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The sustainability of microfinance institutions and its key drivers: a multi-criteria based performance analysis in OIC and non-OIC countries
No full textIn the last three decades, the microfinance market has continued to grow, from 13 million clients in 1997 to 98 million in 2009 and 139.9 million in 2018. As microfinance grows, a transformational change in microfinance in microfinance has taken place. Prior to the 1990s, microfinance worked more as microcredit for poverty alleviation and development instruments which were still subsidized. But today microfinance has turned into a more complex ecosystem with more varied market participants and approaches. Will these microfinance institutions be sustainable in providing financial and social services now and in the future? What are the key variables that play an important role in the sustainability of the MFIs? This study is to help find the answers to these questions using a multi-criteria decision-making framework and a dynamic parametric analysis. This study aims to measure the sustainability of microfinance institutions in a multi-dimensional manner so that the achievement of its mission - the triple bottom line - can be measured and evaluated. This study also examines MFI in OIC member countries considering that OIC is a group of countries with the the second largest number of members after the United Nations. Investigating the MFIs from 111 countries worldwide from 2003 to 2019, this study utilizes the TOPSIS and VIKOR frameworks as the two multi-criteria decision-making (MCDM) approaches that have been proven efficient, consistent, and compatible with the decision problem on measuring MFI's sustainability performance. This study utilized a framework of governance approach and institutional theory to predict the key variables of MFI's sustainability performance through a dynamic parametric method, namely generalized method of moment, known as GMM
The development of waqf in Sudan for sustainable development
No full textWaqf is Islamic endowment, an institution which falls within the ambit of Islamic social finance (Abdel Mohsin and Muneeza, 2020). Waqf was one of the first established public institutions in Sudan. It was introduced by a cluster of Arab Muslims who arrived from Egypt in the seventh century. Abdullah b. Sarah was the commander of this group who fought and stopped the Noubi invasion (Al-'Asqalani, 1978). To commemorate this monumental victory, a church in Donqalah was converted into a mosque and later named "Donqalah al-'Ajouz Mosque" (Noor, 1996). It marked the first waqf establishment in Sudan. Since then, many waqf assets have been established, such as shops, mosques, schools, and libraries. As Islam spread, the Sudanese created waqf in Sudan and outside the country. For example, the leadership of 'Amarah Dunqas (1504-1533/4), the king of al-Sultanah al-Zarqa', was the first Sudanese leader to establish land and house waqf in Makkah and Madinah. It was continued by 'Abdellab, the heir of 'Abdellah Jamma, who also established waqf in Makkah. These waqfs still exist. Most of them are houses and land and some of their locations were identified in the 1990s in Saudi Arabia. Some of the assets are considered as family waqf while others are public waqf. The beneficiaries of those assets were used to free slaves and help certain people who came from Sudan to Makkah and Madinah. For the administration of these waqfs, their founders, who were in Sudan, appointed people from among their relatives or trusted people living in Makkah and Madinah to administer their waqfs (Abdel Mohsin, 2005)
Can micro-enterprises use tawarruq fardi financing (TFF) for fund raising?
No full textMicro-enterprises, like any other business entity, face financing challenges. However, micro-enterprises often cannot access financial institutions as they cannot fulfill the conditions to obtain financing facilities from a formal financial institution. As such, they have to rely on family or friends for financing needs. The most critical challenge faced in this regard to Muslim micro-enterprises is finding out a way in which family and friends could give a financial helping hand without the involvement of riba (interest). At the same time, the person giving the financing can enjoy a profit. This paper aims to propose the tawarruq fardi financing (TFF) model that Islamic micro-enterprises could use to fulfill their financial needs. It becomes a solution when obtaining financing from friends and family or any other third party who could be a private investor who does not want to engage in an equity relationship. This study adopts a qualitative research methodology, combining descriptive and content analysis using the inductive reasoning approach. The paper's outcome shows that the proposed TFF could assist Islamic micro-enterprises in obtaining Shariah-compliant financing without engaging in an equity partnership. It allows them to fulfill their financing needs bearing in mind the interest of both parties involved in the transaction
Alibaba'larin dunyasina hazirlik acik bankacilik duzenlemeri
No full textTechnological revolution, avalanche-growing financial technology (FinTech) companies, customers waiting for unlimited service, and regulations based on data sharing point to a new era in banking. The new era, open banking, provides an expansion of the scope of banking services offered in a wide geography from European Union countries to China, from the United States to South American countries. In the new period, it is aimed to provide more innovative, inclusive and practical services by sharing the authorized data of customers with FinTech companies. It is seen that the countries show significant differences and similarities in their open banking practices. In this descriptive study, the steps taken in the United Kingdom, where the concept was first implemented, and in Turkey, where the relevant legislation is still under preparation, together with the studies carried out by the regulatory institutions in the world's two largest economies, the United States of America and the People's Republic of China, are chronologically. Throughout the study, open banking is evaluated mainly through the payment initiation service and account information service and their providers
Modelling effective zakat management for the 'stans' of Central Asia and establishing pandemic resilience
No full text'Stans' is an ancient Persian word meaning land, country or nation. This chapter begins with a review of the historical basis of zakat management in Islamic practice and provides a brief historical account and status of zakat practices in select countries in Central Asia. The section thereafter focuses on benchmark international zakat management models before providing recommendations for the development of an effective zakat management model within Central Asia. The economic shocks resulting from the pandemic have forced many in the region into situational poverty. If left unchecked, this may easily regress into chronic poverty, undoing the significant growth that these countries have experienced over the last decade. Existing social programmes have limited the impact of economic loss. Since the collapse of the Soviet Union, they have an opportunity to revive this history and once again empower their nations with Islamic social finance instruments. Effective zakat management models in Indonesia and Kuwait, for example, provide different dimensions to social impact. The Indonesian model of BAZNAS provides the most comprehensive methodology for governance, risk management and replication. BAZNAS' strategy for digitalization and collaboration suggests a strong model for development within Central Asia. Through an effective zakat model, it is expected that Central Asian nations will be better protected against economic disruptions and provide a safety net for vulnerable communities in the region. These conclusions and recommendations in this chapter are limited to the information available in the literature. Further study is required through primary research to understand better what the challenges are in zakat modelling. Locals may also be surveyed to determine their levels of zakat knowledge and their concerns for institutional zakat collection and disbursement
The sociology of reading among Malaysian youths: building a culture of reading to enhance environmental awareness and develop pro-environmental behavior
No full textMalaysia established its Eleventh Malaysia Plan (11MP) to achieve sustainable economic development, with one of its primary strategic thrusts being "accelerating human capital development for an advanced nation." This study examines one aspect of human capital development by reviewing the reading habits of Malaysian youths and the conjecture surrounding a 'crisis' among youths and their engagement with reading, to foster a culture of reading to improve education, focusing on human behavioral interventions to increase environmental knowledge and awareness, and developing human capital with pro-environmental behavior. Data from 250 valid questionnaires was analyzed using the variance-based Partial Least Squares-Structural Equation Modeling (PLS-SEM) method. The theoretical framework of this study is based on Dewey's Educational Theory of Constructivism and Social Cognitive Theory. The results reveal that attitude and parental influence significantly promotes reading habits, while perceived stress does not. It was also found that reading habits positively influenced the pro-environmental behavior of youths. It is hoped that this study will lead to a coherent strategy being undertaken to engage Malaysian youths not only to read but to engender a culture of sustainability and pro-environment behavior
Quota sampling method in online household surveys
No full textThe COVID-19 pandemic has transformed people's activities in many aspects of human life, including how to conduct field surveys as part of research projects. The pandemic could substantially increase research expenses because the execution of surveys is limited by the activity restrictions imposed by the government. Field surveys during the pandemic are no longer flexible because for safety reasons, both the surveyor and the surveyed participant should be negative for COVID-19 by taking PCR tests. This condition could be problematic because research involving household samples is usually characterized by large sample sizes and wide coverage areas. The survey is also usually conducted directly in households to provide better and more accurate results. This article describes an alternative method for obtaining a representative sample of households using an internet-based survey at an affordable cost without ignoring the validity of the survey. This method can be widely implemented in social and economic field studies
A study on the policies and procedures on discretionary trading of Islamic securities
No full textDiscretionary trading is an investment that a stockbroker executes using clients' account which is done without getting specific approval from the client on decision whether to buy or sell the stock holding in the portfolio. The investment is conducted based on the experience and strategies made by the person in charge of the investment. The objective of this research is to study the existing policies and procedures of discretionary trading in the market, determine the shariah compliance of current practice of market discretionary trading, and formulate suitable shariah parameters for discretionary trading of Islamic securities. This research employs qualitative methodology. The finding related for this topic is limited as the researcher is the main findings. From the researcher findings, it is found that the respondents shared almost similar experience, but it is expressed in different ways. Besides, the priority of shariah compliant for discretionary trading is highly important to the Muslim investors as it can be alternatives for them to grow their capital and the practice of discretionary trading in each stockbroker is different from the others due to the flexibility of the current guideline. It is anticipated that the findings of research will assist future researcher to develop and formulate better variables for Islamic discretionary trading
Exploring the intentional behaviour of refugees in participating in micro-enterprise support programmes (MESP): is theory of planned behaviour (TPB) still relevant?
No full textThis study aims to investigate the relevance of the theory of planned behaviour (TPB) in predicting the intentional behaviour of refugee entrepreneurs. This paper uses key components of the theory on attitude, subjective norms and perceived control to explore the willingness of refugees to participate in microenterprise support programmes (MESP) in refugee camps. This study used a positivist research approach, comprising a quantitative basis of enquiry and gathered data via survey questionnaires. In total, 400 usable questionnaires were completed and used for analysis. This study uses descriptive and inferential analysis with SPSS and confirmatory factor analysis with AMOS to test three key TPB hypotheses. The structured model revealed acceptable high goodness-of-fit indices. Also, the findings indicated that out of three hypotheses, two hypotheses (attitude and perceived control) were substantial, positive and significant. However, the relationship between subjective norms of refugees and their intention to participate in MESP was insignificant. The findings of this study indicate the low-profile refugees give to the views and opinions of the surrounding communities when it comes to determining their intentional behaviour. As such, some poignant implications may relate to microfinance and microcredit programmes targeting refugees. The present study illustrates the interrelationships between the proposed variables. Also, by understanding the relationships between the selected variables, the findings would be useful for the concerned authorities to ameliorate and upgrade the well-being of refugees along with empowering their environment, which would facilitate their engagement in business and entrepreneurship
Zakat in the 'stans': a review of the Kazakh and Uzbek zakat model
No full textCentral Asian nations have been independent for almost three decades since the collapse of the Soviet Union in 1991. Colloquially known as the 'stans', these Muslim-majority nations (more than 85% Muslim) include Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenistan with a collective population of approximately 72 million. Religious practices are slowly emerging after decades of religious censorship, with at least a generation having lived under Soviet socialism. Economically, these Central Asian countries have suffered setbacks from the COVID-19 shock, emanating from an over-reliance on commodities such as oil revenue, migrant labour, low levels of diversification and inefficient social protection (UNDP, 2020). Existing Islamic social finance solutions such as zakat, waqf and sadaqah have been largely ineffective in supporting those economically impacted