Islamic Banking in Pakistan

2020 ◽  
pp. 61-77
Author(s):  
Muhammad Bilal Zafar ◽  
Ahmad Azam Sulaiman
Keyword(s):  
Empirical Data ◽  
Market Performance ◽  
The State ◽  
Islamic Banking ◽  
Background Current ◽  
Current State ◽  
First Choice ◽  
The Reformation ◽  
The Government ◽  
Future Policy

Since 1960, after a trial of almost 40 years, the reformation of economy of Pakistan from conventional to Islamic could not be achieved. Since 2000, the government changed the strategy to gradually Islamize the economy and adopted a dual system. In this ambit, the State Bank of Pakistan deliberately announced the vision to make the Islamic banking as first choice for users of banking in Pakistan. This chapter bring insights on the background, current state, issues, challenges, and avenues of future policy regarding Islamic banking of Pakistan. The empirical data about Islamic Banking has been collected from the State Bank of Pakistan for the period 2003-2018. This is to evaluate the current state in terms of market performance, modes of Islamic financing, and financing portfolios of Islamic banking. The findings of this chapter show there is a substantial lack of interest by the government to develop the Islamic banking, and Islamic banking is also deviating from its social and ethical proclaims.

scholarly journals The History of Cultural Policy in Indonesia 1900s-2000s

2016 ◽  
Vol 28 (1) ◽  
pp. 62
Author(s):  
Wildan Sena Utama
Keyword(s):  
National Culture ◽  
Cultural Policy ◽  
Cultural Practice ◽  
The State ◽  
Colonial Period ◽  
Government Policies ◽  
The Reformation ◽  
History Of ◽  
The Government ◽  
The Relationship

This book investigates how culture, particularly national culture, in Indonesia has been shaped by the government policies from the Dutch colonial period in 1900s to the Reformation era in 2000s. It is an attempt to show the relationship between the state and culture around the process of production, circulation, regulation and reception of cultural policy through different regimes. Although this book discusses government policy, the author has realized that the book needs to overcome contradictions and confusions of cultural discourse by incorporating people as explanatory element. Many aspect of culturality may be influenced by the state, but according to Jones, “it is a field that is not stable and easy to shift that facilitates resistance, and is able to turn against the state, market and other institutions” (p. 31). Jones employs two postcolonial cultural policy tools to review the history of cultural policy in Indonesia: authoritarian cultural policy and command culture. The first means that the state has assumption if majority of citizen do not have capability to inspirit a responsible citizenship and need a state’s direction in the choice of their culture. On the contrary, command culture shows that the cultural idea that is planned in fact always been placing the state as center in planning, creating policy and revising cultural practice.

scholarly journals Ideology and Pragmatism: Discourse Factors in Infrastructure Development in Indonesia’s Jokowi-JK Era

2019 ◽  
Vol 4 (2) ◽  
pp. 297
Author(s):  
Fredick Broven Ekayanta
Keyword(s):  
The State ◽  
Infrastructure Development ◽  
Economic Policies ◽  
Development Discourse ◽  
Dominant Discourse ◽  
Ernesto Laclau ◽  
Role Of The State ◽  
The Reformation ◽  
The Government

The discussion about development discourse in a country talking about how an idea affect economic policies. In Indonesia, the development discourse continues to change depending on the ruling regime. After the reformation, the dominant discourse is a neoliberal one that minimizes the role of the state in development. During the reign of Jokowi-JK, however, the role of the state strengthened. The government plans to build a massive infrastructure of the physical economy. The government legitimized its choice of action as the implementation of the Pancasila and Trisakti ideologies. Using the theories of Ernesto Laclau and Chantal Mouffe, this article argues that the state legitimizes its policies as implementing ideology by building infrastructure development discourse, but covers only pragmatic practices that occur. The practices themselves are pragmatic because the government ignored the fate and rights of citizens affected by infrastructure development.

Combating corruption in Pakistan

2016 ◽  
Vol 5 (2) ◽  
pp. 195-210 ◽  
Author(s):  
Feisal Khan
Keyword(s):  
The State ◽  
Decision Makers ◽  
Ruling Elite ◽  
Policy Makers ◽  
Content Type ◽  
Current State ◽  
British Colonial ◽  
The Government ◽  
Systemic Corruption ◽  
Institutional Capabilities

Purpose – The purpose of this paper is to analyze the current state of corruption in Pakistan and evaluate attempts by the government to combat its entrenched corruption culture. Design/methodology/approach – The paper shows that Pakistan’s legacy of British colonial rule, its ethno-linguistic conflict and alternating civilian governments and military coups have weakened institutional capabilities, hindered capacity building and allowed systemic corruption to flourish there. Pakistan’s many anti-corruption efforts failed because they were used to attack political foes instead of strengthening institutional capabilities. Findings – Pakistan has maintained its highly authoritarian form of governance inherited from the British in 1947. The ruling elite view the state as a milch cow for their personal enrichment and this attitude is also reflected in the performance of its bureaucracy. Existing rules of conduct and administration are not enforced as citizens encounter corruption in their dealings with officials. At the policy level, key decisions are often made to benefit the decision makers. The paper concludes that without political will no significant improvement in the state of corruption in Pakistan is likely to occur. Originality/value – This paper will be useful for scholars, policy-makers and anti-corruption practitioners who are interested in corruption in Pakistan and whether the apparent institutionalization of parliamentary democracy has reduced corruption there.

scholarly journals Whither Religious Moderation? The State and Management of Religious Affairs in Contemporary Indonesia

2019 ◽  
Vol 26 (3) ◽  
Author(s):  
Ismatu Ropi
Keyword(s):  
The State ◽  
Religious Toleration ◽  
Religious Groups ◽  
Religious Texts ◽  
Faith Based ◽  
Religious Symbolism ◽  
Middle Way ◽  
The Reformation ◽  
Religious Liberalism ◽  
The Government

The extent of religious values and symbols in encompassing the direction of Indonesian nation-state from the beginning of modern Indonesian history was the most popular determinant contestation in Indonesian political activism along with the emergence of the new sentiments of nationalism and anti-colonialism.  Following the embracement Pancasila, Indonesia would be neither a secular state in which religion was absolutely separated from the state nor a religious one where the state was organized on one particular faith.  Bearing in mind that religion is very important in the state system, the state normatively defines its role in the religious affair, as clearly outlines in the Constitution, paving the way for the government to take religious affairs as part of its service. For many decades, the government is very active in promoting religious toleration among the communities given to the heterogeneities of religious groups in Indonesia. Following the Reformation era, Indonesia has witnessed new waves of religious revivalism, putting religious symbols into the center of the stage.  To some extends, this such revivalism tends to undermine differences within particular religious groups glorifying the supremacy of a particular religious outlook and practices and opposing a more tolerant and inclusive understanding of religion. In turn, it also leads to rejecting the notion of a peaceful co-existence between different faith-based communities.  At the same time, Indonesia also witnesses the emergence of religious liberalism undermining the meaning of religious symbolism, ignoring the basic norms that have been preserved in religious texts. It seems imperative, therefore, for the government to promote the middle way in understanding and practicing religious life in Indonesia. This is the essence of religious moderation in contemporary Indonesia.

THE CURRENT STATE OF THE BANKING SYSTEM OF SAUDI ARABIA

2017 ◽  
Author(s):  
Maryna Korol ◽  
◽  
Olha Shumnegra ◽  
Keyword(s):  
Saudi Arabia ◽  
Financial Services ◽  
Banking Sector ◽  
Banking System ◽  
Scientific Publication ◽  
Islamic Banking ◽  
Historical Aspect ◽  
Current State ◽  
The Government ◽  
And Control

This scientific publication analyzes the current state of the banking system of the Kingdom of Saudi Arabia. The peculiarities of the functioning of the Islamic banking system, the main types of financial products provided by banks and the laws under which financial services are provided to Muslims are identified. The basic principles of Islamic banking, which are prescribed in the Sharia, are described, such as, for example, the exclusion of interest on all financial transactions. There is also a list of major Saudi banks and foreign affiliates operating in the country. The historical aspect of the formation of the banking sector is studied. The main financial indicators are analyzed: the dynamics of assets, liabilities, the number of loans to private and corporate clients, the share of Saudi assets in global Islamic finance. Attention is also paid to the prospects and success of the stock market. The issue of management and control over the activities of banks and its role are studied. a list of specialized credit institutions established by the government to provide highly specialized loans to citizens of the kingdom. The positive dynamics of all indicators even in the conditions of global crises, thanks to the well-laid foundation and the further strategy concerning functioning in the conditions of the world pandemic are allocated. The list of the main internal problems which can suspend growth in the future is considered. The issue of the country's dependence on oil prices, with further impact on financial diversification, is considered separately. The prospects of the banking system of Saudi Arabia in the near future, and the role of the Kingdom as a partner in financial relations for the domestic economy are determined. Conclusions are made on the basis of the conducted research and prospects of further strategic development in this direction.

Excluded from Political Task: NGO s’ Marginalized Participation in China’s Accurate Poverty Alleviation Project

2021 ◽  
Vol 12 (2) ◽  
pp. 161-180
Author(s):  
Zheng Yang ◽  
Hanxing Zheng ◽  
Wenyan Tu ◽  
Yuzhuo Chen
Keyword(s):  
Local Government ◽  
Empirical Data ◽  
Poverty Alleviation ◽  
Central Government ◽  
Financial Resource ◽  
The State ◽  
Rational Behavior ◽  
Limited Participation ◽  
The Government

Abstract The importance of NGO s’ participation in poverty alleviation has not only been well documented by extensive studies but also confirmed by rich experience both at the international and national levels. In China, the government officially opened its resources to NGO s in combating poverty in 2005, and NGO s are expected to work as important participants in China’s accurate poverty alleviation project, which is the largest anti-poverty campaign launched by the central government since the foundation of PRC. However, empirical data in the paper shows that NGO s’ participation in this ambitious project is at best very limited. Drawing from more than 30 interviews and some other sources of data, this paper argues that it is the nature of poverty alleviation in China, which can be defined as political task, that should account for the NGO’s limited participation. To be more specific, the excessive workload assumed by the local government deprives officials’ motivation to cooperate with NGO s, excluding NGO s out of the poverty alleviation project is also a rational behavior that can avoid risks for officials. Moreover, the over-supplied financial resource also makes the participation of NGO s unnecessary. This research adds more insights to the study on NGO s in China by arguing that the state-society interaction in China is still asymmetrical.

scholarly journals CURRENT STATE OF TRANSPARENCY OF PUBLIC FINANCES OF UKRAINE

2020 ◽  
pp. 182-190
Author(s):  
I. Shkolnyk ◽  
O. Miroshnichenko ◽  
Yu. Havrysh ◽  
A. Ivanchenko
Keyword(s):  
Public Participation ◽  
The State ◽  
Economic Life ◽  
Budget Process ◽  
Positive Trend ◽  
Public Authorities ◽  
Public Finances ◽  
The Public ◽  
Current State ◽  
The Government

Transparency in public finances is one of the main features of a mature democratic society, as well as one of the main tools for reducing corruption in the country. The level of transparency in the formation and use of budget funds at the state and local levels affects the effectiveness of financial policy in the country. Therefore, the purpose of the study is to determine the current state of transparency in the formation of the state budget of Ukraine. The article conducted a comprehensive study of the level of transparency of public finances at the macro level. The dynamics of changes in the qualitative level of transparency of legislative and executive bodies during the period of Ukraine's participation in the international organization of monitoring the publicity of the government before the public is analyzed. In particular, the authors analyzed the dynamics of the budget openness index in comparison with other countries and the integrated assessment of budget transparency for the period from 2008 to 2019. In addition, the level of public participation in budget formation at different stages of the budget process was studied. There is a positive trend of improving the level of openness of public authorities in Ukraine in the formation and use of public finances. This, in turn, is part of a global trend. The article presents a description of the main documents that serve as indicators of informing the public about the state of the budget, the level of its implementation, the formation of the budget for future periods and the budget process in general. It is determined that the system of transparent and accessible public accountability for the formation and use of public finances has not been formed yet. The results of the study can be the basis for developing measures to increase the level of transparency of public authorities in Ukraine. According to the study, a high level of transparency becomes the basis for public support for the government, provided that the government does not abuse its powers, or conversely becomes an incentive for active public participation in political and economic life to improve or change government. According to the results of the research, a system of measures of priority importance is proposed.

State, institutions and reform in Turkey after July 15

2018 ◽  
Vol 59 ◽  
pp. 135-157 ◽  
Author(s):  
Bülent Aras ◽  
Emirhan Yorulmazlar
Keyword(s):  
Transition Process ◽  
The State ◽  
Institution Building ◽  
Constitutional Amendments ◽  
State Institutions ◽  
Current State ◽  
State Apparatus ◽  
Restructuring Process ◽  
The Government ◽  
Level Of Understanding

AbstractThe failed coup of July 15 has shocked the current state apparatus in Turkey. This shock has culminated in the public demand for administrative reform, which would make previous public designs and policy failures a matter of the past. The state crisis has transpired in the middle of a political transition process whereby the ruling party envisioned systemic change in the political system from the parliamentary to a presidential system. The constitutional amendments also imply changes in the administrative order, with further political hold on bureaucratic cadres. The coup attempt and the massive purges in its aftermath brought the state to its breaking point. In light of such deficits and challenges, this paper discusses the ways, means, and prospects for capacity development and institution-building to overcome the state crisis in Turkey. The reform and restructuring process entails cooperation and a level of understanding between the government, opposition, and bureaucracy. Polarization and disenfranchisement are recipes for further fragmentation in Turkish politics. A cooperative model based on a working relationship between the government, opposition, and bureaucracy would facilitate a return to normalcy.

scholarly journals COVID 19 - CHALLENGES, ECONOMIC PROBLEMS

2020 ◽  
pp. 70-74
Author(s):  
MIKHEIL CHIKVILADZE
Keyword(s):  
Health Care ◽  
World Bank ◽  
World Economy ◽  
The State ◽  
Economic Losses ◽  
State Budget ◽  
Current State ◽  
The World Bank ◽  
The World ◽  
The Government

The article is focused on problems in the Georgian economy caused by the new coronavirus epidemic. The current implementation of the state budget of Georgia for 2020 has been analyzed, attention has been drawn to the difficulties of both tax and total revenue performance. The main focus is on the effectiveness of business support measures and the transparency and legality of spending money. Measures have been taken on the operative elaboration and implementation of the relevant micro-fiscal policy, in response to the shocks in demand-supply. Coronavirus has caused many problems in the world economy. The world economy fell by 7.5% in the United States on March 9, which has not happened on Wall Street since 2008 global economic crisis. Of course, the influence of Coronavirus on the Georgia’s economy is severe, and the country is trying to deal with it in every possible way. If we analyze the current state budget execution this year, it can be seen that the current state budget for 2020 has been implemented in the first quarter. However, we should not expect the second quarter of the state budget for the same year, as this trend is already visible in April and May. The problems will be reflected in May, both in terms of tax revenues and total revenues as well, which is expected to double the state budget deficit of 2.5%, which means a complete failure of the two quarters. It can be said that the shock of the economy that accompanies coronavirus is quite strange and it affects to the supply and demand at the same time. We see negative risks on the supply side, which is reflected in the high cost of doing business, the demand will decrease as for increased uncertainty, tighter security measures and restrictions on free movement, as a result, the ability of consumers to spend their own money will be reduced. Experience has shown that 1/3 of the economic losses will be caused by direct losses: job cuts, quarantine and etc. 2/3 of economic losses will be indirect - which will be related to the decrease in consumer confidence, changes in the behavior of business entities, as well as the tightening of access to credit resources. It can be said that the global financial market is now more stable than it was before the 2008 crisis, but the main challenge in the current situation is still to manage uncertainty. In such a situation, it is inevitable that the funds from the budget will be prioritized for health care, so that the health care of the citizens not to be hindered. It seems inevitable for us to resolve the demand – to develop appropriate microfiscal policies in response to the shocks in supply. It is welcome that the European Investment Bank supports Georgia in the fight against the new coronavirus, which is to support Georgian business, support the health care system and accelerate the implementation of existing projects. The World Bank provided $ 15 billion quick and instant assistance to address the first challenges of COVID-19, this was mainly in the field of health and social care. The World Bank is currently working on three financial assistance packages: 1. To assist the government in responding to health and social protection challenges, 2. Substantiation will be provided to the state budget to reduce the expected deficit, 3. The World Bank intends to help small and medium-sized businesses to restore jobs and develop the economy, with a particular focus on affected sectors such as tourism, the first phase shall be completed by the end of April, which will be followed consistently. The World Bank has highlighted such an important circumstance as the inevitability of a zoological recession, which will be followed by a slowdown in economic growth, which in the case of Georgia will be 4% (which is significant to consider). According to the government›s decision, 2 billion GEL has been allocated for direct assistance to the economy, in order to provide emergency financial and material assistance to a number of different categories of affected citizens. Particular attention is paid to operative execution and control of measures envisaged in the concrete plan of economic stimulus and the anti-crisis plan of the government.

THE ROLE OF COMMERCIAL BANKS IN THE SECURITIES MARKET AND THE CURRENT STATE OF THE STATE SECURITIES MARKET IN KYRGYZSTAN

2020 ◽  
Vol 20 (1) ◽  
pp. 204-211
Author(s):  
Gulasel Shamshieva ◽  
Keyword(s):  
Commercial Banks ◽  
Legal Regulation ◽  
The State ◽  
Securities Market ◽  
Kyrgyz Republic ◽  
Current State ◽  
The Government

This article gives a classification of securities. The investment activities and operations with securities of commercial banks, as well as the legal regulation of the activities of commercial banks in the securities market in Kyrgyzstan are examined. A review of the current state of the securities market in the Kyrgyz Republic is carried out. Volumes of debt securities are also presented. The volume of annual issue of securities for 3 years from 2017 to 2019, the volume of foreign investment in corporate securities is shown. During the review of the state of the securities market, it was concluded that commercial banks play a major role in the development of the securities market, acting as issuers, investors and intermediaries. A program for the development of the government securities market for both the medium and long term is proposed.

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