Index
Towards a Post-Covid Global Financial System
ISBN: 978-1-80071-626-1, eISBN: 978-1-80071-625-4
Publication date: 20 January 2022
This content is currently only available as a PDF
Citation
(2022), "Index", Hassan, M.K., Muneeza, A. and Sarea, A.M. (Ed.) Towards a Post-Covid Global Financial System, Emerald Publishing Limited, Leeds, pp. 291-297. https://doi.org/10.1108/978-1-80071-625-420210016
Publisher
:Emerald Publishing Limited
Copyright © 2022 by Emerald Publishing Limited
INDEX
Accounting and Auditing Organization for IFIs (AAOIFI)
, 95
Administration of Muslim Law Act 1966 (AMLA)
, 170
Al-Qard Alhassan loans
, 254–256
Amil certification programme
, 152
Annual rental payments
, 84–85
Aviation sector
, 238
Badan Pengelola Keuangan Haji (BPKH)
, 30
Banking system
, 245–246
Bank Negara of Malaysia (BNM)
, 98–99, 163, 262–263, 265–266
BAZNAS model
, 150, 153, 187
Bitcoin
, 119
Blockchain technology
, 59, 62, 119–120, 211, 218
Blossom Finance’s SmartSukuk™
, 214–215
Blue ocean strategy
, 45
Board of directors
, 96–97
British and Malayan Trustee (BMT)
, 170
Capacity-building
, 155
Capital market
, 246–247
digitization
, 205–208
Cash assistance programs
, 29–30
Central Asia
, 154–157
capacity-building
, 155
database
, 156
government support
, 156–157
oversight
, 156
transparency
, 155
zakat awareness
, 155
zakat core principles framework
, 154–155
Central Bank of Bahrain (CBB)
, 20–21
Circular economy concept
, 47
Cluster analysis
, 57–58
Commodity market volatility fix-up
, 236–237
Conventional banks
, 20
Corporate governance
, 92, 94, 179
Corporate Social Responsibility (CSR)
, 130–131
Corporate Waqf for Healthcare (CWFH)
catastrophic diseases
, 131–132
components
, 138–140
contributions
, 138
Coronavirus disease 2019 (COVID-19)
, 131
Corporate Social Responsibility (CSR)
, 130–131
ethics
, 129–130
funds utilization
, 139–140
health
, 132, 134
health and social wellbeing
, 131–132
Islamic wealth ethics
, 134–136
Malaysia
, 133–134
management
, 139
platforms
, 138–139
processes
, 136–138
proposed model
, 136–141
Standard operating procedure (SOP)
, 131–132
sustainable development goals (SDGs)
, 134
Waqf Sector
, 134–136
wealth
, 130, 132, 134
wellbeing
, 132–134
World Health Organization (WHO)
, 131–132
COVID-19 pandemic
, 1, 204
aviation sector
, 238
commodity market volatility fix-up
, 236–237
conceptual framework
, 234–239
economic activity
, 237
economic policies
, 227
economic recovery
, 232–239
financial market restructuring
, 237
global economic impacts of
, 230–232
global immigration
, 239
global pandemics
, 228
global public health hazards
, 229
healthcare system
, 236
hospitality
, 238
interconnected global economy
, 229–230
micro, small and medium enterprises (MSMEs)
, 237–238
policymakers
, 227
remittance issues
, 239
resumption of manufacturing
, 237
supply chain network
, 238–239
sustainable development framework
, 239
tourism
, 238
unemployment problem
, 238
Crowdfunding platforms
, 253–254
Cryptocurrencies
, 119
Crypto Zakat Platform
, 119, 121–124
Data acquisition flow
, 55–56
Data analysis
, 56–57
Database
, 156
Decision-making, investment
, 216–217
Diminishing Musharakah (DM)
, 76
Dubai Islamic Bank (DIB)
, 58–63
Economic activity
, 237
Economic policies
, 227
Economic recovery
, 232–239
formulating effective plans for
, 42
Economic relief
, 193
Egyptian Pounds (EGP)
, 31
Enhanced Musharakah Mutanaqisah (EMM) Model
, 10, 74
coefficient of variation (CV)
, 80–84
conventional home financing models
, 77–78
data
, 79
Diminishing Musharakah (DM)
, 76
economic activities
, 74–78
empirical results
, 80–86
global financial crisis (GFC)
, 72
home financing
, 74, 78–79
Interest Rate (IR) model
, 76–77
International Monetary Fund (IMF)
, 72
Islamic financial institutions (IFIs)
, 75
real estate (RE) cycle fluctuations
, 77–78
Rental Rate Index (RR-I)
, 76–77
shelter
, 73
simulation methodology
, 79–80
US Subprime Crisis
, 85
Expected Credit Loss (ECL)
, 64
Exponential Generalized Autoregressive Conditional Hetroskedasticity (EGARCH)
, 276–277, 284
Federal Territory, Kuala Lumpur
, 168–169
Financial banks’ impact
, 53–54
Financial distress
Bank Negara of Malaysia (BNM)
, 262
customers relief
, 263–264
Moratorium
, 263–264
Movement Control Order (MCO)
, 262
post-moratorium
, 265–267
proactive approach
, 265–267
Sukuk Prihatin
, 267–268
World Health Organization (WHO)
, 261–262
Financial market restructuring
, 237
Financial services, Fintech Ecosystem for
, 43–44
Financial system
, 1–2
Financial technology (FinTech)
, 4–5
Fintech
, 205–208
Fiscal response
, 2–3
Fitch Rating
, 24
Force majeure event
, 22–23
Foreign direct investments (FDIs)
, 40
GARCH model
, 274
General Authority of Islamic Affairs and Endowments (GAIAE)
, 173
Global economic impacts of
, 230–232
Global immigration
, 239
Global supply chains disruption
, 43
Government support
, 156–157
Gross domestic product (GDP)
, 2
Hajj management institutions
, 30–31
Healthcare system
, 236
Hospitality
, 238
Housing sector, low-profit rate Murabaha facilities
, 257
Humanitarian Response Plan, 2021
, 108–109
Humanity, international level
, 107–110
Inequality
, 42–43
Innovative ways
, 6
Insurance market
, 247–248
Insurance premiums
, 23–24
Interconnected global economy
, 229–230
Interest Rate (IR) model
, 76–77
International Benchmarks
, 150–153
International Federation of Red Cross and Red Crescent Societies (IFRC)
, 113–118
International Labor Organization (ILO)
, 17
International Monetary Fund (IMF)
, 2–3
International organizations
, 110–119
International Shariah Research Academy (ISRA)
, 121
Islamic Affairs and Charitable Activities Department (IACAD)
, 27–28
Islamic banking
, 5, 8–9, 19, 22
Islamic banking and finance (IBF)
, 76
Islamic capital market (ICM)
, 5–6, 24, 27, 179–180
Islamic commercial finance
, 19–27
Islamic Development Bank (IsDB)
, 57–58
Islamic economic principles
, 45–47
Islamic finance
banks’ tools
, 53
blockchain
, 59–62
Central Bank of Bahrain (CBB)
, 20–21
cluster analysis
, 57–58
conventional banks
, 20
data acquisition flow
, 55–56
data analysis
, 56–57
Dubai Islamic Bank (DIB)
, 58–63
economy, COVID-19 impact
, 16–18
financial banks’ impact
, 53–54
Fitch Rating
, 24
force majeure event
, 22–23
Hajj management institutions
, 30–31
insurance premiums
, 23–24
Islamic banking
, 19–22
Islamic capital market
, 24–27
Islamic commercial finance
, 16, 19, 27
Islamic financial system
, 58
Islamic microfinance
, 29–30
Islamic social finance
, 27–28
Kuwait Finance House (KFH)
, 63–64
Kuwait Insurance Federation
, 23–24
Liquefied Natural Gas (LND)
, 52
macroeconomic approaches
, 54–55
methodology
, 55–57
Profit & Loss Sharing (PLS)
, 52
Qatar Islamic Bank (QIB)
, 64
research design
, 55–56
Reserve Bank of Australia (RBA)
, 26
Sadaqat impact
, 29
social takaful
, 31
sukuk market
, 26–27
takaful sector
, 22–24
Waqf impact
, 28–31
zakat impact
, 27–28
Islamic financial institutions (IFIs)
, 75
Accounting and Auditing Organization for IFIs (AAOIFI)
, 95
corporate governance
, 92–94
Islamic microfinance
, 92
Islamic social finance
, 92
Shariah Advisory Council (SAC)
, 95–96
Shariah governance
, 94
Shariah supervisory board
, 95–96
Islamic Financial Services Act (IFSA)
, 98–99
Islamic financial system
, 58
Islamic microfinance
, 29–30, 92
Islamic money market
, 5–6
Islamic social finance (ISF)
, 27–28, 44–45, 92, 145
Islamic social finance products, Iran
Al-Qard Alhassan loans
, 254–256
banking system
, 245–246
capital market
, 246–247
crowdfunding platforms
, 253–254
damaged jobs, facilities payment to
, 256–257
definition
, 250–257
financial system of
, 244–248
housing sector, low-profit rate Murabaha facilities
, 257
insurance market
, 247–248
justice shares, tradability of
, 251–252
Shariah-compliant microfinance
, 254–256
social finance, Islam
, 248–250
Islamic social financing activities
, 16
Islamic wealth ethics
, 134–136
Jabatan Wakaf Zakat dan Haji (JAWHAR)
, 165
Kazakhstan’s Zakat Model
, 147–148
Kenya Red Cross
, 117–118
Kingdom of Saudi Arabia (KSA)
, 275
Kuwait
, 171–172
Kuwait Awqaf Public Foundation (KAPF)
, 171–172
Kuwait Finance House (KFH)
, 63–64
Kuwait Insurance Federation
, 23–24
Liquefied Natural Gas (LND)
, 52
Lock down approach
, 2
Macroeconomic approaches
, 54–55
Majlis Agama Islam Negeri Pulau Pinang (MAINPP)
, 165–167
Majlis Ugama Islam Singapura (MUIS)
, 170, 179–180
Malaysian Central Bank
, 163
Maldives Hajj Corporation Ltd
, 30–31
Median household income
, 84–85
Micro, small and medium enterprises (MSMEs)
, 237–238
Moratorium
, 263–264
Movement Control Order (MCO)
, 262
Mufti of Singapore (MUIS)
, 170
Multidimensional crisis
, 9
Musharakah Mutanaqisah (MM) home financing
, 73–74
Muslim Religious Council of Singapore
, 170
Muzaki Corner BAZNAS
, 151–152
National Association of Realtors (NAR)
, 79
Organization for Islamic Cooperation (OIC)
, 146–147
Blue ocean strategy
, 45
circular economy concept
, 47
COVID-19, economic impacts of
, 39–41
economic challenges
, 41–43
economic recovery, formulating effective plans for
, 42
financial services, Fintech Ecosystem for
, 43–44
foreign direct investments (FDIs)
, 40
global supply chains disruption
, 43
inequality
, 42–43
Islamic economic principles
, 45–47
Islamic social finance
, 44–45
poverty
, 42–43
re-starting activities
, 41
shared prosperity
, 44–45
unemployment
, 42–43
Penang
, 165–166
Perak
, 167–168
Personal protective equipment (PPE)
, 154
Policymakers
, 227
Poverty
, 42–43, 133–134
Precision
, 215–216
Profit & Loss Sharing (PLS)
, 52
Program replication
, 152
Protective personnel equipment (PPE)
, 188
Pulau Pinang Islamic Administrative Law 1959 (PPIAL)
, 165
Qardh-Al-Hasan
, 53
Qatar Financial Center
, 57
Qatar Islamic Bank (QIB)
, 64
Quality Management Policy (QMP)
, 173–174
Ramadhan
, 188
Real estate (RE) bubbles
, 74–75
Relief programme
, 192
Research design
, 55–56
Reserve Bank of Australia (RBA)
, 26
Resumption of manufacturing
, 237
Sadaqat impact
, 29
Securities Commission (SC)
, 120, 164
Shared prosperity
, 44–45
Shariah Advisory Committees
, 7–8
Shariah Advisory Council (SAC)
, 95–96, 266
Shariah Committee
, 97
Shariah Compliance Functions
, 98
Shariah compliant deposit insurance (SCDIS)
, 32
Shariah compliant lender-of-last-resort (SLOLR)
, 32
Shariah-compliant microfinance
, 254–256
Shariah governance
, 4, 94
Bank Negara Malaysia (BNM)
, 98–99
board of directors
, 96–97
components of
, 96–98
Islamic financial institutions (IFIs)
, 94
Islamic Financial Services Act (IFSA)
, 98–99
management
, 97
Shariah Committee
, 97
Shariah Compliance Functions
, 98
Shariah governance framework (SGF)
, 94, 98–99
Shariah Governance Practices Index (SGPi)
, 10
Shariah supervisory board
, 95–96
Shariah supervisory board (SSB)
, 7–8, 92–93
Sharia perspective
, 187–188
Simplicity
, 215–216
Social Accountability Policy (SAP)
, 173–174
Social finance, Islam
, 248–250
Social takaful
, 31
Standard operating procedure (SOP)
, 131–132
State Islamic religious councils (SIRCs)
, 162–163
Stock market volatility
asymmetric effects, NIC analysis for
, 285
data and data source
, 275
Exponential Generalized Autoregressive Conditional Hetroskedasticity (EGARCH)
, 276–277, 284
GARCH models
, 274–275
methodology analysis
, 275–277
news-impact curve analysis results
, 286–287
volatility clustering test results
, 277–280
volatility structure analysis results
, 280–285
Subsidiaries establishment
, 153–154
Sukuk digitization
benefits
, 215–217
blockchain
, 211–218
Blossom Finance’s SmartSukukTM
, 214–215
capital market digitization
, 205–208
challenges in
, 217–218
COVID-19 pandemic
, 208–211
decision-making, investment
, 216–217
Fintech
, 205–208
precision
, 215–216
simplicity
, 215–216
Sukuk Prihatin
, 210–211
transparent transaction cash flows
, 216
Wethaq
, 209–210
Sukuk Prihatin
, 210–211, 267–268
Supervisory system
, 179
Supply chain network
, 238–239
Sustainable development
Administration of Muslim Law Act 1966 (AMLA)
, 170
Bank Negara Malaysia (BNM)
, 163
British and Malayan Trustee (BMT)
, 170
Federal Territory, Kuala Lumpur
, 168–169
framework
, 239
Jabatan Wakaf Zakat dan Haji (JAWHAR)
, 165
Kuwait
, 171–172
literature
, 163–164
Majlis Agama Islam Negeri Pulau Pinang (MAINPP)
, 165–167
Majlis Ugama Islam Singapura (MUIS)
, 170, 179–180
Malaysian Central Bank
, 163
Mufti of Singapore (MUIS)
, 170
Muslim Religious Council of Singapore
, 170
Penang
, 165–166
Perak
, 167–168
Pulau Pinang Islamic Administrative Law 1959 (PPIAL)
, 165
Securities Commission (SC)
, 164
Singapore
, 169–171
state Islamic religious councils (SIRCs)
, 162–163
Trustee (Incorporation) Act, 1952
, 165
Waqf institutions, Malaysia
, 165–169
Waqf management, model framework for
, 169–174
World Bank
, 162
Yayasan Wakaf Malaysia (YWM)
, 165
Sustainable development goals (SDGs)
, 4–5, 27, 118, 134
Takaful sector
, 22–24
Technology-based sukuk
, 5–6
Transparency
, 155
Trustee (Incorporation) Act, 1952
, 165
Unemployment
, 42–43, 238
Uniform consumer protection rules
, 32
United Arab Emeritus (UAE)
, 172, 174, 275
United Kingdom (UK)
, 275
United Nations High Commissioner for Refugees (UNHCR)
, 112–113
United State of America (US)
, 275
US Federal Reserve System
, 79
US Subprime Crisis
, 77, 86, 2008
Uzbekistan
, 148–150
Value added tax (VAT)
, 6, 17–18
Waqf impact
, 28–31
Waqf institutions, Malaysia
, 165–169
Wealth
, 132–134
Wellbeing
, 132–134
Wethaq
, 209–210
World Bank
, 162
World Food Programme (WFP)
, 119, 231
World Health Organization (WHO)
, 1, 131–132, 261–262
World Travel & Tourism Council (WTTC)
, 6
World Zakat Forum (WZF)
, 148
World Zakat Forum Annual Meeting 2020
, 186
Yayasan Wakaf Malaysia (YWM)
, 165
Zakat
, 53
awareness
, 155
BAZNAS model
, 187
Bitcoin
, 119
blockchain technology
, 119–120
challenges
, 110–119
classical scholars
, 111
collaboration
, 193
core principles framework
, 154–155
cryptocurrencies
, 119
Crypto Zakat Platform
, 119, 121–124
digital
, 153
economic relief
, 193
Fatwa on
, 189
Humanitarian Response Plan, 2021
, 108–109
humanity, international level
, 107–110
impact
, 27–28
International Federation of Red Cross and Red Crescent Societies (IFRC)
, 113–118
international organizations
, 110–119
International Shariah Research Academy (ISRA)
, 121
Kenya Red Cross
, 117–118
pandemic responses
, 190–193
protective personnel equipment (PPE)
, 188
Ramadhan
, 188
relief programme
, 192
Securities Commission Malaysia
, 120
Sharia perspective
, 187–188
Sustainable Development Goals (SDGs)
, 118
transformative effect
, 118
United Nations High Commissioner for Refugees (UNHCR)
, 112–113
World Food Programme (WFP)
, 119
World Zakat Forum Annual Meeting 2020
, 186
Zakat management
activation
, 153
Amil certification programme
, 152
BAZNAS model
, 150–153
categories
, 153
Central Asia
, 154–157
classical islamic practice
, 146–147
COVID-19
, 153–154
historical evidence
, 145–147
Indonesia
, 151
International Benchmarks
, 150–153
Islamic social finance (ISF)
, 145
Kazakhstan’s Zakat Model
, 147–148
Muzaki Corner BAZNAS
, 151–152
Organization of Islamic Cooperation (OIC)
, 146–147
personal protective equipment (PPE)
, 154
program replication
, 152
subsidiaries establishment
, 153–154
Uzbekistan
, 148–150
World Zakat Forum (WZF)
, 148
zakat management activation
, 153
- Prelims
- Introduction
- Part 1 Resilience of Islamic Financial System in the Midst of the Pandemic
- Chapter 1 The Impact of the COVID-19 Pandemic on Islamic Finance: The Lessons Learned and the Way Forward
- Chapter 2 OIC Economies during the COVID-19: Implications and Recommendations
- Chapter 3 COVID-19 and Islamic Finance: A Practitioners' View and Financial Accounting Investigation
- Chapter 4 COVID-19 and Resilience of Islamic Home Financing: Enhanced Musharakah Mutanaqisah (EMM) Model as an Example
- Chapter 5 Measuring Good Governance for Islamic Financial Institutions for Achieving Islamic Social Finance Objectives: The Need for Shariah Governance Index
- Part 2 Pandemic Transformation of Zakat and Waqf Management Practices
- Chapter 6 Internationalization of Zakat to Serve Humanity in the Midst of COVID-19: Using International Organizations as Intermediaries of Zakat
- Chapter 7 Waqf to Support Healthcare Wellbeing Mission: The Proposed Model for Corporate Waqf for Healthcare (CWFH)
- Chapter 8 Modelling Effective Zakat Management for the ‘Stans’ of Central Asia and Establishing Pandemic Resilience
- Chapter 9 A Review on Governance and Best Practices in Waqf Management for Sustainable Development in Selected Malaysian States and Other Countries
- Chapter 10 Role of Zakat in Responding to COVID-19 Pandemic: Lessons Learnt and Way Forward
- Part 3 Case Studies of Islamic Finance and Pandemic Innovations
- Chapter 11 The Need to Digitize Sukuk Issuance Amid COVID-19 Crisis
- Chapter 12 The COVID-19 Pandemic: Conceptual Framework for the Global Economic Impacts and Recovery
- Chapter 13 COVID-19 Pandemic and Islamic Social Finance Products in Iran
- Chapter 14 Islamic Finance Provides Better Solutions in Overcoming the Financial Distress Ascribable to COVID-19: Evidence from Malaysia
- Chapter 15 Stock Market Volatility Following Uncertainty of COVID-19 Outbreak: News Impact Curve Analysis Approach
- Index