Ethical Decision-Making in Islamic Financial Institutions in Light of Maqasid Al-Sharia: A Conceptual Framework

This article develops a conceptual framework for ethical decision‐making in Islamic financial institution based on the Islamic methodological approaches on ethics. While making use of the similarities between the scientific method and the Islamic jurisprudence method, a framework is developed by means of argumentation and reasoning to integrate Sharia doctrines with the “plan, do, check and act” (PDCA) cycle as a managerial tool. Using Al‐Raysuni's analysis of Al‐Shatibi's work on maqasid al‐sharia, this article develops a framework to assess the ethical aspects of Islamic financial operations, which is then applied to hypothetical cases. This approach can help overcome the methodological deficiencies in measuring ethical performance in Islamic finance by focusing on the process of ethical decision‐making that leads to the outcomes of organizational behavior beyond legality of contracts. The framework outlines the conditions under which an activity that is considered legal and permissible contractually could lead to outcomes that can make it ethical or unethical

Governance, regulation and financial market instability: the implications for policy

Just as the 1929 Stock Market Crash discredited Classical economic theory and policy and opened the way for Keynesianism, a consequence of the collapse of confidence in financial markets and the banking system—and the effect that this has had on the global macro economy—is currently discrediting the ‘conventional wisdom’ of neo-liberalism. This paper argues that at the heart of the crisis is a breakdown in governance that has its roots in the co-evolution of political and economic developments and of economic theory and policy since the 1929 Stock Market Crash and the Great Depression that followed. However, while many are looking back to the Great Depression and to the theories and policies that seemed to contribute to recovery during the first part of the twentieth century, we argue that the current context is different from the earlier one; and there are more recent events that may provide better insight into the causes and contributing factors giving rise to the present crisis and to the implications for theory and policy that follow

Harnessing the Power of Smart and Connected Health to Tackle COVID-19:IoT, AI, Robotics, and Blockchain for a Better World

As COVID-19 hounds the world, the common cause of finding a swift solution to manage the pandemic has brought together researchers, institutions, governments, and society at large. The Internet of Things (IoT), Artificial Intelligence (AI) — including Machine Learning (ML) and Big Data analytics — as well as Robotics and Blockchain, are the four decisive areas of technological innovation that have been ingenuity harnessed to fight this pandemic and future ones. While these highly interrelated smart and connected health technologies cannot resolve the pandemic overnight and may not be the only answer to the crisis, they can provide greater insight into the disease and support frontline efforts to prevent and control the pandemic. This paper provides a blend of discussions on the contribution of these digital technologies, propose several complementary and multidisciplinary techniques to combat COVID-19, offer opportunities for more holistic studies, and accelerate knowledge acquisition and scientific discoveries in pandemic research. First, four areas where IoT can contribute are discussed, namely, i) tracking and tracing, ii) Remote Patient Monitoring (RPM) by Wearable IoT (WIoT), iii) Personal Digital Twins (PDT), and iv) real-life use case: ICT/IoT solution in Korea. Second, the role and novel applications of AI are explained, namely: i) diagnosis and prognosis, ii) risk prediction, iii) vaccine and drug development, iv) research dataset, v) early warnings and alerts, vi) social control and fake news detection, and vii) communication and chatbot. Third, the main uses of robotics and drone technology are analyzed, including i) crowd surveillance, ii) public announcements, iii) screening and diagnosis, and iv) essential supply delivery. Finally, we discuss how Distributed Ledger Technologies (DLTs), of which blockchain is a common example, can be combined with other technologies for tackling COVID-19

Latin America and the AIIB: interests and viewpoints

This essay gives insight into the interaction of the Asian Infrastructure Investment Bank (AIIB) with Latin America and the Caribbean (LAC). The AIIB has expressed a clear interest in LAC, accepting eight countries as ‘prospective’ members pending paying‐in their capital, but LAC shows almost no stamina. It is the world's only region lacking even one paid‐in member. So long as Beijing backs the request, prospective membership only requires writing a few letters. But LAC's inertia in officially joining, by passing legislation and making their capital contribution, is puzzling, given the benefits that lie untapped. The likeliest cause is their own culture of sheer negligent short‐sightedness (‘let's do it mañana’). This tendency to adjourn the acid test of action could be mitigated if countries in the region adopt long‐term non‐partisan National Development Plans to strengthen their institutional policy‐making capacity. For their part, the AIIB's Governors and Beijing, despite their initial keen interest in LAC, have had to give up nudging and adapt themselves to the Latin Americans’ labile perception of time in order to conserve their public image. They must remind LAC that only paid‐in members receive financial benefits