Developing an integrated model of Islamic social finance: toward an effective governance framework
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SUBMITTER: Widiastuti T
PROVIDER: S-EPMC9474835 | biostudies-literature | 2022 Aug
REPOSITORIES: biostudies-literature
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Project description:Several previous studies state that the Islamic Social Finance program has not fully succeeded in creating prosperity, and there are no definite measurements to show the sustainability impact of the program. Thus, a measurement is needed to analyze various aspects in achieving the success and sustainability of Islamic social finance programs. This study developed an index for performance evaluation with an emphasis on the success and sustainability of the Islamic Social Finance program. The study used the Analytical Network Process to determine and analyze priority components. Furthermore, the Multistage Weighted Index method was used to calculate the final index score. The index was built by taking into consideration various factors, stakeholders, aspects, and indicators. This study indicates that aspects of funding contribution from donors (0.22), involvement of donors in giving advice (0.99), and controlling of supervisor (0.08) are priority aspects in the success and sustainability of the program. An empirical investigation was performed on three different programs in Indonesia: A, B, and C. Program A (0.81) and C (0.80) have succeeded in improving the beneficiaries' quality of life to the level of economic resilience, although at a low level of sustainability (76-84.33). On the other hand, program B (0.73) is at the economic reinforcement and has not yet achieved sustainability. This index can be seen as a comprehensive tool for measuring the success and sustainability of the program at several levels.
| S-EPMC9681090 | biostudies-literature
Project description:Islamic social finance has yet to match the rapid growth of the Islamic commercial finance sector. However, the two sectors' integration has been effective in addressing various economic and social issues confronting the Ummah (people). This study aims to survey and map the literature on the integration of Islamic social and commercial finance (IISCF) between 1979 and 2023 to better understand the implementation of this driving force in supporting the various needs of people and the economy. The originality of this research stems from its methodology of combining a systematic literature review and bibliographic mapping to investigate research trends, major topics of interest, critical lessons learned, and propose a conceptual framework to guide future research opportunities on the IISCF theme. The study found that the proposed model is the most discussed topic in the available research on IISCF (49.43 %), followed by integration practice and impact (24.14 %), issues and challenges (16.09 %), and behaviour (10.34 %), respectively. Waqf asset development and entrepreneurship are two dominant sub-topics discussed in the proposed model topic, thus indicating the critical purpose of integration: to achieve the sustainability and broader welfare of the Ummah. Further, the current research shows that IISCF is increasingly in demand, while the application of technology is simultaneously becoming more prominent in supporting integration. This study contributes to the enrichment of Islamic finance theory and the mapping of IISCF over the last 50 years. From a practical standpoint, the study results can be used to improve and determine the future strategies required for a more effective IISCF, which will be carried out globally by many stakeholders, particularly the government, related regulators, the Islamic finance industry, academics, and the Muslim community.
| S-EPMC10692790 | biostudies-literature
Project description:This study aims to explore Corporate Social Responsibility (CSR) and Islamic Social Finance activities in Bank Pembangunan Malaysia Berhad (BPMB) as one of the Development of Financial Institutions (DFIs) in Malaysia and their impact on sustainability post-coronavirus disease (COVID-19) (2021-2023). A semi-structured interview was conducted among the top management and employees of BPMB. Resultantly, the bank has aligned its Islamic Social Finance and CSR activities with the third Sustainable Development Goal (SDG). Nevertheless, the impact on banking sustainability post-pandemic remains uncertain as efforts towards SDG remain at the preliminary stage. Conclusively, Islamic Social Finance and CSR are critical to enhance banking sustainability. This study provide insight to other DFIs in understanding the role of Corporate Social Responsibility (CSR) and Islamic Social Finance activities in achieving sustainability post pandemic.
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Project description:The utilization of Islamic social finance instruments is far behind what is expected. To realize its full potential, Islamic social finance instruments must be integrated. This study examined solutions and priority strategies for integrating sustainable Islamic social finance that could be implemented in the short and long term using the Benefit, Opportunity, Cost, and Risk (BOCR) framework, which includes six aspects: Governance, sustainable financing, institutional aspect, human resources, regulations, and supporting technology. This qualitative research employed the Analytic Network Process (ANP) method using the benefit, opportunity, cost, and risk analysis. The data were obtained mainly through focus group discussions and in-depth interviews with respondents among academics, practitioners, associations, regulators, and community leaders. The respondents were selected for their expertise and experience in the selected topic. The data were processed using the Microsoft Excel and Super Decision software. There are several findings worth considering from the analysis. First, the highest priority in integrating Islamic social finance aspects are human resources (0.97), regulation (0.86), and technology (0.76). Second, based on the short- and long-term analysis, financial integration through sustainable financing (0.01 and 1.44, respectively) and improving human resource quality through certification and training (0.01 and 1.56, respectively) is a priority solution and strategy to integrate sustainable Islamic social finance. Meanwhile, according to expert judgments, integrating national data (0.24) and optimizing technology use (0.18) are priority solutions and strategies. The findings emphasize the critical role of improving human resource quality to utilize technology, with experts identifying a national data integration as the most critical solution. As a result, relevant stakeholders are concerned about technology management training for Islamic philanthropic managers, with the goal of maximizing the potential of technology's growing role and adoption.
| S-EPMC9135187 | biostudies-literature
Project description:A skilled principal is an invaluable asset in the evolving landscape of higher education institutions, where challenges continually arise and the global economy demands adaptability. This study explored the essential skills and knowledge necessary for principal roles in Islamic Economics and Finance (IEF) schools. A qualitative multiple-case study approach was employed, and semi-structured interviews were conducted with 34 academics from four IEF schools at public universities in Saudi Arabia and Malaysia. The study revealed six essential skill and knowledge areas that IEF school principals must possess to thrive: advocacy for IEF education, developing and communicating a clear strategic vision, efficiently managing resources and workloads, fostering a collegial environment, providing effective instructional leadership, and building and sustaining strong partnerships. Improving the skills and knowledge of IEF principals can lead to better school management and education. The findings of this study hold significant importance in the advancement of leadership programs designed for IEF school principals and provide valuable insights for policymakers and stakeholders regarding the indispensable knowledge and skills that principals of IEF schools must possess.
| S-EPMC11386047 | biostudies-literature
Project description:This document aims to guide the work of the International Risk Governance Council and its various bodies in devising comprehensive and transparent approaches to ‘govern’ a variety of globally relevant risks. Globally relevant risks include trans-boundary risks, i.e. those that originate in one country and affect other countries (such as air pollution), international risks, i.e. those that originate in many countries simultaneously and lead to global impacts (such as carbon dioxide emissions for climate change) and ubiquitous risks, i.e. those that occur in each country in similar forms and may necessitate a co-ordinated international response (such as car accidents or airline safety). To this end the document and the framework it describes provide a common analytic structure for investigating and supporting the treatment of risk issues by the relevant actors in society. In doing so, the focus is not restricted to how governmental or supranational authorities deal with risk but equal importance is given to the roles of the corporate sector, science, other stakeholders as well as civil society — and their interplay. The analytic structure will, it is hoped, facilitate terminological and conceptual clarity, consistency and transparency in the daily operations of IRGC and assure the feasibility of comparative approaches in the governance of risks across a broad range of hazardous events and activities. In particular, this document is meant to assist members of IRGC in their tasks to provide scientifically sound, economically feasible, legally and ethically justifiable and politically acceptable advice to IRGC's targeted audiences. It is also to support IRGC in its effort to combine the best available expertise in the respective field with practical guidance for both risk managers and stakeholders.
| S-EPMC7120941 | biostudies-literature
Project description:BACKGROUND:Health research has scientific, social and political impacts. To achieve such impacts, several institutions need to participate; however, health research funding institutions are seldom nominated in the literature as essential players. The attention they have received has so far focused mainly on their role in knowledge translation, informing policy-making and the need to organise health research systems. In this article, we will focus solely on the governance of national health research funding institutions. Our objectives are to identify the main functions of governance for such institutions and actionable governance functions. This research should be useful in several ways, including in highlighting, tracking and measuring the governance trends in a given funding institution, and to forestall low-level governance. METHODS:First, we reviewed existing frameworks in the grey literature, selecting seven relevant documents. Second, we developed an integrated framework for health research funding institution governance and management. Third, we extracted actionable information for governance by selecting a mix of North American, European and Asian institutions that had documentation available in English (e.g. annual report, legal status, strategy). RESULTS:The framework contains 13 functions - 5 dedicated to governance (intelligence acquisition, resourcing and instrumentation, relationships management, accountability and performance, and strategy formulation), 3 dedicated to management (priority-setting, financing and knowledge transfer), and 5 dedicated to transversal logics that apply to both governance and management (ethics, transparency, capacity reinforcement, monitoring and evaluation, and public engagement). CONCLUSIONS:Herein, we provide a conceptual contribution for scholars in the field of governance and health research as well as a practical contribution, with actionable functions for high-level managers in charge of the governance of health research funding institutions.
| S-EPMC7029568 | biostudies-literature
Project description:Background There is an international move towards greater integration of health and social care to cope with the increasing demand on services.. In Scotland, legislation was passed in 2014 to integrate adult health and social care services resulting in the formation of 31 Health and Social Care Partnerships (HSCPs). Greater integration does not eliminate resource scarcity and the requirement to make (resource) allocation decisions to meet the needs of local populations. There are different perspectives on how to facilitate and improve priority setting in health and social care organisations with limited resources, but structured processes at the local level are still not widely implemented. This paper reports on work with new HSCPs in Scotland to develop a combined multi-disciplinary priority setting and resource allocation framework. Methods To develop the combined framework, a scoping review of the literature was conducted to determine the key principles and approaches to priority setting from economics, decision-analysis, ethics and law, and attempts to combine such approaches. Co-production of the combined framework involved a multi-disciplinary workshop including local, and national-level stakeholders and academics to discuss and gather their views. Results The key findings from the literature review and the stakeholder workshop were taken to produce a final combined framework for priority setting and resource allocation. This is underpinned by principles from economics (opportunity cost), decision science (good decisions), ethics (justice) and law (fair procedures). It outlines key stages in the priority setting process, including: framing the question, looking at current use of resources, defining options and criteria, evaluating options and criteria, and reviewing each stage. Each of these has further sub-stages and includes a focus on how the combined framework interacts with the consultation and involvement of patients, public and the wider staff. Conclusions The integration agenda for health and social care is an opportunity to develop and implement a combined framework for setting priorities and allocating resources fairly to meet the needs of the population. A key aim of both integration and the combined framework is to facilitate the shifting of resources from acute services to the community. Supplementary Information The online version contains supplementary material available at 10.1186/s12913-023-09866-x.
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Project description:This Editorial introduces a special issue that illustrates a trend toward integrated landscape approaches. Whereas two papers echo older "win-win" strategies based on the trade of non-timber forest products, ten papers reflect a shift from a product to landscape perspective. However, they differ from integrated landscape approaches in that they emanate from sectorial approaches driven primarily by aims such as forest restoration, sustainable commodity sourcing, natural resource management, or carbon emission reduction. The potential of such initiatives for integrated landscape governance and achieving landscape-level outcomes has hitherto been largely unaddressed in the literature on integrated landscape approaches. This special issue addresses this gap, with a focus on actor constellations and institutional arrangements emerging in the transition from sectorial to integrated approaches. This editorial discusses the trends arising from the papers, including the need for a commonly shared concern and sense of urgency; inclusive stakeholder engagement; accommodating and coordinating polycentric governance in landscapes beset with institutional fragmentation and jurisdictional mismatches; alignment with locally embedded initiatives and governance structures; and a framework to assess and monitor the performance of integrated multi-stakeholder approaches. We conclude that, despite a growing tendency toward integrated approaches at the landscape level, inherent landscape complexity renders persistent and significant challenges such as balancing multiple objectives, equitable inclusion of all relevant stakeholders, dealing with power and gender asymmetries, adaptive management based on participatory outcome monitoring, and moving beyond existing administrative, jurisdictional, and sectorial silos. Multi-stakeholder platforms and bridging organizations and individuals are seen as key in overcoming such challenges.
| S-EPMC5999153 | biostudies-literature
Project description:Aotearoa New Zealand's response to the COVID-19 pandemic has included the use of algorithms that could aid decision making. Te Pokapū Hātepe o Aotearoa, the New Zealand Algorithm Hub, was established to evaluate and host COVID-19 related models and algorithms, and provide a central and secure infrastructure to support the country's pandemic response. A critical aspect of the Hub was the formation of an appropriate governance group to ensure that algorithms being deployed underwent cross-disciplinary scrutiny prior to being made available for quick and safe implementation. This framework necessarily canvassed a broad range of perspectives, including from data science, clinical, Māori, consumer, ethical, public health, privacy, legal and governmental perspectives. To our knowledge, this is the first implementation of national algorithm governance of this type, building upon broad local and global discussion of guidelines in recent years. This paper describes the experiences and lessons learned through this process from the perspective of governance group members, emphasising the role of robust governance processes in building a high-trust platform that enables rapid translation of algorithms from research to practice.
| S-EPMC11459790 | biostudies-literature