Salman Ahmed Shaikh's Blog, page 8

Need for Proactive Response to Environmental Challenges in Islamic Financial Services Industry

To fully address climate-related financial risks and promote sustainability, banks must balance their protective and proactive roles. While protecting assets from climate risks remains critical, it should not overshadow the need for a broader responsibility. Banks are uniquely positioned to be powerful agents of change, and by integrating sustainability into their operations and business strategies, they can contribute significantly to the global effort to combat climate change and foster sustainable development.

The Influence of National and Individual Islamic Governance on Islamic Banks‘ Social Performance

The paper also cites several studies which discuss the social failure of Islamic banks. The results suggest that while Islamic banks may need to still improve their social performance, strong Shari‘ah governance only compliments that objective rather than appearing as a hurdle or substitute.

Why Nations Fail

Authors argue that some nations are wealthier and more prosperous than others because of their political and economic institutions (e.g. government, market system). Good (inclusive) institutions enable investment and a sense of security in the government and the economic system and so nations prosper, but bad (extractive) institutions do not. Virtuous circles of innovation, expansion and peace are formed from inclusive institutions which form a cycle of increasing prosperity. Prof. Acemoglu and Prof. Robinson argue that exclusionary policies designed to enrich the elites and exploit the poor majority have prevented technological innovation, as the existing elites fought tooth and nail against anything that might endanger their privileges.

Roundup of World Zakat Waqf Forum 2024

The forum emphasized on integrating Zakat and Waqf in a way that transforms lives and strengthens communities. There is need for collective vision encompassing the individual, the family, and the wider social order, fostering a comprehensive approach to socioeconomic development.

Key Highlights of IFSB Report 2024

Islamic banking continues to be the largest segment of the IFSI, constituting 70.21% of the total global IFSI assets in 2023, while Sukuk outstanding and Islamic funds collectively represented 29.08%, and the Islamic insurance segment represented 0.71%. The regional distribution of global Islamic finance assets reveals a pronounced concentration in the Gulf Cooperation Council (GCC), which accounts for 52.50%.

Roundup of ICIHES 2024 Johor Bahru, Malaysia

The conference kicked off with address by Deputy Minister of Religion in Malaysia. Dr. Zulkifli highlighted the importance of halal economy and how the current government in Malaysia is committed to provide an enabling environment for halal industry. He highlighted the schemes and initiatives taken to support the halal economy in Johor as well as in Malaysia.

Roundup of ICIHES 2024Johor Bahru, Malaysia

The conference kicked off with address by Deputy Minister of Religion in Malaysia. Dr. Zulkifli highlighted the importance of halal economy and how the current government in Malaysia is committed to provide an enabling environment for halal industry. He highlighted the schemes and initiatives taken to support the halal economy in Johor as well as in Malaysia.

Hujjat Ullah ul Balighah

Shah Waliullah in Hujjat Allah Ul Balighah writes that exchange is of different kinds. Goods for goods or goods for services. There are people with surplus funds and some with deficiency of funds. This requires transfer of resources for need fulfillment without counter value as in Zakat and Sadaqat.

Examining the Adoptability of Crypto currency in the Islamic Financial System: Perspectives from Shariah Scholars

Majority of scholars hold a view that a currency‟s permissibility is not invalidated if its value diminishes. This perspective is founded on the premise that conventional forms of currency are also subject to fluctuations in value. Financial securities like Halal stocks also go through swings in prices due to market and economic factors.

Key Highlights of OIC Mega Trends Report 2024

The report identifies the six inter-related mega trends to impact OIC nations as: Uneven Macroeconomic Performance, Sharing and Platform Economies, Green Economy, Urbanization, Global Supply Chains and Future of Work. The first two look at shifting economies, which are playing out across OIC societies. The next two cover changing environments brought on by climate change and growing populations. The last two consider adapting ecosystems.