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on Islamic Finance |
| By: | Arikha, Dahlia |
| Abstract: | This research is a study with a literature method based on the author's search for Chapra's works on the Islamic Economics Development. In formulating economic development, Chapra first analyzed the thought of economic development from the west dominated by secular thought. As a result, Chapra found inconsistencies in secular economic development thinking which applied in the economic development system of the world's countries. Chapra believes that the inconsistencies of economic development cause destruction and bring the economy away from justice. Chapra's criticism led Chapra to the conclusion that Islam has great potential to fill consistency in socially equitable economic struggles. |
| Keywords: | Secular Economic Development, Islamic Economic Development, Justice |
| JEL: | A13 B00 C53 D63 E6 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:112257&r= |
| By: | Suzei Mat Nurudin (Faculty of Administrative Science and Administrative Study, University Technology MARA, 70300, Seremban, Negeri Sembilan, Malaysia Author-2-Name: Dr. Zarina Mohd Zain Author-2-Workplace-Name: Faculty of Administrative Science and Administrative Study, University Technology MARA, 70300, Seremban, Negeri Sembilan, Malaysia Author-3-Name: Nor Suhaiza Md. Khalid Author-3-Workplace-Name: Faculty of Administrative Science and Administrative Study, University Technology MARA, 70300, Seremban, Negeri Sembilan, Malaysia Author-4-Name: Rasukhan Safiin Author-4-Workplace-Name: Licencing Department, Ketereh District Council, 16450, Kota Bharu, Kelantan, Malaysia Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | " Objective - Local governments in Malaysia are regulated under the Local Government Act 1976 and each has its power to enact by-laws under their respective administration area. By-law is a formulation of the law under the jurisdiction of local government in performing its duties and functions covering the administrative area that has been identified by the state government. The objectives of this study are to review the extent and the impact of the by-laws implemented by the local government in Kelantan in influencing and shaping the behavior of the local societies and has been conducted as an empirical study. Methodology/Technique - Purposive sampling was used in selecting the targeted respondents in gathering their feedback towards the by-laws implementation and managed to get 76 respondents. Finding - The feedback gathered shows that the local communities are well exposed and giving good responses to the by-laws implementation impact. Kota Bharu Municipal Council of Islamic City (MPKB-BRI) has succeeded in becoming the pioneer in the implementation and enforcement of by-laws that emphasized the teachings of Islamic values and were followed and emulated by other local governments in Kelantan. Novelty - Besides that, the good practice also has been followed by some other local governments in other states such as Terengganu, Kedah, and Melaka. By-laws implemented by the local government in Kelantan is very much different compared to local governments in other states in Malaysia which are the provisions of the by-laws that focus on the Islamic approach which somehow do give some impact to the local communities." |
| Keywords: | Local Government; By-Laws; Islamic Approach; Jurisdiction; Behavior |
| JEL: | A13 D1 |
| Date: | 2022–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:gjbssr607&r= |
| By: | Arief, A. Anggie Zabrina |
| Abstract: | Sharia cooperative is one of the non-governmental groups that aims as a people's economic institution to develop productive and investment businesses and improve living standards based on sharia principles. In the rapid development of Islamic cooperatives, Islamic cooperatives still have many obstacles in their development, both from internal and external sides. Meanwhile, MSME is a business or business whose actors are individuals, groups, or business entities. The classification in MSMEs is divided depending on the income or assets owned each year. Empowerment of micro, small and medium enterprises (MSMEs) and sharia cooperatives is a strategic step in improving and strengthening the basic economic life of the majority of the Indonesian people, particularly through providing employment opportunities and reducing inequality and poverty levels through sharia principles. Keyword : Cooperatives, Sharia Cooperatives, SMEs |
| Date: | 2022–03–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:u9s6j&r= |
| By: | J. Ignacio Conde-Ruiz; Eduardo L. Giménez |
| Abstract: | Before the Great Recession, young single women in Jordan, like those in other Middle Eastern and North African countries with a strong Islamic cultural tradition, experienced important changes in social roles. In this paper, we claim that economic theory may help to understand some of these changing patterns. It is argued that liberalization in the Jordanian economy resulted in important changes in the Jordanian social contract regarding gender roles, school enrollment, labor participation, marriage, and fertility. In particular, three apparently disconnected contemporaneous developments may be interrelated: the increase in women’s marriage age, the growth of young single women’s participation in the labor market, and the increase in the young male unemployment rate. This process stopped in the late 2000s, both due to exogenous (the Great Recession after 2008 and the Syrian civil war in 2011) and endogenous (existing attitudes towards working women) reasons. We argue that economic conditions may play a role as the driving forces for social transformation, and opens a window for women’s opportunities and empowerness. |
| Date: | 2022–04 |
| URL: | http://d.repec.org/n?u=RePEc:fda:fdaddt:2022-03&r= |
| By: | International Monetary Fund |
| Abstract: | Selected Issues |
| Keywords: | growth acceleration plan; investment trend; deviation from baseline; IMF government finance statistics database; investment plan; Public investment spending; Value-added tax; Infrastructure; Global |
| Date: | 2022–02–16 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2022/048&r= |
| By: | Anand, Kartik; Duley, Chanelle; Gai, Prasanna |
| Abstract: | Cyber attacks can impair banks operations and precipitate bank runs. When digital infrastructure is shared, banks defend themselves by investing in cybersecurity but can free-ride on the security measures of others. Ex ante free-riding by banks interacts with the ex post coordination frictions underpinning bank runs. While the temptation to free-ride induces underinvestment in cybersecurity, the prospect of a run encourages greater investment. System-wide cybersecurity is suboptimal and sensitive to rollover risk and bank heterogeneity. Regulatory measures, including negligence rules, liquidity regulation and cyber hygiene notices, facilitate constrained efficient cybersecurity investment. We suggest testable hypotheses to inform empirical work in this area. |
| Keywords: | cyber attacks,bank runs,global games,weaker-link public goods |
| JEL: | G01 G21 G28 H41 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:082022&r= |
| By: | Hossain, Monzur (Asian Development Bank Institute); Chowdhury, Tahreen Tahrima (Asian Development Bank Institute) |
| Abstract: | We assess the impact of the COVID-19 pandemic on micro, small, and medium-sized enterprises (MSMEs) and the role of fintech, in particular, mobile financial services (MFS), in their recovery from COVID-induced losses. We use data from a survey of 216 MSMEs from Bangladesh Small and Cottage Industries Corporation industrial estates in Bangladesh during January to March 2021. Our results suggest that firms have been recovering gradually after the withdrawal from lockdown in June 2020. So far, 80% of production of the firms compared with pre-COVID levels had recovered by the end of December 2020. We use instrumental variable regression to assess the impact of the use of MFS on firms’ production, sales, and profit for three periods: lockdown (March–May 2020), limited lockdown (June–September 2020) and the reopening period (October–December 2020). We find significant and positive impact from the use of MFS on the production, sales, and profit of firms during this pandemic. The results indicate that the use of digital finance facilitates firms’ production through ensuring a stable supply of raw materials and sales that have prompted them to recover faster. However, the concern is that only about 31% of our sample firms use MFS for their businesses and an even lower proportion of firms are accustomed to using an online platform. Therefore, more incentives and supportive policies are needed to motivate MSMEs to use digital finance and online platforms to stay active in operations, particularly during the pandemic. |
| Keywords: | fintech; MSMEs; Bangladesh Small and Cottage Industries Corporation Estates; BSCIC; COVID-19; firm recovery; Bangladesh |
| JEL: | D20 D22 G10 G20 |
| Date: | 2022–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1305&r= |
| By: | Smith, Tone |
| Abstract: | The ‘financialisation of nature’ is related to a shift in environmental governance—from regulation to marked-based approaches—involving strong state support to facilitate the establishment of ‘innovative financial instruments’ and markets related to nature. Although innovative finance got a bad reputation after the 2008 financial crisis, they are strongly encouraged in the environmental policy domain and supported by actors such as UNEP or the CBD. This paper explains the theoretical underpinning and the process of establishing such financial instruments, focusing in particular on offsetting and related ideas such as ‘net-zero’ calculations and ‘nature-based solutions’. It explains how natural entities are converted into abstract units of equivalence to allow the establishment of schemes for tradable ‘nature credits’ (supposedly) compensating damage across time and space. The financialisation of nature is then analysed and critiqued with respect to its lack of environmental effectiveness, its problematic socio-economic consequences and its impact on human-nature relationships. Instead of dealing with the environmental problems at hand, the conversion of nature into financial assets simply turns nature into objects of investment and speculation, while simultaneously creating a potential for financial bubbles. |
| Keywords: | environmental governance, innovative financial instruments, natural capital, offsetting, biodiversity banking, mitigation hierarchy, net zero, nature-based solutions, restoration of nature |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wus009:8543&r= |