Intellectual Discourse (Journal)
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Potential Role of Social Impact Bond and Socially Responsible Investment Sukuk as Financial Tools that Can Help Address Issues of Poverty and Socio-Economic Insecurity
Full text linkThe purpose of this paper is to highlight the potential of Social Impact Bond (SIB) and Socially Responsible Investment (SRI) sukuk as financial models that can be used to help alleviate the social problem of poverty and also potentially provide economic security for the society. From the review of literature, this paper takes case studies of SIB programmes and SRI sukuk, and relates them as programmes that can be used to address the issue of poverty and economic insecurity. The paper finds that there is a growing global interest in innovative financial tools such as SIB and SRI sukuk. Furthermore, the paper explicates that SIB and SRI sukuk models embody the spirit of social responsibility, which is one of the major essence that is currently missing in the Islamic finance industry practice. This paper is conceptual and exploratory in nature. Therefore, further empirical research can be done to provide better understanding and knowledge. Findings from this paper can be used as a reference to understand the concepts and mechanisms involved in SIB and SRI sukuk models. This paper contributes to the awareness of the emerging global interest in SIB and SRI. In addition, it highlights SIB and SRI sukuks’ potential contribution towards Islamic finance. Although SIB and SRI sukuk is gaining interest worldwide, it has not caught much attention of researchers and practitioners involved with Islamic finance. Therefore, this paper offers insight towards SIB and SRI sukuk, which is relatively unknown to academics and Islamic finance industry practitioners
Good governance and political culture: A case study of Bangladesh
Full text linkIn a democratic system it is essential to have a competitive, and a tolerant party system, but Bangladesh has experienced an intolerant and a confrontational party system that has created a deadlock and brought uncertainty to the whole country. Since 1990, except 2014, Bangladesh has witnessed four systematic peaceful free elections, one each--in 1991, 1996, 2001, and 2008. On January 5, 2014, however, a controversial election took place in which major opposition political parties did not participate except the ruling alliance parties. The two dominant parties—the Bangladesh Nationalist Party (BNP) and the Awami League (AL)—each won two previous free and fair elections, with the BNP winning in1991, and a BNP-led 4-party coalition in 2001, and the AL in 1996, and an AL-led 14 party alliance in 2008. However, from 2014 Bangladesh is heading towards an authoritarian system. All these are happening due to the lack of good governance. This article intends to emphasize that the political culture emanating from the party politics is retarding good governance in Bangladesh. This article argues that the cultural traits developed in the last four decades in various dimensions,, particularly in more recent years, have worked as an “earth-worm” in the fabrics of democracy in Bangladesh preventing ‘good governance’
Prioritization of Zakat Distribution in Selangor and the Federal Territory of Malaysia: Are They Following the Right Distribution Principles According to Shariah?
Full text linkThis study reviews and analyzes the current practice of zakat distribution in Selangor and the Federal Territory of Malaysia. It is observed that within recent years, zakat distribution in Selangor and the Federal Territory to fi sabilillah recipients constitutes the highest percentage as compared to other groups of recipients. Hence, there is a need to study the relevance of prioritizing fi sabilillah over the other groups of recipients because the more the allocation channeled to a particular group, the more the chances that the rest will eventually have less portion from the zakat. Therefore, the group which is prioritized should have a more significant impact in realizing the goal of zakat. In order to do so, a few aspects must be analysed, including the principle of prioritization or preference in zakat distribution from the Shariah perspective, the definition or interpretation of zakat recipients adopted by these two states and also the zakat allocation method practiced by them. Several recommendations are proposed to improve the zakat distribution in both States
Rethinking the concept of economic man and its relevance to the future of Islamic economics
Full text linkThis study sheds light on the philosophical underpinnings of Islamic economics, especially its version of a social and moral economic system. The prospect of value-laden economics, the gap between the theory and practice of the Islamic economic system, and an epistemological exposition on the observed gap are discussed. On the first aspect, the study indicates that the future for Islamic economics as one alternative of a value-based approach is indeed promising with the ongoing replacement of Robbin’s fact/value dichotomy with Putnam’s entanglement of fact and value notion. Interestingly, the widely reported gap, in the form of non-achievement of social goals, has led the study to identify a serious flaw in the micro-foundational aspect of Islamic economics; one that has not been noticed before. A more holistic reading of the Qur’ān could solve this micro-foundation issue. Therefore, the study calls for a fresh epistemological approach in Islamic economics methodology that could set in motion a renewed interest in the Islamic economic system discourse
