Contribution of Islamic Social Capital on Green Economic Growth in Malaysia

Hamid, Nazrah Abdul; Muda, Ruhaini; Alam, Md. Mahmudul; Omar, Normah; Nadzri, Farah Aida Ahmad

doi:10.31235/osf.io/g9zc2

Cited by 5 publications

(5 citation statements)

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“…The results show that green sukuk can be used as an alternative instrument with a better level of profitability and bankability than conventional products. In contrast to Campisi et al (2018), Hamid et al (2019) used the zakat instrument in their study to investigated whether zakat plays a role in supporting green economic growth in Malaysia. Using Autoregressive Distributed Lag (ARDL) approach and Vector Error Correction Model (VECM) Granger Causality test, his study revealed that in the short run, zakat has a weak impact on green economic growth.…”

Section: Green Economy and Its Relevancies With Islamic Economymentioning

confidence: 99%

Green Economy and Some Relevancies from Islamic Finance Perspective

Aam¹,

Muhammad

2022

JIEL

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The green economy is one of the new economic concepts still popular in research, emphasizing the balance between economic and environmental dimensions. The green economy concept is in line with the existing concept of Islamic finance. As a new concept, research related to a green economy is also developing. Therefore, this study aims to provide qualitative information on the development of green economy literature. There are 1183 papers in journal articles, book chapters, and conference papers indexed by the Scopus database from 1961-2021. We employed VOSViewer and Excel software to synthesize and analyze the data. This research is limited to the Scopus database related to the green economy. In addition, we identified the relevancies between the green economy and Islamic finance, and some research has been discussed these issues. Regarding the result obtained, we found that the rules in Islamic finance support the implementation of the green economy concept. Furthermore, we also found sukuk as a potential instrument in Islamic finance that can be utilized to promotes the green economy concept.

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Section: Green Economy and Its Relevancies With Islamic Economymentioning

confidence: 99%

Green Economy and Some Relevancies from Islamic Finance Perspective

Aam¹,

Muhammad

2022

JIEL

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“…Economic growth, its cyclic character, specifics in developed and developing countries, contradiction of economic growth with social development and necessity for overcoming it are studied in the works of Abdelhalim and Eldin (2019), Ali Asadullah (2019), Au (2019), Bethencourt and Kunze (2019), Burhan et al (2018), Chen et al (2018), Conroy and Weiler (2019), Cumming and Von Cramon-Taubadel (2018), Hamid et al (2019), Khan et al (2019), Kiuru and Inkinen (2019), Klofsten et al (2019), Kontogiannis et al (2019), Long and Ji (2019), Melnikas (2019), Naderi et al (2019), Pereira et al (2020), Pulido and Mora (2019), Rathnakar (2019), Sandberg et al (2019), Shastri et al (2019), Sorj and Fraga (2020), Summers et al (2019), Sun et al (2018), Sunarsih et al (2019), Xiong et al (2020), Zhang et al (2019) and Zhen and Tian (2019).…”

Section: Literature Reviewmentioning

confidence: 99%

Social development versus economic growth: current contradictions and perspectives of convergence

Bogoviz

Lobova

Alekseev

2020

IJSSP

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PurposeThe purpose of the research is to determine the current contradictions and perspectives of convergence of social development and economic growth for the purpose of formation of the scientific and methodological basis of targeted and efficient state regulation of these processes, which would allow for their harmonization and systemic acceleration.Design/methodology/approachThe authors use correlation analysis for calculating the correlation of the rate of economic growth (according to the forecast of the IMF) and the indicators of qualify of life, calculated by Numbeo, and the index of economy digitization, calculated by the IMD. The research is performed based on the 2020 data. On the basis of the established dependencies, the authors use the method of hierarchy analytics of T.L. Saaty for determining the contribution of social development into economic growth.FindingsThe authors substantiate the existence of close interconnection between social development and economic growth and determine substantial differences in this interconnection in developed countries (correlation – 52%), where only purchasing power of population and society's digitization contribute into acceleration of economic growth, and in developing countries (correlation – 48%), where quality of life, environment protection, living standards and society's development level contribute to acceleration of economic growth.Originality/valueIt is proved that in the course of the increase of the level of social development, it contradicts economic growth – due to which the possibilities of state regulation of the interconnection of these processes are limited. The authors develop a conceptual model of convergence of these processes through the prism of phases of the economic cycle. The compiled model reflects the authors' recommendations at each phase of the economic cycle, due to which state regulation of socioeconomic development will become targeted and efficient.

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“…Even further, many studies have addressed the importance of going beyond formal structure of Islamic finance products, by linking maqashid sharia with social objectives such as educating individuals, establishing social justice, and achieving sustainable development (Abdullah, 2018;Amin, 2015;Chapra, 2008). Not only related to Islamic finance, the concept of maqashid sharia has also been considered by many scholars in the field of accounting (Baehaqi et al, 2020), auditing (Abd Rahman et al, 2020), business (Md Sin et al, 2015), corporate governance (Murphy & Smolarski, 2020), and economics (Hamid et al, 2019).…”

Section: Introductionmentioning

confidence: 99%

Over a decade of maqashid sharia studies: a bibliometric analysis and direction for future research

Tumewang

Dewi

Amin

2023

JIABR

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Purpose The purpose of this paper is to build a relationship between the quantitative and structural indicators of maqashid sharia studies produced from bibliometric analysis and the conceptual discussion developed through a thorough review of selected key literature. Design/methodology/approach The study uses bibliometric analysis, collecting information drawn from 219 articles published in 68 journals during the period of 2006–2022. This study uses VOSviewer, RStudio, Microsoft Excel, and an examination of research time periods using the Scopus database to illustrate the citation analysis and keyword map. It is also strengthened by content analysis of selected studies. Findings The main research theme found in this study is the application of maqashid sharia in Islamic banks, with Islamic banks and Islamic finance among the most frequently used keywords. Meanwhile, the geographical spread of maqashid sharia research has reflected its universal acceptance, as it has spread across both Muslim-dominant and non-Muslim-dominant countries. Besides, maqashid sharia is found to be an extremely important subject for ensuring the ethical dimension of Islamic finance products and services, a more inclusive human development index, and contributing to the international agenda of Sustainable Development Goals. Lastly, future research is expected to broaden it into a multi-dimensional horizon, with several recommendations offered to enrich the understanding of maqashid sharia. Practical implications The findings of this study can be beneficial to multiple stakeholders in Islamic finance industry, including the management of Islamic banks, who can enhance the values of maqashid sharia in designing their products/services, and the regulators, who can formulate regulatory frameworks which are reflective of maqashid sharia principles. Social implications This study will assist future scholars in this field to formulate and design exciting research ideas and models to address the deficiencies found in the current implementation of maqashid sharia within Islamic finance industry. Originality/value The primary contribution of this study is to provide comprehensive review and discussion of selected significant literature on maqashid sharia and give direction for future research. In addition, this study also extends and incorporates the results of bibliometrics using the recent maqashid sharia studies published at the end of 2022.

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Contribution of Islamic Social Capital on Green Economic Growth in Malaysia

Cited by 5 publications

References 0 publications

Green Economy and Some Relevancies from Islamic Finance Perspective

Green Economy and Some Relevancies from Islamic Finance Perspective

Social development versus economic growth: current contradictions and perspectives of convergence

Over a decade of maqashid sharia studies: a bibliometric analysis and direction for future research

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