Social Fund Research Articles

What's in a name? Exploring the intellectual structure of social finance

PurposeThis paper offers a bibliometric analysis of the scientific literature on social finance. It provides an overview of the research field by identifying gaps in the existing academic literature and presenting future research directions.Design/methodology/approachThe study uses co-word analysis and visualization mapping techniques.FindingsThis study's findings show that the social finance research field comprises five main research clusters and four main research hotspots—impact investing, social entrepreneurship, social impact bonds, and social innovation—which represent the core of this research domain. The authors also identify the researchers and the research institutions that have contributed to the development of social finance. In addition, emerging research areas are mapped and discussed.Originality/valueCompared with most previous literature reviews, this work provides a more complete and objective analysis of the entire social finance landscape by revealing the trends and evolving dynamics that characterize its development. To this end, clear terminological boundaries have not yet been established in social finance. The field appears immature because only a few researchers have contributed to it, and papers have yet to be published by top finance journals. Finally, the findings of this research provide directions for future studies.

Islamic social finance for achieving sustainable development goals: a systematic literature review and future research agenda

Purpose The sustainable development goals (SDGs) devised by the United Nations (UN) call on countries – whether rich or poor – to solve global issues, improve lives and save the planet for future generations. However, the UN predicts that between $5 and $7tn will need to be spent annually between now and 2030 to accomplish these goals, posing a major financial hurdle. Islamic social finance, if used ethically, seeks to realise SDGs through fairness, justice and equity. Thus, this study aims to determine how Islamic social finance instruments such as Zakat, Waqf, Sadaqat and Qard-hasan contribute to realising SDGs. Design/methodology/approach This study used a preferred reporting items for systematic reviews and meta-analyses-based systematic literature review. Scopus and Google Scholar were chosen for the qualitative and meta-analysis of studies. The topic was reviewed in 178 academic papers from 2000 to 2022. The required articles were analysed after careful review. Findings Islamic social financing mechanisms have the capacity to solve many social issues and create better welfare conditions by ensuring economic, social and environmental sustainability in line with the SDGs. Indonesia and Malaysia lead Islamic social finance research, the survey found. The review revealed that Islamic social funding can achieve 11 out of 17 SDGs. Islamic commercial finance can be used for the remaining goals. The paper highlights Islamic social funding research limitations and opportunities. Research limitations/implications The review study shows that Islamic social finance can fill the SDG funding gap, especially considering the post-pandemic financial crisis that has increased global income inequality and social disparities. Originality/value To the best of the authors’ knowledge, this article is the first of its kind to review the potential of Islamic social financing instruments to help achieve the SDGs.

Delineating the Novel Aspects of the Indian Social Stock Exchange: A New Instrument for Social Finance

This paper examines the structure, mechanisms, and regulations governing the Social Stock Exchange (SSE) in India. It also makes a SWOT analysis of the new framework of Indian SSE which is crucial to understand strengths, weaknesses and potential threats and opportunities for SSE in India, for further enhancing its effectiveness for the development of the social sector. SSE serves as a trading platform for the listing of social organisations so that they can raise funds in form of equity, debt or mutual funds by attracting socially-conscious investors and can be a potential solution to the problem of funding faced by social enterprises in India.

LITERATURE REVIEW OF ISLAMIC SOCIAL FINANCE CONTRIBUTION IN INDONESIA

This study aims to review and map the concepts and principles of Islamic social finance in their contribution to the Indonesian economy, using qualitative methods with content analysis sourced from articles on the Google Scholar database. Data was obtained using the Publish or Perish (PoP) application for a period of 10 years (2012-2022) with the keywords concepts and principles of Islamic social finance, accessed on January 7 2023, 53 articles (population) were obtained and 20 articles were taken as samples, while data analysed 15 articles. The results of the study found that the most discussed themes were 1) Development of Islamic Social Finance with 5 articles (33%), Islamic Accounting with 3 articles (20%), Disclosure of Islamic Social Reporting with 3 articles (20%), Development of Microeconomics with 2 articles (13%) Performance of Islamic Social Finance (Public) 2 articles (13%). The concept of Islamic social finance recommended by the article in overcoming economic problems in Indonesia, among others; (1) Distribution of BLT originates from zakat, infaq, or alms; (2) Increasing waqf with cash waqf and productive waqf schemes; (3) Business capital assistance to Micro, Small and Medium Enterprises (UMKM); (4) Providing business capital with a qardhul hasan loan scheme; (5) Providing an understanding of Islamic economic and financial literacy; (6) Technology development Keywords: Concept, Islamic economics, Islamic social finance

Revisiting the paradigm of Sharīʿah governance of Islamic financial institutions

Purpose The purpose of this paper is to find out the possible gaps in the Sharīʿah governance, and suggest how to fill the same, in line with the principles of Islamic finance and the global developments regarding social and value-based financial intermediation. Design/methodology/approach The paper uses secondary data gathered through analysis of documents and regulations to portray the current Sharīʿah governance framework and to suggest a unique paradigm to be adopted by the regulators of Islamic financial institutions. Findings The paradigm encompassing value-oriented financial ecosystem would need a comprehensive set of discipline, accountability and governance for making the pursuit of sustainable development goals and corporate social responsibilities effective in a well-defined schedule prepared and implemented by the regulators. Research limitations/implications The scope of this research is limited to theory building in the light of emerging trends in responsible and social finance. It is not to empirically test the impact of the governance framework in terms of social justice, corporate responsibility and sustainability. Practical implications It would help the policy makers, regulators, researchers and the practitioners in finance to align banking and finance with social and environmental responsibility, and equity through governance and accountability for realizing the sustainable development goals. Social implications It links the regulatory approaches to the emerging paradigm and ecosystem comprising sustainability and value-based governance, awareness and corporate social responsibility. Originality/value The paper adds value to the current regulatory frameworks enabling the Islamic financial institutions to realize the economic, social and sustainability objectives, in addition to Shariah legitimacy and enhanced credibility.

Economic Growth, Income Inequality, Government Integrity, and Spending towards SDG 1 on Poverty Eradication: An Empirical Study from Twenty Muslim-Majority Countries

The objective of the study is to experimentally investigate the link between economic development, wealth disparity, governmental integrity, and spending on eradicating poverty, in line with Sustainable Development Goal (SDG) 1, in twenty Muslim-majority countries. This study employs pooled OLS, fixed effects, and random effects in its static panel data model analysis. According to empirical research, government expenditure, government spending integrity, and economic growth all significantly affect the rate of poverty reduction. Additionally, inequality of income contributes to rising poverty in nations with Muslim majorities. This study supports the notion that governments promote increasing per capita income in order to achieve economic growth, even though population growth has no bearing on the eradication of poverty. In fact, the two most crucial policy recommendations for the government are to carry out its duties as a government of integrity and distribute funds to sectors necessary for economic and social development, such as infrastructure, health, and education. To ensure fair economic distribution in Muslim communities, governments must also maximize the capacity of Islamic social funds such as zakat and waqf.

How does environmental regulation affect the double dividend for energy firms? Evidence from China’s EPT policy

Changes in international markets and strict environmental regulations have challenged Chinese energy companies to reconcile sustainable and low-carbon development. Therefore, this paper focuses on 296 energy firms in China from 2011 to 2021 and uses the Difference-in-Differences (DID) method to explore the impact of China’s environmental protection tax (EPT) reform on the dual dividend of energy firms from the perspective of resilience and CO2 emissions, and fully discusses the role of government subsidies and corporate social financing. This research finds that China’s EPT reform can improve the resilience of energy firms while reducing CO2 emissions, and thus bringing a double dividend to energy firms. At the same time, government subsidies can enhance the decarbonization effect of EPT reform, but excessive subsidies can reduce the resilience of firms. In addition, the EPT reform can expand the scale of social financing for energy firms, helping them to realize a double dividend. The study’s findings have important implications for the long-term low-carbon development of energy firms and provide a theoretical reference for China’s EPT reform.

A renewed argument for the designation of Social Security Law as a module in the LLB curriculum

The Covid-19 pandemic and the government’s response thereto has shifted socio-economic rights to the forefront of the nation’s attention. Social security measures formed the vanguard of measures to address the dire economic consequences of the lockdown and subsequent restrictions on breadwinners and their dependants. More than two years after the government’s temporary interventions, the discourse has morphed into a debate on the need and viability of more comprehensive and long-term measures. All the proposed measures – whether it be a national social security fund, national health insurance or even a basic income grant – point towards social security becoming ubiquitous in South Africa. However, very few LLB graduates have been exposed to the Social Security Law module as part of their law degree. This underscores the need for equipping LLB graduates with the fundamentals of this branch of law. This article makes three arguments. First, it argues for the inclusion of the Social Security Law module in the LLB curriculum of all law faculties in the country, preferably as a core module. Second, it posits that it is time, almost 30 years into the country’s democracy, to shift our attention towards an aggressive pursuit of socio-economic rights, and in doing so, there is a corresponding need to equip LLB graduates with the tools to play a meaningful role in the country’s transformation agenda. Finally, the article makes a case for the creation of an association of Social Security Law teachers to ensure, among others, the sharing of expertise and the provision of support and guidance to faculties and colleagues who wish to introduce Social Security Law as an LLB module.

Sistem Informasi Online Pengelolaan Dana Sosial Pada Rumah Yatim Sumatera Utara

Rumah Yatim, a National Zakat Management Institution under BAZNAS, manages various forms of donations across Indonesia through 20 branch offices. However, data management using Microsoft Excel has drawbacks, which led to the creation of an Online Social Fund Management Information System in North Sumatra using MySQL, PHP, HTML, and the Waterfall method. The system ensures transparent and systematic data management, making it easier for donors to donate online and providing real-time information on donation management. The new system has allowed Rumah Yatim to receive donations more efficiently and track them more systematically and transparently, resulting in better decision-making processes and more effective distribution of funds to those in need. The system has also helped streamline administrative tasks and reduce the time and resources required for manual data entry and report creation, leading to overall improved effectiveness and efficiency in operations.

THE EFFECTS OF THE UNCONTESTED RETIREMENT DECISION WITHIN THE LEGAL TERM PROVIDED BY LAW

The principle of contribution is one of the fundamental principles of the public pension system in Romania. It assumes that the social insurance funds are established based on the contributions owed by the persons participating in the public pension system, and the social insurance rights are due based on the social insurance contributions paid.

Investment Patterns and Sustainability of Social Security Schemes in Nepal

Social security programme based on contributions of employees was introduced in Nepal by enacting the Employee Provident Fund Act - 1962, primarily to address the security needs of the retiring population. Employees Provident Fund, Citizen Investment Trust, and Social Security Funds are three major competing institutions in the social security market in Nepal. This paper explores the investment of funds accumulated through the contribution of employees for value creation as a means to enhance financial viability and further assesses the long-term sustainability of such programmes. The study is based on reviewing and analyzing the documents relating to the defined objectives and targets, investment policies, investment portfolio, legal framework for investment, and achievements. The study finds that all three social security institutions (SSIs) end up investing the accumulated funds in fixed deposits in the banking and financial institutions (BFIs.). This is despite the act empowering them to mobilize the accumulated funds in several productive sectors and set competitive investment goals. This indicates that they fail to explore productive avenues for sustainable investment of the accumulated funds, which could contribute to the economic development of the nation. The current challenges in the social security system in Nepal are the increasing number of pensioners and the need for sustainable investment; making it imperative for the Nepalese SSIs to evaluate their investment priority; feasibility and diversify for higher and long-term returns; focusing on areas that contribute to economic growth and development; and generating employment opportunities.

Remisi Hukuman Koruptor dalam Konstruksi Media: Analisis Framing Program Talkshow Mata Najwa dan Satu Meja The Forum

Discounts on punishment for corruptors are rife in Indonesia. Djoko Tjandra and Pinangki Sirna Malasari, who were caught in corruption and bribery cases, received a reduced sentence in the appeal stage at the DKI Jakarta High Court. Meanwhile, Juliari Peter Batubara, a former social minister who was caught in a corruption case involving social assistance funds (bansos) received leniency and was only sentenced to 11 years in prison by the KPK. News about corruption in Indonesia has a high news value in society. Therefore, various media provide their own portion in reporting discounts on corruptor punishments. In providing information to the public, the media select the facts of an event that they believe is important according to the interests of the media themselves. This study discusses how the media framed the discount case for corruptors' punishment in the talkshows Mata Najwa and Satu Meja The Forum. The purpose of this study is to find out how the two media perceive, understand, construct and frame these socio-political problems. This study uses Zhongdang Pan and Gerald M. Kosicki's framing analysis with syntactic, script, thematic, and rhetorical analysis structures. The results of this study indicate that there are differences in the construction of reality between the talkshow Mata Najwa and Satu Meja The Forum in reporting the same event. Mata Najwa shows his alignment with the community by emphasizing reporting on the human interest side. Meanwhile, Satu Meja The Forum seeks to create a balanced discussion by focusing on the political side and legal issues.

Discussing the Issue of Compliance with the Law on Paying Social Insurance Contributions by Non-State Enterprises in Vietnam

In Vietnam, although non-state enterprises account for a very high proportion of the total number of enterprises in the country, the rate of participation in social insurance for employees is still low, the amount of contributions to the social insurance fund is still limited, late payment of social insurance and evasion of payment of social insurance is common. This shows that non-state enterprises have not strictly complied with the law on social insurance contributions. The authors used the method of researching documents, collecting data from secondary sources, and using traditional statistical and analytical methods to clarify the legal provisions on Social insurance contributions and the status of compliance with the law on social insurance contributions by non-state enterprises in Vietnam (status of participation and contribution to social insurance funds, delayed payment of social insurance). On that basis, the authors propose some recommendations to strengthen compliance with the law on social insurance of non-state enterprises in Vietnam.

Application of Fintech Solutions for Promoting Islamic Social Finance

Fintech is a combination of finance and technology aiming to provide better solutions in the financial world by using modern technology. For instance, with Fintech tools the banking and non-banking institutions are upgrading the payment and intermediation systems to the next level such as the usage of cell phones in financial transactions and digital finance institutions. According to a survey by Gallup financial institutions are paying more attention to social media interactions in order to rethink their product development process. Cont'd..

Cash Waqf Linked Sukuk Financing in the Development of Sustainable Agriculture from the Maqashid Syari'ah Perspective

The agricultural sector has a fairly large share in the country's development goals, but one of the main problems that always becomes an obstacle for farmers is capital support. The APBN that has been set by the government has not been able to be distributed evenly. Waqf is one of the Islamic social finances that has great potential, although until now its realization is still very minimal. This study tries to synergize waqf with integrated agricultural development in Brenjonk using a qualitative method with a case study approach. The results of this study offer a scheme that can help farmers to obtain financial assistance in agricultural development efforts through the Cash Waqf linked Sukuk instrument. CWLS yields can be allocated by BWI as Nazhir to Brenjonk organic farmers in the form of financing assistance for infrastructure development, skills training or procurement of tools that can facilitate the performance of farmers. Considering that waqf is a social fund, any assistance distributed to the target group is free of charge.

Impacts of Mining on the Environment in West African Sahel: A Review

Mining activities have led to the depletion of over 577.15 km² of forest area in the West African Sahel zone. These have destroyed the habitats of mammals, including elephants and giraffes, as well as economic trees and grass species, and polluted ground and surface water. In addition, mining activities are responsible for degrading more than 1,000 acres of farmland. Even though mining is destroying the environment, it has accounted for exports of €211,468,13, €247,034,485 and €275,720,817 in Burkina Faso, Niger, and Mali, respectively, between 2014 and 2015. It is also a lever of sustainable environmental management, as in Senegal, by providing mining social funds for mining communities and employing over 450,000 people in Niger. Furthermore, mining companies promote land restoration activities in the West African Sahel, such as China National Petroleum Corporation (CNPC) promoting tree plantations in Niger. Nevertheless, the mining in the region will continue to serve as the breeding ground for criminal gangs and terrorist groups unless a radical approach stabilises the insecurity. The degradation of farmlands and forest reserves or protected areas requires re-evaluation and full enforcement of the existing laws and regulations to achieve sustainable mining for the needed development in the West African Sahel region.

Economic Constraction Vs Mental Beggars During the Covid 19 Pandemic 2021

The covid pandemic period that occurred until the end of 2021 changed many aspects of human life. There was a global psychological shock and had to change habits suddenly into polemics. Changing habits is not an easy thing, it requires great effort to want to follow the rules of new normal life. The 19th pandemic period became a rationalization of the economic situation of a group of people who felt they had the right to receive social assistance from the government. This was because a preconceived mental formation was a mental formation formed by the soul asking for material deficiency. The government provides social assistance funds in dealing with the economy in Indonesia with the intention of providing assistance to help people affected by the pandemic. Many companies are laying off workers on a large scale which has led to increased unemployment. The state of global conflict in all aspects, especially the economic aspect, which causes economic contraction, but with social assistance, a beggar mentality is even triggered. The assistance funds provided are not to open a business as a substitute for a profession because they are unemployed due to being affected by the pandemic by becoming entrepreneurs. hope that every month they will receive aid funds from the government. There is also a mistargeting of the distribution of social assistance funds and many receive it even though it is not their right to receive social assistance funds.

The Contribution of Zakat, Infaq, Sadaqa, and Waqf (Ziswaf) Strategic Management in Developing the Prosperity of Ummah

As a country with the largest muslim population in the world, Indonesia is still far behind in developing the potential of zakat, infaq, sadaqa, and waqf (ziswaf) which should be optimized. This requires a mature strategy in managing to maximize the potential of ziswaf. This study aims to examine the development of ziswaf strategic management at the Baitul Al-Qur'an Social Fund Institution (LDSBQ) which has a vision and mission based on Islamic sharia and aims to prosper the Ummah. This research uses a qualitative approach with a descriptive analysis method, while the data collection instruments use interviews, observation, and documentation. Sources were taken from various references related to the topic of the problem, namely journals, books, and other articles. The results showed that the three main programs of LDSBQ are First, scholar smile; engaged in education. Second, smile healthy; is engaged in the health sector. Third, independence smile; which is a movement for community independence in the economic field, and is supported by social-religious activities such as waqf and da'wah programs. While the fundraising strategy uses a potential network of student and teacher guardians, a network of Gontor alumni colleagues, program socialization through social media, online and offline donation services, and program-based waqf. With a real sector-based movement, social community activities can have a significant impact on the welfare of the ummah to gain happiness in this world and the hereafter.

Preparation of Theoretical and Practical Recommendations for the Transformation of the Economic Security System of Enterprises during the Digitization Process

"The article proves that information security is one of the most critical aspects of the economic security of an enterprise, and it is necessary to emphasize that reducing the problem of financial security of an enterprise to the protection of trade secrets is an overly simplified solution this problem. Such a narrow understanding of economic security only considers part of the spectrum of environmental impact as the main source of danger to the enterprise’s activities. According to this view, the economic security of an enterprise is conditioned by the influence of the external environment, which in a market economy is constantly changing, never remaining stable or unchanged. The cluster systemic approach and modeling methodology outlined in the article, as well as the tools for analyzing and diagnosing the enterprise’s condition, allow for a sufficiently complete study of the complex factors threatening the economic security of an enterprise and for a meaningful and purposeful organization and implementation of the necessary indicator monitoring, which will allow for systematic research and analysis of the dynamically changing socio-economic and conduct a feasibility study of management decisions. The study develops and implements a modern concept of enterprise security in the digital economy. The development of a set of organizational tools that ensure the transformation of economic security of enterprises in the process of digital transformation is presented. The modeling of the economic security system of an enterprise in the digital economy is proposed. The study develops and implements a modern concept of enterprise security in the digital economy. The development of a set of organizational tools that ensure the transformation of economic security of enterprises in the process of digital transformation is presented. The modeling of the economic security system of an enterprise in the digital economy is proposed. The European Social Fund funded this research under the No. 09.3.3-LMT-K-712-23-0211 “Transformation of the economic security system of enterprises in the process of digitalization” measure."

Reducing social security contribution rate on the financial performance of state-owned and non-state-owned manufacturing industries in the post-epidemic era.

Social insurance is an essential component of a contemporary social security system since it protects people's fundamental well-being, but it also incurs a heavy cost for businesses. If social security costs are excessively high, business profitability will suffer, and innovation will be discouraged. The most affected companies would be those in labor-intensive industries and medium-sized enterprises. Chinese businesses have suffered severe losses as a result of the COVID-19 outbreak. Given the circumstance, China enacted additional tax cuts and preferential social insurance premium plans. This article suggests a lower ratio of contribution as a strategy to cut the cost of social insurance premiums for businesses, given the growth of the social security fund in recent years and the proportion of participants to recipients in pension funds. It would be possible to increase firm profitability and lessen the impact of COVID-19 on industries by minimizing this operation burden. In order to compare the financial performance of state-owned manufacturers (SOMs) to that of their non-state-owned peers, who have a lower ratio of contribution, this study uses a multiple regression model. The ratio of contributions was inversely correlated with an enterprise's financial performance. In other words, financial performance will improve as the ratio of contribution lowers; nevertheless, this effect is more pronounced in SOMs. The final section of this study proposed optimized approaches for social insurance premiums reform.