Framework of Islamic sustainable and responsible investment based on environment, social and governance concept

Sustainable and responsible investment (SRI) and environment, social, and governance (ESG) are two concepts which, presently are frequently being discussed, especially in the investment sector. The United Nations developed both concepts - Principles for Responsible Investment (UN-PRI) to create better practices in managing investment funds. Thus, this study attempts to explore these two concepts and analyses their criteria from Shariah perspectives. This research aims to answer four main objectives, which are; to examine the concept of SRI and its relationship with ESG and sustainable development goals (SDG), to explore the current scenario and existing practices of SRI issuance, to determine the criteria of Islamic SRI based on the ESG concept and to develop Islamic SRI framework and its components as a regulation or guidance to the industry. This study applied a qualitative method comprising document analysis and expert interviews. The study found that there were significant differences between SDGs, ESGs and SRIs concepts, especially in terms of aims, scopes, year of establishment and their principles. Besides clarifying three ASEAN standards and two local guidelines, the study confirmed the theory of stakeholders as the main theory applied in expanding the ESG and SRI development whereby the governments of ASEAN countries collectively agreed to develop ASEAN standards that govern the current SRI practices. This study also analysed the issuance of four projects under those standards and guidelines, in which two issuances were at the ASEAN level, and the other two were at the local level. This study found that some of the existing criteria of ESG, such as human rights, freedom of censorship, freedom of association and freedom of expression, are not per Islamic teachings and are not suitable to be matched with Islamic ESG criteria. Therefore, this study contributes an Islamic SRI framework as a new regulated framework or as a new guidance to the industry

Impact of COVID-19 on Student’s Emotional and Financial Aspects in the Higher Learning Institutions

Purpose- This paper aims to determine the impact of the COVID-19 pandemic on the student’s financial and emotional aspect at one of Malaysia's higher learning institutions (HLI). Design/Methodology- The data collected from the online questionnaires involved 397 students and were analyzed using SPSS. Findings- The findings showed a significant positive association between all variables where the strength range was from r=.556 to r=.565. The highest correlation is the financial aspect (r-value .565) and is followed by the emotional aspect (.556). Next, the results also revealed that both variables were significantly influenced where the R² value was 47.1% while other factors explained the additional 53% of the element. Practical Implications- There are some significant implications identified in this study. First, this study's findings directly impacted the COVID-19 pandemic, especially in terms of financial support and the emotional aspect. Second, the result indicated that the university should also consider other internal and external aspects rather than focus only on improving the learning process. Third, this study would enrich the current body of knowledge about the impact of COVID-19

The Reviews on Sustainable and Responsible Investment (SRIs) Practices According to Maqasid Shariah and Maslahah Perspectives

The present study aims to explore SRIs practices based on Maqasid Shariah and Maslahah's points of view. A qualitative method via content analysis document was advocated to address the link between all concepts. The analysis revealed that SRIs, Maqasid Shariah and Maslahah share similar aims and goals to promote better environmental practices and social and governance issues. Thus, the paper concludes that the concept of SRIs does not contradict Maqasid Shariah and Maslahah in Islamic perspectives. However, a few criteria in the Environmental, Social and Governance (ESG) concept that govern the SRIs practices like promoting human rights, freedom of expression, and censorship need further clarification to align with Shariah principles. The paper can enlighten the reader, especially in terms of the capabilities of SRIs practices (which is from West philosophy) to suit Maqasid Shariah and Maslahah in Islamic perspectives.JEL Classification: G2, G4, I13, N2How to Cite:Wahab, M. Z. H., & Naim, A. M. (2021). The Reviews on Sustainable and Responsible Investment (SRIs) Practices According to Maqasid Shariah and Maslahah Perspectives. Etikonomi, 20(2), xx – xx. https://doi.org/10.15408/etk.v20i2.18053

The Reviews on Sustainable and Responsible Investment (SRIs) Practices According to Maqasid Shariah and Maslahah Perspectives

The present study aims to explore SRIs practices based on Maqasid Shariah and Maslahah's points of view. A qualitative method via content analysis document was advocated to address the link between all concepts. The analysis revealed that SRIs, Maqasid Shariah and Maslahah share similar aims and goals to promote better environmental practices and social and governance issues. Thus, the paper concludes that the concept of SRIs does not contradict Maqasid Shariah and Maslahah in Islamic perspectives. However, a few criteria in the Environmental, Social and Governance (ESG) concept that govern the SRIs practices like promoting human rights, freedom of expression, and censorship need further clarification to align with Shariah principles. The paper can enlighten the reader, especially in terms of the capabilities of SRIs practices (which is from West philosophy) to suit Maqasid Shariah and Maslahah in Islamic perspectives

Sustainable and Responsible Investment: Concept and the Commonalities with Islamic Financial Institutions

This paper aims to highlight the Sustainable and Responsible Investment (SRI) concept, similarities, and opportunities with Islamic financial institutions (IFIs), especially in Malaysia's perspectives. This paper is conceptual., thus the methodology used in this paper is qualitative, focusing on document analysis method by analyzing previous literature, books, reports, official website, and articles. Based on the analysis, SRIs and IFIs share the same fundamental aim, which is to utilize the funds with high morals and ethics. Besides, the analysis also indicates that SRIs and IFIs have shown significant growth over the last two decades and became the most rapidly growing sectors. In the context of the opportunities, both concepts can become a new value proposition and product innovation in order to capture the future preferences of investors and customers. The IFIs and SRIs are capable of bridging the gap both entities considering their fundamental mutual aim, which is to utilize the funds through high morals and ethics

The Roles of Health Awareness and Knowledge in Medical Takaful Purchase Intention

The present study aims to examine the factors of health awareness and knowledge that influence customers intention to use medical takaful coverage among the public sector officers in northern Malaysia. A quantitative research methodology was adopted to answer the objectives progressively. In the current research, data from 313 respondents were collected via questionnaires from three different organisations, namely the police department, the fire and rescue firefighter department, and the education department. Moreover, the data analysis was performed using SPSS version 22. The analysis revealed a significant and positive relationship between health awareness and knowledge and the customers intention to purchase medical takaful. Apart from that, the results also indicated that only health awareness has a significant influence on the intention with the strongest impact. On the other hand, the knowledge variable had no significant influence on customers intention to use medical takaful coverage among the respondents. A number of important limitations need to be considered in the present study which will be further explained in the conclusion section. Furthermore, the current research provides some major implications. First, on behalf of the takaful industry, the findings of the present study encourage the takaful operators, marketing teams, staffs, and agents to improve their performance by increasing their efficiency, creativity, innovation, and knowledge of product features in developing a good impression among potential customers. Second, on behalf of the public sector officers, the results of the study show the important need to enhance the customers intention to use medical takaful coverage. Third, the suitability of factors such as health awareness, knowledge and customers intention in the previous theory and literature on takaful industry has been proven in the current research. This study helps the marketing team of the takaful operators to formulate marketing strategies that can attract potential customers to participate in the medical takaful coverage, especially among the public sector officers

The Roles of Health Awareness and Knowledge in Medical Takaful Purchase Intention

The present study aims to examine the factors of health awareness and knowledge that influence customers intention to use medical takaful coverage among the public sector officers in northern Malaysia. A quantitative research methodology was adopted to answer the objectives progressively. In the current research, data from 313 respondents were collected via questionnaires from three different organisations, namely the police department, the fire and rescue firefighter department, and the education department. Moreover, the data analysis was performed using SPSS version 22. The analysis revealed a significant and positive relationship between health awareness and knowledge and the customers intention to purchase medical takaful. Apart from that, the results also indicated that only health awareness has a significant influence on the intention with the strongest impact. On the other hand, the knowledge variable had no significant influence on customers intention to use medical takaful coverage among the respondents. A number of important limitations need to be considered in the present study which will be further explained in the conclusion section. Furthermore, the current research provides some major implications. First, on behalf of the takaful industry, the findings of the present study encourage the takaful operators, marketing teams, staffs, and agents to improve their performance by increasing their efficiency, creativity, innovation, and knowledge of product features in developing a good impression among potential customers. Second, on behalf of the public sector officers, the results of the study show the important need to enhance the customers intention to use medical takaful coverage. Third, the suitability of factors such as health awareness, knowledge and customers intention in the previous theory and literature on takaful industry has been proven in the current research. This study helps the marketing team of the takaful operators to formulate marketing strategies that can attract potential customers to participate in the medical takaful coverage, especially among the public sector officers