No abstract

Loan shark is a humanitarian problem faced by many countries in the world, including in Asia, even in the Association of Southeast Asian Nations (ASEAN)'s countries. Loan shark activities are found not only in Myanmar and Cambodia, which has the lowest per capita income in ASEAN but also in Indonesia, Thailand, Malaysia, Brunei, and even Singapore, which are the five countries with the highest gross domestic product (GDP) per capita in ASEAN. How are loan shark practices in ASEAN countries? Can nanofinance overcome the microfinance gap to fight the loan shark? How the practice of Bank Wakaf Mikro (BWM) in Indonesia to nanofinance with qardhul hassan contract? Find the answers in this chapter.

In the heyday of Islam, esham attested as a fiscal instrument to raise funds from the public. The Ottoman Empire developed esham for facing a crisis after the war defeat. Esham became the milestone for the presence of the world's first Islamic securitization. In Islamic modern ages, sukuk grows as one of the blooming Islamic financial instruments globally and has become a new investment alternative that promises a return that is safe, competitive, and sharia compliant. Historians mentioned that esham is actually the origin of sukuk. The sukuk that is known today is actually a form of modern esham and cash waqf. In Indonesia, cash waqf that is placed on a sukuk becomes a new fiscal instrument. Through cash waqf-linked sukuk (CWLS), the public can contribute to national development as well as do waqf for social projects, and the fund will be returned at the maturity date. Overall, this chapter provides an overview of these three Islamic fiscal instrument securitizations as alternative sustainable financing to face the challenges in public economics in the globalization era.

As an archipelago with various natural resources and high diversity, Indonesia has great potential to be influenced by the negative impacts of climate change. As part of a responsible and committed global community to realize a low carbon and climate-resilient in the future, many of the programs being undertaken by Indonesia to address climate change mitigation and adaption also deliver important social benefits. One of them is issuing Green Sukuk. To reflect the implementation of Green Sukuk as Islamic green financing, Indonesia can be a lesson learned. The Green Sukuk issuance marked Indonesia as the world's first country to issue a Sovereign Green Sukuk and another milestone as the first to issue Retail Green Sukuk. This initiative has brought Indonesia got some awards by the global community. Therefore, this chapter addresses key topics to Indonesia's Sovereign Green Sukuk as sustainable green financing by focusing on three issues: (1) Green Sukuk framework, (2) Green Sukuk projects, (3) Green Sukuk report.

Moneylending is a real humanitarian problem in Asian countries, including in Southeast Asia. This study examines moneylending activities in this region, where poor people become a target. An emergency need forces them to seek out a moneylender. This paper argues that nanofinance may address the microfinance gap to counter the moneylender. Despite the existence of nanofinance, it has not obtained as much attention as microfinance. However, nanofinance activities have run in some Asian countries to help the poor. By interviewing some informants in Indonesia, Vietnam, and Cambodia, and then reviewing the empirical study and context in Malaysia, Thailand and Brunei, this paper intends to: (1) Describe the practice of moneylending in Indonesia, Vietnam, Cambodia, Malaysia, Thailand and Brunei; (2) Describe the nanofinance practice in Indonesia and Thailand; (3) Promote qarḍal-ḥasan as the philanthropy contract of (Islamic) nanofinance.