The Determination of Money: A comparative analysis of Zakat (Alms) and Income Tax payers among selected ASEAN countries

AbstractPurpose: The objective of this study is to provide a solution for ASEAN countries regarding zakat and income tax under Islamic monetary system. When the alms payer spend their alms, they don’t need to pay income tax because they have to deduct already their amount through one channel only.Design/Method: This study based on qualitative measurement technique and includes several constitution acts regarding zakat (alms) payer and income tax acts. This study builds a notion to make the alms as the subtrahend of income tax so it could minimize the burden for those who are obliged to pay both of the tax and alms, where it will lead to a positive impact in terms of increase the number of alms payer and tax payer.Results: The result of these alms are distributed among eight categories set in Quran in order to decrease poverty and boost economic growth in particular countries. The alms payer are disputatively increase then the society will feel welfare of the distributed result of alms to the people. Moreover, everyone has more money to pay taxes especially those belong from low incomes, whose earnings have to be cut again by the income tax paid, which doesn’t mention the religious absolute obligation to pay zakat mal.Originality of Work: The study investigates a comparative analysis between two different deduction systems on income. Furthermore, this study also helps policy makers for real implication of alms in the country and creates reform of monetary system for financial institutions

The combine synergies between Islamic Micro Finance Portfolio and various Structured Finance Solutions

AbstractPurpose: The objective of this study is to combine the both Islamic micro finance portfolio and structured finance within the limits of Shariah. However, sustainability and access to traditional funding sources by micro finance institutions (MFI) have remained a pressing issue for the finance industry. The traditional sources of finance such as commercial banks have been unwilling and reluctant to join hands with micro finance institutions.Design/methodology/approach A unique structured proposal for business model is suggested in this paper. It combines synergies of structured finance solution for Islamic banks to join hands with existing micro finance providers. The proposed business model will enhance the financing capacity of the existing micro finance Industry by a staggering two thirds, simply by bringing in matching funds from traditional sources. These funds are based on the strong business model using synergies and financially innovative structured solution proposed for risk management etc.Finding It is a commercially viable solution which is capable of being replicated for the entire industry with a huge win-win for all. The results reveal that helping hands for relief development (HHRD) would be providing its share of Rs.115 Million (1045454.54 US dollars) to be matched on 60:40 ratios with Meezan Bank Limited (MBL). Furthermore, Rs.76.667 Million (696972.72 US dollars) and the total Rs.191.667 Million (1742427.27 US dollars) have matched on 30:70 bases between both HHRD and MBL regarding challenges of financial innovation.Originality/valueThis study highlights the issue, why financial institutions of Pakistan especially government sector banks avoided to joint hands with micro finance providers for various reason. These reasons are discussed in detail with proper solution in the paper

Human Prosperity Measurement within The Gloom of Maqasid Al-Shariah

This study is trying to interpret the theory of Maqasid Al-Shariah in wide context, which further based on the measurement of socio-economic prosperity; it takes into account the major drawbacks of the existing measurements. The proposed measurement is an integrated Maqasid Al-Shariah based composite index to measure socio-economic prosperity of economies in general and muslim countries in particular. The integrated Maqasid Al-Shariah based measurement does not isolate economic and social progress from the spiritual and biophysical variables that effect human prosperity. Specifically, in this paper, we will be looking at the theory of Maqasid Al-Shariah and socio-economic prosperity, in order to develop these constructs within the proposed composite index and the measurement variables, where each variable constructs under the Maqasid Al-Shariah. This study argues that the existing measurements of socio-economic progress are limited by number of measured variables and, therefore, do not portray the real socio-economic prosperity status

THE ROLE OF FORMAL ACADEMICIAN IN PROMOTION OF MICROFINANCE

Microfinance is no panacea for the alleviation of poverty in the world. The environment influences its development. Legal frameworks, monitors and supervisors, its institutions and last but not least its customers with all their commitment play a major role for the success. Due to informational asymmetries, traditional financial markets are limited or fail to include poor households. Microfinance is able to overcome these imperfections and was developed especially for poor people suffering from financial exclusion and often dependent on informal sources such as exploitative moneylenders. The different benefits, characteristics and products of microfinance will be highlighted hereafter. First a general country profile will be given with the most important economic features such as the development of GDP, economic structure, inflation and unemployment rates. The latter raises concerns, especially among young academics

Philosophy behind Islamic Economics: Limited Desires and Unlimited Resources

The most famous definition of economics among modern academicians and economists is a branch of science which deals with the study of the relationship between limited resources and unlimited wants or desires. Under the shadow of this definition, there are different types of conventional economic systems included relativism, utilitarianism, and universalism, etc. This study has been introduced in the economic world through an evolution process. There is a dominant feeling within the Muslim elites that either Islam is unable to respond to complex contemporary challenges in the fields of trade and economics or its economic concepts are old and outdated. Both of these perceptions are incorrect. The real philosophy, concept, and definition of Islamic economics are based on limiting desires and unlimited resources which are supported by Quran and Hadith. The beauty of Islamic economics is based on limited desires and unlimited resources. This concept of Islamic economics can share the risk of profit and loss in their business. Islamic banks with this revolutionary approach will feel at ease in implementing Shari’ah-based finance and offer risk-sharing products and services

Exploring the role of Biradari in career growth: Evidence from public sector organizations of Islamabad

Biradari (Brotherhood) is one of the most important principles of Pakistani culture. The Biradari (Brotherhood) ties are considered very strong among south Asian communities, especially in Pakistan. It is an important cultural element of Punjabi cultural setup, considered as the strong binder in making group alliances and performs a significant role in daily life. The major objective of this research is to study the crucial role of Biradari relations in organizations and how does it affect the career growth of an individual. Academic researchers have highlighted different indicators and factors which contribute to career growth. Social networks, sifarish, and favoritism are deeply embedded dimensions of Pakistani culture. This research significantly contributes to the literature by giving the holistic view of Biradari and the importance of Biradari based networks in job selection and promotion. The research is conducted in the public sector organization of Islamabad (PIMS). The qualitative research methodology was used for this study and data was collected from fifteen (15) employees through in-depth interviews. The results of the study reveal that Biradari significantly influences the career growth of individual and it is considered as strong support for individual career growth. The results have further highlighted that in today's competitive environment individuals cannot able to achieve a successful career without using his/her networks

Nexus between willingness to pay for renewable energy sources: Evidence from Turkey

The willingness to pay (WTP) plays a central role in directing appropriate policy regarding ambitious renewable energy targets. Based on this discrepancy, this study intends to investigate the willingness to pay (WTP) for Turkish citizens regarding green electricity by using a one-way analysis of variance (one-way ANOVA). The interviews were conducted comprising 2500 households in 12 major metropolitan cities of Turkey, which is based on the contingent valuation method and consists of 26 questions. The results indicate that for a 20% share of renewable energy, middle-income groups are willing to pay higher than lower and upper-income groups. Moreover, highly environmentally conscious people tend to pay more for a 20% share of green energy. On the other hand, high-income groups and old age groups indicated a positive and high willingness to pay for a 30% share of renewable energy (RE) sources. In addition, primary school and undergraduate educational groups recorded highly significant results for willingness to pay. The results also indicate that Turkish citizens are willing to pay 9.25 Turkish liras (TL) per month for a 20% share and 4.77 Turkish liras per month for a 30% share of renewable energy in total energy production.Q1WOS:0005681197000043289747

Do energy resources matter for growth level? The dynamic effects of different strategies of renewable energy, carbon emissions on sustainable economic growth

Correction to: Do Energy Resources matter for Growth Level? The dynamic effects of different strategies of renewable energy, carbon emissions on sustainable economic growth (Clean Technologies and Environmental Policy, (2022), 10.1007/s10098-022-02432-9) - 2-s2.0-85144909701This study examines the association between renewable energy strategies and carbon emissions on sustainable economic growth under affordable and clean energy sources to achieve sustainable development goal seven. This research provides new insight by exploring the nexus between environmental pollution and the creation of numerous bases of renewable energies, such as hydropower, wind power, biomass, geothermal, and solar photovoltaic, and economic growth epitomizing capital, trade openness, and government spending. Moreover, this investigation uses second-generation devices for econometric investigation and a heterogeneous methodology for panel data for selected Asian countries. The empirical exploration of long-term influences drove by the Common Correlated Effects Mean Group, close by Augmented Mean Group and Mean Group assessors confirm the positive and significant influence of renewable energy like hydropower, solar photovoltaic, wind, biomass, and geothermal on the economic growth of Asian economies. Study findings provide valuable insights for all stakeholders in an integrated and coherent manner

The dynamic impact of renewable energy sources on environmental economic growth: evidence from selected Asian economies

The linkage between renewable energy resources and environmental influences on economic growth among selected Asian economies play a vital role in sustainable economic development. This study encompasses the panel data sets for eight selected Asian countries, and the period starts from 1990 to 2018. This research relies on the panel vector error correction model (PVECM) for data estimation. The overall findings indicate that biomass, geothermal, and wind power sources of energy have a positive and significant impact on the economic advancement of Asian economies. Besides that, as opposed to the other two renewable energy sources, windpower has a greater impact on economic development. Furthermore, the empirical findings of current research have significant implications towards selected Asian countries’ energy policy related to both private and public sector enterprises as it helps in identifying the industrial sectors which have greater contribution towards the economy and their energy requirements in long term