based model and the pull demand-driven model. Besides incremental innovations, the radical business model and digital innovations as presented in the pull demand-driven model may be crucial to the fashion circular economy transition. The pull demand–driven model may shift the economy from scales to scopes, change the whole process of how the fashion items are forecasted, produced, and used, and reform consumer behaviours. The paths of adopting digital fashion circular business models are also different among large, SMEs and startup fashion firms.Practical implicationsThe study provides business managers with empirical insights on how circular business models (CBMs) should be chosen according to intrinsic business capacities, technological competences and CE strategies. The emerging trends of new fashion markets (e.g. rental, subscription) and consumers' sustainable awareness should be not be neglected. Moreover, besides adopting recycling and reuse strategies, large fashion incumbents consider collaborating with other technology suppliers and startup companies to incubate more radical innovations.Social implicationsAppropriate policies and regulations should be enacted to enable the digital CE transition. Market patterns and consumer acceptances are considered highly challenging to these digital fashion models. A balanced policy on both the demand and supply sides are suggested. The one-side policy may fail CBMs that entail an upside-down collaboration of both producers and consumers. Moreover, it is perhaps time to rethink how to reduce unnecessary new demand rather than repeatedly producing and recycling.Originality/valueThe pace of CE research is lagging far behind the accelerating environmental contamination by the fashion industry. The study aims to narrow the gap between theory and practice to harmonise fashion firms' orchestration and accelerate the transition of the fashion industry towards the CE. This study examines diverse types of digital technologies in different circular business models in a homogeneous context of the fashion industry with heterogeneous firm types.

Heavy Lifters, India: Towards a Circular Economy Era

2021 ◽  
pp. 097226292110435
Author(s):  
Anupama Prashar
Keyword(s):  
Operations Management ◽  
Circular Economy ◽  
Business Models ◽  
Total Cost Of Ownership ◽  
Total Cost ◽  
Planning And Control ◽  
Cost Of Ownership ◽  
Challenges And Opportunities ◽  
And Control ◽  
The Impact

The case helps students to understand the emerging concept of linear and circular economies. It facilitates to examine the implications of circular business models such as remanufacturing on operations management decisions. It also introduces them to the concept of total cost of ownership and impact of remanufacturing on reducing total cost of ownership. The cases help students to evaluate the challenges and opportunities of remanufacturing business in emerging economy like India. This case is among the first few cases on the application of circular economy principles in context of heavy-duty and off-road sector and the impact of these principles on product design and production planning and control decisions.

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